Sherman FHA Loan Rates, Closing Costs & Stats

SHERMAN-DENISON, TX

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Sherman's 99 lenders originated 485 FHA loans during 2022. The total origination value was $122,225,000, with an average FHA loan value of $252,010.

    Sherman FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sherman averaged 6.17% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Sherman's average FHA mortgage closing costs are $8,075.

    The average rate for the prior week (2023-05-19) was 6.05% and one month ago for the week of 2023-04-21, the average rate was 6.39%.

    The average rate one year ago was 4.91%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.62%.

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

    Sherman 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 Sherman level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 37 5.32% $11,176
    PULTE MORTGAGE LLC 26 5.23% $7,434
    CERTAINTY HOME LOANS, LLC 24 5.20% $9,832
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 5.52% $10,653
    EVERETT FINANCIAL, INC. 22 5.64% $6,981
    QUICKEN LOANS, LLC 20 4.32% $11,442
    CARDINAL FINANCIAL 20 5.05% $12,849
    CALIBER HOME LOANS, INC. 20 5.05% $9,380
    Town Square Mortgage & Investments, Inc. 18 5.65% $10,040
    AMCAP MORTGAGE, LTD. 13 5.62% $11,627
    GUARANTEED RATE, INC. 11 5.40% $11,458
    FREEDOM MORTGAGE CORPORATION 9 4.79% $10,331
    SFMC, LP 9 5.97% $9,781
    CROSSCOUNTRY MORTGAGE, LLC 8 5.31% $12,770
    ANGEL OAK HOME LOANS LLC 7 4.73% $10,546
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 4.66% $15,508
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 7 5.57% $10,894
    UNITED WHOLESALE MORTGAGE, LLC 6 5.00% $9,490
    Prosperity Home Mortgage, LLC 6 5.29% $9,974
    DHI MORTGAGE COMPANY, LTD. 6 5.08% $10,775
    Independent Bank 5 5.20% $10,864
    MOVEMENT MORTGAGE, LLC 5 5.05% $8,165
    First State Bank 5 4.90% $11,849
    GREAT WESTERN FINANCIAL SERVICES, INC. 5 5.48% $10,672
    ASPIRE FINANCIAL, INC. 4 5.38% $11,940
    Mr. Cooper ( Nationstar Mortgage ) 4 3.59% $4,546
    LOANDEPOT.COM, LLC 4 5.22% $13,004
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 5.63% $12,466
    Loan Simple, Inc. 3 4.67% $11,103
    AMERISAVE MORTGAGE CORPORATION 3 4.92% $12,351
    First Bank 3 4.38% $10,010
    PENNYMAC LOAN SERVICES, LLC 3 4.13% $9,299
    First United Bank and Trust Company 3 5.83% $8,059
    Republic State Mortgage Co. 3 4.92% $13,929
    Gateway First Bank 3 5.54% $10,994
    LAKEVIEW LOAN SERVICING, LLC 3 3.21% $4,489
    Carrington Mortgage Services, LLC 2 5.63% $13,765
    Bank of England 2 4.31% $13,556
    HOMESIDE FINANCIAL, LLC 2 5.88% $14,674
    PLAZA HOME MORTGAGE, INC. 2 3.93% $12,207
