Plainview FHA Loan Rates, Closing Costs & Stats

Plainview, 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.

    Plainview's 24 lenders originated 46 FHA loans during 2023. The total origination value was $7,150,000, with an average FHA loan value of $155,435.

    Plainview FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Plainview averaged 7.19% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Plainview's average FHA mortgage closing costs are $6,064.

    The average rate for the prior week (2024-04-12) was 6.68% and one month ago for the week of 2024-03-15, the average rate was 6.65%.

    The average rate one year ago was 6.48%.

    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.

    Plainview 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 Plainview level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Prosperity Bank 8 6.50% $6,683
    LOANDEPOT.COM, LLC 4 7.00% $8,161
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.92% $5,252
    CARDINAL FINANCIAL 3 6.58% $10,197
    HOMETRUST MORTGAGE COMPANY 2 7.38% $6,557
    QUICKEN LOANS, LLC 2 6.93% $7,400
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.63% $10,088
    FLAT BRANCH MORTGAGE, INC. 1 6.00% $16,882
    FREEDOM MORTGAGE CORPORATION 1 7.25% $9,466
    GUILD MORTGAGE COMPANY 1 5.50% $9,425
    MANN FINANCIAL INC. 1 7.63% $7,334
    MORTGAGE FINANCIAL SERVICES, LLC 1 6.00% $5,595
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $2,328
    MOVEMENT MORTGAGE, LLC 1 7.25% $8,275
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $9,765
    TEXAS TECH 1 5.63% $10,522
    Alliance Credit Union 1 5.50% $2,618
    United Fidelity Funding Corp. 1 7.25% $7,344
    Amarillo National Bank 1 6.13% $4,851
    Bank of America 1 7.50% $4,712
    Bank of England 1 7.63% $6,535
    City Bank 1 6.63% $5,862
    EMBRACE HOME LOANS, INC. 1 6.99% $13,796
    First United Bank 1 7.63% $5,540

    The top Plainview FHA lender as defined by loan originations is Prosperity Bank, with 8 FHA loans originated. Their average total fees are $6,683, which is $1,477 lower than the next largest lender, LOANDEPOT.COM, LLC.

