Sherman FHA Loan Rates, Closing Costs & Stats

SHERMAN-DENISON, TX

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 102 lenders originated 514 FHA loans during 2023. The total origination value was $139,780,000, with an average FHA loan value of $271,946.

    Sherman FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sherman averaged 6.58% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Sherman's average FHA mortgage closing costs are $8,737.

    The average rate for the prior week (2024-07-12) was 6.63% and one month ago for the week of 2024-06-14, the average rate was 6.69%.

    The average rate one year ago was 6.77%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.03%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 39 6.63% $11,607
    UNITED WHOLESALE MORTGAGE, LLC 34 6.36% $15,473
    PRIMELENDING, A PLAINSCAPITAL COMPANY 25 6.12% $19,757
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 6.88% $13,176
    DHI MORTGAGE COMPANY, LTD. 23 5.18% $9,950
    EVERETT FINANCIAL, INC. 21 6.93% $10,297
    CARDINAL FINANCIAL 20 6.68% $14,024
    First United Bank and Trust Company 20 7.06% $11,792
    Town Square Mortgage & Investments, Inc. 16 6.96% $9,575
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 6.78% $9,356
    SFMC, LP 12 7.04% $14,843
    GUARANTEED RATE, INC. 12 6.49% $12,208
    QUICKEN LOANS, LLC 11 6.27% $12,209
    CROSSCOUNTRY MORTGAGE, LLC 9 7.14% $14,121
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 8 6.42% $16,871
    SUCCESS MORTGAGE PARTNERS, INC. 6 6.79% $11,995
    Paramount Residential Mortgage Group, Inc. 6 6.50% $10,508
    THE MORTGAGE LINK, INC. 6 7.38% $13,176
    MID AMERICA MORTGAGE, INC. 6 7.63% $4,701
    INTERLINC MORTGAGE SERVICES, LLC 5 7.28% $10,694
    NEWREZ LLC 5 7.03% $10,338
    PULTE MORTGAGE LLC 5 5.25% $9,485
    CMG MORTGAGE, INC. 5 6.73% $14,352
    NBKC BANK 4 6.16% $10,852
    Independent Bank 4 6.78% $9,194
    S1L, Inc. 4 6.38% $13,709
    PLAZA HOME MORTGAGE, INC. 4 6.03% $12,112
    FIRST CONTINENTAL MORTGAGE, LTD. 4 6.25% $7,369
    American National Bank & Trust 4 6.50% $10,454
    First State Bank 4 6.31% $11,621
    PENNYMAC LOAN SERVICES, LLC 4 6.75% $11,429
    CALCON MUTUAL MORTGAGE LLC 4 5.81% $20,612
    NFM, INC. 3 6.96% $13,876
    DAS Acquisition Company, LLC 2 7.56% $9,102
    GENEVA FINANCIAL, LLC 2 6.88% $15,353
    WILLOW BEND MORTGAGE COMPANY, LLC 2 6.44% $11,054
    Nations Lending Corporation 2 6.75% $17,289
    MOVEMENT MORTGAGE, LLC 2 7.25% $14,521
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 7.00% $22,753
    CHURCHILL MORTGAGE CORPORATION 2 6.63% $10,778
    MORTGAGE FINANCIAL SERVICES, LLC 2 7.25% $9,995
    Citizens Bank 2 7.19% $15,069
    CLM MORTGAGE, INC 2 5.99% $12,385
    Mortgage Research Center, LLC 2 6.44% $4,706
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $16,236
    BROKER SOLUTIONS, INC. 2 6.13% $10,776
    FBC MORTGAGE, LLC 2 6.94% $15,027
    MEMBER FIRST MORTGAGE, LLC 2 6.38% $8,189
    Prosperity Home Mortgage, LLC 2 7.06% $12,879
    First Bank 2 6.88% $13,309
    Republic State Mortgage Co. 2 6.94% $19,509
    Plains Commerce Bank 2 6.25% $9,076
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.94% $14,500
    Flagstar Bank, FSB 2 6.61% $7,313
    FREEDOM MORTGAGE CORPORATION 2 6.63% $15,616
    CALIBER HOME LOANS, INC. 2 6.94% $9,449
    GARDNER FINANCIAL SERVICES, LTD. 2 5.94% $9,538
    U.S. Bank 2 6.25% $8,741
    ZILLOW HOME LOANS, LLC 1 7.13% $8,809
    AMCAP MORTGAGE, LTD. 1 7.63% $11,503
    AMERICAN FINANCIAL NETWORK, INC. 1 6.88% $14,749
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $14,600
    BancorpSouth 1 6.38% $7,344
    Bank of America 1 6.38% $12,859
    Bank of England 1 7.13% $20,349
    BAY EQUITY LLC 1 5.75% $10,900
    BM Real Estate Services, Inc. 1 5.63% $16,721
    Carrington Mortgage Services, LLC 1 6.63% $13,250
    Century Mortgage Company DBA Century Lending Company 1 6.50% $9,629
    Cornerstone First Mortgage, Inc 1 7.75% $10,814
    CORNERSTONE HOME LENDING, INC. 1 6.75% $12,339
    CRESTMARK MORTGAGE COMPANY, LTD. 1 6.00% $16,605
    DELMAR FINANCIAL COMPANY 1 6.63% $9,249
    Equity Prime Mortgage LLC 1 7.25% $14,099
    Gateway First Bank 1 6.25% $9,382
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $12,587
    HOMESIDE FINANCIAL, LLC 1 5.75% $7,606
    Ixonia Bank 1 6.63% $6,581
    JPMorgan Chase Bank 1 6.25% $5,397
    LOANDEPOT.COM, LLC 1 6.00% $13,183
    Loan Simple, Inc. 1 5.75% $8,533
    Magnolia Bank 1 6.75% $19,008
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.50% $11,139
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $16,406
    NBH Bank 1 8.13% $9,621
    Network Funding, L.P. 1 7.75% $7,953
    NTFN, INC. 1 6.13% $19,272
    OPEN MORTGAGE, LLC 1 7.25% $17,339
    Origin Bank 1 6.88% $8,767
    PLANET HOME LENDING, LLC 1 6.75% $11,025
    Preston Home Loans Inc 1 6.88% $8,661
    Prosperity Bank 1 6.13% $5,657
    RANLIFE, INC. 1 6.25% $9,302
    Renasant Bank 1 6.38% $21,235
    Sierra Pacific Mortgage Company, Inc. 1 6.50% $9,464
    STOCKTON MORTGAGE CORPORATION 1 5.63% $11,045
    SUMMIT FUNDING, INC. 1 5.75% $11,446
    TOWNE MORTGAGE COMPANY 1 6.25% $6,901
    Trinity Oaks Mortgage, LLC 1 6.75% $10,629
    US MORTGAGE CORPORATION 1 6.63% $14,798
    VILLAGE CAPITAL MORTGAGE 1 7.00% $10,963
    ACADEMY MORTGAGE CORPORATION 1 6.13% $12,832

    The top Sherman FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 39 FHA loans originated. Their average total fees are $11,607, which is $3,866 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Sherman FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($9,356), Town Square Mortgage & Investments, Inc. ($9,575), DHI MORTGAGE COMPANY, LTD. ($9,950), EVERETT FINANCIAL, INC. ($10,297) and GUILD MORTGAGE COMPANY ($11,607).

    The lowest rate Sherman FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.18%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.12%), QUICKEN LOANS, LLC (6.27%), UNITED WHOLESALE MORTGAGE, LLC (6.36%) and GUARANTEED RATE, INC. (6.49%).

    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).