Lubbock FHA Loan Rates, Closing Costs & Stats

LUBBOCK, 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.

    Lubbock's 91 lenders originated 1,059 FHA loans during 2022. The total origination value was $231,125,000, with an average FHA loan value of $218,248.

    Lubbock FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lubbock averaged 6.44% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Lubbock's average FHA mortgage closing costs are $7,148.

    The average rate for the prior week (2023-05-19) was 6.02% and one month ago for the week of 2023-04-21, the average rate was 6.06%.

    The average rate one year ago was 4.98%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.29%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    TEXAS TECH 138 4.92% $8,259
    CARDINAL FINANCIAL 133 5.35% $11,447
    First Bank & Trust 95 5.16% $8,871
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 83 5.07% $8,055
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 50 5.49% $9,969
    Alliance Credit Union 40 5.40% $5,555
    City Bank 33 4.84% $8,511
    QUICKEN LOANS, LLC 31 4.48% $10,133
    First United Bank 25 5.11% $9,863
    Southwest Bank 23 4.97% $8,346
    Gateway First Bank 23 5.14% $8,199
    GUILD MORTGAGE COMPANY 22 5.72% $7,944
    CITY FIRST MORTGAGE SERVICES, L.L.C. 21 5.22% $9,416
    UNITED WHOLESALE MORTGAGE, LLC 17 5.41% $8,845
    FREEDOM MORTGAGE CORPORATION 16 4.73% $8,576
    LOANDEPOT.COM, LLC 13 5.03% $9,614
    THRIVE MORTGAGE, LLC 13 5.31% $9,818
    AMCAP MORTGAGE, LTD. 12 4.74% $12,609
    DHI MORTGAGE COMPANY, LTD. 12 4.11% $7,934
    LAKEVIEW LOAN SERVICING, LLC 9 3.26% $4,478
    Amarillo National Bank 9 3.93% $7,950
    EVERETT FINANCIAL, INC. 8 5.30% $6,298
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 5.45% $9,736
    American Bank of Commerce 7 4.45% $8,781
    CMG MORTGAGE, INC. 7 5.71% $9,521
    SIWELL, INC. 7 4.14% $7,797
    PENNYMAC LOAN SERVICES, LLC 6 3.83% $6,646
    HOMETRUST MORTGAGE COMPANY 6 4.83% $9,467
    INFINITY MORTGAGE HOLDINGS, LLC 6 3.58% $8,280
    Flagstar Bank, FSB 6 4.71% $11,392
    CALIBER HOME LOANS, INC. 5 4.40% $9,176
    AMERISAVE MORTGAGE CORPORATION 5 3.83% $10,608
    Paramount Residential Mortgage Group, Inc. 5 4.57% $8,097
    Prosperity Bank 5 4.18% $11,098
    Centennial Bank 4 4.00% $8,004
    FLAT BRANCH MORTGAGE, INC. 4 6.16% $9,208
    BROKER SOLUTIONS, INC. 4 5.59% $10,934
    PHH Mortgage Corporation 4 5.44% $8,441
    VILLAGE CAPITAL MORTGAGE 3 2.83% $3,651
    CALCON MUTUAL MORTGAGE LLC 3 5.46% $11,444
    SFMC, LP 3 5.50% $11,477
    GREAT WESTERN FINANCIAL SERVICES, INC. 3 4.38% $8,792
    ZILLOW HOME LOANS, LLC 2 4.94% $9,552
    CROSSCOUNTRY MORTGAGE, LLC 2 4.56% $13,563
    Equity Prime Mortgage LLC 2 6.38% $9,741
    First Financial Bank 2 3.81% $5,018
    GUARANTEED RATE, INC. 2 5.19% $13,082
    Mr. Cooper ( Nationstar Mortgage ) 2 4.94% $8,460
    NATIONS RELIABLE LENDING, LLC 2 6.13% $11,360
    Prosperity Home Mortgage, LLC 2 4.75% $7,230
    Sunflower Bank 2 4.81% $11,486
    Loan Simple, Inc. 1 4.13% $7,383
    LRS FINANCIAL NETWORK, INC. 1 4.75% $8,005
    MICHIGAN MUTUAL, INC. 1 5.63% $18,634
    MLD MORTGAGE INC. 1 2.38% $7,546
    MORTGAGE FINANCIAL SERVICES, LLC 1 7.00% $10,964
    MOVEMENT MORTGAGE, LLC 1 3.63% $4,622
    UNION SQUARE 1 3.25% $5,516
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $10,151
    Nations Lending Corporation 1 6.75% $9,695
    BancorpSouth Bank 1 5.13% $11,379
    NBH Bank 1 7.13% $9,065
    Neighborhood Loans, Inc. 1 4.38% $16,776
    NEWREZ LLC 1 4.63% $4,767
    OCMBC, INC. 1 5.50% $15,369
    OPEN MORTGAGE, LLC 1 4.25% $9,770
    HOMESPIRE MORTGAGE CORPORATION 1 6.25% $11,614
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.13% $7,030
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.75% $28,936
    PLANET HOME LENDING, LLC 1 4.38% $2,074
    GENEVA FINANCIAL, LLC 1 5.63% $15,494
    First United Bank and Trust Company 1 4.63% $9,788
    Austin Capital Bank SSB 1 5.63% $10,024
    First National Bank Texas 1 5.13% $10,614
    ROYAL UNITED MORTGAGE LLC 1 4.88% $15,382
    SECURITYNATIONAL MORTGAGE COMPANY 1 4.00% $8,639
    First Guaranty Mortgage Corporation 1 4.75% $8,756
    Citizens Bank 1 4.63% $6,411
    CHURCHILL MORTGAGE CORPORATION 1 5.99% $10,343
    SOUTHWEST FUNDING, LP 1 7.25% $10,309
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.99% $10,266
    SUN WEST MORTGAGE COMPANY, INC. 1 4.50% $8,461
    SWBC MORTGAGE CORPORATION 1 3.75% $9,734
    CERTAINTY HOME LOANS, LLC 1 6.25% $15,252
    THE MORTGAGE LINK, INC. 1 5.75% $14,858
    Carrington Mortgage Services, LLC 1 3.13% $5,888
    UNION HOME MORTGAGE CORP. 1 5.75% $3,460
    JPMorgan Chase Bank 1 3.13% $9,297
    LEGEND LENDING CORPORATION 1 6.75% $5,790
    INTERLINC MORTGAGE SERVICES, LLC 1 5.00% $18,485
    LOANPAL, LLC 1 2.88% $8,584

