Cape Girardeau FHA Loan Rates, Closing Costs & Stats

CAPE GIRARDEAU, MO-IL

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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.

    Cape Girardeau's 44 lenders originated 198 FHA loans during 2023. The total origination value was $35,480,000, with an average FHA loan value of $179,192.

    Cape Girardeau FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cape Girardeau averaged 6.84% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Cape Girardeau's average FHA mortgage closing costs are $5,824.

    The average rate for the prior week (2024-04-12) was 6.63% and one month ago for the week of 2024-03-15, the average rate was 6.5%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Cape Girardeau 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 Cape Girardeau level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DAS Acquisition Company, LLC 33 7.04% $7,046
    FLAT BRANCH MORTGAGE, INC. 18 7.19% $7,438
    GERSHMAN INVESTMENT CORP. 14 7.06% $7,106
    Flagstar Bank, FSB 12 6.45% $6,943
    QUICKEN LOANS, LLC 12 6.68% $7,974
    GENEVA FINANCIAL, LLC 7 6.80% $8,356
    DELMAR FINANCIAL COMPANY 7 6.82% $8,358
    NP, Inc. 4 6.72% $6,122
    Carrington Mortgage Services, LLC 4 6.44% $7,353
    PENNYMAC LOAN SERVICES, LLC 4 6.22% $6,543
    Mr. Cooper ( Nationstar Mortgage ) 4 5.91% $9,852
    GUILD MORTGAGE COMPANY 4 6.72% $8,866
    Regions Bank 4 6.16% $6,179
    Flanagan State Bank 4 6.88% $11,899
    FREEDOM MORTGAGE CORPORATION 3 7.08% $11,625
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.58% $6,623
    Gateway First Bank 3 7.08% $7,130
    BROKER SOLUTIONS, INC. 3 6.58% $8,076
    Midwest Mortgage Associates Corporation 3 6.63% $4,988
    U.S. Bank 3 6.88% $6,069
    AMERICAN FINANCIAL NETWORK, INC. 2 6.19% $9,054
    LOANPAL, LLC 2 5.62% $15,366
    Magnolia Bank 2 6.00% $11,433
    Mortgage Research Center, LLC 2 7.50% $4,760
    MOVEMENT MORTGAGE, LLC 2 6.69% $7,478
    Nations Lending Corporation 2 6.75% $7,457
    PLANET HOME LENDING, LLC 2 6.94% $10,153
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $12,789
    EVERETT FINANCIAL, INC. 1 7.13% $6,641
    AMERISAVE MORTGAGE CORPORATION 1 6.63% $8,019
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.75% $4,569
    ENDEAVOR CAPITAL, LLC. 1 5.75% $11,960
    SUN WEST MORTGAGE COMPANY, INC. 1 6.38% $5,483
    NEWREZ LLC 1 5.99% $5,568
    CARDINAL FINANCIAL 1 7.25% $6,691
    Barrington Bank & Trust Company, N.A. 1 6.25% $10,599
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $10,371
    PNC Bank 1 6.13% $6,600
    First State Bank of St. Charles, Missouri 1 6.63% $8,436
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $5,159
    JLB CORPORATION 1 6.88% $6,559
    LEADERONE FINANCIAL CORPORATION 1 7.63% $6,156
    LOANDEPOT.COM, LLC 1 6.13% $7,094
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.63% $9,613

    The top Cape Girardeau FHA lender as defined by loan originations is DAS Acquisition Company, LLC, with 33 FHA loans originated. Their average total fees are $7,046, which is $392 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Cape Girardeau FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB ($6,943), DAS Acquisition Company, LLC ($7,046), GERSHMAN INVESTMENT CORP. ($7,106), FLAT BRANCH MORTGAGE, INC. ($7,438) and QUICKEN LOANS, LLC ($7,974).

    The lowest rate Cape Girardeau FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (6.45%), QUICKEN LOANS, LLC (6.68%), DAS Acquisition Company, LLC (7.04%), GERSHMAN INVESTMENT CORP. (7.06%) and FLAT BRANCH MORTGAGE, INC. (7.19%).

