Farmington FHA Loan Rates, Closing Costs & Stats
Farmington, 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.
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
0.29%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Farmington's average FHA mortgage closing costs are $6,092.
The average rate for the prior week (2024-11-22) was
6.78% and
one month ago for the week of 2024-10-25, the
average rate was 6.46%.
The average rate one year ago was 6.95%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.1%.
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.
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. LouisDate | 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 |
2024-04-01 | $239,075 (19.6%) | $270,583 (10.4%) | 0.00 | 133 |
2024-05-01 | $259,925 (16.2%) | $268,922 (5.7%) | 0.00 | 154 |
2024-06-01 | $249,900 (10.6%) | $273,107 (0.8%) | 0.00 | 157 |
2024-07-01 | $254,675 (9.4%) | $269,808 (1.5%) | 0.00 | 156 |
2024-08-01 | $249,900 (14.9%) | $266,464 (6.2%) | 0.00 | 154 |
2024-09-01 | $223,200 (1.8%) | $251,732 (-3.1%) | 0.00 | 156 |
2024-10-01 | $219,450 (-2.1%) | $249,948 (-2.8%) | 0.00 | 176 |
Farmington's median listing price comes in at 0% of the national average.
Farmington's average listing price for 2024-10-01 was $249,948, a difference of $-7,301 (-2.8%) versus the prior year and $-1,784 versus the prior month.
For the 2024-10-01 period, Farmington had 176 MLS listings, a difference of 20 listings (13%) versus the prior month and 42 listings (31%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Farmington (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-04-01 | 0 days | 1,627 sqft |
2024-05-01 | 0 days | 1,581 sqft |
2024-06-01 | 0 days | 1,573 sqft |
2024-07-01 | 0 days | 1,570 sqft |
2024-08-01 | 0 days | 1,573 sqft |
2024-09-01 | 0 days | 1,606 sqft |
2024-10-01 | 0 days | 1,802 sqft |
Farmington's median square footage for active listings during the 2024-10-01 period was 1,802 sqft. One year prior, the average listing was 1,628 sqft.