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%.

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).