    Cape Girardeau FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CAPE GIRARDEAU, MO-IL ALEXANDER 2022 $420,680 $538,650 $651,050 $809,150
    CAPE GIRARDEAU, MO-IL BOLLINGER 2022 $420,680 $538,650 $651,050 $809,150
    CAPE GIRARDEAU, MO-IL CAPE GIRARDEAU 2022 $420,680 $538,650 $651,050 $809,150
    CAPE GIRARDEAU, MO-IL ALEXANDER 2023 $472,030 $604,400 $730,525 $907,900
    CAPE GIRARDEAU, MO-IL BOLLINGER 2023 $472,030 $604,400 $730,525 $907,900
    CAPE GIRARDEAU, MO-IL CAPE GIRARDEAU 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cape Girardeau (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 $160,000 (0.7%) $229,781 (4.3%) 0.00 417
    2018-02-01 $164,950 (3.2%) $231,423 (6.5%) 0.00 418
    2018-03-01 $164,900 (3.4%) $230,298 (1.4%) 0.00 410
    2018-04-01 $164,400 (2.8%) $234,012 (0.3%) 0.00 410
    2018-05-01 $169,575 (4.1%) $242,694 (-3.3%) 0.00 406
    2018-06-01 $175,500 (4.8%) $251,122 (-0.7%) 0.00 421
    2018-07-01 $175,000 (3.9%) $254,061 (-0.7%) 0.00 454
    2018-08-01 $175,000 (9.4%) $249,647 (1.3%) 0.00 456
    2018-09-01 $169,900 (9.6%) $247,071 (4.0%) 0.00 428
    2018-10-01 $175,225 (16.9%) $253,670 (10.1%) 0.00 431
    2018-11-01 $177,125 (18.1%) $256,025 (17.3%) 0.00 430
    2018-12-01 $174,900 (9.5%) $248,984 (12.0%) 0.00 395
    2019-01-01 $169,900 (6.2%) $245,555 (6.9%) 0.00 384
    2019-02-01 $168,000 (1.9%) $243,760 (5.3%) 0.00 363
    2019-03-01 $168,529 (2.2%) $252,647 (9.7%) 0.00 358
    2019-04-01 $173,400 (5.5%) $259,016 (10.7%) 0.00 344
    2019-05-01 $189,900 (12.0%) $271,107 (11.7%) 0.00 353
    2019-06-01 $190,000 (8.3%) $274,076 (9.1%) 0.00 373
    2019-07-01 $189,500 (8.3%) $278,855 (9.8%) 0.00 364
    2019-08-01 $191,973 (9.7%) $277,941 (11.3%) 0.00 365
    2019-09-01 $196,432 (15.6%) $276,916 (12.1%) 0.00 367
    2019-10-01 $197,805 (12.9%) $273,794 (7.9%) 0.00 369
    2019-11-01 $189,900 (7.2%) $265,470 (3.7%) 0.00 365
    2019-12-01 $177,425 (1.4%) $253,200 (1.7%) 0.00 373
    2020-01-01 $169,900 (0.0%) $266,009 (8.3%) 0.00 346
    2020-02-01 $179,900 (7.1%) $274,441 (12.6%) 0.00 328
    2020-03-01 $170,425 (1.1%) $261,498 (3.5%) 0.00 320
    2020-04-01 $169,900 (-2.0%) $264,470 (2.1%) 0.00 317
    2020-05-01 $189,900 (0.0%) $287,353 (6.0%) 0.00 282
    2020-06-01 $196,700 (3.5%) $296,600 (8.2%) 0.00 268
    2020-07-01 $193,350 (2.0%) $285,378 (2.3%) 0.00 286
    2020-08-01 $179,700 (-6.4%) $278,894 (0.3%) 0.00 250
    2020-09-01 $169,700 (-13.6%) $276,197 (-0.3%) 0.00 246
    2020-10-01 $169,900 (-14.1%) $273,219 (-0.2%) 0.00 239
