Sherman FHA Loan Rates, Closing Costs & Stats

SHERMAN-DENISON, TX

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 116 lenders originated 721 FHA loans during 2021. The total origination value was $152,065,000, with an average FHA loan value of $210,908.

Sherman FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sherman averaged 6.43% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Sherman's average FHA mortgage closing costs are $7,584.

The average rate for the prior week (2022-11-25) was 6.55% and one month ago for the week of 2022-10-28, the average rate was 6.79%.

The average rate one year ago was 3.32%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.43%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
GUILD MORTGAGE COMPANY 75 3.37% $9,283
CALIBER HOME LOANS, INC. 35 3.12% $7,434
CERTAINTY HOME LOANS, LLC 32 3.32% $7,892
QUICKEN LOANS, LLC 31 2.83% $6,653
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 3.34% $8,943
LAKEVIEW LOAN SERVICING, LLC 23 3.10% $5,226
Town Square Mortgage & Investments, Inc. 21 3.27% $8,610
FREEDOM MORTGAGE CORPORATION 17 2.76% $6,346
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 17 3.29% $9,017
First United Bank and Trust Company 15 3.22% $7,424
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 13 3.18% $9,278
MID AMERICA MORTGAGE, INC. 12 3.53% $5,360
CROSSCOUNTRY MORTGAGE, LLC 11 3.07% $10,257
ANGEL OAK HOME LOANS LLC 11 3.16% $9,440
AMCAP MORTGAGE, LTD. 10 4.05% $12,180
S1L, Inc. 9 3.29% $9,418
Mr. Cooper ( Nationstar Mortgage ) 9 3.50% $4,585
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 3.72% $9,397
LOANDEPOT.COM, LLC 8 3.20% $8,626
NEWREZ LLC 7 3.00% $5,358
VILLAGE CAPITAL MORTGAGE 7 3.05% $2,279
First State Bank 7 2.71% $7,879
Paramount Residential Mortgage Group, Inc. 6 3.38% $11,884
PENNYMAC LOAN SERVICES, LLC 6 3.26% $4,913
SOUTHWEST FUNDING, LP 6 3.44% $14,024
Prosperity Home Mortgage, LLC 6 3.77% $9,297
UNITED WHOLESALE MORTGAGE, LLC 6 2.90% $8,813
SFMC, LP 6 3.46% $10,312
WILLOW BEND MORTGAGE COMPANY, LLC 6 3.08% $8,577
SOUTHWEST STAGE FUNDING, LLC 5 3.25% $5,784
BancorpSouth Bank 5 3.20% $9,156
Gateway First Bank 5 3.73% $9,855
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 5 3.33% $11,591
PULTE MORTGAGE LLC 4 3.31% $5,494
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.56% $9,947
Independent Bank 4 3.66% $8,945
MOVEMENT MORTGAGE, LLC 4 3.69% $7,140
Lakeview Community Capital, LLC 4 3.15% $4,767
AMERISAVE MORTGAGE CORPORATION 4 3.09% $9,254
HOME POINT FINANCIAL CORPORATION 4 2.75% $7,173
HOMESIDE FINANCIAL, LLC 4 3.59% $9,500
AMERICAN FINANCIAL NETWORK, INC. 4 3.28% $10,715
GUARANTEED RATE, INC. 3 3.04% $8,958
AmeriHome Mortgage Company, LLC 3 3.08% $5,805
Citizens Bank 3 3.08% $9,601
EUSTIS AND AMERICAN MORTGAGE COMPANY 3 3.00% $7,832
EVERETT FINANCIAL, INC. 3 3.54% $6,741
FBC MORTGAGE, LLC 3 3.00% $9,048
