Mcallen FHA Loan Rates, Closing Costs & Stats

MCALLEN-EDINBURG-MISSION, 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.

    Mcallen's 108 lenders originated 2,450 FHA loans during 2022. The total origination value was $546,340,000, with an average FHA loan value of $222,996.

    Mcallen FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mcallen averaged 6.49% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Mcallen's average FHA mortgage closing costs are $8,718.

    The average rate for the prior week (2023-05-19) was 5.97% and one month ago for the week of 2023-04-21, the average rate was 6.31%.

    The average rate one year ago was 4.93%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.85%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Mcallen 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 Mcallen level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    WILLOW BEND MORTGAGE COMPANY, LLC 362 4.68% $14,752
    AMCAP MORTGAGE, LTD. 196 5.22% $11,871
    CROSSCOUNTRY MORTGAGE, LLC 182 5.40% $14,184
    NATIONS RELIABLE LENDING, LLC 128 5.12% $12,275
    QUICKEN LOANS, LLC 102 4.65% $9,308
    S1L, Inc. 86 5.24% $11,493
    INTERLINC MORTGAGE SERVICES, LLC 82 5.04% $11,850
    UNITED WHOLESALE MORTGAGE, LLC 78 4.91% $12,090
    ACADEMY MORTGAGE CORPORATION 74 5.65% $10,041
    ASCENT HOME LENDING, LLC 71 5.03% $12,779
    DIRECTIONS EQUITY, LLC 70 4.92% $9,648
    MOVEMENT MORTGAGE, LLC 68 5.02% $12,167
    Paramount Residential Mortgage Group, Inc. 52 4.58% $11,741
    EUSTIS AND AMERICAN MORTGAGE COMPANY 49 4.99% $10,069
    Gateway First Bank 49 5.39% $8,334
    HAMILTON HOME LOANS, INC. 43 4.73% $11,542
    EVERETT FINANCIAL, INC. 40 5.03% $7,327
    FREEDOM MORTGAGE CORPORATION 36 4.43% $10,569
    CARDINAL FINANCIAL 34 5.01% $13,441
    CMG MORTGAGE, INC. 33 6.01% $13,226
    HOMESIDE FINANCIAL, LLC 30 5.85% $11,282
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 25 5.31% $10,033
    PENNYMAC LOAN SERVICES, LLC 24 4.00% $7,095
    PRIMARY RESIDENTIAL MORTGAGE, INC. 24 4.63% $10,147
    THRIVE MORTGAGE, LLC 24 5.13% $15,671
    PLAZA HOME MORTGAGE, INC. 22 5.29% $10,576
    CALIBER HOME LOANS, INC. 20 4.21% $10,877
    Nations Lending Corporation 19 6.20% $8,776
    Mr. Cooper ( Nationstar Mortgage ) 16 3.81% $6,140
    Flagstar Bank, FSB 16 3.99% $9,258
    PLANET HOME LENDING, LLC 15 4.76% $8,696
    Lakeview Community Capital, LLC 14 3.60% $4,347
    GUARANTEED RATE, INC. 13 4.06% $11,780
    Town Square Mortgage & Investments, Inc. 11 5.19% $9,722
    MORTGAGE SOLUTIONS OF COLORADO, LLC 10 5.39% $11,768
    SECURITYNATIONAL MORTGAGE COMPANY 8 5.72% $11,376
    LEADERONE FINANCIAL CORPORATION 8 5.61% $10,346
    Hometown Lenders, Inc. 8 4.61% $10,401
    CORNERSTONE HOME LENDING, INC. 7 5.11% $12,107
    VILLAGE CAPITAL MORTGAGE 7 3.45% $2,406
    BROKER SOLUTIONS, INC. 6 5.06% $12,666
    NATIONS DIRECT MORTGAGE, LLC 6 4.98% $9,836