    Paramount Residential Mortgage Group, Inc. 2 5.94% $20,871
    INTEGRITY MORTGAGE CORPORATION OF TEXAS 2 4.37% $13,038
    NATIONS RELIABLE LENDING, LLC 2 4.19% $12,906
    FBC MORTGAGE, LLC 2 6.44% $13,682
    Mortgage Research Center, LLC 2 3.93% $12,006
    INTERLINC MORTGAGE SERVICES, LLC 2 4.43% $13,777
    Amerifirst Financial, Inc. 2 5.19% $12,489
    WILLOW BEND MORTGAGE COMPANY, LLC 2 3.63% $11,627
    JPMorgan Chase Bank 2 6.19% $7,353
    SOUTHWEST FUNDING, LP 2 6.00% $16,540
    ZILLOW HOME LOANS, LLC 1 4.75% $8,735
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $9,916
    BancorpSouth Bank 1 4.63% $12,048
    BROKER SOLUTIONS, INC. 1 3.75% $11,908
    BROOKHOLLOW MORTGAGE SERVICES, LTD 1 6.75% $11,427
    Century Mortgage Company DBA Century Lending Company 1 5.50% $14,416
    City Bank 1 3.25% $6,108
    CMG MORTGAGE, INC. 1 4.63% $6,048
    DAS Acquisition Company, LLC 1 5.50% $22,474
    Encompass Lending Group, LP 1 4.00% $9,036
    Equity Prime Mortgage LLC 1 6.63% $8,585
    First Bank & Trust 1 6.00% $7,581
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.38% $8,372
    Flagstar Bank, FSB 1 4.25% $10,844
    GUARANTEED RATE AFFINITY, LLC 1 6.63% $8,899
    HIGHLAND HOMELOANS, LLC 1 5.63% $17,844
    INFINITY MORTGAGE HOLDINGS, LLC 1 3.75% $9,654
    INTERCAP LENDING INC. 1 4.75% $19,047
    Ixonia Bank 1 5.63% $8,112
    KBHS HOME LOANS, LLC 1 7.75% $7,216
    LAND HOME FINANCIAL SERVICES, INC. 1 5.25% $12,924
    LIBERTY HOME MORTGAGE CORPORATION 1 5.75% $11,466
    Magnolia Bank 1 5.88% $11,523
    MORTGAGE FINANCIAL SERVICES, LLC 1 7.25% $9,646
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $10,017
    NATIONS DIRECT MORTGAGE, LLC 1 4.50% $6,882
    NBKC BANK 1 4.63% $7,274
    Neighborhood Loans, Inc. 1 5.25% $11,508
    NFM, INC. 1 5.63% $14,136
    North American Savings Bank, F.S.B. 1 5.50% $16,542
    PLANET HOME LENDING, LLC 1 3.75% $5,604
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.13% $15,093
    S1L, Inc. 1 5.00% $10,818
    SECURITYNATIONAL MORTGAGE COMPANY 1 4.38% $8,633
    STEARNS LENDING, LLC 1 2.25% $11,091
    Strong Home Mortgage, LLC 1 4.63% $7,708
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.75% $10,411
    SUMMIT FUNDING, INC. 1 4.50% $13,828
    SUN WEST MORTGAGE COMPANY, INC. 1 4.13% $7,914
    SWBC MORTGAGE CORPORATION 1 5.75% $16,717
    T2 FINANCIAL LLC 1 4.88% $12,048
    The Home Loan Expert LLC 1 3.88% $8,832
    THE MORTGAGE LINK, INC. 1 5.75% $13,831
    THRIVE MORTGAGE, LLC 1 4.25% $17,895
    TOWNE MORTGAGE COMPANY 1 6.63% $12,425
    UNITED MORTGAGE CORP. 1 5.88% $22,631
    VILLAGE CAPITAL MORTGAGE 1 3.25% $1,456
    Waterstone Mortgage Corporation 1 6.50% $8,955
    ACADEMY MORTGAGE CORPORATION 1 5.25% $16,135