Hometown Lenders, Inc. 3 3.79% $11,136
INTERLINC MORTGAGE SERVICES, LLC 3 3.08% $10,968
MORTGAGE FINANCIAL SERVICES, LLC 3 3.50% $10,124
Nations Lending Corporation 3 3.33% $9,950
NATIONS RELIABLE LENDING, LLC 3 3.63% $10,719
PLANET HOME LENDING, LLC 3 2.58% $3,843
SECURITYNATIONAL MORTGAGE COMPANY 3 3.08% $9,040
Wallick & Volk, Inc. 2 3.50% $8,039
NTFN, INC. 2 2.38% $7,827
City Bank 2 3.00% $11,684
OCEANSIDE MORTGAGE COMPANY 2 2.49% $3,810
Chickasaw Community Bank 2 2.69% $10,307
CELEBRITY HOME LOANS, LLC 2 3.75% $8,959
Carrington Mortgage Services, LLC 2 3.81% $8,760
Republic State Mortgage Co. 2 3.00% $8,506
INTEGRITY MORTGAGE CORPORATION OF TEXAS 2 2.88% $8,324
ASPIRE FINANCIAL, INC. 2 2.25% $9,911
Trinity Oaks Mortgage, LLC 2 3.63% $9,949
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.19% $8,308
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.75% $9,497
HANCOCK MORTGAGE PARTNERS, LLC 2 3.94% $11,780
OPEN MORTGAGE, LLC 2 3.25% $8,871
GREAT WESTERN FINANCIAL SERVICES, INC. 2 2.94% $10,503
GENEVA FINANCIAL, LLC 2 3.00% $6,844
VANDERBILT MORTGAGE AND FINANCE, INC. 2 3.56% $13,964
INFINITY MORTGAGE HOLDINGS, LLC 2 2.81% $9,938
NOVA FINANCIAL & INVESTMENT CORPORATION 1 3.00% $5,487
Origin Bank 1 2.50% $9,607
Commerce Home Mortgage, Inc. 1 3.63% $5,407
CMG MORTGAGE, INC. 1 2.75% $7,989
PLAZA HOME MORTGAGE, INC. 1 2.75% $9,474
CHURCHILL MORTGAGE CORPORATION 1 3.25% $9,745
BROKER SOLUTIONS, INC. 1 3.25% $5,628
AMERICAN FINANCIAL RESOURCES, INC. 1 4.00% $12,807
Barrington Bank & Trust Company, N.A. 1 3.38% $7,907
Simmons Bank 1 3.50% $8,461
South Pacific Financial Corporation 1 2.50% $11,949
Bank of England 1 3.25% $10,815
Atlantic Home Loans, Inc. 1 2.88% $10,195
Stifel Bank and Trust 1 2.38% $4,287
SUMMIT FUNDING, INC. 1 3.38% $9,841
SUN WEST MORTGAGE COMPANY, INC. 1 4.00% $8,086
SWBC MORTGAGE CORPORATION 1 3.63% $10,144
The Home Loan Expert LLC 1 2.88% $4,947
THRIVE MORTGAGE, LLC 1 3.00% $10,444
ACADEMY MORTGAGE CORPORATION 1 2.88% $10,398
Hometown Equity Mortgage, LLC 1 3.75% $17,609
UNIVERSAL LENDING CORPORATION 1 3.00% $7,963
GUARANTEED RATE AFFINITY, LLC 1 2.88% $7,325
RESIDENTIAL BANCORP. 1 2.99% $8,297
JPMorgan Chase Bank 1 2.75% $12,406
KELLER MORTGAGE, LLC 1 2.75% $10,201
GSF Mortgage Corporation 1 3.25% $19,197
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $13,209
Lend Smart Mortgage, LLC 1 2.75% $7,048
LENDUS, LLC 1 3.25% $8,669
Flagstar Bank, FSB 1 2.75% $10,353
LOANPAL, LLC 1 2.50% $8,062
Loan Simple, Inc. 1 4.13% $6,683
First National Bank Texas 1 4.13% $9,472
Midwest Mortgage Associates Corporation 1 2.63% $7,071
VAN DYK MORTGAGE CORPORATION 1 2.88% $5,963
First Guaranty Mortgage Corporation 1 2.75% $4,946
First Bank & Trust 1 3.75% $7,650
AMERICAN HOMESTAR MORTGAGE, L.L.C. 1 3.25% $12,032
V.I.P. MORTGAGE, INC. 1 3.63% $6,610
First Bank 1 3.25% $8,175
Northpointe Bank 1 2.88% $7,139

