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 98 lenders originated 613 FHA loans during 2022. The total origination value was $159,785,000, with an average FHA loan value of $260,661.

Waco FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Waco averaged 6.4% for the week of 2023-12-08, compared to the national average (all FHA variants) of 6.819% for the same period.

Waco's average FHA mortgage closing costs are $6,995.

The average rate for the prior week (2023-12-01) was 6.71% and one month ago for the week of 2023-11-03, the average rate was 7.14%.

The average rate one year ago was 5.92%.

For refis of the same type during the week of 2023-12-08, the average rate was 5.7%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 85 5.59% $8,443
First National Bank Texas 58 5.46% $9,836
SWBC MORTGAGE CORPORATION 37 5.30% $7,936
DHI MORTGAGE COMPANY, LTD. 30 3.89% $10,180
Wallick & Volk, Inc. 27 4.86% $8,106
QUICKEN LOANS, LLC 25 4.56% $8,844
AMERISAVE MORTGAGE CORPORATION 18 4.83% $11,879
CALIBER HOME LOANS, INC. 16 5.09% $9,101
GUARANTEED RATE, INC. 15 5.76% $11,603
AMCAP MORTGAGE, LTD. 15 5.52% $10,104
City Bank 14 5.11% $8,765
UNITED WHOLESALE MORTGAGE, LLC 13 5.34% $9,767
GUILD MORTGAGE COMPANY 12 5.99% $10,390
THRIVE MORTGAGE, LLC 9 5.51% $12,890
Network Funding, L.P. 9 5.58% $10,893
Gateway First Bank 7 5.71% $7,524
LAKEVIEW LOAN SERVICING, LLC 6 3.13% $5,060
CMG MORTGAGE, INC. 5 5.60% $10,198
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 4.85% $9,243
FREEDOM MORTGAGE CORPORATION 5 4.73% $9,403
LOANDEPOT.COM, LLC 5 4.75% $14,435
Hometown Equity Mortgage, LLC 4 4.19% $10,043
AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.69% $11,403
CARDINAL FINANCIAL 4 4.72% $12,355
CROSSCOUNTRY MORTGAGE, LLC 3 5.38% $15,546
MEMBER FIRST MORTGAGE, LLC 3 4.71% $6,829
NATIONS RELIABLE LENDING, LLC 3 4.42% $16,598
Trinity Oaks Mortgage, LLC 3 4.33% $13,678
Paramount Residential Mortgage Group, Inc. 3 5.08% $10,859
BancorpSouth 3 4.83% $8,947
Extraco Banks 3 5.75% $8,483
Flagstar Bank, FSB 3 3.92% $10,841
Lakeview Community Capital, LLC 3 3.75% $3,856
HAMILTON HOME LOANS, INC. 3 4.38% $11,734
FLAT BRANCH MORTGAGE, INC. 2 5.25% $9,894
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.63% $14,124
Austin Capital Bank SSB 2 5.00% $8,589
BROKER SOLUTIONS, INC. 2 3.93% $7,501
CALCON MUTUAL MORTGAGE LLC 2 6.06% $14,677
CORNERSTONE HOME LENDING, INC. 2 5.63% $12,185
EUSTIS AND AMERICAN MORTGAGE COMPANY 2 5.13% $17,383
