Waco FHA Loans

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 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).