Columbia FHA Loans

COLUMBIA, MO

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 69 lenders originated 599 FHA loans during 2021. The total origination value was $111,955,000, with an average FHA loan value of $186,903.

Columbia FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Columbia averaged 5.12% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.47% and one month ago for the week of 2022-07-01, the average rate was 5.45%.

The average rate one year ago was 2.86%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.12%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Columbia level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FLAT BRANCH MORTGAGE, INC. 172 3.13% $5,594
DAS Acquisition Company, LLC 91 3.55% $6,328
QUICKEN LOANS, LLC 57 2.70% $5,926
Midwest Mortgage Associates Corporation 30 2.94% $7,920
LAKEVIEW LOAN SERVICING, LLC 18 3.12% $3,932
FREEDOM MORTGAGE CORPORATION 15 2.86% $4,001
The Central Trust Bank 14 3.13% $6,536
PENNYMAC LOAN SERVICES, LLC 13 3.07% $4,370
Mr. Cooper ( Nationstar Mortgage ) 10 3.39% $2,293
Mortgage Research Center, LLC 10 2.98% $5,730
COMMUNITY MORTGAGE, LLC 8 2.89% $6,006
VILLAGE CAPITAL & INVESTMENT LLC 8 3.20% $1,691
BROKER SOLUTIONS, INC. 7 2.89% $6,202
CALIBER HOME LOANS, INC. 6 2.58% $3,784
GERSHMAN INVESTMENT CORP. 6 3.10% $5,148
Magnolia Bank 6 2.88% $6,288
HOME POINT FINANCIAL CORPORATION 4 2.87% $4,681
FIRST INTEGRITY MORTGAGE SERVICES, INC. 4 3.81% $4,443
Carrington Mortgage Services, LLC 3 3.08% $4,827
AMERICAN FINANCIAL NETWORK, INC. 3 2.96% $12,546
CMG MORTGAGE, INC. 3 2.83% $5,860
ON Q FINANCIAL, INC. 3 2.96% $5,893
UNITED WHOLESALE MORTGAGE, LLC 2 2.88% $4,968
Citizens Bank 2 2.88% $5,341
NEWREZ LLC 2 2.88% $3,154
Commerce Bank 2 3.44% $5,663
AMERICAN FINANCING CORPORATION 2 2.94% $5,577
MUTUAL OF OMAHA MORTGAGE, INC. 2 3.44% $4,817
Bell Bank 2 3.25% $5,766
AMERISAVE MORTGAGE CORPORATION 2 2.94% $10,500
TOP FLITE FINANCIAL, INC. 2 3.19% $12,391
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.63% $5,050
Prosperity Home Mortgage, LLC 1 3.25% $6,314
Regions Bank 1 3.13% $9,375
SOUTHWEST STAGE FUNDING, LLC 1 2.75% $3,076
UNION HOME MORTGAGE CORP. 1 3.13% $5,117
U.S. Bank 1 3.13% $4,098
RED DIAMOND HOME LOANS, LLC 1 2.75% $7,380
American Mortgage & Equity Consultants, Inc. 1 2.75% $7,882
Bank of America 1 3.25% $0
BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $7,997
BETTER MORTGAGE CORPORATION 1 3.25% $5,203
BNC National Bank 1 2.75% $6,382
CHURCHILL MORTGAGE CORPORATION 1 3.00% $6,545
CROSSCOUNTRY MORTGAGE, LLC 1 2.75% $8,757
ENDEAVOR CAPITAL, LLC. 1 3.50% $7,714
Equity Prime Mortgage LLC 1 2.88% $12,995
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.25% $7,810
FAMILY FINANCE MORTGAGE, LLC 1 3.25% $4,923
First Bank 1 2.75% $5,310
First Guaranty Mortgage Corporation 1 2.75% $5,367
Flagstar Bank, FSB 1 2.75% $5,027
GENEVA FINANCIAL, LLC 1 3.00% $8,565
Great Southern Bank 1 2.75% $5,163
GSF Mortgage Corporation 1 2.75% $5,697
GUARANTEED RATE AFFINITY, LLC 1 2.75% $5,455
GUILD MORTGAGE COMPANY 1 2.88% $5,769
Hometown Equity Mortgage, LLC 1 2.50% $7,295
Ixonia Bank 1 3.75% $7,610
LEADERONE FINANCIAL CORPORATION 1 3.00% $6,893
LOANDEPOT.COM, LLC 1 4.25% $10,272
Low VA Rates, LLC 1 2.50% $6,432
Mid-Continent Funding, Inc. 1 3.25% $3,887
MOVEMENT MORTGAGE, LLC 1 2.88% $6,543
NBKC BANK 1 2.88% $7,654
North American Savings Bank, F.S.B. 1 2.38% $7,968
Northpointe Bank 1 2.63% $5,716
Paramount Residential Mortgage Group, Inc. 1 3.75% $4,145
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.50% $6,402

The top Columbia FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 172 FHA loans originated. Their average total fees are $5,594, which is $734 lower than the next largest lender, DAS Acquisition Company, LLC.