EVERETT FINANCIAL, INC. 2 6.31% $6,472
HOME POINT FINANCIAL CORPORATION 2 5.25% $18,130
Loan Simple, Inc. 2 6.19% $11,784
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.31% $12,992
Mr. Cooper ( Nationstar Mortgage ) 2 4.25% $2,661
NEWREZ LLC 2 6.06% $13,169
Plains Commerce Bank 2 4.13% $9,882
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.19% $14,408
S1L, Inc. 2 4.94% $11,004
SECURITYNATIONAL MORTGAGE COMPANY 2 5.25% $9,834
Sierra Pacific Mortgage Company, Inc. 2 4.75% $8,121
SUMMIT FUNDING, INC. 2 4.75% $16,768
VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.75% $12,353
VILLAGE CAPITAL MORTGAGE 2 2.87% $1,994
MID AMERICA MORTGAGE, INC. 1 4.63% $4,198
MORIA DEVELOPMENT, INC. 1 5.63% $14,785
Mortgage Research Center, LLC 1 6.99% $16,703
ANGEL OAK HOME LOANS LLC 1 6.75% $11,439
THE MORTGAGE LINK, INC. 1 3.88% $14,414
M&T Bank 1 5.25% $16,707
NATIONS DIRECT MORTGAGE, LLC 1 5.13% $10,849
Century Mortgage Company DBA Century Lending Company 1 5.38% $10,127
NBKC BANK 1 5.38% $5,735
Carrington Mortgage Services, LLC 1 4.63% $6,093
AmeriHome Mortgage Company, LLC 1 5.13% $12,410
NFM, INC. 1 5.63% $6,828
NTFN, INC. 1 3.38% $14,224
OCMBC, INC. 1 7.63% $6,772
Blue Ridge Bank 1 6.13% $14,265
PENNYMAC LOAN SERVICES, LLC 1 5.63% $15,111
Town Square Mortgage & Investments, Inc. 1 6.13% $5,224
PLAZA HOME MORTGAGE, INC. 1 5.13% $12,856
AMERICA'S CHOICE HOME LOANS LP 1 3.25% $8,193
Bank of England 1 6.25% $14,456
ASPIRE FINANCIAL, INC. 1 5.25% $14,434
RANLIFE, INC. 1 3.63% $5,430
RELIANCE FIRST CAPITAL, LLC 1 4.25% $6,232
Republic State Mortgage Co. 1 6.75% $5,719
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 4.25% $9,541
RUOFF MORTGAGE COMPANY, INC. 1 4.63% $7,961
AMERICAN HOMESTAR MORTGAGE, L.L.C. 1 5.25% $17,613
Watermark Capital, Inc. 1 3.38% $10,859
SENTE MORTGAGE, INC. 1 7.25% $8,506
WILLOW BEND MORTGAGE COMPANY, LLC 1 5.75% $7,596
GREAT WESTERN FINANCIAL SERVICES, INC. 1 5.25% $12,157
First National Bank 1 5.75% $11,863
SOUTHWEST FUNDING, LP 1 7.25% $18,442
First Guaranty Mortgage Corporation 1 2.88% $8,092
Hometown Lenders, Inc. 1 4.25% $9,049
INTERLINC MORTGAGE SERVICES, LLC 1 3.88% $17,251
JPMorgan Chase Bank 1 4.25% $13,378
FINANCE OF AMERICA MORTGAGE LLC 1 4.13% $8,777
Equity Prime Mortgage LLC 1 4.88% $27,524
LEADERONE FINANCIAL CORPORATION 1 3.25% $20,393
DIRECTIONS EQUITY, LLC 1 4.63% $9,407
AMERICAN FINANCING CORPORATION 1 6.75% $7,004
CHURCHILL MORTGAGE CORPORATION 1 5.25% $10,305

