Lubbock FHA Loans

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 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).