Levelland FHA Loan Rates, Closing Costs & Stats

Levelland, 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.

Levelland's 24 lenders originated 71 FHA loans during 2023. The total origination value was $14,675,000, with an average FHA loan value of $206,690.

Levelland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Levelland averaged 6.58% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

Levelland's average FHA mortgage closing costs are $7,521.

The average rate for the prior week (2024-12-06) was 6.45% and one month ago for the week of 2024-11-08, the average rate was 6.71%.

The average rate one year ago was 6.93%.

For refis of the same type during the week of 2024-12-13, the average rate was 6.18%.

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

Levelland 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 Levelland level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FLAT BRANCH MORTGAGE, INC. 16 6.31% $11,767
TEXAS TECH 7 6.41% $8,605
CARDINAL FINANCIAL 5 7.30% $9,633
QUICKEN LOANS, LLC 4 6.31% $12,257
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.34% $8,220
City Bank 3 6.63% $6,767
THRIVE MORTGAGE, LLC 3 6.96% $7,912
HOMETRUST MORTGAGE COMPANY 3 7.79% $10,713
T2 FINANCIAL LLC 2 7.94% $8,877
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.63% $10,813
FREEDOM MORTGAGE CORPORATION 2 6.81% $7,161
HOMESPIRE MORTGAGE CORPORATION 2 7.75% $4,302
UNITED WHOLESALE MORTGAGE, LLC 1 5.03% $7,814
BROKER SOLUTIONS, INC. 1 6.13% $10,040
Equity Prime Mortgage LLC 1 6.13% $5,103
EVERETT FINANCIAL, INC. 1 6.88% $7,734
LOANDEPOT.COM, LLC 1 7.63% $9,410
Nations Lending Corporation 1 6.38% $32,795
OCMBC, INC. 1 7.25% $6,545
PENNYMAC LOAN SERVICES, LLC 1 6.63% $10,683
Prosperity Bank 1 5.75% $10,004
RANLIFE, INC. 1 7.13% $4,047
SFMC, LP 1 6.99% $18,075
Alliance Credit Union 1 7.00% $6,295

The top Levelland FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 16 FHA loans originated. Their average total fees are $11,767, which is $3,162 higher than the next largest lender, TEXAS TECH.

The lowest fee Levelland FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($11,767), .

The lowest rate Levelland FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. (6.31%), .

