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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.