Lubbock FHA Loans
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 96 lenders originated 1,768 FHA loans during 2021. The total origination value was $327,670,000, with an average FHA loan value of $185,334.
Lubbock FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Lubbock
averaged
5.53%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.26% and
one month ago for the week of 2022-04-08, the
average rate was 5.03%.
The average rate one year ago was 3.34%.
For refis of the same type during the week of 2022-05-13, the average rate
was 4.96%.
Lubbock FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lubbock level.
The top Lubbock FHA lender as defined by loan originations is First Bank & Trust, with
189 FHA loans originated. Their average total fees are
$7,338, which is $157
higher than the next largest lender,
TEXAS TECH.
The lowest fee Lubbock FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($2,282), Mr. Cooper ( Nationstar Mortgage ) ($3,034), PENNYMAC LOAN SERVICES, LLC ($4,457), Lakeview Community Capital, LLC ($4,515) and AmeriHome Mortgage Company, LLC ($4,542).
The lowest rate Lubbock FHA lenders (with over 10 loans originated) are
Amarillo National Bank (2.63%), UNITED WHOLESALE MORTGAGE, LLC (2.67%), First United Bank (2.70%), CALIBER HOME LOANS, INC. (2.76%) and QUICKEN LOANS, LLC (2.78%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Lubbock (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $224,875 (6.7%) | $277,320 (0.4%) | 0.83 | 1,006 |
2018-02-01 | $234,700 (5.5%) | $289,294 (0.5%) | 0.85 | 987 |
2018-03-01 | $235,000 (-4.0%) | $292,864 (-2.6%) | 0.81 | 986 |
2018-04-01 | $248,000 (-8.1%) | $303,147 (-4.0%) | 0.83 | 994 |
2018-05-01 | $244,750 (-9.7%) | $298,730 (-4.9%) | 0.82 | 1,033 |
2018-06-01 | $239,000 (-10.6%) | $295,209 (-4.1%) | 0.80 | 1,118 |
2018-07-01 | $234,925 (-8.9%) | $288,451 (-3.9%) | 0.78 | 1,185 |
2018-08-01 | $235,000 (-4.9%) | $289,003 (-0.6%) | 0.79 | 1,199 |
2018-09-01 | $229,000 (-2.6%) | $282,220 (-2.7%) | 0.77 | 1,207 |
2018-10-01 | $221,250 (-6.2%) | $276,234 (-4.3%) | 0.74 | 1,219 |
2018-11-01 | $218,250 (-7.4%) | $272,382 (-5.4%) | 0.73 | 1,194 |
2018-12-01 | $217,000 (-5.6%) | $271,187 (-4.9%) | 0.74 | 1,173 |
2019-01-01 | $219,450 (-2.4%) | $273,971 (-1.2%) | 0.76 | 1,107 |
2019-02-01 | $225,000 (-4.1%) | $277,905 (-3.9%) | 0.75 | 1,068 |
2019-03-01 | $233,529 (-0.6%) | $281,039 (-4.0%) | 0.76 | 1,006 |
2019-04-01 | $247,400 (-0.2%) | $289,488 (-4.5%) | 0.78 | 950 |
2019-05-01 | $249,450 (1.9%) | $296,574 (-0.7%) | 0.77 | 959 |
2019-06-01 | $249,900 (4.6%) | $298,207 (1.0%) | 0.77 | 960 |
2019-07-01 | $242,900 (3.4%) | $292,757 (1.5%) | 0.75 | 947 |
2019-08-01 | $233,529 (-0.6%) | $280,395 (-3.0%) | 0.73 | 920 |
2019-09-01 | $224,950 (-1.8%) | $271,430 (-3.8%) | 0.71 | 907 |
2019-10-01 | $220,950 (-0.1%) | $267,416 (-3.2%) | 0.70 | 897 |
2019-11-01 | $225,000 (3.1%) | $269,424 (-1.1%) | 0.73 | 887 |
2019-12-01 | $234,750 (8.2%) | $276,374 (1.9%) | 0.78 | 828 |
2020-01-01 | $237,651 (8.3%) | $343,660 (25.4%) | 0.79 | 791 |
2020-02-01 | $239,900 (6.6%) | $290,338 (4.5%) | 0.77 | 826 |
2020-03-01 | $243,250 (4.2%) | $294,966 (5.0%) | 0.76 | 821 |
2020-04-01 | $245,000 (-1.0%) | $302,342 (4.4%) | 0.76 | 842 |
2020-05-01 | $249,000 (-0.2%) | $310,292 (4.6%) | 0.75 | 744 |
2020-06-01 | $257,750 (3.1%) | $318,942 (7.0%) | 0.75 | 679 |
2020-07-01 | $252,500 (4.0%) | $326,099 (11.4%) | 0.72 | 663 |
2020-08-01 | $265,000 (13.5%) | $329,955 (17.7%) | 0.76 | 624 |
2020-09-01 | $265,000 (17.8%) | $330,478 (21.8%) | 0.76 | 621 |
2020-10-01 | $249,750 (13.0%) | $311,224 (16.4%) | 0.71 | 620 |
