Sherman FHA Loan Rates, Closing Costs & Stats

SHERMAN-DENISON, 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.

    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).