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 40 lenders originated 200 FHA loans during 2022. The total origination value was $34,520,000, with an average FHA loan value of $172,600.

    Cape Girardeau FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cape Girardeau averaged -0.24% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Cape Girardeau's average FHA mortgage closing costs are $5,549.

    The average rate for the prior week (2023-11-17) was 7.05% and one month ago for the week of 2023-10-20, the average rate was 6.96%.

    The average rate one year ago was 6.19%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.21%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    DAS Acquisition Company, LLC 41 5.05% $6,936
    FLAT BRANCH MORTGAGE, INC. 24 4.98% $5,748
    QUICKEN LOANS, LLC 16 4.52% $9,047
    GUILD MORTGAGE COMPANY 12 5.05% $7,636
    CALIBER HOME LOANS, INC. 12 4.61% $6,949
    DELMAR FINANCIAL COMPANY 9 5.63% $6,534
    GERSHMAN INVESTMENT CORP. 8 4.52% $7,184
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 4.77% $6,303
    Flagstar Bank, FSB 7 4.88% $5,974
    UNITED WHOLESALE MORTGAGE, LLC 6 5.18% $8,313
    AMERISAVE MORTGAGE CORPORATION 5 4.95% $9,691
    MOVEMENT MORTGAGE, LLC 5 5.15% $7,093
    NP, Inc. 4 4.81% $7,796
    LOANDEPOT.COM, LLC 4 4.50% $6,182
    ROYAL UNITED MORTGAGE LLC 2 6.00% $6,830
    Carrington Mortgage Services, LLC 2 4.44% $6,188
    BROKER SOLUTIONS, INC. 2 6.38% $8,153
    GENEVA FINANCIAL, LLC 2 6.63% $11,484
    HOME POINT FINANCIAL CORPORATION 2 5.06% $4,734
    Mortgage Research Center, LLC 2 6.13% $2,751
    VILLAGE CAPITAL MORTGAGE 1 2.25% $2,881
    Arvest Bank 1 3.00% $8,887
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $15,477
    CMG MORTGAGE, INC. 1 5.50% $14,886
    Commerce Bank 1 3.88% $7,191
    ENDEAVOR CAPITAL, LLC. 1 3.75% $6,217
    Evolve Bank & Trust 1 3.63% $11,828
    First Bank 1 6.13% $8,870
    FREEDOM MORTGAGE CORPORATION 1 5.63% $7,382
    GUARANTEED RATE, INC. 1 3.50% $5,985
    JPMorgan Chase Bank 1 3.63% $5,251
    Midwest Mortgage Associates Corporation 1 4.63% $7,235
    Mr. Cooper ( Nationstar Mortgage ) 1 5.13% $8,978
    MUTUAL OF OMAHA MORTGAGE, INC. 1 4.75% $7,800
    NORTHERN MORTGAGE SERVICES, LLC 1 3.50% $2,307
    PLANET HOME LENDING, LLC 1 6.63% $6,237
    SCOTT CREDIT UNION 1 5.00% $8,214
    T2 FINANCIAL LLC 1 3.38% $6,367
    Town & Country Banc Mortgage Services 1 5.50% $2,621
    AMERICAN FINANCING CORPORATION 1 4.88% $7,743

    The top Cape Girardeau FHA lender as defined by loan originations is DAS Acquisition Company, LLC, with 41 FHA loans originated. Their average total fees are $6,936, which is $1,189 higher than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Cape Girardeau FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($5,748), DAS Acquisition Company, LLC ($6,936), CALIBER HOME LOANS, INC. ($6,949), GUILD MORTGAGE COMPANY ($7,636) and QUICKEN LOANS, LLC ($9,047).

    The lowest rate Cape Girardeau FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.52%), CALIBER HOME LOANS, INC. (4.61%), FLAT BRANCH MORTGAGE, INC. (4.98%), DAS Acquisition Company, LLC (5.05%) and GUILD MORTGAGE COMPANY (5.05%).