    HOME POINT FINANCIAL CORPORATION 6 3.81% $9,864
    LAND HOME FINANCIAL SERVICES, INC. 6 4.48% $13,823
    Carrington Mortgage Services, LLC 6 4.75% $6,381
    LAKEVIEW LOAN SERVICING, LLC 5 3.52% $4,710
    Equity Prime Mortgage LLC 5 4.90% $12,265
    DRAPER AND KRAMER MORTGAGE CORP. 5 5.28% $13,552
    GUILD MORTGAGE COMPANY 5 4.90% $11,380
    Bank of America 5 4.05% $6,214
    SUN WEST MORTGAGE COMPANY, INC. 4 4.56% $12,152
    KELLER MORTGAGE, LLC 4 4.47% $7,194
    Loan Simple, Inc. 4 5.25% $10,776
    Mortgage Research Center, LLC 4 5.22% $9,957
    FINANCE OF AMERICA MORTGAGE LLC 3 4.13% $10,176
    JPMorgan Chase Bank 3 4.08% $7,915
    BECKAM FUNDING CORP. 3 5.79% $14,536
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 5.75% $8,953
    SOUTHWEST FUNDING, LP 2 6.19% $11,215
    HOMESTAR FINANCIAL CORPORATION 2 6.94% $12,011
    AMERISAVE MORTGAGE CORPORATION 2 4.25% $12,777
    MORTGAGE FINANCIAL SERVICES, LLC 2 5.75% $6,660
    Plains Commerce Bank 2 4.94% $11,549
    ENVOY MORTGAGE, LTD 2 5.88% $13,006
    PENTAGON FEDERAL CREDIT UNION 2 5.19% $8,261
    GUARANTEED RATE AFFINITY, LLC 2 4.88% $8,080
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 5.69% $10,130
    International Bank of Commerce 2 4.44% $12,595
    Citizens Bank 2 5.25% $12,760
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 4.25% $5,844
    Florida Capital Bank 1 3.00% $8,889
    ZILLOW HOME LOANS, LLC 1 5.50% $8,881
    First Option Mortgage, LLC 1 7.13% $19,003
    First Home Bank 1 3.75% $9,579
    GENEVA FINANCIAL, LLC 1 3.88% $7,774
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.75% $20,752
    FBC MORTGAGE, LLC 1 5.13% $10,482
    Hometown Equity Mortgage, LLC 1 6.75% $11,419
    INTERCAP LENDING INC. 1 4.00% $15,764
    Jefferson Bank 1 5.75% $8,154
    KINECTA 1 3.75% $8,666
    Lend Smart Mortgage, LLC 1 7.13% $11,700
    LOANDEPOT.COM, LLC 1 4.99% $14,373
    LOANPAL, LLC 1 4.13% $12,105
    LRS FINANCIAL NETWORK, INC. 1 6.00% $12,747
    MICHIGAN MUTUAL, INC. 1 5.13% $18,754
    Commerce Home Mortgage, Inc. 1 3.63% $5,403
    NEWREZ LLC 1 6.63% $12,383
    NFM, INC. 1 6.13% $11,659
    NTFN, INC. 1 4.00% $8,689
    OCMBC, INC. 1 6.13% $13,947
    OPEN MORTGAGE, LLC 1 5.25% $9,465
    PANORAMA MORTGAGE GROUP, LLC 1 3.75% $11,785
    Peoples Bank 1 4.75% $17,412
    PILGRIM MORTGAGE LLC 1 3.50% $13,661
    Barrington Bank & Trust Company, N.A. 1 3.25% $11,826
    PNC Bank 1 3.38% $7,713
    Bank of England 1 5.25% $8,502
    Servion, Inc. 1 3.25% $6,740
    SFMC, LP 1 5.38% $12,037
    AmeriHome Mortgage Company, LLC 1 3.13% $4,746
    UNION HOME MORTGAGE CORP. 1 5.25% $14,140
    United Fidelity Funding Corp. 1 6.38% $12,118
    Amerifirst Financial, Inc. 1 4.00% $3,739
    UNIVERSITY Federal Credit Union 1 4.25% $5,440
    VAN DYK MORTGAGE CORPORATION 1 5.63% $11,273
    Wallick & Volk, Inc. 1 3.50% $4,849
    Watermark Capital, Inc. 1 3.25% $8,436

