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 98 lenders originated 613 FHA loans during 2022. The total origination value was $159,785,000, with an average FHA loan value of $260,661.

    Waco FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Waco averaged 6.39% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Waco's average FHA mortgage closing costs are $6,995.

    The average rate for the prior week (2023-05-19) was 6.07% and one month ago for the week of 2023-04-21, the average rate was 6.01%.

    The average rate one year ago was 5.12%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.4%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 85 5.59% $8,443
    First National Bank Texas 58 5.46% $9,836
    SWBC MORTGAGE CORPORATION 37 5.30% $7,936
    DHI MORTGAGE COMPANY, LTD. 30 3.89% $10,180
    Wallick & Volk, Inc. 27 4.86% $8,106
    QUICKEN LOANS, LLC 25 4.56% $8,844
    AMERISAVE MORTGAGE CORPORATION 18 4.83% $11,879
    CALIBER HOME LOANS, INC. 16 5.09% $9,101
    GUARANTEED RATE, INC. 15 5.76% $11,603
    AMCAP MORTGAGE, LTD. 15 5.52% $10,104
    City Bank 14 5.11% $8,765
    UNITED WHOLESALE MORTGAGE, LLC 13 5.34% $9,767
    GUILD MORTGAGE COMPANY 12 5.99% $10,390
    THRIVE MORTGAGE, LLC 9 5.51% $12,890
    Network Funding, L.P. 9 5.58% $10,893
    Gateway First Bank 7 5.71% $7,524
    LAKEVIEW LOAN SERVICING, LLC 6 3.13% $5,060
    CMG MORTGAGE, INC. 5 5.60% $10,198
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 4.85% $9,243
    FREEDOM MORTGAGE CORPORATION 5 4.73% $9,403
    LOANDEPOT.COM, LLC 5 4.75% $14,435
    Hometown Equity Mortgage, LLC 4 4.19% $10,043
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.69% $11,403
    CARDINAL FINANCIAL 4 4.72% $12,355
    CROSSCOUNTRY MORTGAGE, LLC 3 5.38% $15,546
    MEMBER FIRST MORTGAGE, LLC 3 4.71% $6,829
    NATIONS RELIABLE LENDING, LLC 3 4.42% $16,598
    Trinity Oaks Mortgage, LLC 3 4.33% $13,678
    Paramount Residential Mortgage Group, Inc. 3 5.08% $10,859
    BancorpSouth Bank 3 4.83% $8,947
    Extraco Banks 3 5.75% $8,483
    Flagstar Bank, FSB 3 3.92% $10,841
    Lakeview Community Capital, LLC 3 3.75% $3,856
    HAMILTON HOME LOANS, INC. 3 4.38% $11,734
    FLAT BRANCH MORTGAGE, INC. 2 5.25% $9,894
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.63% $14,124
    Austin Capital Bank SSB 2 5.00% $8,589
    BROKER SOLUTIONS, INC. 2 3.93% $7,501
    CALCON MUTUAL MORTGAGE LLC 2 6.06% $14,677
    CORNERSTONE HOME LENDING, INC. 2 5.63% $12,185
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 5.13% $17,383
    EVERETT FINANCIAL, INC. 2 6.31% $6,472
    HOME POINT FINANCIAL CORPORATION 2 5.25% $18,130
    Loan Simple, Inc. 2 6.19% $11,784
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.31% $12,992
    Mr. Cooper ( Nationstar Mortgage ) 2 4.25% $2,661
    NEWREZ LLC 2 6.06% $13,169
    Plains Commerce Bank 2 4.13% $9,882
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.19% $14,408
    S1L, Inc. 2 4.94% $11,004
    SECURITYNATIONAL MORTGAGE COMPANY 2 5.25% $9,834
    Sierra Pacific Mortgage Company, Inc. 2 4.75% $8,121
    SUMMIT FUNDING, INC. 2 4.75% $16,768
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.75% $12,353
    VILLAGE CAPITAL MORTGAGE 2 2.87% $1,994
    MID AMERICA MORTGAGE, INC. 1 4.63% $4,198
    MORIA DEVELOPMENT, INC. 1 5.63% $14,785
    Mortgage Research Center, LLC 1 6.99% $16,703
    ANGEL OAK HOME LOANS LLC 1 6.75% $11,439
    THE MORTGAGE LINK, INC. 1 3.88% $14,414
    M&T Bank 1 5.25% $16,707
    NATIONS DIRECT MORTGAGE, LLC 1 5.13% $10,849
    Century Mortgage Company DBA Century Lending Company 1 5.38% $10,127
    NBKC BANK 1 5.38% $5,735
    Carrington Mortgage Services, LLC 1 4.63% $6,093
    AmeriHome Mortgage Company, LLC 1 5.13% $12,410
    NFM, INC. 1 5.63% $6,828
    NTFN, INC. 1 3.38% $14,224
    OCMBC, INC. 1 7.63% $6,772
    Blue Ridge Bank 1 6.13% $14,265
    PENNYMAC LOAN SERVICES, LLC 1 5.63% $15,111
    Town Square Mortgage & Investments, Inc. 1 6.13% $5,224
    PLAZA HOME MORTGAGE, INC. 1 5.13% $12,856
    AMERICA'S CHOICE HOME LOANS LP 1 3.25% $8,193
    Bank of England 1 6.25% $14,456
    ASPIRE FINANCIAL, INC. 1 5.25% $14,434
    RANLIFE, INC. 1 3.63% $5,430
    RELIANCE FIRST CAPITAL, LLC 1 4.25% $6,232
    Republic State Mortgage Co. 1 6.75% $5,719
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 4.25% $9,541
    RUOFF MORTGAGE COMPANY, INC. 1 4.63% $7,961
    AMERICAN HOMESTAR MORTGAGE, L.L.C. 1 5.25% $17,613
    Watermark Capital, Inc. 1 3.38% $10,859
    SENTE MORTGAGE, INC. 1 7.25% $8,506
    WILLOW BEND MORTGAGE COMPANY, LLC 1 5.75% $7,596
    GREAT WESTERN FINANCIAL SERVICES, INC. 1 5.25% $12,157
    First National Bank 1 5.75% $11,863
    SOUTHWEST FUNDING, LP 1 7.25% $18,442
    First Guaranty Mortgage Corporation 1 2.88% $8,092
    Hometown Lenders, Inc. 1 4.25% $9,049
    INTERLINC MORTGAGE SERVICES, LLC 1 3.88% $17,251
    JPMorgan Chase Bank 1 4.25% $13,378
    FINANCE OF AMERICA MORTGAGE LLC 1 4.13% $8,777
    Equity Prime Mortgage LLC 1 4.88% $27,524
    LEADERONE FINANCIAL CORPORATION 1 3.25% $20,393
    DIRECTIONS EQUITY, LLC 1 4.63% $9,407
    AMERICAN FINANCING CORPORATION 1 6.75% $7,004
    CHURCHILL MORTGAGE CORPORATION 1 5.25% $10,305

