Odessa FHA Loans

ODESSA, 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.

Odessa's 106 lenders originated 1,593 FHA loans during 2021. The total origination value was $340,245,000, with an average FHA loan value of $213,588.

Odessa FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Odessa averaged 5.6% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.73% and one month ago for the week of 2022-04-08, the average rate was 5.2%.

The average rate one year ago was 3.41%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.96%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Odessa FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Odessa level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
PRIMELENDING, A PLAINSCAPITAL COMPANY 121 3.65% $8,440
Gateway First Bank 111 3.45% $6,721
FBC MORTGAGE, LLC 100 3.37% $8,907
DHI MORTGAGE COMPANY, LTD. 96 3.02% $8,720
AMCAP MORTGAGE, LTD. 94 3.72% $9,709
NATIONS RELIABLE LENDING, LLC 79 3.43% $9,252
INFINITY MORTGAGE HOLDINGS, LLC 56 3.34% $9,305
Southwest Bank 48 3.11% $8,409
SFMC, LP 48 3.43% $9,955
QUICKEN LOANS, LLC 48 2.74% $6,512
ARK-LA-TEX FINANCIAL SERVICES, LLC. 45 3.43% $8,010
LAKEVIEW LOAN SERVICING, LLC 38 3.04% $5,220
FREEDOM MORTGAGE CORPORATION 38 2.95% $4,984
Mr. Cooper ( Nationstar Mortgage ) 30 3.28% $4,337
SECURITYNATIONAL MORTGAGE COMPANY 26 3.44% $9,281
Lakeview Community Capital, LLC 23 3.19% $4,820
PENNYMAC LOAN SERVICES, LLC 22 3.31% $5,445
Nations Lending Corporation 21 2.99% $8,239
GUILD MORTGAGE COMPANY 17 3.55% $10,017
VILLAGE CAPITAL & INVESTMENT LLC 16 2.91% $2,952
HOMEBRIDGE FINANCIAL SERVICES, INC. 16 2.65% $5,653
EVERETT FINANCIAL, INC. 14 4.09% $7,984
CALIBER HOME LOANS, INC. 12 2.80% $6,426
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 3.48% $7,045
PLANET HOME LENDING, LLC 11 2.69% $5,951
CERTAINTY HOME LOANS, LLC 11 3.65% $9,672
NEWREZ LLC 9 2.87% $5,382
NATIONS DIRECT MORTGAGE, LLC 9 2.90% $9,357
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 3.09% $10,800
AmeriHome Mortgage Company, LLC 8 2.89% $4,901
Citizens Bank 8 2.75% $9,806
INTERLINC MORTGAGE SERVICES, LLC 7 3.46% $8,515
Republic State Mortgage Co. 6 3.04% $8,551
HOMESIDE FINANCIAL, LLC 6 3.23% $8,282
City Bank 6 3.77% $8,002
Waterstone Mortgage Corporation 5 4.00% $7,022
CMG MORTGAGE, INC. 5 3.78% $9,394
First Guaranty Mortgage Corporation 5 3.18% $5,569
LOANPAL, LLC 5 2.98% $11,628
SOUTHWEST FUNDING, LP 5 3.95% $11,539
THRIVE MORTGAGE, LLC 5 3.30% $10,089
LRS FINANCIAL NETWORK, INC. 4 2.34% $9,315
Amerifirst Financial, Inc. 4 3.41% $6,373
Bank of America 4 2.88% $7,220
