Lubbock FHA Loan Rates, Closing Costs & Stats

LUBBOCK, 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.

Lubbock's 94 lenders originated 1,267 FHA loans during 2023. The total origination value was $307,245,000, with an average FHA loan value of $242,498.

Lubbock FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lubbock averaged 6.54% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Lubbock's average FHA mortgage closing costs are $7,551.

The average rate for the prior week (2024-05-31) was 6.92% and one month ago for the week of 2024-05-03, the average rate was 6.82%.

The average rate one year ago was 6.49%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.92%.

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

Lubbock 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 Lubbock level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
TEXAS TECH 197 6.30% $9,481
CARDINAL FINANCIAL 122 6.43% $11,252
ARK-LA-TEX FINANCIAL SERVICES, LLC. 93 6.72% $7,639
T2 FINANCIAL LLC 91 6.83% $9,550
Alliance Credit Union 54 6.36% $6,644
DHI MORTGAGE COMPANY, LTD. 41 5.44% $7,989
UNITED WHOLESALE MORTGAGE, LLC 39 6.18% $11,626
GUILD MORTGAGE COMPANY 39 6.46% $9,318
THRIVE MORTGAGE, LLC 38 6.67% $9,799
QUICKEN LOANS, LLC 35 6.20% $10,126
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 31 6.88% $12,303
City Bank 27 6.77% $9,691
FLAT BRANCH MORTGAGE, INC. 24 6.50% $9,749
Southwest Bank 23 6.36% $9,238
LOANDEPOT.COM, LLC 15 6.40% $10,746
FREEDOM MORTGAGE CORPORATION 13 6.53% $9,694
PRIMELENDING, A PLAINSCAPITAL COMPANY 12 6.85% $12,138
First United Bank 12 6.43% $9,976
Prosperity Bank 10 6.15% $8,591
PLAZA HOME MORTGAGE, INC. 9 6.17% $9,276
Amarillo National Bank 9 6.50% $9,258
Flagstar Bank, FSB 8 6.67% $7,881
SFMC, LP 7 6.50% $18,517
GUARANTEED RATE, INC. 7 6.40% $11,174
HOMETRUST MORTGAGE COMPANY 6 7.02% $9,213
Plains Commerce Bank 6 6.44% $10,345
EVERETT FINANCIAL, INC. 6 6.63% $6,771
MOVEMENT MORTGAGE, LLC 5 6.78% $8,534
AMCAP MORTGAGE, LTD. 5 6.40% $10,535
CALCON MUTUAL MORTGAGE LLC 5 6.75% $17,650
CMG MORTGAGE, INC. 4 6.63% $12,912
Gateway First Bank 4 6.34% $7,973
GENEVA FINANCIAL, LLC 4 6.56% $10,998
ZILLOW HOME LOANS, LLC 3 6.42% $9,020
CROSSCOUNTRY MORTGAGE, LLC 3 6.67% $13,287
Paramount Residential Mortgage Group, Inc. 3 6.00% $11,197
PHH Mortgage Corporation 3 6.17% $8,674
LRS FINANCIAL NETWORK, INC. 3 5.92% $7,801
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 7.54% $11,878
NFM, INC. 2 6.44% $12,584
SUCCESS MORTGAGE PARTNERS, INC. 2 5.50% $15,062
First National Bank Texas 2 6.00% $7,785
AMERISAVE MORTGAGE CORPORATION 2 6.44% $11,819
Centennial Bank 2 7.00% $10,485
TOWNE MORTGAGE COMPANY 2 6.38% $12,712
LEADERONE FINANCIAL CORPORATION 2 5.75% $8,088
PNC Bank 2 6.06% $8,019
Mortgage Research Center, LLC 2 6.69% $9,534
First Financial Bank 2 7.38% $10,720
GARDNER FINANCIAL SERVICES, LTD. 2 6.75% $15,655
Equity Prime Mortgage LLC 2 6.88% $12,889
NATIONS RELIABLE LENDING, LLC 2 6.44% $15,628
SECURITYNATIONAL MORTGAGE COMPANY 2 7.19% $11,265
NEWREZ LLC 2 7.25% $6,022
PENNYMAC LOAN SERVICES, LLC 1 6.75% $5,995
PLANET HOME LENDING, LLC 1 7.63% $13,296
Carrington Mortgage Services, LLC 1 6.13% $8,057
PREMIA MORTGAGE, LLC 1 5.75% $6,969
CADENCE LENDING GROUP, INC. 1 7.25% $9,761
BROKER SOLUTIONS, INC. 1 7.13% $6,989
BOKF 1 6.63% $10,220
S1L, Inc. 1 5.75% $11,304
BECKAM FUNDING CORP. 1 7.63% $16,380
SIWELL, INC. 1 6.75% $17,378
Barrington Bank & Trust Company, N.A. 1 6.75% $16,515
Strong Home Mortgage, LLC 1 5.75% $14,731
Bank of England 1 6.75% $8,275
THE MORTGAGE LINK, INC. 1 7.00% $11,113
AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $9,708
UNION HOME MORTGAGE CORP. 1 6.13% $13,702
United Fidelity Funding Corp. 1 7.63% $9,927
American Bank of Commerce 1 5.75% $14,646
FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.00% $6,313
FIRST COLONY MORTGAGE CORPORATION 1 7.13% $6,308
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.75% $9,258
DRAPER AND KRAMER MORTGAGE CORP. 1 6.88% $6,751
Waterstone Mortgage Corporation 1 8.00% $4,405
GMFS LLC 1 6.75% $12,926
Commerce Home Mortgage, Inc. 1 8.00% $8,093
Guaranty Bank & Trust, N.A. 1 6.63% $13,415
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.25% $16,929
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $9,214
Citizens Bank 1 6.75% $12,921
INTERLINC MORTGAGE SERVICES, LLC 1 6.38% $5,603
CHURCHILL MORTGAGE CORPORATION 1 6.25% $11,800
Loan Simple, Inc. 1 5.75% $17,048
MEMBER FIRST MORTGAGE, LLC 1 7.25% $6,055
MICHIGAN MUTUAL, INC. 1 6.00% $22,312
MID AMERICA MORTGAGE, INC. 1 6.75% $5,254
ML Mortgage Corp. 1 7.25% $22,597
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.50% $10,053
Century Mortgage Company DBA Century Lending Company 1 6.75% $9,597
NATIONS DIRECT MORTGAGE, LLC 1 7.63% $15,267
NBH Bank 1 6.38% $11,907

