Mcallen FHA Loan Rates, Closing Costs & Stats
MCALLEN-EDINBURG-MISSION, 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.
Mcallen's 91 lenders originated 2,255 FHA loans during 2023. The total origination value was $560,055,000, with an average FHA loan value of $248,361.
Mcallen FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Mcallen
averaged
6.09%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Mcallen's average FHA mortgage closing costs are $9,382.
The average rate for the prior week (2024-10-04) was
5.81% and
one month ago for the week of 2024-09-06, the
average rate was 6.14%.
The average rate one year ago was 7.16%.
For refis of the same type during the week of 2024-10-11, the average rate
was 5.88%.
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.
The top Mcallen FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with
240 FHA loans originated. Their average total fees are
$14,250, which is $2,959
lower than the next largest lender,
WILLOW BEND MORTGAGE COMPANY, LLC.
The lowest fee Mcallen FHA lenders (with over 10 loans originated) are
Nations Lending Corporation ($10,079), AMERICAN PACIFIC MORTGAGE CORPORATION ($10,138), DIRECTIONS EQUITY, LLC ($10,930), DAS Acquisition Company, LLC ($11,136) and EUSTIS AND AMERICAN MORTGAGE COMPANY ($11,819).
The lowest rate Mcallen FHA lenders (with over 10 loans originated) are
FREEDOM MORTGAGE CORPORATION (6.03%), NATIONS RELIABLE LENDING, LLC (6.09%), PENNYMAC LOAN SERVICES, LLC (6.11%), UNITED WHOLESALE MORTGAGE, LLC (6.13%) and CARDINAL FINANCIAL (6.21%).
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. LouisDate | 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 (2.1%) | 0.66 | 2,081 |
2018-07-01 | $195,000 (2.6%) | $249,817 (0.1%) | 0.65 | 2,060 |
2018-08-01 | $195,375 (3.4%) | $249,455 (0.9%) | 0.65 | 2,011 |
2018-09-01 | $196,450 (3.5%) | $250,037 (0.2%) | 0.66 | 1,990 |
2018-10-01 | $192,000 (-0.1%) | $243,792 (-2.0%) | 0.65 | 2,022 |
2018-11-01 | $189,935 (-2.3%) | $243,436 (-2.5%) | 0.64 | 2,084 |
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 | $191,857 (1.0%) | $242,273 (-2.0%) | 0.63 | 2,109 |
2019-04-01 | $195,000 (0.0%) | $247,171 (-1.8%) | 0.62 | 2,042 |
2019-05-01 | $197,250 (1.0%) | $249,232 (-1.3%) | 0.62 | 1,994 |
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 | $197,182 (0.9%) | $256,777 (2.9%) | 0.62 | 2,026 |
2019-09-01 | $195,955 (-0.3%) | $257,539 (3.0%) | 0.63 | 2,014 |
2019-10-01 | $195,000 (1.6%) | $258,477 (6.0%) | 0.63 | 2,005 |
2019-11-01 | $195,000 (2.7%) | $258,292 (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 (3.7%) | $262,597 (8.4%) | 0.62 | 1,850 |
2020-04-01 | $198,725 (1.9%) | $263,046 (6.4%) | 0.62 | 1,861 |
2020-05-01 | $199,400 (1.1%) | $264,869 (6.3%) | 0.61 | 1,708 |
2020-06-01 | $209,625 (5.4%) | $274,497 (8.7%) | 0.62 | 1,450 |
2020-07-01 | $213,599 (7.7%) | $278,648 (8.8%) | 0.62 | 1,279 |
2020-08-01 | $215,000 (9.0%) | $279,508 (8.9%) | 0.62 | 1,169 |
2020-09-01 | $221,500 (13.0%) | $286,987 (11.4%) | 0.63 | 1,061 |
2020-10-01 | $228,200 (17.0%) | $289,883 (12.2%) | 0.65 | 1,093 |
2020-11-01 | $228,550 (17.2%) | $289,765 (12.2%) | 0.67 | 1,154 |
