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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.