Pecos FHA Loan Rates, Closing Costs & Stats

Pecos, 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.

    Pecos's 19 lenders originated 39 FHA loans during 2023. The total origination value was $9,225,000, with an average FHA loan value of $236,538.

    Pecos FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Pecos averaged 7.03% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Pecos's average FHA mortgage closing costs are $10,144.

    The average rate for the prior week (2024-04-12) was 6.82% and one month ago for the week of 2024-03-15, the average rate was 6.69%.

    The average rate one year ago was 6.21%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Pecos 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 Pecos level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Waterstone Mortgage Corporation 8 6.80% $14,509
    UNITED WHOLESALE MORTGAGE, LLC 3 6.29% $16,818
    SECURITYNATIONAL MORTGAGE COMPANY 3 6.08% $13,660
    AMCAP MORTGAGE, LTD. 3 6.58% $8,909
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.81% $11,250
    LOANDEPOT.COM, LLC 2 7.00% $11,289
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.69% $6,559
    GUARANTEED RATE, INC. 2 7.25% $15,300
    GUILD MORTGAGE COMPANY 2 6.44% $17,773
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.50% $8,972
    MANN FINANCIAL INC. 1 6.75% $15,250
    OCMBC, INC. 1 7.50% $16,883
    QUICKEN LOANS, LLC 1 5.25% $10,193
    EVERETT FINANCIAL, INC. 1 7.00% $6,481
    Strong Home Mortgage, LLC 1 5.13% $9,302
    DIRECTIONS EQUITY, LLC 1 6.13% $5,700
    Watermark Capital, Inc. 1 5.63% $9,254
    CARDINAL FINANCIAL 1 5.75% $9,079
    WILLOW BEND MORTGAGE COMPANY, LLC 1 7.00% $24,167

    The top Pecos FHA lender as defined by loan originations is Waterstone Mortgage Corporation, with 8 FHA loans originated. Their average total fees are $14,509, which is $2,309 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Pecos FHA lenders (with over 10 loans originated) are .

    The lowest rate Pecos FHA lenders (with over 10 loans originated) are .

