Odessa FHA Loan Rates, Closing Costs & Stats

ODESSA, TX

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.53% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    Odessa's average FHA mortgage closing costs are $7,925.

    The average rate for the prior week (2023-01-20) was 6.4% and one month ago for the week of 2022-12-23, the average rate was 6.59%.

    The average rate one year ago was 4.18%.

    For refis of the same type during the week of 2023-01-27, the average rate was 6.09%.

    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/closing costs 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. Closing Costs
    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 MORTGAGE 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 MORTGAGE ($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 MORTGAGE (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 $199,450 (14.0%) $297,541 (18.4%) 0.74 217
    2018-02-01 $200,950 (12.2%) $333,924 (30.9%) 0.73 184
    2018-03-01 $211,000 (12.6%) $345,295 (36.2%) 0.74 164
    2018-04-01 $229,250 (22.0%) $361,708 (47.1%) 0.78 160
    2018-05-01 $235,000 (23.8%) $360,537 (42.5%) 0.78 185
    2018-06-01 $254,500 (34.0%) $423,071 (63.0%) 0.85 163
    2018-07-01 $256,750 (35.2%) $406,712 (58.9%) 0.86 177
    2018-08-01 $248,200 (29.6%) $387,918 (44.2%) 0.83 185
    2018-09-01 $252,500 (32.0%) $379,235 (40.2%) 0.85 195
    2018-10-01 $249,000 (31.6%) $361,344 (28.1%) 0.84 212
    2018-11-01 $249,900 (25.0%) $342,633 (18.9%) 0.85 219
    2018-12-01 $256,500 (28.4%) $348,719 (18.5%) 0.88 206
    2019-01-01 $245,750 (23.2%) $319,062 (7.2%) 0.85 200
    2019-02-01 $249,675 (24.3%) $329,387 (-1.4%) 0.84 192
    2019-03-01 $262,500 (24.4%) $348,679 (1.0%) 0.86 174
    2019-04-01 $284,900 (24.3%) $362,116 (0.1%) 0.90 157
    2019-05-01 $276,000 (17.5%) $362,169 (0.5%) 0.86 174
    2019-06-01 $279,000 (9.6%) $356,785 (-15.7%) 0.87 205
    2019-07-01 $274,975 (7.1%) $359,287 (-11.7%) 0.86 238
    2019-08-01 $270,895 (9.1%) $351,836 (-9.3%) 0.86 263
    2019-09-01 $264,739 (4.9%) $337,172 (-11.1%) 0.85 301
    2019-10-01 $263,109 (5.7%) $328,020 (-9.2%) 0.85 332
    2019-11-01 $265,000 (6.0%) $331,435 (-3.3%) 0.87 330
    2019-12-01 $250,000 (-2.5%) $324,794 (-6.9%) 0.83 301
    2020-01-01 $249,950 (1.7%) $326,287 (2.3%) 0.84 303
    2020-02-01 $260,000 (4.1%) $318,407 (-3.3%) 0.85 298
    2020-03-01 $265,000 (1.0%) $316,342 (-9.3%) 0.83 318
    2020-04-01 $254,925 (-10.5%) $315,677 (-12.8%) 0.80 361
    2020-05-01 $259,900 (-5.8%) $313,328 (-13.5%) 0.79 376
    2020-06-01 $263,225 (-5.7%) $337,102 (-5.5%) 0.77 384
    2020-07-01 $259,950 (-5.5%) $341,527 (-4.9%) 0.75 406
    2020-08-01 $259,025 (-4.4%) $335,342 (-4.7%) 0.74 430
    2020-09-01 $246,700 (-6.8%) $317,620 (-5.8%) 0.71 454
    2020-10-01 $239,000 (-9.2%) $307,445 (-6.3%) 0.68 475
    2020-11-01 $230,000 (-13.2%) $294,681 (-11.1%) 0.67 533
    2020-12-01 $229,945 (-8.0%) $299,114 (-7.9%) 0.68 547
    2021-01-01 $225,000 (-10.0%) $286,401 (-12.2%) 0.67 538
    2021-02-01 $225,000 (-13.5%) $284,858 (-10.5%) 0.65 548
    2021-03-01 $227,500 (-14.2%) $291,391 (-7.9%) 0.65 550
    2021-04-01 $238,000 (-6.6%) $290,746 (-7.9%) 0.64 537
    2021-05-01 $239,500 (-7.9%) $296,665 (-5.3%) 0.63 532
    2021-06-01 $234,950 (-10.7%) $292,499 (-13.2%) 0.62 521
    2021-07-01 $238,500 (-8.3%) $302,813 (-11.3%) 0.63 535
    2021-08-01 $236,500 (-8.7%) $308,771 (-7.9%) 0.63 549
    2021-09-01 $238,000 (-3.5%) $307,813 (-3.1%) 0.63 556
    2021-10-01 $230,000 (-3.8%) $302,666 (-1.6%) 0.61 519
    2021-11-01 $229,950 (0.0%) $289,458 (-1.8%) 0.61 537
    2021-12-01 $226,875 (-1.3%) $290,247 (-3.0%) 0.61 498
    2022-01-01 $230,000 (2.2%) $303,393 (5.9%) 0.62 439
    2022-02-01 $240,125 (6.7%) $309,568 (8.7%) 0.62 410
    2022-03-01 $245,225 (7.8%) $307,522 (5.5%) 0.61 377
    2022-04-01 $254,910 (7.1%) $322,698 (11.0%) 0.61 370
    2022-05-01 $257,450 (7.5%) $328,873 (10.9%) 0.59 406
    2022-06-01 $255,975 (9.0%) $322,668 (10.3%) 0.57 460
    2022-07-01 $259,900 (9.0%) $318,970 (5.3%) 0.59 483
    2022-08-01 $256,750 (8.6%) $323,027 (4.6%) 0.59 499
    2022-09-01 $262,012 (10.1%) $331,087 (7.6%) 0.61 489
    2022-10-01 $255,000 (10.9%) $323,949 (7.0%) 0.60 497
    2022-11-01 $257,000 (11.8%) $320,541 (10.7%) 0.62 478
    2022-12-01 $260,000 (14.6%) $315,473 (8.7%) 0.65 434
    Odessa's median listing price for 2022-12-01 was $260,000, a difference of $33,125 (14.6%) versus the prior year and $3,000 versus the prior month.