The top Waco FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 85 FHA loans originated. Their average total fees are $8,443, which is $1,393 lower than the next largest lender, First National Bank Texas.

The lowest fee Waco FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($7,936), Wallick & Volk, Inc. ($8,106), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,443), City Bank ($8,765) and QUICKEN LOANS, LLC ($8,844).

The lowest rate Waco FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (3.89%), QUICKEN LOANS, LLC (4.56%), AMERISAVE MORTGAGE CORPORATION (4.83%), Wallick & Volk, Inc. (4.86%) and CALIBER HOME LOANS, INC. (5.09%).

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 $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%) $277,612 (-2.2%) 0.70 800
2018-08-01 $207,563 (-1.1%) $275,907 (0.1%) 0.70 817
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%) 0.69 842
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%) 0.70 746
2019-02-01 $214,417 (3.9%) $269,261 (2.4%) 0.72 745
2019-03-01 $221,900 (4.6%) $277,545 (1.0%) 0.73 724
2019-04-01 $230,950 (4.5%) $285,890 (-1.0%) 0.73 691
2019-05-01 $233,375 (4.4%) $289,488 (-0.3%) 0.73 695
2019-06-01 $229,900 (1.4%) $286,962 (-0.6%) 0.72 724
2019-07-01 $233,625 (11.3%) $292,295 (5.3%) 0.73 784
2019-08-01 $230,245 (10.9%) $287,906 (4.4%) 0.73 780
2019-09-01 $227,239 (6.9%) $279,708 (-0.4%) 0.73 757
2019-10-01 $222,450 (9.9%) $273,575 (-2.0%) 0.72 749
2019-11-01 $225,000 (12.5%) $277,674 (0.0%) 0.74 717
2019-12-01 $223,995 (12.0%) $275,431 (0.6%) 0.75 686
2020-01-01 $220,000 (9.3%) $265,846 (-1.2%) 0.74 652
2020-02-01 $224,900 (4.9%) $269,720 (0.2%) 0.74 678
2020-03-01 $229,225 (3.3%) $271,285 (-2.3%) 0.72 667
2020-04-01 $233,675 (1.2%) $274,852 (-3.9%) 0.73 685
2020-05-01 $254,450 (9.0%) $299,900 (3.6%) 0.77 657
2020-06-01 $258,650 (12.5%) $316,781 (10.4%) 0.76 577
2020-07-01 $253,500 (8.5%) $319,085 (9.2%) 0.73 548
2020-08-01 $250,000 (8.6%) $316,573 (10.0%) 0.72 516
2020-09-01 $247,950 (9.1%) $314,958 (12.6%) 0.71 489
2020-10-01 $249,900 (12.3%) $319,813 (16.9%) 0.72 453
2020-11-01 $243,700 (8.3%) $316,720 (14.1%) 0.71 434
2020-12-01 $244,950 (9.4%) $320,673 (16.4%) 0.73 393
2021-01-01 $239,500 (8.9%) $332,308 (25.0%) 0.71 304
2021-02-01 $236,250 (5.1%) $341,648 (26.7%) 0.69 245
2021-03-01 $249,900 (9.0%) $343,679 (26.7%) 0.71 216
2021-04-01 $254,450 (8.9%) $365,408 (33.0%) 0.69 202
2021-05-01 $275,000 (8.1%) $388,538 (29.6%) 0.73 197
2021-06-01 $276,500 (6.9%) $383,403 (21.0%) 0.73 251
2021-07-01 $264,900 (4.5%) $368,560 (15.5%) 0.70 322
2021-08-01 $273,450 (9.4%) $371,536 (17.4%) 0.73 378
2021-09-01 $274,456 (10.7%) $377,290 (19.8%) 0.73 382
2021-10-01 $274,000 (9.6%) $400,965 (25.4%) 0.73 341
2021-11-01 $292,500 (20.0%) $411,530 (29.9%) 0.78 346
2021-12-01 $299,250 (22.2%) $446,840 (39.3%) 0.81 331
2022-01-01 $269,000 (12.3%) $439,233 (32.2%) 0.73 284
2022-02-01 $276,250 (16.9%) $447,233 (30.9%) 0.72 245
2022-03-01 $304,450 (21.8%) $463,145 (34.8%) 0.76 244
2022-04-01 $300,000 (17.9%) $455,949 (24.8%) 0.72 272
2022-05-01 $325,000 (18.2%) $485,991 (25.1%) 0.74 319
2022-06-01 $349,850 (26.5%) $490,824 (28.0%) 0.78 387
2022-07-01 $351,750 (32.8%) $477,981 (29.7%) 0.79 511
2022-08-01 $350,000 (28.0%) $458,313 (23.4%) 0.81 614
2022-09-01 $336,450 (22.6%) $419,792 (11.3%) 0.79 640
2022-10-01 $325,000 (18.6%) $409,541 (2.1%) 0.76 700
2022-11-01 $318,350 (8.8%) $426,991 (3.8%) 0.77 718
2022-12-01 $319,900 (6.9%) $427,627 (-4.3%) 0.79 708
2023-01-01 $319,950 (18.9%) $422,946 (-3.7%) 0.79 672
2023-02-01 $309,450 (12.0%) $409,177 (-8.5%) 0.75 705
2023-03-01 $310,175 (1.9%) $420,512 (-9.2%) 0.73 737
2023-04-01 $325,000 (8.3%) $434,977 (-4.6%) 0.76 743
2023-05-01 $342,450 (5.4%) $450,430 (-7.3%) 0.78 755
2023-06-01 $349,950 (0.0%) $454,992 (-7.3%) 0.79 795
2023-07-01 $349,000 (-0.8%) $448,038 (-6.3%) 0.79 870
2023-08-01 $349,900 (0.0%) $440,417 (-3.9%) 0.80 910
2023-09-01 $349,999 (4.0%) $444,068 (5.8%) 0.81 899
2023-10-01 $337,800 (3.9%) $428,614 (4.7%) 0.79 941
2023-11-01 $334,900 (5.2%) $428,280 (0.3%) 0.80 945
Waco's median listing price for 2023-11-01 was $334,900, a difference of $16,550 (5.2%) versus the prior year and $-2,900 versus the prior month.

