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 109 lenders originated 1,575 FHA loans during 2021. The total origination value was $384,115,000, with an average FHA loan value of $243,883.

Midland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Midland averaged 6.38% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Midland's average FHA mortgage closing costs are $8,428.

The average rate for the prior week (2022-11-25) was 6.5% and one month ago for the week of 2022-10-28, the average rate was 7.04%.

The average rate one year ago was 3.57%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.12%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
PRIMELENDING, A PLAINSCAPITAL COMPANY 154 3.53% $9,248
DHI MORTGAGE COMPANY, LTD. 134 2.89% $9,882
ARK-LA-TEX FINANCIAL SERVICES, LLC. 96 3.62% $8,156
Gateway First Bank 83 3.60% $7,591
Southwest Bank 58 3.26% $9,008
AMCAP MORTGAGE, LTD. 57 3.63% $11,245
QUICKEN LOANS, LLC 57 2.58% $6,446
LAKEVIEW LOAN SERVICING, LLC 53 2.95% $5,784
SECURITYNATIONAL MORTGAGE COMPANY 52 3.33% $9,133
Lakeview Community Capital, LLC 40 3.04% $5,323
FBC MORTGAGE, LLC 37 3.25% $8,706
First Bank & Trust 32 3.45% $9,081
PENNYMAC LOAN SERVICES, LLC 32 3.11% $5,805
Mr. Cooper ( Nationstar Mortgage ) 31 3.36% $4,692
LRS FINANCIAL NETWORK, INC. 29 2.55% $9,193
SFMC, LP 27 3.57% $10,067
EVERETT FINANCIAL, INC. 26 3.90% $8,066
INFINITY MORTGAGE HOLDINGS, LLC 26 3.47% $10,363
NATIONS RELIABLE LENDING, LLC 25 3.37% $10,400
FREEDOM MORTGAGE CORPORATION 23 2.94% $6,416
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 17 3.31% $10,693
Nations Lending Corporation 16 3.14% $8,940
CERTAINTY HOME LOANS, LLC 14 3.60% $9,578
AmeriHome Mortgage Company, LLC 14 2.83% $5,249
CALIBER HOME LOANS, INC. 12 2.67% $6,221
VILLAGE CAPITAL MORTGAGE 10 2.99% $1,745
NEWREZ LLC 10 2.98% $6,033
UNITED WHOLESALE MORTGAGE, LLC 9 2.82% $7,852
First Guaranty Mortgage Corporation 9 2.97% $5,913
HOMESIDE FINANCIAL, LLC 9 3.44% $8,155
Republic State Mortgage Co. 9 3.13% $7,017
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 3.03% $5,698
PLANET HOME LENDING, LLC 7 2.93% $6,631
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 3.32% $7,606
MID AMERICA MORTGAGE, INC. 7 2.96% $3,243
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.58% $8,430
SOUTHWEST STAGE FUNDING, LLC 6 3.42% $6,619
AMERISAVE MORTGAGE CORPORATION 6 3.02% $11,469
Bank of America 5 2.68% $5,272
AMERICAN FINANCIAL NETWORK, INC. 5 3.63% $14,166
City Bank 5 3.45% $9,036
Amerifirst Financial, Inc. 5 3.10% $8,164
NATIONS DIRECT MORTGAGE, LLC 5 3.35% $9,795
Paramount Residential Mortgage Group, Inc. 4 2.87% $7,957
GUILD MORTGAGE COMPANY 4 3.56% $11,214
