Rio Grande City FHA Loan Rates, Closing Costs & Stats

Rio Grande City-Roma, 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.

    Rio Grande City's 23 lenders originated 74 FHA loans during 2023. The total origination value was $16,680,000, with an average FHA loan value of $225,405.

    Rio Grande City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rio Grande City averaged 7.04% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Rio Grande City's average FHA mortgage closing costs are $9,350.

    The average rate for the prior week (2024-04-05) was 6.67% and one month ago for the week of 2024-03-08, the average rate was 6.5%.

    The average rate one year ago was 6.24%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.94%.

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

    Rio Grande City 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 Rio Grande City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    WILLOW BEND MORTGAGE COMPANY, LLC 11 6.69% $18,045
    AMCAP MORTGAGE, LTD. 10 7.04% $12,898
    LEADERONE FINANCIAL CORPORATION 9 6.74% $12,638
    QUICKEN LOANS, LLC 6 6.20% $13,060
    CROSSCOUNTRY MORTGAGE, LLC 5 6.78% $13,744
    Nations Lending Corporation 4 7.03% $11,033
    UNITED WHOLESALE MORTGAGE, LLC 4 5.87% $14,847
    Town Square Mortgage & Investments, Inc. 3 7.08% $8,010
    International Bank of Commerce 1 6.75% $8,837
    Lone Star National Bank 1 6.50% $8,296
    MOVEMENT MORTGAGE, LLC 1 5.25% $11,741
    NATIONS RELIABLE LENDING, LLC 1 6.00% $11,133
    S1L, Inc. 1 6.25% $9,711
    SUN WEST MORTGAGE COMPANY, INC. 1 5.63% $10,456
    THRIVE MORTGAGE, LLC 1 6.63% $7,131
    UNION HOME MORTGAGE CORP. 1 7.00% $6,716
    Carrington Mortgage Services, LLC 1 6.13% $11,915
    BECKAM FUNDING CORP. 1 7.38% $11,200
    CMG MORTGAGE, INC. 1 6.75% $11,384
    DIRECTIONS EQUITY, LLC 1 7.00% $10,371
    FREEDOM MORTGAGE CORPORATION 1 6.25% $11,157
    Gateway First Bank 1 5.75% $15,175
    HOMESIDE FINANCIAL, LLC 1 6.00% $7,449

    The top Rio Grande City FHA lender as defined by loan originations is WILLOW BEND MORTGAGE COMPANY, LLC, with 11 FHA loans originated. Their average total fees are $18,045, which is $5,147 higher than the next largest lender, AMCAP MORTGAGE, LTD..

    The lowest fee Rio Grande City FHA lenders (with over 10 loans originated) are AMCAP MORTGAGE, LTD. ($12,898), WILLOW BEND MORTGAGE COMPANY, LLC ($18,045), .

    The lowest rate Rio Grande City FHA lenders (with over 10 loans originated) are WILLOW BEND MORTGAGE COMPANY, LLC (6.69%), AMCAP MORTGAGE, LTD. (7.04%), .

