Farmington FHA Loan Rates, Closing Costs & Stats

Farmington, 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.

    Farmington's 45 lenders originated 188 FHA loans during 2023. The total origination value was $32,710,000, with an average FHA loan value of $173,989.

    Farmington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Farmington averaged 6.74% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Farmington's average FHA mortgage closing costs are $6,092.

    The average rate for the prior week (2024-04-12) was 6.63% and one month ago for the week of 2024-03-15, the average rate was 6.9%.

    The average rate one year ago was 6.33%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Farmington 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 Farmington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 63 6.72% $8,062
    QUICKEN LOANS, LLC 14 6.39% $8,800
    GERSHMAN INVESTMENT CORP. 10 6.94% $7,836
    FLAT BRANCH MORTGAGE, INC. 10 6.51% $6,350
    PENNYMAC LOAN SERVICES, LLC 7 6.79% $7,491
    DAS Acquisition Company, LLC 7 7.11% $8,139
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.18% $7,408
    BROKER SOLUTIONS, INC. 6 6.73% $7,742
    UNITED WHOLESALE MORTGAGE, LLC 4 6.47% $8,404
    CARDINAL FINANCIAL 3 6.91% $11,337
    HOMESTAR FINANCIAL CORPORATION 3 7.04% $5,536
    AMERISAVE MORTGAGE CORPORATION 3 6.54% $7,631
    LAKEVIEW LOAN SERVICING, LLC 3 6.75% $8,723
    ACCESS CAPITAL FUNDING, L.L.C. 2 6.19% $5,794
    Carrington Mortgage Services, LLC 2 6.69% $6,934
    FAMILY FINANCE MORTGAGE, LLC 2 6.69% $6,234
    Flanagan State Bank 2 6.31% $15,268
    FREEDOM MORTGAGE CORPORATION 2 7.00% $7,840
    CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $9,922
    TruHome Solutions, LLC 2 6.00% $6,932
    JLB CORPORATION 2 6.25% $8,452
    TOP FLITE FINANCIAL, INC. 1 7.25% $15,691
    VERITAS FUNDING, LLC 1 6.63% $9,619
    VILLAGE CAPITAL MORTGAGE 1 7.25% $2,167
    Wells Fargo Bank 1 5.13% $15,257
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $11,315
    Commerce Bank 1 6.13% $2,969
    DELMAR FINANCIAL COMPANY 1 7.75% $9,546
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.25% $6,000
    EVANSVILLE TEACHERS 1 6.13% $4,266
    First Bank 1 6.00% $4,595
    HALLMARK HOME MORTGAGE, LLC 1 7.25% $9,871
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.13% $9,767
    LEADERONE FINANCIAL CORPORATION 1 7.13% $11,114
    LOANDEPOT.COM, LLC 1 6.63% $11,652
    LOANPAL, LLC 1 5.63% $7,774
    Mortgage Research Center, LLC 1 7.63% $11,215
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.63% $15,772
    Nations Lending Corporation 1 6.25% $12,274
    NEWREZ LLC 1 6.75% $6,388
    OPEN MORTGAGE, LLC 1 7.88% $10,919
    PENTAGON FEDERAL CREDIT UNION 1 5.88% $7,546
    PLANET HOME LENDING, LLC 1 6.63% $4,774
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $6,497
    ROYAL UNITED MORTGAGE LLC 1 7.25% $10,290

    The top Farmington FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 63 FHA loans originated. Their average total fees are $8,062, which is $738 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Farmington FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($6,350), GERSHMAN INVESTMENT CORP. ($7,836), GUILD MORTGAGE COMPANY ($8,062), QUICKEN LOANS, LLC ($8,800) and .

    The lowest rate Farmington FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.39%), FLAT BRANCH MORTGAGE, INC. (6.51%), GUILD MORTGAGE COMPANY (6.72%), GERSHMAN INVESTMENT CORP. (6.94%) and .