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

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

    Plainview FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Plainview (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 $122,400 (4.4%) $150,032 (10.4%) 0.00 104
    2018-02-01 $126,850 (7.4%) $151,313 (8.1%) 0.00 110
    2018-03-01 $139,850 (16.3%) $160,082 (7.7%) 0.00 103
    2018-04-01 $142,375 (18.0%) $166,041 (6.6%) 0.00 92
    2018-05-01 $142,325 (17.3%) $157,142 (2.8%) 0.00 96
    2018-06-01 $147,200 (32.3%) $160,766 (12.8%) 0.00 100
    2018-07-01 $144,500 (31.4%) $163,694 (19.3%) 0.00 113
    2018-08-01 $137,325 (21.1%) $165,664 (18.8%) 0.00 108
    2018-09-01 $130,000 (4.7%) $166,474 (16.4%) 0.00 111
    2018-10-01 $125,000 (-1.5%) $167,202 (11.1%) 0.00 108
    2018-11-01 $125,975 (-0.1%) $163,628 (6.3%) 0.00 116
    2018-12-01 $132,500 (6.7%) $166,610 (8.9%) 0.00 110
    2019-01-01 $120,600 (-1.5%) $162,128 (8.1%) 0.00 103
    2019-02-01 $129,450 (2.1%) $164,691 (8.8%) 0.00 100
    2019-03-01 $138,693 (-0.8%) $169,576 (5.9%) 0.00 97
    2019-04-01 $141,993 (-0.3%) $170,151 (2.5%) 0.00 99
    2019-05-01 $132,475 (-6.9%) $166,700 (6.1%) 0.00 96
    2019-06-01 $131,250 (-10.8%) $163,855 (1.9%) 0.00 92
    2019-07-01 $127,875 (-11.5%) $151,931 (-7.2%) 0.00 107
    2019-08-01 $127,318 (-7.3%) $153,241 (-7.5%) 0.00 103
    2019-09-01 $127,420 (-2.0%) $155,638 (-6.5%) 0.00 99
    2019-10-01 $126,714 (1.4%) $157,656 (-5.7%) 0.00 94
    2019-11-01 $127,000 (0.8%) $156,938 (-4.1%) 0.00 94
    2019-12-01 $135,375 (2.2%) $162,903 (-2.2%) 0.00 90
    2020-01-01 $134,625 (11.6%) $158,986 (-1.9%) 0.00 83
    2020-02-01 $128,950 (-0.4%) $160,397 (-2.6%) 0.00 73
    2020-03-01 $137,250 (-1.0%) $177,794 (4.9%) 0.00 70
    2020-04-01 $139,750 (-1.6%) $191,535 (12.6%) 0.00 69
    2020-05-01 $147,250 (11.2%) $200,830 (20.5%) 0.00 65
    2020-06-01 $144,300 (9.9%) $197,529 (20.6%) 0.00 64
    2020-07-01 $136,050 (6.4%) $177,278 (16.7%) 0.00 61
    2020-08-01 $137,200 (7.8%) $176,415 (15.1%) 0.00 71
    2020-09-01 $136,000 (6.7%) $176,019 (13.1%) 0.00 65
    2020-10-01 $135,500 (6.9%) $177,814 (12.8%) 0.00 54
    2020-11-01 $139,950 (10.2%) $190,497 (21.4%) 0.00 43
    2020-12-01 $143,575 (6.1%) $197,945 (21.5%) 0.00 46
    2021-01-01 $133,500 (-0.8%) $180,609 (13.6%) 0.00 41
    2021-02-01 $132,375 (2.7%) $187,457 (16.9%) 0.00 35
    2021-03-01 $110,875 (-19.2%) $188,491 (6.0%) 0.00 29
    2021-04-01 $114,950 (-17.8%) $189,353 (-1.1%) 0.00 32
    2021-05-01 $110,000 (-25.3%) $247,536 (23.3%) 0.00 24
    2021-06-01 $180,000 (24.7%) $241,830 (22.4%) 0.00 26
    2021-07-01 $149,500 (9.9%) $247,150 (39.4%) 0.00 21
    2021-08-01 $134,750 (-1.8%) $187,014 (6.0%) 0.00 35
    2021-09-01 $139,875 (2.9%) $197,527 (12.2%) 0.00 36
    2021-10-01 $117,475 (-13.3%) $209,376 (17.8%) 0.00 27
    2021-11-01 $129,975 (-7.1%) $220,978 (16.0%) 0.00 27
    2021-12-01 $167,325 (16.5%) $234,950 (18.7%) 0.00 30
    2022-01-01 $140,000 (4.9%) $218,409 (20.9%) 0.00 27
    2022-02-01 $142,938 (8.0%) $226,247 (20.7%) 0.00 29
    2022-03-01 $162,250 (46.3%) $249,120 (32.2%) 0.00 20
    2022-04-01 $189,700 (65.0%) $266,726 (40.9%) 0.00 18
    2022-05-01 $174,000 (58.2%) $255,787 (3.3%) 0.00 25
    2022-06-01 $139,375 (-22.6%) $227,519 (-5.9%) 0.00 27
    2022-07-01 $167,500 (12.0%) $211,732 (-14.3%) 0.00 32
    2022-08-01 $158,575 (17.7%) $212,031 (13.4%) 0.00 28
    2022-09-01 $130,750 (-6.5%) $192,516 (-2.5%) 0.00 33
    2022-10-01 $175,000 (49.0%) $222,054 (6.1%) 0.00 36
    2022-11-01 $169,200 (30.2%) $223,932 (1.3%) 0.00 36
    2022-12-01 $164,900 (-1.5%) $235,723 (0.3%) 0.00 35
    2023-01-01 $156,475 (11.8%) $214,323 (-1.9%) 0.00 38
    2023-02-01 $164,900 (15.4%) $220,521 (-2.5%) 0.00 37
    2023-03-01 $182,500 (12.5%) $237,095 (-4.8%) 0.00 37
    2023-04-01 $199,500 (5.2%) $298,312 (11.8%) 0.00 35
    2023-05-01 $206,500 (18.7%) $284,111 (11.1%) 0.00 45
    2023-06-01 $197,125 (41.4%) $261,861 (15.1%) 0.00 53
    2023-07-01 $197,450 (17.9%) $256,343 (21.1%) 0.00 59
    2023-08-01 $193,185 (21.8%) $244,913 (15.5%) 0.00 74
    2023-09-01 $197,000 (50.7%) $248,325 (29.0%) 0.00 77
    2023-10-01 $195,685 (11.8%) $252,574 (13.7%) 0.00 76
    2023-11-01 $195,870 (15.8%) $279,642 (24.9%) 0.00 83
    2023-12-01 $191,870 (16.4%) $282,136 (19.7%) 0.00 81
    2024-01-01 $197,635 (26.3%) $282,176 (31.7%) 0.00 76
    2024-02-01 $191,738 (16.3%) $268,782 (21.9%) 0.00 77
    2024-03-01 $198,500 (8.8%) $258,662 (9.1%) 0.00 85
    Plainview's median listing price for 2024-03-01 was $198,500, a difference of $16,000 (8.8%) versus the prior year and $6,762 versus the prior month.

