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 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).