Laredo FHA Loan Rates, Closing Costs & Stats

LAREDO, TX

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Laredo's 72 lenders originated 1,861 FHA loans during 2021. The total origination value was $378,545,000, with an average FHA loan value of $203,409.

    Laredo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Laredo averaged 6.53% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Laredo's average FHA mortgage closing costs are $7,675.

    The average rate for the prior week (2022-11-25) was 6.25% and one month ago for the week of 2022-10-28, the average rate was 6.59%.

    The average rate one year ago was 3.62%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.11%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Laredo FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Laredo level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    SFMC, LP 218 3.43% $9,714
    MORTGAGE FINANCIAL SERVICES, LLC 172 2.89% $8,701
    CROSSCOUNTRY MORTGAGE, LLC 100 3.27% $10,241
    HOMEBRIDGE FINANCIAL SERVICES, INC. 99 3.23% $9,986
    FREEDOM MORTGAGE CORPORATION 79 2.78% $8,923
    VAN DYK MORTGAGE CORPORATION 76 3.16% $6,446
    PRIMELENDING, A PLAINSCAPITAL COMPANY 58 3.36% $8,458
    CMG MORTGAGE, INC. 55 2.81% $6,697
    PANORAMA MORTGAGE GROUP, LLC 52 3.42% $8,413
    Flagstar Bank, FSB 49 2.67% $7,658
    QUICKEN LOANS, LLC 46 2.73% $6,832
    SECURITYNATIONAL MORTGAGE COMPANY 44 3.27% $7,987
    CALIBER HOME LOANS, INC. 43 2.81% $6,556
    Gateway First Bank 41 3.22% $7,238
    Lakeview Community Capital, LLC 38 3.06% $4,639
    MOUNTAIN WEST FINANCIAL, INC. 36 3.17% $7,815
    UNITED WHOLESALE MORTGAGE, LLC 32 2.62% $7,620
    NATIONS DIRECT MORTGAGE, LLC 30 2.85% $8,215
    MOVEMENT MORTGAGE, LLC 29 3.34% $9,194
    Carrington Mortgage Services, LLC 27 3.38% $6,496
    LEADERONE FINANCIAL CORPORATION 25 3.58% $8,701
    AmeriHome Mortgage Company, LLC 24 3.06% $4,449
    Mr. Cooper ( Nationstar Mortgage ) 21 3.55% $3,404
    SOUTHWEST FUNDING, LP 21 3.41% $10,831
    PENNYMAC LOAN SERVICES, LLC 19 3.13% $4,865
    THRIVE MORTGAGE, LLC 17 3.02% $9,071
    WILLOW BEND MORTGAGE COMPANY, LLC 17 3.15% $9,658
    HOME POINT FINANCIAL CORPORATION 12 2.84% $8,270
    First Option Mortgage, LLC 11 3.39% $9,751
    LAKEVIEW LOAN SERVICING, LLC 10 3.12% $4,860
    PLANET HOME LENDING, LLC 9 2.79% $5,318
    Bank of England 8 3.17% $10,722
    AMCAP MORTGAGE, LTD. 8 3.58% $10,698
    VILLAGE CAPITAL MORTGAGE 8 2.97% $2,428
    MID AMERICA MORTGAGE, INC. 7 3.46% $5,610
    Paramount Residential Mortgage Group, Inc. 7 2.80% $7,183
    International Bank of Commerce 5 2.83% $8,695
    NEWREZ LLC 5 3.13% $4,732
    PLAZA HOME MORTGAGE, INC. 5 3.20% $6,260
    Wallick & Volk, Inc. 4 3.59% $5,536
    BECKAM FUNDING CORP. 4 2.94% $7,378
    LOANPAL, LLC 3 2.79% $8,708
    UNION HOME MORTGAGE CORP. 3 3.04% $8,795
    AMERISAVE MORTGAGE CORPORATION 3 3.13% $10,721
    AMERICAN FINANCIAL RESOURCES, INC. 2 4.81% $15,292
    Hometown Equity Mortgage, LLC 2 3.00% $7,145
    InterContinental Capital Group, Inc 2 2.75% $6,896
    JPMorgan Chase Bank 2 3.13% $4,728
    First Guaranty Mortgage Corporation 2 2.63% $5,828
    Commerce Home Mortgage, Inc. 2 3.69% $6,876
    BROKER SOLUTIONS, INC. 2 2.75% $6,965
    PHH Mortgage Corporation 2 4.19% $3,128
    BETTER MORTGAGE CORPORATION 1 3.25% $5,981
    OCEANSIDE MORTGAGE COMPANY 1 3.00% $3,711
    HOMESIDE FINANCIAL, LLC 1 2.99% $14,988
    PILGRIM MORTGAGE LLC 1 2.88% $7,824
    NATIONS RELIABLE LENDING, LLC 1 4.13% $16,861
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.38% $5,930
    Colten Mortgage, LLC 1 4.13% $5,124
    BBVA USA 1 2.75% $4,447
    CONTOUR MORTGAGE CORPORATION 1 2.38% $13,131
    Bank of America 1 2.88% $7,575
    Low VA Rates, LLC 1 2.75% $2,942
    LOANDEPOT.COM, LLC 1 3.25% $9,903
    Town Square Mortgage & Investments, Inc. 1 3.88% $9,968
    LIBERTY HOME MORTGAGE CORPORATION 1 2.75% $8,553
    First United Bank and Trust Company 1 3.88% $8,709
    U.S. Bank 1 2.99% $6,211
    AMERICAN FINANCIAL NETWORK, INC. 1 2.88% $15,818
    DIRECTIONS EQUITY, LLC 1 3.75% $4,855
    Hometown Lenders, Inc. 1 2.63% $8,544
    Paramount Bank 1 3.00% $10,204

