Waco FHA Loan Rates, Closing Costs & Stats

WACO, 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.

    Waco's 91 lenders originated 693 FHA loans during 2023. The total origination value was $173,385,000, with an average FHA loan value of $250,195.

    Waco FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Waco averaged 6.37% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Waco's average FHA mortgage closing costs are $7,458.

    The average rate for the prior week (2025-02-07) was 6.68% and one month ago for the week of 2025-01-10, the average rate was 6.54%.

    The average rate one year ago was 6.37%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.75%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 96 6.91% $8,699
    DHI MORTGAGE COMPANY, LTD. 77 5.29% $8,826
    SWBC MORTGAGE CORPORATION 68 7.02% $7,314
    First National Bank Texas 48 6.50% $10,543
    UNITED WHOLESALE MORTGAGE, LLC 40 6.41% $12,067
    Wallick & Volk, Inc. 35 6.96% $8,252
    Network Funding, L.P. 20 6.24% $11,403
    CORNERSTONE HOME LENDING, INC. 17 6.64% $10,535
    QUICKEN LOANS, LLC 16 6.25% $12,496
    GUARANTEED RATE, INC. 13 6.57% $11,679
    Affiliated Bank 12 6.98% $10,979
    AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.80% $14,012
    CMG MORTGAGE, INC. 11 6.45% $11,328
    AMCAP MORTGAGE, LTD. 10 7.13% $10,502
    GUILD MORTGAGE COMPANY 8 6.72% $11,985
    NEWREZ LLC 8 6.98% $8,177
    THRIVE MORTGAGE, LLC 7 6.57% $12,680
    BancorpSouth 7 6.66% $8,551
    CARDINAL FINANCIAL 6 6.04% $10,164
    Trinity Oaks Mortgage, LLC 5 6.42% $20,432
    SUMMIT FUNDING, INC. 5 7.67% $9,132
    Equity Prime Mortgage LLC 5 7.18% $14,270
    SFMC, LP 4 7.16% $13,633
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 7.34% $13,633
    Gateway First Bank 4 7.25% $10,285
    HOMESIDE FINANCIAL, LLC 4 6.90% $11,219
    Flagstar Bank, FSB 3 6.01% $11,801
    MLD MORTGAGE INC. 3 6.79% $10,745
    City Bank 3 6.21% $11,457
    Sierra Pacific Mortgage Company, Inc. 3 7.33% $10,453
    EVERETT FINANCIAL, INC. 3 6.75% $9,918
    TIB The Independent Bankersbank 3 6.08% $11,555
    LOANDEPOT.COM, LLC 3 6.08% $9,536
    OPEN MORTGAGE, LLC 2 6.00% $13,552
    CASTLE & COOKE MORTGAGE, LLC 2 6.19% $8,671
    Plains Commerce Bank 2 7.00% $12,897
    OCMBC, INC. 2 6.63% $8,794
    UNION HOME MORTGAGE CORP. 2 6.63% $13,641
    NTFN, INC. 2 6.50% $14,703
    FREEDOM MORTGAGE CORPORATION 2 7.25% $15,955