Waco's median listing price comes in at 80% of the national average.

Waco's average listing price for 2023-11-01 was $428,280, a difference of $1,289 (0.3%) versus the prior year and $-334 versus the prior month.

For the 2023-11-01 period, Waco had 945 MLS listings, a difference of 4 listings (0%) versus the prior month and 227 listings (32%) 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 1,961 sqft
2018-02-01 73 days 1,949 sqft
2018-03-01 59 days 1,975 sqft
2018-04-01 57 days 2,063 sqft
2018-05-01 52 days 2,054 sqft
2018-06-01 46 days 2,029 sqft
2018-07-01 44 days 1,984 sqft
2018-08-01 50 days 2,002 sqft
2018-09-01 60 days 2,031 sqft
2018-10-01 65 days 1,967 sqft
2018-11-01 71 days 2,004 sqft
2018-12-01 78 days 1,997 sqft
2019-01-01 83 days 1,991 sqft
2019-02-01 76 days 2,007 sqft
2019-03-01 65 days 2,019 sqft
2019-04-01 55 days 2,032 sqft
2019-05-01 52 days 2,035 sqft
2019-06-01 46 days 2,028 sqft
2019-07-01 45 days 2,034 sqft
2019-08-01 49 days 2,023 sqft
2019-09-01 56 days 1,996 sqft
2019-10-01 60 days 1,969 sqft
2019-11-01 66 days 1,976 sqft
2019-12-01 75 days 1,960 sqft
2020-01-01 76 days 1,943 sqft
2020-02-01 60 days 1,950 sqft
2020-03-01 55 days 2,009 sqft
2020-04-01 57 days 1,987 sqft
2020-05-01 54 days 2,046 sqft
2020-06-01 53 days 2,067 sqft
2020-07-01 54 days 2,083 sqft
2020-08-01 51 days 2,065 sqft
2020-09-01 50 days 2,018 sqft
2020-10-01 57 days 2,047 sqft
2020-11-01 52 days 2,002 sqft
2020-12-01 53 days 1,997 sqft
2021-01-01 64 days 1,995 sqft
2021-02-01 46 days 1,812 sqft
2021-03-01 40 days 1,847 sqft
2021-04-01 30 days 1,853 sqft
2021-05-01 23 days 1,949 sqft
2021-06-01 16 days 1,939 sqft
2021-07-01 21 days 1,858 sqft
2021-08-01 24 days 1,886 sqft
2021-09-01 31 days 1,884 sqft
2021-10-01 43 days 1,958 sqft
2021-11-01 42 days 2,006 sqft
2021-12-01 41 days 1,979 sqft
2022-01-01 47 days 1,796 sqft
2022-02-01 42 days 1,843 sqft
2022-03-01 32 days 1,893 sqft
2022-04-01 24 days 1,784 sqft
2022-05-01 22 days 1,829 sqft
2022-06-01 23 days 1,915 sqft
2022-07-01 29 days 1,986 sqft
2022-08-01 36 days 1,971 sqft
2022-09-01 40 days 1,911 sqft
2022-10-01 46 days 1,832 sqft
2022-11-01 52 days 1,810 sqft
2022-12-01 62 days 1,842 sqft
2023-01-01 68 days 1,832 sqft
2023-02-01 62 days 1,770 sqft
2023-03-01 51 days 1,802 sqft
2023-04-01 53 days 1,837 sqft
2023-05-01 61 days 1,954 sqft
2023-06-01 62 days 2,000 sqft
2023-07-01 53 days 1,973 sqft
2023-08-01 56 days 1,973 sqft
2023-09-01 64 days 1,964 sqft
2023-10-01 69 days 1,940 sqft
2023-11-01 68 days 1,916 sqft
Waco's median listing age (time on market) for 2023-11-01 was 68 days. This is 32% longer than the same period one year ago.

Waco's median square footage for active listings during the 2023-11-01 period was 1,916 sqft. One year prior, the average listing was 1,810 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).