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 6.5% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Waco's average FHA mortgage closing costs are $7,458.

The average rate for the prior week (2024-05-17) was 6.79% and one month ago for the week of 2024-04-19, the average rate was 6.81%.

The average rate one year ago was 6.44%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.78%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 96 6.91% $8,699
DHI MORTGAGE COMPANY, LTD. 77 5.29% $8,826
SWBC MORTGAGE CORPORATION 68 7.02% $7,314
First National Bank Texas 48 6.50% $10,543
UNITED WHOLESALE MORTGAGE, LLC 40 6.41% $12,067
Wallick & Volk, Inc. 35 6.96% $8,252
Network Funding, L.P. 20 6.24% $11,403
CORNERSTONE HOME LENDING, INC. 17 6.64% $10,535
QUICKEN LOANS, LLC 16 6.25% $12,496
GUARANTEED RATE, INC. 13 6.57% $11,679
Affiliated Bank 12 6.98% $10,979
AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.80% $14,012
CMG MORTGAGE, INC. 11 6.45% $11,328
AMCAP MORTGAGE, LTD. 10 7.13% $10,502
GUILD MORTGAGE COMPANY 8 6.72% $11,985
NEWREZ LLC 8 6.98% $8,177
THRIVE MORTGAGE, LLC 7 6.57% $12,680
BancorpSouth 7 6.66% $8,551
CARDINAL FINANCIAL 6 6.04% $10,164
Trinity Oaks Mortgage, LLC 5 6.42% $20,432
SUMMIT FUNDING, INC. 5 7.67% $9,132
Equity Prime Mortgage LLC 5 7.18% $14,270
SFMC, LP 4 7.16% $13,633
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 7.34% $13,633
Gateway First Bank 4 7.25% $10,285
HOMESIDE FINANCIAL, LLC 4 6.90% $11,219
Flagstar Bank, FSB 3 6.01% $11,801
MLD MORTGAGE INC. 3 6.79% $10,745
City Bank 3 6.21% $11,457
Sierra Pacific Mortgage Company, Inc. 3 7.33% $10,453
EVERETT FINANCIAL, INC. 3 6.75% $9,918
TIB The Independent Bankersbank 3 6.08% $11,555
LOANDEPOT.COM, LLC 3 6.08% $9,536
OPEN MORTGAGE, LLC 2 6.00% $13,552
CASTLE & COOKE MORTGAGE, LLC 2 6.19% $8,671
Plains Commerce Bank 2 7.00% $12,897
OCMBC, INC. 2 6.63% $8,794
UNION HOME MORTGAGE CORP. 2 6.63% $13,641
NTFN, INC. 2 6.50% $14,703
FREEDOM MORTGAGE CORPORATION 2 7.25% $15,955
V.I.P. MORTGAGE, INC. 2 6.31% $14,857
NATIONS DIRECT MORTGAGE, LLC 2 7.88% $12,483
MOVEMENT MORTGAGE, LLC 2 6.88% $13,415
AMERICAN FINANCIAL RESOURCES, INC. 2 7.25% $5,818
MORTGAGE FINANCIAL SERVICES, LLC 2 6.81% $12,517
Bank of England 2 6.75% $10,675
RESIDENTIAL WHOLESALE MORTGAGE, INC. 2 7.13% $13,788
Hometown Equity Mortgage, LLC 2 6.75% $13,433
Waterstone Mortgage Corporation 1 6.50% $20,630
AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $11,473
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.25% $6,553
ASPIRE FINANCIAL, INC. 1 4.63% $27,325
BOKF 1 6.13% $13,783
BROKER SOLUTIONS, INC. 1 6.49% $14,757
CALCON MUTUAL MORTGAGE LLC 1 6.75% $16,253
Citizens Bank 1 6.50% $11,960
CROSSCOUNTRY MORTGAGE, LLC 1 8.00% $11,168
ENVOY MORTGAGE, LTD 1 6.63% $13,708
Extraco Banks 1 6.13% $11,204
First United Bank and Trust Company 1 7.00% $16,495
GENEVA FINANCIAL, LLC 1 7.00% $19,420
GSF Mortgage Corporation 1 5.50% $9,451
GUARANTEED RATE AFFINITY, LLC 1 6.25% $9,769
GUARANTY HOME MORTGAGE CORPORATION 1 5.50% $18,169
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.75% $15,440
Independent Bank 1 7.13% $8,518
Loan Simple, Inc. 1 6.00% $8,395
MANN FINANCIAL INC. 1 7.13% $8,612
MEMBER FIRST MORTGAGE, LLC 1 6.75% $8,299
Merchants Bank of Indiana 1 7.63% $19,321
MICHIGAN MUTUAL, INC. 1 6.63% $17,909
MID AMERICA MORTGAGE, INC. 1 7.25% $3,694
Mortgage Research Center, LLC 1 7.63% $4,715
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $7,958
NBKC BANK 1 7.00% $9,778
NexBank 1 7.50% $13,634
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.50% $9,336
PANORAMA MORTGAGE GROUP, LLC 1 7.25% $8,484
Paramount Residential Mortgage Group, Inc. 1 6.25% $4,535
PLANET HOME LENDING, LLC 1 5.50% $8,490
PLAZA HOME MORTGAGE, INC. 1 7.13% $11,118
PREMIA MORTGAGE, LLC 1 6.75% $6,839
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.63% $17,364
Prosperity Bank 1 5.63% $9,083
Republic State Mortgage Co. 1 6.75% $4,992
RESIDENTIAL HOME FUNDING CORP. 1 7.50% $9,411
T2 FINANCIAL LLC 1 5.50% $9,659
The Federal Savings Bank 1 7.63% $23,875
Truist 1 6.25% $11,028
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.00% $12,711
ACADEMY MORTGAGE CORPORATION 1 7.25% $9,010

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. 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 (9.1%) $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
Waco's median listing price for 2024-04-01 was $347,450, a difference of $22,450 (6.9%) versus the prior year and $2,450 versus the prior month.

Waco's median listing price comes in at 81% of the national average.

Waco's average listing price for 2024-04-01 was $447,761, a difference of $12,784 (2.9%) versus the prior year and $6,979 versus the prior month.

For the 2024-04-01 period, Waco had 948 MLS listings, a difference of 39 listings (4%) versus the prior month and 205 listings (28%) 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 1,948 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
Waco's median listing age (time on market) for 2024-04-01 was 56 days. This is 5% longer than the same period one year ago.

Waco's median square footage for active listings during the 2024-04-01 period was 1,935 sqft. One year prior, the average listing was 1,837 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).