Odessa FHA Loan Rates, Closing Costs & Stats

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 89 lenders originated 1,214 FHA loans during 2022. The total origination value was $291,510,000, with an average FHA loan value of $240,124.

Odessa FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Odessa averaged 6.49% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Odessa's average FHA mortgage closing costs are $8,370.

The average rate for the prior week (2024-02-23) was 6.68% and one month ago for the week of 2024-01-26, the average rate was 6.07%.

The average rate one year ago was 6.4%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.17%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 153 4.25% $9,756
PRIMELENDING, A PLAINSCAPITAL COMPANY 122 5.56% $10,623
AMCAP MORTGAGE, LTD. 106 5.49% $12,241
NATIONS RELIABLE LENDING, LLC 59 5.30% $12,137
CERTAINTY HOME LOANS, LLC 57 5.80% $9,446
CARDINAL FINANCIAL 56 5.64% $12,152
EVERETT FINANCIAL, INC. 42 5.53% $7,926
SECURITYNATIONAL MORTGAGE COMPANY 42 5.34% $11,436
Southwest Bank 35 4.96% $9,492
Nations Lending Corporation 32 5.56% $8,887
UNITED WHOLESALE MORTGAGE, LLC 28 5.36% $9,832
Gateway First Bank 28 5.02% $7,608
MORTGAGE SOLUTIONS OF COLORADO, LLC 28 5.47% $10,822
QUICKEN LOANS, LLC 26 4.50% $9,602
ARK-LA-TEX FINANCIAL SERVICES, LLC. 25 5.13% $7,287
SFMC, LP 23 5.39% $13,072
FBC MORTGAGE, LLC 20 4.67% $9,581
Waterstone Mortgage Corporation 17 5.54% $10,197
Century Mortgage Company DBA Century Lending Company 13 5.86% $11,140
Citizens Bank 12 4.13% $10,073
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 5.97% $8,731
INFINITY MORTGAGE HOLDINGS, LLC 10 4.15% $10,028
Mr. Cooper ( Nationstar Mortgage ) 9 3.71% $4,980
T2 FINANCIAL LLC 8 6.44% $9,442
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 8 5.94% $12,323
First Bank & Trust 8 5.56% $9,678
NATIONS DIRECT MORTGAGE, LLC 6 4.60% $10,273
LAKEVIEW LOAN SERVICING, LLC 6 3.68% $4,716
LOANDEPOT.COM, LLC 6 4.69% $9,614
DIRECTIONS EQUITY, LLC 6 6.13% $7,460
PLANET HOME LENDING, LLC 5 3.45% $5,622
BROKER SOLUTIONS, INC. 5 4.93% $9,512
CROSSCOUNTRY MORTGAGE, LLC 5 4.60% $13,869
Flagstar Bank, FSB 5 3.80% $9,088
PENNYMAC LOAN SERVICES, LLC 5 3.30% $5,709
FREEDOM MORTGAGE CORPORATION 4 4.16% $7,387
GUILD MORTGAGE COMPANY 4 5.25% $11,418
American Bank of Commerce 4 4.28% $10,349
City Bank 4 4.94% $8,631
GUARANTEED RATE, INC. 4 4.72% $11,187
Lakeview Community Capital, LLC 4 3.41% $5,749
FLAT BRANCH MORTGAGE, INC. 3 6.08% $10,016
LRS FINANCIAL NETWORK, INC. 3 3.83% $8,970
CMG MORTGAGE, INC. 3 5.08% $10,971
PLAZA HOME MORTGAGE, INC. 3 5.83% $10,032
CALIBER HOME LOANS, INC. 3 5.16% $11,274
Bank of America 3 4.04% $4,640
THRIVE MORTGAGE, LLC 3 4.92% $9,236
VILLAGE CAPITAL MORTGAGE 3 3.16% $2,447
GREAT WESTERN FINANCIAL SERVICES, INC. 3 4.46% $10,773
CALCON MUTUAL MORTGAGE LLC 2 5.88% $15,035
GENEVA FINANCIAL, LLC 2 6.38% $13,171
PREMIA MORTGAGE, LLC 2 5.06% $5,910
SUN WEST MORTGAGE COMPANY, INC. 2 5.50% $12,698
OPEN MORTGAGE, LLC 2 3.25% $8,822
HOME POINT FINANCIAL CORPORATION 2 4.13% $15,334
MOVEMENT MORTGAGE, LLC 2 5.94% $12,384
Republic State Mortgage Co. 2 5.19% $8,975
JPMorgan Chase Bank 2 5.31% $3,866
NEWREZ LLC 2 5.25% $6,248
HOMESIDE FINANCIAL, LLC 2 4.50% $13,262
First Guaranty Mortgage Corporation 2 5.13% $7,363
Loan Simple, Inc. 2 5.13% $10,219
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.63% $12,639
RB MORTGAGE LLC 1 3.75% $7,898
RESIDENTIAL BANCORP 1 2.25% $7,992
UNION HOME MORTGAGE CORP. 1 5.75% $9,439
Bank of England 1 4.50% $5,973
SOUTHWEST FUNDING, LP 1 4.63% $12,923
SOUTHWEST STAGE FUNDING, LLC 1 5.88% $4,727
Strong Home Mortgage, LLC 1 5.00% $6,827
Hometown Lenders, Inc. 1 6.37% $14,664
Hometown Equity Mortgage, LLC 1 4.75% $8,949
INTERLINC MORTGAGE SERVICES, LLC 1 4.25% $14,989
HOMESPIRE MORTGAGE CORPORATION 1 4.38% $11,979
First United Bank 1 3.25% $8,615
LOANPEOPLE, LLC 1 5.75% $14,493
First Home Bank 1 3.25% $9,799
ENVOY MORTGAGE, LTD 1 7.25% $8,726
CORNERSTONE HOME LENDING, INC. 1 7.25% $14,514
AMERISAVE MORTGAGE CORPORATION 1 4.75% $7,460
NBKC BANK 1 6.38% $7,700
Network Funding, L.P. 1 6.88% $8,484
NFM, INC. 1 5.50% $9,958
NORWICH COMMERCIAL GROUP, INC. 1 5.00% $5,588
Paramount Residential Mortgage Group, Inc. 1 4.75% $12,884
Wells Fargo Bank 1 5.63% $6,759
ACADEMY MORTGAGE CORPORATION 1 6.75% $9,509
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $8,872