    Pecos FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PECOS, TX LOVING 2022 $420,680 $538,650 $651,050 $809,150
    PECOS, TX REEVES 2022 $420,680 $538,650 $651,050 $809,150
    PECOS, TX LOVING 2023 $472,030 $604,400 $730,525 $907,900
    PECOS, TX REEVES 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Pecos (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 $172,900 (28.2%) $587,429 (291.8%) 0.00 7
    2018-02-01 $221,250 (46.1%) $673,345 (331.4%) 0.00 6
    2018-03-01 $220,000 (56.7%) $619,843 (316.1%) 0.00 7
    2018-04-01 $257,450 (90.9%) $586,100 (307.6%) 0.00 7
    2018-05-01 $310,000 (136.6%) $547,085 (291.1%) 0.00 9
    2018-06-01 $325,000 (88.4%) $575,094 (223.7%) 0.00 8
    2018-07-01 $326,000 (124.8%) $637,425 (367.6%) 0.00 8
    2018-08-01 $274,500 (45.8%) $424,836 (125.7%) 0.00 8
    2018-09-01 $241,950 (18.3%) $240,975 (-12.3%) 0.00 9
    2018-10-01 $249,000 (40.5%) $214,380 (-71.3%) 0.00 5
    2018-11-01 $212,250 (15.0%) $195,883 (-73.6%) 0.00 5
    2018-12-01 $189,500 (12.1%) $186,108 (-66.3%) 0.00 10
    2019-01-01 $167,000 (-3.4%) $171,505 (-70.8%) 0.00 9
    2019-02-01 $154,250 (-30.3%) $186,733 (-72.3%) 0.00 6
    2019-03-01 $143,714 (-34.7%) $182,026 (-70.6%) 0.00 7
    2019-04-01 $114,214 (-55.6%) $171,007 (-70.8%) 0.00 9
    2019-05-01 $203,950 (-34.2%) $218,824 (-60.0%) 0.00 9
    2019-06-01 $216,900 (-33.3%) $239,947 (-58.3%) 0.00 14
    2019-07-01 $206,250 (-36.7%) $224,853 (-64.7%) 0.00 18
    2019-08-01 $208,077 (-24.2%) $230,310 (-45.8%) 0.00 18
    2019-09-01 $228,818 (-5.4%) $253,651 (5.3%) 0.00 18
    2019-10-01 $237,645 (-4.6%) $274,328 (28.0%) 0.00 18
    2019-11-01 $239,900 (13.0%) $280,313 (43.1%) 0.00 20
    2019-12-01 $250,000 (31.9%) $269,135 (44.6%) 0.00 20
    2020-01-01 $250,000 (49.7%) $276,774 (61.4%) 0.00 19
    2020-02-01 $230,000 (49.1%) $259,760 (39.1%) 0.00 24
    2020-03-01 $209,000 (45.4%) $239,182 (31.4%) 0.00 24
    2020-04-01 $204,750 (79.3%) $237,417 (38.8%) 0.00 19
    2020-05-01 $220,000 (7.9%) $238,107 (8.8%) 0.00 15
    2020-06-01 $164,900 (-24.0%) $215,082 (-10.4%) 0.00 13
    2020-07-01 $137,728 (-33.2%) $208,282 (-7.4%) 0.00 9
    2020-08-01 $150,000 (-27.9%) $210,544 (-8.6%) 0.00 9
    2020-09-01 $112,500 (-50.8%) $159,543 (-37.1%) 0.00 10
    2020-10-01 $189,250 (-20.4%) $199,200 (-27.4%) 0.00 9
    2020-11-01 $149,625 (-37.6%) $226,708 (-19.1%) 0.00 12
    2020-12-01 $214,000 (-14.4%) $222,821 (-17.2%) 0.00 14
    2021-01-01 $279,650 (11.9%) $263,339 (-4.9%) 0.00 17
    2021-02-01 $279,500 (21.5%) $273,396 (5.3%) 0.00 21
    2021-03-01 $273,495 (30.9%) $284,443 (18.9%) 0.00 20
    2021-04-01 $245,000 (19.7%) $257,437 (8.4%) 0.00 22
    2021-05-01 $247,450 (12.5%) $261,585 (9.9%) 0.00 20
    2021-06-01 $246,950 (49.8%) $271,865 (26.4%) 0.00 17
    2021-07-01 $245,000 (77.9%) $269,693 (29.5%) 0.00 18
    2021-08-01 $245,000 (63.3%) $273,963 (30.1%) 0.00 17
    2021-09-01 $279,500 (148.4%) $317,831 (99.2%) 0.00 15
    2021-10-01 $254,000 (34.2%) $321,367 (61.3%) 0.00 21
    2021-11-01 $255,500 (70.8%) $304,616 (34.4%) 0.00 21
    2021-12-01 $247,250 (15.5%) $283,019 (27.0%) 0.00 19
    2022-01-01 $220,000 (-21.3%) $273,761 (4.0%) 0.00 14
    2022-02-01 $254,250 (-9.0%) $312,467 (14.3%) 0.00 11
    2022-03-01 $245,000 (-10.4%) $247,911 (-12.8%) 0.00 17
    2022-04-01 $238,000 (-2.9%) $234,958 (-8.7%) 0.00 19
    2022-05-01 $217,350 (-12.2%) $229,271 (-12.4%) 0.00 23
    2022-06-01 $217,663 (-11.9%) $238,419 (-12.3%) 0.00 26
    2022-07-01 $199,450 (-18.6%) $217,663 (-19.3%) 0.00 22
    2022-08-01 $191,250 (-21.9%) $217,453 (-20.6%) 0.00 20
    2022-09-01 $195,500 (-30.1%) $239,013 (-24.8%) 0.00 21
    2022-10-01 $195,000 (-23.2%) $233,571 (-27.3%) 0.00 21
    2022-11-01 $210,250 (-17.7%) $257,455 (-15.5%) 0.00 23
    2022-12-01 $214,500 (-13.3%) $255,806 (-9.6%) 0.00 24
    2023-01-01 $284,875 (29.5%) $267,499 (-2.3%) 0.00 21
    2023-02-01 $285,750 (12.4%) $292,465 (-6.4%) 0.00 21
    2023-03-01 $288,875 (17.9%) $287,330 (15.9%) 0.00 19
    2023-04-01 $291,750 (22.6%) $299,161 (27.3%) 0.00 21
    2023-05-01 $287,250 (32.2%) $265,501 (15.8%) 0.00 19
    2023-06-01 $273,000 (25.4%) $291,630 (22.3%) 0.00 19
    2023-07-01 $285,000 (42.9%) $282,154 (29.6%) 0.00 23
    2023-08-01 $285,250 (49.2%) $298,466 (37.3%) 0.00 27
    2023-09-01 $302,000 (54.5%) $307,952 (28.8%) 0.00 20
    2023-10-01 $294,000 (50.8%) $289,241 (23.8%) 0.00 21
    2023-11-01 $293,500 (39.6%) $278,657 (8.2%) 0.00 26
    2023-12-01 $296,000 (38.0%) $292,600 (14.4%) 0.00 23
    2024-01-01 $295,500 (3.7%) $303,275 (13.4%) 0.00 24
    2024-02-01 $290,250 (1.6%) $312,946 (7.0%) 0.00 25
    2024-03-01 $302,500 (4.7%) $330,469 (15.0%) 0.00 28
    Pecos's median listing price for 2024-03-01 was $302,500, a difference of $13,625 (4.7%) versus the prior year and $12,250 versus the prior month.

