Columbia FHA Loan Rates, Closing Costs & Stats

COLUMBIA, MO

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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.

    Columbia's 60 lenders originated 318 FHA loans during 2023. The total origination value was $74,320,000, with an average FHA loan value of $233,711.

    Columbia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Columbia averaged 6.83% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Columbia's average FHA mortgage closing costs are $6,272.

    The average rate for the prior week (2024-04-12) was 6.52% and one month ago for the week of 2024-03-15, the average rate was 6.59%.

    The average rate one year ago was 6.11%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.72%.

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

    Columbia 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 Columbia level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 71 6.78% $7,750
    QUICKEN LOANS, LLC 36 6.19% $9,992
    DAS Acquisition Company, LLC 29 7.02% $9,473
    The Central Trust Bank 17 6.54% $7,248
    Midwest Mortgage Associates Corporation 13 6.52% $7,825
    GERSHMAN INVESTMENT CORP. 9 6.92% $6,635
    PENNYMAC LOAN SERVICES, LLC 6 6.31% $9,193
    UNITED WHOLESALE MORTGAGE, LLC 6 6.37% $8,134
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.98% $7,521
    Bell Bank 6 6.13% $9,541
    BROKER SOLUTIONS, INC. 5 6.85% $11,425
    ENDEAVOR CAPITAL, LLC. 4 6.69% $12,200
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.00% $9,772
    Flagstar Bank, FSB 4 6.67% $11,343
    Hawthorn Bank 4 5.97% $7,255
    Mid-Continent Funding, Inc. 4 6.25% $9,120
    Mortgage Research Center, LLC 4 6.94% $7,529
    Mr. Cooper ( Nationstar Mortgage ) 4 5.94% $13,484
    NBKC BANK 4 6.06% $7,033
    ON Q FINANCIAL, INC. 4 6.78% $7,709
    The Federal Savings Bank 4 6.56% $9,919
    GUARANTEED RATE, INC. 3 6.86% $9,706
    LOANDEPOT.COM, LLC 3 6.29% $11,405
    CARDINAL FINANCIAL 3 6.08% $8,824
    FREEDOM MORTGAGE CORPORATION 3 6.96% $12,220
    Regions Bank 3 5.83% $7,349
    VILLAGE CAPITAL MORTGAGE 2 6.50% $9,453
    ZILLOW HOME LOANS, LLC 2 6.44% $9,719
    LEADERONE FINANCIAL CORPORATION 2 6.25% $11,700
    U.S. Bank 2 6.75% $6,454
    NEWREZ LLC 2 7.00% $10,075
    Carrington Mortgage Services, LLC 2 6.69% $10,813
    AMERICAN FINANCIAL NETWORK, INC. 2 7.50% $9,879
    T2 FINANCIAL LLC 2 7.31% $9,805
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $11,565
    MOVEMENT MORTGAGE, LLC 1 6.25% $10,113
    AMERICAN FINANCING CORPORATION 1 7.50% $11,191
    Nations Lending Corporation 1 6.38% $9,236
    COMMUNITY MORTGAGE, LLC 1 7.00% $6,002
    First State Bank of St. Charles, Missouri 1 6.25% $8,930
    Ixonia Bank 1 6.75% $11,109
    Blue Ridge Bank 1 6.13% $7,390
    Plains Commerce Bank 1 6.00% $12,003
    PLANET HOME LENDING, LLC 1 6.38% $4,680
    PLAZA HOME MORTGAGE, INC. 1 6.75% $5,163
    Arvest Bank 1 6.50% $7,176
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $6,805
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $10,844
    ROYAL UNITED MORTGAGE LLC 1 6.63% $8,679
    Servion, Inc. 1 6.25% $6,841
    Simmons Bank 1 7.00% $4,881
    CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $6,625
    EMBRACE HOME LOANS, INC. 1 6.25% $9,338
    Flanagan State Bank 1 6.75% $6,970
    Magnolia Bank 1 6.63% $6,862
    Mazuma Credit Union 1 6.13% $5,190
    TOWNE MORTGAGE COMPANY 1 7.63% $11,861
    LOANPAL, LLC 1 6.75% $11,600
    Mortgage Investment Services Corporation 1 7.13% $6,193
    TruHome Solutions, LLC 1 6.00% $8,326

    The top Columbia FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 71 FHA loans originated. Their average total fees are $7,750, which is $2,242 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Columbia FHA lenders (with over 10 loans originated) are The Central Trust Bank ($7,248), FLAT BRANCH MORTGAGE, INC. ($7,750), Midwest Mortgage Associates Corporation ($7,825), DAS Acquisition Company, LLC ($9,473) and QUICKEN LOANS, LLC ($9,992).