The top Odessa FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 153 FHA loans originated. Their average total fees are $9,756, which is $867 lower than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

The lowest fee Odessa FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,287), Gateway First Bank ($7,608), EVERETT FINANCIAL, INC. ($7,926), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,731) and Nations Lending Corporation ($8,887).

The lowest rate Odessa FHA lenders (with over 10 loans originated) are Citizens Bank (4.13%), INFINITY MORTGAGE HOLDINGS, LLC (4.15%), DHI MORTGAGE COMPANY, LTD. (4.25%), QUICKEN LOANS, LLC (4.50%) and FBC MORTGAGE, LLC (4.67%).

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
ODESSA, TX ECTOR 2023 $472,030 $604,400 $730,525 $907,900

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%) $286,748 (14.1%) 0.74 217
2018-02-01 $200,950 (12.2%) $321,187 (25.9%) 0.73 184
2018-03-01 $210,000 (12.1%) $332,626 (31.2%) 0.74 163
2018-04-01 $229,250 (22.0%) $347,549 (41.3%) 0.78 159
2018-05-01 $235,000 (23.8%) $348,535 (37.8%) 0.78 184
2018-06-01 $250,000 (31.7%) $409,745 (57.9%) 0.85 162
2018-07-01 $254,500 (34.0%) $394,298 (54.0%) 0.86 176
2018-08-01 $248,200 (29.6%) $381,978 (41.4%) 0.83 184
2018-09-01 $252,500 (31.2%) $379,235 (39.5%) 0.85 195
2018-10-01 $249,000 (31.6%) $361,344 (31.5%) 0.84 212
2018-11-01 $249,900 (25.0%) $342,633 (22.2%) 0.85 219
2018-12-01 $256,500 (28.4%) $348,719 (22.3%) 0.88 206
2019-01-01 $245,750 (23.2%) $319,062 (11.3%) 0.85 200
2019-02-01 $249,675 (24.3%) $329,387 (2.6%) 0.84 192
2019-03-01 $262,500 (25.0%) $348,854 (4.9%) 0.86 173
2019-04-01 $284,925 (24.3%) $362,494 (4.3%) 0.90 156
2019-05-01 $277,000 (17.9%) $362,614 (4.0%) 0.87 172
2019-06-01 $279,450 (11.8%) $357,821 (-12.7%) 0.87 203
2019-07-01 $275,000 (8.1%) $360,302 (-8.6%) 0.86 236
2019-08-01 $270,882 (9.1%) $352,737 (-7.7%) 0.86 261
2019-09-01 $264,705 (4.8%) $337,862 (-10.9%) 0.85 298
2019-10-01 $262,361 (5.4%) $328,569 (-9.1%) 0.85 329
2019-11-01 $264,950 (6.0%) $332,003 (-3.1%) 0.87 327
2019-12-01 $250,000 (-2.5%) $325,383 (-6.7%) 0.83 299
2020-01-01 $249,950 (1.7%) $327,025 (2.5%) 0.84 301
2020-02-01 $259,950 (4.1%) $319,141 (-3.1%) 0.85 294
2020-03-01 $263,750 (0.5%) $316,872 (-9.2%) 0.83 315
2020-04-01 $254,925 (-10.5%) $316,362 (-12.7%) 0.80 359
2020-05-01 $259,900 (-6.2%) $313,932 (-13.4%) 0.79 374
2020-06-01 $264,675 (-5.3%) $337,862 (-5.6%) 0.78 385