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 3.50% $11,797
Bank of England 4 3.84% $8,651
OCEANSIDE MORTGAGE COMPANY 4 2.90% $2,919
AMERISAVE MORTGAGE CORPORATION 4 2.56% $9,913
HOME POINT FINANCIAL CORPORATION 4 2.75% $8,760
First Bank & Trust 4 3.13% $8,203
UNITED WHOLESALE MORTGAGE, LLC 3 2.87% $8,192
Loan Simple, Inc. 3 3.67% $8,717
Commerce Home Mortgage, Inc. 3 3.13% $8,118
MOVEMENT MORTGAGE, LLC 3 3.63% $8,268
MORTGAGE FINANCIAL SERVICES, LLC 3 3.46% $8,620
OPEN MORTGAGE, LLC 3 3.08% $8,161
S1L, Inc. 3 3.58% $9,071
First Financial Bank 3 2.83% $7,476
CHURCHILL MORTGAGE CORPORATION 3 2.79% $7,448
GREAT WESTERN FINANCIAL SERVICES, INC. 2 3.06% $8,365
Happy State Bank 2 3.13% $7,319
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 3.19% $10,055
Evolve Bank & Trust 2 3.13% $6,286
InterContinental Capital Group, Inc 2 2.38% $8,634
DATA MORTGAGE, INC. 2 4.31% $9,203
LEADERONE FINANCIAL CORPORATION 2 3.69% $9,157
LOANDEPOT.COM, LLC 2 2.62% $9,894
MOUNTAIN WEST FINANCIAL, INC. 2 3.25% $8,600
CROSSCOUNTRY MORTGAGE, LLC 2 3.38% $7,493
CITY FIRST MORTGAGE SERVICES, L.L.C. 2 3.63% $9,297
CHERRY CREEK MORTGAGE, LLC 2 3.25% $3,028
BROKER SOLUTIONS, INC. 2 3.06% $6,960
Rocky Mountain Mortgage Company 2 3.12% $5,686
SOUTHWEST STAGE FUNDING, LLC 2 3.06% $11,301
SWBC MORTGAGE CORPORATION 2 3.44% $6,129
GENEVA FINANCIAL, LLC 2 2.75% $9,495
The Federal Savings Bank 1 2.75% $9,864
V.I.P. MORTGAGE, INC. 1 3.38% $9,309
ON Q FINANCIAL, INC. 1 2.88% $7,545
LOANLEADERS OF AMERICA, INC. 1 3.25% $7,015
Paramount Residential Mortgage Group, Inc. 1 2.99% $8,275
DAS Acquisition Company, LLC 1 3.88% $15,226
ACADEMY MORTGAGE CORPORATION 1 3.75% $8,866
Carrington Mortgage Services, LLC 1 3.25% $5,364
Guaranty Bank & Trust, N.A. 1 2.88% $7,730
JPMorgan Chase Bank 1 2.75% $4,895
AMERICAN FINANCIAL NETWORK, INC. 1 3.63% $8,957
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.75% $11,451
JMAC LENDING, INC. 1 2.50% $7,325
Equity Prime Mortgage LLC 1 4.00% $9,854
Independent Bank 1 3.25% $7,069
SIRVA MORTGAGE, INC. 1 3.25% $6,215
First National Bank Texas 1 2.75% $9,996
VISION ONE MORTGAGE, INC. 1 3.88% $3,501
Flagstar Bank, FSB 1 2.88% $6,982
STEARNS LENDING, LLC 1 2.75% $9,912
SUMMIT FUNDING, INC. 1 3.38% $11,902
Midwest Mortgage Associates Corporation 1 4.25% $7,626
MID AMERICA MORTGAGE, INC. 1 2.38% $1,666
SUN WEST MORTGAGE COMPANY, INC. 1 3.00% $7,882
MEMBER FIRST MORTGAGE, LLC 1 3.75% $11,990
First United Bank and Trust Company 1 2.75% $9,414
CORNERSTONE HOME LENDING, INC. 1 3.63% $9,735
CONTOUR MORTGAGE CORPORATION 1 2.75% $9,605
Magnolia Bank 1 3.50% $7,454
Network Funding, L.P. 1 3.63% $8,056