    The top Lubbock FHA lender as defined by loan originations is TEXAS TECH, with 138 FHA loans originated. Their average total fees are $8,259, which is $3,188 lower than the next largest lender, CARDINAL FINANCIAL.

    The lowest fee Lubbock FHA lenders (with over 10 loans originated) are Alliance Credit Union ($5,555), DHI MORTGAGE COMPANY, LTD. ($7,934), GUILD MORTGAGE COMPANY ($7,944), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($8,055) and Gateway First Bank ($8,199).

    The lowest rate Lubbock FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.11%), QUICKEN LOANS, LLC (4.48%), FREEDOM MORTGAGE CORPORATION (4.73%), AMCAP MORTGAGE, LTD. (4.74%) and City Bank (4.84%).

    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 (1.8%) 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%) 0.75 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 $230,000 (-2.1%) $279,737 (-5.6%) 0.77 1,034
    2019-04-01 $240,875 (-2.4%) $286,149 (-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 $235,000 (0.0%) $282,722 (-3.4%) 0.74 945
    2019-09-01 $231,596 (2.5%) $273,945 (-4.4%) 0.73 849
    2019-10-01 $219,248 (-0.3%) $267,326 (-4.6%) 0.71 911
    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%) 0.78 846
    2020-03-01 $239,900 (4.3%) $293,038 (4.8%) 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 (12.0%) $327,685 (15.9%) 0.75 641
    2020-09-01 $262,500 (13.3%) $325,139 (18.7%) 0.75 639
    2020-10-01 $246,725 (12.5%) $305,454 (14.3%) 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%) $334,488 (14.1%) 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%) 0.86 369
    2021-06-01 $307,450 (22.5%) $359,194 (13.9%) 0.81 444
    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 $281,500 (14.1%) $336,209 (10.1%) 0.75 539
    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 (13.0%) $365,082 (8.6%) 0.75 902
    2022-11-01 $304,362 (4.1%) $359,187 (4.2%) 0.73 939
    2022-12-01 $298,800 (2.0%) $358,015 (3.3%) 0.74 952
    2023-01-01 $299,250 (-0.3%) $352,138 (0.2%) 0.74 928
    2023-02-01 $300,000 (-16.5%) $355,405 (-10.4%) 0.72 942
    2023-03-01 $299,925 (-14.7%) $350,124 (-11.8%) 0.71 955
    2023-04-01 $305,000 (-13.1%) $362,164 (-10.3%) 0.71 932
    Lubbock's median listing price for 2023-04-01 was $305,000, a difference of $-45,999 (-13.1%) versus the prior year and $5,075 versus the prior month.

    Lubbock's median listing price comes in at 71% of the national average.

    Lubbock's average listing price for 2023-04-01 was $362,164, a difference of $-41,406 (-10.3%) versus the prior year and $12,040 versus the prior month.

    For the 2023-04-01 period, Lubbock had 932 MLS listings, a difference of -23 listings (-2%) versus the prior month and 589 listings (172%) 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 46 days 2,187 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 54 days 2,240 sqft
    2019-09-01 53 days 2,214 sqft
    2019-10-01 50 days 2,134 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 2,106 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
    2023-01-01 53 days 2,017 sqft
    2023-02-01 40 days 2,028 sqft
    2023-03-01 43 days 2,007 sqft
    2023-04-01 40 days 2,050 sqft
    Lubbock's median listing age (time on market) for 2023-04-01 was 40 days. This is 78% longer than the same period one year ago.

    Lubbock's median square footage for active listings during the 2023-04-01 period was 2,050 sqft. One year prior, the average listing was 2,143 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).