Mcallen FHA Loans

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 120 lenders originated 3,606 FHA loans during 2021. The total origination value was $702,330,000, with an average FHA loan value of $194,767.

Mcallen FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mcallen averaged 5.54% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.37% and one month ago for the week of 2022-04-08, the average rate was 4.94%.

The average rate one year ago was 3.44%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.97%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Mcallen level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
WILLOW BEND MORTGAGE COMPANY, LLC 454 3.07% $10,640
AMCAP MORTGAGE, LTD. 279 3.44% $10,058
CROSSCOUNTRY MORTGAGE, LLC 238 3.33% $11,499
NATIONS RELIABLE LENDING, LLC 148 3.62% $10,004
QUICKEN LOANS, LLC 135 2.70% $5,673
DIRECTIONS EQUITY, LLC 131 3.33% $7,199
HAMILTON HOME LOANS, INC. 113 3.20% $8,409
Gateway First Bank 108 3.41% $6,359
INTERLINC MORTGAGE SERVICES, LLC 102 3.60% $7,689
FREEDOM MORTGAGE CORPORATION 90 2.82% $6,112
Lakeview Community Capital, LLC 88 3.20% $4,404
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 71 3.35% $10,586
Mr. Cooper ( Nationstar Mortgage ) 66 3.45% $3,353
Paramount Residential Mortgage Group, Inc. 60 2.88% $9,283
AmeriHome Mortgage Company, LLC 60 3.03% $4,357
ACADEMY MORTGAGE CORPORATION 59 3.33% $9,623
Hometown Lenders, Inc. 55 3.57% $10,077
EUSTIS AND AMERICAN MORTGAGE COMPANY 50 2.81% $8,005
CALIBER HOME LOANS, INC. 48 2.72% $6,463
LAKEVIEW LOAN SERVICING, LLC 44 3.15% $4,683
S1L, Inc. 43 3.44% $9,446
PENNYMAC LOAN SERVICES, LLC 40 3.35% $4,549
THRIVE MORTGAGE, LLC 39 3.60% $13,520
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 39 3.44% $7,702
UNITED WHOLESALE MORTGAGE, LLC 37 2.75% $9,090
PLANET HOME LENDING, LLC 32 3.19% $5,898
VILLAGE CAPITAL & INVESTMENT LLC 28 3.00% $2,771
Nations Lending Corporation 26 2.89% $5,326
LEADERONE FINANCIAL CORPORATION 21 3.35% $8,480
NEWREZ LLC 21 2.97% $4,304
PRIMARY RESIDENTIAL MORTGAGE, INC. 20 3.57% $9,118
Town Square Mortgage & Investments, Inc. 19 3.03% $8,262
EVERETT FINANCIAL, INC. 17 3.64% $7,127
CORNERSTONE HOME LENDING, INC. 15 3.07% $10,598
LAND HOME FINANCIAL SERVICES, INC. 13 2.98% $11,188
NATIONS DIRECT MORTGAGE, LLC 12 3.28% $9,642
Flagstar Bank, FSB 12 2.65% $8,430
MOVEMENT MORTGAGE, LLC 11 3.75% $7,182
Carrington Mortgage Services, LLC 10 3.63% $8,493
GUARANTEED RATE, INC. 10 3.03% $8,812
PLAZA HOME MORTGAGE, INC. 9 2.51% $7,777
Equity Prime Mortgage LLC 9 3.40% $9,791
AMERISAVE MORTGAGE CORPORATION 9 2.92% $8,271
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 2.78% $6,801
SUN WEST MORTGAGE COMPANY, INC. 7 2.80% $9,941
OCEANSIDE MORTGAGE COMPANY 6 2.83% $2,655
CMG MORTGAGE, INC. 6 2.89% $9,186
LOANPAL, LLC 6 2.67% $7,878
Citizens Bank 6 2.81% $8,158
First Guaranty Mortgage Corporation 6 2.83% $5,349
MORTGAGE FINANCIAL SERVICES, LLC 5 3.02% $10,577