    The top Mcallen FHA lender as defined by loan originations is WILLOW BEND MORTGAGE COMPANY, LLC, with 362 FHA loans originated. Their average total fees are $14,752, which is $2,880 higher than the next largest lender, AMCAP MORTGAGE, LTD..

    The lowest fee Mcallen FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC ($4,347), Mr. Cooper ( Nationstar Mortgage ) ($6,140), PENNYMAC LOAN SERVICES, LLC ($7,095), EVERETT FINANCIAL, INC. ($7,327) and Gateway First Bank ($8,334).

    The lowest rate Mcallen FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC (3.60%), Mr. Cooper ( Nationstar Mortgage ) (3.81%), Flagstar Bank, FSB (3.99%), PENNYMAC LOAN SERVICES, LLC (4.00%) and GUARANTEED RATE, INC. (4.06%).

    Mcallen FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MCALLEN-EDINBURG-MISSION, TX HIDALGO 2022 $420,680 $538,650 $651,050 $809,150
    MCALLEN-EDINBURG-MISSION, TX HIDALGO 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mcallen (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 $189,000 (2.2%) $243,293 (-1.0%) 0.70 2,103
    2018-02-01 $189,900 (2.7%) $243,498 (-0.9%) 0.69 2,106
    2018-03-01 $189,900 (0.5%) $247,255 (0.6%) 0.67 2,105
    2018-04-01 $195,000 (4.3%) $251,653 (3.2%) 0.66 2,047
    2018-05-01 $195,250 (3.1%) $252,491 (2.8%) 0.65 2,051
    2018-06-01 $198,000 (4.2%) $251,226 (2.2%) 0.66 2,081
    2018-07-01 $195,000 (2.6%) $249,905 (0.2%) 0.65 2,058
    2018-08-01 $195,950 (3.7%) $249,665 (1.1%) 0.66 2,008
    2018-09-01 $196,900 (3.7%) $250,155 (0.3%) 0.66 1,989
    2018-10-01 $191,975 (-0.1%) $243,766 (-2.0%) 0.65 2,021
    2018-11-01 $189,944 (-2.3%) $243,591 (-2.4%) 0.64 2,082
    2018-12-01 $189,900 (0.0%) $241,472 (-1.6%) 0.66 2,050
    2019-01-01 $189,700 (0.4%) $241,879 (-0.6%) 0.66 2,014
    2019-02-01 $189,950 (0.0%) $241,573 (-0.8%) 0.64 2,078
    2019-03-01 $189,987 (0.1%) $243,218 (-1.6%) 0.63 2,090
    2019-04-01 $195,000 (0.0%) $247,285 (-1.7%) 0.62 2,033
    2019-05-01 $197,500 (1.2%) $249,253 (-1.3%) 0.62 1,995
    2019-06-01 $198,970 (0.5%) $252,527 (0.5%) 0.62 2,010
    2019-07-01 $198,250 (1.7%) $256,158 (2.5%) 0.62 2,029
    2019-08-01 $199,000 (1.6%) $258,988 (3.7%) 0.62 2,008
    2019-09-01 $198,500 (0.8%) $261,187 (4.4%) 0.63 1,924
    2019-10-01 $195,000 (1.6%) $259,612 (6.5%) 0.63 2,002
    2019-11-01 $195,000 (2.7%) $258,348 (6.1%) 0.64 1,960
    2019-12-01 $197,500 (4.0%) $259,832 (7.6%) 0.66 1,913
    2020-01-01 $195,125 (2.9%) $258,965 (7.1%) 0.65 1,849