    The lowest rate Columbia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.19%), Midwest Mortgage Associates Corporation (6.52%), The Central Trust Bank (6.54%), FLAT BRANCH MORTGAGE, INC. (6.78%) and DAS Acquisition Company, LLC (7.02%).

    Columbia FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    COLUMBIA, MO BOONE 2022 $420,680 $538,650 $651,050 $809,150
    COLUMBIA, MO COOPER 2022 $420,680 $538,650 $651,050 $809,150
    COLUMBIA, MO HOWARD 2022 $420,680 $538,650 $651,050 $809,150
    COLUMBIA, MO BOONE 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBIA, MO COOPER 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBIA, MO HOWARD 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Columbia (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 $224,950 (8.3%) $276,908 (6.5%) 0.83 751
    2018-02-01 $225,000 (4.7%) $281,307 (3.4%) 0.82 763
    2018-03-01 $235,000 (2.7%) $286,311 (1.0%) 0.82 827
    2018-04-01 $245,650 (-0.9%) $291,637 (-0.3%) 0.83 856
    2018-05-01 $252,500 (1.8%) $294,170 (-1.9%) 0.84 902
    2018-06-01 $249,900 (2.5%) $293,181 (-3.0%) 0.83 912
    2018-07-01 $247,725 (3.4%) $292,417 (-0.1%) 0.83 921
    2018-08-01 $237,425 (2.5%) $286,035 (-0.1%) 0.80 952
    2018-09-01 $234,900 (4.9%) $278,854 (0.2%) 0.79 999
    2018-10-01 $232,475 (3.4%) $276,905 (-0.2%) 0.79 1,035
    2018-11-01 $228,625 (4.4%) $272,510 (0.1%) 0.78 957
    2018-12-01 $229,000 (3.6%) $273,410 (0.5%) 0.79 889
    2019-01-01 $229,000 (1.8%) $277,344 (0.2%) 0.79 793
    2019-02-01 $229,125 (1.8%) $278,383 (-1.0%) 0.77 802
    2019-03-01 $236,429 (0.6%) $286,481 (0.1%) 0.77 791
    2019-04-01 $244,981 (-0.3%) $292,610 (0.3%) 0.78 775
    2019-05-01 $246,250 (-2.5%) $290,208 (-1.4%) 0.77 787
    2019-06-01 $242,750 (-2.9%) $291,937 (-0.4%) 0.76 809
    2019-07-01 $239,950 (-3.1%) $292,671 (0.1%) 0.75 825
    2019-08-01 $240,882 (1.5%) $292,977 (2.4%) 0.76 793
    2019-09-01 $242,355 (3.2%) $294,167 (5.5%) 0.78 764
    2019-10-01 $244,975 (5.4%) $294,961 (6.5%) 0.79 742
    2019-11-01 $239,950 (5.0%) $295,020 (8.3%) 0.79 709
    2019-12-01 $234,975 (2.6%) $296,537 (8.5%) 0.78 615
    2020-01-01 $228,725 (-0.1%) $292,560 (5.5%) 0.76 548
    2020-02-01 $237,900 (3.8%) $295,541 (6.2%) 0.78 525
    2020-03-01 $250,725 (6.1%) $305,921 (6.8%) 0.79 549
    2020-04-01 $269,450 (10.0%) $319,532 (9.2%) 0.84 502
    2020-05-01 $267,000 (8.4%) $317,140 (9.3%) 0.81 486
    2020-06-01 $272,450 (12.2%) $333,351 (14.2%) 0.80 469
    2020-07-01 $276,950 (15.4%) $340,382 (16.3%) 0.80 455
    2020-08-01 $275,950 (14.6%) $336,474 (14.9%) 0.79 438
    2020-09-01 $263,550 (8.8%) $326,865 (11.1%) 0.76 409
    2020-10-01 $246,950 (0.8%) $316,448 (7.3%) 0.71 398
