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 43 lenders originated 132 FHA loans during 2024. The total origination value was $35,950,000, with an average FHA loan value of $272,348.

    Gainesville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Gainesville averaged 0.33% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Gainesville's average FHA mortgage closing costs are $9,459.

    The average rate for the prior week (2025-06-13) was 6.81% and one month ago for the week of 2025-05-16, the average rate was 6.87%.

    The average rate one year ago was 7.03%.

    For refis of the same type during the week of 2025-06-20, 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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 16 6.63% $10,362
    UNITED WHOLESALE MORTGAGE, LLC 9 6.12% $13,193
    First State Bank 9 6.85% $12,378
    American National Bank & Trust 9 6.06% $10,277
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 7 6.14% $17,120
    DHI MORTGAGE COMPANY, LTD. 6 5.16% $9,816
    First United Bank and Trust Company 5 6.20% $15,265
    Paramount Residential Mortgage Group, Inc. 3 6.96% $11,135
    Independent Bank 3 6.67% $9,640
    First Bank 3 5.46% $19,048
    CROSSCOUNTRY MORTGAGE, LLC 3 6.67% $20,838
    Plains Commerce Bank 3 6.71% $11,781
    Sierra Pacific Mortgage Company, Inc. 3 5.92% $11,809
    PLANET HOME LENDING, LLC 2 6.25% $9,017
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.13% $10,993
    EVERETT FINANCIAL, INC. 2 7.56% $10,551
    Flagstar Bank, FSB 2 5.69% $10,973
    QUICKEN LOANS, LLC 2 6.37% $10,540
    INTELLILOAN, INC. 2 6.25% $6,075
    CMG MORTGAGE, INC. 2 7.81% $12,645
    AmeriHome Mortgage Company, LLC 2 6.13% $5,948
    HOMESIDE FINANCIAL, LLC 2 6.62% $9,999
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.50% $8,651
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.75% $4,755
    BROKER SOLUTIONS, INC. 1 6.75% $15,998
    CANOPY MORTGAGE, LLC 1 7.38% $8,782
    CARDINAL FINANCIAL 1 6.13% $23,319
    DATCU 1 6.50% $9,465
    Encompass Lending Group, LP 1 6.63% $23,946
    Equity Prime Mortgage LLC 1 7.75% $15,978
    FIRST COMMUNITY MORTGAGE, INC. 1 8.25% $18,580
    FREEDOM MORTGAGE CORPORATION 1 5.99% $7,159
    GARDNER FINANCIAL SERVICES, LTD. 1 6.75% $10,613
    GENEVA FINANCIAL, LLC 1 6.25% $12,539
    GUARANTEED RATE, INC. 1 6.50% $9,895
    LEADERONE FINANCIAL CORPORATION 1 6.25% $12,192
    MID AMERICA MORTGAGE, INC. 1 7.25% $5,000
    MOVEMENT MORTGAGE, LLC 1 6.75% $9,210
    NEWREZ LLC 1 6.25% $12,185
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.75% $10,420
    Alcova Mortgage LLC 1 6.25% $14,849
    Prosperity Home Mortgage, LLC 1 6.75% $13,211
    SFMC, LP 1 6.75% $16,688

    The top Gainesville FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 16 FHA loans originated. Their average total fees are $10,362, which is $2,832 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Gainesville FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($10,362), .

    The lowest rate Gainesville FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (6.63%), .

    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

    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).