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 7.1% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.9% and one month ago for the week of 2024-03-15, the average rate was 6.76%.

    The average rate one year ago was 6.29%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Midland (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 $325,000 (30.0%) $405,687 (23.2%) 1.20 275
    2018-02-01 $346,700 (33.6%) $477,639 (38.6%) 1.26 258
    2018-03-01 $399,000 (43.0%) $541,274 (49.0%) 1.40 227
    2018-04-01 $366,825 (22.3%) $525,930 (36.6%) 1.24 244
    2018-05-01 $378,750 (31.5%) $543,953 (48.1%) 1.26 265
    2018-06-01 $360,000 (25.9%) $520,583 (42.3%) 1.20 312
    2018-07-01 $362,450 (25.0%) $510,589 (38.9%) 1.21 377
    2018-08-01 $356,000 (21.7%) $496,171 (36.7%) 1.19 400
    2018-09-01 $359,900 (22.0%) $498,830 (34.4%) 1.21 398
    2018-10-01 $372,500 (20.2%) $506,553 (31.4%) 1.26 401
    2018-11-01 $372,225 (19.2%) $497,633 (26.5%) 1.26 415
    2018-12-01 $359,950 (10.8%) $497,080 (23.9%) 1.24 376
    2019-01-01 $359,225 (10.5%) $491,512 (21.2%) 1.24 360
    2019-02-01 $359,950 (3.8%) $496,544 (4.0%) 1.22 352
    2019-03-01 $369,371 (-7.4%) $487,957 (-9.9%) 1.21 348
    2019-04-01 $390,950 (6.6%) $501,284 (-4.7%) 1.24 354
    2019-05-01 $413,200 (9.1%) $509,093 (-6.4%) 1.29 409
    2019-06-01 $399,900 (11.1%) $478,307 (-8.1%) 1.25 473
    2019-07-01 $399,450 (10.2%) $480,480 (-5.9%) 1.25 516
    2019-08-01 $394,473 (10.8%) $469,004 (-5.5%) 1.25 577
    2019-09-01 $386,332 (7.3%) $451,859 (-9.4%) 1.24 630
    2019-10-01 $379,850 (2.0%) $437,748 (-13.6%) 1.23 679
    2019-11-01 $370,000 (-0.6%) $427,804 (-14.0%) 1.21 666
    2019-12-01 $369,000 (2.5%) $428,602 (-13.8%) 1.23 602
    2020-01-01 $370,093 (3.0%) $431,398 (-12.2%) 1.24 575
    2020-02-01 $384,900 (6.9%) $450,219 (-9.3%) 1.26 559
    2020-03-01 $387,625 (4.9%) $452,975 (-7.2%) 1.22 633
    2020-04-01 $369,950 (-5.4%) $435,024 (-13.2%) 1.16 733
    2020-05-01 $359,999 (-12.9%) $433,472 (-14.9%) 1.09 837
    2020-06-01 $350,000 (-12.5%) $429,276 (-10.3%) 1.03 850
    2020-07-01 $342,500 (-14.3%) $410,876 (-14.5%) 0.99 875
    2020-08-01 $329,950 (-16.4%) $405,857 (-13.5%) 0.95 872
    2020-09-01 $331,500 (-14.2%) $410,062 (-9.3%) 0.95 824
    2020-10-01 $329,000 (-13.4%) $403,374 (-7.9%) 0.94 787
    2020-11-01 $329,675 (-10.9%) $400,897 (-6.3%) 0.96 801
    2020-12-01 $328,000 (-11.1%) $401,776 (-6.3%) 0.98 784