LOANDEPOT.COM, LLC 4 3.47% $9,401
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 3.34% $9,708
SOUTHWEST FUNDING, LP 4 3.44% $12,758
Commerce Home Mortgage, Inc. 4 2.88% $8,558
BROKER SOLUTIONS, INC. 4 3.31% $8,047
TEXAS TECH 3 2.75% $9,050
CITY FIRST MORTGAGE SERVICES, L.L.C. 3 3.08% $10,729
CMG MORTGAGE, INC. 3 2.88% $10,815
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 3.71% $9,006
MOVEMENT MORTGAGE, LLC 3 3.38% $9,308
DAS Acquisition Company, LLC 2 4.03% $12,345
Bank of England 2 3.00% $7,848
CONTOUR MORTGAGE CORPORATION 2 3.19% $8,218
CORNERSTONE HOME LENDING, INC. 2 3.12% $10,029
CROSSCOUNTRY MORTGAGE, LLC 2 3.18% $11,821
Equity Prime Mortgage LLC 2 2.56% $13,508
INTERLINC MORTGAGE SERVICES, LLC 2 3.31% $10,531
JMAC LENDING, INC. 2 2.50% $9,513
Midwest Mortgage Associates Corporation 2 2.94% $10,125
MORIA DEVELOPMENT, INC. 2 3.31% $10,689
PILGRIM MORTGAGE LLC 2 2.88% $9,250
Prosperity Bank 2 2.81% $9,209
U.S. Bank 2 2.99% $7,806
MORTGAGE FINANCIAL SERVICES, LLC 1 3.50% $7,572
LENOX FINANCIAL MORTGAGE CORPORATION 1 3.00% $11,332
KELLER MORTGAGE, LLC 1 3.13% $6,158
Ixonia Bank 1 3.13% $10,472
InterContinental Capital Group, Inc 1 2.50% $9,980
HOME POINT FINANCIAL CORPORATION 1 2.75% $10,688
Happy State Bank 1 3.00% $7,909
NBKC BANK 1 2.38% $8,851
HANCOCK MORTGAGE PARTNERS, LLC 1 3.25% $8,518
OCEANSIDE MORTGAGE COMPANY 1 3.25% $2,745
OPEN MORTGAGE, LLC 1 3.88% $14,412
GUARANTEED RATE, INC. 1 3.13% $10,113
GREAT WESTERN FINANCIAL SERVICES, INC. 1 2.25% $16,704
Waterstone Mortgage Corporation 1 3.50% $8,977
Goldwater Bank, N.A. 1 3.13% $11,067
PLAZA HOME MORTGAGE, INC. 1 2.88% $10,351
PREMIA MORTGAGE, LLC 1 2.25% $9,631
First Savings Bank 1 3.25% $13,231
First Home Bank 1 2.75% $11,439
Wells Fargo Bank 1 3.25% $6,292
FINANCE OF AMERICA MORTGAGE LLC 1 4.13% $8,474
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 2.88% $9,037
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.75% $5,424
S1L, Inc. 1 2.25% $21,988
ENVOY MORTGAGE, LTD 1 3.00% $9,796
ACADEMY MORTGAGE CORPORATION 1 4.25% $12,535
Colten Mortgage, LLC 1 3.75% $4,984
CHURCHILL MORTGAGE CORPORATION 1 2.88% $11,819
Carrington Mortgage Services, LLC 1 2.63% $7,899
SWBC MORTGAGE CORPORATION 1 3.75% $10,096
ASPIRE FINANCIAL, INC. 1 2.88% $11,944
The Federal Savings Bank 1 2.63% $9,009
THRIVE MORTGAGE, LLC 1 3.88% $13,568
Town Square Mortgage & Investments, Inc. 1 3.38% $8,174
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.50% $6,994
WILLOW BEND MORTGAGE COMPANY, LLC 1 3.25% $15,495
Loan Simple, Inc. 1 3.50% $9,328
MICHIGAN MUTUAL, INC. 1 3.63% $17,612
LOANPAL, LLC 1 3.25% $5,135
VAN DYK MORTGAGE CORPORATION 1 3.63% $10,070
AMERICAN FINANCIAL RESOURCES, INC. 1 3.13% $7,170