2020-12-01 | $228,000 (15.4%) | $294,272 (13.3%) | 0.68 | 1,159 |
2021-01-01 | $220,000 (12.8%) | $294,057 (13.6%) | 0.66 | 1,116 |
2021-02-01 | $225,000 (15.4%) | $303,697 (17.4%) | 0.66 | 1,044 |
2021-03-01 | $234,750 (18.0%) | $313,789 (19.5%) | 0.67 | 958 |
2021-04-01 | $239,975 (20.8%) | $320,463 (21.8%) | 0.65 | 891 |
2021-05-01 | $249,950 (25.4%) | $336,746 (27.1%) | 0.66 | 816 |
2021-06-01 | $255,000 (21.7%) | $350,306 (27.6%) | 0.67 | 797 |
2021-07-01 | $260,000 (21.7%) | $353,154 (26.7%) | 0.69 | 809 |
2021-08-01 | $262,125 (21.9%) | $354,210 (26.7%) | 0.70 | 822 |
2021-09-01 | $264,700 (19.5%) | $352,923 (23.0%) | 0.71 | 987 |
2021-10-01 | $265,000 (16.1%) | $348,299 (20.2%) | 0.71 | 997 |
2021-11-01 | $261,475 (14.4%) | $343,401 (18.5%) | 0.70 | 1,015 |
2021-12-01 | $257,000 (12.7%) | $339,991 (15.5%) | 0.70 | 1,032 |
2022-01-01 | $259,000 (17.7%) | $340,449 (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 (10.6%) | 0.65 | 900 |
2022-04-01 | $258,495 (7.7%) | $352,418 (10.0%) | 0.62 | 886 |
2022-05-01 | $275,000 (10.0%) | $359,535 (6.8%) | 0.63 | 957 |
2022-06-01 | $272,500 (6.9%) | $362,516 (3.5%) | 0.61 | 1,037 |
2022-07-01 | $270,000 (3.9%) | $359,391 (1.8%) | 0.61 | 1,186 |
2022-08-01 | $275,000 (4.9%) | $352,458 (-0.5%) | 0.64 | 1,311 |
2022-09-01 | $269,000 (1.6%) | $342,480 (-3.0%) | 0.63 | 1,422 |
2022-10-01 | $275,000 (3.8%) | $349,334 (0.3%) | 0.65 | 1,458 |
2022-11-01 | $278,950 (6.7%) | $351,414 (2.3%) | 0.67 | 1,537 |
2022-12-01 | $279,900 (8.9%) | $351,970 (3.5%) | 0.69 | 1,533 |
2023-01-01 | $280,200 (8.2%) | $353,702 (3.9%) | 0.69 | 1,562 |
2023-02-01 | $283,225 (9.4%) | $357,112 (3.8%) | 0.68 | 1,563 |
2023-03-01 | $285,000 (10.1%) | $360,249 (3.8%) | 0.67 | 1,540 |
2023-04-01 | $286,563 (10.9%) | $359,355 (2.0%) | 0.67 | 1,534 |
2023-05-01 | $287,250 (4.5%) | $355,313 (-1.2%) | 0.65 | 1,530 |
2023-06-01 | $289,575 (6.3%) | $355,199 (-2.0%) | 0.65 | 1,561 |
2023-07-01 | $289,000 (7.0%) | $349,643 (-2.7%) | 0.66 | 1,661 |
2023-08-01 | $288,662 (5.0%) | $347,237 (-1.5%) | 0.66 | 1,743 |
2023-09-01 | $285,000 (6.0%) | $342,232 (-0.1%) | 0.66 | 1,834 |
2023-10-01 | $280,000 (1.8%) | $337,922 (-3.3%) | 0.66 | 1,937 |
2023-11-01 | $279,925 (0.4%) | $336,711 (-4.2%) | 0.67 | 2,007 |
2023-12-01 | $279,000 (-0.3%) | $331,910 (-5.7%) | 0.68 | 2,041 |
2024-01-01 | $275,000 (-1.9%) | $329,659 (-6.8%) | 0.67 | 2,129 |
2024-02-01 | $275,000 (-2.9%) | $327,182 (-8.4%) | 0.66 | 2,211 |
2024-03-01 | $278,000 (-2.5%) | $329,172 (-8.6%) | 0.65 | 2,288 |
2024-04-01 | $277,500 (-3.2%) | $333,360 (-7.2%) | 0.65 | 2,272 |
2024-05-01 | $279,000 (-2.9%) | $331,504 (-6.7%) | 0.63 | 2,330 |
2024-06-01 | $274,000 (-5.4%) | $330,947 (-6.8%) | 0.62 | 2,378 |
2024-07-01 | $272,375 (-5.8%) | $324,969 (-7.1%) | 0.62 | 2,440 |
2024-08-01 | $278,250 (-3.6%) | $327,440 (-5.7%) | 0.65 | 2,469 |
2024-09-01 | $275,000 (-3.5%) | $327,628 (-4.3%) | 0.65 | 2,592 |
Mcallen's median listing price comes in at 65% of the national average.
Mcallen's average listing price for 2024-09-01 was $327,628, a difference of $-14,604 (-4.3%) versus the prior year and $188 versus the prior month.
