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 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
5.85%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Waco's average FHA mortgage closing costs are $7,458.
The average rate for the prior week (2024-10-04) was
5.87% and
one month ago for the week of 2024-09-06, the
average rate was 6.2%.
The average rate one year ago was 7.23%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.33%.
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.
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. LouisDate | 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 (9.1%) | $274,832 (3.4%) | 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%) | $274,080 (7.2%) | 0.69 | 789 |
2019-01-01 | $202,500 (-1.5%) | $269,268 (2.8%) | 0.70 | 747 |
2019-02-01 | $214,885 (4.1%) | $269,531 (2.5%) | 0.73 | 746 |
2019-03-01 | $223,043 (5.1%) | $277,801 (1.1%) | 0.73 | 725 |
2019-04-01 | $230,950 (4.5%) | $286,014 (-1.0%) | 0.73 | 691 |
2019-05-01 | $232,750 (4.1%) | $289,214 (-0.4%) | 0.73 | 693 |
2019-06-01 | $229,900 (1.4%) | $286,919 (-0.7%) | 0.72 | 723 |
2019-07-01 | $233,625 (11.3%) | $292,295 (5.3%) | 0.73 | 784 |
2019-08-01 | $230,245 (10.9%) | $287,954 (4.4%) | 0.73 | 779 |
2019-09-01 | $227,239 (6.9%) | $279,828 (-0.3%) | 0.73 | 757 |
2019-10-01 | $222,450 (9.9%) | $273,749 (-2.0%) | 0.72 | 748 |
2019-11-01 | $225,000 (12.5%) | $277,674 (0.0%) | 0.74 | 717 |
2019-12-01 | $223,995 (12.0%) | $275,431 (0.5%) | 0.75 | 686 |
2020-01-01 | $220,000 (8.6%) | $266,037 (-1.2%) | 0.74 | 651 |
2020-02-01 | $224,900 (4.7%) | $269,905 (0.1%) | 0.74 | 678 |
2020-03-01 | $229,225 (2.8%) | $271,285 (-2.4%) | 0.72 | 667 |
2020-04-01 | $233,675 (1.2%) | $274,852 (-3.9%) | 0.73 | 685 |
2020-05-01 | $254,450 (9.3%) | $299,900 (3.7%) | 0.77 | 657 |
2020-06-01 | $258,650 (12.5%) | $316,781 (10.4%) | 0.76 | 577 |
2020-07-01 | $253,500 (8.5%) | $319,338 (9.3%) | 0.73 | 548 |
2020-08-01 | $250,000 (8.6%) | $316,573 (9.9%) | 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 (16.8%) | 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 (24.9%) | 0.71 | 304 |
2021-02-01 | $236,250 (5.1%) | $341,648 (26.6%) | 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 (15.4%) | 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%) | $458,350 (23.4%) | 0.81 | 615 |
2022-09-01 | $336,450 (22.6%) | $419,852 (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 |
2023-12-01 | $325,500 (1.8%) | $422,321 (-1.2%) | 0.79 | 936 |
2024-01-01 | $330,000 (3.1%) | $420,959 (-0.5%) | 0.81 | 881 |
2024-02-01 | $345,000 (11.5%) | $438,398 (7.1%) | 0.83 | 858 |
2024-03-01 | $345,000 (11.2%) | $440,782 (4.8%) | 0.81 | 909 |
2024-04-01 | $347,450 (6.9%) | $447,761 (2.9%) | 0.81 | 948 |
2024-05-01 | $345,935 (1.0%) | $453,068 (0.6%) | 0.78 | 990 |
2024-06-01 | $339,900 (-2.9%) | $451,628 (-0.7%) | 0.76 | 1,049 |
2024-07-01 | $339,950 (-2.6%) | $440,747 (-1.6%) | 0.78 | 1,089 |
2024-08-01 | $335,000 (-4.3%) | $439,051 (-0.3%) | 0.78 | 1,093 |
2024-09-01 | $330,025 (-5.7%) | $438,799 (-1.2%) | 0.78 | 1,109 |
Waco's median listing price comes in at 78% of the national average.
Waco's average listing price for 2024-09-01 was $438,799, a difference of $-5,269 (-1.2%) versus the prior year and $-252 versus the prior month.
For the 2024-09-01 period, Waco had 1,109 MLS listings, a difference of 16 listings (1%) versus the prior month and 210 listings (23%) 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 | 77 days | 1,961 sqft |
2018-02-01 | 73 days | 1,948 sqft |
2018-03-01 | 59 days | 1,975 sqft |
2018-04-01 | 57 days | 2,064 sqft |
2018-05-01 | 52 days | 2,056 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 | 1,998 sqft |
2019-01-01 | 83 days | 1,993 sqft |
2019-02-01 | 77 days | 2,009 sqft |
2019-03-01 | 65 days | 2,021 sqft |
2019-04-01 | 55 days | 2,033 sqft |
2019-05-01 | 52 days | 2,035 sqft |
2019-06-01 | 46 days | 2,024 sqft |
2019-07-01 | 45 days | 2,034 sqft |
2019-08-01 | 50 days | 2,023 sqft |
2019-09-01 | 57 days | 1,997 sqft |
2019-10-01 | 61 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 | 1,945 sqft |
2020-02-01 | 59 days | 1,951 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 | 2,084 sqft |
2020-08-01 | 51 days | 2,053 sqft |
2020-09-01 | 50 days | 2,015 sqft |
2020-10-01 | 57 days | 2,044 sqft |
2020-11-01 | 52 days | 1,997 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 | 1,972 sqft |
2022-09-01 | 40 days | 1,912 sqft |
2022-10-01 | 46 days | 1,827 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 | 1,997 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 | 1,941 sqft |
2023-11-01 | 68 days | 1,916 sqft |
2023-12-01 | 72 days | 1,887 sqft |
2024-01-01 | 81 days | 1,856 sqft |
2024-02-01 | 83 days | 1,893 sqft |
2024-03-01 | 66 days | 1,914 sqft |
2024-04-01 | 56 days | 1,935 sqft |
2024-05-01 | 54 days | 1,959 sqft |
2024-06-01 | 58 days | 1,914 sqft |
2024-07-01 | 65 days | 1,921 sqft |
2024-08-01 | 73 days | 1,914 sqft |
2024-09-01 | 72 days | 1,908 sqft |
Waco's median square footage for active listings during the 2024-09-01 period was 1,908 sqft. One year prior, the average listing was 1,964 sqft.