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 6.78% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Mcallen's average FHA mortgage closing costs are $9,382.

The average rate for the prior week (2024-05-31) was 6.97% and one month ago for the week of 2024-05-03, the average rate was 6.77%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.47%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
CROSSCOUNTRY MORTGAGE, LLC 240 6.52% $14,250
WILLOW BEND MORTGAGE COMPANY, LLC 212 6.55% $17,210
AMCAP MORTGAGE, LTD. 151 6.83% $12,407
UNITED WHOLESALE MORTGAGE, LLC 131 6.13% $13,215
ASCENT HOME LENDING, LLC 121 6.35% $14,929
MOVEMENT MORTGAGE, LLC 120 6.39% $13,485
CMG MORTGAGE, INC. 101 6.93% $14,051
Nations Lending Corporation 74 6.79% $10,079
NATIONS RELIABLE LENDING, LLC 72 6.09% $16,093
Paramount Residential Mortgage Group, Inc. 69 6.24% $13,163
QUICKEN LOANS, LLC 63 6.23% $12,071
DIRECTIONS EQUITY, LLC 61 6.60% $10,930
HOMESIDE FINANCIAL, LLC 56 6.46% $12,585
EUSTIS AND AMERICAN MORTGAGE COMPANY 55 6.56% $11,819
ACADEMY MORTGAGE CORPORATION 42 6.23% $12,126
PLAZA HOME MORTGAGE, INC. 34 6.30% $11,983
S1L, Inc. 24 6.65% $11,849
DAS Acquisition Company, LLC 24 6.60% $11,136
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 6.83% $12,899
FREEDOM MORTGAGE CORPORATION 21 6.03% $13,674
AMERICAN PACIFIC MORTGAGE CORPORATION 18 6.73% $10,138
SUN WEST MORTGAGE COMPANY, INC. 17 6.24% $12,427
Town Square Mortgage & Investments, Inc. 14 6.97% $12,785
PENNYMAC LOAN SERVICES, LLC 13 6.11% $13,665
PRIMARY RESIDENTIAL MORTGAGE, INC. 13 6.54% $13,034
Flagstar Bank, FSB 10 6.40% $12,397
CARDINAL FINANCIAL 10 6.21% $12,227
THRIVE MORTGAGE, LLC 10 6.73% $12,321
EVERETT FINANCIAL, INC. 8 6.47% $10,230
BROKER SOLUTIONS, INC. 7 6.86% $13,427
Lone Star National Bank 7 6.71% $13,116
Equity Prime Mortgage LLC 7 7.25% $13,459
Gateway First Bank 6 6.67% $11,726
AMERICAN FINANCIAL NETWORK, INC. 5 7.43% $15,992
LOANDEPOT.COM, LLC 5 6.85% $14,217
LAND HOME FINANCIAL SERVICES, INC. 5 6.63% $11,392
NEWREZ LLC 5 6.60% $15,306
LEADERONE FINANCIAL CORPORATION 4 7.09% $12,405
Plains Commerce Bank 4 7.09% $10,371
U.S. Bank 4 6.65% $11,208
HALLMARK HOME MORTGAGE, LLC 4 6.81% $17,305
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.25% $11,398
INTERLINC MORTGAGE SERVICES, LLC 4 7.34% $17,112
PLANET HOME LENDING, LLC 4 5.90% $9,082
Loan Simple, Inc. 3 6.33% $11,175
CALCON MUTUAL MORTGAGE LLC 3 7.25% $13,243
Carrington Mortgage Services, LLC 3 6.50% $14,912
CHURCHILL MORTGAGE CORPORATION 3 6.83% $12,342
GUARANTEED RATE, INC. 3 6.42% $10,910
MORTGAGE FINANCIAL SERVICES, LLC 3 6.67% $15,861
PNC Bank 3 6.42% $7,818
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 5.79% $12,389
SECURITYNATIONAL MORTGAGE COMPANY 3 6.71% $9,288
UNION HOME MORTGAGE CORP. 3 7.13% $16,934
TIB The Independent Bankersbank 2 6.56% $7,131
AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $6,898
First National Bank Texas 2 6.88% $11,113
Bank of England 2 7.25% $10,822
DRAPER AND KRAMER MORTGAGE CORP. 2 5.94% $10,349
MANN FINANCIAL INC. 2 6.00% $11,629
Mortgage Research Center, LLC 2 7.19% $7,557
The Loan Store, Inc. 2 7.00% $12,890
CORNERSTONE HOME LENDING, INC. 2 6.50% $9,345
GUILD MORTGAGE COMPANY 1 6.38% $8,006
PENTAGON FEDERAL CREDIT UNION 1 5.63% $12,496
First United Bank and Trust Company 1 6.38% $19,542
VILLAGE CAPITAL MORTGAGE 1 7.25% $3,716
Wells Fargo Bank 1 6.63% $7,714
CANOPY MORTGAGE, LLC 1 8.00% $21,296
RESIDENTIAL BANCORP 1 6.75% $9,406
BECKAM FUNDING CORP. 1 6.25% $14,001
Sunflower Bank 1 6.49% $14,969
T2 FINANCIAL LLC 1 8.25% $5,725
The Federal Savings Bank 1 6.13% $8,820
Bank of America 1 5.75% $13,169
AMERISAVE MORTGAGE CORPORATION 1 6.25% $10,981
ZILLOW HOME LOANS, LLC 1 7.00% $8,027
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $19,463
MID AMERICA MORTGAGE, INC. 1 5.50% $6,500
AMERICAN FINANCING CORPORATION 1 6.75% $10,982
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.63% $12,547
NATIONS DIRECT MORTGAGE, LLC 1 5.75% $11,104
MICHIGAN MUTUAL, INC. 1 7.13% $11,719
HOMEXPRESS MORTGAGE CORP. 1 6.50% $18,781
Neighborhood Loans, Inc. 1 6.99% $8,754
Network Funding, L.P. 1 6.75% $10,585
Hometown Equity Mortgage, LLC 1 7.25% $22,063
NJ LENDERS CORP. 1 5.50% $12,117
OCMBC, INC. 1 6.88% $18,478
Origin Bank 1 5.75% $9,529
HOME FUNDING CORPORATION 1 6.50% $25,552

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. 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 (2.1%) 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
Mcallen's median listing price for 2024-05-01 was $279,000, a difference of $-8,250 (-2.9%) versus the prior year and $1,500 versus the prior month.

Mcallen's median listing price comes in at 63% of the national average.

Mcallen's average listing price for 2024-05-01 was $331,504, a difference of $-23,809 (-6.7%) versus the prior year and $-1,856 versus the prior month.

For the 2024-05-01 period, Mcallen had 2,330 MLS listings, a difference of 58 listings (3%) versus the prior month and 800 listings (52%) 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 2,125 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
Mcallen's median listing age (time on market) for 2024-05-01 was 64 days. This is 10% longer than the same period one year ago.

Mcallen's median square footage for active listings during the 2024-05-01 period was 1,785 sqft. One year prior, the average listing was 1,872 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).