The top Lubbock FHA lender as defined by loan originations is TEXAS TECH, with 197 FHA loans originated. Their average total fees are $9,481, which is $1,771 lower than the next largest lender, CARDINAL FINANCIAL.

The lowest fee Lubbock FHA lenders (with over 10 loans originated) are Alliance Credit Union ($6,644), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,639), DHI MORTGAGE COMPANY, LTD. ($7,989), Prosperity Bank ($8,591) and Southwest Bank ($9,238).

The lowest rate Lubbock FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.44%), Prosperity Bank (6.15%), UNITED WHOLESALE MORTGAGE, LLC (6.18%), QUICKEN LOANS, LLC (6.20%) and TEXAS TECH (6.30%).

Lubbock FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lubbock (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 $224,400 (6.9%) $278,567 (1.6%) 0.83 1,030
2018-02-01 $233,863 (5.4%) $291,535 (1.7%) 0.85 1,003
2018-03-01 $235,000 (-4.0%) $296,210 (-0.4%) 0.82 1,009
2018-04-01 $246,125 (-9.1%) $305,280 (-2.5%) 0.83 1,009
2018-05-01 $244,500 (-10.1%) $300,833 (-4.8%) 0.82 1,053
2018-06-01 $238,500 (-10.7%) $299,073 (-3.5%) 0.80 1,150
2018-07-01 $234,950 (-8.7%) $291,951 (-3.8%) 0.78 1,211
2018-08-01 $234,950 (-3.9%) $292,634 (-0.6%) 0.79 1,221
2018-09-01 $226,000 (-3.8%) $286,770 (-1.7%) 0.76 1,223
2018-10-01 $219,975 (-6.4%) $280,302 (-3.6%) 0.75 1,239
2018-11-01 $216,245 (-7.0%) $275,191 (-4.7%) 0.73 1,207
2018-12-01 $215,000 (-6.5%) $273,416 (-4.9%) 0.74 1,181
2019-01-01 $217,500 (-3.1%) $276,153 (-0.9%) 0.75 1,110
2019-02-01 $222,225 (-5.0%) $279,300 (-4.2%) 0.75 1,074
2019-03-01 $231,114 (-1.7%) $280,819 (-5.2%) 0.76 1,022
2019-04-01 $240,875 (-2.1%) $286,107 (-6.3%) 0.76 966
2019-05-01 $244,950 (0.2%) $293,053 (-2.6%) 0.77 969
2019-06-01 $249,900 (4.8%) $295,461 (-1.2%) 0.78 973
2019-07-01 $242,500 (3.2%) $292,044 (0.0%) 0.76 961
2019-08-01 $232,636 (-1.0%) $283,126 (-3.3%) 0.74 935
2019-09-01 $221,591 (-2.0%) $272,957 (-4.8%) 0.71 925
2019-10-01 $216,975 (-1.4%) $266,727 (-4.8%) 0.70 916
2019-11-01 $225,000 (4.1%) $269,528 (-2.1%) 0.74 900
2019-12-01 $234,875 (9.2%) $277,537 (1.5%) 0.78 838
2020-01-01 $235,375 (8.2%) $343,111 (24.3%) 0.79 806
2020-02-01 $236,499 (6.4%) $287,113 (2.8%) 0.77 845
2020-03-01 $239,900 (3.8%) $293,342 (4.5%) 0.75 844
2020-04-01 $242,475 (0.7%) $300,356 (5.0%) 0.76 861
2020-05-01 $249,500 (1.9%) $307,444 (4.9%) 0.76 765
2020-06-01 $250,950 (0.4%) $315,404 (6.8%) 0.74 698
2020-07-01 $249,950 (3.1%) $321,164 (10.0%) 0.72 684
2020-08-01 $263,175 (13.1%) $327,824 (15.8%) 0.75 641
2020-09-01 $262,500 (18.5%) $325,139 (19.1%) 0.75 639