    The top Laredo FHA lender as defined by loan originations is SFMC, LP, with 218 FHA loans originated. Their average total fees are $9,714, which is $1,013 higher than the next largest lender, MORTGAGE FINANCIAL SERVICES, LLC.

    The lowest fee Laredo FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,404), AmeriHome Mortgage Company, LLC ($4,449), Lakeview Community Capital, LLC ($4,639), LAKEVIEW LOAN SERVICING, LLC ($4,860) and PENNYMAC LOAN SERVICES, LLC ($4,865).

    The lowest rate Laredo FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.62%), Flagstar Bank, FSB (2.67%), QUICKEN LOANS, LLC (2.73%), FREEDOM MORTGAGE CORPORATION (2.78%) and CALIBER HOME LOANS, INC. (2.81%).

    Laredo FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LAREDO, TX WEBB 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Laredo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $179,000 (2.3%) $222,837 (4.0%) 0.66 578
    2018-02-01 $179,200 (2.4%) $220,752 (3.0%) 0.65 611
    2018-03-01 $185,000 (3.8%) $223,385 (0.7%) 0.65 598
    2018-04-01 $185,000 (3.4%) $222,429 (-0.3%) 0.63 588
    2018-05-01 $184,900 (2.7%) $221,167 (-3.0%) 0.62 566
    2018-06-01 $185,000 (2.8%) $225,488 (-4.2%) 0.62 577
    2018-07-01 $183,725 (-0.6%) $222,046 (-6.7%) 0.61 611
    2018-08-01 $185,000 (0.1%) $222,995 (-5.1%) 0.62 621
    2018-09-01 $178,000 (-3.7%) $215,779 (-6.5%) 0.60 599
    2018-10-01 $174,575 (-3.8%) $210,603 (-8.5%) 0.59 589
    2018-11-01 $175,450 (-2.5%) $213,144 (-5.3%) 0.59 567
    2018-12-01 $174,000 (-3.2%) $208,682 (-6.5%) 0.60 540
    2019-01-01 $178,500 (-0.3%) $207,986 (-6.7%) 0.62 513
    2019-02-01 $179,250 (0.0%) $208,660 (-5.5%) 0.61 530
    2019-03-01 $178,857 (-3.3%) $211,891 (-5.2%) 0.58 534
    2019-04-01 $179,807 (-2.8%) $217,587 (-2.2%) 0.57 508
    2019-05-01 $180,000 (-2.7%) $219,346 (-0.8%) 0.56 507
    2019-06-01 $184,900 (-0.1%) $228,575 (1.4%) 0.58 516
    2019-07-01 $189,000 (2.9%) $231,118 (4.1%) 0.59 533
    2019-08-01 $187,909 (1.6%) $227,994 (2.2%) 0.59 549
    2019-09-01 $186,273 (4.7%) $224,714 (4.1%) 0.60 561
    2019-10-01 $185,000 (6.0%) $222,173 (5.5%) 0.60 571
    2019-11-01 $186,750 (6.4%) $221,932 (4.1%) 0.61 553
