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 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 6.36% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Lubbock's average FHA mortgage closing costs are $6,796.

The average rate for the prior week (2023-01-20) was 6.33% and one month ago for the week of 2022-12-23, the average rate was 6.42%.

The average rate one year ago was 3.71%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.89%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 MORTGAGE 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 MORTGAGE ($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 $224,400 (6.9%) $278,567 (1.7%) 0.83 1,030
2018-02-01 $233,863 (5.6%) $291,535 (1.8%) 0.85 1,003
2018-03-01 $235,000 (-4.0%) $296,210 (-0.3%) 0.82 1,009
2018-04-01 $246,750 (-8.6%) $305,278 (-2.4%) 0.84 1,010
2018-05-01 $244,600 (-9.6%) $300,831 (-4.7%) 0.82 1,054
2018-06-01 $238,000 (-10.9%) $298,884 (-3.5%) 0.79 1,151
2018-07-01 $234,950 (-8.7%) $291,869 (-3.9%) 0.78 1,212
2018-08-01 $234,950 (-3.9%) $292,634 (-0.6%) 0.79 1,221
2018-09-01 $225,850 (-3.9%) $286,607 (-1.8%) 0.76 1,224
2018-10-01 $219,975 (-6.4%) $280,065 (-3.6%) 0.74 1,239
2018-11-01 $215,600 (-7.3%) $275,023 (-4.8%) 0.73 1,207
2018-12-01 $215,000 (-6.5%) $273,348 (-4.9%) 0.74 1,181
2019-01-01 $217,373 (-3.1%) $275,917 (-1.0%) 0.75 1,111
2019-02-01 $222,225 (-5.0%) $279,178 (-4.2%) 0.75 1,075
2019-03-01 $231,114 (-1.7%) $280,854 (-5.2%) 0.76 1,023
2019-04-01 $240,875 (-2.4%) $286,150 (-6.3%) 0.76 967
2019-05-01 $244,925 (0.1%) $292,957 (-2.6%) 0.77 969
2019-06-01 $249,900 (5.0%) $295,457 (-1.2%) 0.78 973
2019-07-01 $242,500 (3.2%) $292,044 (0.1%) 0.76 961
2019-08-01 $232,636 (-1.0%) $283,126 (-3.3%) 0.74 935
2019-09-01 $221,591 (-1.9%) $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 (4.4%) $269,528 (-2.0%) 0.74 900
2019-12-01 $234,875 (9.2%) $277,537 (1.5%) 0.78 838
2020-01-01 $235,375 (8.3%) $343,111 (24.4%) 0.79 806
2020-02-01 $236,750 (6.5%) $286,879 (2.8%) 0.77 846
2020-03-01 $239,900 (3.8%) $293,038 (4.3%) 0.75 847
2020-04-01 $242,500 (0.7%) $300,040 (4.9%) 0.76 863
2020-05-01 $249,500 (1.9%) $307,051 (4.8%) 0.76 766
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%) $327,685 (15.7%) 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 $237,313 (1.0%) $297,268 (7.1%) 0.71 549
2021-01-01 $259,450 (10.2%) $297,935 (-13.2%) 0.77 492
2021-02-01 $271,900 (14.9%) $315,573 (10.0%) 0.79 402
2021-03-01 $290,000 (20.9%) $334,489 (14.2%) 0.82 343
2021-04-01 $309,975 (27.8%) $358,033 (19.3%) 0.84 347
2021-05-01 $322,990 (29.5%) $367,040 (19.5%) 0.85 369
2021-06-01 $307,450 (22.5%) $359,194 (13.9%) 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 (7.1%) 0.79 544
2021-09-01 $275,975 (5.1%) $335,705 (3.3%) 0.74 555
2021-10-01 $283,250 (14.8%) $336,209 (10.1%) 0.76 539
2021-11-01 $292,500 (26.1%) $344,632 (17.6%) 0.78 495
2021-12-01 $293,000 (23.5%) $346,467 (16.6%) 0.79 434
2022-01-01 $300,000 (15.6%) $351,395 (17.9%) 0.81 377
2022-02-01 $359,175 (32.1%) $396,514 (25.7%) 0.93 312
2022-03-01 $351,475 (21.2%) $397,044 (18.7%) 0.88 319
2022-04-01 $350,999 (13.2%) $403,570 (12.7%) 0.84 343
2022-05-01 $350,000 (8.4%) $394,410 (7.5%) 0.80 456
2022-06-01 $340,000 (10.6%) $385,144 (7.2%) 0.76 554
2022-07-01 $320,000 (10.6%) $367,961 (2.8%) 0.72 710
2022-08-01 $319,305 (8.0%) $358,270 (2.1%) 0.74 795
2022-09-01 $311,738 (13.0%) $358,526 (6.8%) 0.73 851
2022-10-01 $318,000 (12.3%) $365,082 (8.6%) 0.75 902
2022-11-01 $304,362 (4.1%) $359,187 (4.2%) 0.73 939
2022-12-01 $299,000 (2.1%) $358,233 (3.4%) 0.75 951
Lubbock's median listing price for 2022-12-01 was $299,000, a difference of $6,000 (2.1%) versus the prior year and $-5,362 versus the prior month.