The top Sherman FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 75 FHA loans originated. Their average total fees are $9,283, which is $1,848 higher than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Sherman FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,226), MID AMERICA MORTGAGE, INC. ($5,360), FREEDOM MORTGAGE CORPORATION ($6,346), QUICKEN LOANS, LLC ($6,653) and First United Bank and Trust Company ($7,424).

The lowest rate Sherman FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.76%), QUICKEN LOANS, LLC (2.83%), CROSSCOUNTRY MORTGAGE, LLC (3.07%), LAKEVIEW LOAN SERVICING, LLC (3.10%) and CALIBER HOME LOANS, INC. (3.12%).

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

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 $243,286 (-8.8%) $328,656 (-5.4%) 0.00 529
2019-04-01 $246,161 (-8.7%) $332,373 (-4.9%) 0.00 539
2019-05-01 $248,980 (-7.6%) $331,393 (-6.2%) 0.00 566
2019-06-01 $245,000 (-5.7%) $320,657 (-9.2%) 0.00 605
2019-07-01 $249,950 (0.0%) $330,700 (-1.8%) 0.00 640
2019-08-01 $246,545 (-1.3%) $328,020 (-3.1%) 0.00 657
2019-09-01 $242,864 (-0.9%) $326,770 (-4.1%) 0.00 653
2019-10-01 $242,909 (-0.9%) $327,119 (-2.6%) 0.00 640
2019-11-01 $248,450 (0.6%) $330,599 (-2.4%) 0.00 598
2019-12-01 $243,950 (1.7%) $333,344 (0.7%) 0.00 546
2020-01-01 $247,900 (2.8%) $333,561 (-0.2%) 0.00 514
2020-02-01 $249,900 (4.9%) $333,435 (2.7%) 0.00 497
2020-03-01 $236,450 (-2.8%) $329,251 (0.2%) 0.00 593
2020-04-01 $239,000 (-2.9%) $333,266 (0.3%) 0.00 583
2020-05-01 $244,000 (-2.0%) $343,358 (3.6%) 0.00 544
2020-06-01 $240,950 (-1.7%) $332,063 (3.6%) 0.00 519
2020-07-01 $239,450 (-4.2%) $338,083 (2.2%) 0.00 466
2020-08-01 $249,700 (1.3%) $342,510 (4.4%) 0.00 429
2020-09-01 $254,600 (4.8%) $346,774 (6.1%) 0.00 402
2020-10-01 $262,910 (8.2%) $351,722 (7.5%) 0.00 393
2020-11-01 $269,050 (8.3%) $361,950 (9.5%) 0.00 369
2020-12-01 $265,356 (8.8%) $367,910 (10.4%) 0.00 324
2021-01-01 $282,450 (13.9%) $389,663 (16.8%) 0.00 244
2021-02-01 $279,537 (11.9%) $383,163 (14.9%) 0.00 198
2021-03-01 $275,625 (16.6%) $424,373 (28.9%) 0.00 161
2021-04-01 $276,675 (15.8%) $436,539 (31.0%) 0.00 155
2021-05-01 $292,450 (19.9%) $440,359 (28.3%) 0.00 179
2021-06-01 $310,194 (28.7%) $453,554 (36.6%) 0.00 194
2021-07-01 $329,000 (37.4%) $453,280 (34.1%) 0.00 260
2021-08-01 $330,000 (32.2%) $464,514 (35.6%) 0.00 291
2021-09-01 $328,771 (29.1%) $420,825 (21.4%) 0.00 308
2021-10-01 $352,735 (34.2%) $441,104 (25.4%) 0.00 277
2021-11-01 $356,797 (32.6%) $431,287 (19.2%) 0.00 250
2021-12-01 $349,950 (31.9%) $422,698 (14.9%) 0.00 231
2022-01-01 $355,800 (26.0%) $428,907 (10.1%) 0.00 189
2022-02-01 $345,600 (23.6%) $441,757 (15.3%) 0.00 175
2022-03-01 $352,450 (27.9%) $442,980 (4.4%) 0.00 174
2022-04-01 $349,500 (26.3%) $476,901 (9.3%) 0.00 203
2022-05-01 $373,686 (27.8%) $500,727 (13.7%) 0.00 289
2022-06-01 $367,870 (18.6%) $495,925 (9.3%) 0.00 356
2022-07-01 $389,000 (18.2%) $499,097 (10.1%) 0.00 462
2022-08-01 $375,000 (13.6%) $497,603 (7.1%) 0.00 496
2022-09-01 $369,000 (12.2%) $482,996 (14.8%) 0.00 524
2022-10-01 $365,000 (3.5%) $483,478 (9.6%) 0.00 581
2022-11-01 $359,320 (0.7%) $466,072 (8.1%) 0.00 620
Sherman's median listing price for 2022-11-01 was $359,320, a difference of $2,523 (0.7%) versus the prior year and $-5,680 versus the prior month.

