Waco FHA Loans

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 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 5.41% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.34% and one month ago for the week of 2022-04-08, the average rate was 4.81%.

    The average rate one year ago was 3.42%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.21%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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 $206,500 (14.3%) $261,544 (0.5%) 0.76 641
    2018-02-01 $211,000 (17.3%) $265,594 (1.6%) 0.76 659
    2018-03-01 $219,700 (14.4%) $278,528 (4.7%) 0.76 649
    2018-04-01 $225,500 (15.6%) $292,367 (12.9%) 0.76 661
    2018-05-01 $225,000 (7.4%) $292,919 (8.9%) 0.75 665
    2018-06-01 $229,000 (9.1%) $289,296 (4.4%) 0.76 741
    2018-07-01 $209,500 (-1.0%) $278,618 (-1.5%) 0.70 829
    2018-08-01 $209,700 (-0.1%) $277,997 (2.3%) 0.70 854
    2018-09-01 $214,900 (4.4%) $283,596 (6.2%) 0.72 852
    2018-10-01 $200,000 (-2.6%) $285,385 (8.9%) 0.67 889
    2018-11-01 $199,900 (-1.3%) $283,081 (10.7%) 0.67 881
    2018-12-01 $199,999 (0.1%) $282,695 (10.6%) 0.68 834
    2019-01-01 $200,000 (-3.2%) $276,381 (5.7%) 0.69 782
    2019-02-01 $213,900 (1.4%) $270,989 (2.0%) 0.72 778
    2019-03-01 $221,329 (0.7%) $281,693 (1.1%) 0.72 754
    2019-04-01 $231,700 (2.8%) $295,009 (0.9%) 0.73 715
    2019-05-01 $231,450 (2.9%) $297,377 (1.5%) 0.71 718
    2019-06-01 $229,900 (0.4%) $296,216 (2.4%) 0.71 752
    2019-07-01 $235,500 (12.4%) $300,192 (7.7%) 0.73 815
    2019-08-01 $232,814 (11.0%) $293,852 (5.7%) 0.73 795
    2019-09-01 $229,450 (6.8%) $281,699 (-0.7%) 0.73 756
    2019-10-01 $224,839 (12.4%) $275,739 (-3.4%) 0.72 777
    2019-11-01 $225,000 (12.6%) $281,922 (-0.4%) 0.73 755
    2019-12-01 $225,000 (12.5%) $280,171 (-0.9%) 0.75 720
    2020-01-01 $222,450 (11.2%) $268,189 (-3.0%) 0.74 677
    2020-02-01 $224,900 (5.1%) $276,188 (1.9%) 0.73 696
    2020-03-01 $228,683 (3.3%) $271,897 (-3.5%) 0.71 686
    2020-04-01 $232,450 (0.3%) $277,669 (-5.9%) 0.72 697
    2020-05-01 $249,900 (8.0%) $303,301 (2.0%) 0.76 674
    2020-06-01 $259,900 (13.1%) $318,949 (7.7%) 0.76 598
    2020-07-01 $255,450 (8.5%) $321,978 (7.3%) 0.73 563
    2020-08-01 $255,000 (9.5%) $323,990 (10.3%) 0.73 532
    2020-09-01 $250,000 (9.0%) $321,619 (14.2%) 0.71 503
    2020-10-01 $250,000 (11.2%) $325,817 (18.2%) 0.71 461
    2020-11-01 $245,000 (8.9%) $324,898 (15.2%) 0.70 440
    2020-12-01 $247,000 (9.8%) $329,187 (17.5%) 0.72 403
    2021-01-01 $240,000 (7.9%) $342,052 (27.5%) 0.71 314
    2021-02-01 $244,990 (8.9%) $355,453 (28.7%) 0.70 257
    2021-03-01 $258,450 (13.0%) $380,139 (39.8%) 0.72 218
    2021-04-01 $259,450 (11.6%) $403,041 (45.2%) 0.70 201
    2021-05-01 $275,000 (10.0%) $429,911 (41.7%) 0.72 200
    2021-06-01 $293,250 (12.8%) $421,727 (32.2%) 0.76 255
    2021-07-01 $267,450 (4.7%) $401,004 (24.5%) 0.69 331
    2021-08-01 $280,713 (10.1%) $398,981 (23.2%) 0.74 404
    2021-09-01 $277,817 (11.1%) $407,641 (26.8%) 0.73 400
    2021-10-01 $279,900 (12.0%) $437,486 (34.3%) 0.74 356
    2021-11-01 $299,900 (22.4%) $441,263 (35.8%) 0.79 365
    2021-12-01 $319,900 (29.5%) $470,948 (43.1%) 0.85 356
    2022-01-01 $277,900 (15.8%) $462,386 (35.2%) 0.74 300
    2022-02-01 $292,500 (19.4%) $460,394 (29.5%) 0.75 260
    2022-03-01 $312,500 (20.9%) $465,278 (22.4%) 0.77 259
    2022-04-01 $315,000 (21.4%) $468,305 (16.2%) 0.74 291
    Waco's median listing price for 2022-04-01 was $315,000, a difference of $55,550 (21.4%) versus the prior year and $2,500 versus the prior month.

