Garden City FHA Loan Rates, Closing Costs & Stats

Garden City, KS

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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.

    Garden City's 17 lenders originated 45 FHA loans during 2023. The total origination value was $10,275,000, with an average FHA loan value of $228,333.

    Garden City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Garden City averaged 6.78% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Garden City's average FHA mortgage closing costs are $6,829.

    The average rate for the prior week (2024-04-12) was 6.87% and one month ago for the week of 2024-03-15, the average rate was 6.64%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Garden City 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 Garden City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUARANTEED RATE, INC. 8 6.85% $10,505
    QUICKEN LOANS, LLC 7 6.40% $10,677
    UMB Bank 4 5.97% $7,655
    Landmark National Bank 4 6.63% $6,276
    AMERISAVE MORTGAGE CORPORATION 3 6.25% $12,303
    FREEDOM MORTGAGE CORPORATION 2 6.94% $13,605
    Paramount Residential Mortgage Group, Inc. 1 6.25% $10,322
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.63% $8,293
    TJC Mortgage, Inc. 1 5.88% $11,561
    UNION HOME MORTGAGE CORP. 1 6.38% $16,063
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $8,821
    Wells Fargo Bank 1 6.63% $9,843
    Commerce Bank 1 6.13% $5,486
    FLAT BRANCH MORTGAGE, INC. 1 7.75% $8,626
    Members Mortgage Services, L.L.C. 1 7.25% $7,789
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $20,966
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $13,194

    The top Garden City FHA lender as defined by loan originations is GUARANTEED RATE, INC., with 8 FHA loans originated. Their average total fees are $10,505, which is $172 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Garden City FHA lenders (with over 10 loans originated) are .

    The lowest rate Garden City FHA lenders (with over 10 loans originated) are .

