Gainesville FHA Loan Rates, Closing Costs & Stats

Gainesville, 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.

    Gainesville's 45 lenders originated 146 FHA loans during 2023. The total origination value was $40,510,000, with an average FHA loan value of $277,466.

    Gainesville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Gainesville averaged -0.24% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Gainesville's average FHA mortgage closing costs are $8,984.

    The average rate for the prior week (2024-11-08) was 6.37% and one month ago for the week of 2024-10-11, the average rate was 5.97%.

    The average rate one year ago was 7.02%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

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

    Gainesville 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 Gainesville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 35 5.49% $10,623
    GUILD MORTGAGE COMPANY 18 6.89% $10,656
    UNITED WHOLESALE MORTGAGE, LLC 10 6.16% $11,692
    Republic State Mortgage Co. 8 5.13% $13,060
    American National Bank & Trust 6 6.85% $9,735
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.00% $13,548
    CARDINAL FINANCIAL 4 6.47% $12,346
    First State Bank 4 6.50% $12,064
    First United Bank and Trust Company 3 7.25% $11,663
    SECURITYNATIONAL MORTGAGE COMPANY 3 6.92% $10,869
    QUICKEN LOANS, LLC 3 6.24% $12,659
    NEWREZ LLC 2 6.25% $8,559
    SFMC, LP 2 7.81% $14,854
    Town Square Mortgage & Investments, Inc. 2 6.88% $13,552
    Plains Commerce Bank 2 6.56% $10,202
    EVERETT FINANCIAL, INC. 2 7.63% $7,759
    Independent Bank 1 7.38% $15,648
    MEMBER FIRST MORTGAGE, LLC 1 5.38% $11,436
    MID AMERICA MORTGAGE, INC. 1 6.75% $11,656
    MORTGAGE FINANCIAL SERVICES, LLC 1 7.13% $10,155
    NBH Bank 1 7.25% $9,885
    Neighborhood Loans, Inc. 1 7.13% $18,660
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $10,924
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $13,207
    Prosperity Home Mortgage, LLC 1 6.25% $12,643
    S1L, Inc. 1 6.25% $14,936
    Sunflower Bank 1 5.63% $14,464
    Trinity Oaks Mortgage, LLC 1 6.00% $8,124
    AMCAP MORTGAGE, LTD. 1 7.25% $15,525
    ZILLOW HOME LOANS, LLC 1 5.88% $10,261
    American Bank of Commerce 1 6.50% $13,649
    American Mortgage & Equity Consultants, Inc. 1 7.13% $17,017
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 8.50% $7,220
    ASPIRE FINANCIAL, INC. 1 6.63% $11,435
    CALCON MUTUAL MORTGAGE LLC 1 7.63% $21,557
    Century Mortgage Company DBA Century Lending Company 1 6.75% $15,210
    CMG MORTGAGE, INC. 1 4.99% $15,889
    CORNERSTONE HOME LENDING, INC. 1 6.25% $12,342
    CROSSCOUNTRY MORTGAGE, LLC 1 8.25% $11,058
    Equity Prime Mortgage LLC 1 7.25% $8,459
    FREEDOM MORTGAGE CORPORATION 1 6.99% $8,188
    Gateway First Bank 1 6.75% $6,619
    GUARANTEED RATE, INC. 1 6.88% $15,262
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $15,766
    Hometown Equity Mortgage, LLC 1 7.25% $10,964

    The top Gainesville FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 35 FHA loans originated. Their average total fees are $10,623, which is $33 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Gainesville FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($10,623), GUILD MORTGAGE COMPANY ($10,656), UNITED WHOLESALE MORTGAGE, LLC ($11,692), .

    The lowest rate Gainesville FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.49%), UNITED WHOLESALE MORTGAGE, LLC (6.16%), GUILD MORTGAGE COMPANY (6.89%), .