    Rio Grande City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    RIO GRANDE CITY-ROMA, TX STARR 2022 $420,680 $538,650 $651,050 $809,150
    RIO GRANDE CITY-ROMA, TX STARR 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rio Grande City (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 $139,500 (9.5%) $163,584 (4.3%) 0.00 63
    2018-02-01 $126,000 (-2.7%) $156,894 (0.5%) 0.00 61
    2018-03-01 $129,000 (0.4%) $154,499 (-1.5%) 0.00 60
    2018-04-01 $140,750 (8.4%) $163,187 (3.8%) 0.00 50
    2018-05-01 $129,000 (0.8%) $157,840 (11.1%) 0.00 49
    2018-06-01 $129,000 (-3.7%) $159,327 (-0.9%) 0.00 46
    2018-07-01 $122,250 (-4.9%) $158,517 (2.0%) 0.00 46
    2018-08-01 $119,000 (-1.5%) $162,736 (8.7%) 0.00 41
    2018-09-01 $117,000 (-7.5%) $156,122 (0.9%) 0.00 41
    2018-10-01 $114,500 (-10.7%) $154,029 (0.7%) 0.00 44
    2018-11-01 $118,750 (-9.0%) $157,851 (2.5%) 0.00 50
    2018-12-01 $136,194 (-2.4%) $164,756 (2.8%) 0.00 51
    2019-01-01 $143,844 (3.1%) $163,664 (0.1%) 0.00 58
    2019-02-01 $143,377 (13.8%) $159,116 (1.4%) 0.00 62
    2019-03-01 $147,429 (14.3%) $160,745 (4.0%) 0.00 62
    2019-04-01 $147,304 (4.7%) $162,576 (-0.4%) 0.00 60
    2019-05-01 $149,000 (15.5%) $163,908 (3.8%) 0.00 59
    2019-06-01 $130,000 (0.8%) $170,881 (7.3%) 0.00 55
    2019-07-01 $141,513 (15.8%) $170,838 (7.8%) 0.00 60
    2019-08-01 $136,109 (14.4%) $164,307 (1.0%) 0.00 61
    2019-09-01 $124,235 (6.2%) $154,025 (-1.3%) 0.00 61
    2019-10-01 $115,000 (0.4%) $145,784 (-5.4%) 0.00 71
    2019-11-01 $115,000 (-3.2%) $150,352 (-4.8%) 0.00 76
    2019-12-01 $115,000 (-15.6%) $139,125 (-15.6%) 0.00 84
    2020-01-01 $115,000 (-20.1%) $142,326 (-13.0%) 0.00 90
    2020-02-01 $115,000 (-19.8%) $139,912 (-12.1%) 0.00 94
    2020-03-01 $115,000 (-22.0%) $139,105 (-13.5%) 0.00 99
    2020-04-01 $114,500 (-22.3%) $154,037 (-5.3%) 0.00 98
    2020-05-01 $114,500 (-23.2%) $154,842 (-5.5%) 0.00 98
    2020-06-01 $111,750 (-14.0%) $152,068 (-11.0%) 0.00 95
    2020-07-01 $114,000 (-19.4%) $154,514 (-9.6%) 0.00 92
    2020-08-01 $115,000 (-15.5%) $156,571 (-4.7%) 0.00 88
    2020-09-01 $115,000 (-7.4%) $139,283 (-9.6%) 0.00 81
    2020-10-01 $115,000 (0.0%) $141,258 (-3.1%) 0.00 83
    2020-11-01 $115,000 (0.0%) $147,215 (-2.1%) 0.00 81
    2020-12-01 $115,000 (0.0%) $153,567 (10.4%) 0.00 77
    2021-01-01 $145,000 (26.1%) $170,409 (19.7%) 0.00 59
    2021-02-01 $150,000 (30.4%) $175,639 (25.5%) 0.00 60
    2021-03-01 $150,000 (30.4%) $170,401 (22.5%) 0.00 54
    2021-04-01 $149,750 (30.8%) $165,623 (7.5%) 0.00 55
    2021-05-01 $157,250 (37.3%) $169,132 (9.2%) 0.00 51
    2021-06-01 $174,999 (56.6%) $186,940 (22.9%) 0.00 47
    2021-07-01 $165,000 (44.7%) $298,803 (93.4%) 0.00 49
    2021-08-01 $165,000 (43.5%) $298,578 (90.7%) 0.00 47
    2021-09-01 $166,250 (44.6%) $311,077 (123.3%) 0.00 42
    2021-10-01 $172,500 (50.0%) $305,863 (116.5%) 0.00 50
    2021-11-01 $169,950 (47.8%) $289,778 (96.8%) 0.00 59
    2021-12-01 $164,250 (42.8%) $286,297 (86.4%) 0.00 58
    2022-01-01 $172,500 (19.0%) $300,729 (76.5%) 0.00 55
    2022-02-01 $170,000 (13.3%) $299,441 (70.5%) 0.00 57
    2022-03-01 $177,500 (18.3%) $319,461 (87.5%) 0.00 49
    2022-04-01 $186,922 (24.8%) $329,515 (99.0%) 0.00 48
    2022-05-01 $202,375 (28.7%) $316,942 (87.4%) 0.00 55
    2022-06-01 $217,000 (24.0%) $334,722 (79.1%) 0.00 50
    2022-07-01 $229,500 (39.1%) $326,878 (9.4%) 0.00 52
    2022-08-01 $234,000 (41.8%) $318,197 (6.6%) 0.00 62
    2022-09-01 $234,950 (41.3%) $300,326 (-3.5%) 0.00 78
    2022-10-01 $239,250 (38.7%) $300,844 (-1.6%) 0.00 75
    2022-11-01 $243,850 (43.5%) $310,733 (7.2%) 0.00 73
    2022-12-01 $241,500 (47.0%) $310,611 (8.5%) 0.00 75
    2023-01-01 $243,850 (41.4%) $315,303 (4.9%) 0.00 72
    2023-02-01 $237,125 (39.5%) $313,133 (4.6%) 0.00 70
    2023-03-01 $228,000 (28.5%) $309,683 (-3.1%) 0.00 71
    2023-04-01 $219,333 (17.3%) $306,663 (-6.9%) 0.00 66
    2023-05-01 $220,125 (8.8%) $311,909 (-1.6%) 0.00 65
    2023-06-01 $206,250 (-5.0%) $311,964 (-6.8%) 0.00 66
    2023-07-01 $229,900 (0.2%) $321,503 (-1.6%) 0.00 70
    2023-08-01 $229,900 (-1.8%) $331,302 (4.1%) 0.00 70
    2023-09-01 $229,950 (-2.1%) $329,303 (9.7%) 0.00 72
    2023-10-01 $229,900 (-3.9%) $317,377 (5.5%) 0.00 75
    2023-11-01 $228,950 (-6.1%) $313,123 (0.8%) 0.00 75
    2023-12-01 $224,500 (-7.0%) $306,182 (-1.4%) 0.00 75
    2024-01-01 $223,450 (-8.4%) $300,719 (-4.6%) 0.00 75
    2024-02-01 $216,950 (-8.5%) $298,214 (-4.8%) 0.00 74
    2024-03-01 $216,950 (-4.9%) $291,350 (-5.9%) 0.00 85
    Rio Grande City's median listing price for 2024-03-01 was $216,950, a difference of $-11,050 (-4.9%) versus the prior year and $0 versus the prior month.