    The top Sherman FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 37 FHA loans originated. Their average total fees are $11,176, which is $3,742 higher than the next largest lender, PULTE MORTGAGE LLC.

    The lowest fee Sherman FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($6,981), PULTE MORTGAGE LLC ($7,434), CALIBER HOME LOANS, INC. ($9,380), CERTAINTY HOME LOANS, LLC ($9,832) and Town Square Mortgage & Investments, Inc. ($10,040).

    The lowest rate Sherman FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.32%), CARDINAL FINANCIAL (5.05%), CALIBER HOME LOANS, INC. (5.05%), CERTAINTY HOME LOANS, LLC (5.20%) and PULTE MORTGAGE LLC (5.23%).

    Sherman FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sherman (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 $246,495 (13.6%) $333,635 (11.0%) 0.00 433
    2018-02-01 $261,750 (20.5%) $344,496 (12.9%) 0.00 387
    2018-03-01 $266,750 (18.6%) $347,506 (14.0%) 0.00 388
    2018-04-01 $269,576 (19.3%) $349,610 (14.6%) 0.00 393
    2018-05-01 $269,451 (13.3%) $353,354 (13.4%) 0.00 437
    2018-06-01 $259,900 (9.2%) $353,176 (13.8%) 0.00 472
    2018-07-01 $249,950 (12.8%) $336,814 (13.3%) 0.00 524
    2018-08-01 $249,900 (10.6%) $338,619 (11.7%) 0.00 557
    2018-09-01 $245,000 (8.2%) $340,851 (10.0%) 0.00 565
    2018-10-01 $245,200 (4.7%) $335,957 (5.1%) 0.00 591
    2018-11-01 $247,000 (8.6%) $338,556 (5.0%) 0.00 590
    2018-12-01 $239,995 (7.3%) $331,029 (4.5%) 0.00 573
    2019-01-01 $241,223 (-2.1%) $334,320 (0.2%) 0.00 508
    2019-02-01 $238,175 (-9.0%) $324,568 (-5.8%) 0.00 527
    2019-03-01 $238,350 (-8.8%) $325,375 (-5.4%) 0.00 527
    2019-04-01 $246,875 (-8.7%) $333,277 (-4.9%) 0.00 538
    2019-05-01 $249,105 (-7.6%) $331,464 (-6.2%) 0.00 565
    2019-06-01 $245,450 (-5.6%) $320,788 (-9.2%) 0.00 604
    2019-07-01 $249,975 (0.0%) $330,835 (-1.8%) 0.00 639
    2019-08-01 $249,500 (-1.2%) $329,878 (-3.1%) 0.00 663
    2019-09-01 $249,200 (-0.6%) $341,001 (-4.1%) 0.00 606
    2019-10-01 $245,225 (-0.8%) $329,883 (-2.6%) 0.00 637
    2019-11-01 $249,000 (0.8%) $330,746 (-2.3%) 0.00 597
    2019-12-01 $245,200 (2.2%) $333,509 (0.8%) 0.00 545
    2020-01-01 $247,900 (2.8%) $333,736 (-0.2%) 0.00 513
    2020-02-01 $249,900 (4.9%) $333,615 (2.8%) 0.00 496
    2020-03-01 $236,463 (-2.8%) $329,399 (0.2%) 0.00 592
    2020-04-01 $239,000 (-2.9%) $333,421 (0.3%) 0.00 582
    2020-05-01 $244,450 (-1.9%) $343,535 (3.6%) 0.00 543
    2020-06-01 $240,950 (-1.8%) $332,232 (3.6%) 0.00 518
    2020-07-01 $239,675 (-4.1%) $338,273 (2.3%) 0.00 465
    2020-08-01 $249,900 (1.2%) $342,724 (4.4%) 0.00 428
    2020-09-01 $254,775 (4.6%) $347,001 (6.2%) 0.00 401
    2020-10-01 $263,905 (8.5%) $351,981 (7.6%) 0.00 392
    2020-11-01 $269,325 (8.2%) $362,256 (9.5%) 0.00 368
    2020-12-01 $266,144 (8.5%) $368,265 (10.4%) 0.00 323
    2021-01-01 $285,000 (15.0%) $390,152 (16.9%) 0.00 243
    2021-02-01 $279,729 (11.9%) $383,769 (15.0%) 0.00 197
    2021-03-01 $276,513 (16.9%) $425,285 (29.1%) 0.00 160
    2021-04-01 $278,425 (16.5%) $437,512 (31.2%) 0.00 154
    2021-05-01 $295,000 (20.7%) $441,259 (28.5%) 0.00 178
    2021-06-01 $310,194 (28.7%) $451,750 (36.0%) 0.00 192
    2021-07-01 $329,000 (37.3%) $452,973 (33.9%) 0.00 259
    2021-08-01 $330,000 (32.1%) $465,180 (35.7%) 0.00 290
    2021-09-01 $330,808 (29.8%) $421,341 (21.4%) 0.00 307
    2021-10-01 $355,000 (34.5%) $441,706 (25.5%) 0.00 276
    2021-11-01 $358,255 (33.0%) $431,944 (19.2%) 0.00 249
    2021-12-01 $352,450 (32.4%) $423,331 (15.0%) 0.00 230
    2022-01-01 $360,400 (26.5%) $429,753 (10.2%) 0.00 188
    2022-02-01 $347,893 (24.4%) $443,847 (15.7%) 0.00 175
    2022-03-01 $352,900 (27.6%) $445,707 (4.8%) 0.00 174
    2022-04-01 $349,500 (25.5%) $476,689 (9.0%) 0.00 203
    2022-05-01 $374,950 (27.1%) $501,593 (13.7%) 0.00 288
    2022-06-01 $367,995 (18.6%) $496,550 (9.9%) 0.00 355
    2022-07-01 $389,000 (18.2%) $499,972 (10.4%) 0.00 463
    2022-08-01 $376,538 (14.1%) $498,426 (7.2%) 0.00 497
    2022-09-01 $370,435 (12.0%) $483,631 (14.8%) 0.00 526
    2022-10-01 $367,728 (3.6%) $484,597 (9.7%) 0.00 582
    2022-11-01 $359,385 (0.3%) $467,334 (8.2%) 0.00 621
    2022-12-01 $359,950 (2.1%) $478,957 (13.1%) 0.00 564
    2023-01-01 $345,750 (-4.1%) $458,877 (6.8%) 0.00 524
    2023-02-01 $349,750 (0.5%) $453,226 (2.1%) 0.00 480
    2023-03-01 $358,975 (1.7%) $472,858 (6.1%) 0.00 465
    2023-04-01 $365,000 (0.0%) $483,441 (0.0%) 0.00 471
    Sherman's median listing price for 2023-04-01 was $365,000, a difference of $15,500 (0.0%) versus the prior year and $6,025 versus the prior month.