    Waco's median listing price comes in at 74% of the national average.

    Waco's average listing price for 2022-04-01 was $468,305, a difference of $65,264 (16.2%) versus the prior year and $3,027 versus the prior month.

    For the 2022-04-01 period, Waco had 291 MLS listings, a difference of 32 listings (12%) versus the prior month and 90 listings (45%) 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 1,966 sqft
    2018-02-01 78 days 1,972 sqft
    2018-03-01 67 days 1,984 sqft
    2018-04-01 59 days 2,082 sqft
    2018-05-01 55 days 2,076 sqft
    2018-06-01 49 days 2,015 sqft
    2018-07-01 45 days 1,971 sqft
    2018-08-01 51 days 1,990 sqft
    2018-09-01 63 days 2,020 sqft
    2018-10-01 67 days 1,962 sqft
    2018-11-01 73 days 1,992 sqft
    2018-12-01 80 days 1,997 sqft
    2019-01-01 88 days 1,989 sqft
    2019-02-01 85 days 2,009 sqft
    2019-03-01 84 days 2,020 sqft
    2019-04-01 60 days 2,037 sqft
    2019-05-01 57 days 2,041 sqft
    2019-06-01 51 days 2,041 sqft
    2019-07-01 47 days 2,043 sqft
    2019-08-01 56 days 2,037 sqft
    2019-09-01 66 days 2,029 sqft
    2019-10-01 63 days 1,978 sqft
    2019-11-01 67 days 2,002 sqft
    2019-12-01 75 days 1,990 sqft
    2020-01-01 76 days 1,976 sqft
    2020-02-01 63 days 1,977 sqft
    2020-03-01 56 days 2,002 sqft
    2020-04-01 62 days 2,000 sqft
    2020-05-01 58 days 2,055 sqft
    2020-06-01 56 days 2,069 sqft
    2020-07-01 57 days 2,087 sqft
    2020-08-01 53 days 2,070 sqft
    2020-09-01 53 days 2,040 sqft
    2020-10-01 58 days 2,070 sqft
    2020-11-01 57 days 2,021 sqft
    2020-12-01 58 days 2,010 sqft
    2021-01-01 70 days 1,983 sqft
    2021-02-01 61 days 1,852 sqft
    2021-03-01 44 days 1,858 sqft
    2021-04-01 41 days 1,855 sqft
    2021-05-01 30 days 1,978 sqft
    2021-06-01 18 days 2,006 sqft
    2021-07-01 22 days 1,886 sqft
    2021-08-01 27 days 1,916 sqft
    2021-09-01 33 days 1,907 sqft
    2021-10-01 45 days 2,000 sqft
    2021-11-01 44 days 2,068 sqft
    2021-12-01 44 days 2,035 sqft
    2022-01-01 51 days 1,833 sqft
    2022-02-01 51 days 1,879 sqft
    2022-03-01 43 days 1,916 sqft
    2022-04-01 29 days 1,792 sqft
    Waco's median listing age (time on market) for 2022-04-01 was 29 days. This is -28% shorter than the same period one year ago.

    Waco's median square footage for active listings during the 2022-04-01 period was 1,792 sqft. One year prior, the average listing was 1,855 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).