Mexico FHA Loan Rates, Closing Costs & Stats

Mexico, MO

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    • 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.

    Mexico's 22 lenders originated 63 FHA loans during 2023. The total origination value was $8,915,000, with an average FHA loan value of $141,508.

    Mexico FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mexico averaged 6.93% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Mexico's average FHA mortgage closing costs are $5,279.

    The average rate for the prior week (2024-04-05) was 6.56% and one month ago for the week of 2024-03-08, the average rate was 6.8%.

    The average rate one year ago was 6.13%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.84%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Mexico 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 Mexico level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 29 6.82% $5,930
    QUICKEN LOANS, LLC 7 6.55% $7,973
    DAS Acquisition Company, LLC 2 6.19% $6,166
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $7,385
    Midwest Mortgage Associates Corporation 2 6.94% $8,051
    First State Bank of St. Charles, Missouri 1 6.38% $7,618
    Flanagan State Bank 1 7.63% $10,325
    FREEDOM MORTGAGE CORPORATION 1 6.75% $6,620
    GUILD MORTGAGE COMPANY 1 7.13% $4,638
    LEADERONE FINANCIAL CORPORATION 1 7.00% $5,063
    Mortgage Research Center, LLC 1 7.25% $2,625
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $7,729
    ON Q FINANCIAL, INC. 1 6.88% $5,953
    PLANET HOME LENDING, LLC 1 5.50% $5,058
    PLAZA HOME MORTGAGE, INC. 1 7.25% $1,457
    The Central Trust Bank 1 6.38% $4,084
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $7,811
    UNITED WHOLESALE MORTGAGE, LLC 1 6.45% $9,355
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $5,760
    BROKER SOLUTIONS, INC. 1 7.13% $7,209
    Carrington Mortgage Services, LLC 1 6.00% $7,889
    ENDEAVOR CAPITAL, LLC. 1 5.99% $5,515

    The top Mexico FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 29 FHA loans originated. Their average total fees are $5,930, which is $2,043 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Mexico FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($5,930), .

    The lowest rate Mexico FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. (6.82%), .

