Zapata FHA Loan Rates, Closing Costs & Stats

Zapata, TX

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    • 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.

    Zapata's 8 lenders originated 19 FHA loans during 2023. The total origination value was $3,795,000, with an average FHA loan value of $199,737.

    Zapata FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Zapata averaged 6.76% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Zapata's average FHA mortgage closing costs are $7,301.

    The average rate for the prior week (2024-04-12) was 6.75% and one month ago for the week of 2024-03-15, the average rate was 6.51%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Zapata 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 Zapata level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Gateway First Bank 6 6.63% $10,173
    First Option Mortgage, LLC 4 6.59% $10,548
    LEADERONE FINANCIAL CORPORATION 1 7.13% $12,081
    MOVEMENT MORTGAGE, LLC 1 6.25% $9,125
    QUICKEN LOANS, LLC 1 5.50% $10,708
    AMCAP MORTGAGE, LTD. 1 7.13% $7,664
    WILLOW BEND MORTGAGE COMPANY, LLC 1 6.13% $24,190
    HOMESIDE FINANCIAL, LLC 1 7.25% $9,483

    The top Zapata FHA lender as defined by loan originations is Gateway First Bank, with 6 FHA loans originated. Their average total fees are $10,173, which is $375 lower than the next largest lender, First Option Mortgage, LLC.

    The lowest fee Zapata FHA lenders (with over 10 loans originated) are .

    The lowest rate Zapata FHA lenders (with over 10 loans originated) are .

