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 6.67% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.83% and one month ago for the week of 2024-06-14, the average rate was 6.58%.

    The average rate one year ago was 6.77%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.69%.

    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

    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).