The lowest fee Columbia FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,293), LAKEVIEW LOAN SERVICING, LLC ($3,932), FREEDOM MORTGAGE CORPORATION ($4,001), PENNYMAC LOAN SERVICES, LLC ($4,370) and FLAT BRANCH MORTGAGE, INC. ($5,594).

The lowest rate Columbia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.70%), FREEDOM MORTGAGE CORPORATION (2.86%), Midwest Mortgage Associates Corporation (2.94%), Mortgage Research Center, LLC (2.98%) and PENNYMAC LOAN SERVICES, LLC (3.07%).

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

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 $229,400 (5.1%) $284,052 (4.1%) 0.84 719
2018-02-01 $232,450 (3.3%) $288,106 (1.4%) 0.84 721
2018-03-01 $241,900 (0.4%) $291,176 (-0.8%) 0.84 790
2018-04-01 $251,950 (-1.2%) $298,021 (-1.2%) 0.85 819
2018-05-01 $263,850 (3.0%) $301,694 (-2.7%) 0.88 867
2018-06-01 $259,000 (0.7%) $302,105 (-4.1%) 0.86 867
2018-07-01 $249,950 (0.0%) $300,210 (-1.5%) 0.83 873
2018-08-01 $247,450 (2.7%) $295,407 (-0.8%) 0.83 916
2018-09-01 $243,000 (5.7%) $286,152 (-0.9%) 0.81 971
2018-10-01 $239,450 (4.2%) $283,217 (-1.7%) 0.80 1,021
2018-11-01 $236,950 (4.9%) $279,959 (-1.2%) 0.79 945
2018-12-01 $237,900 (3.5%) $282,741 (0.8%) 0.81 871
2019-01-01 $238,950 (4.2%) $289,714 (2.0%) 0.82 774
2019-02-01 $237,200 (2.0%) $289,643 (0.5%) 0.79 787
2019-03-01 $246,671 (2.0%) $297,924 (2.3%) 0.80 772
2019-04-01 $255,371 (1.4%) $306,933 (3.0%) 0.80 753
2019-05-01 $255,900 (-3.0%) $305,090 (1.1%) 0.79 772
2019-06-01 $250,000 (-3.5%) $309,050 (2.3%) 0.77 785
2019-07-01 $252,450 (1.0%) $310,071 (3.3%) 0.78 796
2019-08-01 $252,586 (2.1%) $303,900 (2.9%) 0.79 763
2019-09-01 $249,700 (2.8%) $301,740 (5.5%) 0.79 722
2019-10-01 $249,950 (4.4%) $303,641 (7.2%) 0.80 722
2019-11-01 $249,900 (5.5%) $303,373 (8.4%) 0.81 692
2019-12-01 $246,000 (3.4%) $304,698 (7.8%) 0.82 617
2020-01-01 $243,500 (1.9%) $301,679 (4.1%) 0.81 550
2020-02-01 $249,900 (5.4%) $306,067 (5.7%) 0.81 517
2020-03-01 $254,900 (3.3%) $314,035 (5.4%) 0.80 536
2020-04-01 $275,500 (7.9%) $330,197 (7.6%) 0.86 488
2020-05-01 $272,000 (6.3%) $326,578 (7.0%) 0.82 461
2020-06-01 $282,400 (13.0%) $345,939 (11.9%) 0.82 448
2020-07-01 $290,000 (14.9%) $353,155 (13.9%) 0.83 424
2020-08-01 $285,000 (12.8%) $344,989 (13.5%) 0.81 416
2020-09-01 $277,950 (11.3%) $329,345 (9.2%) 0.79 389
2020-10-01 $255,000 (2.0%) $323,195 (6.4%) 0.73 375
2020-11-01 $247,000 (-1.2%) $326,366 (7.6%) 0.71 359
2020-12-01 $251,150 (2.1%) $341,750 (12.2%) 0.74 315
2021-01-01 $259,900 (6.7%) $368,780 (22.2%) 0.76 233
2021-02-01 $252,500 (1.0%) $393,501 (28.6%) 0.73 188
2021-03-01 $274,900 (7.9%) $380,647 (21.2%) 0.77 199
2021-04-01 $299,500 (8.7%) $390,734 (18.3%) 0.80 179
2021-05-01 $275,000 (1.1%) $370,606 (13.5%) 0.72 213
2021-06-01 $282,450 (0.0%) $380,274 (9.9%) 0.73 255
2021-07-01 $279,900 (-3.5%) $357,895 (1.3%) 0.73 307
2021-08-01 $269,950 (-5.3%) $350,189 (1.5%) 0.71 305
2021-09-01 $264,450 (-4.9%) $341,650 (3.7%) 0.70 297
2021-10-01 $279,900 (9.8%) $351,658 (8.8%) 0.74 292
2021-11-01 $279,900 (13.3%) $355,898 (9.1%) 0.74 250
2021-12-01 $286,950 (14.3%) $362,160 (6.0%) 0.77 220
2022-01-01 $331,600 (27.6%) $384,179 (4.2%) 0.88 161
2022-02-01 $337,500 (33.7%) $403,448 (2.5%) 0.86 150
2022-03-01 $317,450 (15.5%) $400,540 (5.2%) 0.78 170
2022-04-01 $349,000 (16.5%) $419,068 (7.3%) 0.82 188
2022-05-01 $349,950 (27.3%) $439,528 (18.6%) 0.78 250
2022-06-01 $350,000 (23.9%) $440,746 (15.9%) 0.78 293
Columbia's median listing price for 2022-06-01 was $350,000, a difference of $67,550 (23.9%) versus the prior year and $50 versus the prior month.

