Cape Girardeau FHA Loan Rates, Closing Costs & Stats

CAPE GIRARDEAU, MO-IL

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 6.61% for the week of 2024-07-05, compared to the national average (all FHA variants) of 6.724% for the same period.

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

The average rate for the prior week (2024-06-28) was 6.87% and one month ago for the week of 2024-05-31, the average rate was 7.06%.

The average rate one year ago was 6.73%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.82%.

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
2024-04-01 $267,250 (-1.9%) $339,299 (3.2%) 0.00 176
2024-05-01 $268,450 (-7.3%) $330,034 (-1.7%) 0.00 207
2024-06-01 $274,900 (10.0%) $324,922 (1.8%) 0.00 231
Cape Girardeau's median listing price for 2024-06-01 was $274,900, a difference of $24,900 (10.0%) versus the prior year and $6,450 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 2024-06-01 was $324,922, a difference of $5,747 (1.8%) versus the prior year and $-5,112 versus the prior month.

For the 2024-06-01 period, Cape Girardeau had 231 MLS listings, a difference of 24 listings (12%) versus the prior month and 74 listings (47%) 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
2024-04-01 0 days 1,799 sqft
2024-05-01 0 days 1,916 sqft
2024-06-01 0 days 2,052 sqft
Cape Girardeau's median listing age (time on market) for 2024-06-01 was 0 days.

Cape Girardeau's median square footage for active listings during the 2024-06-01 period was 2,052 sqft. One year prior, the average listing was 1,909 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).