Sweetwater FHA Loan Rates, Closing Costs & Stats

Sweetwater, 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.

    Sweetwater's 17 lenders originated 48 FHA loans during 2023. The total origination value was $7,950,000, with an average FHA loan value of $165,625.

    Sweetwater FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sweetwater averaged 0.43% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Sweetwater's average FHA mortgage closing costs are $10,987.

    The average rate for the prior week (2024-11-08) was 6.73% and one month ago for the week of 2024-10-11, the average rate was 6.54%.

    The average rate one year ago was 7.38%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.1%.

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

    Sweetwater 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 Sweetwater level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First Financial Bank 15 6.80% $8,174
    GUARANTEED RATE, INC. 4 7.03% $12,103
    CARDINAL FINANCIAL 3 6.75% $10,304
    SUCCESS MORTGAGE PARTNERS, INC. 3 7.08% $8,903
    UNITED WHOLESALE MORTGAGE, LLC 2 6.63% $7,572
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.88% $11,633
    Flagstar Bank, FSB 2 7.11% $6,412
    MORTGAGE FINANCIAL SERVICES, LLC 2 7.81% $10,457
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $8,457
    SWBC MORTGAGE CORPORATION 2 7.81% $4,495
    City Bank 1 6.00% $5,777
    TEXAS TECH 1 5.75% $12,274
    QUICKEN LOANS, LLC 1 5.50% $11,989
    GARDNER FINANCIAL SERVICES, LTD. 1 7.13% $6,086
    INTERLINC MORTGAGE SERVICES, LLC 1 7.38% $3,239
    LOANDEPOT.COM, LLC 1 6.99% $10,926
    MANN FINANCIAL INC. 1 7.75% $12,418

    The top Sweetwater FHA lender as defined by loan originations is First Financial Bank, with 15 FHA loans originated. Their average total fees are $8,174, which is $3,928 lower than the next largest lender, GUARANTEED RATE, INC..

    The lowest fee Sweetwater FHA lenders (with over 10 loans originated) are First Financial Bank ($8,174), .

    The lowest rate Sweetwater FHA lenders (with over 10 loans originated) are First Financial Bank (6.80%), .

