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 88 lenders originated 1,456 FHA loans during 2024. The total origination value was $336,050,000, with an average FHA loan value of $230,804.

Lubbock FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lubbock averaged 0.09% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

Lubbock's average FHA mortgage closing costs are $7,844.

The average rate for the prior week (2025-06-13) was 6.57% and one month ago for the week of 2025-05-16, the average rate was 6.73%.

The average rate one year ago was 6.89%.

For refis of the same type during the week of 2025-06-20, the average rate was -0.31%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
T2 FINANCIAL LLC 221 6.25% $10,015
Alliance Credit Union 182 6.24% $7,545
TEXAS TECH 159 6.20% $9,278
CARDINAL FINANCIAL 115 6.47% $10,688
DHI MORTGAGE COMPANY, LTD. 89 4.91% $7,574
ARK-LA-TEX FINANCIAL SERVICES, LLC. 88 6.38% $6,952
LOANDEPOT.COM, LLC 42 6.09% $13,754
City Bank 38 6.48% $9,049
UNITED WHOLESALE MORTGAGE, LLC 37 6.25% $11,761
QUICKEN LOANS, LLC 32 6.40% $10,704
HOMESIDE FINANCIAL, LLC 32 6.31% $9,385
CROSSCOUNTRY MORTGAGE, LLC 30 6.68% $12,101
FLAT BRANCH MORTGAGE, INC. 22 6.41% $9,639
FREEDOM MORTGAGE CORPORATION 21 6.08% $8,995
GUILD MORTGAGE COMPANY 18 6.18% $10,693
First United Bank 18 6.32% $9,263
PRIMELENDING, A PLAINSCAPITAL COMPANY 15 6.73% $11,817
Equity Prime Mortgage LLC 12 7.29% $9,747
Amarillo National Bank 12 6.10% $9,506
Flagstar Bank, FSB 8 5.86% $9,162
Centennial Bank 7 6.66% $7,340
LAKEVIEW LOAN SERVICING, LLC 7 6.32% $8,193
BROKER SOLUTIONS, INC. 7 6.43% $9,976
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.93% $6,854
PENNYMAC LOAN SERVICES, LLC 7 6.59% $7,728
AmeriHome Mortgage Company, LLC 6 6.52% $9,279
THE MORTGAGE LINK, INC. 6 6.14% $20,088
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 6.90% $12,829
American National Bank & Trust 5 5.95% $10,512
SFMC, LP 5 6.35% $11,144
Prosperity Bank 5 6.63% $7,461
AMERICAN FINANCIAL NETWORK, INC. 4 7.19% $11,770
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 7.09% $9,738
Century Mortgage Company DBA Century Lending Company 4 6.44% $10,354
PLAZA HOME MORTGAGE, INC. 4 6.66% $8,582
HOMETRUST MORTGAGE COMPANY 4 6.88% $10,501
S1L, Inc. 3 7.21% $10,704
PLANET HOME LENDING, LLC 3 5.75% $8,799
Barrington Bank & Trust Company, N.A. 3 6.58% $9,339
Plains Commerce Bank 3 6.17% $14,615
Paramount Residential Mortgage Group, Inc. 3 5.96% $9,165
CMG MORTGAGE, INC. 3 6.67% $14,013
AMERICAN FINANCIAL RESOURCES, INC. 3 5.67% $12,006
Mr. Cooper ( Nationstar Mortgage ) 2 6.44% $8,844
GENEVA FINANCIAL, LLC 2 7.31% $12,370
HOMESPIRE MORTGAGE CORPORATION 2 6.69% $12,660
LEADERONE FINANCIAL CORPORATION 2 6.75% $11,910
Loan Simple, Inc. 2 7.06% $13,282
MOVEMENT MORTGAGE, LLC 2 5.88% $7,949
NATIONS RELIABLE LENDING, LLC 2 6.13% $12,609
Northpointe Bank 2 6.19% $8,606
PNC Bank 2 6.94% $8,018
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.88% $8,871
Republic State Mortgage Co. 2 7.25% $12,350
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 7.25% $10,722
Affiliated Bank 1 6.38% $8,584
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $11,385
TOWNE MORTGAGE COMPANY 1 6.13% $7,564
NBH Bank 1 7.63% $3,140
Network Funding, L.P. 1 6.63% $7,628
NEWREZ LLC 1 5.99% $10,062
NFM, INC. 1 7.75% $14,753
UNION HOME MORTGAGE CORP. 1 6.25% $10,118
OCEANSIDE MORTGAGE COMPANY 1 5.99% $6,286
Gateway First Bank 1 6.75% $6,948
GARDNER FINANCIAL SERVICES, LTD. 1 6.13% $10,907
Flanagan State Bank 1 6.63% $12,843
First Western Trust Bank 1 6.25% $1,343
First National Bank Texas 1 6.50% $11,639
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $11,570
Waterstone Mortgage Corporation 1 7.25% $9,565
FIRST COLONY MORTGAGE CORPORATION 1 6.75% $4,981
FBC MORTGAGE, LLC 1 6.25% $11,066
ENCORE BANK 1 6.13% $6,716
RADIUS FINANCIAL GROUP INC. 1 7.13% $9,849
ZILLOW HOME LOANS, LLC 1 5.88% $12,868
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.25% $10,672
Bank of Colorado 1 6.63% $10,794
Simmons Bank 1 5.50% $7,909
SUN WEST MORTGAGE COMPANY, INC. 1 5.50% $14,976
JPMorgan Chase Bank 1 6.49% $4,371
Bank of America 1 6.50% $9,543
INTELLILOAN, INC. 1 6.25% $6,328
AMPLIFY 1 5.25% $7,873
MICHIGAN MUTUAL, INC. 1 6.75% $18,486
MORTGAGE FINANCIAL SERVICES, LLC 1 5.75% $14,865
Mortgage Research Center, LLC 1 7.25% $5,644
GUARANTEED RATE, INC. 1 6.63% $10,148

The top Lubbock FHA lender as defined by loan originations is T2 FINANCIAL LLC, with 221 FHA loans originated. Their average total fees are $10,015, which is $2,469 higher than the next largest lender, Alliance Credit Union.

The lowest fee Lubbock FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,952), Alliance Credit Union ($7,545), DHI MORTGAGE COMPANY, LTD. ($7,574), FREEDOM MORTGAGE CORPORATION ($8,995) and City Bank ($9,049).

The lowest rate Lubbock FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.91%), FREEDOM MORTGAGE CORPORATION (6.08%), LOANDEPOT.COM, LLC (6.09%), Amarillo National Bank (6.10%) and GUILD MORTGAGE COMPANY (6.18%).

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

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).