Waco FHA Loan Rates, Closing Costs & Stats

WACO, 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.

Waco's 93 lenders originated 1,080 FHA loans during 2021. The total origination value was $210,780,000, with an average FHA loan value of $195,167.

Waco FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Waco averaged 6.42% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Waco's average FHA mortgage closing costs are $6,522.

The average rate for the prior week (2022-11-25) was 6.44% and one month ago for the week of 2022-10-28, the average rate was 6.88%.

The average rate one year ago was 3.61%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.41%.

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

Waco 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 Waco level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 136 3.49% $7,527
SWBC MORTGAGE CORPORATION 82 3.63% $6,660
First National Bank Texas 74 3.15% $8,412
Wallick & Volk, Inc. 72 3.37% $5,545
DHI MORTGAGE COMPANY, LTD. 69 2.87% $7,553
LAKEVIEW LOAN SERVICING, LLC 50 3.11% $4,766
QUICKEN LOANS, LLC 50 2.74% $5,949
CORNERSTONE HOME LENDING, INC. 25 3.47% $8,108
City Bank 24 3.49% $8,099
AMCAP MORTGAGE, LTD. 23 3.68% $10,005
SENTE MORTGAGE, INC. 19 3.44% $8,682
PRIMELENDING, A PLAINSCAPITAL COMPANY 18 3.63% $7,520
Hometown Equity Mortgage, LLC 18 3.10% $7,462
Mr. Cooper ( Nationstar Mortgage ) 16 3.27% $3,368
CALIBER HOME LOANS, INC. 14 3.08% $6,607
PENNYMAC LOAN SERVICES, LLC 13 3.21% $4,782
AmeriHome Mortgage Company, LLC 12 2.94% $4,866
FREEDOM MORTGAGE CORPORATION 12 2.97% $5,206
Gateway First Bank 12 3.58% $5,672
Lakeview Community Capital, LLC 12 3.24% $4,541
HAMILTON HOME LOANS, INC. 11 3.50% $8,586
CMG MORTGAGE, INC. 11 3.18% $9,250
Amerifirst Financial, Inc. 10 3.51% $6,395
VILLAGE CAPITAL MORTGAGE 9 3.08% $2,584
Network Funding, L.P. 9 3.24% $9,328
GUILD MORTGAGE COMPANY 8 3.36% $8,918
GUARANTEED RATE, INC. 7 3.39% $9,111
HANCOCK MORTGAGE PARTNERS, LLC 7 3.07% $9,342
UNITED WHOLESALE MORTGAGE, LLC 5 2.81% $7,165
NEWREZ LLC 5 2.88% $5,104
NexBank 4 2.72% $9,217
BROKER SOLUTIONS, INC. 4 3.22% $7,854
Affiliated Bank 4 3.06% $5,883
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.28% $8,076
PLANET HOME LENDING, LLC 4 2.81% $3,995
OCEANSIDE MORTGAGE COMPANY 4 2.78% $2,833
1ST PREFERENCE MORTGAGE CORP. 3 3.46% $4,050
COUNTRYPLACE MORTGAGE, LTD. 3 3.25% $14,648