The top Odessa FHA lender as defined by loan originations is PRIMELENDING, A PLAINSCAPITAL COMPANY, with 121 FHA loans originated. Their average total fees are $8,440, which is $1,719 higher than the next largest lender, Gateway First Bank.

The lowest fee Odessa FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,952), Mr. Cooper ( Nationstar Mortgage ) ($4,337), Lakeview Community Capital, LLC ($4,820), FREEDOM MORTGAGE CORPORATION ($4,984) and LAKEVIEW LOAN SERVICING, LLC ($5,220).

The lowest rate Odessa FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.65%), PLANET HOME LENDING, LLC (2.69%), QUICKEN LOANS, LLC (2.74%), CALIBER HOME LOANS, INC. (2.80%) and VILLAGE CAPITAL & INVESTMENT LLC (2.91%).

Odessa FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ODESSA, TX ECTOR 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Odessa (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 $204,200 (13.5%) $310,892 (15.5%) 0.75 254
2018-02-01 $212,500 (14.9%) $356,919 (30.7%) 0.77 217
2018-03-01 $230,000 (19.2%) $386,877 (42.5%) 0.80 186
2018-04-01 $252,450 (28.8%) $408,557 (53.8%) 0.85 184
2018-05-01 $259,950 (32.5%) $407,270 (51.2%) 0.87 211
2018-06-01 $287,500 (46.9%) $462,856 (64.4%) 0.96 203
2018-07-01 $281,833 (44.5%) $431,506 (54.1%) 0.94 214
2018-08-01 $285,950 (43.1%) $431,749 (40.4%) 0.96 222
2018-09-01 $270,600 (35.4%) $403,910 (30.8%) 0.91 242
2018-10-01 $266,000 (33.2%) $384,021 (22.8%) 0.89 271
2018-11-01 $259,450 (25.3%) $354,797 (12.0%) 0.87 265
2018-12-01 $270,000 (35.1%) $372,319 (19.4%) 0.92 249
2019-01-01 $267,450 (31.0%) $368,400 (18.5%) 0.92 242
2019-02-01 $267,450 (25.9%) $370,219 (3.7%) 0.90 234
2019-03-01 $289,229 (25.8%) $384,169 (-0.7%) 0.94 212
2019-04-01 $324,450 (28.5%) $407,613 (-0.2%) 1.02 205
2019-05-01 $324,404 (24.8%) $433,116 (6.4%) 1.00 226
2019-06-01 $315,000 (9.6%) $438,871 (-5.2%) 0.97 275
2019-07-01 $326,750 (15.9%) $438,145 (1.5%) 1.02 303
2019-08-01 $319,100 (11.6%) $420,252 (-2.7%) 1.00 325
2019-09-01 $299,925 (10.8%) $393,038 (-2.7%) 0.95 364
2019-10-01 $296,250 (11.4%) $383,417 (-0.2%) 0.95 421
2019-11-01 $293,000 (12.9%) $381,167 (7.4%) 0.95 432
2019-12-01 $294,875 (9.2%) $370,547 (-0.5%) 0.98 400
2020-01-01 $284,950 (6.5%) $366,782 (-0.4%) 0.95 392
2020-02-01 $294,000 (9.9%) $363,356 (-1.9%) 0.95 395
2020-03-01 $291,950 (0.9%) $357,927 (-6.8%) 0.91 426
2020-04-01 $284,950 (-12.2%) $349,796 (-14.2%) 0.89 472
2020-05-01 $279,900 (-13.7%) $341,826 (-21.1%) 0.85 499
2020-06-01 $281,000 (-10.8%) $357,711 (-18.5%) 0.82 510
2020-07-01 $279,900 (-14.3%) $360,609 (-17.7%) 0.80 537
2020-08-01 $275,000 (-13.8%) $353,549 (-15.9%) 0.79 561
2020-09-01 $262,450 (-12.5%) $338,533 (-13.9%) 0.75 586
2020-10-01 $254,900 (-14.0%) $329,365 (-14.1%) 0.73 622
2020-11-01 $240,000 (-18.1%) $313,161 (-17.8%) 0.69 686
2020-12-01 $240,000 (-18.6%) $311,707 (-15.9%) 0.70 702
2021-01-01 $235,000 (-17.5%) $298,123 (-18.7%) 0.69 690
2021-02-01 $237,450 (-19.2%) $297,351 (-18.2%) 0.68 700
2021-03-01 $240,000 (-17.8%) $304,203 (-15.0%) 0.67 701
2021-04-01 $243,950 (-14.4%) $301,680 (-13.8%) 0.66 685
2021-05-01 $249,900 (-10.7%) $312,078 (-8.7%) 0.66 675
2021-06-01 $244,000 (-13.2%) $311,236 (-13.0%) 0.63 656
2021-07-01 $245,000 (-12.5%) $318,476 (-11.7%) 0.64 689
2021-08-01 $242,500 (-11.8%) $329,477 (-6.8%) 0.64 693
2021-09-01 $245,000 (-6.7%) $325,819 (-3.8%) 0.64 693
2021-10-01 $244,900 (-3.9%) $320,128 (-2.8%) 0.64 663
2021-11-01 $242,500 (1.0%) $309,730 (-1.1%) 0.64 687
2021-12-01 $245,000 (2.1%) $308,822 (-0.9%) 0.65 636
2022-01-01 $255,000 (8.5%) $331,330 (11.1%) 0.68 567
2022-02-01 $262,450 (10.5%) $337,214 (13.4%) 0.67 539
2022-03-01 $272,450 (13.5%) $338,058 (11.1%) 0.67 470
2022-04-01 $283,155 (16.1%) $348,671 (15.6%) 0.67 480
Odessa's median listing price for 2022-04-01 was $283,155, a difference of $39,205 (16.1%) versus the prior year and $10,705 versus the prior month.