    Gainesville FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Gainesville (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 $274,700 (-3.4%) $374,017 (-1.9%) 0.00 99
    2018-02-01 $314,950 (3.1%) $395,068 (0.5%) 0.00 96
    2018-03-01 $344,000 (15.2%) $425,403 (8.1%) 0.00 92
    2018-04-01 $363,675 (23.3%) $448,007 (13.5%) 0.00 92
    2018-05-01 $367,450 (18.5%) $477,820 (8.5%) 0.00 103
    2018-06-01 $345,900 (15.9%) $442,542 (3.1%) 0.00 121
    2018-07-01 $317,500 (5.9%) $438,499 (5.8%) 0.00 134
    2018-08-01 $324,950 (-0.3%) $416,642 (0.6%) 0.00 139
    2018-09-01 $299,900 (-3.2%) $405,533 (-1.0%) 0.00 138
    2018-10-01 $276,750 (-9.3%) $388,587 (-3.7%) 0.00 138
    2018-11-01 $293,750 (-7.7%) $397,506 (-4.6%) 0.00 126
    2018-12-01 $270,676 (-0.8%) $381,950 (-6.1%) 0.00 125
    2019-01-01 $248,450 (-9.6%) $372,016 (-0.5%) 0.00 114
    2019-02-01 $272,788 (-13.4%) $393,636 (-0.4%) 0.00 122
    2019-03-01 $271,883 (-21.0%) $393,333 (-7.5%) 0.00 128
    2019-04-01 $270,827 (-25.5%) $392,367 (-12.4%) 0.00 138
    2019-05-01 $291,250 (-20.7%) $368,763 (-22.8%) 0.00 139
    2019-06-01 $298,000 (-13.9%) $383,560 (-13.3%) 0.00 147
    2019-07-01 $299,450 (-5.7%) $384,779 (-12.3%) 0.00 151
    2019-08-01 $297,623 (-8.4%) $382,074 (-8.3%) 0.00 152
    2019-09-01 $295,557 (-1.5%) $385,875 (-4.9%) 0.00 152
    2019-10-01 $305,930 (10.5%) $390,524 (0.5%) 0.00 151
    2019-11-01 $329,900 (12.3%) $395,735 (-0.5%) 0.00 135
    2019-12-01 $301,500 (11.4%) $357,657 (-6.4%) 0.00 123
    2020-01-01 $323,250 (30.1%) $371,578 (-0.1%) 0.00 121
    2020-02-01 $274,900 (0.8%) $354,792 (-9.9%) 0.00 126
    2020-03-01 $272,400 (0.2%) $340,428 (-13.5%) 0.00 145
    2020-04-01 $279,414 (3.2%) $349,602 (-10.9%) 0.00 138
    2020-05-01 $285,000 (-2.2%) $360,864 (-2.1%) 0.00 127
    2020-06-01 $289,125 (-3.0%) $372,338 (-2.9%) 0.00 112
    2020-07-01 $315,750 (5.4%) $419,072 (8.9%) 0.00 103
    2020-08-01 $315,000 (5.8%) $413,313 (8.2%) 0.00 89
    2020-09-01 $322,375 (9.1%) $403,273 (4.5%) 0.00 83
    2020-10-01 $329,900 (7.8%) $390,988 (0.1%) 0.00 68
    2020-11-01 $323,725 (-1.9%) $383,344 (-3.1%) 0.00 57
    2020-12-01 $325,450 (7.9%) $396,330 (10.8%) 0.00 54
    2021-01-01 $299,950 (-7.2%) $398,107 (7.1%) 0.00 49
    2021-02-01 $324,950 (18.2%) $390,550 (10.1%) 0.00 38
    2021-03-01 $331,338 (21.6%) $422,488 (24.1%) 0.00 26
    2021-04-01 $372,400 (33.3%) $461,795 (32.1%) 0.00 26
    2021-05-01 $289,450 (1.6%) $519,625 (44.0%) 0.00 39
    2021-06-01 $254,700 (-11.9%) $484,076 (30.0%) 0.00 54