Levelland FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
LEVELLAND, TX HOCKLEY 2022 $420,680 $538,650 $651,050 $809,150
LEVELLAND, TX HOCKLEY 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Levelland (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 $169,900 (-5.0%) $191,059 (-4.8%) 0.00 62
2018-02-01 $173,650 (-1.8%) $197,694 (-0.7%) 0.00 59
2018-03-01 $184,000 (3.0%) $221,670 (9.7%) 0.00 48
2018-04-01 $202,450 (30.7%) $226,264 (12.8%) 0.00 51
2018-05-01 $203,050 (35.5%) $223,194 (12.0%) 0.00 48
2018-06-01 $207,450 (35.6%) $221,782 (13.4%) 0.00 49
2018-07-01 $187,500 (25.1%) $213,085 (16.5%) 0.00 54
2018-08-01 $179,800 (29.8%) $208,413 (20.8%) 0.00 55
2018-09-01 $165,000 (11.9%) $190,893 (10.6%) 0.00 58
2018-10-01 $165,000 (-2.9%) $196,949 (2.8%) 0.00 59
2018-11-01 $171,975 (1.2%) $208,456 (10.6%) 0.00 56
2018-12-01 $164,900 (-2.9%) $201,085 (6.0%) 0.00 56
2019-01-01 $156,450 (-7.9%) $189,173 (-1.0%) 0.00 59
2019-02-01 $147,500 (-15.1%) $203,360 (2.9%) 0.00 60
2019-03-01 $138,557 (-24.7%) $208,862 (-5.8%) 0.00 55
2019-04-01 $141,570 (-30.1%) $206,669 (-8.7%) 0.00 56
2019-05-01 $143,750 (-29.2%) $192,655 (-13.7%) 0.00 46
2019-06-01 $140,000 (-32.5%) $187,971 (-15.2%) 0.00 44
2019-07-01 $138,750 (-26.0%) $171,119 (-19.7%) 0.00 59
2019-08-01 $135,909 (-24.4%) $159,699 (-23.4%) 0.00 64
2019-09-01 $129,773 (-21.4%) $150,033 (-21.4%) 0.00 63
2019-10-01 $125,000 (-24.2%) $151,948 (-22.9%) 0.00 63
2019-11-01 $122,250 (-28.9%) $157,494 (-24.5%) 0.00 61
2019-12-01 $126,875 (-23.1%) $163,996 (-18.4%) 0.00 65
2020-01-01 $125,725 (-19.6%) $163,516 (-13.6%) 0.00 64
2020-02-01 $125,000 (-15.3%) $162,777 (-20.0%) 0.00 59
2020-03-01 $149,900 (8.2%) $180,595 (-13.5%) 0.00 58
2020-04-01 $147,450 (4.2%) $165,114 (-20.1%) 0.00 57
2020-05-01 $149,950 (4.3%) $168,274 (-12.7%) 0.00 61
2020-06-01 $151,425 (8.2%) $164,718 (-12.4%) 0.00 57
2020-07-01 $126,450 (-8.9%) $155,122 (-9.4%) 0.00 52
2020-08-01 $142,200 (4.6%) $153,186 (-4.1%) 0.00 51
2020-09-01 $137,750 (6.2%) $164,371 (9.6%) 0.00 47
2020-10-01 $143,000 (14.4%) $171,540 (12.9%) 0.00 48
2020-11-01 $136,500 (11.7%) $184,192 (17.0%) 0.00 45
2020-12-01 $144,250 (13.7%) $186,822 (13.9%) 0.00 47
2021-01-01 $114,900 (-8.6%) $177,249 (8.4%) 0.00 42
2021-02-01 $124,500 (-0.4%) $176,670 (8.5%) 0.00 36
2021-03-01 $122,500 (-18.3%) $159,148 (-11.9%) 0.00 35
2021-04-01 $110,000 (-25.4%) $152,281 (-7.8%) 0.00 29
2021-05-01 $152,700 (1.8%) $213,614 (26.9%) 0.00 14
2021-06-01 $185,000 (22.2%) $227,084 (37.9%) 0.00 22
2021-07-01 $171,000 (35.2%) $251,093 (61.9%) 0.00 23
2021-08-01 $172,000 (21.0%) $260,759 (70.2%) 0.00 29
2021-09-01 $169,250 (22.9%) $254,955 (55.1%) 0.00 36
2021-10-01 $180,000 (25.9%) $265,265 (54.6%) 0.00 37
2021-11-01 $172,250 (26.2%) $249,823 (35.6%) 0.00 38
2021-12-01 $172,450 (19.6%) $245,955 (31.7%) 0.00 30
2022-01-01 $194,450 (69.2%) $243,246 (37.2%) 0.00 25
2022-02-01 $181,425 (45.7%) $274,671 (55.5%) 0.00 21
2022-03-01 $179,950 (46.9%) $272,975 (71.5%) 0.00 19
2022-04-01 $193,500 (75.9%) $295,910 (94.3%) 0.00 16
2022-05-01 $196,825 (28.9%) $275,685 (29.1%) 0.00 31
2022-06-01 $228,500 (23.5%) $285,641 (25.8%) 0.00 35
2022-07-01 $262,500 (53.5%) $330,400 (31.6%) 0.00 40
2022-08-01 $242,700 (41.1%) $270,886 (3.9%) 0.00 51
2022-09-01 $204,200 (20.7%) $242,191 (-5.0%) 0.00 55
2022-10-01 $207,400 (15.2%) $241,819 (-8.8%) 0.00 56
2022-11-01 $214,900 (24.8%) $231,246 (-7.4%) 0.00 57
2022-12-01 $214,900 (24.6%) $233,544 (-5.1%) 0.00 48
2023-01-01 $213,550 (9.8%) $232,428 (-4.5%) 0.00 47
2023-02-01 $181,225 (-0.1%) $219,913 (-19.9%) 0.00 41
2023-03-01 $214,225 (19.1%) $252,408 (-7.5%) 0.00 39
2023-04-01 $223,000 (15.3%) $286,809 (-3.1%) 0.00 55
2023-05-01 $239,450 (21.7%) $281,831 (2.2%) 0.00 65
2023-06-01 $247,425 (8.3%) $280,960 (-1.6%) 0.00 72
2023-07-01 $239,900 (-8.6%) $291,408 (-11.8%) 0.00 69
2023-08-01 $231,425 (-4.7%) $281,177 (3.8%) 0.00 71
2023-09-01 $230,200 (12.7%) $264,586 (9.3%) 0.00 84
2023-10-01 $230,250 (11.0%) $272,582 (12.7%) 0.00 81
2023-11-01 $224,900 (4.7%) $271,074 (17.2%) 0.00 78
2023-12-01 $219,900 (2.3%) $255,398 (9.4%) 0.00 68
2024-01-01 $207,250 (-3.0%) $242,042 (4.1%) 0.00 72
2024-02-01 $219,575 (21.2%) $250,082 (13.7%) 0.00 77
2024-03-01 $224,700 (4.9%) $244,821 (-3.0%) 0.00 65
2024-04-01 $251,250 (12.7%) $279,408 (-2.6%) 0.00 60
2024-05-01 $256,750 (7.2%) $280,194 (-0.6%) 0.00 66
2024-06-01 $253,000 (2.3%) $271,965 (-3.2%) 0.00 81
2024-07-01 $247,250 (3.1%) $260,864 (-10.5%) 0.00 86
2024-08-01 $239,000 (3.3%) $252,286 (-10.3%) 0.00 85
2024-09-01 $229,975 (-0.1%) $251,458 (-5.0%) 0.00 75
2024-10-01 $227,600 (-1.2%) $254,490 (-6.6%) 0.00 67
2024-11-01 $235,000 (4.5%) $273,103 (0.8%) 0.00 66
Levelland's median listing price for 2024-11-01 was $235,000, a difference of $10,100 (4.5%) versus the prior year and $7,400 versus the prior month.