    Odessa's median listing price comes in at 65% of the national average.

    Odessa's average listing price for 2022-12-01 was $315,473, a difference of $25,226 (8.7%) versus the prior year and $-5,068 versus the prior month.

    For the 2022-12-01 period, Odessa had 434 MLS listings, a difference of -44 listings (-9%) versus the prior month and -64 listings (-13%) 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 64 days 1,893 sqft
    2018-02-01 56 days 1,983 sqft
    2018-03-01 33 days 1,984 sqft
    2018-04-01 33 days 2,043 sqft
    2018-05-01 27 days 2,099 sqft
    2018-06-01 42 days 2,140 sqft
    2018-07-01 41 days 2,082 sqft
    2018-08-01 41 days 2,058 sqft
    2018-09-01 39 days 2,061 sqft
    2018-10-01 36 days 2,032 sqft
    2018-11-01 38 days 2,027 sqft
    2018-12-01 50 days 2,041 sqft
    2019-01-01 52 days 2,038 sqft
    2019-02-01 45 days 2,029 sqft
    2019-03-01 35 days 2,104 sqft
    2019-04-01 30 days 2,213 sqft
    2019-05-01 34 days 2,166 sqft
    2019-06-01 36 days 2,165 sqft
    2019-07-01 35 days 2,168 sqft
    2019-08-01 39 days 2,112 sqft
    2019-09-01 41 days 2,048 sqft
    2019-10-01 43 days 2,008 sqft
    2019-11-01 54 days 2,067 sqft
    2019-12-01 73 days 2,051 sqft
    2020-01-01 74 days 1,978 sqft
    2020-02-01 64 days 1,977 sqft
    2020-03-01 48 days 1,999 sqft
    2020-04-01 49 days 1,994 sqft
    2020-05-01 58 days 1,951 sqft
    2020-06-01 57 days 1,998 sqft
    2020-07-01 56 days 1,990 sqft
    2020-08-01 51 days 1,944 sqft
    2020-09-01 52 days 1,872 sqft
    2020-10-01 57 days 1,850 sqft
    2020-11-01 56 days 1,826 sqft
    2020-12-01 65 days 1,822 sqft
    2021-01-01 76 days 1,782 sqft
    2021-02-01 73 days 1,805 sqft
    2021-03-01 66 days 1,819 sqft
    2021-04-01 60 days 1,858 sqft
    2021-05-01 58 days 1,877 sqft
    2021-06-01 60 days 1,817 sqft
    2021-07-01 58 days 1,803 sqft
    2021-08-01 61 days 1,836 sqft
    2021-09-01 65 days 1,852 sqft
    2021-10-01 68 days 1,824 sqft
    2021-11-01 71 days 1,843 sqft
    2021-12-01 74 days 1,831 sqft
    2022-01-01 73 days 1,851 sqft
    2022-02-01 67 days 1,853 sqft
    2022-03-01 49 days 1,828 sqft
    2022-04-01 47 days 1,838 sqft
    2022-05-01 47 days 1,822 sqft
    2022-06-01 43 days 1,818 sqft
    2022-07-01 45 days 1,868 sqft
    2022-08-01 57 days 1,870 sqft
    2022-09-01 61 days 1,885 sqft
    2022-10-01 63 days 1,838 sqft
    2022-11-01 66 days 1,878 sqft
    2022-12-01 73 days 1,896 sqft
    Odessa's median listing age (time on market) for 2022-12-01 was 73 days. This is -1% shorter than the same period one year ago.

    Odessa's median square footage for active listings during the 2022-12-01 period was 1,896 sqft. One year prior, the average listing was 1,831 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).