    2021-01-01 $325,000 (-12.2%) $401,446 (-6.9%) 0.97 755
    2021-02-01 $324,900 (-15.6%) $410,628 (-8.8%) 0.95 771
    2021-03-01 $324,000 (-16.4%) $418,176 (-7.7%) 0.92 741
    2021-04-01 $326,663 (-11.7%) $428,448 (-1.5%) 0.88 678
    2021-05-01 $333,000 (-7.5%) $428,417 (-1.2%) 0.88 640
    2021-06-01 $329,350 (-5.9%) $425,168 (-1.0%) 0.87 656
    2021-07-01 $338,000 (-1.3%) $417,915 (1.7%) 0.89 695
    2021-08-01 $335,385 (1.7%) $413,803 (2.0%) 0.89 712
    2021-09-01 $329,000 (-0.8%) $410,178 (0.0%) 0.88 694
    2021-10-01 $325,000 (-1.2%) $402,923 (-0.1%) 0.87 696
    2021-11-01 $325,000 (-1.4%) $391,480 (-2.4%) 0.87 671
    2021-12-01 $325,000 (-0.9%) $384,481 (-4.3%) 0.88 627
    2022-01-01 $325,000 (0.0%) $384,062 (-4.3%) 0.88 562
    2022-02-01 $325,000 (0.0%) $380,400 (-7.4%) 0.85 493
    2022-03-01 $330,000 (1.9%) $395,379 (-5.5%) 0.83 452
    2022-04-01 $340,030 (4.1%) $419,008 (-2.2%) 0.81 493
    2022-05-01 $342,258 (2.8%) $425,370 (-0.7%) 0.78 524
    2022-06-01 $350,000 (6.3%) $426,296 (0.3%) 0.78 556
    2022-07-01 $345,523 (2.2%) $418,264 (0.1%) 0.78 615
    2022-08-01 $340,000 (1.4%) $411,807 (-0.5%) 0.79 639
    2022-09-01 $349,375 (6.2%) $418,406 (2.0%) 0.82 656
    2022-10-01 $355,000 (9.2%) $434,982 (8.0%) 0.84 654
    2022-11-01 $351,725 (8.2%) $433,685 (10.8%) 0.85 659
    2022-12-01 $360,000 (10.8%) $437,602 (13.8%) 0.89 591
    2023-01-01 $364,625 (12.2%) $434,677 (13.2%) 0.90 507
    2023-02-01 $366,500 (12.8%) $438,414 (15.3%) 0.88 451
    2023-03-01 $399,250 (21.0%) $486,471 (23.0%) 0.94 426
    2023-04-01 $409,000 (20.3%) $510,720 (21.9%) 0.95 417
    2023-05-01 $405,000 (18.3%) $520,495 (22.4%) 0.92 430
    2023-06-01 $400,313 (14.4%) $510,773 (19.8%) 0.90 450
    2023-07-01 $409,900 (18.6%) $527,284 (26.1%) 0.93 471
    2023-08-01 $399,925 (17.6%) $525,564 (27.6%) 0.92 475
    2023-09-01 $399,900 (14.5%) $512,702 (22.5%) 0.93 493
    2023-10-01 $396,900 (11.8%) $492,577 (13.2%) 0.93 501
    2023-11-01 $392,000 (11.5%) $487,183 (12.3%) 0.93 506
    2023-12-01 $389,000 (8.1%) $492,181 (12.5%) 0.95 484
    2024-01-01 $389,995 (7.0%) $501,625 (15.4%) 0.95 451
    2024-02-01 $405,148 (10.6%) $551,864 (25.9%) 0.98 435
    2024-03-01 $420,995 (5.5%) $577,136 (18.6%) 0.99 413
    Midland's median listing price for 2024-03-01 was $420,995, a difference of $21,745 (5.5%) versus the prior year and $15,847 versus the prior month.

