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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.