    V.I.P. MORTGAGE, INC. 2 6.31% $14,857
    NATIONS DIRECT MORTGAGE, LLC 2 7.88% $12,483
    MOVEMENT MORTGAGE, LLC 2 6.88% $13,415
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.25% $5,818
    MORTGAGE FINANCIAL SERVICES, LLC 2 6.81% $12,517
    Bank of England 2 6.75% $10,675
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 2 7.13% $13,788
    Hometown Equity Mortgage, LLC 2 6.75% $13,433
    Waterstone Mortgage Corporation 1 6.50% $20,630
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $11,473
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.25% $6,553
    ASPIRE FINANCIAL, INC. 1 4.63% $27,325
    BOKF 1 6.13% $13,783
    BROKER SOLUTIONS, INC. 1 6.49% $14,757
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $16,253
    Citizens Bank 1 6.50% $11,960
    CROSSCOUNTRY MORTGAGE, LLC 1 8.00% $11,168
    ENVOY MORTGAGE, LTD 1 6.63% $13,708
    Extraco Banks 1 6.13% $11,204
    First United Bank and Trust Company 1 7.00% $16,495
    GENEVA FINANCIAL, LLC 1 7.00% $19,420
    GSF Mortgage Corporation 1 5.50% $9,451
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $9,769
    GUARANTY HOME MORTGAGE CORPORATION 1 5.50% $18,169
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.75% $15,440
    Independent Bank 1 7.13% $8,518
    Loan Simple, Inc. 1 6.00% $8,395
    MANN FINANCIAL INC. 1 7.13% $8,612
    MEMBER FIRST MORTGAGE, LLC 1 6.75% $8,299
    Merchants Bank of Indiana 1 7.63% $19,321
    MICHIGAN MUTUAL, INC. 1 6.63% $17,909
    MID AMERICA MORTGAGE, INC. 1 7.25% $3,694
    Mortgage Research Center, LLC 1 7.63% $4,715
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $7,958
    NBKC BANK 1 7.00% $9,778
    NexBank 1 7.50% $13,634
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.50% $9,336
    PANORAMA MORTGAGE GROUP, LLC 1 7.25% $8,484
    Paramount Residential Mortgage Group, Inc. 1 6.25% $4,535
    PLANET HOME LENDING, LLC 1 5.50% $8,490
    PLAZA HOME MORTGAGE, INC. 1 7.13% $11,118
    PREMIA MORTGAGE, LLC 1 6.75% $6,839
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.63% $17,364
    Prosperity Bank 1 5.63% $9,083
    Republic State Mortgage Co. 1 6.75% $4,992
    RESIDENTIAL HOME FUNDING CORP. 1 7.50% $9,411
    T2 FINANCIAL LLC 1 5.50% $9,659
    The Federal Savings Bank 1 7.63% $23,875
    Truist 1 6.25% $11,028
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.00% $12,711
    ACADEMY MORTGAGE CORPORATION 1 7.25% $9,010