    Rio Grande City's median listing price comes in at 0% of the national average.

    Rio Grande City's average listing price for 2024-03-01 was $291,350, a difference of $-18,333 (-5.9%) versus the prior year and $-6,864 versus the prior month.

    For the 2024-03-01 period, Rio Grande City had 85 MLS listings, a difference of 11 listings (15%) versus the prior month and 14 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rio Grande City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,891 sqft
    2018-02-01 0 days 1,823 sqft
    2018-03-01 0 days 1,847 sqft
    2018-04-01 0 days 1,887 sqft
    2018-05-01 0 days 1,846 sqft
    2018-06-01 0 days 1,900 sqft
    2018-07-01 0 days 1,823 sqft
    2018-08-01 0 days 1,975 sqft
    2018-09-01 0 days 1,823 sqft
    2018-10-01 0 days 1,813 sqft
    2018-11-01 0 days 1,813 sqft
    2018-12-01 0 days 1,926 sqft
    2019-01-01 0 days 1,894 sqft
    2019-02-01 0 days 1,839 sqft
    2019-03-01 0 days 1,917 sqft
    2019-04-01 0 days 1,926 sqft
    2019-05-01 0 days 1,943 sqft
    2019-06-01 0 days 1,844 sqft
    2019-07-01 0 days 1,834 sqft
    2019-08-01 0 days 1,740 sqft
    2019-09-01 0 days 1,615 sqft
    2019-10-01 0 days 1,524 sqft
    2019-11-01 0 days 1,466 sqft
    2019-12-01 0 days 1,466 sqft
    2020-01-01 0 days 1,408 sqft
    2020-02-01 0 days 1,415 sqft
    2020-03-01 0 days 1,325 sqft
    2020-04-01 0 days 1,415 sqft
    2020-05-01 0 days 1,418 sqft
    2020-06-01 0 days 1,329 sqft
    2020-07-01 0 days 1,328 sqft
    2020-08-01 0 days 1,305 sqft
    2020-09-01 0 days 1,280 sqft
    2020-10-01 0 days 1,305 sqft
    2020-11-01 0 days 1,391 sqft
    2020-12-01 0 days 1,443 sqft
    2021-01-01 0 days 1,768 sqft
    2021-02-01 0 days 1,852 sqft
    2021-03-01 0 days 1,901 sqft
    2021-04-01 0 days 1,864 sqft
    2021-05-01 0 days 1,846 sqft
    2021-06-01 0 days 1,900 sqft
    2021-07-01 0 days 1,872 sqft
    2021-08-01 0 days 1,779 sqft
    2021-09-01 0 days 1,777 sqft
    2021-10-01 0 days 1,655 sqft
    2021-11-01 0 days 1,670 sqft
    2021-12-01 0 days 1,633 sqft
    2022-01-01 0 days 1,690 sqft
    2022-02-01 0 days 1,791 sqft
    2022-03-01 0 days 1,741 sqft
    2022-04-01 0 days 1,793 sqft
    2022-05-01 0 days 1,804 sqft
    2022-06-01 0 days 1,878 sqft
    2022-07-01 0 days 1,878 sqft
    2022-08-01 0 days 1,836 sqft
    2022-09-01 0 days 1,845 sqft
    2022-10-01 0 days 1,909 sqft
    2022-11-01 0 days 1,887 sqft
    2022-12-01 0 days 1,844 sqft
    2023-01-01 0 days 1,845 sqft
    2023-02-01 0 days 1,846 sqft
    2023-03-01 0 days 1,853 sqft
    2023-04-01 0 days 1,816 sqft
    2023-05-01 0 days 1,795 sqft
    2023-06-01 0 days 1,738 sqft
    2023-07-01 0 days 1,802 sqft
    2023-08-01 0 days 1,825 sqft
    2023-09-01 0 days 1,802 sqft
    2023-10-01 0 days 1,786 sqft
    2023-11-01 0 days 1,767 sqft
    2023-12-01 0 days 1,783 sqft
    2024-01-01 0 days 1,744 sqft
    2024-02-01 0 days 1,716 sqft
    2024-03-01 0 days 1,598 sqft
    Rio Grande City's median listing age (time on market) for 2024-03-01 was 0 days.

    Rio Grande City's median square footage for active listings during the 2024-03-01 period was 1,598 sqft. One year prior, the average listing was 1,853 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).