    Zapata FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ZAPATA, TX ZAPATA 2022 $420,680 $538,650 $651,050 $809,150
    ZAPATA, TX ZAPATA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Zapata (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 $122,300 (-3.3%) $127,544 (-7.1%) 0.00 47
    2018-02-01 $121,225 (-3.6%) $128,110 (-3.7%) 0.00 51
    2018-03-01 $124,950 (-2.7%) $131,573 (-3.2%) 0.00 49
    2018-04-01 $120,000 (-9.1%) $135,461 (-1.1%) 0.00 52
    2018-05-01 $120,000 (-9.1%) $135,816 (0.3%) 0.00 54
    2018-06-01 $120,000 (-8.0%) $127,055 (-6.8%) 0.00 49
    2018-07-01 $120,000 (-7.0%) $121,922 (-1.6%) 0.00 44
    2018-08-01 $124,975 (-4.2%) $126,138 (-11.3%) 0.00 45
    2018-09-01 $125,000 (-1.5%) $126,828 (-9.2%) 0.00 46
    2018-10-01 $122,500 (-2.7%) $125,618 (-11.0%) 0.00 49
    2018-11-01 $120,000 (-4.0%) $122,888 (-9.9%) 0.00 48
    2018-12-01 $117,500 (-3.9%) $122,033 (-6.0%) 0.00 46
    2019-01-01 $115,000 (-6.0%) $120,306 (-5.7%) 0.00 45
    2019-02-01 $117,750 (-2.9%) $120,742 (-5.8%) 0.00 43
    2019-03-01 $119,143 (-4.7%) $125,539 (-4.6%) 0.00 42
    2019-04-01 $121,250 (1.0%) $132,678 (-2.1%) 0.00 40
    2019-05-01 $118,750 (-1.0%) $131,733 (-3.0%) 0.00 39
    2019-06-01 $115,000 (-4.2%) $129,613 (2.0%) 0.00 42
    2019-07-01 $118,250 (-1.5%) $130,296 (6.9%) 0.00 44
    2019-08-01 $120,636 (-3.5%) $132,026 (4.7%) 0.00 43
    2019-09-01 $123,091 (-1.5%) $136,488 (7.6%) 0.00 41
    2019-10-01 $121,727 (-0.6%) $138,202 (10.0%) 0.00 41
    2019-11-01 $120,000 (0.0%) $150,699 (22.6%) 0.00 40
    2019-12-01 $125,000 (6.4%) $151,572 (24.2%) 0.00 41
    2020-01-01 $122,500 (6.5%) $148,392 (23.4%) 0.00 42
    2020-02-01 $125,000 (6.2%) $147,406 (22.1%) 0.00 36
    2020-03-01 $135,250 (13.5%) $159,348 (26.9%) 0.00 30
    2020-04-01 $135,250 (11.6%) $163,657 (23.4%) 0.00 28
    2020-05-01 $129,000 (8.6%) $168,573 (28.0%) 0.00 23
    2020-06-01 $124,500 (8.3%) $167,839 (29.5%) 0.00 18
    2020-07-01 $138,000 (16.7%) $174,532 (34.0%) 0.00 18
    2020-08-01 $163,450 (35.5%) $180,445 (36.7%) 0.00 17
    2020-09-01 $135,000 (9.7%) $147,220 (7.9%) 0.00 22
    2020-10-01 $141,250 (16.0%) $149,765 (8.4%) 0.00 23
    2020-11-01 $152,500 (27.1%) $154,950 (2.8%) 0.00 22
    2020-12-01 $131,250 (5.0%) $145,114 (-4.3%) 0.00 24
    2021-01-01 $130,000 (6.1%) $147,206 (-0.8%) 0.00 22
    2021-02-01 $159,900 (27.9%) $157,097 (6.6%) 0.00 19
    2021-03-01 $159,900 (18.2%) $156,939 (-1.5%) 0.00 20
    2021-04-01 $159,425 (17.9%) $172,032 (5.1%) 0.00 21
    2021-05-01 $120,000 (-7.0%) $176,079 (4.5%) 0.00 17
    2021-06-01 $122,500 (-1.6%) $174,709 (4.1%) 0.00 16
    2021-07-01 $125,000 (-9.4%) $177,049 (1.4%) 0.00 17
    2021-08-01 $146,450 (-10.4%) $178,863 (-0.9%) 0.00 14
    2021-09-01 $120,675 (-10.6%) $156,456 (6.3%) 0.00 13
    2021-10-01 $121,450 (-14.0%) $145,557 (-2.8%) 0.00 14
    2021-11-01 $126,000 (-17.4%) $153,279 (-1.1%) 0.00 14
    2021-12-01 $130,000 (-1.0%) $159,835 (10.1%) 0.00 18
    2022-01-01 $140,000 (7.7%) $184,376 (25.3%) 0.00 18
    2022-02-01 $148,500 (-7.1%) $209,587 (33.4%) 0.00 23
    2022-03-01 $149,000 (-6.8%) $212,275 (35.3%) 0.00 24
    2022-04-01 $149,000 (-6.5%) $223,525 (29.9%) 0.00 24
    2022-05-01 $172,500 (43.8%) $230,589 (31.0%) 0.00 18
    2022-06-01 $176,250 (43.9%) $221,774 (26.9%) 0.00 23
    2022-07-01 $180,000 (44.0%) $204,395 (15.5%) 0.00 21
    2022-08-01 $183,375 (25.2%) $217,252 (21.5%) 0.00 22
    2022-09-01 $171,750 (42.3%) $206,908 (32.3%) 0.00 25
    2022-10-01 $165,500 (36.3%) $198,312 (36.2%) 0.00 26
    2022-11-01 $167,750 (33.1%) $191,809 (25.1%) 0.00 26
    2022-12-01 $180,000 (38.5%) $201,370 (26.0%) 0.00 23
    2023-01-01 $179,000 (27.9%) $201,359 (9.2%) 0.00 27
    2023-02-01 $171,750 (15.7%) $193,080 (-7.9%) 0.00 23
    2023-03-01 $159,250 (6.9%) $190,987 (-10.0%) 0.00 21
    2023-04-01 $154,000 (3.4%) $193,407 (-13.5%) 0.00 24
    2023-05-01 $162,875 (-5.6%) $201,401 (-12.7%) 0.00 21
    2023-06-01 $177,250 (0.6%) $204,859 (-7.6%) 0.00 22
    2023-07-01 $161,750 (-10.1%) $206,747 (1.2%) 0.00 28
    2023-08-01 $155,500 (-15.2%) $197,413 (-9.1%) 0.00 31
    2023-09-01 $155,500 (-9.5%) $199,535 (-3.6%) 0.00 26
    2023-10-01 $138,000 (-16.6%) $187,988 (-5.2%) 0.00 24
    2023-11-01 $153,000 (-8.8%) $178,008 (-7.2%) 0.00 31
    2023-12-01 $155,500 (-13.6%) $176,481 (-12.4%) 0.00 32
    2024-01-01 $167,500 (-6.4%) $180,937 (-10.1%) 0.00 32
    2024-02-01 $166,225 (-3.2%) $183,114 (-5.2%) 0.00 32
    2024-03-01 $158,000 (-0.8%) $173,449 (-9.2%) 0.00 30
    Zapata's median listing price for 2024-03-01 was $158,000, a difference of $-1,250 (-0.8%) versus the prior year and $-8,225 versus the prior month.