    2020-11-01 $244,475 (1.9%) $326,009 (10.5%) 0.71 375
    2020-12-01 $251,950 (7.2%) $342,801 (15.6%) 0.75 330
    2021-01-01 $254,400 (11.2%) $367,875 (25.7%) 0.76 265
    2021-02-01 $248,425 (4.4%) $387,681 (31.2%) 0.72 200
    2021-03-01 $269,852 (7.6%) $373,193 (22.0%) 0.77 212
    2021-04-01 $292,200 (8.4%) $377,574 (18.2%) 0.79 200
    2021-05-01 $275,000 (3.0%) $356,451 (12.4%) 0.73 225
    2021-06-01 $274,975 (0.9%) $369,738 (10.9%) 0.72 267
    2021-07-01 $275,000 (-0.7%) $354,061 (4.0%) 0.73 311
    2021-08-01 $268,000 (-2.9%) $344,978 (2.5%) 0.71 314
    2021-09-01 $251,450 (-4.6%) $330,602 (1.1%) 0.67 303
    2021-10-01 $269,900 (9.3%) $338,086 (6.8%) 0.72 294
    2021-11-01 $260,972 (6.8%) $337,864 (3.6%) 0.70 256
    2021-12-01 $279,424 (10.9%) $352,931 (3.0%) 0.76 219
    2022-01-01 $319,900 (25.8%) $369,876 (0.5%) 0.86 166
    2022-02-01 $318,950 (28.4%) $393,127 (1.4%) 0.83 164
    2022-03-01 $304,988 (13.0%) $386,958 (3.7%) 0.76 185
    2022-04-01 $316,000 (8.2%) $400,066 (6.0%) 0.75 212
    2022-05-01 $341,500 (24.2%) $429,559 (20.5%) 0.78 270
    2022-06-01 $338,250 (23.0%) $425,917 (15.2%) 0.75 320
    2022-07-01 $334,900 (21.8%) $421,103 (18.9%) 0.75 378
    2022-08-01 $342,400 (27.8%) $425,711 (23.4%) 0.79 384
    2022-09-01 $348,000 (38.4%) $421,747 (27.6%) 0.81 381
    2022-10-01 $350,000 (29.7%) $417,986 (23.6%) 0.82 399
    2022-11-01 $345,625 (32.4%) $407,744 (20.7%) 0.83 407
    2022-12-01 $342,450 (22.6%) $406,068 (15.1%) 0.85 355
    2023-01-01 $354,450 (10.8%) $415,031 (12.2%) 0.88 299
    2023-02-01 $352,500 (10.5%) $408,961 (4.0%) 0.85 312
    2023-03-01 $367,375 (20.5%) $433,567 (12.1%) 0.87 313
    2023-04-01 $385,000 (21.8%) $463,182 (15.8%) 0.90 313
    2023-05-01 $392,450 (14.9%) $474,772 (10.5%) 0.89 330
    2023-06-01 $397,125 (17.4%) $474,152 (11.3%) 0.89 331
    2023-07-01 $388,904 (16.1%) $459,401 (9.1%) 0.88 416
    2023-08-01 $392,425 (14.6%) $465,170 (9.3%) 0.90 420
    2023-09-01 $386,250 (11.0%) $464,121 (10.1%) 0.90 414
    2023-10-01 $397,000 (13.4%) $467,196 (11.8%) 0.93 425
    2023-11-01 $384,725 (11.3%) $456,529 (12.0%) 0.92 426
    2023-12-01 $374,900 (9.5%) $450,882 (11.0%) 0.91 420
    2024-01-01 $375,000 (5.8%) $450,563 (8.6%) 0.92 361
    2024-02-01 $382,450 (8.5%) $457,448 (11.9%) 0.92 352
    2024-03-01 $375,000 (2.1%) $456,705 (5.3%) 0.88 364
    Columbia's median listing price for 2024-03-01 was $375,000, a difference of $7,625 (2.1%) versus the prior year and $-7,450 versus the prior month.

    Columbia's median listing price comes in at 88% of the national average.

    Columbia's average listing price for 2024-03-01 was $456,705, a difference of $23,138 (5.3%) versus the prior year and $-743 versus the prior month.