The top Midland FHA lender as defined by loan originations is PRIMELENDING, A PLAINSCAPITAL COMPANY, with 154 FHA loans originated. Their average total fees are $9,248, which is $634 lower than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Midland FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($1,745), Mr. Cooper ( Nationstar Mortgage ) ($4,692), AmeriHome Mortgage Company, LLC ($5,249), Lakeview Community Capital, LLC ($5,323) and LAKEVIEW LOAN SERVICING, LLC ($5,784).

The lowest rate Midland FHA lenders (with over 10 loans originated) are LRS FINANCIAL NETWORK, INC. (2.55%), QUICKEN LOANS, LLC (2.58%), CALIBER HOME LOANS, INC. (2.67%), AmeriHome Mortgage Company, LLC (2.83%) and DHI MORTGAGE COMPANY, LTD. (2.89%).

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

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%) 1.21 275
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 (38.8%) 1.21 377
2018-08-01 $356,000 (21.6%) $496,171 (36.6%) 1.19 400
2018-09-01 $359,900 (21.7%) $498,830 (34.3%) 1.21 398
2018-10-01 $372,500 (20.2%) $506,553 (31.3%) 1.26 401
2018-11-01 $372,225 (18.5%) $497,633 (26.4%) 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%) $501,291 (-4.7%) 1.24 355
2019-05-01 $413,200 (9.1%) $508,954 (-6.4%) 1.29 411
2019-06-01 $399,900 (11.1%) $478,111 (-8.2%) 1.25 475
2019-07-01 $399,450 (10.2%) $479,880 (-6.0%) 1.25 519
2019-08-01 $394,473 (10.8%) $468,487 (-5.6%) 1.25 580
2019-09-01 $386,332 (7.3%) $451,462 (-9.5%) 1.24 633
2019-10-01 $379,750 (2.0%) $437,451 (-13.6%) 1.23 682
2019-11-01 $370,000 (-0.6%) $427,551 (-14.1%) 1.21 669
2019-12-01 $369,450 (2.6%) $428,314 (-13.8%) 1.23 605
2020-01-01 $370,237 (3.1%) $431,086 (-12.3%) 1.24 578
2020-02-01 $384,900 (6.9%) $450,333 (-9.3%) 1.26 560
2020-03-01 $387,625 (4.9%) $452,807 (-7.2%) 1.21 635
2020-04-01 $370,950 (-5.1%) $434,967 (-13.2%) 1.16 736
2020-05-01 $360,000 (-12.9%) $433,388 (-14.9%) 1.09 839
2020-06-01 $350,000 (-12.5%) $428,884 (-10.3%) 1.03 854
2020-07-01 $342,500 (-14.3%) $410,617 (-14.4%) 0.99 879
2020-08-01 $329,900 (-16.4%) $405,496 (-13.5%) 0.95 876
2020-09-01 $331,500 (-14.2%) $409,833 (-9.2%) 0.95 828
2020-10-01 $329,000 (-13.4%) $403,245 (-7.8%) 0.94 790
2020-11-01 $329,900 (-10.8%) $400,696 (-6.3%) 0.96 805
2020-12-01 $329,450 (-10.8%) $401,564 (-6.3%) 0.98 788
2021-01-01 $325,000 (-12.2%) $401,229 (-6.9%) 0.97 759
2021-02-01 $324,950 (-15.6%) $410,472 (-8.9%) 0.94 774
2021-03-01 $323,938 (-16.4%) $417,780 (-7.7%) 0.92 745
2021-04-01 $326,663 (-11.9%) $428,050 (-1.6%) 0.88 681
2021-05-01 $333,500 (-7.4%) $428,488 (-1.1%) 0.88 643
2021-06-01 $329,500 (-5.9%) $425,189 (-0.9%) 0.87 658
2021-07-01 $337,270 (-1.5%) $417,876 (1.8%) 0.89 696
2021-08-01 $335,000 (1.6%) $413,150 (1.9%) 0.89 712
2021-09-01 $329,250 (-0.7%) $409,857 (0.0%) 0.88 695
2021-10-01 $325,000 (-1.2%) $402,651 (-0.2%) 0.87 698
2021-11-01 $325,000 (-1.5%) $391,380 (-2.3%) 0.87 674
2021-12-01 $325,000 (-1.4%) $384,484 (-4.3%) 0.88 630
2022-01-01 $325,000 (0.0%) $385,720 (-3.9%) 0.88 560
2022-02-01 $325,000 (0.0%) $380,232 (-7.4%) 0.85 495
2022-03-01 $329,900 (1.8%) $395,142 (-5.4%) 0.83 453
2022-04-01 $340,030 (4.1%) $418,430 (-2.3%) 0.81 496
2022-05-01 $342,250 (2.6%) $425,982 (-0.6%) 0.78 525
2022-06-01 $349,950 (6.2%) $426,072 (0.2%) 0.78 559
2022-07-01 $346,000 (2.6%) $417,699 (0.0%) 0.78 618
2022-08-01 $340,000 (1.5%) $411,615 (-0.4%) 0.79 642
2022-09-01 $349,371 (6.1%) $418,014 (2.0%) 0.82 660
2022-10-01 $355,000 (9.2%) $435,160 (8.1%) 0.84 657
2022-11-01 $352,475 (8.5%) $433,594 (10.8%) 0.85 662
Midland's median listing price for 2022-11-01 was $352,475, a difference of $27,475 (8.5%) versus the prior year and $-2,525 versus the prior month.

