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 -0.32% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2023-11-17) was 7.08% and one month ago for the week of 2023-10-20, the average rate was 6.98%.

The average rate one year ago was 6.11%.

For refis of the same type during the week of 2023-11-24, the average rate was -0.96%.

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 $191,857 (1.0%) $242,318 (-2.0%) 0.63 2,108
2019-04-01 $195,000 (0.0%) $247,171 (-1.8%) 0.62 2,042
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 $197,182 (0.6%) $256,793 (2.9%) 0.62 2,026
2019-09-01 $195,955 (-0.5%) $257,578 (3.0%) 0.63 2,013
2019-10-01 $195,000 (1.6%) $258,534 (6.1%) 0.63 2,004
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 (3.7%) $262,713 (8.4%) 0.62 1,851
2020-04-01 $198,975 (2.0%) $263,163 (6.5%) 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 (9.0%) $279,713 (8.9%) 0.62 1,170
2020-09-01 $221,500 (13.0%) $286,772 (11.3%) 0.63 1,065
2020-10-01 $228,600 (17.2%) $289,755 (12.1%) 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%) 0.66 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%) $352,216 (-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%) $349,308 (0.3%) 0.65 1,456
2022-11-01 $278,850 (6.8%) $351,402 (2.4%) 0.67 1,534
2022-12-01 $279,900 (8.9%) $351,994 (3.6%) 0.69 1,531
2023-01-01 $280,200 (8.2%) $353,768 (4.0%) 0.69 1,558
2023-02-01 $283,000 (9.3%) $357,257 (3.9%) 0.68 1,558
2023-03-01 $285,000 (10.1%) $360,274 (3.8%) 0.67 1,540
2023-04-01 $285,560 (10.9%) $359,371 (2.0%) 0.66 1,533
2023-05-01 $287,725 (5.1%) $355,466 (-1.2%) 0.65 1,528
2023-06-01 $289,800 (6.4%) $355,429 (-2.0%) 0.65 1,559
2023-07-01 $289,000 (7.0%) $349,855 (-2.7%) 0.66 1,661
2023-08-01 $288,662 (5.0%) $347,237 (-1.4%) 0.66 1,743
2023-09-01 $285,000 (6.0%) $342,232 (0.0%) 0.66 1,834
2023-10-01 $280,000 (1.8%) $337,922 (-3.3%) 0.66 1,937
Mcallen's median listing price for 2023-10-01 was $280,000, a difference of $5,000 (1.8%) versus the prior year and $-5,000 versus the prior month.

Mcallen's median listing price comes in at 66% of the national average.

Mcallen's average listing price for 2023-10-01 was $337,922, a difference of $-11,386 (-3.3%) versus the prior year and $-4,310 versus the prior month.

For the 2023-10-01 period, Mcallen had 1,937 MLS listings, a difference of 103 listings (6%) versus the prior month and 481 listings (33%) 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
2018-01-01 102 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 2,126 sqft
2018-09-01 87 days 2,131 sqft
2018-10-01 78 days 2,071 sqft
2018-11-01 79 days 2,063 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 2,025 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 87 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 2,036 sqft
2020-04-01 74 days 2,007 sqft
2020-05-01 86 days 1,994 sqft
2020-06-01 97 days 2,022 sqft
2020-07-01 84 days 2,069 sqft
2020-08-01 72 days 2,022 sqft
2020-09-01 65 days 2,100 sqft
2020-10-01 52 days 2,113 sqft
2020-11-01 50 days 2,101 sqft
2020-12-01 60 days 2,031 sqft
2021-01-01 67 days 1,981 sqft
2021-02-01 63 days 2,002 sqft
2021-03-01 56 days 2,028 sqft
2021-04-01 52 days 2,057 sqft
2021-05-01 49 days 2,100 sqft
2021-06-01 44 days 2,080 sqft
2021-07-01 45 days 2,077 sqft
2021-08-01 46 days 2,068 sqft
2021-09-01 47 days 2,075 sqft
2021-10-01 48 days 2,043 sqft
2021-11-01 49 days 2,023 sqft
2021-12-01 52 days 1,993 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 1,969 sqft
2022-06-01 40 days 1,985 sqft
2022-07-01 43 days 1,930 sqft
2022-08-01 46 days 1,897 sqft
2022-09-01 49 days 1,852 sqft
2022-10-01 55 days 1,858 sqft
2022-11-01 59 days 1,882 sqft
2022-12-01 67 days 1,896 sqft
2023-01-01 72 days 1,898 sqft
2023-02-01 66 days 1,902 sqft
2023-03-01 58 days 1,902 sqft
2023-04-01 57 days 1,895 sqft
2023-05-01 58 days 1,874 sqft
2023-06-01 57 days 1,883 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
Mcallen's median listing age (time on market) for 2023-10-01 was 59 days. This is 7% longer than the same period one year ago.

Mcallen's median square footage for active listings during the 2023-10-01 period was 1,835 sqft. One year prior, the average listing was 1,858 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).