2020-07-01 $259,950 (-5.5%) $342,261 (-5.0%) 0.75 407
2020-08-01 $259,900 (-4.1%) $335,929 (-4.8%) 0.74 432
2020-09-01 $247,300 (-6.6%) $318,122 (-5.8%) 0.71 453
2020-10-01 $239,000 (-8.9%) $307,701 (-6.4%) 0.68 473
2020-11-01 $230,000 (-13.2%) $294,973 (-11.2%) 0.67 532
2020-12-01 $229,948 (-8.0%) $299,410 (-8.0%) 0.68 546
2021-01-01 $225,000 (-10.0%) $286,597 (-12.4%) 0.67 537
2021-02-01 $225,000 (-13.4%) $285,041 (-10.7%) 0.66 546
2021-03-01 $229,000 (-13.2%) $291,652 (-8.0%) 0.65 549
2021-04-01 $238,188 (-6.6%) $290,984 (-8.0%) 0.64 535
2021-05-01 $239,000 (-8.0%) $296,616 (-5.5%) 0.64 530
2021-06-01 $234,725 (-11.3%) $292,443 (-13.4%) 0.62 520
2021-07-01 $238,000 (-8.4%) $302,335 (-11.7%) 0.63 537
2021-08-01 $236,500 (-9.0%) $308,262 (-8.2%) 0.63 551
2021-09-01 $237,450 (-4.0%) $307,285 (-3.4%) 0.63 558
2021-10-01 $230,000 (-3.8%) $302,659 (-1.6%) 0.61 520
2021-11-01 $232,425 (1.1%) $289,794 (-1.8%) 0.62 538
2021-12-01 $227,875 (-0.9%) $290,573 (-3.0%) 0.61 499
2022-01-01 $232,450 (3.3%) $303,937 (6.1%) 0.62 442
2022-02-01 $242,475 (7.8%) $311,338 (9.2%) 0.62 413
2022-03-01 $247,975 (8.3%) $309,755 (6.2%) 0.61 380
2022-04-01 $260,000 (9.2%) $324,323 (11.5%) 0.61 375
2022-05-01 $256,875 (7.5%) $329,106 (11.0%) 0.59 406
2022-06-01 $257,175 (9.6%) $322,473 (10.3%) 0.57 459
2022-07-01 $259,900 (9.2%) $319,527 (5.7%) 0.59 482
2022-08-01 $257,038 (8.7%) $323,623 (5.0%) 0.60 497
2022-09-01 $262,325 (10.5%) $331,462 (7.9%) 0.61 487
2022-10-01 $255,000 (10.9%) $324,777 (7.3%) 0.60 496
2022-11-01 $257,000 (10.6%) $320,905 (10.7%) 0.62 477
2022-12-01 $260,000 (14.1%) $315,831 (8.7%) 0.64 432
2023-01-01 $264,569 (13.8%) $313,483 (3.1%) 0.66 393
2023-02-01 $258,975 (6.8%) $330,513 (6.2%) 0.63 370
2023-03-01 $268,500 (8.3%) $339,888 (9.7%) 0.63 330
2023-04-01 $276,000 (6.2%) $343,874 (6.0%) 0.64 315
2023-05-01 $289,500 (12.7%) $351,356 (6.8%) 0.66 301
2023-06-01 $285,500 (11.0%) $346,067 (7.3%) 0.64 313
2023-07-01 $279,900 (7.7%) $337,645 (5.7%) 0.64 303
2023-08-01 $285,000 (10.9%) $336,561 (4.0%) 0.65 302
2023-09-01 $285,000 (8.6%) $335,721 (1.3%) 0.66 299
2023-10-01 $297,000 (16.5%) $341,076 (5.0%) 0.70 322
2023-11-01 $299,950 (16.7%) $349,170 (8.8%) 0.71 320
2023-12-01 $301,090 (15.8%) $367,460 (16.4%) 0.00 294
2024-01-01 $312,750 (18.2%) $382,357 (22.0%) 0.00 277
Odessa's median listing price for 2024-01-01 was $312,750, a difference of $48,181 (18.2%) versus the prior year and $11,660 versus the prior month.

