Mineral Wells FHA Loan Rates, Closing Costs & Stats

Mineral Wells, 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.

    Mineral Wells's 40 lenders originated 77 FHA loans during 2023. The total origination value was $18,055,000, with an average FHA loan value of $234,481.

    Mineral Wells FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mineral Wells averaged 7.15% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Mineral Wells's average FHA mortgage closing costs are $8,446.

    The average rate for the prior week (2024-04-12) was 6.85% and one month ago for the week of 2024-03-15, the average rate was 6.51%.

    The average rate one year ago was 6.44%.

    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.

    Mineral Wells 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 Mineral Wells level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 10 5.60% $15,932
    GUILD MORTGAGE COMPANY 4 6.94% $13,110
    QUICKEN LOANS, LLC 4 6.25% $9,878
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.92% $9,168
    Gateway First Bank 3 6.75% $11,212
    EVERETT FINANCIAL, INC. 2 7.38% $7,672
    Town Square Mortgage & Investments, Inc. 2 6.06% $7,743
    MOVEMENT MORTGAGE, LLC 2 6.13% $9,436
    First Bank 2 6.31% $10,439
    Colonial Savings, F.A. 2 6.44% $9,486
    Network Funding, L.P. 2 6.75% $16,046
    Paramount Residential Mortgage Group, Inc. 2 6.38% $9,120
    LOANDEPOT.COM, LLC 2 6.56% $12,499
    Plains Commerce Bank 2 6.50% $9,631
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.19% $10,958
    Neighborhood Loans, Inc. 1 7.63% $15,928
    NEWREZ LLC 1 6.75% $7,519
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $12,477
    Prosperity Home Mortgage, LLC 1 5.13% $17,105
    RADIUS FINANCIAL GROUP INC. 1 6.75% $16,415
    SFMC, LP 1 7.13% $10,751
    Trinity Oaks Mortgage, LLC 1 6.25% $9,597
    Waterstone Mortgage Corporation 1 5.88% $7,787
    Wells Fargo Bank 1 6.00% $11,796
    AMERICAN FINANCIAL NETWORK, INC. 1 5.75% $13,270
    ZILLOW HOME LOANS, LLC 1 6.75% $12,197
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $10,852
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.38% $10,234
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $18,164
    CMG MORTGAGE, INC. 1 6.50% $10,421
    Encompass Lending Group, LP 1 6.25% $9,420
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.88% $7,456
    FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $17,641
    FREEDOM MORTGAGE CORPORATION 1 7.75% $12,004
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.88% $13,044
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $9,865
    Magnolia Bank 1 6.00% $6,009
    MICHIGAN MUTUAL, INC. 1 7.13% $12,899
    MORTGAGE FINANCIAL SERVICES, LLC 1 6.75% $14,159
    NATIONS RELIABLE LENDING, LLC 1 7.00% $13,900

    The top Mineral Wells FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 10 FHA loans originated. Their average total fees are $15,932, which is $2,822 higher than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Mineral Wells FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($15,932), .

    The lowest rate Mineral Wells FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.60%), .