For the 2024-09-01 period, Mcallen had 2,592 MLS listings, a difference of 123 listings (5%) versus the prior month and 758 listings (41%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Mcallen (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 102 days | 2,121 sqft |
2018-02-01 | 96 days | 2,112 sqft |
2018-03-01 | 87 days | 2,119 sqft |
2018-04-01 | 81 days | 2,155 sqft |
2018-05-01 | 80 days | 2,171 sqft |
2018-06-01 | 87 days | 2,177 sqft |
2018-07-01 | 91 days | 2,166 sqft |
2018-08-01 | 86 days | 2,125 sqft |
2018-09-01 | 87 days | 2,131 sqft |
2018-10-01 | 78 days | 2,071 sqft |
2018-11-01 | 79 days | 2,062 sqft |
2018-12-01 | 85 days | 2,051 sqft |
2019-01-01 | 91 days | 2,033 sqft |
2019-02-01 | 91 days | 2,022 sqft |
2019-03-01 | 74 days | 2,006 sqft |
2019-04-01 | 69 days | 2,015 sqft |
2019-05-01 | 78 days | 2,024 sqft |
2019-06-01 | 79 days | 2,058 sqft |
2019-07-01 | 83 days | 2,045 sqft |
2019-08-01 | 86 days | 2,041 sqft |
2019-09-01 | 87 days | 2,027 sqft |
2019-10-01 | 88 days | 2,018 sqft |
2019-11-01 | 78 days | 2,016 sqft |
2019-12-01 | 80 days | 2,047 sqft |
2020-01-01 | 81 days | 2,012 sqft |
2020-02-01 | 82 days | 2,000 sqft |
2020-03-01 | 62 days | 2,034 sqft |
2020-04-01 | 74 days | 2,007 sqft |
2020-05-01 | 86 days | 1,994 sqft |
2020-06-01 | 97 days | 2,021 sqft |
2020-07-01 | 84 days | 2,066 sqft |
2020-08-01 | 72 days | 2,022 sqft |
2020-09-01 | 65 days | 2,100 sqft |
2020-10-01 | 52 days | 2,112 sqft |
2020-11-01 | 50 days | 2,100 sqft |
2020-12-01 | 60 days | 2,028 sqft |
2021-01-01 | 67 days | 1,979 sqft |
2021-02-01 | 63 days | 2,000 sqft |
2021-03-01 | 56 days | 2,025 sqft |
2021-04-01 | 52 days | 2,050 sqft |
2021-05-01 | 49 days | 2,100 sqft |
2021-06-01 | 44 days | 2,079 sqft |
2021-07-01 | 45 days | 2,075 sqft |
2021-08-01 | 46 days | 2,064 sqft |
2021-09-01 | 47 days | 2,075 sqft |
2021-10-01 | 48 days | 2,043 sqft |
2021-11-01 | 49 days | 2,025 sqft |
2021-12-01 | 52 days | 1,994 sqft |
2022-01-01 | 61 days | 1,972 sqft |
2022-02-01 | 53 days | 1,945 sqft |
2022-03-01 | 40 days | 1,892 sqft |
2022-04-01 | 38 days | 1,892 sqft |
2022-05-01 | 39 days | 1,966 sqft |
2022-06-01 | 40 days | 1,984 sqft |
2022-07-01 | 43 days | 1,927 sqft |
2022-08-01 | 46 days | 1,898 sqft |
2022-09-01 | 49 days | 1,852 sqft |
2022-10-01 | 55 days | 1,858 sqft |
2022-11-01 | 59 days | 1,883 sqft |
2022-12-01 | 67 days | 1,892 sqft |
2023-01-01 | 72 days | 1,894 sqft |
2023-02-01 | 66 days | 1,899 sqft |
2023-03-01 | 58 days | 1,901 sqft |
2023-04-01 | 57 days | 1,894 sqft |
2023-05-01 | 58 days | 1,872 sqft |
2023-06-01 | 57 days | 1,882 sqft |
2023-07-01 | 56 days | 1,875 sqft |
2023-08-01 | 55 days | 1,869 sqft |
2023-09-01 | 56 days | 1,847 sqft |
2023-10-01 | 59 days | 1,835 sqft |
2023-11-01 | 66 days | 1,810 sqft |
2023-12-01 | 71 days | 1,800 sqft |
2024-01-01 | 73 days | 1,774 sqft |
2024-02-01 | 63 days | 1,758 sqft |
2024-03-01 | 59 days | 1,769 sqft |
2024-04-01 | 64 days | 1,781 sqft |
2024-05-01 | 64 days | 1,785 sqft |
2024-06-01 | 63 days | 1,757 sqft |
2024-07-01 | 66 days | 1,736 sqft |
2024-08-01 | 66 days | 1,762 sqft |
2024-09-01 | 68 days | 1,750 sqft |
Mcallen's median square footage for active listings during the 2024-09-01 period was 1,750 sqft. One year prior, the average listing was 1,847 sqft.