MEMBER FIRST MORTGAGE, LLC 3 2.46% $7,058
MID AMERICA MORTGAGE, INC. 3 3.25% $3,551
Nations Lending Corporation 3 3.42% $7,055
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.63% $11,566
Trinity Oaks Mortgage, LLC 3 3.29% $9,709
JPMorgan Chase Bank 2 3.06% $3,142
First Guaranty Mortgage Corporation 2 3.50% $4,657
LEADERONE FINANCIAL CORPORATION 2 2.94% $6,187
LOANDEPOT.COM, LLC 2 3.31% $7,925
Loan Simple, Inc. 2 3.50% $8,239
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.38% $8,360
NATIONS RELIABLE LENDING, LLC 2 3.25% $8,878
EVERETT FINANCIAL, INC. 2 3.88% $6,523
CROSSCOUNTRY MORTGAGE, LLC 2 2.81% $8,840
Paramount Residential Mortgage Group, Inc. 2 4.25% $6,974
Carrington Mortgage Services, LLC 2 4.19% $6,620
Republic State Mortgage Co. 2 2.75% $8,315
SECURITYNATIONAL MORTGAGE COMPANY 2 3.56% $11,397
SFMC, LP 2 3.06% $7,847
SOUTHWEST STAGE FUNDING, LLC 2 3.38% $2,843
SUMMIT FUNDING, INC. 2 3.31% $9,918
BancorpSouth Bank 2 3.06% $5,505
AMERISAVE MORTGAGE CORPORATION 2 3.19% $6,679
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.06% $5,765
Independent Bank 2 3.13% $8,688
DAS Acquisition Company, LLC 1 3.88% $7,404
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.88% $7,300
PANORAMA MORTGAGE GROUP, LLC 1 3.75% $13,450
GREAT WESTERN FINANCIAL SERVICES, INC. 1 3.13% $9,006
CONTOUR MORTGAGE CORPORATION 1 2.75% $6,099
Citizens Bank 1 2.63% $7,310
ACADEMY MORTGAGE CORPORATION 1 3.25% $6,880
CHURCHILL MORTGAGE CORPORATION 1 3.63% $6,103
TOWNE MORTGAGE COMPANY 1 3.63% $5,974
RED DIAMOND HOME LOANS, LLC 1 2.75% $7,540
Town Square Mortgage & Investments, Inc. 1 3.13% $11,167
KELLER MORTGAGE, LLC 1 2.75% $6,919
Flagstar Bank, FSB 1 2.29% $10,099
RESIDENTIAL BANCORP. 1 3.25% $11,125
LAND HOME FINANCIAL SERVICES, INC. 1 4.00% $6,923
WILLOW BEND MORTGAGE COMPANY, LLC 1 3.38% $7,497
LEGACY MORTGAGE LLC 1 3.25% $5,961
Bank of England 1 3.75% $10,075
LOANPAL, LLC 1 2.75% $7,919
UNION HOME MORTGAGE CORP. 1 3.50% $9,905
UNIVERSITY LENDING GROUP, LLC 1 3.00% $10,749
MICHIGAN MUTUAL, INC. 1 4.13% $7,720
South State Bank 1 2.75% $14,091
Midwest Mortgage Associates Corporation 1 2.88% $9,161
MOVEMENT MORTGAGE, LLC 1 3.75% $10,738
First Federal Bank of Kansas City 1 2.75% $10,576
V.I.P. MORTGAGE, INC. 1 2.99% $10,731
SOUTHWEST FUNDING, LP 1 4.13% $13,763
HOME POINT FINANCIAL CORPORATION 1 2.63% $4,292
ENDEAVOR CAPITAL, LLC. 1 3.00% $2,234