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

    Sherman's average listing price for 2023-04-01 was $483,441, a difference of $6,752 (0.0%) versus the prior year and $10,583 versus the prior month.

    For the 2023-04-01 period, Sherman had 471 MLS listings, a difference of 6 listings (1%) versus the prior month and 268 listings (132%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sherman (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,103 sqft
    2018-02-01 0 days 2,132 sqft
    2018-03-01 0 days 2,140 sqft
    2018-04-01 0 days 2,134 sqft
    2018-05-01 0 days 2,124 sqft
    2018-06-01 0 days 2,107 sqft
    2018-07-01 0 days 2,076 sqft
    2018-08-01 0 days 2,086 sqft
    2018-09-01 0 days 2,061 sqft
    2018-10-01 0 days 2,041 sqft
    2018-11-01 0 days 2,030 sqft
    2018-12-01 0 days 2,004 sqft
    2019-01-01 0 days 2,001 sqft
    2019-02-01 0 days 1,963 sqft
    2019-03-01 0 days 1,961 sqft
    2019-04-01 0 days 2,001 sqft
    2019-05-01 0 days 2,021 sqft
    2019-06-01 0 days 2,000 sqft
    2019-07-01 0 days 2,000 sqft
    2019-08-01 0 days 1,993 sqft
    2019-09-01 0 days 1,992 sqft
    2019-10-01 0 days 1,995 sqft
    2019-11-01 0 days 1,994 sqft
    2019-12-01 0 days 1,988 sqft
    2020-01-01 0 days 1,977 sqft
    2020-02-01 0 days 1,960 sqft
    2020-03-01 0 days 1,926 sqft
    2020-04-01 0 days 1,901 sqft
    2020-05-01 0 days 1,904 sqft
    2020-06-01 0 days 1,911 sqft
    2020-07-01 0 days 1,899 sqft
    2020-08-01 0 days 1,902 sqft
    2020-09-01 0 days 1,931 sqft
    2020-10-01 0 days 1,992 sqft
    2020-11-01 0 days 2,025 sqft
    2020-12-01 0 days 1,989 sqft
    2021-01-01 0 days 2,010 sqft
    2021-02-01 0 days 2,037 sqft
    2021-03-01 0 days 1,951 sqft
    2021-04-01 0 days 1,881 sqft
    2021-05-01 0 days 1,897 sqft
    2021-06-01 0 days 1,963 sqft
    2021-07-01 0 days 2,020 sqft
    2021-08-01 0 days 2,026 sqft
    2021-09-01 0 days 2,005 sqft
    2021-10-01 0 days 2,067 sqft
    2021-11-01 0 days 2,038 sqft
    2021-12-01 0 days 2,006 sqft
    2022-01-01 0 days 1,920 sqft
    2022-02-01 0 days 1,841 sqft
    2022-03-01 0 days 1,852 sqft
    2022-04-01 0 days 1,850 sqft
    2022-05-01 0 days 1,923 sqft
    2022-06-01 0 days 1,867 sqft
    2022-07-01 0 days 1,978 sqft
    2022-08-01 0 days 1,963 sqft
    2022-09-01 0 days 1,920 sqft
    2022-10-01 0 days 1,939 sqft
    2022-11-01 0 days 1,912 sqft
    2022-12-01 0 days 1,912 sqft
    2023-01-01 0 days 1,861 sqft
    2023-02-01 0 days 1,862 sqft
    2023-03-01 0 days 1,892 sqft
    2023-04-01 0 days 1,906 sqft
    Sherman's median listing age (time on market) for 2023-04-01 was 0 days.

    Sherman's median square footage for active listings during the 2023-04-01 period was 1,906 sqft. One year prior, the average listing was 1,850 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).