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 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%.
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 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. 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 (2.2%) | 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 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. LouisDate | 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 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.