    Farmington FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FARMINGTON, MO ST. FRANCOIS 2022 $420,680 $538,650 $651,050 $809,150
    FARMINGTON, MO ST. FRANCOIS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Farmington (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 $131,300 (5.0%) $157,417 (2.6%) 0.00 256
    2018-02-01 $134,700 (11.8%) $154,876 (1.9%) 0.00 248
    2018-03-01 $135,500 (4.3%) $157,704 (-2.8%) 0.00 249
    2018-04-01 $132,675 (2.1%) $159,926 (-0.3%) 0.00 228
    2018-05-01 $134,900 (0.0%) $163,735 (-2.3%) 0.00 245
    2018-06-01 $137,500 (0.2%) $169,650 (1.8%) 0.00 256
    2018-07-01 $142,450 (3.2%) $178,726 (8.5%) 0.00 253
    2018-08-01 $153,650 (13.9%) $184,815 (17.0%) 0.00 236
    2018-09-01 $159,000 (20.0%) $186,301 (19.6%) 0.00 243
    2018-10-01 $153,650 (18.2%) $186,696 (18.6%) 0.00 235
    2018-11-01 $149,950 (15.6%) $192,361 (24.7%) 0.00 246
    2018-12-01 $149,900 (15.8%) $197,757 (28.0%) 0.00 246
    2019-01-01 $146,250 (11.4%) $200,619 (27.4%) 0.00 230
    2019-02-01 $142,925 (6.1%) $205,267 (32.5%) 0.00 217
    2019-03-01 $148,471 (9.6%) $212,515 (34.8%) 0.00 217
    2019-04-01 $153,471 (15.7%) $222,603 (39.2%) 0.00 206
    2019-05-01 $148,075 (9.8%) $217,213 (32.7%) 0.00 213
    2019-06-01 $164,450 (19.6%) $225,123 (32.7%) 0.00 203
    2019-07-01 $162,400 (14.0%) $222,647 (24.6%) 0.00 209
    2019-08-01 $159,927 (4.1%) $220,601 (19.4%) 0.00 210
    2019-09-01 $159,968 (0.6%) $217,543 (16.8%) 0.00 212
    2019-10-01 $159,945 (4.1%) $215,504 (15.4%) 0.00 216
    2019-11-01 $149,900 (0.0%) $208,709 (8.5%) 0.00 212
    2019-12-01 $140,925 (-6.0%) $200,474 (1.4%) 0.00 214
    2020-01-01 $144,400 (-1.3%) $207,719 (3.5%) 0.00 190
    2020-02-01 $149,000 (4.3%) $227,105 (10.6%) 0.00 177
    2020-03-01 $163,300 (10.0%) $251,231 (18.2%) 0.00 156
    2020-04-01 $169,950 (10.7%) $246,866 (10.9%) 0.00 158
    2020-05-01 $170,000 (14.8%) $267,815 (23.3%) 0.00 143
    2020-06-01 $170,438 (3.6%) $263,047 (16.9%) 0.00 130
    2020-07-01 $172,450 (6.2%) $252,074 (13.2%) 0.00 130
    2020-08-01 $179,900 (12.5%) $267,915 (21.5%) 0.00 109
    2020-09-01 $179,938 (12.5%) $262,190 (20.5%) 0.00 117
    2020-10-01 $177,000 (10.7%) $273,415 (26.9%) 0.00 124
    2020-11-01 $165,000 (10.1%) $228,407 (9.4%) 0.00 126
    2020-12-01 $156,175 (10.8%) $215,440 (7.5%) 0.00 111