    For the 2024-03-01 period, Columbia had 364 MLS listings, a difference of 12 listings (3%) versus the prior month and 51 listings (16%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Columbia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 79 days 1,971 sqft
    2018-02-01 72 days 1,994 sqft
    2018-03-01 53 days 2,069 sqft
    2018-04-01 45 days 2,181 sqft
    2018-05-01 47 days 2,224 sqft
    2018-06-01 56 days 2,210 sqft
    2018-07-01 64 days 2,229 sqft
    2018-08-01 65 days 2,179 sqft
    2018-09-01 64 days 2,135 sqft
    2018-10-01 67 days 2,133 sqft
    2018-11-01 77 days 2,088 sqft
    2018-12-01 89 days 2,029 sqft
    2019-01-01 95 days 1,947 sqft
    2019-02-01 89 days 1,947 sqft
    2019-03-01 62 days 2,066 sqft
    2019-04-01 43 days 2,151 sqft
    2019-05-01 47 days 2,147 sqft
    2019-06-01 53 days 2,152 sqft
    2019-07-01 56 days 2,093 sqft
    2019-08-01 59 days 2,105 sqft
    2019-09-01 60 days 2,125 sqft
    2019-10-01 62 days 2,142 sqft
    2019-11-01 67 days 2,046 sqft
    2019-12-01 76 days 2,030 sqft
    2020-01-01 84 days 1,920 sqft
    2020-02-01 59 days 1,942 sqft
    2020-03-01 38 days 1,963 sqft
    2020-04-01 45 days 2,060 sqft
    2020-05-01 45 days 2,100 sqft
    2020-06-01 37 days 2,089 sqft
    2020-07-01 38 days 2,065 sqft
    2020-08-01 42 days 2,091 sqft
    2020-09-01 44 days 1,996 sqft
    2020-10-01 37 days 1,953 sqft
    2020-11-01 41 days 1,928 sqft
    2020-12-01 54 days 1,966 sqft
    2021-01-01 57 days 1,969 sqft
    2021-02-01 28 days 1,938 sqft
    2021-03-01 17 days 1,950 sqft
    2021-04-01 21 days 2,126 sqft
    2021-05-01 15 days 2,021 sqft
    2021-06-01 16 days 1,990 sqft
    2021-07-01 22 days 2,055 sqft
    2021-08-01 28 days 1,929 sqft
    2021-09-01 31 days 1,919 sqft
    2021-10-01 30 days 1,952 sqft
    2021-11-01 35 days 1,945 sqft
    2021-12-01 44 days 1,976 sqft
    2022-01-01 41 days 2,000 sqft
    2022-02-01 26 days 1,988 sqft
    2022-03-01 15 days 2,058 sqft
    2022-04-01 14 days 2,086 sqft
    2022-05-01 14 days 2,155 sqft
    2022-06-01 20 days 2,096 sqft
    2022-07-01 26 days 2,051 sqft
    2022-08-01 37 days 2,051 sqft
    2022-09-01 42 days 2,042 sqft
    2022-10-01 45 days 2,004 sqft
    2022-11-01 46 days 1,971 sqft
    2022-12-01 61 days 1,975 sqft
    2023-01-01 78 days 1,984 sqft
    2023-02-01 56 days 1,974 sqft
    2023-03-01 37 days 2,000 sqft
    2023-04-01 30 days 2,058 sqft
    2023-05-01 31 days 2,119 sqft
    2023-06-01 33 days 2,220 sqft
    2023-07-01 26 days 2,126 sqft
    2023-08-01 42 days 2,166 sqft
    2023-09-01 51 days 2,200 sqft
    2023-10-01 53 days 2,219 sqft
    2023-11-01 54 days 2,133 sqft
    2023-12-01 64 days 2,076 sqft
    2024-01-01 72 days 2,069 sqft
    2024-02-01 50 days 2,045 sqft
    2024-03-01 33 days 1,981 sqft
    Columbia's median listing age (time on market) for 2024-03-01 was 33 days. This is -11% shorter than the same period one year ago.

    Columbia's median square footage for active listings during the 2024-03-01 period was 1,981 sqft. One year prior, the average listing was 2,000 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).