Midland FHA Loan Rates, Closing Costs & Stats

MIDLAND, 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.

Midland's 99 lenders originated 1,132 FHA loans during 2022. The total origination value was $304,240,000, with an average FHA loan value of $268,763.

Midland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Midland averaged 6.39% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Midland's average FHA mortgage closing costs are $8,868.

The average rate for the prior week (2024-02-09) was 6% and one month ago for the week of 2024-01-12, the average rate was 6.04%.

The average rate one year ago was 5.89%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.13%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
PRIMELENDING, A PLAINSCAPITAL COMPANY 165 5.48% $10,809
DHI MORTGAGE COMPANY, LTD. 135 4.38% $11,125
EVERETT FINANCIAL, INC. 95 5.87% $8,809
Gateway First Bank 56 4.94% $8,641
SECURITYNATIONAL MORTGAGE COMPANY 48 5.31% $11,811
ARK-LA-TEX FINANCIAL SERVICES, LLC. 44 5.48% $9,587
CERTAINTY HOME LOANS, LLC 37 6.03% $10,632
CARDINAL FINANCIAL 35 5.69% $12,524
AMCAP MORTGAGE, LTD. 35 5.43% $13,017
NATIONS RELIABLE LENDING, LLC 24 5.32% $13,436
LRS FINANCIAL NETWORK, INC. 22 4.14% $9,867
QUICKEN LOANS, LLC 18 4.45% $13,133
First Bank & Trust 18 5.48% $10,658
Southwest Bank 14 5.38% $9,576
UNITED WHOLESALE MORTGAGE, LLC 14 5.24% $11,641
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 5.54% $9,450
City Bank 11 5.40% $10,193
Nations Lending Corporation 10 5.36% $7,765
SFMC, LP 10 5.74% $14,667
PENNYMAC LOAN SERVICES, LLC 10 3.70% $8,353
INFINITY MORTGAGE HOLDINGS, LLC 10 4.23% $10,151
MORTGAGE SOLUTIONS OF COLORADO, LLC 9 5.56% $11,238
DIRECTIONS EQUITY, LLC 9 5.97% $8,639
CALIBER HOME LOANS, INC. 8 5.16% $10,955
BROKER SOLUTIONS, INC. 8 5.81% $11,352
Mr. Cooper ( Nationstar Mortgage ) 8 3.41% $5,978
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 8 6.36% $13,058
LOANDEPOT.COM, LLC 8 4.92% $10,971
FREEDOM MORTGAGE CORPORATION 7 3.85% $9,892
Republic State Mortgage Co. 7 4.80% $7,972
FBC MORTGAGE, LLC 7 4.16% $10,063
Flagstar Bank, FSB 7 4.72% $10,499
T2 FINANCIAL LLC 7 6.57% $11,894
CITY FIRST MORTGAGE SERVICES, L.L.C. 6 4.81% $11,120
AMERISAVE MORTGAGE CORPORATION 5 4.28% $13,678
HOMESIDE FINANCIAL, LLC 5 5.02% $12,527
American Bank of Commerce 5 4.63% $9,551
MID AMERICA MORTGAGE, INC. 4 5.00% $6,303
NATIONS DIRECT MORTGAGE, LLC 4 4.53% $12,833
PLANET HOME LENDING, LLC 4 3.78% $6,352
FLAT BRANCH MORTGAGE, INC. 4 6.28% $10,379
DAS Acquisition Company, LLC 3 4.88% $16,258
AMERICAN FINANCIAL RESOURCES, INC. 3 4.42% $10,334
GREAT WESTERN FINANCIAL SERVICES, INC. 3 5.75% $12,428
GUARANTEED RATE, INC. 3 5.08% $10,628
LAKEVIEW LOAN SERVICING, LLC 3 3.17% $5,226
PANORAMA MORTGAGE GROUP, LLC 3 6.00% $13,176
THRIVE MORTGAGE, LLC 3 5.79% $13,226
Paramount Residential Mortgage Group, Inc. 2 4.63% $9,910
CMG MORTGAGE, INC. 2 5.25% $11,637
Lakeview Community Capital, LLC 2 3.44% $4,559
Bank of America 2 2.25% $3,714
Plains Commerce Bank 2 6.19% $10,298
VILLAGE CAPITAL MORTGAGE 2 3.13% $5,664
SUCCESS MORTGAGE PARTNERS, INC. 2 5.44% $12,040
CROSSCOUNTRY MORTGAGE, LLC 2 4.88% $12,545
LEGEND LENDING CORPORATION 2 5.56% $6,080
AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.88% $12,637
TEXAS TECH 2 5.44% $11,892
Hometown Equity Mortgage, LLC 2 5.94% $12,321
Mortgage Research Center, LLC 2 5.50% $6,456
JPMorgan Chase Bank 2 5.44% $6,760
Loan Simple, Inc. 2 6.38% $14,178
GUILD MORTGAGE COMPANY 2 5.38% $14,383
Century Mortgage Company DBA Century Lending Company 2 5.19% $10,155
GENEVA FINANCIAL, LLC 2 4.75% $10,948
PREMIA MORTGAGE, LLC 1 4.75% $12,542
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.13% $11,709
Citizens Bank 1 4.25% $8,841
CHERRY CREEK MORTGAGE, LLC 1 4.63% $6,260
CALCON MUTUAL MORTGAGE LLC 1 6.75% $12,211
Bank of England 1 6.75% $7,137
SIRVA MORTGAGE, INC. 1 4.88% $14,073
SOUTHWEST FUNDING, LP 1 5.25% $13,423
SOUTHWEST STAGE FUNDING, LLC 1 4.25% $5,984
Sunflower Bank 1 5.13% $13,637
SWBC MORTGAGE CORPORATION 1 4.00% $9,567
Town Square Mortgage & Investments, Inc. 1 5.13% $10,090
United Fidelity Funding Corp. 1 5.75% $17,156
AMERICAN FINANCING CORPORATION 1 3.75% $3,493
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.25% $12,700
WILLOW BEND MORTGAGE COMPANY, LLC 1 6.63% $10,802
First National Bank Texas 1 6.25% $8,321
INTERLINC MORTGAGE SERVICES, LLC 1 5.63% $13,561
First Home Bank 1 4.75% $23,437
First Guaranty Mortgage Corporation 1 4.00% $12,751
FINANCE OF AMERICA MORTGAGE LLC 1 4.38% $15,444
MORTGAGE FINANCIAL SERVICES, LLC 1 4.25% $16,036
Evolve Bank & Trust 1 5.13% $11,466
DRAPER AND KRAMER MORTGAGE CORP. 1 3.63% $14,225
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $11,647
ACADEMY MORTGAGE CORPORATION 1 6.25% $9,847
Commerce Home Mortgage, Inc. 1 5.63% $9,189
Neighborhood Loans, Inc. 1 5.50% $13,096
Northpointe Bank 1 6.25% $19,231
VISION ONE MORTGAGE, INC. 1 5.75% $15,277
PILGRIM MORTGAGE LLC 1 3.75% $10,977
CityWorth Mortgage LLC 1 4.75% $14,567
PLAZA HOME MORTGAGE, INC. 1 3.75% $9,905