The top Waco FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 136 FHA loans originated. Their average total fees are $7,527, which is $867 higher than the next largest lender, SWBC MORTGAGE CORPORATION.

The lowest fee Waco FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,368), Lakeview Community Capital, LLC ($4,541), LAKEVIEW LOAN SERVICING, LLC ($4,766), PENNYMAC LOAN SERVICES, LLC ($4,782) and AmeriHome Mortgage Company, LLC ($4,866).

The lowest rate Waco FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.74%), DHI MORTGAGE COMPANY, LTD. (2.87%), AmeriHome Mortgage Company, LLC (2.94%), FREEDOM MORTGAGE CORPORATION (2.97%) and CALIBER HOME LOANS, INC. (3.08%).

Waco FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
WACO, TX FALLS 2022 $420,680 $538,650 $651,050 $809,150
WACO, TX MCLENNAN 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Waco (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 $205,475 (14.2%) $261,888 (1.4%) 0.76 640
2018-02-01 $206,450 (15.1%) $263,018 (1.4%) 0.75 655
2018-03-01 $212,250 (9.3%) $274,832 (3.3%) 0.74 651
2018-04-01 $220,945 (13.3%) $288,865 (12.0%) 0.75 654
2018-05-01 $223,495 (6.9%) $290,318 (7.3%) 0.75 658
2018-06-01 $226,839 (8.1%) $288,820 (3.5%) 0.76 723
2018-07-01 $209,900 (-0.1%) $277,503 (-2.2%) 0.70 800
2018-08-01 $207,563 (-1.1%) $275,907 (0.1%) 0.69 817
2018-09-01 $212,500 (2.6%) $280,769 (4.1%) 0.71 811
2018-10-01 $202,500 (-1.4%) $279,238 (6.0%) 0.68 842
2018-11-01 $200,000 (0.0%) $277,776 (8.8%) 0.68 832
2018-12-01 $200,000 (0.1%) $273,797 (7.1%) 0.69 789
2019-01-01 $201,250 (-2.1%) $268,981 (2.7%) 0.69 746
2019-02-01 $214,885 (4.1%) $269,236 (2.4%) 0.73 746
2019-03-01 $223,043 (5.1%) $277,528 (1.0%) 0.73 724
2019-04-01 $230,950 (4.5%) $285,886 (-1.0%) 0.73 691
2019-05-01 $233,375 (4.4%) $289,495 (-0.3%) 0.73 695
2019-06-01 $229,900 (1.4%) $286,962 (-0.6%) 0.72 725
2019-07-01 $234,750 (11.8%) $292,601 (5.4%) 0.73 785
2019-08-01 $231,882 (11.7%) $288,218 (4.5%) 0.73 781
2019-09-01 $227,955 (7.3%) $280,039 (-0.3%) 0.73 758
2019-10-01 $222,450 (9.9%) $273,915 (-1.9%) 0.72 750
2019-11-01 $225,000 (12.5%) $278,023 (0.1%) 0.74 718
2019-12-01 $224,495 (12.3%) $275,803 (0.7%) 0.75 687
2020-01-01 $220,000 (9.3%) $266,252 (-1.0%) 0.74 653
2020-02-01 $224,900 (4.7%) $270,097 (0.3%) 0.74 679
2020-03-01 $229,450 (2.9%) $271,682 (-2.1%) 0.72 668
2020-04-01 $234,900 (1.7%) $275,225 (-3.7%) 0.74 686
2020-05-01 $254,900 (9.2%) $300,253 (3.7%) 0.77 658
2020-06-01 $258,900 (12.6%) $317,148 (10.5%) 0.76 578
2020-07-01 $254,225 (8.3%) $319,467 (9.2%) 0.74 549
2020-08-01 $250,000 (7.8%) $317,010 (10.0%) 0.72 517
2020-09-01 $248,925 (9.2%) $315,401 (12.6%) 0.71 490
2020-10-01 $249,900 (12.3%) $320,274 (16.9%) 0.72 454
2020-11-01 $244,950 (8.9%) $316,824 (14.0%) 0.72 435
2020-12-01 $244,950 (9.1%) $320,673 (16.3%) 0.73 394
2021-01-01 $239,500 (8.9%) $332,712 (25.0%) 0.71 305
2021-02-01 $237,500 (5.6%) $342,426 (26.8%) 0.69 246
2021-03-01 $249,925 (8.9%) $344,526 (26.8%) 0.71 217
2021-04-01 $254,725 (8.4%) $366,175 (33.1%) 0.69 203
2021-05-01 $275,000 (7.9%) $389,309 (29.7%) 0.73 198
2021-06-01 $276,975 (7.0%) $383,975 (21.1%) 0.73 252
2021-07-01 $265,000 (4.2%) $370,732 (16.1%) 0.70 322
2021-08-01 $274,975 (10.0%) $372,622 (17.5%) 0.73 378
2021-09-01 $274,950 (10.5%) $378,392 (20.0%) 0.73 382
2021-10-01 $274,000 (9.6%) $402,126 (25.6%) 0.73 341
2021-11-01 $295,231 (20.5%) $412,730 (30.3%) 0.79 346
2021-12-01 $299,500 (22.3%) $447,624 (39.6%) 0.81 331
2022-01-01 $269,450 (12.5%) $439,537 (32.1%) 0.73 285
2022-02-01 $278,725 (17.4%) $447,569 (30.7%) 0.72 246
2022-03-01 $304,975 (22.0%) $463,430 (34.5%) 0.76 245
2022-04-01 $302,500 (18.8%) $456,237 (24.6%) 0.72 273
2022-05-01 $325,000 (18.2%) $486,141 (24.9%) 0.74 320
2022-06-01 $349,950 (26.4%) $490,930 (27.9%) 0.78 388
2022-07-01 $353,500 (33.4%) $478,089 (29.0%) 0.80 512
2022-08-01 $350,000 (27.3%) $458,473 (23.0%) 0.81 616
2022-09-01 $336,450 (22.4%) $420,026 (11.0%) 0.79 641
2022-10-01 $325,000 (18.6%) $409,645 (1.9%) 0.76 701
2022-11-01 $318,575 (7.9%) $427,138 (3.5%) 0.77 719
Waco's median listing price for 2022-11-01 was $318,575, a difference of $23,344 (7.9%) versus the prior year and $-6,425 versus the prior month.

