Columbia FHA Loan Rates, Closing Costs & Stats

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 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 5.66% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

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

The average rate for the prior week (2024-09-27) was 5.95% and one month ago for the week of 2024-08-30, the average rate was 6.31%.

The average rate one year ago was 7.25%.

For refis of the same type during the week of 2024-10-04, the average rate was 5.45%.

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
2024-04-01 $402,200 (4.5%) $492,324 (6.3%) 0.94 370
2024-05-01 $428,125 (9.1%) $522,264 (10.0%) 0.97 400
2024-06-01 $425,000 (7.0%) $509,356 (7.4%) 0.96 441
2024-07-01 $413,650 (6.4%) $489,489 (6.6%) 0.95 469
2024-08-01 $412,500 (5.1%) $470,550 (1.2%) 0.96 488
2024-09-01 $395,950 (2.5%) $456,661 (-1.6%) 0.00 518
Columbia's median listing price for 2024-09-01 was $395,950, a difference of $9,700 (2.5%) versus the prior year and $-16,550 versus the prior month.

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

Columbia's average listing price for 2024-09-01 was $456,661, a difference of $-7,460 (-1.6%) versus the prior year and $-13,889 versus the prior month.

For the 2024-09-01 period, Columbia had 518 MLS listings, a difference of 30 listings (6%) versus the prior month and 104 listings (25%) 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 2,065 sqft
2024-02-01 50 days 2,045 sqft
2024-03-01 33 days 1,981 sqft
2024-04-01 32 days 2,012 sqft
2024-05-01 36 days 2,137 sqft
2024-06-01 36 days 2,129 sqft
2024-07-01 40 days 2,129 sqft
2024-08-01 44 days 2,101 sqft
2024-09-01 0 days 2,072 sqft
Columbia's median listing age (time on market) for 2024-09-01 was 0 days. This is -100% shorter than the same period one year ago.

Columbia's median square footage for active listings during the 2024-09-01 period was 2,072 sqft. One year prior, the average listing was 2,200 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).