    2019-12-01 $185,000 (6.3%) $220,398 (5.6%) 0.62 554
    2020-01-01 $185,000 (3.6%) $220,789 (6.2%) 0.62 530
    2020-02-01 $189,000 (5.4%) $225,130 (7.9%) 0.62 551
    2020-03-01 $189,950 (6.2%) $229,735 (8.4%) 0.60 556
    2020-04-01 $197,450 (9.8%) $234,719 (7.9%) 0.62 533
    2020-05-01 $195,450 (8.6%) $230,512 (5.1%) 0.59 489
    2020-06-01 $196,175 (6.1%) $231,384 (1.2%) 0.58 430
    2020-07-01 $199,600 (5.6%) $233,092 (0.9%) 0.58 405
    2020-08-01 $201,000 (7.0%) $232,741 (2.1%) 0.58 373
    2020-09-01 $206,750 (11.0%) $233,221 (3.8%) 0.59 349
    2020-10-01 $199,900 (8.1%) $235,889 (6.2%) 0.57 340
    2020-11-01 $208,550 (11.7%) $246,122 (10.9%) 0.61 287
    2020-12-01 $202,450 (9.4%) $243,532 (10.5%) 0.60 284
    2021-01-01 $200,000 (8.1%) $238,404 (8.0%) 0.60 264
    2021-02-01 $210,250 (11.2%) $234,063 (4.0%) 0.61 294
    2021-03-01 $212,450 (11.9%) $232,445 (1.2%) 0.60 307
    2021-04-01 $205,000 (3.8%) $233,596 (-0.5%) 0.55 297
    2021-05-01 $210,000 (7.4%) $238,190 (3.3%) 0.56 295
    2021-06-01 $215,950 (10.1%) $245,897 (6.3%) 0.57 294
    2021-07-01 $224,900 (12.7%) $253,848 (8.9%) 0.59 274
    2021-08-01 $224,900 (11.9%) $252,495 (8.5%) 0.60 269
    2021-09-01 $224,900 (8.8%) $251,991 (8.1%) 0.60 281
    2021-10-01 $224,900 (12.5%) $258,630 (9.6%) 0.60 279
    2021-11-01 $224,900 (7.8%) $254,891 (3.6%) 0.60 262
    2021-12-01 $225,448 (11.4%) $266,721 (9.5%) 0.61 270
    2022-01-01 $224,900 (12.5%) $268,586 (12.7%) 0.61 259
    2022-02-01 $229,745 (9.3%) $270,818 (15.7%) 0.60 256
    2022-03-01 $229,125 (7.9%) $272,792 (17.4%) 0.57 242
    2022-04-01 $239,000 (16.6%) $276,553 (18.4%) 0.57 245
    2022-05-01 $236,000 (12.4%) $264,622 (11.1%) 0.54 271
    2022-06-01 $239,900 (11.1%) $275,320 (12.0%) 0.53 296
    2022-07-01 $240,000 (6.7%) $279,021 (9.9%) 0.54 344
    2022-08-01 $240,000 (6.7%) $287,660 (13.9%) 0.55 375
    2022-09-01 $240,000 (6.7%) $293,342 (16.4%) 0.56 341
    2022-10-01 $239,900 (6.7%) $281,674 (8.9%) 0.56 352
    2022-11-01 $239,500 (6.5%) $283,384 (11.2%) 0.58 373
    Laredo's median listing price for 2022-11-01 was $239,500, a difference of $14,600 (6.5%) versus the prior year and $-400 versus the prior month.