    Sweetwater FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sweetwater (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 $122,250 (7.8%) $152,034 (2.2%) 0.00 60
    2018-02-01 $121,250 (10.5%) $160,913 (9.8%) 0.00 57
    2018-03-01 $120,000 (9.3%) $159,393 (10.8%) 0.00 60
    2018-04-01 $104,950 (-6.5%) $167,390 (13.1%) 0.00 60
    2018-05-01 $113,375 (6.0%) $181,500 (29.3%) 0.00 69
    2018-06-01 $96,500 (-16.0%) $180,730 (32.7%) 0.00 70
    2018-07-01 $118,200 (-6.2%) $183,825 (27.2%) 0.00 69
    2018-08-01 $115,925 (-10.8%) $185,574 (31.3%) 0.00 68
    2018-09-01 $114,900 (-13.2%) $192,307 (34.2%) 0.00 68
    2018-10-01 $116,700 (-10.3%) $187,545 (27.8%) 0.00 69
    2018-11-01 $121,225 (-3.9%) $198,060 (40.3%) 0.00 55
    2018-12-01 $121,950 (6.1%) $202,626 (39.6%) 0.00 58
    2019-01-01 $123,900 (1.4%) $207,107 (36.2%) 0.00 56
    2019-02-01 $116,225 (-4.1%) $191,260 (18.9%) 0.00 56
    2019-03-01 $116,500 (-2.9%) $168,734 (5.9%) 0.00 56
    2019-04-01 $115,625 (10.2%) $138,848 (-17.1%) 0.00 60
    2019-05-01 $125,450 (10.7%) $134,122 (-26.1%) 0.00 59
    2019-06-01 $134,000 (38.9%) $146,921 (-18.7%) 0.00 52
    2019-07-01 $132,750 (12.3%) $141,177 (-23.2%) 0.00 55
    2019-08-01 $129,291 (11.5%) $134,715 (-27.4%) 0.00 55
    2019-09-01 $125,977 (9.6%) $129,700 (-32.6%) 0.00 53
    2019-10-01 $123,768 (6.1%) $130,703 (-30.3%) 0.00 51
    2019-11-01 $120,950 (-0.2%) $129,920 (-34.4%) 0.00 42
    2019-12-01 $119,775 (-1.8%) $135,743 (-33.0%) 0.00 39
    2020-01-01 $120,750 (-2.5%) $139,867 (-32.5%) 0.00 41
    2020-02-01 $130,500 (12.3%) $148,779 (-22.2%) 0.00 39
    2020-03-01 $132,850 (14.0%) $306,374 (81.6%) 0.00 40
    2020-04-01 $141,250 (22.2%) $307,875 (121.7%) 0.00 39
    2020-05-01 $148,250 (18.2%) $348,711 (160.0%) 0.00 34
    2020-06-01 $155,375 (16.0%) $360,841 (145.6%) 0.00 33
    2020-07-01 $147,625 (11.2%) $369,524 (161.7%) 0.00 33
    2020-08-01 $137,250 (6.2%) $327,192 (142.9%) 0.00 39
    2020-09-01 $136,125 (8.1%) $338,947 (161.3%) 0.00 38
    2020-10-01 $139,900 (13.0%) $342,628 (162.1%) 0.00 39
    2020-11-01 $149,675 (23.8%) $362,332 (178.9%) 0.00 36
    2020-12-01 $146,175 (22.0%) $367,629 (170.8%) 0.00 34
    2021-01-01 $144,500 (19.7%) $378,445 (170.6%) 0.00 32
    2021-02-01 $148,550 (13.8%) $194,480 (30.7%) 0.00 30
    2021-03-01 $119,081 (-10.4%) $171,328 (-44.1%) 0.00 26
    2021-04-01 $133,175 (-5.7%) $187,277 (-39.2%) 0.00 24
    2021-05-01 $129,900 (-12.4%) $153,660 (-55.9%) 0.00 31
    2021-06-01 $127,325 (-18.1%) $150,372 (-58.3%) 0.00 31
    2021-07-01 $149,900 (1.5%) $164,788 (-55.4%) 0.00 25
    2021-08-01 $149,975 (9.3%) $177,085 (-45.9%) 0.00 31
    2021-09-01 $155,000 (13.9%) $176,012 (-48.1%) 0.00 34
    2021-10-01 $161,450 (15.4%) $169,680 (-50.5%) 0.00 32
    2021-11-01 $140,500 (-6.1%) $150,227 (-58.5%) 0.00 26
    2021-12-01 $141,500 (-3.2%) $149,442 (-59.4%) 0.00 29
    2022-01-01 $136,250 (-5.7%) $153,533 (-59.4%) 0.00 28
    2022-02-01 $132,625 (-10.7%) $180,217 (-7.3%) 0.00 29
    2022-03-01 $125,100 (5.1%) $178,060 (3.9%) 0.00 31
    2022-04-01 $115,750 (-13.1%) $247,750 (32.3%) 0.00 31
    2022-05-01 $126,850 (-2.4%) $249,069 (62.1%) 0.00 33
    2022-06-01 $162,850 (27.9%) $249,754 (66.1%) 0.00 39
    2022-07-01 $111,950 (-25.3%) $219,227 (33.0%) 0.00 48
    2022-08-01 $166,624 (11.1%) $217,017 (22.6%) 0.00 48
    2022-09-01 $157,000 (1.3%) $219,083 (24.5%) 0.00 49
    2022-10-01 $152,450 (-5.6%) $209,073 (23.2%) 0.00 48
    2022-11-01 $135,750 (-3.4%) $199,337 (32.7%) 0.00 52
    2022-12-01 $149,900 (5.9%) $202,701 (35.6%) 0.00 53
    2023-01-01 $147,750 (8.4%) $205,257 (33.7%) 0.00 44
    2023-02-01 $141,500 (6.7%) $224,332 (24.5%) 0.00 48
    2023-03-01 $141,725 (13.3%) $242,037 (35.9%) 0.00 45
    2023-04-01 $115,000 (-0.7%) $219,844 (-11.3%) 0.00 47
    2023-05-01 $132,000 (4.1%) $213,885 (-14.1%) 0.00 52
    2023-06-01 $130,500 (-19.9%) $221,539 (-11.3%) 0.00 55
    2023-07-01 $125,000 (11.7%) $219,067 (-0.1%) 0.00 49
    2023-08-01 $149,700 (-10.2%) $237,964 (9.7%) 0.00 60
    2023-09-01 $149,000 (-5.1%) $240,500 (9.8%) 0.00 64
    2023-10-01 $151,750 (-0.5%) $233,589 (11.7%) 0.00 69
    2023-11-01 $162,500 (19.7%) $243,679 (22.3%) 0.00 69
    2023-12-01 $156,250 (4.2%) $244,497 (20.6%) 0.00 72
    2024-01-01 $139,250 (-5.8%) $213,359 (4.0%) 0.00 73
    2024-02-01 $135,225 (-4.4%) $191,517 (-14.6%) 0.00 72
    2024-03-01 $149,999 (5.8%) $204,983 (-15.3%) 0.00 71
    2024-04-01 $142,450 (23.9%) $219,153 (-0.3%) 0.00 76
    2024-05-01 $137,425 (4.1%) $210,487 (-1.6%) 0.00 77
    2024-06-01 $150,000 (14.9%) $201,722 (-9.0%) 0.00 76
    2024-07-01 $157,475 (26.0%) $199,650 (-8.9%) 0.00 83
    2024-08-01 $174,450 (16.5%) $204,222 (-14.2%) 0.00 79
    2024-09-01 $164,950 (10.7%) $215,267 (-10.5%) 0.00 80
    2024-10-01 $152,750 (0.7%) $240,362 (2.9%) 0.00 87
    Sweetwater's median listing price for 2024-10-01 was $152,750, a difference of $1,000 (0.7%) versus the prior year and $-12,200 versus the prior month.