    Zapata's median listing price comes in at 0% of the national average.

    Zapata's average listing price for 2024-03-01 was $173,449, a difference of $-17,538 (-9.2%) versus the prior year and $-9,665 versus the prior month.

    For the 2024-03-01 period, Zapata had 30 MLS listings, a difference of -2 listings (-6%) versus the prior month and 9 listings (43%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Zapata (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,569 sqft
    2018-02-01 0 days 1,550 sqft
    2018-03-01 0 days 1,515 sqft
    2018-04-01 0 days 1,443 sqft
    2018-05-01 0 days 1,442 sqft
    2018-06-01 0 days 1,443 sqft
    2018-07-01 0 days 1,573 sqft
    2018-08-01 0 days 1,731 sqft
    2018-09-01 0 days 1,731 sqft
    2018-10-01 0 days 1,741 sqft
    2018-11-01 0 days 1,709 sqft
    2018-12-01 0 days 1,661 sqft
    2019-01-01 0 days 1,612 sqft
    2019-02-01 0 days 1,414 sqft
    2019-03-01 0 days 1,448 sqft
    2019-04-01 0 days 1,538 sqft
    2019-05-01 0 days 1,634 sqft
    2019-06-01 0 days 1,656 sqft
    2019-07-01 0 days 1,656 sqft
    2019-08-01 0 days 1,648 sqft
    2019-09-01 0 days 1,636 sqft
    2019-10-01 0 days 1,607 sqft
    2019-11-01 0 days 1,586 sqft
    2019-12-01 0 days 1,555 sqft
    2020-01-01 0 days 1,570 sqft
    2020-02-01 0 days 1,648 sqft
    2020-03-01 0 days 1,709 sqft
    2020-04-01 0 days 1,774 sqft
    2020-05-01 0 days 1,798 sqft
    2020-06-01 0 days 1,800 sqft
    2020-07-01 0 days 1,800 sqft
    2020-08-01 0 days 1,844 sqft
    2020-09-01 0 days 1,592 sqft
    2020-10-01 0 days 1,586 sqft
    2020-11-01 0 days 1,678 sqft
    2020-12-01 0 days 1,562 sqft
    2021-01-01 0 days 1,643 sqft
    2021-02-01 0 days 1,796 sqft
    2021-03-01 0 days 1,796 sqft
    2021-04-01 0 days 1,803 sqft
    2021-05-01 0 days 1,790 sqft
    2021-06-01 0 days 1,768 sqft
    2021-07-01 0 days 1,725 sqft
    2021-08-01 0 days 1,701 sqft
    2021-09-01 0 days 1,320 sqft
    2021-10-01 0 days 1,240 sqft
    2021-11-01 0 days 1,240 sqft
    2021-12-01 0 days 1,421 sqft
    2022-01-01 0 days 1,709 sqft
    2022-02-01 0 days 1,747 sqft
    2022-03-01 0 days 1,701 sqft
    2022-04-01 0 days 1,692 sqft
    2022-05-01 0 days 1,752 sqft
    2022-06-01 0 days 1,709 sqft
    2022-07-01 0 days 1,678 sqft
    2022-08-01 0 days 1,664 sqft
    2022-09-01 0 days 1,664 sqft
    2022-10-01 0 days 1,648 sqft
    2022-11-01 0 days 1,655 sqft
    2022-12-01 0 days 1,688 sqft
    2023-01-01 0 days 1,660 sqft
    2023-02-01 0 days 1,648 sqft
    2023-03-01 0 days 1,560 sqft
    2023-04-01 0 days 1,389 sqft
    2023-05-01 0 days 1,632 sqft
    2023-06-01 0 days 1,599 sqft
    2023-07-01 0 days 1,665 sqft
    2023-08-01 0 days 1,635 sqft
    2023-09-01 0 days 1,665 sqft
    2023-10-01 0 days 1,691 sqft
    2023-11-01 0 days 1,634 sqft
    2023-12-01 0 days 1,632 sqft
    2024-01-01 0 days 1,634 sqft
    2024-02-01 0 days 1,634 sqft
    2024-03-01 0 days 1,448 sqft
    Zapata's median listing age (time on market) for 2024-03-01 was 0 days.

    Zapata's median square footage for active listings during the 2024-03-01 period was 1,448 sqft. One year prior, the average listing was 1,560 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).