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 106 lenders originated 607 FHA loans during 2024. The total origination value was $181,305,000, with an average FHA loan value of $298,690.

    Sherman FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sherman averaged -0.14% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Sherman's average FHA mortgage closing costs are $9,413.

    The average rate for the prior week (2025-06-13) was 6.44% and one month ago for the week of 2025-05-16, the average rate was 6.81%.

    The average rate one year ago was 6.76%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.26%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 66 6.83% $13,149
    DHI MORTGAGE COMPANY, LTD. 45 4.77% $9,625
    UNITED WHOLESALE MORTGAGE, LLC 45 6.13% $17,202
    PRIMELENDING, A PLAINSCAPITAL COMPANY 28 5.87% $17,062
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 19 6.83% $11,530
    SFMC, LP 16 6.40% $14,969
    CMG MORTGAGE, INC. 15 6.28% $16,722
    QUICKEN LOANS, LLC 13 6.31% $11,522
    First United Bank and Trust Company 12 6.13% $12,353
    FREEDOM MORTGAGE CORPORATION 11 5.89% $13,848
    CARDINAL FINANCIAL 10 6.59% $12,401
    FIRST CONTINENTAL MORTGAGE, LTD. 10 5.54% $9,366
    GUARANTEED RATE, INC. 10 6.66% $11,978
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.74% $15,483
    American National Bank & Trust 10 6.49% $10,287
    CROSSCOUNTRY MORTGAGE, LLC 8 7.05% $14,464
    Equity Prime Mortgage LLC 8 7.20% $11,836
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 8 6.01% $15,534
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 8 6.73% $13,400
    CANOPY MORTGAGE, LLC 7 6.80% $14,157
    BROOKHOLLOW MORTGAGE SERVICES, LTD 7 6.48% $19,754
    BROKER SOLUTIONS, INC. 7 6.53% $15,160
    JPMorgan Chase Bank 7 6.21% $9,034
    MID AMERICA MORTGAGE, INC. 6 6.71% $7,792
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.65% $10,320
    Century Mortgage Company DBA Century Lending Company 6 6.64% $13,407
    EVERETT FINANCIAL, INC. 6 6.69% $10,970
    SUCCESS MORTGAGE PARTNERS, INC. 6 6.67% $12,859
    PENNYMAC LOAN SERVICES, LLC 5 6.30% $9,242
    INTERLINC MORTGAGE SERVICES, LLC 4 6.12% $11,951
    NBH Bank 4 6.66% $9,150
    NATIONS RELIABLE LENDING, LLC 4 6.47% $16,636
    First State Bank 4 6.84% $9,148
    VELOCIO MORTGAGE L.L.C. 4 4.43% $10,470
    TOWNE MORTGAGE COMPANY 4 6.34% $14,059
    THE MORTGAGE LINK, INC. 4 7.47% $17,950
    SUN WEST MORTGAGE COMPANY, INC. 4 6.62% $11,915
    ZILLOW HOME LOANS, LLC 4 6.50% $10,507
    CLM MORTGAGE, INC 4 5.24% $16,038
    SOUTHWEST FUNDING, LP 4 6.59% $16,382
    FBC MORTGAGE, LLC 3 6.16% $12,434
    NFM, INC. 3 6.08% $21,589
    VILLAGE CAPITAL MORTGAGE 3 6.79% $4,263
    MORTGAGE FINANCIAL SERVICES, LLC 3 5.96% $13,019
    Sierra Pacific Mortgage Company, Inc. 3 6.04% $12,696
    Sunflower Bank 2 6.88% $21,788
    First Bank 2 5.94% $16,741
    FIRST COMMUNITY MORTGAGE, INC. 2 6.88% $9,203
    Flagstar Bank, FSB 2 6.84% $10,351
    HOMESIDE FINANCIAL, LLC 2 5.94% $20,686
    Lakeview Community Capital, LLC 2 6.25% $10,029
    LAKEVIEW LOAN SERVICING, LLC 2 6.00% $9,439
    LOANDEPOT.COM, LLC 2 6.38% $9,553
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $5,958