    Mexico FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MEXICO, MO AUDRAIN 2022 $420,680 $538,650 $651,050 $809,150
    MEXICO, MO AUDRAIN 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mexico (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 $77,575 (-3.5%) $111,632 (-11.7%) 0.00 96
    2018-02-01 $75,125 (-8.3%) $106,215 (-8.9%) 0.00 92
    2018-03-01 $75,000 (-14.2%) $102,999 (-13.2%) 0.00 89
    2018-04-01 $82,550 (-5.1%) $111,358 (-9.0%) 0.00 81
    2018-05-01 $87,250 (9.2%) $114,626 (-3.5%) 0.00 91
    2018-06-01 $89,250 (8.5%) $112,048 (-8.1%) 0.00 96
    2018-07-01 $94,875 (19.4%) $113,847 (-6.7%) 0.00 97
    2018-08-01 $94,700 (13.2%) $126,792 (4.2%) 0.00 94
    2018-09-01 $92,750 (23.7%) $130,130 (9.1%) 0.00 93
    2018-10-01 $97,075 (31.7%) $133,985 (16.5%) 0.00 97
    2018-11-01 $89,600 (28.2%) $129,378 (14.8%) 0.00 105
    2018-12-01 $89,900 (28.6%) $126,790 (19.0%) 0.00 114
    2019-01-01 $81,250 (4.7%) $115,940 (3.9%) 0.00 112
    2019-02-01 $91,125 (21.3%) $123,749 (16.5%) 0.00 121
    2019-03-01 $98,871 (31.8%) $140,022 (35.9%) 0.00 107
    2019-04-01 $116,600 (41.3%) $155,126 (39.3%) 0.00 88
    2019-05-01 $131,825 (51.1%) $164,999 (44.0%) 0.00 88
    2019-06-01 $133,700 (49.8%) $167,498 (49.5%) 0.00 93
    2019-07-01 $119,850 (26.3%) $162,927 (43.1%) 0.00 94
    2019-08-01 $119,473 (26.2%) $158,266 (24.8%) 0.00 101
    2019-09-01 $111,332 (20.0%) $150,190 (15.4%) 0.00 100
    2019-10-01 $110,855 (14.2%) $144,779 (8.1%) 0.00 100
    2019-11-01 $105,000 (17.2%) $137,893 (6.6%) 0.00 110
    2019-12-01 $97,700 (8.7%) $132,005 (4.1%) 0.00 102
    2020-01-01 $89,400 (10.0%) $130,546 (12.6%) 0.00 92
    2020-02-01 $87,250 (-4.3%) $131,952 (6.6%) 0.00 81
    2020-03-01 $86,450 (-12.6%) $131,954 (-5.8%) 0.00 73
    2020-04-01 $77,900 (-33.2%) $135,829 (-12.4%) 0.00 64
    2020-05-01 $85,000 (-35.5%) $141,010 (-14.5%) 0.00 62
    2020-06-01 $102,050 (-23.7%) $149,510 (-10.7%) 0.00 57
    2020-07-01 $107,250 (-10.5%) $152,677 (-6.3%) 0.00 63
    2020-08-01 $125,000 (4.6%) $163,403 (3.3%) 0.00 61
    2020-09-01 $118,225 (6.2%) $167,060 (11.2%) 0.00 55
    2020-10-01 $110,000 (-0.8%) $157,405 (8.7%) 0.00 57
    2020-11-01 $135,850 (29.4%) $173,468 (25.8%) 0.00 56
    2020-12-01 $112,475 (15.1%) $153,952 (16.6%) 0.00 57
    2021-01-01 $119,900 (34.1%) $162,616 (24.6%) 0.00 42
    2021-02-01 $119,900 (37.4%) $184,666 (40.0%) 0.00 30
    2021-03-01 $128,675 (48.8%) $205,244 (55.5%) 0.00 22
    2021-04-01 $120,700 (54.9%) $165,873 (22.1%) 0.00 24
    2021-05-01 $119,900 (41.1%) $167,464 (18.8%) 0.00 29
    2021-06-01 $116,250 (13.9%) $167,420 (12.0%) 0.00 34
    2021-07-01 $95,250 (-11.2%) $145,907 (-4.4%) 0.00 42
    2021-08-01 $90,000 (-28.0%) $149,356 (-8.6%) 0.00 42
    2021-09-01 $108,000 (-8.7%) $159,420 (-4.6%) 0.00 42
    2021-10-01 $105,000 (-4.6%) $159,562 (1.4%) 0.00 47
    2021-11-01 $116,250 (-14.4%) $163,760 (-5.6%) 0.00 49
    2021-12-01 $89,600 (-20.3%) $149,955 (-2.6%) 0.00 40
    2022-01-01 $110,000 (-8.3%) $153,328 (-5.7%) 0.00 28
    2022-02-01 $127,700 (6.5%) $154,582 (-16.3%) 0.00 25
    2022-03-01 $123,675 (-3.9%) $161,782 (-21.2%) 0.00 24
    2022-04-01 $137,000 (13.5%) $186,650 (12.5%) 0.00 28
    2022-05-01 $147,450 (23.0%) $181,144 (8.2%) 0.00 33
    2022-06-01 $138,700 (19.3%) $176,805 (5.6%) 0.00 37
    2022-07-01 $150,000 (57.5%) $172,927 (18.5%) 0.00 48
    2022-08-01 $139,900 (55.4%) $154,049 (3.1%) 0.00 53
    2022-09-01 $139,900 (29.5%) $291,048 (82.6%) 0.00 51
    2022-10-01 $151,500 (44.3%) $171,020 (7.2%) 0.00 57
    2022-11-01 $150,000 (29.0%) $178,736 (9.2%) 0.00 54
    2022-12-01 $152,450 (70.2%) $176,441 (17.7%) 0.00 50
    2023-01-01 $129,700 (17.9%) $162,972 (6.3%) 0.00 49
    2023-02-01 $133,675 (4.7%) $145,933 (-5.6%) 0.00 48
    2023-03-01 $139,200 (12.6%) $163,847 (1.3%) 0.00 34
    2023-04-01 $173,700 (26.8%) $200,463 (7.4%) 0.00 32
    2023-05-01 $155,450 (5.4%) $180,624 (-0.3%) 0.00 30
    2023-06-01 $138,725 (0.0%) $175,018 (-1.0%) 0.00 33
    2023-07-01 $169,900 (13.3%) $200,459 (15.9%) 0.00 32
    2023-08-01 $173,050 (23.7%) $211,747 (37.5%) 0.00 40
    2023-09-01 $142,948 (2.2%) $213,242 (-26.7%) 0.00 34
    2023-10-01 $159,900 (5.5%) $223,314 (30.6%) 0.00 34
    2023-11-01 $161,775 (7.9%) $236,082 (32.1%) 0.00 34
    2023-12-01 $109,900 (-27.9%) $180,262 (2.2%) 0.00 56
    2024-01-01 $118,075 (-9.0%) $188,112 (15.4%) 0.00 56
    2024-02-01 $107,400 (-19.7%) $208,190 (42.7%) 0.00 75
    2024-03-01 $117,498 (-15.6%) $240,316 (46.7%) 0.00 73
    Mexico's median listing price for 2024-03-01 was $117,498, a difference of $-21,702 (-15.6%) versus the prior year and $10,098 versus the prior month.