2020-10-01 $246,725 (13.7%) $305,454 (14.5%) 0.71 641
2020-11-01 $232,000 (3.1%) $293,084 (8.7%) 0.68 611
2020-12-01 $237,375 (1.1%) $297,335 (7.1%) 0.71 549
2021-01-01 $259,450 (10.2%) $297,935 (-13.2%) 0.77 492
2021-02-01 $271,900 (15.0%) $315,573 (9.9%) 0.79 402
2021-03-01 $290,000 (20.9%) $334,073 (13.9%) 0.82 342
2021-04-01 $309,950 (27.8%) $357,286 (19.0%) 0.84 346
2021-05-01 $322,990 (29.5%) $366,352 (19.2%) 0.86 368
2021-06-01 $306,710 (22.2%) $358,594 (13.7%) 0.81 443
2021-07-01 $289,400 (15.8%) $357,915 (11.4%) 0.76 514
2021-08-01 $295,625 (12.3%) $350,907 (7.0%) 0.79 544
2021-09-01 $275,975 (5.1%) $335,705 (3.3%) 0.74 555
2021-10-01 $281,500 (14.1%) $336,209 (10.1%) 0.75 538
2021-11-01 $292,500 (26.1%) $344,632 (17.6%) 0.78 495
2021-12-01 $292,750 (23.3%) $346,467 (16.5%) 0.79 434
2022-01-01 $300,000 (15.6%) $350,748 (17.7%) 0.81 376
2022-02-01 $358,900 (32.0%) $396,562 (25.7%) 0.93 311
2022-03-01 $350,362 (20.8%) $397,068 (18.9%) 0.88 318
2022-04-01 $350,000 (12.9%) $403,074 (12.8%) 0.83 342
2022-05-01 $348,675 (8.0%) $394,404 (7.7%) 0.80 455
2022-06-01 $340,000 (10.9%) $385,325 (7.5%) 0.76 549
2022-07-01 $320,000 (10.6%) $367,989 (2.8%) 0.72 707
2022-08-01 $318,263 (7.7%) $357,670 (1.9%) 0.74 788
2022-09-01 $312,475 (13.2%) $358,494 (6.8%) 0.73 841
2022-10-01 $317,600 (12.8%) $364,551 (8.4%) 0.75 888
2022-11-01 $303,700 (3.8%) $358,865 (4.1%) 0.73 927
2022-12-01 $296,000 (1.1%) $357,570 (3.2%) 0.73 939
2023-01-01 $297,750 (-0.8%) $351,973 (0.4%) 0.74 915
2023-02-01 $300,000 (-16.4%) $355,159 (-10.4%) 0.72 916
2023-03-01 $300,000 (-14.4%) $354,454 (-10.7%) 0.71 906
2023-04-01 $315,000 (-10.0%) $370,456 (-8.1%) 0.73 882
2023-05-01 $302,248 (-13.3%) $364,671 (-7.5%) 0.69 973
2023-06-01 $308,262 (-9.3%) $361,954 (-6.1%) 0.69 1,023
2023-07-01 $303,850 (-5.1%) $364,806 (-0.9%) 0.69 1,089
2023-08-01 $295,000 (-7.3%) $361,435 (1.1%) 0.68 1,140
2023-09-01 $287,750 (-7.9%) $352,142 (-1.8%) 0.67 1,246
2023-10-01 $273,500 (-13.9%) $342,348 (-6.1%) 0.64 1,267
2023-11-01 $262,125 (-13.7%) $328,269 (-8.5%) 0.62 1,310
2023-12-01 $260,000 (-12.2%) $328,287 (-8.2%) 0.63 1,241
2024-01-01 $260,000 (-12.7%) $327,887 (-6.8%) 0.63 1,200
2024-02-01 $261,000 (-13.0%) $326,514 (-8.1%) 0.63 1,214
2024-03-01 $268,500 (-10.5%) $333,157 (-6.0%) 0.63 1,258
2024-04-01 $268,500 (-14.8%) $437,337 (18.1%) 0.62 1,339
2024-05-01 $268,000 (-11.3%) $337,439 (-7.5%) 0.61 1,541
Lubbock's median listing price for 2024-05-01 was $268,000, a difference of $-34,248 (-11.3%) versus the prior year and $-500 versus the prior month.