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

Sherman's average listing price for 2022-11-01 was $466,072, a difference of $34,785 (8.1%) versus the prior year and $-17,406 versus the prior month.

For the 2022-11-01 period, Sherman had 620 MLS listings, a difference of 39 listings (7%) versus the prior month and 370 listings (148%) 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 1,973 sqft
2019-04-01 0 days 2,007 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 1,971 sqft
2019-09-01 0 days 1,968 sqft
2019-10-01 0 days 1,980 sqft
2019-11-01 0 days 1,994 sqft
2019-12-01 0 days 1,987 sqft
2020-01-01 0 days 1,977 sqft
2020-02-01 0 days 1,960 sqft
2020-03-01 0 days 1,924 sqft
2020-04-01 0 days 1,900 sqft
2020-05-01 0 days 1,904 sqft
2020-06-01 0 days 1,911 sqft
2020-07-01 0 days 1,897 sqft
2020-08-01 0 days 1,901 sqft
2020-09-01 0 days 1,929 sqft
2020-10-01 0 days 1,992 sqft
2020-11-01 0 days 2,024 sqft
2020-12-01 0 days 1,984 sqft
2021-01-01 0 days 2,007 sqft
2021-02-01 0 days 2,034 sqft
2021-03-01 0 days 1,946 sqft
2021-04-01 0 days 1,879 sqft
2021-05-01 0 days 1,893 sqft
2021-06-01 0 days 1,963 sqft
2021-07-01 0 days 2,010 sqft
2021-08-01 0 days 2,022 sqft
2021-09-01 0 days 2,004 sqft
2021-10-01 0 days 2,054 sqft
2021-11-01 0 days 2,034 sqft
2021-12-01 0 days 2,003 sqft
2022-01-01 0 days 1,907 sqft
2022-02-01 0 days 1,833 sqft
2022-03-01 0 days 1,841 sqft
2022-04-01 0 days 1,846 sqft
2022-05-01 0 days 1,913 sqft
2022-06-01 0 days 1,863 sqft
2022-07-01 0 days 1,977 sqft
2022-08-01 0 days 1,965 sqft
2022-09-01 0 days 1,919 sqft
2022-10-01 0 days 1,931 sqft
2022-11-01 0 days 1,911 sqft
Sherman's median listing age (time on market) for 2022-11-01 was 0 days.

Sherman's median square footage for active listings during the 2022-11-01 period was 1,911 sqft. One year prior, the average listing was 2,034 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).