    2021-01-01 $159,900 (10.7%) $222,200 (7.0%) 0.00 100
    2021-02-01 $163,200 (9.5%) $231,441 (1.9%) 0.00 73
    2021-03-01 $159,725 (-2.2%) $223,444 (-11.1%) 0.00 72
    2021-04-01 $181,200 (6.6%) $258,892 (4.9%) 0.00 66
    2021-05-01 $169,000 (-0.6%) $240,262 (-10.3%) 0.00 70
    2021-06-01 $151,225 (-11.3%) $222,979 (-15.2%) 0.00 84
    2021-07-01 $159,450 (-7.5%) $225,462 (-10.6%) 0.00 105
    2021-08-01 $177,450 (-1.4%) $235,609 (-12.1%) 0.00 116
    2021-09-01 $179,900 (0.0%) $243,853 (-7.0%) 0.00 115
    2021-10-01 $184,950 (4.5%) $256,360 (-6.2%) 0.00 126
    2021-11-01 $194,750 (18.0%) $276,393 (21.0%) 0.00 114
    2021-12-01 $194,625 (24.6%) $272,713 (26.6%) 0.00 107
    2022-01-01 $192,000 (20.1%) $269,679 (21.4%) 0.00 87
    2022-02-01 $193,950 (18.8%) $278,884 (20.5%) 0.00 82
    2022-03-01 $193,750 (21.3%) $284,584 (27.4%) 0.00 87
    2022-04-01 $199,900 (10.3%) $263,669 (1.8%) 0.00 78
    2022-05-01 $192,400 (13.9%) $251,958 (4.9%) 0.00 93
    2022-06-01 $199,900 (32.2%) $261,662 (17.4%) 0.00 100
    2022-07-01 $199,900 (25.4%) $257,820 (14.4%) 0.00 111
    2022-08-01 $194,950 (9.9%) $244,954 (4.0%) 0.00 134
    2022-09-01 $209,350 (16.4%) $255,534 (4.8%) 0.00 135
    2022-10-01 $197,450 (6.8%) $243,814 (-4.9%) 0.00 158
    2022-11-01 $207,450 (6.5%) $235,963 (-14.6%) 0.00 177
    2022-12-01 $214,900 (10.4%) $240,148 (-11.9%) 0.00 154
    2023-01-01 $197,675 (3.0%) $231,800 (-14.1%) 0.00 135
    2023-02-01 $207,400 (6.9%) $238,003 (-14.7%) 0.00 121
    2023-03-01 $219,900 (13.5%) $248,711 (-12.6%) 0.00 109
    2023-04-01 $199,900 (0.0%) $245,053 (-7.1%) 0.00 99
    2023-05-01 $223,700 (16.3%) $254,504 (1.0%) 0.00 94
    2023-06-01 $226,000 (13.1%) $270,900 (3.5%) 0.00 96
    2023-07-01 $232,900 (16.5%) $265,865 (3.1%) 0.00 102
    2023-08-01 $217,425 (11.5%) $250,847 (2.4%) 0.00 106
    2023-09-01 $219,200 (4.7%) $259,727 (1.6%) 0.00 130
    2023-10-01 $224,125 (13.5%) $257,249 (5.5%) 0.00 134
    2023-11-01 $219,725 (5.9%) $260,793 (10.5%) 0.00 139
    2023-12-01 $229,950 (7.0%) $255,132 (6.2%) 0.00 129
    2024-01-01 $242,000 (22.4%) $260,452 (12.4%) 0.00 123
    2024-02-01 $237,450 (14.5%) $261,030 (9.7%) 0.00 126
    2024-03-01 $235,000 (6.9%) $261,307 (5.1%) 0.00 131
    Farmington's median listing price for 2024-03-01 was $235,000, a difference of $15,100 (6.9%) versus the prior year and $-2,450 versus the prior month.