FINANCE OF AMERICA MORTGAGE LLC 5 3.05% $9,538
Goldwater Bank, N.A. 5 3.20% $9,189
LOANDEPOT.COM, LLC 5 3.02% $11,677
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 3.33% $8,222
BROKER SOLUTIONS, INC. 5 2.95% $9,147
ROUNDPOINT MORTGAGE SERVICING CORPORATION 5 3.13% $5,964
KELLER MORTGAGE, LLC 4 2.97% $6,607
Commerce Home Mortgage, Inc. 4 3.06% $7,304
MID AMERICA MORTGAGE, INC. 4 3.00% $3,881
HOME POINT FINANCIAL CORPORATION 4 2.53% $6,107
Servion, Inc. 4 3.03% $7,580
GREAT WESTERN FINANCIAL SERVICES, INC. 3 3.17% $7,250
Amerifirst Financial, Inc. 3 3.17% $7,258
HOMESIDE FINANCIAL, LLC 3 3.29% $8,020
Lone Star National Bank 3 2.75% $13,030
Hometown Equity Mortgage, LLC 3 4.75% $10,922
SECURITYNATIONAL MORTGAGE COMPANY 3 3.21% $10,428
GUILD MORTGAGE COMPANY 3 3.17% $11,039
AMERICAN FINANCING CORPORATION 2 2.75% $7,578
PANORAMA MORTGAGE GROUP, LLC 2 2.94% $7,704
Barrington Bank & Trust Company, N.A. 2 3.30% $6,616
Bank of England 2 2.75% $9,495
SOUTHWEST FUNDING, LP 2 3.13% $12,494
PILGRIM MORTGAGE LLC 2 3.19% $11,506
Bank of America 2 2.88% $6,035
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.63% $8,171
InterContinental Capital Group, Inc 2 2.56% $7,091
Renasant Bank 2 2.63% $7,602
GENEVA FINANCIAL, LLC 2 2.88% $9,186
AMERICAN FINANCIAL NETWORK, INC. 2 3.06% $17,385
Wallick & Volk, Inc. 2 3.19% $9,956
DRAPER AND KRAMER MORTGAGE CORP. 2 3.25% $8,522
Network Funding, L.P. 2 2.56% $9,747
First Savings Bank 2 3.75% $7,854
AMERICA'S CHOICE HOME LOANS LP 1 3.13% $11,285
UNITED MORTGAGE CORP. 1 3.75% $14,660
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $10,450
U.S. Bank 1 2.50% $6,271
V.I.P. MORTGAGE, INC. 1 3.25% $9,691
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 2.75% $9,859
HOME FINANCING UNLIMITED, INC. 1 2.63% $7,470
UNIVERSITY Federal Credit Union 1 2.38% $7,320
CELEBRITY HOME LOANS, LLC 1 3.13% $13,703
International Bank of Commerce 1 2.75% $7,898
JPMorgan Chase Bank 1 2.75% $4,364
CANOPY MORTGAGE, LLC 1 3.75% $9,411
CALCULATED RISK ANALYTICS LLC 1 3.50% $11,416
LEGEND LENDING CORPORATION 1 3.50% $7,566
CLEARPATH LENDING 1 3.00% $7,475
LOANPEOPLE, LLC 1 3.00% $11,391
Low VA Rates, LLC 1 2.75% $3,534
MANN FINANCIAL INC. 1 3.00% $6,592
Manufacturers and Traders Trust Company 1 3.00% $7,992
Wells Fargo Bank 1 2.25% $12,738
First Option Mortgage, LLC 1 3.50% $15,431
CADENCE LENDING GROUP, INC. 1 3.25% $9,794
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $7,321
First National Bank Texas 1 2.50% $10,046
BETTER MORTGAGE CORPORATION 1 3.25% $7,760
BECKAM FUNDING CORP. 1 3.38% $16,848
FIRST CENTENNIAL MORTGAGE CORPORATION 1 3.75% $5,577
OCMBC, INC. 1 3.88% $8,662
PHH Mortgage Corporation 1 3.13% $2,457
Austin Capital Bank SSB 1 2.88% $7,497
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.88% $7,510
Regions Bank 1 2.50% $7,756
Zions Bancorporation, N.A. 1 3.00% $7,275
COMPASS MORTGAGE, INC. 1 2.88% $10,829
SFMC, LP 1 3.88% $12,259