    Mineral Wells FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mineral Wells (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 $332,250 (19.5%) $477,213 (16.2%) 0.00 240
    2018-02-01 $328,500 (12.7%) $500,231 (17.2%) 0.00 260
    2018-03-01 $349,000 (16.4%) $511,882 (12.3%) 0.00 276
    2018-04-01 $387,950 (19.4%) $543,560 (13.0%) 0.00 274
    2018-05-01 $388,450 (27.9%) $543,690 (14.0%) 0.00 288
    2018-06-01 $387,000 (17.7%) $523,818 (7.0%) 0.00 286
    2018-07-01 $380,000 (8.9%) $513,901 (1.7%) 0.00 287
    2018-08-01 $374,950 (7.4%) $509,886 (-2.1%) 0.00 271
    2018-09-01 $367,000 (9.7%) $482,492 (-5.1%) 0.00 250
    2018-10-01 $370,950 (18.2%) $474,025 (-4.1%) 0.00 224
    2018-11-01 $365,000 (20.7%) $476,316 (-1.0%) 0.00 215
    2018-12-01 $345,000 (7.8%) $476,328 (2.6%) 0.00 189
    2019-01-01 $345,000 (3.8%) $493,588 (3.4%) 0.00 160
    2019-02-01 $345,000 (5.0%) $483,990 (-3.3%) 0.00 182
    2019-03-01 $362,200 (3.8%) $506,343 (-1.1%) 0.00 190
    2019-04-01 $379,000 (-2.3%) $512,024 (-5.8%) 0.00 207
    2019-05-01 $383,475 (-1.3%) $518,523 (-4.6%) 0.00 211
    2019-06-01 $365,000 (-5.7%) $525,968 (0.4%) 0.00 221
    2019-07-01 $364,675 (-4.0%) $572,621 (11.4%) 0.00 220
    2019-08-01 $359,759 (-4.1%) $573,701 (12.5%) 0.00 215
    2019-09-01 $366,898 (0.0%) $584,930 (21.2%) 0.00 206
    2019-10-01 $375,725 (1.3%) $605,293 (27.7%) 0.00 194
    2019-11-01 $374,450 (2.6%) $616,201 (29.4%) 0.00 183
    2019-12-01 $349,900 (1.4%) $627,602 (31.8%) 0.00 182
    2020-01-01 $357,225 (3.5%) $645,614 (30.8%) 0.00 171
    2020-02-01 $389,000 (12.8%) $640,003 (32.2%) 0.00 166
    2020-03-01 $389,875 (7.6%) $666,044 (31.5%) 0.00 202
    2020-04-01 $389,850 (2.9%) $648,566 (26.7%) 0.00 228
    2020-05-01 $380,000 (-0.9%) $665,165 (28.3%) 0.00 210
    2020-06-01 $375,000 (2.7%) $714,470 (35.8%) 0.00 171
    2020-07-01 $372,500 (2.2%) $650,820 (13.7%) 0.00 142
    2020-08-01 $360,000 (0.1%) $651,706 (13.6%) 0.00 128
    2020-09-01 $369,500 (0.7%) $695,568 (18.9%) 0.00 130
    2020-10-01 $372,999 (-0.7%) $735,120 (21.5%) 0.00 116
    2020-11-01 $374,000 (-0.1%) $749,765 (21.7%) 0.00 115
    2020-12-01 $361,000 (3.2%) $777,050 (23.8%) 0.00 101
    2021-01-01 $374,000 (4.7%) $827,509 (28.2%) 0.00 99
    2021-02-01 $380,750 (-2.1%) $867,199 (35.5%) 0.00 94
    2021-03-01 $387,000 (-0.7%) $810,011 (21.6%) 0.00 93
    2021-04-01 $425,500 (9.1%) $814,648 (25.6%) 0.00 79
    2021-05-01 $474,995 (25.0%) $843,187 (26.8%) 0.00 78
    2021-06-01 $439,250 (17.1%) $805,593 (12.8%) 0.00 78
    2021-07-01 $448,000 (20.3%) $811,759 (24.7%) 0.00 95
    2021-08-01 $415,000 (15.3%) $769,762 (18.1%) 0.00 105
    2021-09-01 $392,850 (6.3%) $774,720 (11.4%) 0.00 96
    2021-10-01 $387,000 (3.8%) $786,531 (7.0%) 0.00 88
    2021-11-01 $353,000 (-5.6%) $794,474 (6.0%) 0.00 82
    2021-12-01 $336,500 (-6.8%) $778,617 (0.2%) 0.00 75
    2022-01-01 $419,450 (12.2%) $771,864 (-6.7%) 0.00 69
    2022-02-01 $449,475 (18.1%) $770,873 (-11.1%) 0.00 65
    2022-03-01 $499,250 (29.0%) $794,548 (-1.9%) 0.00 67
    2022-04-01 $545,000 (28.1%) $983,845 (20.8%) 0.00 64
    2022-05-01 $486,000 (2.3%) $975,173 (15.7%) 0.00 83
    2022-06-01 $472,500 (7.6%) $940,458 (16.7%) 0.00 103
    2022-07-01 $419,000 (-6.5%) $917,080 (13.0%) 0.00 123
    2022-08-01 $436,223 (5.1%) $915,946 (19.0%) 0.00 145
    2022-09-01 $434,725 (10.7%) $796,174 (2.8%) 0.00 162
    2022-10-01 $399,999 (3.4%) $786,610 (0.0%) 0.00 180
    2022-11-01 $399,000 (13.0%) $753,841 (-5.1%) 0.00 168
    2022-12-01 $375,000 (11.4%) $667,351 (-14.3%) 0.00 164
    2023-01-01 $380,000 (-9.4%) $669,148 (-13.3%) 0.00 154
    2023-02-01 $386,725 (-14.0%) $672,610 (-12.8%) 0.00 166
    2023-03-01 $413,250 (-17.2%) $727,702 (-8.4%) 0.00 183
    2023-04-01 $399,250 (-26.7%) $694,313 (-29.4%) 0.00 203
    2023-05-01 $436,250 (-10.2%) $775,691 (-20.5%) 0.00 205
    2023-06-01 $439,500 (-7.0%) $791,778 (-15.8%) 0.00 204
    2023-07-01 $449,900 (7.4%) $813,355 (-11.3%) 0.00 198
    2023-08-01 $452,950 (3.8%) $750,624 (-18.1%) 0.00 221
    2023-09-01 $465,000 (7.0%) $745,919 (-6.3%) 0.00 229
    2023-10-01 $455,750 (13.9%) $745,546 (-5.2%) 0.00 222
    2023-11-01 $477,450 (19.7%) $722,358 (-4.2%) 0.00 224
    2023-12-01 $445,000 (18.7%) $704,447 (5.6%) 0.00 229
    2024-01-01 $424,975 (11.8%) $686,582 (2.6%) 0.00 219
    2024-02-01 $439,750 (13.7%) $711,794 (5.8%) 0.00 213
    2024-03-01 $485,000 (17.4%) $840,558 (15.5%) 0.00 233
    Mineral Wells's median listing price for 2024-03-01 was $485,000, a difference of $71,750 (17.4%) versus the prior year and $45,250 versus the prior month.