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

    Plainview's average listing price for 2024-03-01 was $258,662, a difference of $21,567 (9.1%) versus the prior year and $-10,120 versus the prior month.

    For the 2024-03-01 period, Plainview had 85 MLS listings, a difference of 8 listings (10%) versus the prior month and 48 listings (130%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Plainview (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,816 sqft
    2018-02-01 0 days 1,864 sqft
    2018-03-01 0 days 1,970 sqft
    2018-04-01 0 days 2,020 sqft
    2018-05-01 0 days 1,987 sqft
    2018-06-01 0 days 2,046 sqft
    2018-07-01 0 days 2,004 sqft
    2018-08-01 0 days 1,972 sqft
    2018-09-01 0 days 1,959 sqft
    2018-10-01 0 days 1,935 sqft
    2018-11-01 0 days 1,948 sqft
    2018-12-01 0 days 1,922 sqft
    2019-01-01 0 days 1,911 sqft
    2019-02-01 0 days 1,930 sqft
    2019-03-01 0 days 1,955 sqft
    2019-04-01 0 days 1,969 sqft
    2019-05-01 0 days 1,959 sqft
    2019-06-01 0 days 1,940 sqft
    2019-07-01 0 days 1,901 sqft
    2019-08-01 0 days 1,916 sqft
    2019-09-01 0 days 1,943 sqft
    2019-10-01 0 days 1,965 sqft
    2019-11-01 0 days 1,956 sqft
    2019-12-01 0 days 1,942 sqft
    2020-01-01 0 days 1,941 sqft
    2020-02-01 0 days 1,905 sqft
    2020-03-01 0 days 1,974 sqft
    2020-04-01 0 days 2,045 sqft
    2020-05-01 0 days 2,175 sqft
    2020-06-01 0 days 2,109 sqft
    2020-07-01 0 days 2,030 sqft
    2020-08-01 0 days 2,117 sqft
    2020-09-01 0 days 2,137 sqft
    2020-10-01 0 days 2,078 sqft
    2020-11-01 0 days 1,955 sqft
    2020-12-01 0 days 2,039 sqft
    2021-01-01 0 days 1,910 sqft
    2021-02-01 0 days 1,956 sqft
    2021-03-01 0 days 1,975 sqft
    2021-04-01 0 days 2,012 sqft
    2021-05-01 0 days 1,646 sqft
    2021-06-01 0 days 2,148 sqft
    2021-07-01 0 days 1,635 sqft
    2021-08-01 0 days 1,631 sqft
    2021-09-01 0 days 1,743 sqft
    2021-10-01 0 days 1,631 sqft
    2021-11-01 0 days 1,631 sqft
    2021-12-01 0 days 1,634 sqft
    2022-01-01 0 days 1,633 sqft
    2022-02-01 0 days 1,786 sqft
    2022-03-01 0 days 1,666 sqft
    2022-04-01 0 days 1,912 sqft
    2022-05-01 0 days 1,980 sqft
    2022-06-01 0 days 1,768 sqft
    2022-07-01 0 days 1,913 sqft
    2022-08-01 0 days 1,943 sqft
    2022-09-01 0 days 1,770 sqft
    2022-10-01 0 days 1,801 sqft
    2022-11-01 0 days 1,793 sqft
    2022-12-01 0 days 1,777 sqft
    2023-01-01 0 days 1,697 sqft
    2023-02-01 0 days 1,740 sqft
    2023-03-01 0 days 1,892 sqft
    2023-04-01 0 days 1,960 sqft
    2023-05-01 0 days 1,839 sqft
    2023-06-01 0 days 1,773 sqft
    2023-07-01 0 days 1,874 sqft
    2023-08-01 0 days 1,913 sqft
    2023-09-01 0 days 1,913 sqft
    2023-10-01 0 days 1,910 sqft
    2023-11-01 0 days 1,884 sqft
    2023-12-01 0 days 1,907 sqft
    2024-01-01 0 days 1,920 sqft
    2024-02-01 0 days 1,881 sqft
    2024-03-01 0 days 1,905 sqft
    Plainview's median listing age (time on market) for 2024-03-01 was 0 days.

    Plainview's median square footage for active listings during the 2024-03-01 period was 1,905 sqft. One year prior, the average listing was 1,892 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).