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 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 2025-07-04, 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 (2025-06-27) was 6.77% and one month ago for the week of 2025-05-30, the average rate was 6.85%.

    The average rate one year ago was 6.57%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.11%.

    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).