Lubbock's median listing price comes in at 75% of the national average.

Lubbock's average listing price for 2022-12-01 was $358,233, a difference of $11,766 (3.4%) versus the prior year and $-954 versus the prior month.

For the 2022-12-01 period, Lubbock had 951 MLS listings, a difference of 12 listings (1%) versus the prior month and 517 listings (119%) 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 57 days 2,261 sqft
2018-02-01 40 days 2,313 sqft
2018-03-01 44 days 2,326 sqft
2018-04-01 44 days 2,374 sqft
2018-05-01 39 days 2,362 sqft
2018-06-01 40 days 2,310 sqft
2018-07-01 43 days 2,265 sqft
2018-08-01 45 days 2,285 sqft
2018-09-01 47 days 2,238 sqft
2018-10-01 46 days 2,200 sqft
2018-11-01 50 days 2,190 sqft
2018-12-01 59 days 2,155 sqft
2019-01-01 65 days 2,153 sqft
2019-02-01 50 days 2,158 sqft
2019-03-01 45 days 2,183 sqft
2019-04-01 45 days 2,225 sqft
2019-05-01 45 days 2,244 sqft
2019-06-01 43 days 2,277 sqft
2019-07-01 46 days 2,277 sqft
2019-08-01 47 days 2,235 sqft
2019-09-01 49 days 2,168 sqft
2019-10-01 50 days 2,129 sqft
2019-11-01 49 days 2,138 sqft
2019-12-01 58 days 2,120 sqft
2020-01-01 61 days 2,106 sqft
2020-02-01 43 days 2,111 sqft
2020-03-01 43 days 2,111 sqft
2020-04-01 48 days 2,143 sqft
2020-05-01 51 days 2,172 sqft
2020-06-01 42 days 2,170 sqft
2020-07-01 37 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 47 days 2,037 sqft
2020-12-01 49 days 2,004 sqft
2021-01-01 50 days 2,047 sqft
2021-02-01 41 days 2,078 sqft
2021-03-01 38 days 2,144 sqft
2021-04-01 26 days 2,192 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 43 days 2,110 sqft
2021-11-01 44 days 2,089 sqft
2021-12-01 50 days 2,081 sqft
2022-01-01 44 days 2,117 sqft
2022-02-01 32 days 2,211 sqft
2022-03-01 25 days 2,180 sqft
2022-04-01 23 days 2,143 sqft
2022-05-01 22 days 2,138 sqft
2022-06-01 25 days 2,090 sqft
2022-07-01 28 days 2,090 sqft
2022-08-01 31 days 2,091 sqft
2022-09-01 36 days 2,083 sqft
2022-10-01 38 days 2,100 sqft
2022-11-01 44 days 2,068 sqft
2022-12-01 51 days 2,031 sqft
Lubbock's median listing age (time on market) for 2022-12-01 was 51 days. This is 3% longer than the same period one year ago.

Lubbock's median square footage for active listings during the 2022-12-01 period was 2,031 sqft. One year prior, the average listing was 2,081 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).