Midland FHA Loan Rates, Closing Costs & Stats

MIDLAND, TX

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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.

    Midland's 92 lenders originated 1,100 FHA loans during 2023. The total origination value was $311,960,000, with an average FHA loan value of $283,600.

    Midland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Midland averaged 6.44% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Midland's average FHA mortgage closing costs are $9,454.

    The average rate for the prior week (2024-07-12) was 6.89% and one month ago for the week of 2024-06-14, the average rate was 6.55%.

    The average rate one year ago was 6.74%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.49%.

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

    Midland 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 Midland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PRIMELENDING, A PLAINSCAPITAL COMPANY 141 6.85% $13,492
    EVERETT FINANCIAL, INC. 102 6.94% $12,191
    DHI MORTGAGE COMPANY, LTD. 101 5.57% $10,888
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 78 7.16% $12,659
    DIRECTIONS EQUITY, LLC 47 6.99% $7,520
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 37 7.00% $9,375
    AMCAP MORTGAGE, LTD. 34 6.70% $14,708
    SECURITYNATIONAL MORTGAGE COMPANY 32 6.74% $14,071
    UNITED WHOLESALE MORTGAGE, LLC 32 6.28% $12,949
    LRS FINANCIAL NETWORK, INC. 30 6.34% $11,558
    T2 FINANCIAL LLC 26 7.01% $14,154
    CARDINAL FINANCIAL 26 6.76% $14,272
    GUARANTEED RATE, INC. 20 6.61% $13,111
    SFMC, LP 20 6.84% $15,835
    NATIONS RELIABLE LENDING, LLC 19 6.74% $15,205
    THRIVE MORTGAGE, LLC 16 7.24% $14,537
    QUICKEN LOANS, LLC 15 6.51% $13,436
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 6.70% $12,842
    Nations Lending Corporation 11 6.72% $8,944
    PLAZA HOME MORTGAGE, INC. 11 6.06% $13,378
    FLAT BRANCH MORTGAGE, INC. 10 6.63% $10,298
    City Bank 9 6.81% $11,819
    LOANDEPOT.COM, LLC 9 7.18% $13,844
    Waterstone Mortgage Corporation 9 6.93% $13,225
    MORTGAGE FINANCIAL SERVICES, LLC 8 6.00% $11,286
    Southwest Bank 6 6.58% $13,339
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 7.10% $12,514
    Gateway First Bank 5 7.00% $11,195
    CALCON MUTUAL MORTGAGE LLC 5 6.68% $18,027
    CASTLE & COOKE MORTGAGE, LLC 5 6.00% $16,669
    Prosperity Bank 5 6.55% $10,491
    GUILD MORTGAGE COMPANY 5 6.48% $16,335
    CMG MORTGAGE, INC. 4 6.94% $15,736
    BROKER SOLUTIONS, INC. 4 6.88% $11,099
    FREEDOM MORTGAGE CORPORATION 3 6.58% $16,825
    GENEVA FINANCIAL, LLC 3 6.50% $16,238
    Flagstar Bank, FSB 3 6.67% $16,878
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.29% $13,284
    First Bank 3 6.79% $12,475
    DAS Acquisition Company, LLC 3 6.00% $18,156
    INTERLINC MORTGAGE SERVICES, LLC 3 7.42% $11,745
    MOVEMENT MORTGAGE, LLC 2 6.94% $11,943
    PENNYMAC LOAN SERVICES, LLC 2 6.81% $11,787
    AMERISAVE MORTGAGE CORPORATION 2 5.63% $16,929
    PREMIA MORTGAGE, LLC 2 6.13% $11,010
    NFM, INC. 2 7.06% $14,809
    SUCCESS MORTGAGE PARTNERS, INC. 2 7.63% $11,453
    Sunflower Bank 2 6.63% $15,001
    Loan Simple, Inc. 2 6.69% $13,465
    Mr. Cooper ( Nationstar Mortgage ) 2 6.19% $16,202
    Century Mortgage Company DBA Century Lending Company 2 6.25% $9,335
    CHURCHILL MORTGAGE CORPORATION 2 6.19% $13,371
    Paramount Residential Mortgage Group, Inc. 2 7.00% $13,251
    ZILLOW HOME LOANS, LLC 1 6.75% $19,057
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $15,146
    AMERICAN FINANCING CORPORATION 1 7.50% $10,178
    AmeriHome Mortgage Company, LLC 1 6.50% $7,268
    Bank of America 1 6.38% $4,240
    Bank of England 1 6.63% $12,960
    BAY EQUITY LLC 1 6.13% $11,237
    BELEM SERVICING LLC 1 6.49% $22,222
    Bell Bank 1 5.75% $9,295
    Colonial Savings, F.A. 1 6.50% $9,790
    Equity Prime Mortgage LLC 1 7.75% $10,548
    First American Bank 1 7.38% $8,597
    First Financial Bank 1 5.75% $11,772
    First National Bank Texas 1 6.75% $11,456
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.38% $25,852
    HOMESIDE FINANCIAL, LLC 1 7.63% $15,539
    JMAC LENDING, INC. 1 7.25% $8,211
    MICHIGAN MUTUAL, INC. 1 4.99% $18,132
    Midwest Mortgage Associates Corporation 1 8.13% $7,061
    Mortgage Research Center, LLC 1 7.25% $8,255
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $10,064
    NBKC BANK 1 6.88% $8,694
    Neighborhood Loans, Inc. 1 6.88% $8,116
    NEWREZ LLC 1 7.25% $10,168
    OPEN MORTGAGE, LLC 1 6.88% $14,778
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.50% $12,091
    PENTAGON FEDERAL CREDIT UNION 1 5.75% $14,994
    Plains Commerce Bank 1 7.50% $11,284
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $18,259
    RESIDENTIAL BANCORP 1 6.25% $15,932
    SeaTrust Mortgage Company 1 6.13% $16,147
    STOCKTON MORTGAGE CORPORATION 1 8.13% $12,577
    SWBC MORTGAGE CORPORATION 1 6.25% $6,414
    Texas Mortgage Lending, LLC 1 5.88% $13,848
    TEXAS TECH 1 5.75% $16,738
    Town Square Mortgage & Investments, Inc. 1 7.50% $13,433
    U.S. Bank 1 6.13% $8,595
    Victorian Finance, LLC 1 7.63% $15,916
    ACADEMY MORTGAGE CORPORATION 1 6.75% $10,820

    The top Midland FHA lender as defined by loan originations is PRIMELENDING, A PLAINSCAPITAL COMPANY, with 141 FHA loans originated. Their average total fees are $13,492, which is $1,300 higher than the next largest lender, EVERETT FINANCIAL, INC..

    The lowest fee Midland FHA lenders (with over 10 loans originated) are DIRECTIONS EQUITY, LLC ($7,520), Nations Lending Corporation ($8,944), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($9,375), FLAT BRANCH MORTGAGE, INC. ($10,298) and DHI MORTGAGE COMPANY, LTD. ($10,888).

    The lowest rate Midland FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.57%), PLAZA HOME MORTGAGE, INC. (6.06%), UNITED WHOLESALE MORTGAGE, LLC (6.28%), LRS FINANCIAL NETWORK, INC. (6.34%) and QUICKEN LOANS, LLC (6.51%).

    Midland FHA Loan Limits

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

    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).