Laredo FHA Loan Rates, Closing Costs & Stats

LAREDO, TX

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).