The top Midland FHA lender as defined by loan originations is PRIMELENDING, A PLAINSCAPITAL COMPANY, with 165 FHA loans originated. Their average total fees are $10,809, which is $316 lower than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Midland FHA lenders (with over 10 loans originated) are Nations Lending Corporation ($7,765), PENNYMAC LOAN SERVICES, LLC ($8,353), Gateway First Bank ($8,641), EVERETT FINANCIAL, INC. ($8,809) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,450).

The lowest rate Midland FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.70%), LRS FINANCIAL NETWORK, INC. (4.14%), INFINITY MORTGAGE HOLDINGS, LLC (4.23%), DHI MORTGAGE COMPANY, LTD. (4.38%) and QUICKEN LOANS, LLC (4.45%).

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%) $437,971 (13.9%) 0.89 590
2023-01-01 $364,875 (12.3%) $435,087 (13.3%) 0.90 506
2023-02-01 $366,975 (12.9%) $439,010 (15.4%) 0.89 449
2023-03-01 $399,500 (21.1%) $487,443 (23.3%) 0.94 424
2023-04-01 $409,500 (20.4%) $510,720 (21.9%) 0.95 415
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 (12.4%) 0.95 484
Midland's median listing price for 2023-12-01 was $389,000, a difference of $29,000 (8.1%) versus the prior year and $-3,000 versus the prior month.

Midland's median listing price comes in at 95% of the national average.

Midland's average listing price for 2023-12-01 was $492,181, a difference of $54,210 (12.4%) versus the prior year and $4,998 versus the prior month.

For the 2023-12-01 period, Midland had 484 MLS listings, a difference of -22 listings (-4%) versus the prior month and -106 listings (-18%) 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 2,242 sqft
2023-01-01 68 days 2,237 sqft
2023-02-01 44 days 2,264 sqft
2023-03-01 45 days 2,407 sqft
2023-04-01 41 days 2,424 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
Midland's median listing age (time on market) for 2023-12-01 was 54 days. This is -13% shorter than the same period one year ago.

Midland's median square footage for active listings during the 2023-12-01 period was 2,257 sqft. One year prior, the average listing was 2,242 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).