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 53 lenders originated 1,065 FHA loans during 2023. The total origination value was $259,315,000, with an average FHA loan value of $243,488.

    Laredo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Laredo averaged 6.25% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Laredo's average FHA mortgage closing costs are $8,665.

    The average rate for the prior week (2024-11-01) was 6.22% and one month ago for the week of 2024-10-04, the average rate was 5.74%.

    The average rate one year ago was 7.29%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PRIMELENDING, A PLAINSCAPITAL COMPANY 178 6.17% $11,302
    UNITED WHOLESALE MORTGAGE, LLC 145 5.97% $15,068
    MOVEMENT MORTGAGE, LLC 87 6.30% $12,457
    AMERICAN PACIFIC MORTGAGE CORPORATION 68 6.28% $10,709
    Flagstar Bank, FSB 50 6.13% $13,277
    First Option Mortgage, LLC 44 6.43% $10,628
    SFMC, LP 38 6.26% $11,416
    CMG MORTGAGE, INC. 37 6.56% $13,179
    LEADERONE FINANCIAL CORPORATION 36 7.00% $13,112
    MORTGAGE FINANCIAL SERVICES, LLC 29 6.67% $11,936
    PENNYMAC LOAN SERVICES, LLC 25 6.15% $10,711
    QUICKEN LOANS, LLC 25 6.15% $11,988
    AMCAP MORTGAGE, LTD. 24 6.27% $10,767
    THRIVE MORTGAGE, LLC 21 6.56% $12,118
    VAN DYK MORTGAGE CORPORATION 21 6.58% $6,894
    Equity Prime Mortgage LLC 20 6.78% $8,354
    FREEDOM MORTGAGE CORPORATION 16 6.16% $14,384
    THE MORTGAGE LINK, INC. 16 6.85% $12,610
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.25% $11,369
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 6.69% $11,165
    SECURITYNATIONAL MORTGAGE COMPANY 8 6.59% $8,672
    UNION HOME MORTGAGE CORP. 8 6.45% $14,225
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.52% $13,113
    CARDINAL FINANCIAL 7 6.25% $10,476
    BM Real Estate Services, Inc. 7 6.41% $12,267
    CHERRY CREEK MORTGAGE, LLC 5 6.18% $3,148
    Gateway First Bank 4 6.47% $11,849
    MLB RESIDENTIAL LENDING, LLC 4 6.19% $8,541
    Paramount Residential Mortgage Group, Inc. 4 5.94% $10,979
    NEWREZ LLC 3 6.24% $15,229
    GUILD MORTGAGE COMPANY 3 5.33% $9,576
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 8.17% $9,593
    PLAZA HOME MORTGAGE, INC. 3 6.24% $17,477
    OCMBC, INC. 3 6.63% $15,248
    Keystone Funding, Inc. 2 6.13% $15,083
    Carrington Mortgage Services, LLC 2 6.50% $9,376
    DIRECTIONS EQUITY, LLC 2 7.06% $7,742
    PANORAMA MORTGAGE GROUP, LLC 1 6.50% $12,938
    PLANET HOME LENDING, LLC 1 7.25% $7,122
    M&T Bank 1 5.50% $10,401
    First Horizon Bank 1 5.88% $12,465
    FBC MORTGAGE, LLC 1 5.13% $9,110
    CROSSCOUNTRY MORTGAGE, LLC 1 6.99% $9,746
    CHURCHILL MORTGAGE CORPORATION 1 5.25% $19,786
    The Loan Store, Inc. 1 5.63% $15,861
    CANOPY MORTGAGE, LLC 1 5.63% $13,016
    BECKAM FUNDING CORP. 1 7.50% $17,489
    Bank of England 1 7.25% $5,592
    Bank of America 1 6.38% $5,952
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $11,472
    VILLAGE CAPITAL MORTGAGE 1 7.13% $14,894
    V.I.P. MORTGAGE, INC. 1 5.75% $10,831
    ZILLOW HOME LOANS, LLC 1 5.88% $18,284

    The top Laredo FHA lender as defined by loan originations is PRIMELENDING, A PLAINSCAPITAL COMPANY, with 178 FHA loans originated. Their average total fees are $11,302, which is $3,766 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Laredo FHA lenders (with over 10 loans originated) are VAN DYK MORTGAGE CORPORATION ($6,894), Equity Prime Mortgage LLC ($8,354), First Option Mortgage, LLC ($10,628), AMERICAN PACIFIC MORTGAGE CORPORATION ($10,709) and PENNYMAC LOAN SERVICES, LLC ($10,711).

    The lowest rate Laredo FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.97%), Flagstar Bank, FSB (6.13%), QUICKEN LOANS, LLC (6.15%), PENNYMAC LOAN SERVICES, LLC (6.15%) and FREEDOM MORTGAGE CORPORATION (6.16%).

    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
    LAREDO, TX WEBB 2023 $472,030 $604,400 $730,525 $907,900

    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).