Granbury FHA Loan Rates, Closing Costs & Stats

Granbury, TX

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Granbury's 57 lenders originated 215 FHA loans during 2023. The total origination value was $57,305,000, with an average FHA loan value of $266,535.

    Granbury FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Granbury averaged 7.17% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Granbury's average FHA mortgage closing costs are $8,941.

    The average rate for the prior week (2024-04-12) was 6.86% and one month ago for the week of 2024-03-15, the average rate was 6.73%.

    The average rate one year ago was 6.46%.

    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.

    Granbury 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 Granbury level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 19 6.27% $14,545
    CARDINAL FINANCIAL 18 7.07% $12,618
    GUILD MORTGAGE COMPANY 17 7.15% $11,533
    SFMC, LP 11 6.77% $16,417
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.77% $13,225
    AMCAP MORTGAGE, LTD. 8 7.20% $12,916
    PLAZA HOME MORTGAGE, INC. 6 6.33% $11,943
    QUICKEN LOANS, LLC 6 5.72% $15,678
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 7.23% $11,162
    EVERETT FINANCIAL, INC. 5 6.65% $12,991
    GUARANTEED RATE, INC. 4 6.06% $12,830
    First United Bank and Trust Company 4 7.31% $12,534
    Gateway First Bank 3 6.67% $15,438
    MID AMERICA MORTGAGE, INC. 3 6.38% $8,343
    NEWREZ LLC 3 7.17% $11,187
    BROKER SOLUTIONS, INC. 3 6.66% $10,287
    AMERICAN FINANCIAL NETWORK, INC. 3 7.00% $11,805
    MORTGAGE FINANCIAL SERVICES, LLC 3 6.58% $11,316
    ACADEMY MORTGAGE CORPORATION 2 6.44% $14,153
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.50% $14,972
    PENNYMAC LOAN SERVICES, LLC 2 6.38% $10,774
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.31% $11,350
    S1L, Inc. 2 7.13% $10,814
    SUN WEST MORTGAGE COMPANY, INC. 2 7.19% $12,025
    SWBC MORTGAGE CORPORATION 2 6.88% $4,969
    First Financial Bank 2 6.56% $9,021
    FREEDOM MORTGAGE CORPORATION 2 6.88% $13,588
    Town Square Mortgage & Investments, Inc. 2 7.00% $8,281
    VILLAGE CAPITAL MORTGAGE 1 6.75% $3,252
    ZILLOW HOME LOANS, LLC 1 6.25% $12,688
    Affiliated Bank 1 6.75% $12,089
    Alliance Credit Union 1 5.88% $12,624
    AMERICAN FINANCING CORPORATION 1 7.13% $6,604
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $21,538
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $13,122
    CALCON MUTUAL MORTGAGE LLC 1 5.63% $15,825
    CHERRY CREEK MORTGAGE, LLC 1 5.75% $5,881
    Citizens Bank 1 7.25% $12,098
    City Bank 1 5.63% $11,890
    CMG MORTGAGE, INC. 1 5.75% $12,921
    Commercial Bank of Texas 1 6.75% $7,939
    CROSSCOUNTRY MORTGAGE, LLC 1 7.19% $15,991
    DHI MORTGAGE COMPANY, LTD. 1 5.50% $21,465
    ENVOY MORTGAGE, LTD 1 7.13% $12,458
    First Bank 1 5.75% $10,263
    GENEVA FINANCIAL, LLC 1 7.25% $19,744
    MOVEMENT MORTGAGE, LLC 1 7.75% $17,997
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $15,245
    NexBank 1 6.13% $14,010
    Plains Commerce Bank 1 7.13% $9,686
    Prosperity Home Mortgage, LLC 1 6.12% $12,528
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $10,946
    Texas Mortgage Lending, LLC 1 6.63% $13,778
    The Loan Store, Inc. 1 7.13% $19,031
    THE MORTGAGE LINK, INC. 1 7.38% $11,483
    THRIVE MORTGAGE, LLC 1 7.13% $20,564
    TOWNE MORTGAGE COMPANY 1 6.63% $16,224

    The top Granbury FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 19 FHA loans originated. Their average total fees are $14,545, which is $1,927 higher than the next largest lender, CARDINAL FINANCIAL.

    The lowest fee Granbury FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($11,533), CARDINAL FINANCIAL ($12,618), UNITED WHOLESALE MORTGAGE, LLC ($14,545), SFMC, LP ($16,417) and .

    The lowest rate Granbury FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.27%), SFMC, LP (6.77%), CARDINAL FINANCIAL (7.07%), GUILD MORTGAGE COMPANY (7.15%) and .

    Granbury FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    GRANBURY, TX HOOD 2022 $420,680 $538,650 $651,050 $809,150
    GRANBURY, TX HOOD 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).