    2021-07-01 $163,180 (-48.3%) $328,878 (-21.5%) 0.00 104
    2021-08-01 $161,290 (-48.8%) $346,192 (-16.2%) 0.00 96
    2021-09-01 $180,375 (-44.1%) $376,323 (-6.7%) 0.00 79
    2021-10-01 $280,988 (-14.8%) $427,589 (9.4%) 0.00 56
    2021-11-01 $308,550 (-4.7%) $556,909 (45.3%) 0.00 52
    2021-12-01 $279,950 (-14.0%) $542,435 (36.9%) 0.00 45
    2022-01-01 $275,000 (-8.3%) $511,181 (28.4%) 0.00 37
    2022-02-01 $348,850 (7.4%) $629,180 (61.1%) 0.00 24
    2022-03-01 $337,500 (1.9%) $698,569 (65.4%) 0.00 26
    2022-04-01 $334,900 (-10.1%) $706,669 (53.0%) 0.00 36
    2022-05-01 $337,500 (16.6%) $670,677 (29.1%) 0.00 48
    2022-06-01 $448,700 (76.2%) $781,245 (61.4%) 0.00 69
    2022-07-01 $470,000 (188.0%) $777,962 (136.6%) 0.00 88
    2022-08-01 $499,500 (209.7%) $771,564 (122.9%) 0.00 106
    2022-09-01 $399,950 (121.7%) $681,923 (81.2%) 0.00 127
    2022-10-01 $412,000 (46.6%) $669,354 (56.5%) 0.00 127
    2022-11-01 $362,962 (17.6%) $596,422 (7.1%) 0.00 135
    2022-12-01 $364,008 (30.0%) $579,175 (6.8%) 0.00 136
    2023-01-01 $369,450 (34.4%) $564,052 (10.3%) 0.00 128
    2023-02-01 $366,529 (5.1%) $583,610 (-7.2%) 0.00 129
    2023-03-01 $384,029 (13.8%) $607,509 (-13.0%) 0.00 112
    2023-04-01 $449,450 (34.2%) $648,207 (-8.3%) 0.00 111
    2023-05-01 $411,450 (21.9%) $643,257 (-4.1%) 0.00 114
    2023-06-01 $426,725 (-4.9%) $637,766 (-18.4%) 0.00 131
    2023-07-01 $425,000 (-9.6%) $626,806 (-19.4%) 0.00 148
    2023-08-01 $406,250 (-18.7%) $620,831 (-19.5%) 0.00 154
    2023-09-01 $415,625 (3.9%) $636,376 (-6.7%) 0.00 160
    2023-10-01 $438,833 (6.5%) $638,593 (-4.6%) 0.00 176
    2023-11-01 $455,000 (25.4%) $631,320 (5.9%) 0.00 180
    2023-12-01 $444,990 (22.3%) $568,910 (-1.8%) 0.00 181
    2024-01-01 $429,450 (16.2%) $546,466 (-3.1%) 0.00 171
    2024-02-01 $429,831 (17.3%) $560,460 (-4.0%) 0.00 176
    2024-03-01 $427,275 (11.3%) $629,181 (3.6%) 0.00 218
    2024-04-01 $434,248 (-3.4%) $603,278 (-6.9%) 0.00 226
    2024-05-01 $457,500 (11.2%) $593,916 (-7.7%) 0.00 231
    2024-06-01 $450,000 (5.5%) $598,378 (-6.2%) 0.00 246
    2024-07-01 $421,350 (-0.9%) $567,641 (-9.4%) 0.00 245
    2024-08-01 $399,568 (-1.6%) $532,041 (-14.3%) 0.00 236
    2024-09-01 $399,034 (-4.0%) $514,980 (-19.1%) 0.00 249
    2024-10-01 $413,490 (-5.8%) $533,718 (-16.4%) 0.00 265
    Gainesville's median listing price for 2024-10-01 was $413,490, a difference of $-25,343 (-5.8%) versus the prior year and $14,456 versus the prior month.

