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 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 6.25% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

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

The average rate for the prior week (2024-02-23) was 6.24% and one month ago for the week of 2024-01-26, the average rate was 6.34%.

The average rate one year ago was 6.46%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.79%.

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 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 $246,373 (13.4%) $333,732 (11.0%) 0.00 432
2018-02-01 $259,625 (19.7%) $344,628 (13.0%) 0.00 386
2018-03-01 $265,000 (17.8%) $347,639 (14.1%) 0.00 387
2018-04-01 $269,253 (19.1%) $349,751 (14.6%) 0.00 392
2018-05-01 $269,450 (13.3%) $353,498 (13.4%) 0.00 436
2018-06-01 $259,900 (8.7%) $353,310 (13.8%) 0.00 471
2018-07-01 $249,950 (12.6%) $336,814 (13.4%) 0.00 524
2018-08-01 $249,900 (10.5%) $338,619 (11.7%) 0.00 557
2018-09-01 $245,000 (7.6%) $340,851 (10.0%) 0.00 565
2018-10-01 $245,200 (4.0%) $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 (-8.3%) $324,568 (-5.8%) 0.00 527
2019-03-01 $243,286 (-8.2%) $328,656 (-5.5%) 0.00 529
2019-04-01 $246,198 (-8.6%) $332,373 (-5.0%) 0.00 538
2019-05-01 $249,350 (-7.5%) $334,447 (-5.4%) 0.00 567
2019-06-01 $245,900 (-5.4%) $324,029 (-8.3%) 0.00 606
2019-07-01 $250,000 (0.0%) $332,138 (-1.4%) 0.00 642
2019-08-01 $247,700 (-0.9%) $329,447 (-2.7%) 0.00 659
2019-09-01 $245,000 (0.0%) $328,212 (-3.7%) 0.00 655
2019-10-01 $244,475 (-0.3%) $328,588 (-2.2%) 0.00 642
2019-11-01 $249,000 (0.8%) $332,162 (-1.9%) 0.00 600
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 $244,500 (-2.0%) $343,535 (2.7%) 0.00 544
2020-06-01 $241,225 (-1.9%) $332,823 (2.7%) 0.00 519
2020-07-01 $239,924 (-4.0%) $338,852 (2.0%) 0.00 466
2020-08-01 $249,950 (0.9%) $343,338 (4.2%) 0.00 429
2020-09-01 $254,775 (4.0%) $347,001 (5.7%) 0.00 401
2020-10-01 $263,905 (8.0%) $351,981 (7.1%) 0.00 392
2020-11-01 $269,325 (8.2%) $362,256 (9.1%) 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 $279,814 (12.0%) $383,553 (15.0%) 0.00 198
2021-03-01 $277,400 (17.3%) $425,145 (29.1%) 0.00 160
2021-04-01 $278,950 (16.7%) $437,512 (31.2%) 0.00 154
2021-05-01 $295,000 (20.7%) $441,259 (28.5%) 0.00 178
2021-06-01 $312,206 (29.4%) $455,249 (36.8%) 0.00 193
2021-07-01 $329,000 (37.1%) $453,992 (34.0%) 0.00 259
2021-08-01 $330,000 (32.0%) $465,180 (35.5%) 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%) $430,685 (10.4%) 0.00 188
2022-02-01 $348,868 (24.7%) $444,663 (15.9%) 0.00 175
2022-03-01 $353,650 (27.5%) $446,081 (4.9%) 0.00 174
2022-04-01 $352,900 (26.5%) $476,045 (8.8%) 0.00 203
2022-05-01 $380,375 (28.9%) $501,721 (13.7%) 0.00 288
2022-06-01 $370,118 (18.6%) $496,961 (9.2%) 0.00 355
2022-07-01 $389,000 (18.2%) $498,850 (9.9%) 0.00 461
2022-08-01 $376,538 (14.1%) $498,023 (7.1%) 0.00 495
2022-09-01 $368,623 (11.4%) $483,765 (14.8%) 0.00 523
2022-10-01 $365,983 (3.1%) $483,676 (9.5%) 0.00 580
2022-11-01 $359,385 (0.3%) $465,702 (7.8%) 0.00 617
2022-12-01 $359,900 (2.1%) $478,755 (13.1%) 0.00 562
2023-01-01 $345,950 (-4.0%) $459,553 (6.7%) 0.00 524
2023-02-01 $349,950 (0.3%) $453,014 (1.9%) 0.00 480
2023-03-01 $359,000 (1.5%) $472,954 (6.0%) 0.00 465
2023-04-01 $365,000 (3.4%) $484,017 (1.7%) 0.00 471
2023-05-01 $386,950 (1.7%) $523,428 (4.3%) 0.00 499
2023-06-01 $385,000 (4.0%) $532,287 (7.1%) 0.00 552
2023-07-01 $391,170 (0.6%) $536,712 (7.6%) 0.00 617
2023-08-01 $386,000 (2.5%) $544,221 (9.3%) 0.00 637
2023-09-01 $385,000 (4.4%) $535,460 (10.7%) 0.00 667
2023-10-01 $373,935 (2.2%) $514,190 (6.3%) 0.00 736
2023-11-01 $379,225 (5.5%) $525,085 (12.8%) 0.00 727
2023-12-01 $375,000 (4.2%) $532,833 (11.3%) 0.00 700
2024-01-01 $373,290 (7.9%) $531,115 (15.6%) 0.00 661
Sherman's median listing price for 2024-01-01 was $373,290, a difference of $27,340 (7.9%) versus the prior year and $-1,710 versus the prior month.