    The top Waco FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 96 FHA loans originated. Their average total fees are $8,699, which is $127 lower than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Waco FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($7,314), Wallick & Volk, Inc. ($8,252), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,699), DHI MORTGAGE COMPANY, LTD. ($8,826) and AMCAP MORTGAGE, LTD. ($10,502).

    The lowest rate Waco FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.29%), Network Funding, L.P. (6.24%), QUICKEN LOANS, LLC (6.25%), UNITED WHOLESALE MORTGAGE, LLC (6.41%) and CMG MORTGAGE, INC. (6.45%).

    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
    WACO, TX FALLS 2023 $472,030 $604,400 $730,525 $907,900
    WACO, TX MCLENNAN 2023 $472,030 $604,400 $730,525 $907,900

    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 $197,650 (13.3%) $256,399 (2.6%) 0.76 721
    2018-02-01 $196,225 (12.2%) $255,548 (2.4%) 0.75 743
    2018-03-01 $200,000 (11.2%) $267,384 (4.2%) 0.74 742
    2018-04-01 $209,900 (13.5%) $281,015 (11.1%) 0.75 743
    2018-05-01 $217,650 (8.9%) $283,160 (6.7%) 0.75 738
    2018-06-01 $215,950 (8.0%) $281,398 (2.2%) 0.76 811
    2018-07-01 $202,200 (1.1%) $272,609 (-1.6%) 0.70 886
    2018-08-01 $199,913 (0.0%) $270,206 (-0.5%) 0.70 908
    2018-09-01 $205,000 (2.8%) $273,802 (3.2%) 0.71 904
    2018-10-01 $199,500 (-0.1%) $273,890 (5.3%) 0.69 935
    2018-11-01 $198,750 (1.2%) $270,679 (6.7%) 0.68 934
    2018-12-01 $199,000 (3.1%) $264,307 (5.0%) 0.69 891
    2019-01-01 $195,000 (-1.3%) $260,542 (1.6%) 0.70 843
    2019-02-01 $199,950 (1.9%) $260,981 (2.1%) 0.73 837
    2019-03-01 $215,243 (7.6%) $271,167 (1.4%) 0.73 813
    2019-04-01 $224,950 (7.2%) $280,705 (-0.1%) 0.73 777
    2019-05-01 $225,000 (3.4%) $283,890 (0.3%) 0.73 781
    2019-06-01 $225,000 (4.2%) $281,453 (0.0%) 0.72 812
    2019-07-01 $229,350 (13.4%) $289,775 (6.3%) 0.73 865
    2019-08-01 $227,909 (14.0%) $288,799 (6.9%) 0.73 857
    2019-09-01 $226,273 (10.4%) $283,306 (3.5%) 0.73 837
    2019-10-01 $223,750 (12.2%) $278,526 (1.7%) 0.72 828
    2019-11-01 $225,000 (13.2%) $277,709 (2.6%) 0.74 789
    2019-12-01 $222,223 (11.7%) $276,880 (4.8%) 0.75 756
    2020-01-01 $219,950 (12.8%) $267,049 (2.5%) 0.74 725
    2020-02-01 $220,000 (10.0%) $271,029 (3.9%) 0.74 746
    2020-03-01 $225,000 (4.5%) $279,922 (3.2%) 0.72 747
    2020-04-01 $228,625 (1.6%) $283,333 (0.9%) 0.73 764
    2020-05-01 $245,000 (8.9%) $305,493 (7.6%) 0.77 733
    2020-06-01 $247,575 (10.0%) $322,423 (14.6%) 0.76 648
    2020-07-01 $247,200 (7.8%) $326,596 (12.7%) 0.73 620
    2020-08-01 $245,900 (7.9%) $327,442 (13.4%) 0.72 578
    2020-09-01 $242,425 (7.1%) $321,032 (13.3%) 0.71 544
    2020-10-01 $239,900 (7.2%) $315,619 (13.3%) 0.72 504
    2020-11-01 $238,250 (5.9%) $314,904 (13.4%) 0.71 482
    2020-12-01 $234,475 (5.5%) $316,015 (14.1%) 0.73 438
    2021-01-01 $230,000 (4.6%) $327,653 (22.7%) 0.71 343