    Laredo's median listing price comes in at 58% of the national average.

    Laredo's average listing price for 2022-11-01 was $283,384, a difference of $28,493 (11.2%) versus the prior year and $1,710 versus the prior month.

    For the 2022-11-01 period, Laredo had 373 MLS listings, a difference of 21 listings (6%) versus the prior month and 111 listings (42%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Laredo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 80 days 1,792 sqft
    2018-02-01 77 days 1,784 sqft
    2018-03-01 68 days 1,830 sqft
    2018-04-01 71 days 1,820 sqft
    2018-05-01 68 days 1,798 sqft
    2018-06-01 59 days 1,819 sqft
    2018-07-01 60 days 1,812 sqft
    2018-08-01 62 days 1,827 sqft
    2018-09-01 72 days 1,799 sqft
    2018-10-01 81 days 1,695 sqft
    2018-11-01 77 days 1,702 sqft
    2018-12-01 74 days 1,699 sqft
    2019-01-01 73 days 1,705 sqft
    2019-02-01 65 days 1,703 sqft
    2019-03-01 55 days 1,704 sqft
    2019-04-01 61 days 1,773 sqft
    2019-05-01 58 days 1,803 sqft
    2019-06-01 59 days 1,815 sqft
    2019-07-01 59 days 1,872 sqft
    2019-08-01 58 days 1,834 sqft
    2019-09-01 58 days 1,810 sqft
    2019-10-01 58 days 1,801 sqft
    2019-11-01 67 days 1,813 sqft
    2019-12-01 74 days 1,807 sqft
    2020-01-01 81 days 1,829 sqft
    2020-02-01 72 days 1,863 sqft
    2020-03-01 60 days 1,867 sqft
    2020-04-01 69 days 1,888 sqft
    2020-05-01 78 days 1,858 sqft
    2020-06-01 84 days 1,850 sqft
    2020-07-01 56 days 1,818 sqft
    2020-08-01 47 days 1,812 sqft
    2020-09-01 51 days 1,799 sqft
    2020-10-01 54 days 1,788 sqft
    2020-11-01 61 days 1,782 sqft
    2020-12-01 67 days 1,773 sqft
    2021-01-01 59 days 1,701 sqft
    2021-02-01 38 days 1,654 sqft
    2021-03-01 40 days 1,706 sqft
    2021-04-01 48 days 1,685 sqft
    2021-05-01 58 days 1,700 sqft
    2021-06-01 43 days 1,688 sqft
    2021-07-01 52 days 1,709 sqft
    2021-08-01 58 days 1,704 sqft
    2021-09-01 50 days 1,665 sqft
    2021-10-01 56 days 1,706 sqft
    2021-11-01 53 days 1,701 sqft
    2021-12-01 45 days 1,725 sqft
    2022-01-01 49 days 1,700 sqft
    2022-02-01 40 days 1,701 sqft
    2022-03-01 41 days 1,701 sqft
    2022-04-01 38 days 1,750 sqft
    2022-05-01 38 days 1,716 sqft
    2022-06-01 37 days 1,735 sqft
    2022-07-01 33 days 1,731 sqft
    2022-08-01 41 days 1,739 sqft
    2022-09-01 52 days 1,734 sqft
    2022-10-01 49 days 1,736 sqft
    2022-11-01 52 days 1,734 sqft
    Laredo's median listing age (time on market) for 2022-11-01 was 52 days. This is 0% shorter than the same period one year ago.

    Laredo's median square footage for active listings during the 2022-11-01 period was 1,734 sqft. One year prior, the average listing was 1,701 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).