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

Sherman's average listing price for 2024-01-01 was $531,115, a difference of $71,562 (15.6%) versus the prior year and $-1,718 versus the prior month.

For the 2024-01-01 period, Sherman had 661 MLS listings, a difference of -39 listings (-6%) versus the prior month and 137 listings (26%) 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 2,099 sqft
2018-02-01 0 days 2,126 sqft
2018-03-01 0 days 2,135 sqft
2018-04-01 0 days 2,131 sqft
2018-05-01 0 days 2,120 sqft
2018-06-01 0 days 2,103 sqft
2018-07-01 0 days 2,070 sqft
2018-08-01 0 days 2,086 sqft
2018-09-01 0 days 2,061 sqft
2018-10-01 0 days 2,039 sqft
2018-11-01 0 days 2,029 sqft
2018-12-01 0 days 2,003 sqft
2019-01-01 0 days 1,999 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 2,013 sqft
2019-06-01 0 days 2,000 sqft
2019-07-01 0 days 2,000 sqft
2019-08-01 0 days 1,973 sqft
2019-09-01 0 days 1,970 sqft
2019-10-01 0 days 1,984 sqft
2019-11-01 0 days 1,997 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 1,899 sqft
2020-08-01 0 days 1,902 sqft
2020-09-01 0 days 1,930 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 2,034 sqft
2021-03-01 0 days 1,953 sqft
2021-04-01 0 days 1,883 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 1,842 sqft
2022-03-01 0 days 1,847 sqft
2022-04-01 0 days 1,850 sqft
2022-05-01 0 days 1,924 sqft
2022-06-01 0 days 1,870 sqft
2022-07-01 0 days 1,977 sqft
2022-08-01 0 days 1,971 sqft
2022-09-01 0 days 1,920 sqft
2022-10-01 0 days 1,931 sqft
2022-11-01 0 days 1,912 sqft
2022-12-01 0 days 1,914 sqft
2023-01-01 0 days 1,863 sqft
2023-02-01 0 days 1,862 sqft
2023-03-01 0 days 1,896 sqft
2023-04-01 0 days 1,908 sqft
2023-05-01 0 days 1,917 sqft
2023-06-01 0 days 1,953 sqft
2023-07-01 0 days 1,933 sqft
2023-08-01 0 days 1,974 sqft
2023-09-01 0 days 1,957 sqft
2023-10-01 0 days 1,927 sqft
2023-11-01 0 days 1,936 sqft
2023-12-01 0 days 1,931 sqft
2024-01-01 0 days 1,902 sqft
Sherman's median listing age (time on market) for 2024-01-01 was 0 days.

Sherman's median square footage for active listings during the 2024-01-01 period was 1,902 sqft. One year prior, the average listing was 1,863 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).