    The top Waco FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 85 FHA loans originated. Their average total fees are $8,443, which is $1,393 lower than the next largest lender, First National Bank Texas.

    The lowest fee Waco FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($7,936), Wallick & Volk, Inc. ($8,106), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,443), City Bank ($8,765) and QUICKEN LOANS, LLC ($8,844).

    The lowest rate Waco FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (3.89%), QUICKEN LOANS, LLC (4.56%), AMERISAVE MORTGAGE CORPORATION (4.83%), Wallick & Volk, Inc. (4.86%) and CALIBER HOME LOANS, INC. (5.09%).

    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 (9.3%) $274,832 (3.3%) 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%) $277,503 (-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%) $273,797 (7.1%) 0.69 789
    2019-01-01 $201,250 (-2.1%) $268,981 (2.7%) 0.70 746
    2019-02-01 $214,417 (3.9%) $269,261 (2.4%) 0.72 745
    2019-03-01 $227,000 (7.0%) $277,331 (0.9%) 0.76 696
    2019-04-01 $230,950 (4.5%) $285,886 (-1.0%) 0.73 692
    2019-05-01 $233,375 (4.4%) $289,488 (-0.3%) 0.73 695
    2019-06-01 $229,900 (1.4%) $286,962 (-0.6%) 0.72 724
    2019-07-01 $233,625 (11.3%) $292,295 (5.3%) 0.73 784
    2019-08-01 $229,500 (10.6%) $290,601 (5.3%) 0.72 794
    2019-09-01 $235,000 (10.6%) $286,197 (1.9%) 0.74 691
    2019-10-01 $222,450 (9.9%) $273,575 (-2.0%) 0.72 747
    2019-11-01 $225,000 (12.5%) $277,674 (0.0%) 0.74 717
    2019-12-01 $223,995 (12.0%) $275,431 (0.6%) 0.75 686
    2020-01-01 $220,000 (9.3%) $265,846 (-1.2%) 0.74 652
    2020-02-01 $224,900 (4.9%) $269,720 (0.2%) 0.74 678
    2020-03-01 $229,225 (1.0%) $271,285 (-2.2%) 0.72 667
    2020-04-01 $233,675 (1.2%) $274,852 (-3.9%) 0.73 685
    2020-05-01 $254,450 (9.0%) $299,900 (3.6%) 0.77 657
    2020-06-01 $258,650 (12.5%) $316,781 (10.4%) 0.76 577
    2020-07-01 $253,500 (8.5%) $319,085 (9.2%) 0.73 548
    2020-08-01 $250,000 (8.9%) $316,573 (8.9%) 0.72 516
    2020-09-01 $247,950 (5.5%) $314,958 (10.1%) 0.71 489
    2020-10-01 $249,900 (12.3%) $319,813 (16.9%) 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 (25.0%) 0.71 304
    2021-02-01 $236,250 (5.1%) $341,648 (26.7%) 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 $264,950 (4.5%) $370,177 (16.0%) 0.70 322
    2021-08-01 $272,450 (9.0%) $371,536 (17.4%) 0.73 378
    2021-09-01 $274,456 (10.7%) $377,290 (19.8%) 0.73 382
    2021-10-01 $270,000 (8.0%) $400,965 (25.4%) 0.72 341
    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 (29.1%) 0.79 511
    2022-08-01 $350,000 (28.5%) $458,313 (23.4%) 0.81 614
    2022-09-01 $336,450 (22.6%) $419,792 (11.3%) 0.79 640
    2022-10-01 $325,000 (20.4%) $409,474 (2.1%) 0.76 700
    2022-11-01 $318,350 (8.8%) $426,991 (3.8%) 0.76 718
    2022-12-01 $319,900 (6.9%) $427,627 (-4.3%) 0.79 708
    2023-01-01 $319,950 (18.9%) $423,213 (-3.7%) 0.79 672
    2023-02-01 $309,450 (12.0%) $409,177 (-8.5%) 0.75 705
    2023-03-01 $310,400 (2.0%) $420,612 (-9.2%) 0.73 737
    2023-04-01 $325,000 (8.3%) $434,977 (-4.6%) 0.76 743
    Waco's median listing price for 2023-04-01 was $325,000, a difference of $25,000 (8.3%) versus the prior year and $14,600 versus the prior month.

