Odessa FHA Loan Rates, Closing Costs & Stats

ODESSA, 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.

    Odessa's 77 lenders originated 1,243 FHA loans during 2023. The total origination value was $312,165,000, with an average FHA loan value of $251,138.

    Odessa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Odessa averaged 6.64% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Odessa's average FHA mortgage closing costs are $8,888.

    The average rate for the prior week (2024-04-12) was 6.83% and one month ago for the week of 2024-03-15, the average rate was 6.7%.

    The average rate one year ago was 6.43%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 214 5.61% $9,956
    PRIMELENDING, A PLAINSCAPITAL COMPANY 118 6.80% $12,260
    UNITED WHOLESALE MORTGAGE, LLC 108 6.49% $11,889
    AMCAP MORTGAGE, LTD. 96 6.74% $13,547
    CARDINAL FINANCIAL 58 6.99% $12,511
    NATIONS RELIABLE LENDING, LLC 52 6.93% $13,915
    GUARANTEED RATE, INC. 46 6.70% $10,326
    SFMC, LP 40 6.84% $13,482
    DIRECTIONS EQUITY, LLC 36 7.02% $6,772
    EVERETT FINANCIAL, INC. 33 7.30% $12,053
    Waterstone Mortgage Corporation 31 6.97% $11,673
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 27 7.18% $12,319
    PLAZA HOME MORTGAGE, INC. 21 6.71% $11,276
    Century Mortgage Company DBA Century Lending Company 19 6.74% $9,558
    QUICKEN LOANS, LLC 17 6.39% $11,729
    T2 FINANCIAL LLC 14 7.31% $11,823
    Nations Lending Corporation 13 6.81% $8,900
    FBC MORTGAGE, LLC 10 6.49% $12,853
    FLAT BRANCH MORTGAGE, INC. 10 6.45% $10,731
    Southwest Bank 10 6.28% $10,163
    LOANDEPOT.COM, LLC 10 6.74% $14,470
    SECURITYNATIONAL MORTGAGE COMPANY 9 6.65% $15,006
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 6.94% $7,588
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 7.31% $8,313
    PENNYMAC LOAN SERVICES, LLC 4 6.53% $14,452
    THE MORTGAGE LINK, INC. 4 7.38% $12,519
    THRIVE MORTGAGE, LLC 4 7.00% $12,563
    ACADEMY MORTGAGE CORPORATION 4 6.78% $15,208
    JPMorgan Chase Bank 4 6.84% $5,596
    ZILLOW HOME LOANS, LLC 3 6.21% $9,888
    CALCON MUTUAL MORTGAGE LLC 3 6.71% $17,217
    GUILD MORTGAGE COMPANY 3 7.67% $12,662
    Loan Simple, Inc. 3 6.96% $13,114
    LRS FINANCIAL NETWORK, INC. 3 6.17% $8,128
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.33% $11,836
    Network Funding, L.P. 3 7.17% $12,751
    SUN WEST MORTGAGE COMPANY, INC. 3 6.67% $13,269
    Citizens Bank 2 6.38% $10,195
    Sunflower Bank 2 6.62% $12,238
    AMERISAVE MORTGAGE CORPORATION 2 7.00% $11,140
    First American Bank 2 6.50% $7,043
    VILLAGE CAPITAL MORTGAGE 2 6.82% $10,170
    OPEN MORTGAGE, LLC 2 6.94% $8,027
    GENEVA FINANCIAL, LLC 2 7.13% $15,719
    Town Square Mortgage & Investments, Inc. 2 6.94% $8,301
    Mr. Cooper ( Nationstar Mortgage ) 2 6.75% $17,585
    INTERLINC MORTGAGE SERVICES, LLC 2 6.81% $12,714
    FREEDOM MORTGAGE CORPORATION 2 7.25% $14,064
    Bank of England 2 7.19% $8,672
    Equity Prime Mortgage LLC 1 6.50% $5,322
    Plains Commerce Bank 1 6.25% $10,789
    ENVOY MORTGAGE, LTD 1 6.63% $9,520
    PNC Bank 1 6.13% $6,712
    PREMIA MORTGAGE, LLC 1 5.00% $15,779
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.63% $11,906
    Princeton Mortgage Corporation 1 7.25% $13,304
    DAS Acquisition Company, LLC 1 7.13% $19,128
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $9,943
    CMG MORTGAGE, INC. 1 6.75% $14,755
    City Bank 1 7.50% $7,895
    BROKER SOLUTIONS, INC. 1 7.38% $17,293
    BELEM SERVICING LLC 1 7.13% $8,179
    Barrington Bank & Trust Company, N.A. 1 6.25% $9,641
    Gateway First Bank 1 7.75% $9,930
    Flagstar Bank, FSB 1 6.73% $10,067
    LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $12,959
    UNION HOME MORTGAGE CORP. 1 5.63% $18,687
    MICHIGAN MUTUAL, INC. 1 6.13% $14,796
    MORTGAGE ACCESS CORP. 1 5.75% $20,165
    Mortgage Research Center, LLC 1 7.63% $7,942
    First National Bank Texas 1 7.25% $8,676
    NBH Bank 1 7.38% $8,953
    NBKC BANK 1 7.00% $8,576
    Neighborhood Loans, Inc. 1 7.75% $15,235
    Armed Forces Bank 1 5.50% $17,467
    NFM, INC. 1 7.13% $12,240
    Paramount Residential Mortgage Group, Inc. 1 7.25% $7,832

    The top Odessa FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 214 FHA loans originated. Their average total fees are $9,956, which is $2,303 lower than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

    The lowest fee Odessa FHA lenders (with over 10 loans originated) are DIRECTIONS EQUITY, LLC ($6,772), Nations Lending Corporation ($8,900), Century Mortgage Company DBA Century Lending Company ($9,558), DHI MORTGAGE COMPANY, LTD. ($9,956) and Southwest Bank ($10,163).

    The lowest rate Odessa FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.61%), Southwest Bank (6.28%), QUICKEN LOANS, LLC (6.39%), FLAT BRANCH MORTGAGE, INC. (6.45%) and FBC MORTGAGE, LLC (6.49%).

    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
    2024-02-01 $315,071 (21.7%) $371,758 (12.5%) 0.00 261
    2024-03-01 $322,585 (20.1%) $390,107 (14.8%) 0.00 249
    Odessa's median listing price for 2024-03-01 was $322,585, a difference of $54,085 (20.1%) versus the prior year and $7,514 versus the prior month.

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

    Odessa's average listing price for 2024-03-01 was $390,107, a difference of $50,219 (14.8%) versus the prior year and $18,349 versus the prior month.

    For the 2024-03-01 period, Odessa had 249 MLS listings, a difference of -12 listings (-5%) versus the prior month and -81 listings (-25%) 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
    2024-02-01 0 days 2,077 sqft
    2024-03-01 0 days 2,104 sqft
    Odessa's median listing age (time on market) for 2024-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Odessa's median square footage for active listings during the 2024-03-01 period was 2,104 sqft. One year prior, the average listing was 1,916 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).