Odessa's median listing price comes in at 67% of the national average.

Odessa's average listing price for 2022-04-01 was $348,671, a difference of $46,991 (15.6%) versus the prior year and $10,613 versus the prior month.

For the 2022-04-01 period, Odessa had 480 MLS listings, a difference of 10 listings (2%) versus the prior month and -205 listings (-30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Odessa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 65 days 1,949 sqft
2018-02-01 63 days 2,066 sqft
2018-03-01 36 days 2,140 sqft
2018-04-01 30 days 2,153 sqft
2018-05-01 29 days 2,251 sqft
2018-06-01 41 days 2,400 sqft
2018-07-01 42 days 2,353 sqft
2018-08-01 40 days 2,298 sqft
2018-09-01 35 days 2,216 sqft
2018-10-01 36 days 2,122 sqft
2018-11-01 41 days 2,079 sqft
2018-12-01 55 days 2,089 sqft
2019-01-01 61 days 2,096 sqft
2019-02-01 50 days 2,100 sqft
2019-03-01 34 days 2,221 sqft
2019-04-01 30 days 2,346 sqft
2019-05-01 35 days 2,336 sqft
2019-06-01 37 days 2,338 sqft
2019-07-01 40 days 2,335 sqft
2019-08-01 38 days 2,275 sqft
2019-09-01 44 days 2,201 sqft
2019-10-01 43 days 2,212 sqft
2019-11-01 50 days 2,217 sqft
2019-12-01 68 days 2,235 sqft
2020-01-01 72 days 2,095 sqft
2020-02-01 63 days 2,089 sqft
2020-03-01 48 days 2,069 sqft
2020-04-01 49 days 2,064 sqft
2020-05-01 56 days 2,045 sqft
2020-06-01 53 days 2,049 sqft
2020-07-01 53 days 2,026 sqft
2020-08-01 49 days 2,014 sqft
2020-09-01 49 days 1,960 sqft
2020-10-01 52 days 1,908 sqft
2020-11-01 53 days 1,872 sqft
2020-12-01 63 days 1,863 sqft
2021-01-01 74 days 1,828 sqft
2021-02-01 70 days 1,846 sqft
2021-03-01 60 days 1,855 sqft
2021-04-01 56 days 1,884 sqft
2021-05-01 52 days 1,920 sqft
2021-06-01 57 days 1,866 sqft
2021-07-01 56 days 1,862 sqft
2021-08-01 58 days 1,867 sqft
2021-09-01 63 days 1,874 sqft
2021-10-01 63 days 1,864 sqft
2021-11-01 65 days 1,867 sqft
2021-12-01 68 days 1,865 sqft
2022-01-01 67 days 1,890 sqft
2022-02-01 60 days 1,919 sqft
2022-03-01 50 days 1,900 sqft
2022-04-01 44 days 1,900 sqft
Odessa's median listing age (time on market) for 2022-04-01 was 44 days. This is -21% shorter than the same period one year ago.

Odessa's median square footage for active listings during the 2022-04-01 period was 1,900 sqft. One year prior, the average listing was 1,884 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).