    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 $160,625 (0.8%) $230,251 (4.7%) 0.00 417
    2018-02-01 $164,950 (2.5%) $231,184 (6.3%) 0.00 419
    2018-03-01 $164,900 (3.2%) $230,109 (1.1%) 0.00 411
    2018-04-01 $164,400 (2.8%) $233,873 (0.6%) 0.00 412
    2018-05-01 $169,450 (4.7%) $242,515 (-2.9%) 0.00 408
    2018-06-01 $175,250 (4.6%) $250,859 (-0.7%) 0.00 422
    2018-07-01 $175,000 (4.2%) $253,821 (-0.5%) 0.00 455
    2018-08-01 $175,000 (9.4%) $249,144 (1.1%) 0.00 457
    2018-09-01 $169,900 (9.6%) $246,664 (3.9%) 0.00 429
    2018-10-01 $175,075 (16.8%) $253,242 (9.8%) 0.00 432
    2018-11-01 $176,875 (18.0%) $255,588 (16.6%) 0.00 431
    2018-12-01 $172,400 (7.9%) $248,186 (11.2%) 0.00 397
    2019-01-01 $169,900 (5.8%) $246,092 (6.9%) 0.00 387
    2019-02-01 $168,000 (1.9%) $245,748 (6.3%) 0.00 365
    2019-03-01 $168,529 (2.2%) $254,742 (10.7%) 0.00 360
    2019-04-01 $173,650 (5.6%) $261,280 (11.7%) 0.00 345
    2019-05-01 $189,950 (12.1%) $273,673 (12.9%) 0.00 354
    2019-06-01 $190,000 (8.4%) $275,609 (9.9%) 0.00 376
    2019-07-01 $190,725 (9.0%) $280,223 (10.4%) 0.00 368
    2019-08-01 $192,300 (9.9%) $278,995 (12.0%) 0.00 370
    2019-09-01 $196,575 (15.7%) $277,952 (12.7%) 0.00 372
    2019-10-01 $197,925 (13.1%) $274,628 (8.4%) 0.00 374
    2019-11-01 $189,900 (7.4%) $265,851 (4.0%) 0.00 371
    2019-12-01 $177,425 (2.9%) $253,830 (2.3%) 0.00 379
    2020-01-01 $169,900 (0.0%) $267,228 (8.6%) 0.00 349
    2020-02-01 $179,950 (7.1%) $275,575 (12.1%) 0.00 331
    2020-03-01 $169,400 (0.5%) $260,464 (2.3%) 0.00 322
    2020-04-01 $169,900 (-2.2%) $263,661 (0.9%) 0.00 320
    2020-05-01 $189,900 (0.0%) $286,100 (4.5%) 0.00 284
    2020-06-01 $196,675 (3.5%) $296,303 (7.5%) 0.00 269
    2020-07-01 $193,950 (1.7%) $285,579 (1.9%) 0.00 287
    2020-08-01 $179,700 (-6.6%) $278,532 (-0.2%) 0.00 253
    2020-09-01 $169,700 (-13.7%) $275,521 (-0.9%) 0.00 249
    2020-10-01 $169,900 (-14.2%) $272,380 (-0.8%) 0.00 241
    2020-11-01 $154,650 (-18.6%) $250,325 (-5.8%) 0.00 234
    2020-12-01 $159,950 (-9.9%) $256,290 (1.0%) 0.00 211
    2021-01-01 $164,950 (-2.9%) $273,358 (2.3%) 0.00 181
    2021-02-01 $158,425 (-12.0%) $282,607 (2.6%) 0.00 143
    2021-03-01 $173,050 (2.2%) $312,949 (20.2%) 0.00 125
    2021-04-01 $179,425 (5.6%) $316,561 (20.1%) 0.00 131
    2021-05-01 $199,000 (4.8%) $350,882 (22.6%) 0.00 119
    2021-06-01 $199,950 (1.7%) $354,643 (19.7%) 0.00 118
    2021-07-01 $224,950 (16.0%) $344,270 (20.6%) 0.00 123
    2021-08-01 $226,875 (26.3%) $341,085 (22.5%) 0.00 124
    2021-09-01 $236,125 (39.1%) $339,838 (23.3%) 0.00 139
    2021-10-01 $234,900 (38.3%) $342,690 (25.8%) 0.00 146
    2021-11-01 $223,500 (44.5%) $342,074 (36.7%) 0.00 143
    2021-12-01 $236,975 (48.2%) $368,584 (43.8%) 0.00 108
    2022-01-01 $206,900 (25.4%) $305,106 (11.6%) 0.00 119
    2022-02-01 $171,175 (8.1%) $277,545 (-1.8%) 0.00 124
    2022-03-01 $180,950 (4.6%) $270,374 (-13.6%) 0.00 119
    2022-04-01 $205,000 (14.3%) $287,375 (-9.2%) 0.00 113
    2022-05-01 $228,725 (14.9%) $306,434 (-12.7%) 0.00 130
    2022-06-01 $239,725 (19.9%) $327,369 (-7.7%) 0.00 146
    2022-07-01 $249,950 (11.1%) $340,474 (-1.1%) 0.00 154
    2022-08-01 $275,000 (21.2%) $353,249 (3.6%) 0.00 146
    2022-09-01 $276,000 (16.9%) $348,632 (2.6%) 0.00 141
    2022-10-01 $269,750 (14.8%) $338,748 (-1.2%) 0.00 170
    2022-11-01 $275,000 (23.0%) $345,791 (1.1%) 0.00 179
    2022-12-01 $275,000 (16.1%) $338,879 (-8.1%) 0.00 187
    2023-01-01 $275,000 (32.9%) $326,114 (6.9%) 0.00 173
    2023-02-01 $252,400 (47.5%) $317,464 (14.4%) 0.00 153
    2023-03-01 $286,575 (58.4%) $332,068 (22.8%) 0.00 157
    2023-04-01 $272,400 (32.9%) $328,881 (14.4%) 0.00 166
    2023-05-01 $289,450 (26.6%) $335,413 (9.5%) 0.00 142
    2023-06-01 $252,500 (5.3%) $319,269 (-2.5%) 0.00 157
    2023-07-01 $269,450 (7.8%) $333,570 (-2.0%) 0.00 174
    2023-08-01 $278,750 (1.4%) $330,733 (-6.4%) 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
    Cape Girardeau's median listing price for 2023-10-01 was $261,175, a difference of $-8,575 (-3.2%) versus the prior year and $-4,775 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 2023-10-01 was $335,154, a difference of $-3,594 (-1.1%) versus the prior year and $5,977 versus the prior month.