    Waco's median listing price comes in at 76% of the national average.

    Waco's average listing price for 2023-04-01 was $434,977, a difference of $-20,972 (-4.6%) versus the prior year and $14,365 versus the prior month.

    For the 2023-04-01 period, Waco had 743 MLS listings, a difference of 6 listings (1%) versus the prior month and 471 listings (173%) 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 1,961 sqft
    2018-02-01 76 days 1,949 sqft
    2018-03-01 63 days 1,975 sqft
    2018-04-01 59 days 2,063 sqft
    2018-05-01 55 days 2,056 sqft
    2018-06-01 49 days 2,029 sqft
    2018-07-01 46 days 1,986 sqft
    2018-08-01 51 days 2,002 sqft
    2018-09-01 63 days 2,031 sqft
    2018-10-01 67 days 1,967 sqft
    2018-11-01 73 days 2,004 sqft
    2018-12-01 81 days 1,997 sqft
    2019-01-01 87 days 1,991 sqft
    2019-02-01 84 days 2,007 sqft
    2019-03-01 66 days 2,012 sqft
    2019-04-01 60 days 2,032 sqft
    2019-05-01 54 days 2,035 sqft
    2019-06-01 50 days 2,028 sqft
    2019-07-01 48 days 2,034 sqft
    2019-08-01 61 days 2,031 sqft
    2019-09-01 72 days 2,055 sqft
    2019-10-01 64 days 1,969 sqft
    2019-11-01 68 days 1,976 sqft
    2019-12-01 76 days 1,960 sqft
    2020-01-01 77 days 1,943 sqft
    2020-02-01 62 days 1,950 sqft
    2020-03-01 58 days 2,009 sqft
    2020-04-01 60 days 1,987 sqft
    2020-05-01 56 days 2,046 sqft
    2020-06-01 55 days 2,067 sqft
    2020-07-01 57 days 2,083 sqft
    2020-08-01 52 days 2,065 sqft
    2020-09-01 53 days 2,018 sqft
    2020-10-01 57 days 2,047 sqft
    2020-11-01 56 days 2,002 sqft
    2020-12-01 56 days 1,997 sqft
    2021-01-01 68 days 1,995 sqft
    2021-02-01 55 days 1,812 sqft
    2021-03-01 41 days 1,847 sqft
    2021-04-01 31 days 1,853 sqft
    2021-05-01 25 days 1,952 sqft
    2021-06-01 18 days 1,939 sqft
    2021-07-01 21 days 1,858 sqft
    2021-08-01 25 days 1,886 sqft
    2021-09-01 32 days 1,884 sqft
    2021-10-01 43 days 1,958 sqft
    2021-11-01 44 days 2,006 sqft
    2021-12-01 43 days 1,979 sqft
    2022-01-01 50 days 1,796 sqft
    2022-02-01 43 days 1,843 sqft
    2022-03-01 33 days 1,893 sqft
    2022-04-01 27 days 1,784 sqft
    2022-05-01 23 days 1,829 sqft
    2022-06-01 24 days 1,915 sqft
    2022-07-01 29 days 1,986 sqft
    2022-08-01 37 days 1,972 sqft
    2022-09-01 42 days 1,912 sqft
    2022-10-01 48 days 1,837 sqft
    2022-11-01 52 days 1,811 sqft
    2022-12-01 63 days 1,842 sqft
    2023-01-01 69 days 1,833 sqft
    2023-02-01 64 days 1,772 sqft
    2023-03-01 52 days 1,803 sqft
    2023-04-01 54 days 1,837 sqft
    Waco's median listing age (time on market) for 2023-04-01 was 54 days. This is 100% longer than the same period one year ago.

    Waco's median square footage for active listings during the 2023-04-01 period was 1,837 sqft. One year prior, the average listing was 1,784 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).