    2020-02-01 $195,000 (2.7%) $258,596 (7.1%) 0.64 1,882
    2020-03-01 $199,000 (4.7%) $262,713 (8.0%) 0.62 1,851
    2020-04-01 $198,975 (2.0%) $263,163 (6.4%) 0.62 1,862
    2020-05-01 $199,500 (1.0%) $264,990 (6.3%) 0.61 1,709
    2020-06-01 $209,950 (5.5%) $274,631 (8.8%) 0.62 1,451
    2020-07-01 $214,650 (8.3%) $278,794 (8.8%) 0.62 1,280
    2020-08-01 $215,000 (8.0%) $279,713 (8.0%) 0.62 1,170
    2020-09-01 $221,500 (11.6%) $286,772 (9.8%) 0.63 1,065
    2020-10-01 $228,600 (17.2%) $289,755 (11.6%) 0.66 1,096
    2020-11-01 $228,550 (17.2%) $289,640 (12.1%) 0.67 1,156
    2020-12-01 $228,000 (15.4%) $294,201 (13.2%) 0.68 1,161
    2021-01-01 $220,000 (12.8%) $293,986 (13.5%) 0.66 1,117
    2021-02-01 $225,000 (15.4%) $303,504 (17.4%) 0.65 1,045
    2021-03-01 $234,750 (18.0%) $313,578 (19.4%) 0.67 959
    2021-04-01 $240,000 (20.6%) $320,236 (21.7%) 0.65 892
    2021-05-01 $250,000 (25.3%) $336,432 (27.0%) 0.66 817
    2021-06-01 $255,000 (21.5%) $350,030 (27.5%) 0.67 799
    2021-07-01 $260,000 (21.1%) $353,044 (26.6%) 0.69 810
    2021-08-01 $261,925 (21.8%) $354,018 (26.6%) 0.70 824
    2021-09-01 $264,475 (19.4%) $352,659 (23.0%) 0.71 989
    2021-10-01 $265,000 (15.9%) $348,299 (20.2%) 0.71 997
    2021-11-01 $261,000 (14.2%) $343,329 (18.5%) 0.70 1,015
    2021-12-01 $256,975 (12.7%) $339,851 (15.5%) 0.70 1,032
    2022-01-01 $259,000 (17.7%) $340,299 (15.8%) 0.70 943
    2022-02-01 $258,950 (15.1%) $343,963 (13.3%) 0.67 929
    2022-03-01 $258,901 (10.3%) $347,182 (10.7%) 0.65 900
    2022-04-01 $257,598 (7.3%) $352,442 (10.1%) 0.61 886
    2022-05-01 $273,750 (9.5%) $359,702 (6.9%) 0.63 955
    2022-06-01 $272,500 (6.9%) $362,622 (3.6%) 0.61 1,035
    2022-07-01 $270,000 (3.9%) $359,450 (1.8%) 0.61 1,185
    2022-08-01 $275,000 (5.0%) $352,244 (-0.5%) 0.64 1,310
    2022-09-01 $269,000 (1.7%) $342,288 (-2.9%) 0.63 1,420
    2022-10-01 $275,000 (3.8%) $349,274 (0.3%) 0.65 1,457
    2022-11-01 $278,950 (6.9%) $351,386 (2.4%) 0.67 1,536
    2022-12-01 $279,900 (8.9%) $351,981 (3.6%) 0.69 1,532
    2023-01-01 $280,200 (8.2%) $353,697 (3.9%) 0.69 1,560
    2023-02-01 $283,000 (9.3%) $357,109 (3.8%) 0.68 1,562
    2023-03-01 $285,000 (10.1%) $360,249 (3.8%) 0.67 1,540
    2023-04-01 $286,563 (11.2%) $359,355 (2.0%) 0.67 1,537
    Mcallen's median listing price for 2023-04-01 was $286,563, a difference of $28,965 (11.2%) versus the prior year and $1,563 versus the prior month.