    2021-02-01 $235,000 (6.8%) $341,966 (26.2%) 0.69 277
    2021-03-01 $249,900 (11.1%) $372,067 (32.9%) 0.71 241
    2021-04-01 $253,175 (10.7%) $391,199 (38.1%) 0.69 225
    2021-05-01 $278,350 (13.6%) $419,407 (37.3%) 0.73 220
    2021-06-01 $279,675 (13.0%) $405,382 (25.7%) 0.73 281
    2021-07-01 $269,450 (9.0%) $390,645 (19.6%) 0.70 362
    2021-08-01 $274,250 (11.5%) $391,472 (19.6%) 0.73 426
    2021-09-01 $274,000 (13.0%) $397,898 (23.9%) 0.73 425
    2021-10-01 $275,000 (14.6%) $417,835 (32.4%) 0.73 385
    2021-11-01 $288,675 (21.2%) $423,702 (34.6%) 0.78 386
    2021-12-01 $294,450 (25.6%) $453,327 (43.5%) 0.81 370
    2022-01-01 $265,000 (15.2%) $445,994 (36.1%) 0.73 320
    2022-02-01 $273,750 (16.5%) $460,647 (34.7%) 0.72 272
    2022-03-01 $302,450 (21.0%) $480,343 (29.1%) 0.76 270
    2022-04-01 $299,000 (18.1%) $464,167 (18.7%) 0.72 310
    2022-05-01 $315,000 (13.2%) $498,232 (18.8%) 0.74 359
    2022-06-01 $334,750 (19.7%) $500,956 (23.6%) 0.78 431
    2022-07-01 $350,000 (29.9%) $487,661 (24.8%) 0.79 557
    2022-08-01 $349,250 (27.4%) $455,333 (16.3%) 0.81 665
    2022-09-01 $334,575 (22.1%) $427,306 (7.4%) 0.79 695
    2022-10-01 $325,000 (18.2%) $419,043 (0.3%) 0.76 755
    2022-11-01 $318,100 (10.2%) $440,091 (3.9%) 0.77 778
    2022-12-01 $319,900 (8.6%) $432,460 (-4.6%) 0.79 768
    2023-01-01 $319,700 (20.6%) $428,752 (-3.9%) 0.79 732
    2023-02-01 $299,950 (9.6%) $412,320 (-10.5%) 0.75 773
    2023-03-01 $309,900 (2.5%) $422,275 (-12.1%) 0.73 803
    2023-04-01 $324,900 (8.7%) $435,334 (-6.2%) 0.76 812
    2023-05-01 $339,225 (7.7%) $454,133 (-8.9%) 0.78 824
    2023-06-01 $349,800 (4.5%) $459,223 (-8.3%) 0.79 861
    2023-07-01 $349,000 (-0.3%) $456,157 (-6.5%) 0.79 947
    2023-08-01 $349,700 (0.1%) $447,778 (-1.7%) 0.80 977
    2023-09-01 $349,900 (4.6%) $448,908 (5.1%) 0.81 974
    2023-10-01 $335,400 (3.2%) $434,093 (3.6%) 0.79 1,020
    2023-11-01 $329,900 (3.7%) $437,485 (-0.6%) 0.80 1,026
    2023-12-01 $325,000 (1.6%) $432,886 (0.1%) 0.79 1,014
    2024-01-01 $329,500 (3.1%) $433,129 (1.0%) 0.81 957
    2024-02-01 $339,675 (13.2%) $449,878 (9.1%) 0.83 934
    2024-03-01 $339,900 (9.7%) $446,562 (5.8%) 0.81 988
    2024-04-01 $342,500 (5.4%) $452,073 (3.9%) 0.81 1,042
    2024-05-01 $341,575 (0.7%) $452,451 (-0.4%) 0.78 1,083
    2024-06-01 $335,000 (-4.2%) $451,716 (-1.6%) 0.76 1,151
    2024-07-01 $337,125 (-3.4%) $443,155 (-2.9%) 0.78 1,199
    2024-08-01 $329,500 (-5.8%) $436,709 (-2.5%) 0.78 1,202
    2024-09-01 $326,975 (-6.6%) $434,752 (-3.2%) 0.78 1,217
    2024-10-01 $325,000 (-3.1%) $434,848 (0.2%) 0.78 1,200
    2024-11-01 $324,000 (-1.8%) $422,410 (-3.5%) 0.78 1,237
    2024-12-01 $320,000 (-1.5%) $416,309 (-3.8%) 0.80 1,172
    2025-01-01 $319,000 (-3.2%) $411,067 (-5.1%) 0.00 1,105
    Waco's median listing price for 2025-01-01 was $319,000, a difference of $-10,500 (-3.2%) versus the prior year and $-1,000 versus the prior month.