    For the 2023-10-01 period, Cape Girardeau had 180 MLS listings, a difference of -10 listings (-5%) versus the prior month and 10 listings (6%) 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 1,542 sqft
    2018-02-01 0 days 1,602 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 1,602 sqft
    2018-07-01 0 days 1,608 sqft
    2018-08-01 0 days 1,605 sqft
    2018-09-01 0 days 1,568 sqft
    2018-10-01 0 days 1,570 sqft
    2018-11-01 0 days 1,594 sqft
    2018-12-01 0 days 1,569 sqft
    2019-01-01 0 days 1,568 sqft
    2019-02-01 0 days 1,583 sqft
    2019-03-01 0 days 1,569 sqft
    2019-04-01 0 days 1,589 sqft
    2019-05-01 0 days 1,622 sqft
    2019-06-01 0 days 1,604 sqft
    2019-07-01 0 days 1,609 sqft
    2019-08-01 0 days 1,625 sqft
    2019-09-01 0 days 1,643 sqft
    2019-10-01 0 days 1,648 sqft
    2019-11-01 0 days 1,629 sqft
    2019-12-01 0 days 1,599 sqft
    2020-01-01 0 days 1,552 sqft
    2020-02-01 0 days 1,639 sqft
    2020-03-01 0 days 1,781 sqft
    2020-04-01 0 days 1,788 sqft
    2020-05-01 0 days 1,900 sqft
    2020-06-01 0 days 1,979 sqft
    2020-07-01 0 days 1,955 sqft
    2020-08-01 0 days 1,862 sqft
    2020-09-01 0 days 1,792 sqft
    2020-10-01 0 days 1,873 sqft
    2020-11-01 0 days 1,841 sqft
    2020-12-01 0 days 1,702 sqft
    2021-01-01 0 days 1,721 sqft
    2021-02-01 0 days 1,766 sqft
    2021-03-01 0 days 1,698 sqft
    2021-04-01 0 days 1,736 sqft
    2021-05-01 0 days 1,882 sqft
    2021-06-01 0 days 1,994 sqft
    2021-07-01 0 days 2,053 sqft
    2021-08-01 0 days 2,028 sqft
    2021-09-01 0 days 2,000 sqft
    2021-10-01 0 days 1,942 sqft
    2021-11-01 0 days 1,843 sqft
    2021-12-01 0 days 1,791 sqft
    2022-01-01 0 days 1,723 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 1,857 sqft
    2022-07-01 0 days 1,941 sqft
    2022-08-01 0 days 2,021 sqft
    2022-09-01 0 days 1,980 sqft
    2022-10-01 0 days 1,912 sqft
    2022-11-01 0 days 1,870 sqft
    2022-12-01 0 days 1,807 sqft
    2023-01-01 0 days 1,761 sqft
    2023-02-01 0 days 1,730 sqft
    2023-03-01 0 days 1,805 sqft
    2023-04-01 0 days 1,845 sqft
    2023-05-01 0 days 1,896 sqft
    2023-06-01 0 days 1,920 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
    Cape Girardeau's median listing age (time on market) for 2023-10-01 was 0 days.

    Cape Girardeau's median square footage for active listings during the 2023-10-01 period was 1,833 sqft. One year prior, the average listing was 1,912 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).