    Mexico's median listing price comes in at 0% of the national average.

    Mexico's average listing price for 2024-03-01 was $240,316, a difference of $76,469 (46.7%) versus the prior year and $32,126 versus the prior month.

    For the 2024-03-01 period, Mexico had 73 MLS listings, a difference of -2 listings (-3%) versus the prior month and 39 listings (115%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mexico (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,412 sqft
    2018-02-01 0 days 1,443 sqft
    2018-03-01 0 days 1,525 sqft
    2018-04-01 0 days 1,528 sqft
    2018-05-01 0 days 1,466 sqft
    2018-06-01 0 days 1,416 sqft
    2018-07-01 0 days 1,412 sqft
    2018-08-01 0 days 1,431 sqft
    2018-09-01 0 days 1,415 sqft
    2018-10-01 0 days 1,470 sqft
    2018-11-01 0 days 1,482 sqft
    2018-12-01 0 days 1,460 sqft
    2019-01-01 0 days 1,367 sqft
    2019-02-01 0 days 1,405 sqft
    2019-03-01 0 days 1,446 sqft
    2019-04-01 0 days 1,573 sqft
    2019-05-01 0 days 1,656 sqft
    2019-06-01 0 days 1,629 sqft
    2019-07-01 0 days 1,541 sqft
    2019-08-01 0 days 1,557 sqft
    2019-09-01 0 days 1,553 sqft
    2019-10-01 0 days 1,550 sqft
    2019-11-01 0 days 1,484 sqft
    2019-12-01 0 days 1,561 sqft
    2020-01-01 0 days 1,560 sqft
    2020-02-01 0 days 1,490 sqft
    2020-03-01 0 days 1,432 sqft
    2020-04-01 0 days 1,397 sqft
    2020-05-01 0 days 1,604 sqft
    2020-06-01 0 days 1,707 sqft
    2020-07-01 0 days 1,718 sqft
    2020-08-01 0 days 1,800 sqft
    2020-09-01 0 days 1,704 sqft
    2020-10-01 0 days 1,648 sqft
    2020-11-01 0 days 1,625 sqft
    2020-12-01 0 days 1,593 sqft
    2021-01-01 0 days 1,599 sqft
    2021-02-01 0 days 1,441 sqft
    2021-03-01 0 days 1,454 sqft
    2021-04-01 0 days 1,525 sqft
    2021-05-01 0 days 1,355 sqft
    2021-06-01 0 days 1,313 sqft
    2021-07-01 0 days 1,344 sqft
    2021-08-01 0 days 1,554 sqft
    2021-09-01 0 days 1,601 sqft
    2021-10-01 0 days 1,526 sqft
    2021-11-01 0 days 1,368 sqft
    2021-12-01 0 days 1,422 sqft
    2022-01-01 0 days 1,307 sqft
    2022-02-01 0 days 1,212 sqft
    2022-03-01 0 days 1,294 sqft
    2022-04-01 0 days 1,456 sqft
    2022-05-01 0 days 1,565 sqft
    2022-06-01 0 days 1,409 sqft
    2022-07-01 0 days 1,429 sqft
    2022-08-01 0 days 1,399 sqft
    2022-09-01 0 days 1,406 sqft
    2022-10-01 0 days 1,470 sqft
    2022-11-01 0 days 1,459 sqft
    2022-12-01 0 days 1,456 sqft
    2023-01-01 0 days 1,432 sqft
    2023-02-01 0 days 1,375 sqft
    2023-03-01 0 days 1,426 sqft
    2023-04-01 0 days 1,512 sqft
    2023-05-01 0 days 1,462 sqft
    2023-06-01 0 days 1,416 sqft
    2023-07-01 0 days 1,452 sqft
    2023-08-01 0 days 1,494 sqft
    2023-09-01 0 days 1,421 sqft
    2023-10-01 0 days 1,299 sqft
    2023-11-01 0 days 1,337 sqft
    2023-12-01 0 days 1,415 sqft
    2024-01-01 0 days 1,387 sqft
    2024-02-01 0 days 1,250 sqft
    2024-03-01 0 days 1,404 sqft
    Mexico's median listing age (time on market) for 2024-03-01 was 0 days.

    Mexico's median square footage for active listings during the 2024-03-01 period was 1,404 sqft. One year prior, the average listing was 1,426 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).