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

    Farmington's average listing price for 2024-03-01 was $261,307, a difference of $12,596 (5.1%) versus the prior year and $277 versus the prior month.

    For the 2024-03-01 period, Farmington had 131 MLS listings, a difference of 5 listings (4%) versus the prior month and 22 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Farmington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,423 sqft
    2018-02-01 0 days 1,379 sqft
    2018-03-01 0 days 1,358 sqft
    2018-04-01 0 days 1,359 sqft
    2018-05-01 0 days 1,398 sqft
    2018-06-01 0 days 1,414 sqft
    2018-07-01 0 days 1,433 sqft
    2018-08-01 0 days 1,472 sqft
    2018-09-01 0 days 1,459 sqft
    2018-10-01 0 days 1,437 sqft
    2018-11-01 0 days 1,437 sqft
    2018-12-01 0 days 1,428 sqft
    2019-01-01 0 days 1,418 sqft
    2019-02-01 0 days 1,411 sqft
    2019-03-01 0 days 1,472 sqft
    2019-04-01 0 days 1,534 sqft
    2019-05-01 0 days 1,525 sqft
    2019-06-01 0 days 1,504 sqft
    2019-07-01 0 days 1,487 sqft
    2019-08-01 0 days 1,480 sqft
    2019-09-01 0 days 1,491 sqft
    2019-10-01 0 days 1,499 sqft
    2019-11-01 0 days 1,489 sqft
    2019-12-01 0 days 1,481 sqft
    2020-01-01 0 days 1,484 sqft
    2020-02-01 0 days 1,496 sqft
    2020-03-01 0 days 1,646 sqft
    2020-04-01 0 days 1,688 sqft
    2020-05-01 0 days 1,738 sqft
    2020-06-01 0 days 1,710 sqft
    2020-07-01 0 days 1,631 sqft
    2020-08-01 0 days 1,636 sqft
    2020-09-01 0 days 1,643 sqft
    2020-10-01 0 days 1,701 sqft
    2020-11-01 0 days 1,616 sqft
    2020-12-01 0 days 1,554 sqft
    2021-01-01 0 days 1,509 sqft
    2021-02-01 0 days 1,523 sqft
    2021-03-01 0 days 1,462 sqft
    2021-04-01 0 days 1,525 sqft
    2021-05-01 0 days 1,624 sqft
    2021-06-01 0 days 1,505 sqft
    2021-07-01 0 days 1,524 sqft
    2021-08-01 0 days 1,597 sqft
    2021-09-01 0 days 1,620 sqft
    2021-10-01 0 days 1,583 sqft
    2021-11-01 0 days 1,620 sqft
    2021-12-01 0 days 1,541 sqft
    2022-01-01 0 days 1,584 sqft
    2022-02-01 0 days 1,535 sqft
    2022-03-01 0 days 1,497 sqft
    2022-04-01 0 days 1,500 sqft
    2022-05-01 0 days 1,514 sqft
    2022-06-01 0 days 1,535 sqft
    2022-07-01 0 days 1,468 sqft
    2022-08-01 0 days 1,468 sqft
    2022-09-01 0 days 1,519 sqft
    2022-10-01 0 days 1,519 sqft
    2022-11-01 0 days 1,499 sqft
    2022-12-01 0 days 1,517 sqft
    2023-01-01 0 days 1,517 sqft
    2023-02-01 0 days 1,503 sqft
    2023-03-01 0 days 1,493 sqft
    2023-04-01 0 days 1,560 sqft
    2023-05-01 0 days 1,724 sqft
    2023-06-01 0 days 1,775 sqft
    2023-07-01 0 days 1,718 sqft
    2023-08-01 0 days 1,606 sqft
    2023-09-01 0 days 1,586 sqft
    2023-10-01 0 days 1,628 sqft
    2023-11-01 0 days 1,639 sqft
    2023-12-01 0 days 1,600 sqft
    2024-01-01 0 days 1,600 sqft
    2024-02-01 0 days 1,606 sqft
    2024-03-01 0 days 1,645 sqft
    Farmington's median listing age (time on market) for 2024-03-01 was 0 days.

    Farmington's median square footage for active listings during the 2024-03-01 period was 1,645 sqft. One year prior, the average listing was 1,493 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).