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

Odessa's average listing price for 2024-01-01 was $382,357, a difference of $68,874 (22.0%) versus the prior year and $14,897 versus the prior month.

For the 2024-01-01 period, Odessa had 277 MLS listings, a difference of -17 listings (-6%) versus the prior month and -116 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 62 days 1,893 sqft
2018-02-01 56 days 1,983 sqft
2018-03-01 32 days 1,984 sqft
2018-04-01 31 days 2,043 sqft
2018-05-01 26 days 2,097 sqft
2018-06-01 42 days 2,139 sqft
2018-07-01 39 days 2,075 sqft
2018-08-01 40 days 2,058 sqft
2018-09-01 38 days 2,061 sqft
2018-10-01 36 days 2,032 sqft
2018-11-01 37 days 2,027 sqft
2018-12-01 49 days 2,041 sqft
2019-01-01 51 days 2,038 sqft
2019-02-01 42 days 2,029 sqft
2019-03-01 33 days 2,103 sqft
2019-04-01 29 days 2,209 sqft
2019-05-01 33 days 2,161 sqft
2019-06-01 34 days 2,165 sqft
2019-07-01 34 days 2,168 sqft
2019-08-01 38 days 2,111 sqft
2019-09-01 40 days 2,046 sqft
2019-10-01 42 days 2,009 sqft
2019-11-01 53 days 2,067 sqft
2019-12-01 73 days 2,051 sqft
2020-01-01 73 days 1,979 sqft
2020-02-01 61 days 1,981 sqft
2020-03-01 47 days 1,999 sqft
2020-04-01 48 days 1,996 sqft
2020-05-01 57 days 1,951 sqft
2020-06-01 54 days 1,996 sqft
2020-07-01 55 days 1,989 sqft
2020-08-01 49 days 1,943 sqft
2020-09-01 51 days 1,872 sqft
2020-10-01 55 days 1,847 sqft
2020-11-01 53 days 1,827 sqft
2020-12-01 64 days 1,823 sqft
2021-01-01 74 days 1,782 sqft
2021-02-01 69 days 1,805 sqft
2021-03-01 61 days 1,821 sqft
2021-04-01 57 days 1,856 sqft
2021-05-01 57 days 1,873 sqft
2021-06-01 58 days 1,817 sqft
2021-07-01 57 days 1,800 sqft
2021-08-01 60 days 1,832 sqft
2021-09-01 64 days 1,850 sqft
2021-10-01 67 days 1,824 sqft
2021-11-01 70 days 1,844 sqft
2021-12-01 71 days 1,832 sqft
2022-01-01 72 days 1,853 sqft
2022-02-01 63 days 1,866 sqft
2022-03-01 46 days 1,839 sqft
2022-04-01 45 days 1,840 sqft
2022-05-01 44 days 1,822 sqft
2022-06-01 42 days 1,818 sqft
2022-07-01 44 days 1,872 sqft
2022-08-01 53 days 1,870 sqft
2022-09-01 59 days 1,892 sqft
2022-10-01 60 days 1,839 sqft
2022-11-01 63 days 1,879 sqft
2022-12-01 73 days 1,896 sqft
2023-01-01 69 days 1,867 sqft
2023-02-01 50 days 1,885 sqft
2023-03-01 51 days 1,916 sqft
2023-04-01 50 days 1,978 sqft
2023-05-01 46 days 2,018 sqft
2023-06-01 46 days 2,022 sqft
2023-07-01 53 days 2,020 sqft
2023-08-01 49 days 2,053 sqft
2023-09-01 50 days 2,052 sqft
2023-10-01 49 days 2,033 sqft
2023-11-01 49 days 2,032 sqft
2023-12-01 0 days 2,070 sqft
2024-01-01 0 days 2,039 sqft
Odessa's median listing age (time on market) for 2024-01-01 was 0 days. This is -100% shorter than the same period one year ago.

Odessa's median square footage for active listings during the 2024-01-01 period was 2,039 sqft. One year prior, the average listing was 1,867 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).