Levelland FHA Loan Rates, Closing Costs & Stats

Levelland, 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.

    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 6.76% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.65% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.45%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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
    Levelland's median listing price for 2024-03-01 was $224,700, a difference of $10,475 (4.9%) versus the prior year and $5,125 versus the prior month.

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

    Levelland's average listing price for 2024-03-01 was $244,821, a difference of $-7,587 (-3.0%) versus the prior year and $-5,261 versus the prior month.

    For the 2024-03-01 period, Levelland had 65 MLS listings, a difference of -12 listings (-16%) versus the prior month and 26 listings (67%) 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
    Levelland's median listing age (time on market) for 2024-03-01 was 0 days.

    Levelland's median square footage for active listings during the 2024-03-01 period was 2,073 sqft. One year prior, the average listing was 2,116 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).