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 6.64% for the week of 2024-07-12, compared to the national average (all FHA variants) of 6.655% for the same period.

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

The average rate for the prior week (2024-07-05) was 6.71% and one month ago for the week of 2024-06-07, the average rate was 6.99%.

The average rate one year ago was 6.99%.

For refis of the same type during the week of 2024-07-12, the average rate was 6.46%.

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
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
Farmington's median listing price for 2024-06-01 was $249,900, a difference of $23,900 (10.6%) versus the prior year and $-10,025 versus the prior month.

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

Farmington's average listing price for 2024-06-01 was $273,107, a difference of $2,207 (0.8%) versus the prior year and $4,185 versus the prior month.

For the 2024-06-01 period, Farmington had 157 MLS listings, a difference of 3 listings (2%) versus the prior month and 61 listings (64%) 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
2024-04-01 0 days 1,627 sqft
2024-05-01 0 days 1,581 sqft
2024-06-01 0 days 1,573 sqft
Farmington's median listing age (time on market) for 2024-06-01 was 0 days.

Farmington's median square footage for active listings during the 2024-06-01 period was 1,573 sqft. One year prior, the average listing was 1,775 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).