Columbia's median listing price comes in at 78% of the national average.

Columbia's average listing price for 2022-06-01 was $440,746, a difference of $60,472 (15.9%) versus the prior year and $1,218 versus the prior month.

For the 2022-06-01 period, Columbia had 293 MLS listings, a difference of 43 listings (17%) versus the prior month and 38 listings (15%) 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 78 days 2,001 sqft
2018-02-01 70 days 2,042 sqft
2018-03-01 53 days 2,092 sqft
2018-04-01 45 days 2,211 sqft
2018-05-01 49 days 2,269 sqft
2018-06-01 56 days 2,257 sqft
2018-07-01 64 days 2,265 sqft
2018-08-01 65 days 2,214 sqft
2018-09-01 63 days 2,166 sqft
2018-10-01 66 days 2,156 sqft
2018-11-01 77 days 2,110 sqft
2018-12-01 89 days 2,078 sqft
2019-01-01 99 days 2,002 sqft
2019-02-01 93 days 1,992 sqft
2019-03-01 45 days 2,094 sqft
2019-04-01 40 days 2,200 sqft
2019-05-01 48 days 2,210 sqft
2019-06-01 56 days 2,235 sqft
2019-07-01 57 days 2,141 sqft
2019-08-01 66 days 2,137 sqft
2019-09-01 66 days 2,140 sqft
2019-10-01 63 days 2,153 sqft
2019-11-01 67 days 2,090 sqft
2019-12-01 76 days 2,043 sqft
2020-01-01 85 days 1,920 sqft
2020-02-01 62 days 1,942 sqft
2020-03-01 40 days 1,957 sqft
2020-04-01 45 days 2,100 sqft
2020-05-01 52 days 2,142 sqft
2020-06-01 39 days 2,126 sqft
2020-07-01 41 days 2,090 sqft
2020-08-01 42 days 2,112 sqft
2020-09-01 44 days 1,993 sqft
2020-10-01 39 days 1,945 sqft
2020-11-01 39 days 1,872 sqft
2020-12-01 54 days 1,867 sqft
2021-01-01 62 days 1,869 sqft
2021-02-01 28 days 1,882 sqft
2021-03-01 18 days 1,885 sqft
2021-04-01 23 days 2,103 sqft
2021-05-01 15 days 1,955 sqft
2021-06-01 20 days 1,966 sqft
2021-07-01 22 days 2,046 sqft
2021-08-01 30 days 1,930 sqft
2021-09-01 32 days 1,907 sqft
2021-10-01 35 days 1,994 sqft
2021-11-01 37 days 1,945 sqft
2021-12-01 53 days 1,956 sqft
2022-01-01 53 days 2,030 sqft
2022-02-01 26 days 1,943 sqft
2022-03-01 16 days 2,033 sqft
2022-04-01 15 days 2,094 sqft
2022-05-01 14 days 2,167 sqft
2022-06-01 19 days 2,114 sqft
Columbia's median listing age (time on market) for 2022-06-01 was 19 days. This is -5% shorter than the same period one year ago.

Columbia's median square footage for active listings during the 2022-06-01 period was 2,114 sqft. One year prior, the average listing was 1,966 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).