The top Mcallen FHA lender as defined by loan originations is WILLOW BEND MORTGAGE COMPANY, LLC, with 454 FHA loans originated. Their average total fees are $10,640, which is $582 higher than the next largest lender, AMCAP MORTGAGE, LTD..

The lowest fee Mcallen FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,771), Mr. Cooper ( Nationstar Mortgage ) ($3,353), NEWREZ LLC ($4,304), AmeriHome Mortgage Company, LLC ($4,357) and Lakeview Community Capital, LLC ($4,404).

The lowest rate Mcallen FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.65%), QUICKEN LOANS, LLC (2.70%), CALIBER HOME LOANS, INC. (2.72%), UNITED WHOLESALE MORTGAGE, LLC (2.75%) and EUSTIS AND AMERICAN MORTGAGE COMPANY (2.81%).

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

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 $189,450 (2.4%) $246,325 (-0.7%) 0.70 2,105
2018-02-01 $189,900 (2.7%) $246,050 (0.3%) 0.68 2,108
2018-03-01 $189,000 (0.0%) $248,874 (1.2%) 0.65 2,120
2018-04-01 $194,500 (3.5%) $253,776 (3.9%) 0.65 2,061
2018-05-01 $194,700 (2.8%) $252,441 (2.3%) 0.65 2,054
2018-06-01 $195,000 (2.7%) $251,621 (2.3%) 0.65 2,090
2018-07-01 $195,000 (2.6%) $249,357 (0.1%) 0.65 2,067
2018-08-01 $194,950 (3.2%) $249,148 (1.1%) 0.65 2,013
2018-09-01 $195,000 (3.2%) $251,170 (1.0%) 0.65 2,001
2018-10-01 $192,250 (0.0%) $246,606 (-1.5%) 0.64 2,036
2018-11-01 $190,944 (-1.9%) $246,543 (-2.3%) 0.64 2,117
2018-12-01 $189,900 (-0.1%) $244,697 (-1.5%) 0.65 2,078
2019-01-01 $189,950 (0.3%) $245,507 (-0.3%) 0.66 2,046
2019-02-01 $191,976 (1.1%) $244,948 (-0.5%) 0.64 2,111
2019-03-01 $192,086 (1.6%) $245,423 (-1.4%) 0.63 2,132
2019-04-01 $196,000 (0.8%) $250,588 (-1.3%) 0.62 2,051
2019-05-01 $198,500 (2.0%) $252,270 (-0.1%) 0.61 2,003
2019-06-01 $199,000 (2.1%) $255,336 (1.5%) 0.61 2,022
2019-07-01 $199,000 (2.1%) $260,167 (4.3%) 0.62 2,037
2019-08-01 $197,286 (1.2%) $260,047 (4.4%) 0.62 2,000
2019-09-01 $195,000 (0.0%) $260,398 (3.7%) 0.62 1,965
2019-10-01 $195,000 (1.4%) $262,208 (6.3%) 0.62 2,006
2019-11-01 $197,500 (3.4%) $262,089 (6.3%) 0.64 1,961
2019-12-01 $198,600 (4.6%) $262,855 (7.4%) 0.66 1,915
2020-01-01 $197,750 (4.1%) $263,072 (7.2%) 0.66 1,834
2020-02-01 $197,000 (2.6%) $261,462 (6.7%) 0.64 1,871
2020-03-01 $199,450 (3.8%) $266,628 (8.6%) 0.62 1,831
2020-04-01 $199,000 (1.5%) $266,005 (6.2%) 0.62 1,855
2020-05-01 $199,999 (0.8%) $268,288 (6.4%) 0.61 1,706
2020-06-01 $214,900 (8.0%) $278,689 (9.2%) 0.63 1,426
2020-07-01 $215,000 (8.0%) $281,597 (8.2%) 0.62 1,269
2020-08-01 $215,950 (9.5%) $282,853 (8.8%) 0.62 1,151
2020-09-01 $222,320 (14.0%) $289,282 (11.1%) 0.64 1,055
2020-10-01 $229,999 (18.0%) $292,748 (11.7%) 0.66 1,093
2020-11-01 $229,000 (16.0%) $292,599 (11.6%) 0.66 1,150
2020-12-01 $228,500 (15.1%) $297,316 (13.1%) 0.67 1,153
2021-01-01 $225,000 (13.8%) $296,912 (12.9%) 0.66 1,110
2021-02-01 $226,000 (14.7%) $308,030 (17.8%) 0.65 1,043
2021-03-01 $234,250 (17.5%) $316,495 (18.7%) 0.66 951
2021-04-01 $240,000 (20.6%) $322,964 (21.4%) 0.64 880
2021-05-01 $250,000 (25.0%) $340,151 (26.8%) 0.66 805
2021-06-01 $257,000 (19.6%) $352,597 (26.5%) 0.67 787
2021-07-01 $259,500 (20.7%) $352,237 (25.1%) 0.67 799
2021-08-01 $264,500 (22.5%) $353,362 (24.9%) 0.70 815
2021-09-01 $264,500 (19.0%) $351,892 (21.6%) 0.70 969
2021-10-01 $268,000 (16.5%) $349,627 (19.4%) 0.71 982
2021-11-01 $260,000 (13.5%) $344,414 (17.7%) 0.69 997
2021-12-01 $259,000 (13.4%) $341,543 (14.9%) 0.69 1,021
2022-01-01 $259,999 (15.6%) $343,479 (15.7%) 0.69 925
2022-02-01 $259,750 (14.9%) $346,890 (12.6%) 0.66 912
2022-03-01 $259,250 (10.7%) $348,431 (10.1%) 0.64 900
2022-04-01 $260,000 (8.3%) $359,198 (11.2%) 0.61 856
Mcallen's median listing price for 2022-04-01 was $260,000, a difference of $20,000 (8.3%) versus the prior year and $750 versus the prior month.