    Midland's median listing price comes in at 99% of the national average.

    Midland's average listing price for 2024-03-01 was $577,136, a difference of $90,665 (18.6%) versus the prior year and $25,272 versus the prior month.

    For the 2024-03-01 period, Midland had 413 MLS listings, a difference of -22 listings (-5%) versus the prior month and -13 listings (-3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Midland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 55 days 2,371 sqft
    2018-02-01 34 days 2,441 sqft
    2018-03-01 33 days 2,686 sqft
    2018-04-01 28 days 2,523 sqft
    2018-05-01 26 days 2,594 sqft
    2018-06-01 26 days 2,506 sqft
    2018-07-01 29 days 2,494 sqft
    2018-08-01 34 days 2,457 sqft
    2018-09-01 43 days 2,454 sqft
    2018-10-01 40 days 2,476 sqft
    2018-11-01 43 days 2,512 sqft
    2018-12-01 51 days 2,481 sqft
    2019-01-01 49 days 2,390 sqft
    2019-02-01 42 days 2,391 sqft
    2019-03-01 39 days 2,455 sqft
    2019-04-01 34 days 2,530 sqft
    2019-05-01 32 days 2,590 sqft
    2019-06-01 35 days 2,562 sqft
    2019-07-01 38 days 2,504 sqft
    2019-08-01 38 days 2,475 sqft
    2019-09-01 40 days 2,432 sqft
    2019-10-01 42 days 2,401 sqft
    2019-11-01 49 days 2,357 sqft
    2019-12-01 60 days 2,343 sqft
    2020-01-01 62 days 2,395 sqft
    2020-02-01 40 days 2,442 sqft
    2020-03-01 42 days 2,431 sqft
    2020-04-01 46 days 2,355 sqft
    2020-05-01 51 days 2,349 sqft
    2020-06-01 51 days 2,328 sqft
    2020-07-01 51 days 2,289 sqft
    2020-08-01 51 days 2,240 sqft
    2020-09-01 57 days 2,248 sqft
    2020-10-01 58 days 2,221 sqft
    2020-11-01 59 days 2,209 sqft
    2020-12-01 60 days 2,207 sqft
    2021-01-01 60 days 2,182 sqft
    2021-02-01 49 days 2,185 sqft
    2021-03-01 53 days 2,153 sqft
    2021-04-01 48 days 2,170 sqft
    2021-05-01 51 days 2,171 sqft
    2021-06-01 44 days 2,171 sqft
    2021-07-01 38 days 2,159 sqft
    2021-08-01 45 days 2,168 sqft
    2021-09-01 52 days 2,141 sqft
    2021-10-01 46 days 2,100 sqft
    2021-11-01 47 days 2,067 sqft
    2021-12-01 59 days 2,073 sqft
    2022-01-01 64 days 2,050 sqft
    2022-02-01 49 days 2,017 sqft
    2022-03-01 42 days 2,043 sqft
    2022-04-01 33 days 2,085 sqft
    2022-05-01 38 days 2,114 sqft
    2022-06-01 37 days 2,171 sqft
    2022-07-01 38 days 2,185 sqft
    2022-08-01 43 days 2,133 sqft
    2022-09-01 47 days 2,147 sqft
    2022-10-01 50 days 2,148 sqft
    2022-11-01 50 days 2,150 sqft
    2022-12-01 62 days 2,240 sqft
    2023-01-01 68 days 2,233 sqft
    2023-02-01 45 days 2,251 sqft
    2023-03-01 45 days 2,403 sqft
    2023-04-01 41 days 2,422 sqft
    2023-05-01 39 days 2,455 sqft
    2023-06-01 42 days 2,419 sqft
    2023-07-01 38 days 2,435 sqft
    2023-08-01 41 days 2,359 sqft
    2023-09-01 43 days 2,367 sqft
    2023-10-01 46 days 2,306 sqft
    2023-11-01 48 days 2,302 sqft
    2023-12-01 54 days 2,257 sqft
    2024-01-01 65 days 2,247 sqft
    2024-02-01 44 days 2,267 sqft
    2024-03-01 43 days 2,369 sqft
    Midland's median listing age (time on market) for 2024-03-01 was 43 days. This is -4% shorter than the same period one year ago.

    Midland's median square footage for active listings during the 2024-03-01 period was 2,369 sqft. One year prior, the average listing was 2,403 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).