Lubbock's median listing price comes in at 61% of the national average.

Lubbock's average listing price for 2024-05-01 was $337,439, a difference of $-27,232 (-7.5%) versus the prior year and $-99,898 versus the prior month.

For the 2024-05-01 period, Lubbock had 1,541 MLS listings, a difference of 202 listings (15%) versus the prior month and 568 listings (58%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lubbock (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 56 days 2,261 sqft
2018-02-01 40 days 2,313 sqft
2018-03-01 43 days 2,326 sqft
2018-04-01 43 days 2,373 sqft
2018-05-01 38 days 2,362 sqft
2018-06-01 40 days 2,310 sqft
2018-07-01 42 days 2,265 sqft
2018-08-01 44 days 2,286 sqft
2018-09-01 46 days 2,238 sqft
2018-10-01 46 days 2,200 sqft
2018-11-01 49 days 2,191 sqft
2018-12-01 58 days 2,155 sqft
2019-01-01 64 days 2,153 sqft
2019-02-01 49 days 2,158 sqft
2019-03-01 45 days 2,184 sqft
2019-04-01 45 days 2,227 sqft
2019-05-01 44 days 2,249 sqft
2019-06-01 40 days 2,281 sqft
2019-07-01 46 days 2,277 sqft
2019-08-01 47 days 2,235 sqft
2019-09-01 47 days 2,168 sqft
2019-10-01 49 days 2,129 sqft
2019-11-01 47 days 2,138 sqft
2019-12-01 57 days 2,120 sqft
2020-01-01 60 days 2,106 sqft
2020-02-01 43 days 2,112 sqft
2020-03-01 42 days 2,111 sqft
2020-04-01 47 days 2,144 sqft
2020-05-01 51 days 2,172 sqft
2020-06-01 42 days 2,170 sqft
2020-07-01 36 days 2,169 sqft
2020-08-01 44 days 2,227 sqft
2020-09-01 44 days 2,219 sqft
2020-10-01 43 days 2,113 sqft
2020-11-01 46 days 2,037 sqft
2020-12-01 47 days 2,005 sqft
2021-01-01 47 days 2,047 sqft
2021-02-01 39 days 2,078 sqft
2021-03-01 37 days 2,142 sqft
2021-04-01 25 days 2,189 sqft
2021-05-01 24 days 2,230 sqft
2021-06-01 24 days 2,206 sqft
2021-07-01 29 days 2,200 sqft
2021-08-01 32 days 2,146 sqft
2021-09-01 36 days 2,097 sqft
2021-10-01 42 days 2,106 sqft
2021-11-01 44 days 2,089 sqft
2021-12-01 49 days 2,080 sqft
2022-01-01 44 days 2,116 sqft
2022-02-01 31 days 2,212 sqft
2022-03-01 25 days 2,174 sqft
2022-04-01 22 days 2,136 sqft
2022-05-01 21 days 2,120 sqft
2022-06-01 25 days 2,092 sqft
2022-07-01 28 days 2,090 sqft
2022-08-01 31 days 2,087 sqft
2022-09-01 36 days 2,085 sqft
2022-10-01 38 days 2,100 sqft
2022-11-01 44 days 2,068 sqft
2022-12-01 50 days 2,031 sqft
2023-01-01 52 days 2,018 sqft
2023-02-01 41 days 2,039 sqft
2023-03-01 44 days 2,047 sqft
2023-04-01 40 days 2,102 sqft
2023-05-01 33 days 2,063 sqft
2023-06-01 37 days 2,083 sqft
2023-07-01 37 days 2,056 sqft
2023-08-01 44 days 2,040 sqft
2023-09-01 45 days 2,000 sqft
2023-10-01 40 days 1,899 sqft
2023-11-01 47 days 1,866 sqft
2023-12-01 59 days 1,860 sqft
2024-01-01 63 days 1,855 sqft
2024-02-01 48 days 1,847 sqft
2024-03-01 40 days 1,903 sqft
2024-04-01 39 days 1,900 sqft
2024-05-01 43 days 1,894 sqft
Lubbock's median listing age (time on market) for 2024-05-01 was 43 days. This is 29% longer than the same period one year ago.

Lubbock's median square footage for active listings during the 2024-05-01 period was 1,894 sqft. One year prior, the average listing was 2,063 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).