Mcallen's median listing price comes in at 61% of the national average.

Mcallen's average listing price for 2022-04-01 was $359,198, a difference of $36,234 (11.2%) versus the prior year and $10,767 versus the prior month.

For the 2022-04-01 period, Mcallen had 856 MLS listings, a difference of -44 listings (-5%) versus the prior month and -24 listings (-3%) 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
2018-01-01 113 days 2,139 sqft
2018-02-01 107 days 2,123 sqft
2018-03-01 98 days 2,120 sqft
2018-04-01 89 days 2,154 sqft
2018-05-01 89 days 2,168 sqft
2018-06-01 95 days 2,175 sqft
2018-07-01 102 days 2,162 sqft
2018-08-01 95 days 2,118 sqft
2018-09-01 97 days 2,138 sqft
2018-10-01 87 days 2,081 sqft
2018-11-01 85 days 2,077 sqft
2018-12-01 91 days 2,056 sqft
2019-01-01 97 days 2,051 sqft
2019-02-01 100 days 2,028 sqft
2019-03-01 83 days 2,005 sqft
2019-04-01 77 days 2,018 sqft
2019-05-01 84 days 2,031 sqft
2019-06-01 86 days 2,059 sqft
2019-07-01 89 days 2,053 sqft
2019-08-01 93 days 2,042 sqft
2019-09-01 93 days 2,025 sqft
2019-10-01 94 days 2,015 sqft
2019-11-01 81 days 2,023 sqft
2019-12-01 85 days 2,058 sqft
2020-01-01 87 days 2,021 sqft
2020-02-01 87 days 2,000 sqft
2020-03-01 69 days 2,033 sqft
2020-04-01 79 days 2,003 sqft
2020-05-01 92 days 1,998 sqft
2020-06-01 102 days 2,039 sqft
2020-07-01 99 days 2,079 sqft
2020-08-01 85 days 2,063 sqft
2020-09-01 78 days 2,099 sqft
2020-10-01 63 days 2,119 sqft
2020-11-01 57 days 2,100 sqft
2020-12-01 66 days 2,029 sqft
2021-01-01 73 days 2,000 sqft
2021-02-01 71 days 2,009 sqft
2021-03-01 65 days 2,033 sqft
2021-04-01 59 days 2,069 sqft
2021-05-01 55 days 2,109 sqft
2021-06-01 49 days 2,092 sqft
2021-07-01 48 days 2,086 sqft
2021-08-01 49 days 2,096 sqft
2021-09-01 49 days 2,086 sqft
2021-10-01 51 days 2,063 sqft
2021-11-01 50 days 2,017 sqft
2021-12-01 51 days 1,990 sqft
2022-01-01 62 days 1,987 sqft
2022-02-01 59 days 1,946 sqft
2022-03-01 43 days 1,900 sqft
2022-04-01 42 days 1,911 sqft
Mcallen's median listing age (time on market) for 2022-04-01 was 42 days. This is -29% shorter than the same period one year ago.

Mcallen's median square footage for active listings during the 2022-04-01 period was 1,911 sqft. One year prior, the average listing was 2,069 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).