Waco's median listing price comes in at 77% of the national average.

Waco's average listing price for 2022-11-01 was $427,138, a difference of $14,408 (3.5%) versus the prior year and $17,493 versus the prior month.

For the 2022-11-01 period, Waco had 719 MLS listings, a difference of 18 listings (3%) versus the prior month and 373 listings (108%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Waco (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 79 days 1,963 sqft
2018-02-01 76 days 1,951 sqft
2018-03-01 63 days 1,977 sqft
2018-04-01 59 days 2,065 sqft
2018-05-01 55 days 2,059 sqft
2018-06-01 49 days 2,032 sqft
2018-07-01 46 days 1,983 sqft
2018-08-01 51 days 1,999 sqft
2018-09-01 63 days 2,026 sqft
2018-10-01 67 days 1,964 sqft
2018-11-01 73 days 2,005 sqft
2018-12-01 81 days 1,998 sqft
2019-01-01 87 days 1,992 sqft
2019-02-01 84 days 2,008 sqft
2019-03-01 72 days 2,019 sqft
2019-04-01 61 days 2,030 sqft
2019-05-01 54 days 2,035 sqft
2019-06-01 50 days 2,028 sqft
2019-07-01 48 days 2,036 sqft
2019-08-01 54 days 2,024 sqft
2019-09-01 60 days 1,997 sqft
2019-10-01 64 days 1,969 sqft
2019-11-01 68 days 1,977 sqft
2019-12-01 76 days 1,962 sqft
2020-01-01 77 days 1,945 sqft
2020-02-01 62 days 1,951 sqft
2020-03-01 58 days 2,010 sqft
2020-04-01 60 days 1,988 sqft
2020-05-01 56 days 2,047 sqft
2020-06-01 55 days 2,068 sqft
2020-07-01 57 days 2,084 sqft
2020-08-01 52 days 2,067 sqft
2020-09-01 53 days 2,020 sqft
2020-10-01 57 days 2,050 sqft
2020-11-01 56 days 2,007 sqft
2020-12-01 56 days 1,997 sqft
2021-01-01 68 days 1,996 sqft
2021-02-01 56 days 1,817 sqft
2021-03-01 42 days 1,850 sqft
2021-04-01 32 days 1,856 sqft
2021-05-01 25 days 1,954 sqft
2021-06-01 18 days 1,943 sqft
2021-07-01 21 days 1,858 sqft
2021-08-01 25 days 1,891 sqft
2021-09-01 32 days 1,888 sqft
2021-10-01 43 days 1,980 sqft
2021-11-01 44 days 2,014 sqft
2021-12-01 43 days 1,983 sqft
2022-01-01 50 days 1,804 sqft
2022-02-01 44 days 1,845 sqft
2022-03-01 33 days 1,894 sqft
2022-04-01 28 days 1,788 sqft
2022-05-01 23 days 1,831 sqft
2022-06-01 24 days 1,926 sqft
2022-07-01 30 days 1,994 sqft
2022-08-01 37 days 1,975 sqft
2022-09-01 42 days 1,918 sqft
2022-10-01 49 days 1,837 sqft
2022-11-01 52 days 1,812 sqft
Waco's median listing age (time on market) for 2022-11-01 was 52 days. This is 18% longer than the same period one year ago.

Waco's median square footage for active listings during the 2022-11-01 period was 1,812 sqft. One year prior, the average listing was 2,014 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).