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

    Pecos's average listing price for 2024-03-01 was $330,469, a difference of $43,139 (15.0%) versus the prior year and $17,523 versus the prior month.

    For the 2024-03-01 period, Pecos had 28 MLS listings, a difference of 3 listings (12%) versus the prior month and 9 listings (47%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Pecos (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,926 sqft
    2018-02-01 0 days 2,071 sqft
    2018-03-01 0 days 2,253 sqft
    2018-04-01 0 days 1,873 sqft
    2018-05-01 0 days 2,108 sqft
    2018-06-01 0 days 2,950 sqft
    2018-07-01 0 days 3,075 sqft
    2018-08-01 0 days 2,342 sqft
    2018-09-01 0 days 2,040 sqft
    2018-10-01 0 days 2,040 sqft
    2018-11-01 0 days 1,920 sqft
    2018-12-01 0 days 1,775 sqft
    2019-01-01 0 days 1,700 sqft
    2019-02-01 0 days 1,625 sqft
    2019-03-01 0 days 1,535 sqft
    2019-04-01 0 days 1,285 sqft
    2019-05-01 0 days 1,446 sqft
    2019-06-01 0 days 1,764 sqft
    2019-07-01 0 days 1,600 sqft
    2019-08-01 0 days 1,652 sqft
    2019-09-01 0 days 1,830 sqft
    2019-10-01 0 days 1,948 sqft
    2019-11-01 0 days 2,052 sqft
    2019-12-01 0 days 2,058 sqft
    2020-01-01 0 days 2,096 sqft
    2020-02-01 0 days 2,051 sqft
    2020-03-01 0 days 1,971 sqft
    2020-04-01 0 days 1,984 sqft
    2020-05-01 0 days 2,038 sqft
    2020-06-01 0 days 1,822 sqft
    2020-07-01 0 days 1,917 sqft
    2020-08-01 0 days 1,930 sqft
    2020-09-01 0 days 1,279 sqft
    2020-10-01 0 days 1,620 sqft
    2020-11-01 0 days 1,627 sqft
    2020-12-01 0 days 1,551 sqft
    2021-01-01 0 days 1,671 sqft
    2021-02-01 0 days 1,694 sqft
    2021-03-01 0 days 1,952 sqft
    2021-04-01 0 days 1,922 sqft
    2021-05-01 0 days 1,825 sqft
    2021-06-01 0 days 1,761 sqft
    2021-07-01 0 days 1,798 sqft
    2021-08-01 0 days 2,007 sqft
    2021-09-01 0 days 2,021 sqft
    2021-10-01 0 days 2,040 sqft
    2021-11-01 0 days 1,986 sqft
    2021-12-01 0 days 1,724 sqft
    2022-01-01 0 days 1,761 sqft
    2022-02-01 0 days 1,908 sqft
    2022-03-01 0 days 1,683 sqft
    2022-04-01 0 days 1,605 sqft
    2022-05-01 0 days 1,727 sqft
    2022-06-01 0 days 1,727 sqft
    2022-07-01 0 days 1,739 sqft
    2022-08-01 0 days 1,679 sqft
    2022-09-01 0 days 1,754 sqft
    2022-10-01 0 days 1,647 sqft
    2022-11-01 0 days 1,780 sqft
    2022-12-01 0 days 1,767 sqft
    2023-01-01 0 days 1,733 sqft
    2023-02-01 0 days 1,687 sqft
    2023-03-01 0 days 1,613 sqft
    2023-04-01 0 days 1,694 sqft
    2023-05-01 0 days 1,707 sqft
    2023-06-01 0 days 1,768 sqft
    2023-07-01 0 days 1,908 sqft
    2023-08-01 0 days 1,962 sqft
    2023-09-01 0 days 1,645 sqft
    2023-10-01 0 days 1,825 sqft
    2023-11-01 0 days 1,815 sqft
    2023-12-01 0 days 1,835 sqft
    2024-01-01 0 days 1,757 sqft
    2024-02-01 0 days 1,747 sqft
    2024-03-01 0 days 1,835 sqft
    Pecos's median listing age (time on market) for 2024-03-01 was 0 days.

    Pecos's median square footage for active listings during the 2024-03-01 period was 1,835 sqft. One year prior, the average listing was 1,613 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).