    Mcallen's median listing price comes in at 67% of the national average.

    Mcallen's average listing price for 2023-04-01 was $359,355, a difference of $6,913 (2.0%) versus the prior year and $-894 versus the prior month.

    For the 2023-04-01 period, Mcallen had 1,537 MLS listings, a difference of -3 listings (0%) versus the prior month and 651 listings (73%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mcallen (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 112 days 2,121 sqft
    2018-02-01 108 days 2,112 sqft
    2018-03-01 99 days 2,119 sqft
    2018-04-01 89 days 2,155 sqft
    2018-05-01 89 days 2,171 sqft
    2018-06-01 95 days 2,177 sqft
    2018-07-01 102 days 2,166 sqft
    2018-08-01 94 days 2,126 sqft
    2018-09-01 98 days 2,131 sqft
    2018-10-01 87 days 2,071 sqft
    2018-11-01 87 days 2,063 sqft
    2018-12-01 92 days 2,051 sqft
    2019-01-01 96 days 2,033 sqft
    2019-02-01 98 days 2,022 sqft
    2019-03-01 78 days 2,002 sqft
    2019-04-01 75 days 2,015 sqft
    2019-05-01 84 days 2,025 sqft
    2019-06-01 86 days 2,058 sqft
    2019-07-01 90 days 2,045 sqft
    2019-08-01 100 days 2,060 sqft
    2019-09-01 103 days 2,056 sqft
    2019-10-01 95 days 2,018 sqft
    2019-11-01 82 days 2,016 sqft
    2019-12-01 85 days 2,047 sqft
    2020-01-01 87 days 2,012 sqft
    2020-02-01 87 days 2,000 sqft
    2020-03-01 67 days 2,036 sqft
    2020-04-01 80 days 2,007 sqft
    2020-05-01 93 days 1,994 sqft
    2020-06-01 104 days 2,022 sqft
    2020-07-01 102 days 2,069 sqft
    2020-08-01 87 days 2,022 sqft
    2020-09-01 77 days 2,100 sqft
    2020-10-01 64 days 2,113 sqft
    2020-11-01 57 days 2,101 sqft
    2020-12-01 66 days 2,031 sqft
    2021-01-01 73 days 1,981 sqft
    2021-02-01 71 days 2,002 sqft
    2021-03-01 61 days 2,028 sqft
    2021-04-01 58 days 2,057 sqft
    2021-05-01 54 days 2,100 sqft
    2021-06-01 48 days 2,080 sqft
    2021-07-01 47 days 2,077 sqft
    2021-08-01 49 days 2,068 sqft
    2021-09-01 50 days 2,075 sqft
    2021-10-01 51 days 2,043 sqft
    2021-11-01 51 days 2,023 sqft
    2021-12-01 54 days 1,993 sqft
    2022-01-01 63 days 1,972 sqft
    2022-02-01 59 days 1,945 sqft
    2022-03-01 44 days 1,892 sqft
    2022-04-01 40 days 1,892 sqft
    2022-05-01 40 days 1,969 sqft
    2022-06-01 41 days 1,985 sqft
    2022-07-01 44 days 1,930 sqft
    2022-08-01 48 days 1,898 sqft
    2022-09-01 51 days 1,852 sqft
    2022-10-01 57 days 1,858 sqft
    2022-11-01 61 days 1,880 sqft
    2022-12-01 69 days 1,892 sqft
    2023-01-01 74 days 1,894 sqft
    2023-02-01 68 days 1,899 sqft
    2023-03-01 59 days 1,901 sqft
    2023-04-01 59 days 1,894 sqft
    Mcallen's median listing age (time on market) for 2023-04-01 was 59 days. This is 49% longer than the same period one year ago.

    Mcallen's median square footage for active listings during the 2023-04-01 period was 1,894 sqft. One year prior, the average listing was 1,892 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).