    2020-11-01 $154,900 (-18.4%) $251,323 (-5.3%) 0.00 232
    2020-12-01 $160,900 (-9.3%) $257,175 (1.6%) 0.00 209
    2021-01-01 $165,900 (-2.4%) $275,648 (3.6%) 0.00 178
    2021-02-01 $162,400 (-9.7%) $284,286 (3.6%) 0.00 142
    2021-03-01 $176,200 (3.4%) $314,207 (20.2%) 0.00 124
    2021-04-01 $181,400 (6.8%) $317,751 (20.2%) 0.00 130
    2021-05-01 $199,450 (5.0%) $352,473 (22.7%) 0.00 118
    2021-06-01 $202,425 (2.9%) $355,900 (20.0%) 0.00 118
    2021-07-01 $227,450 (17.6%) $347,114 (21.6%) 0.00 122
    2021-08-01 $227,875 (26.8%) $343,516 (23.2%) 0.00 123
    2021-09-01 $236,125 (39.1%) $340,910 (23.4%) 0.00 138
    2021-10-01 $234,900 (38.3%) $345,041 (26.3%) 0.00 144
    2021-11-01 $223,500 (44.3%) $344,369 (37.0%) 0.00 141
    2021-12-01 $237,225 (47.4%) $371,005 (44.3%) 0.00 107
    2022-01-01 $206,900 (24.7%) $306,468 (11.2%) 0.00 118
    2022-02-01 $172,400 (6.2%) $279,100 (-1.8%) 0.00 123
    2022-03-01 $181,450 (3.0%) $271,982 (-13.4%) 0.00 118
    2022-04-01 $205,000 (13.0%) $287,375 (-9.6%) 0.00 113
    2022-05-01 $228,725 (14.7%) $306,434 (-13.1%) 0.00 130
    2022-06-01 $238,950 (18.0%) $327,415 (-8.0%) 0.00 146
    2022-07-01 $249,900 (9.9%) $340,755 (-1.8%) 0.00 153
    2022-08-01 $275,000 (20.7%) $353,686 (3.0%) 0.00 146
    2022-09-01 $276,000 (16.9%) $348,632 (2.3%) 0.00 141
    2022-10-01 $269,750 (14.8%) $338,748 (-1.8%) 0.00 170
    2022-11-01 $272,475 (21.9%) $345,769 (0.4%) 0.00 178
    2022-12-01 $275,000 (15.9%) $338,826 (-8.7%) 0.00 186
    2023-01-01 $275,000 (32.9%) $325,982 (6.4%) 0.00 172
    2023-02-01 $249,925 (45.0%) $317,567 (13.8%) 0.00 152
    2023-03-01 $286,200 (57.7%) $332,330 (22.2%) 0.00 156
    2023-04-01 $272,400 (32.9%) $328,881 (14.4%) 0.00 166
    2023-05-01 $289,675 (26.7%) $335,583 (9.5%) 0.00 142
    2023-06-01 $250,000 (4.6%) $319,175 (-2.5%) 0.00 157
    2023-07-01 $269,450 (7.8%) $333,570 (-2.1%) 0.00 174
    2023-08-01 $278,750 (1.4%) $330,733 (-6.5%) 0.00 187
    2023-09-01 $265,950 (-3.6%) $329,177 (-5.6%) 0.00 190
    2023-10-01 $261,175 (-3.2%) $335,154 (-1.1%) 0.00 180
    2023-11-01 $262,475 (-3.7%) $332,800 (-3.8%) 0.00 184
    2023-12-01 $259,900 (-5.5%) $334,287 (-1.3%) 0.00 181
    2024-01-01 $274,900 (0.0%) $334,759 (2.7%) 0.00 183
    2024-02-01 $292,000 (16.8%) $342,205 (7.8%) 0.00 168
    2024-03-01 $269,900 (-5.7%) $326,706 (-1.7%) 0.00 162
    Cape Girardeau's median listing price for 2024-03-01 was $269,900, a difference of $-16,300 (-5.7%) versus the prior year and $-22,100 versus the prior month.

