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%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lubbock level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
First Bank & Trust 189 3.32% $7,338
TEXAS TECH 180 2.99% $7,180
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 170 3.57% $8,356
ARK-LA-TEX FINANCIAL SERVICES, LLC. 149 3.35% $7,008
City Bank 109 3.06% $7,188
QUICKEN LOANS, LLC 62 2.78% $6,427
Southwest Bank 57 3.31% $7,275
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 46 3.63% $7,892
FREEDOM MORTGAGE CORPORATION 45 2.89% $5,405
INFINITY MORTGAGE HOLDINGS, LLC 36 3.26% $8,405
CITY FIRST MORTGAGE SERVICES, L.L.C. 31 3.38% $8,304
LAKEVIEW LOAN SERVICING, LLC 31 3.13% $4,667
Gateway First Bank 31 3.31% $6,947
Mr. Cooper ( Nationstar Mortgage ) 31 3.34% $3,034
Amarillo National Bank 28 2.63% $6,965
AmeriHome Mortgage Company, LLC 27 2.90% $4,542
Alliance Credit Union 26 3.51% $6,619
PENNYMAC LOAN SERVICES, LLC 26 3.21% $4,457
First United Bank 21 2.70% $7,831
VILLAGE CAPITAL & INVESTMENT LLC 19 3.01% $2,282
HOMETRUST MORTGAGE COMPANY 18 3.19% $7,855
AMCAP MORTGAGE, LTD. 16 3.80% $8,382
SIWELL, INC. 14 2.93% $6,782
CALIBER HOME LOANS, INC. 14 2.76% $5,212
Lakeview Community Capital, LLC 14 3.09% $4,515
AMERICAN FINANCIAL NETWORK, INC. 12 3.34% $12,265
PRIMELENDING, A PLAINSCAPITAL COMPANY 12 3.53% $7,471
UNITED WHOLESALE MORTGAGE, LLC 10 2.67% $8,550
Happy State Bank 8 2.94% $7,386
NEWREZ LLC 8 2.98% $4,757
Carrington Mortgage Services, LLC 6 3.79% $6,521
THRIVE MORTGAGE, LLC 5 3.55% $8,896
Paramount Residential Mortgage Group, Inc. 5 3.30% $8,357
BROKER SOLUTIONS, INC. 5 2.98% $7,731
LOANDEPOT.COM, LLC 5 3.62% $10,451
CROSSCOUNTRY MORTGAGE, LLC 4 3.09% $8,574
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 3.22% $9,679
GUILD MORTGAGE COMPANY 4 3.28% $7,435
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 3.53% $7,117
SWBC MORTGAGE CORPORATION 3 4.04% $8,130
Citizens Bank 3 2.88% $7,204
SFMC, LP 3 3.83% $8,690
HOMESIDE FINANCIAL, LLC 3 3.42% $7,607
Equity Prime Mortgage LLC 3 3.17% $6,148
Republic State Mortgage Co. 3 3.21% $7,314
Prosperity Bank 3 2.88% $7,951
PLANET HOME LENDING, LLC 3 3.04% $3,958
MORTGAGE FINANCIAL SERVICES, LLC 3 2.93% $5,003
Mortgage Research Center, LLC 3 3.16% $5,464
First Guaranty Mortgage Corporation 3 2.75% $6,820
LEADERONE FINANCIAL CORPORATION 2 3.31% $6,257
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.00% $7,899
GREAT WESTERN FINANCIAL SERVICES, INC. 2 3.38% $6,754
Loan Simple, Inc. 2 4.25% $7,912
CMG MORTGAGE, INC. 2 3.25% $8,624
MOVEMENT MORTGAGE, LLC 2 3.94% $4,462
MID AMERICA MORTGAGE, INC. 2 2.94% $2,965
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.56% $5,494
HOME POINT FINANCIAL CORPORATION 2 2.62% $7,945
SUN WEST MORTGAGE COMPANY, INC. 2 3.18% $10,802
Bank of America 2 3.25% $6,356
Nations Lending Corporation 2 3.00% $13,497
WESTERN EXPRESS LENDING 1 2.75% $8,606
AMERICAN FINANCIAL RESOURCES, INC. 1 4.63% $10,104
AMERICAN FINANCING CORPORATION 1 3.25% $6,177
American Mortgage Bank, LLC 1 3.00% $6,484
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.38% $7,448
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $6,704
BETTER MORTGAGE CORPORATION 1 2.88% $6,149
CANOPY MORTGAGE, LLC 1 2.25% $6,962
Colonial Savings, F.A. 1 3.25% $3,938
Commerce Home Mortgage, Inc. 1 3.88% $8,393
Commercial Bank of Texas 1 2.63% $7,045
CORNERSTONE HOME LENDING, INC. 1 3.25% $7,235
DHI MORTGAGE COMPANY, LTD. 1 4.00% $10,079
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.88% $11,639
EVERETT FINANCIAL, INC. 1 4.00% $5,151
First Financial Bank 1 2.88% $7,283
First United Bank and Trust Company 1 3.38% $11,682
Flagstar Bank, FSB 1 2.63% $7,581
HANCOCK MORTGAGE PARTNERS, LLC 1 3.25% $6,125
HOMESPIRE MORTGAGE CORPORATION 1 3.00% $8,445
Hometown Equity Mortgage, LLC 1 4.38% $8,007
INTERLINC MORTGAGE SERVICES, LLC 1 4.25% $3,905
JPMorgan Chase Bank 1 2.63% $9,114
KELLER MORTGAGE, LLC 1 2.75% $9,495
LOANPAL, LLC 1 2.75% $7,649
NATIONS RELIABLE LENDING, LLC 1 3.75% $13,695
Network Funding, L.P. 1 2.88% $8,323
OCEANSIDE MORTGAGE COMPANY 1 2.99% $3,570
RESIDENTIAL BANCORP. 1 2.75% $9,902
SECURITYNATIONAL MORTGAGE COMPANY 1 3.13% $7,233
SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $8,405
V.I.P. MORTGAGE, INC. 1 3.63% $7,679
Wallick & Volk, Inc. 1 3.63% $9,146
Waterstone Mortgage Corporation 1 4.00% $8,916

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. Louis
Date 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 for 2022-04-01 was $350,000, a difference of $35,000 (11.1%) versus the prior year and $5,250 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 27 days. This is -5% shorter than the same period one year ago.

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.

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).