    NEWREZ LLC 2 6.75% $8,683
    ON Q FINANCIAL, INC. 2 6.13% $14,479
    Paramount Residential Mortgage Group, Inc. 2 6.56% $15,569
    AmeriHome Mortgage Company, LLC 2 6.25% $16,103
    PRIORITY HOME MORTGAGE, L.P. 2 6.56% $11,088
    Prosperity Home Mortgage, LLC 2 6.50% $9,293
    American Mortgage & Equity Consultants, Inc. 2 6.25% $14,702
    Republic State Mortgage Co. 2 6.06% $22,118
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.75% $17,874
    AMERICAN FINANCIAL NETWORK, INC. 2 6.56% $24,277
    Town Square Mortgage & Investments, Inc. 2 6.87% $9,129
    Origin Bank 1 7.25% $9,906
    WILLOW BEND MORTGAGE COMPANY, LLC 1 5.63% $19,564
    Independent Bank 1 7.50% $9,051
    Plains Commerce Bank 1 7.63% $8,474
    PLANET HOME LENDING, LLC 1 6.63% $20,972
    PLAZA HOME MORTGAGE, INC. 1 5.38% $10,575
    UNION HOME MORTGAGE CORP. 1 7.50% $10,553
    American Bank of Commerce 1 6.75% $12,561
    U.S. Bank 1 5.75% $24,684
    Cornerstone First Mortgage, Inc 1 7.13% $8,411
    RANLIFE, INC. 1 5.50% $8,658
    RELIANCE FIRST CAPITAL, LLC 1 6.50% $6,673
    CRESTMARK MORTGAGE COMPANY, LTD. 1 5.38% $15,335
    SeaTrust Mortgage Company 1 6.13% $11,746
    V.I.P. MORTGAGE, INC. 1 6.25% $16,345
    ENDEAVOR CAPITAL, LLC. 1 6.75% $9,175
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.00% $19,038
    Simmons Bank 1 6.63% $7,803
    HIGHLAND HOMELOANS, LLC 1 6.63% $17,136
    SOUTHWEST STAGE FUNDING, LLC 1 8.13% $7,097
    STOCKTON MORTGAGE CORPORATION 1 6.25% $20,093
    Commercial Bank of Texas 1 5.63% $11,202
    DAS Acquisition Company, LLC 1 6.75% $10,776
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.00% $13,807
    T2 FINANCIAL LLC 1 6.75% $10,389
    Texas Mortgage Lending, LLC 1 6.63% $14,714
    The Central Trust Bank 1 6.63% $11,467
    The Federal Savings Bank 1 6.63% $13,211
    The Loan Store, Inc. 1 6.49% $10,867
    ADVISA MORTGAGE SERVICES, LTD. 1 6.25% $5,275
    BancorpSouth 1 6.38% $10,113
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.63% $6,862
    Gateway First Bank 1 6.63% $7,813
    BOKF 1 7.38% $8,507
    Ixonia Bank 1 5.99% $18,715
    NBKC BANK 1 6.13% $11,708
    Towne Bank 1 6.25% $11,104
    INTEGRITY MORTGAGE CORPORATION OF TEXAS 1 6.63% $3,378
    OCMBC, INC. 1 6.50% $14,817
    COMMUNITY MORTGAGE, LLC 1 7.13% $8,618
    OPEN MORTGAGE, LLC 1 5.63% $9,054

    The top Sherman FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 66 FHA loans originated. Their average total fees are $13,149, which is $3,524 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Sherman FHA lenders (with over 10 loans originated) are FIRST CONTINENTAL MORTGAGE, LTD. ($9,366), DHI MORTGAGE COMPANY, LTD. ($9,625), American National Bank & Trust ($10,287), QUICKEN LOANS, LLC ($11,522) and AMERICAN PORTFOLIO MORTGAGE CORPORATION ($11,530).

    The lowest rate Sherman FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.77%), FIRST CONTINENTAL MORTGAGE, LTD. (5.54%), PRIMELENDING, A PLAINSCAPITAL COMPANY (5.87%), FREEDOM MORTGAGE CORPORATION (5.89%) and First United Bank and Trust Company (6.13%).

    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

    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).