Midland's median listing price comes in at 85% of the national average.

Midland's average listing price for 2022-11-01 was $433,594, a difference of $42,214 (10.8%) versus the prior year and $-1,566 versus the prior month.

For the 2022-11-01 period, Midland had 662 MLS listings, a difference of 5 listings (1%) versus the prior month and -12 listings (-2%) 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 56 days 2,371 sqft
2018-02-01 34 days 2,441 sqft
2018-03-01 34 days 2,686 sqft
2018-04-01 29 days 2,523 sqft
2018-05-01 27 days 2,594 sqft
2018-06-01 27 days 2,506 sqft
2018-07-01 30 days 2,494 sqft
2018-08-01 34 days 2,457 sqft
2018-09-01 43 days 2,454 sqft
2018-10-01 41 days 2,476 sqft
2018-11-01 43 days 2,512 sqft
2018-12-01 51 days 2,481 sqft
2019-01-01 51 days 2,390 sqft
2019-02-01 42 days 2,391 sqft
2019-03-01 39 days 2,453 sqft
2019-04-01 34 days 2,527 sqft
2019-05-01 32 days 2,590 sqft
2019-06-01 35 days 2,565 sqft
2019-07-01 38 days 2,505 sqft
2019-08-01 38 days 2,476 sqft
2019-09-01 41 days 2,433 sqft
2019-10-01 43 days 2,402 sqft
2019-11-01 49 days 2,360 sqft
2019-12-01 61 days 2,344 sqft
2020-01-01 64 days 2,399 sqft
2020-02-01 42 days 2,455 sqft
2020-03-01 42 days 2,436 sqft
2020-04-01 47 days 2,357 sqft
2020-05-01 52 days 2,350 sqft
2020-06-01 51 days 2,328 sqft
2020-07-01 52 days 2,289 sqft
2020-08-01 52 days 2,240 sqft
2020-09-01 58 days 2,249 sqft
2020-10-01 58 days 2,221 sqft
2020-11-01 60 days 2,209 sqft
2020-12-01 62 days 2,207 sqft
2021-01-01 62 days 2,182 sqft
2021-02-01 50 days 2,185 sqft
2021-03-01 54 days 2,153 sqft
2021-04-01 49 days 2,170 sqft
2021-05-01 52 days 2,175 sqft
2021-06-01 46 days 2,171 sqft
2021-07-01 40 days 2,157 sqft
2021-08-01 47 days 2,167 sqft
2021-09-01 54 days 2,139 sqft
2021-10-01 48 days 2,100 sqft
2021-11-01 50 days 2,068 sqft
2021-12-01 60 days 2,074 sqft
2022-01-01 64 days 2,051 sqft
2022-02-01 53 days 2,017 sqft
2022-03-01 44 days 2,041 sqft
2022-04-01 33 days 2,099 sqft
2022-05-01 39 days 2,116 sqft
2022-06-01 38 days 2,173 sqft
2022-07-01 39 days 2,185 sqft
2022-08-01 44 days 2,138 sqft
2022-09-01 48 days 2,148 sqft
2022-10-01 51 days 2,151 sqft
2022-11-01 51 days 2,156 sqft
Midland's median listing age (time on market) for 2022-11-01 was 51 days. This is 2% longer than the same period one year ago.

Midland's median square footage for active listings during the 2022-11-01 period was 2,156 sqft. One year prior, the average listing was 2,068 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).