Granbury FHA Loan Rates, Closing Costs & Stats

Granbury, 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.

    Granbury's 72 lenders originated 248 FHA loans during 2022. The total origination value was $62,110,000, with an average FHA loan value of $250,444.

    Granbury FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Granbury averaged 6.89% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

    Granbury's average FHA mortgage closing costs are $8,341.

    The average rate for the prior week (2023-09-15) was 6.74% and one month ago for the week of 2023-08-18, the average rate was 6.85%.

    The average rate one year ago was 5.43%.

    For refis of the same type during the week of 2023-09-22, the average rate was 6.01%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 23 5.74% $11,140
    UNITED WHOLESALE MORTGAGE, LLC 14 5.33% $9,185
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 5.97% $10,822
    SFMC, LP 12 5.06% $12,589
    CARDINAL FINANCIAL 10 5.73% $11,960
    Equity Prime Mortgage LLC 8 4.92% $9,007
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 5.38% $10,225
    AMCAP MORTGAGE, LTD. 7 5.34% $12,063
    ACADEMY MORTGAGE CORPORATION 7 5.75% $11,201
    EVERETT FINANCIAL, INC. 6 5.54% $8,200
    Gateway First Bank 6 5.13% $10,045
    QUICKEN LOANS, LLC 6 4.33% $12,942
    LHM FINANCIAL CORPORATION 4 5.59% $11,380
    PENNYMAC LOAN SERVICES, LLC 4 4.38% $6,933
    BROKER SOLUTIONS, INC. 4 6.00% $14,583
    FREEDOM MORTGAGE CORPORATION 3 5.04% $10,897
    CROSSCOUNTRY MORTGAGE, LLC 3 5.96% $7,828
    GUARANTEED RATE, INC. 3 5.58% $13,249
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 5.29% $12,525
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 4.46% $8,670
    AMERICAN FINANCIAL RESOURCES, INC. 3 5.00% $8,588
    CALIBER HOME LOANS, INC. 3 4.54% $8,642
    Town Square Mortgage & Investments, Inc. 3 5.58% $11,031
    Affiliated Bank 2 5.69% $12,127
    Paramount Residential Mortgage Group, Inc. 2 5.19% $14,540
    Waterstone Mortgage Corporation 2 5.94% $14,572
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $15,891
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 4.63% $10,144
    PLANET HOME LENDING, LLC 2 5.19% $10,251
    DHI MORTGAGE COMPANY, LTD. 2 3.69% $10,213
    OPEN MORTGAGE, LLC 1 6.00% $15,530
    Plains Commerce Bank 1 4.50% $12,088
    PLAZA HOME MORTGAGE, INC. 1 3.49% $10,403
    Prosperity Home Mortgage, LLC 1 5.63% $9,817
    RANLIFE, INC. 1 5.75% $9,961
    S1L, Inc. 1 6.25% $13,765
    SENTE MORTGAGE, INC. 1 6.38% $11,159
    Sierra Pacific Mortgage Company, Inc. 1 5.63% $14,997
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $13,283
    The Federal Savings Bank 1 5.75% $15,973
    The Home Loan Expert LLC 1 6.25% $11,547
    THRIVE MORTGAGE, LLC 1 6.63% $12,944
    Wells Fargo Bank 1 6.25% $7,422
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.75% $16,355
    Amerifirst Financial, Inc. 1 5.63% $12,620
    ASPIRE FINANCIAL, INC. 1 6.75% $10,671
    BETTER MORTGAGE CORPORATION 1 4.75% $11,119
    Centennial Bank 1 4.63% $8,463
    Century Mortgage Company DBA Century Lending Company 1 5.00% $19,196
    CMG MORTGAGE, INC. 1 4.88% $10,279
    CORNERSTONE HOME LENDING, INC. 1 5.75% $11,805
    DIRECTIONS EQUITY, LLC 1 6.12% $10,091
    FINANCE OF AMERICA MORTGAGE LLC 1 4.88% $10,930
    First Bank & Trust 1 4.63% $17,539
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.38% $8,706
    First Financial Bank 1 5.25% $12,457
    First Guaranty Mortgage Corporation 1 4.13% $7,582
    First United Bank and Trust Company 1 4.88% $10,854
    Flagstar Bank, FSB 1 5.50% $11,310
    GREAT WESTERN FINANCIAL SERVICES, INC. 1 5.63% $14,789
    GUARANTEED RATE AFFINITY, LLC 1 5.75% $11,495
    HOME POINT FINANCIAL CORPORATION 1 4.25% $12,008
    INTERLINC MORTGAGE SERVICES, LLC 1 5.25% $7,331
    LAKEVIEW LOAN SERVICING, LLC 1 3.50% $3,248
    LOANDEPOT.COM, LLC 1 4.38% $10,227
    Loan Simple, Inc. 1 7.50% $7,832
    MID AMERICA MORTGAGE, INC. 1 4.50% $5,440
    MORTGAGE FINANCIAL SERVICES, LLC 1 5.63% $9,689
    Mortgage Research Center, LLC 1 3.99% $6,097
    MOVEMENT MORTGAGE, LLC 1 5.25% $15,893
    Northpointe Bank 1 3.63% $13,346
    NTFN, INC. 1 7.13% $12,674

    The top Granbury FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 23 FHA loans originated. Their average total fees are $11,140, which is $1,955 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Granbury FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($9,185), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,822), GUILD MORTGAGE COMPANY ($11,140), CARDINAL FINANCIAL ($11,960) and SFMC, LP ($12,589).

    The lowest rate Granbury FHA lenders (with over 10 loans originated) are SFMC, LP (5.06%), UNITED WHOLESALE MORTGAGE, LLC (5.33%), CARDINAL FINANCIAL (5.73%), GUILD MORTGAGE COMPANY (5.74%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.97%).

    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).