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

    Waco's average listing price for 2025-01-01 was $411,067, a difference of $-22,062 (-5.1%) versus the prior year and $-5,242 versus the prior month.

    For the 2025-01-01 period, Waco had 1,105 MLS listings, a difference of -67 listings (-6%) versus the prior month and 148 listings (15%) 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 77 days 1,926 sqft
    2018-02-01 73 days 1,906 sqft
    2018-03-01 59 days 1,934 sqft
    2018-04-01 57 days 2,007 sqft
    2018-05-01 52 days 2,033 sqft
    2018-06-01 46 days 1,988 sqft
    2018-07-01 44 days 1,954 sqft
    2018-08-01 50 days 1,978 sqft
    2018-09-01 60 days 1,989 sqft
    2018-10-01 65 days 1,942 sqft
    2018-11-01 71 days 1,973 sqft
    2018-12-01 78 days 1,959 sqft
    2019-01-01 83 days 1,965 sqft
    2019-02-01 77 days 1,979 sqft
    2019-03-01 65 days 1,999 sqft
    2019-04-01 55 days 2,009 sqft
    2019-05-01 52 days 2,017 sqft
    2019-06-01 46 days 2,004 sqft
    2019-07-01 45 days 2,028 sqft
    2019-08-01 50 days 2,025 sqft
    2019-09-01 57 days 2,000 sqft
    2019-10-01 61 days 1,971 sqft
    2019-11-01 66 days 1,973 sqft
    2019-12-01 75 days 1,954 sqft
    2020-01-01 76 days 1,934 sqft
    2020-02-01 59 days 1,919 sqft
    2020-03-01 55 days 1,971 sqft
    2020-04-01 57 days 1,970 sqft
    2020-05-01 54 days 2,025 sqft
    2020-06-01 53 days 2,057 sqft
    2020-07-01 54 days 2,064 sqft
    2020-08-01 51 days 2,045 sqft
    2020-09-01 50 days 2,018 sqft
    2020-10-01 57 days 2,024 sqft
    2020-11-01 52 days 1,975 sqft
    2020-12-01 53 days 1,953 sqft
    2021-01-01 64 days 1,972 sqft
    2021-02-01 46 days 1,860 sqft
    2021-03-01 40 days 1,877 sqft
    2021-04-01 30 days 1,866 sqft
    2021-05-01 23 days 1,932 sqft
    2021-06-01 16 days 1,924 sqft
    2021-07-01 21 days 1,858 sqft
    2021-08-01 24 days 1,897 sqft
    2021-09-01 31 days 1,878 sqft
    2021-10-01 43 days 1,936 sqft
    2021-11-01 42 days 1,961 sqft
    2021-12-01 41 days 1,914 sqft
    2022-01-01 47 days 1,788 sqft
    2022-02-01 42 days 1,856 sqft
    2022-03-01 32 days 1,900 sqft
    2022-04-01 24 days 1,788 sqft
    2022-05-01 22 days 1,814 sqft
    2022-06-01 23 days 1,890 sqft
    2022-07-01 29 days 1,954 sqft
    2022-08-01 36 days 1,939 sqft
    2022-09-01 40 days 1,885 sqft
    2022-10-01 46 days 1,815 sqft
    2022-11-01 52 days 1,799 sqft
    2022-12-01 62 days 1,833 sqft
    2023-01-01 68 days 1,821 sqft
    2023-02-01 62 days 1,748 sqft
    2023-03-01 51 days 1,775 sqft
    2023-04-01 53 days 1,812 sqft
    2023-05-01 61 days 1,911 sqft
    2023-06-01 62 days 1,964 sqft
    2023-07-01 53 days 1,957 sqft
    2023-08-01 56 days 1,958 sqft
    2023-09-01 64 days 1,956 sqft
    2023-10-01 69 days 1,924 sqft
    2023-11-01 68 days 1,895 sqft
    2023-12-01 72 days 1,864 sqft
    2024-01-01 81 days 1,838 sqft
    2024-02-01 83 days 1,879 sqft
    2024-03-01 66 days 1,878 sqft
    2024-04-01 56 days 1,904 sqft
    2024-05-01 54 days 1,911 sqft
    2024-06-01 58 days 1,885 sqft
    2024-07-01 65 days 1,899 sqft
    2024-08-01 73 days 1,891 sqft
    2024-09-01 72 days 1,886 sqft
    2024-10-01 75 days 1,896 sqft
    2024-11-01 77 days 1,870 sqft
    2024-12-01 86 days 1,855 sqft
    2025-01-01 0 days 1,848 sqft
    Waco's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Waco's median square footage for active listings during the 2025-01-01 period was 1,848 sqft. One year prior, the average listing was 1,838 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).