    Mineral Wells's median listing price comes in at 0% of the national average.

    Mineral Wells's average listing price for 2024-03-01 was $840,558, a difference of $112,856 (15.5%) versus the prior year and $128,764 versus the prior month.

    For the 2024-03-01 period, Mineral Wells had 233 MLS listings, a difference of 20 listings (9%) versus the prior month and 50 listings (27%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mineral Wells (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,106 sqft
    2018-02-01 0 days 2,106 sqft
    2018-03-01 0 days 2,117 sqft
    2018-04-01 0 days 2,170 sqft
    2018-05-01 0 days 2,154 sqft
    2018-06-01 0 days 2,143 sqft
    2018-07-01 0 days 2,163 sqft
    2018-08-01 0 days 2,124 sqft
    2018-09-01 0 days 2,117 sqft
    2018-10-01 0 days 2,089 sqft
    2018-11-01 0 days 2,079 sqft
    2018-12-01 0 days 2,067 sqft
    2019-01-01 0 days 2,072 sqft
    2019-02-01 0 days 2,058 sqft
    2019-03-01 0 days 2,062 sqft
    2019-04-01 0 days 2,051 sqft
    2019-05-01 0 days 2,078 sqft
    2019-06-01 0 days 2,079 sqft
    2019-07-01 0 days 2,056 sqft
    2019-08-01 0 days 2,087 sqft
    2019-09-01 0 days 2,097 sqft
    2019-10-01 0 days 2,112 sqft
    2019-11-01 0 days 2,118 sqft
    2019-12-01 0 days 2,130 sqft
    2020-01-01 0 days 2,128 sqft
    2020-02-01 0 days 2,212 sqft
    2020-03-01 0 days 2,190 sqft
    2020-04-01 0 days 2,178 sqft
    2020-05-01 0 days 2,190 sqft
    2020-06-01 0 days 2,227 sqft
    2020-07-01 0 days 2,212 sqft
    2020-08-01 0 days 2,175 sqft
    2020-09-01 0 days 2,192 sqft
    2020-10-01 0 days 2,166 sqft
    2020-11-01 0 days 2,191 sqft
    2020-12-01 0 days 2,147 sqft
    2021-01-01 0 days 2,220 sqft
    2021-02-01 0 days 2,298 sqft
    2021-03-01 0 days 2,155 sqft
    2021-04-01 0 days 2,163 sqft
    2021-05-01 0 days 2,150 sqft
    2021-06-01 0 days 2,003 sqft
    2021-07-01 0 days 2,000 sqft
    2021-08-01 0 days 1,998 sqft
    2021-09-01 0 days 1,974 sqft
    2021-10-01 0 days 1,978 sqft
    2021-11-01 0 days 1,985 sqft
    2021-12-01 0 days 2,013 sqft
    2022-01-01 0 days 2,100 sqft
    2022-02-01 0 days 2,180 sqft
    2022-03-01 0 days 2,118 sqft
    2022-04-01 0 days 2,041 sqft
    2022-05-01 0 days 2,000 sqft
    2022-06-01 0 days 1,943 sqft
    2022-07-01 0 days 1,958 sqft
    2022-08-01 0 days 1,971 sqft
    2022-09-01 0 days 1,976 sqft
    2022-10-01 0 days 1,958 sqft
    2022-11-01 0 days 1,917 sqft
    2022-12-01 0 days 1,870 sqft
    2023-01-01 0 days 1,930 sqft
    2023-02-01 0 days 1,928 sqft
    2023-03-01 0 days 1,951 sqft
    2023-04-01 0 days 1,991 sqft
    2023-05-01 0 days 2,058 sqft
    2023-06-01 0 days 2,052 sqft
    2023-07-01 0 days 2,066 sqft
    2023-08-01 0 days 2,008 sqft
    2023-09-01 0 days 2,000 sqft
    2023-10-01 0 days 1,980 sqft
    2023-11-01 0 days 1,983 sqft
    2023-12-01 0 days 1,939 sqft
    2024-01-01 0 days 1,990 sqft
    2024-02-01 0 days 2,052 sqft
    2024-03-01 0 days 2,099 sqft
    Mineral Wells's median listing age (time on market) for 2024-03-01 was 0 days.

    Mineral Wells's median square footage for active listings during the 2024-03-01 period was 2,099 sqft. One year prior, the average listing was 1,951 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).