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

    Sweetwater's average listing price for 2024-10-01 was $240,362, a difference of $6,773 (2.9%) versus the prior year and $25,095 versus the prior month.

    For the 2024-10-01 period, Sweetwater had 87 MLS listings, a difference of 7 listings (9%) versus the prior month and 18 listings (26%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sweetwater (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,892 sqft
    2018-02-01 0 days 1,784 sqft
    2018-03-01 0 days 1,775 sqft
    2018-04-01 0 days 1,723 sqft
    2018-05-01 0 days 1,752 sqft
    2018-06-01 0 days 1,716 sqft
    2018-07-01 0 days 1,686 sqft
    2018-08-01 0 days 1,704 sqft
    2018-09-01 0 days 1,715 sqft
    2018-10-01 0 days 1,732 sqft
    2018-11-01 0 days 1,727 sqft
    2018-12-01 0 days 1,732 sqft
    2019-01-01 0 days 1,762 sqft
    2019-02-01 0 days 1,762 sqft
    2019-03-01 0 days 1,776 sqft
    2019-04-01 0 days 1,788 sqft
    2019-05-01 0 days 1,820 sqft
    2019-06-01 0 days 1,855 sqft
    2019-07-01 0 days 1,937 sqft
    2019-08-01 0 days 1,879 sqft
    2019-09-01 0 days 1,840 sqft
    2019-10-01 0 days 1,799 sqft
    2019-11-01 0 days 1,800 sqft
    2019-12-01 0 days 1,812 sqft
    2020-01-01 0 days 1,797 sqft
    2020-02-01 0 days 1,788 sqft
    2020-03-01 0 days 1,860 sqft
    2020-04-01 0 days 2,047 sqft
    2020-05-01 0 days 2,078 sqft
    2020-06-01 0 days 2,317 sqft
    2020-07-01 0 days 2,289 sqft
    2020-08-01 0 days 2,295 sqft
    2020-09-01 0 days 2,377 sqft
    2020-10-01 0 days 2,368 sqft
    2020-11-01 0 days 2,355 sqft
    2020-12-01 0 days 2,185 sqft
    2021-01-01 0 days 2,287 sqft
    2021-02-01 0 days 1,997 sqft
    2021-03-01 0 days 1,693 sqft
    2021-04-01 0 days 1,853 sqft
    2021-05-01 0 days 1,667 sqft
    2021-06-01 0 days 1,662 sqft
    2021-07-01 0 days 1,822 sqft
    2021-08-01 0 days 1,899 sqft
    2021-09-01 0 days 1,859 sqft
    2021-10-01 0 days 1,845 sqft
    2021-11-01 0 days 1,902 sqft
    2021-12-01 0 days 1,920 sqft
    2022-01-01 0 days 1,913 sqft
    2022-02-01 0 days 1,902 sqft
    2022-03-01 0 days 1,815 sqft
    2022-04-01 0 days 1,513 sqft
    2022-05-01 0 days 1,630 sqft
    2022-06-01 0 days 1,593 sqft
    2022-07-01 0 days 1,520 sqft
    2022-08-01 0 days 1,614 sqft
    2022-09-01 0 days 1,639 sqft
    2022-10-01 0 days 1,644 sqft
    2022-11-01 0 days 1,654 sqft
    2022-12-01 0 days 1,716 sqft
    2023-01-01 0 days 1,654 sqft
    2023-02-01 0 days 1,613 sqft
    2023-03-01 0 days 1,532 sqft
    2023-04-01 0 days 1,508 sqft
    2023-05-01 0 days 1,404 sqft
    2023-06-01 0 days 1,613 sqft
    2023-07-01 0 days 1,659 sqft
    2023-08-01 0 days 1,652 sqft
    2023-09-01 0 days 1,673 sqft
    2023-10-01 0 days 1,784 sqft
    2023-11-01 0 days 1,893 sqft
    2023-12-01 0 days 1,966 sqft
    2024-01-01 0 days 1,733 sqft
    2024-02-01 0 days 1,761 sqft
    2024-03-01 0 days 1,833 sqft
    2024-04-01 0 days 1,869 sqft
    2024-05-01 0 days 1,909 sqft
    2024-06-01 0 days 1,849 sqft
    2024-07-01 0 days 1,800 sqft
    2024-08-01 0 days 1,790 sqft
    2024-09-01 0 days 1,798 sqft
    2024-10-01 0 days 1,791 sqft
    Sweetwater's median listing age (time on market) for 2024-10-01 was 0 days.

    Sweetwater's median square footage for active listings during the 2024-10-01 period was 1,791 sqft. One year prior, the average listing was 1,784 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).