Levelland's median listing price comes in at 0% of the national average.

Levelland's average listing price for 2024-11-01 was $273,103, a difference of $2,029 (0.8%) versus the prior year and $18,613 versus the prior month.

For the 2024-11-01 period, Levelland had 66 MLS listings, a difference of -1 listings (-1%) versus the prior month and -12 listings (-15%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Levelland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,139 sqft
2018-02-01 0 days 2,236 sqft
2018-03-01 0 days 2,321 sqft
2018-04-01 0 days 2,311 sqft
2018-05-01 0 days 2,429 sqft
2018-06-01 0 days 2,304 sqft
2018-07-01 0 days 2,227 sqft
2018-08-01 0 days 2,126 sqft
2018-09-01 0 days 2,049 sqft
2018-10-01 0 days 2,029 sqft
2018-11-01 0 days 2,157 sqft
2018-12-01 0 days 2,148 sqft
2019-01-01 0 days 2,039 sqft
2019-02-01 0 days 1,996 sqft
2019-03-01 0 days 1,984 sqft
2019-04-01 0 days 2,033 sqft
2019-05-01 0 days 1,918 sqft
2019-06-01 0 days 1,899 sqft
2019-07-01 0 days 1,747 sqft
2019-08-01 0 days 1,722 sqft
2019-09-01 0 days 1,698 sqft
2019-10-01 0 days 1,683 sqft
2019-11-01 0 days 1,691 sqft
2019-12-01 0 days 1,789 sqft
2020-01-01 0 days 1,789 sqft
2020-02-01 0 days 1,822 sqft
2020-03-01 0 days 1,935 sqft
2020-04-01 0 days 1,865 sqft
2020-05-01 0 days 1,898 sqft
2020-06-01 0 days 1,933 sqft
2020-07-01 0 days 1,915 sqft
2020-08-01 0 days 1,911 sqft
2020-09-01 0 days 1,959 sqft
2020-10-01 0 days 1,947 sqft
2020-11-01 0 days 1,932 sqft
2020-12-01 0 days 1,936 sqft
2021-01-01 0 days 1,798 sqft
2021-02-01 0 days 1,771 sqft
2021-03-01 0 days 1,671 sqft
2021-04-01 0 days 1,612 sqft
2021-05-01 0 days 1,715 sqft
2021-06-01 0 days 2,078 sqft
2021-07-01 0 days 1,744 sqft
2021-08-01 0 days 1,930 sqft
2021-09-01 0 days 2,057 sqft
2021-10-01 0 days 2,148 sqft
2021-11-01 0 days 2,099 sqft
2021-12-01 0 days 2,064 sqft
2022-01-01 0 days 2,064 sqft
2022-02-01 0 days 1,806 sqft
2022-03-01 0 days 1,813 sqft
2022-04-01 0 days 2,305 sqft
2022-05-01 0 days 1,912 sqft
2022-06-01 0 days 2,204 sqft
2022-07-01 0 days 2,422 sqft
2022-08-01 0 days 2,332 sqft
2022-09-01 0 days 2,005 sqft
2022-10-01 0 days 2,000 sqft
2022-11-01 0 days 1,881 sqft
2022-12-01 0 days 1,869 sqft
2023-01-01 0 days 2,110 sqft
2023-02-01 0 days 1,556 sqft
2023-03-01 0 days 2,116 sqft
2023-04-01 0 days 2,103 sqft
2023-05-01 0 days 2,120 sqft
2023-06-01 0 days 2,240 sqft
2023-07-01 0 days 2,243 sqft
2023-08-01 0 days 2,234 sqft
2023-09-01 0 days 2,108 sqft
2023-10-01 0 days 2,207 sqft
2023-11-01 0 days 2,190 sqft
2023-12-01 0 days 2,120 sqft
2024-01-01 0 days 2,066 sqft
2024-02-01 0 days 2,089 sqft
2024-03-01 0 days 2,073 sqft
2024-04-01 0 days 2,150 sqft
2024-05-01 0 days 2,191 sqft
2024-06-01 0 days 2,176 sqft
2024-07-01 0 days 2,158 sqft
2024-08-01 0 days 2,108 sqft
2024-09-01 0 days 2,110 sqft
2024-10-01 0 days 2,147 sqft
2024-11-01 0 days 2,184 sqft
Levelland's median listing age (time on market) for 2024-11-01 was 0 days.

Levelland's median square footage for active listings during the 2024-11-01 period was 2,184 sqft. One year prior, the average listing was 2,190 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).