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

    Cape Girardeau's average listing price for 2024-03-01 was $326,706, a difference of $-5,624 (-1.7%) versus the prior year and $-15,499 versus the prior month.

    For the 2024-03-01 period, Cape Girardeau had 162 MLS listings, a difference of -6 listings (-4%) versus the prior month and 6 listings (4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cape Girardeau (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,543 sqft
    2018-02-01 0 days 1,608 sqft
    2018-03-01 0 days 1,536 sqft
    2018-04-01 0 days 1,543 sqft
    2018-05-01 0 days 1,551 sqft
    2018-06-01 0 days 1,606 sqft
    2018-07-01 0 days 1,609 sqft
    2018-08-01 0 days 1,605 sqft
    2018-09-01 0 days 1,569 sqft
    2018-10-01 0 days 1,570 sqft
    2018-11-01 0 days 1,596 sqft
    2018-12-01 0 days 1,570 sqft
    2019-01-01 0 days 1,569 sqft
    2019-02-01 0 days 1,583 sqft
    2019-03-01 0 days 1,567 sqft
    2019-04-01 0 days 1,586 sqft
    2019-05-01 0 days 1,625 sqft
    2019-06-01 0 days 1,610 sqft
    2019-07-01 0 days 1,615 sqft
    2019-08-01 0 days 1,632 sqft
    2019-09-01 0 days 1,650 sqft
    2019-10-01 0 days 1,656 sqft
    2019-11-01 0 days 1,639 sqft
    2019-12-01 0 days 1,604 sqft
    2020-01-01 0 days 1,554 sqft
    2020-02-01 0 days 1,636 sqft
    2020-03-01 0 days 1,783 sqft
    2020-04-01 0 days 1,791 sqft
    2020-05-01 0 days 1,900 sqft
    2020-06-01 0 days 1,978 sqft
    2020-07-01 0 days 1,955 sqft
    2020-08-01 0 days 1,863 sqft
    2020-09-01 0 days 1,798 sqft
    2020-10-01 0 days 1,882 sqft
    2020-11-01 0 days 1,841 sqft
    2020-12-01 0 days 1,707 sqft
    2021-01-01 0 days 1,750 sqft
    2021-02-01 0 days 1,767 sqft
    2021-03-01 0 days 1,702 sqft
    2021-04-01 0 days 1,740 sqft
    2021-05-01 0 days 1,902 sqft
    2021-06-01 0 days 2,006 sqft
    2021-07-01 0 days 2,080 sqft
    2021-08-01 0 days 2,042 sqft
    2021-09-01 0 days 2,002 sqft
    2021-10-01 0 days 1,943 sqft
    2021-11-01 0 days 1,861 sqft
    2021-12-01 0 days 1,787 sqft
    2022-01-01 0 days 1,700 sqft
    2022-02-01 0 days 1,625 sqft
    2022-03-01 0 days 1,657 sqft
    2022-04-01 0 days 1,728 sqft
    2022-05-01 0 days 1,778 sqft
    2022-06-01 0 days 1,846 sqft
    2022-07-01 0 days 1,907 sqft
    2022-08-01 0 days 2,012 sqft
    2022-09-01 0 days 1,978 sqft
    2022-10-01 0 days 1,904 sqft
    2022-11-01 0 days 1,853 sqft
    2022-12-01 0 days 1,792 sqft
    2023-01-01 0 days 1,759 sqft
    2023-02-01 0 days 1,730 sqft
    2023-03-01 0 days 1,805 sqft
    2023-04-01 0 days 1,835 sqft
    2023-05-01 0 days 1,894 sqft
    2023-06-01 0 days 1,909 sqft
    2023-07-01 0 days 1,885 sqft
    2023-08-01 0 days 1,860 sqft
    2023-09-01 0 days 1,835 sqft
    2023-10-01 0 days 1,833 sqft
    2023-11-01 0 days 1,796 sqft
    2023-12-01 0 days 1,756 sqft
    2024-01-01 0 days 1,761 sqft
    2024-02-01 0 days 1,786 sqft
    2024-03-01 0 days 1,850 sqft
    Cape Girardeau's median listing age (time on market) for 2024-03-01 was 0 days.

    Cape Girardeau's median square footage for active listings during the 2024-03-01 period was 1,850 sqft. One year prior, the average listing was 1,805 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).