Waco FHA Loan Rates, Closing Costs & Stats

WACO, TX

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.48% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.45% and one month ago for the week of 2024-10-04, the average rate was 6.07%.

    The average rate one year ago was 7.32%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.46%.

    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
    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
    2024-10-01 $332,450 (-1.6%) $438,022 (2.2%) 0.78 1,095
    Waco's median listing price for 2024-10-01 was $332,450, a difference of $-5,350 (-1.6%) versus the prior year and $2,425 versus the prior month.

    Waco's median listing price comes in at 78% of the national average.

    Waco's average listing price for 2024-10-01 was $438,022, a difference of $9,408 (2.2%) versus the prior year and $-777 versus the prior month.

    For the 2024-10-01 period, Waco had 1,095 MLS listings, a difference of -14 listings (-1%) versus the prior month and 154 listings (16%) 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
    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
    2024-10-01 75 days 1,922 sqft
    Waco's median listing age (time on market) for 2024-10-01 was 75 days. This is 8% longer than the same period one year ago.

    Waco's median square footage for active listings during the 2024-10-01 period was 1,922 sqft. One year prior, the average listing was 1,941 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).