2020-11-01 | $242,750 (7.9%) | $296,933 (10.2%) | 0.70 | 585 |
2020-12-01 | $244,750 (4.3%) | $299,625 (8.4%) | 0.72 | 526 |
2021-01-01 | $259,900 (9.4%) | $300,889 (-12.5%) | 0.76 | 453 |
2021-02-01 | $274,500 (14.4%) | $314,883 (8.5%) | 0.79 | 384 |
2021-03-01 | $292,500 (20.3%) | $336,976 (14.2%) | 0.82 | 330 |
2021-04-01 | $315,000 (28.6%) | $364,389 (20.5%) | 0.85 | 323 |
2021-05-01 | $325,800 (30.8%) | $368,517 (18.8%) | 0.86 | 350 |
2021-06-01 | $315,990 (22.6%) | $363,457 (14.0%) | 0.82 | 422 |
2021-07-01 | $297,475 (17.8%) | $360,038 (10.4%) | 0.77 | 489 |
2021-08-01 | $299,000 (12.8%) | $351,855 (6.6%) | 0.79 | 528 |
2021-09-01 | $275,000 (3.8%) | $338,095 (2.3%) | 0.72 | 537 |
2021-10-01 | $281,500 (12.7%) | $338,522 (8.8%) | 0.74 | 530 |
2021-11-01 | $290,000 (19.5%) | $342,561 (15.4%) | 0.76 | 480 |
2021-12-01 | $295,500 (20.7%) | $346,511 (15.7%) | 0.79 | 419 |
2022-01-01 | $300,000 (15.4%) | $350,764 (16.6%) | 0.80 | 366 |
2022-02-01 | $356,450 (29.9%) | $389,508 (23.7%) | 0.91 | 293 |
2022-03-01 | $344,750 (17.9%) | $386,757 (14.8%) | 0.85 | 305 |
2022-04-01 | $350,000 (11.1%) | $388,541 (6.6%) | 0.82 | 326 |
Lubbock's median listing price comes in at 82% of the national average.
Lubbock's average listing price for 2022-04-01 was $388,541, a difference of $24,152 (6.6%) versus the prior year and $1,784 versus the prior month.
For the 2022-04-01 period, Lubbock had 326 MLS listings, a difference of 21 listings (7%) versus the prior month and 3 listings (1%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lubbock (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 56 days | 2,287 sqft |
2018-02-01 | 40 days | 2,321 sqft |
2018-03-01 | 43 days | 2,327 sqft |
2018-04-01 | 44 days | 2,379 sqft |
2018-05-01 | 39 days | 2,369 sqft |
2018-06-01 | 40 days | 2,321 sqft |
2018-07-01 | 41 days | 2,276 sqft |
2018-08-01 | 44 days | 2,291 sqft |
2018-09-01 | 46 days | 2,240 sqft |
2018-10-01 | 46 days | 2,202 sqft |
2018-11-01 | 48 days | 2,195 sqft |
2018-12-01 | 58 days | 2,170 sqft |
2019-01-01 | 64 days | 2,173 sqft |
2019-02-01 | 50 days | 2,175 sqft |
2019-03-01 | 46 days | 2,198 sqft |
2019-04-01 | 44 days | 2,251 sqft |
2019-05-01 | 43 days | 2,260 sqft |
2019-06-01 | 42 days | 2,283 sqft |
2019-07-01 | 43 days | 2,275 sqft |
2019-08-01 | 44 days | 2,232 sqft |
2019-09-01 | 47 days | 2,184 sqft |
2019-10-01 | 48 days | 2,136 sqft |
2019-11-01 | 46 days | 2,135 sqft |
2019-12-01 | 56 days | 2,130 sqft |
2020-01-01 | 59 days | 2,111 sqft |
2020-02-01 | 42 days | 2,129 sqft |
2020-03-01 | 42 days | 2,127 sqft |
2020-04-01 | 47 days | 2,154 sqft |
2020-05-01 | 51 days | 2,173 sqft |
2020-06-01 | 42 days | 2,190 sqft |
2020-07-01 | 35 days | 2,178 sqft |
2020-08-01 | 43 days | 2,240 sqft |
2020-09-01 | 45 days | 2,241 sqft |
2020-10-01 | 43 days | 2,138 sqft |
2020-11-01 | 44 days | 2,059 sqft |
2020-12-01 | 47 days | 2,030 sqft |
2021-01-01 | 52 days | 2,057 sqft |
2021-02-01 | 41 days | 2,083 sqft |
2021-03-01 | 38 days | 2,156 sqft |
2021-04-01 | 29 days | 2,214 sqft |
2021-05-01 | 24 days | 2,260 sqft |
2021-06-01 | 24 days | 2,233 sqft |
2021-07-01 | 29 days | 2,218 sqft |
2021-08-01 | 33 days | 2,157 sqft |
2021-09-01 | 37 days | 2,108 sqft |
2021-10-01 | 42 days | 2,117 sqft |
2021-11-01 | 44 days | 2,095 sqft |
2021-12-01 | 51 days | 2,094 sqft |
2022-01-01 | 48 days | 2,085 sqft |
2022-02-01 | 34 days | 2,215 sqft |
2022-03-01 | 27 days | 2,153 sqft |
2022-04-01 | 27 days | 2,134 sqft |
Lubbock's median square footage for active listings during the 2022-04-01 period was 2,134 sqft. One year prior, the average listing was 2,214 sqft.