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

    Gainesville's average listing price for 2024-10-01 was $533,718, a difference of $-104,875 (-16.4%) versus the prior year and $18,738 versus the prior month.

    For the 2024-10-01 period, Gainesville had 265 MLS listings, a difference of 16 listings (6%) versus the prior month and 89 listings (51%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Gainesville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,053 sqft
    2018-02-01 0 days 2,126 sqft
    2018-03-01 0 days 2,209 sqft
    2018-04-01 0 days 2,250 sqft
    2018-05-01 0 days 2,422 sqft
    2018-06-01 0 days 2,298 sqft
    2018-07-01 0 days 2,297 sqft
    2018-08-01 0 days 2,266 sqft
    2018-09-01 0 days 2,187 sqft
    2018-10-01 0 days 2,124 sqft
    2018-11-01 0 days 2,092 sqft
    2018-12-01 0 days 2,040 sqft
    2019-01-01 0 days 2,020 sqft
    2019-02-01 0 days 2,055 sqft
    2019-03-01 0 days 2,091 sqft
    2019-04-01 0 days 2,107 sqft
    2019-05-01 0 days 2,040 sqft
    2019-06-01 0 days 2,161 sqft
    2019-07-01 0 days 2,163 sqft
    2019-08-01 0 days 2,119 sqft
    2019-09-01 0 days 2,057 sqft
    2019-10-01 0 days 2,017 sqft
    2019-11-01 0 days 2,133 sqft
    2019-12-01 0 days 2,142 sqft
    2020-01-01 0 days 2,155 sqft
    2020-02-01 0 days 1,992 sqft
    2020-03-01 0 days 1,948 sqft
    2020-04-01 0 days 2,027 sqft
    2020-05-01 0 days 2,058 sqft
    2020-06-01 0 days 2,063 sqft
    2020-07-01 0 days 2,124 sqft
    2020-08-01 0 days 2,110 sqft
    2020-09-01 0 days 2,107 sqft
    2020-10-01 0 days 2,165 sqft
    2020-11-01 0 days 2,092 sqft
    2020-12-01 0 days 2,097 sqft
    2021-01-01 0 days 2,115 sqft
    2021-02-01 0 days 2,069 sqft
    2021-03-01 0 days 2,198 sqft
    2021-04-01 0 days 2,151 sqft
    2021-05-01 0 days 1,903 sqft
    2021-06-01 0 days 1,681 sqft
    2021-07-01 0 days 1,240 sqft
    2021-08-01 0 days 1,281 sqft
    2021-09-01 0 days 1,391 sqft
    2021-10-01 0 days 1,939 sqft
    2021-11-01 0 days 1,869 sqft
    2021-12-01 0 days 1,908 sqft
    2022-01-01 0 days 1,789 sqft
    2022-02-01 0 days 1,863 sqft
    2022-03-01 0 days 1,940 sqft
    2022-04-01 0 days 1,953 sqft
    2022-05-01 0 days 1,972 sqft
    2022-06-01 0 days 2,174 sqft
    2022-07-01 0 days 2,242 sqft
    2022-08-01 0 days 2,242 sqft
    2022-09-01 0 days 2,102 sqft
    2022-10-01 0 days 2,042 sqft
    2022-11-01 0 days 1,990 sqft
    2022-12-01 0 days 1,964 sqft
    2023-01-01 0 days 2,005 sqft
    2023-02-01 0 days 2,007 sqft
    2023-03-01 0 days 2,039 sqft
    2023-04-01 0 days 2,177 sqft
    2023-05-01 0 days 2,097 sqft
    2023-06-01 0 days 2,062 sqft
    2023-07-01 0 days 2,011 sqft
    2023-08-01 0 days 2,024 sqft
    2023-09-01 0 days 2,018 sqft
    2023-10-01 0 days 2,070 sqft
    2023-11-01 0 days 2,118 sqft
    2023-12-01 0 days 2,114 sqft
    2024-01-01 0 days 2,048 sqft
    2024-02-01 0 days 2,090 sqft
    2024-03-01 0 days 2,020 sqft
    2024-04-01 0 days 2,010 sqft
    2024-05-01 0 days 2,064 sqft
    2024-06-01 0 days 2,040 sqft
    2024-07-01 0 days 2,031 sqft
    2024-08-01 0 days 2,000 sqft
    2024-09-01 0 days 2,020 sqft
    2024-10-01 0 days 2,020 sqft
    Gainesville's median listing age (time on market) for 2024-10-01 was 0 days.

    Gainesville's median square footage for active listings during the 2024-10-01 period was 2,020 sqft. One year prior, the average listing was 2,070 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).