Midland FHA Loan Rates, Closing Costs & Stats

MIDLAND, TX

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 100 lenders originated 1,316 FHA loans during 2024. The total origination value was $395,340,000, with an average FHA loan value of $300,410.

    Midland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Midland averaged 0.08% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Midland's average FHA mortgage closing costs are $9,980.

    The average rate for the prior week (2025-06-13) was 6.66% and one month ago for the week of 2025-05-16, the average rate was 6.82%.

    The average rate one year ago was 6.97%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.24%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 162 6.87% $12,809
    PRIMELENDING, A PLAINSCAPITAL COMPANY 160 6.78% $14,121
    DHI MORTGAGE COMPANY, LTD. 142 5.01% $11,680
    EVERETT FINANCIAL, INC. 51 7.00% $12,574
    UNITED WHOLESALE MORTGAGE, LLC 49 6.33% $14,276
    DIRECTIONS EQUITY, LLC 46 6.92% $7,703
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 40 6.94% $9,544
    HOMESIDE FINANCIAL, LLC 40 6.76% $14,235
    QUICKEN LOANS, LLC 38 6.25% $13,693
    SECURITYNATIONAL MORTGAGE COMPANY 37 6.70% $14,792
    LRS FINANCIAL NETWORK, INC. 35 6.24% $10,994
    CARDINAL FINANCIAL 31 6.94% $13,952
    SFMC, LP 28 7.06% $13,342
    FLAT BRANCH MORTGAGE, INC. 22 6.58% $13,391
    GUARANTEED RATE, INC. 21 6.77% $13,229
    NATIONS RELIABLE LENDING, LLC 17 6.68% $14,242
    Waterstone Mortgage Corporation 16 7.11% $13,586
    T2 FINANCIAL LLC 12 7.08% $14,902
    FREEDOM MORTGAGE CORPORATION 11 6.22% $13,100
    THE MORTGAGE LINK, INC. 10 6.79% $20,974
    GENEVA FINANCIAL, LLC 10 6.64% $14,626
    LOANDEPOT.COM, LLC 9 7.17% $15,401
    PENNYMAC LOAN SERVICES, LLC 8 6.14% $7,509
    Century Mortgage Company DBA Century Lending Company 8 6.55% $11,243
    BROKER SOLUTIONS, INC. 7 6.62% $15,907
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.75% $12,370
    AmeriHome Mortgage Company, LLC 6 6.64% $6,958
    Nations Lending Corporation 6 6.73% $13,443
    GUILD MORTGAGE COMPANY 6 6.73% $14,476
    VILLAGE CAPITAL MORTGAGE 6 6.60% $8,224
    City Bank 6 6.33% $13,188
    CMG MORTGAGE, INC. 5 6.35% $14,910
    Equity Prime Mortgage LLC 5 6.48% $13,704
    Flagstar Bank, FSB 5 6.46% $13,504
    Gateway First Bank 5 6.55% $12,404
    ZILLOW HOME LOANS, LLC 4 6.41% $13,310
    INTELLILOAN, INC. 4 6.06% $6,596
    PLANET HOME LENDING, LLC 4 6.06% $7,113
    Ixonia Bank 4 6.22% $10,729
    DAS Acquisition Company, LLC 3 6.83% $17,052
    Home Mortgage Alliance Corp 3 6.21% $13,006
    SOUTHWEST FUNDING, LP 3 7.00% $12,813
    Paramount Residential Mortgage Group, Inc. 3 6.21% $10,409
    Lakeview Community Capital, LLC 3 6.92% $7,385
    MORTGAGE FINANCIAL SERVICES, LLC 3 6.62% $12,458
    Residential Acceptance Corporation 2 7.13% $8,480
    CHURCHILL MORTGAGE CORPORATION 2 6.25% $13,070
    First Financial Bank 2 6.13% $10,352
    First Option Mortgage, LLC 2 7.06% $16,025
    Flanagan State Bank 2 5.44% $12,835
    Florida Capital Bank 2 5.69% $13,943
    GUARANTEED RATE AFFINITY, LLC 2 6.66% $8,486
    INTERLINC MORTGAGE SERVICES, LLC 2 6.94% $9,843
    JPMorgan Chase Bank 2 6.63% $13,786
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $8,029
    MORTGAGE ACCESS CORP. 2 5.88% $15,787
    NEWREZ LLC 2 7.25% $9,784
    Plains Commerce Bank 2 6.31% $16,924
    PREMIA MORTGAGE, LLC 2 6.27% $8,978
    S1L, Inc. 2 6.88% $13,979
    Sunflower Bank 2 6.63% $11,986
    NBKC BANK 1 5.88% $11,502
    Network Funding, L.P. 1 6.63% $11,165
    NEW FED MORTGAGE, CORP. 1 7.00% $13,309
    VERITAS FUNDING, LLC 1 6.00% $17,518
    GEO-CORP, INC. 1 7.50% $21,141
    GARDNER FINANCIAL SERVICES, LTD. 1 7.75% $12,486
    PENTAGON FEDERAL CREDIT UNION 1 6.00% $13,005
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.99% $10,043
    FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $14,752
    V.I.P. MORTGAGE, INC. 1 6.25% $22,142
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.38% $0
    ENVOY MORTGAGE, LTD 1 7.00% $9,471
    Prosperity Bank 1 6.50% $8,403
    Encompass Lending Group, LP 1 6.75% $9,846
    Advisors Mortgage Group, L.L.C. 1 6.50% $11,643
    AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $17,204
    SeaTrust Mortgage Company 1 7.75% $11,199
    CANOPY MORTGAGE, LLC 1 7.13% $17,479
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $18,538
    Bank of England 1 6.63% $11,286
    Strong Home Mortgage, LLC 1 5.49% $10,464
    Amarillo National Bank 1 5.75% $6,987
    SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $16,178
    SWBC MORTGAGE CORPORATION 1 6.13% $4,954
    AXIA FINANCIAL, LLC 1 7.25% $19,380
    Texana Bank 1 6.25% $14,392
    TEXAS TECH 1 7.25% $12,279
    The Federal Savings Bank 1 6.75% $10,905
    AMERITRUST MORTGAGE CORPORATION 1 6.50% $18,752
    TOWNE MORTGAGE COMPANY 1 6.25% $12,026
    Truist 1 6.70% $7,629
    UNION HOME MORTGAGE CORP. 1 6.63% $15,078
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $24,442
    US MORTGAGE CORPORATION 1 7.25% $10,583
    MICHIGAN MUTUAL, INC. 1 7.25% $12,391
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $6,789
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $11,649
    JMAC LENDING, INC. 1 6.25% $10,582
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.75% $10,882

    The top Midland FHA lender as defined by loan originations is HIGHLANDS RESIDENTIAL MORTGAGE, LTD., with 162 FHA loans originated. Their average total fees are $12,809, which is $1,312 lower than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

    The lowest fee Midland FHA lenders (with over 10 loans originated) are DIRECTIONS EQUITY, LLC ($7,703), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($9,544), LRS FINANCIAL NETWORK, INC. ($10,994), DHI MORTGAGE COMPANY, LTD. ($11,680) and EVERETT FINANCIAL, INC. ($12,574).

    The lowest rate Midland FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.01%), FREEDOM MORTGAGE CORPORATION (6.22%), LRS FINANCIAL NETWORK, INC. (6.24%), QUICKEN LOANS, LLC (6.25%) and UNITED WHOLESALE MORTGAGE, LLC (6.33%).

    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).