    Garden City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    GARDEN CITY, KS FINNEY 2022 $420,680 $538,650 $651,050 $809,150
    GARDEN CITY, KS KEARNY 2022 $420,680 $538,650 $651,050 $809,150
    GARDEN CITY, KS FINNEY 2023 $472,030 $604,400 $730,525 $907,900
    GARDEN CITY, KS KEARNY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Garden City (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 $209,250 (-2.0%) $240,152 (2.0%) 0.00 76
    2018-02-01 $213,375 (-0.5%) $248,772 (1.3%) 0.00 73
    2018-03-01 $215,000 (-3.1%) $253,522 (1.3%) 0.00 70
    2018-04-01 $211,725 (-1.5%) $248,634 (-0.9%) 0.00 69
    2018-05-01 $214,000 (-1.7%) $250,368 (-4.6%) 0.00 75
    2018-06-01 $215,000 (-1.7%) $246,513 (-5.5%) 0.00 78
    2018-07-01 $218,450 (-0.7%) $255,416 (-5.5%) 0.00 79
    2018-08-01 $218,475 (-4.8%) $253,337 (-4.3%) 0.00 69
    2018-09-01 $219,450 (-2.5%) $263,349 (3.0%) 0.00 65
    2018-10-01 $219,950 (0.4%) $257,532 (2.0%) 0.00 75
    2018-11-01 $229,800 (6.3%) $265,960 (6.4%) 0.00 72
    2018-12-01 $229,500 (5.5%) $253,656 (1.4%) 0.00 75
    2019-01-01 $194,125 (-7.2%) $236,984 (-1.3%) 0.00 77
    2019-02-01 $213,100 (-0.1%) $244,479 (-1.7%) 0.00 71
    2019-03-01 $219,679 (2.2%) $250,984 (-1.0%) 0.00 68
    2019-04-01 $213,125 (0.7%) $240,682 (-3.2%) 0.00 71
    2019-05-01 $201,000 (-6.1%) $225,602 (-9.9%) 0.00 91
    2019-06-01 $192,250 (-10.6%) $233,828 (-5.2%) 0.00 86
    2019-07-01 $209,125 (-4.3%) $268,149 (5.0%) 0.00 93
    2019-08-01 $220,155 (0.8%) $269,180 (6.3%) 0.00 93
    2019-09-01 $236,886 (8.0%) $269,813 (2.5%) 0.00 98
    2019-10-01 $248,041 (12.8%) $270,235 (4.9%) 0.00 100
    2019-11-01 $242,500 (5.5%) $250,818 (-5.7%) 0.00 96
    2019-12-01 $234,925 (2.4%) $241,352 (-4.9%) 0.00 89
    2020-01-01 $232,475 (19.8%) $239,329 (1.0%) 0.00 84
    2020-02-01 $209,000 (-1.9%) $233,394 (-4.5%) 0.00 67
    2020-03-01 $212,950 (-3.1%) $232,302 (-7.4%) 0.00 70
    2020-04-01 $196,075 (-8.0%) $227,224 (-5.6%) 0.00 74
    2020-05-01 $218,000 (8.5%) $240,513 (6.6%) 0.00 69
    2020-06-01 $225,500 (17.3%) $249,719 (6.8%) 0.00 58
    2020-07-01 $238,225 (13.9%) $248,994 (-7.1%) 0.00 47
    2020-08-01 $247,450 (12.4%) $267,679 (-0.6%) 0.00 39
    2020-09-01 $232,250 (-2.0%) $251,934 (-6.6%) 0.00 41
    2020-10-01 $239,900 (-3.3%) $259,793 (-3.9%) 0.00 39
    2020-11-01 $242,000 (-0.2%) $273,019 (8.9%) 0.00 45
    2020-12-01 $218,675 (-6.9%) $245,740 (1.8%) 0.00 52
    2021-01-01 $224,700 (-3.3%) $255,166 (6.6%) 0.00 47
    2021-02-01 $240,425 (15.0%) $262,541 (12.5%) 0.00 46
    2021-03-01 $244,450 (14.8%) $267,029 (15.0%) 0.00 35
    2021-04-01 $235,950 (20.3%) $267,664 (17.8%) 0.00 26
    2021-05-01 $245,000 (12.4%) $263,663 (9.6%) 0.00 24
    2021-06-01 $244,000 (8.2%) $246,596 (-1.3%) 0.00 19
    2021-07-01 $258,900 (8.7%) $277,664 (11.5%) 0.00 30
    2021-08-01 $223,725 (-9.6%) $272,135 (1.7%) 0.00 34
    2021-09-01 $222,500 (-4.2%) $280,726 (11.4%) 0.00 31
    2021-10-01 $220,000 (-8.3%) $274,161 (5.5%) 0.00 29
    2021-11-01 $219,750 (-9.2%) $277,199 (1.5%) 0.00 30
    2021-12-01 $216,475 (-1.0%) $272,234 (10.8%) 0.00 26
    2022-01-01 $185,000 (-17.7%) $261,230 (2.4%) 0.00 29
    2022-02-01 $247,250 (2.8%) $274,507 (4.6%) 0.00 30
    2022-03-01 $251,225 (2.8%) $276,924 (3.7%) 0.00 28
    2022-04-01 $263,000 (11.5%) $278,247 (4.0%) 0.00 29
    2022-05-01 $258,975 (5.7%) $296,361 (12.4%) 0.00 33
    2022-06-01 $282,000 (15.6%) $309,275 (25.4%) 0.00 45
    2022-07-01 $304,288 (17.5%) $358,159 (29.0%) 0.00 45
    2022-08-01 $319,594 (42.9%) $356,187 (30.9%) 0.00 51
    2022-09-01 $329,900 (48.3%) $353,009 (25.8%) 0.00 50
    2022-10-01 $297,450 (35.2%) $325,312 (18.7%) 0.00 55
    2022-11-01 $294,100 (33.8%) $305,671 (10.3%) 0.00 52
    2022-12-01 $269,900 (24.7%) $284,727 (4.6%) 0.00 46
    2023-01-01 $268,000 (44.9%) $276,599 (5.9%) 0.00 45
    2023-02-01 $266,000 (7.6%) $272,014 (-0.9%) 0.00 51
    2023-03-01 $269,000 (7.1%) $278,060 (0.4%) 0.00 55
    2023-04-01 $256,150 (-2.6%) $274,506 (-1.3%) 0.00 59
    2023-05-01 $259,575 (0.2%) $278,469 (-6.0%) 0.00 64
    2023-06-01 $255,250 (-9.5%) $273,307 (-11.6%) 0.00 76
    2023-07-01 $259,000 (-14.9%) $270,176 (-24.6%) 0.00 67
    2023-08-01 $262,500 (-17.9%) $272,126 (-23.6%) 0.00 70
    2023-09-01 $280,000 (-15.1%) $279,868 (-20.7%) 0.00 69
    2023-10-01 $280,000 (-5.9%) $281,467 (-13.5%) 0.00 81
    2023-11-01 $279,925 (-4.8%) $280,217 (-8.3%) 0.00 89
    2023-12-01 $279,900 (3.7%) $278,474 (-2.2%) 0.00 89
    2024-01-01 $283,675 (5.9%) $279,606 (1.1%) 0.00 91
    2024-02-01 $274,475 (3.2%) $276,431 (1.6%) 0.00 86
    2024-03-01 $279,900 (4.1%) $282,479 (1.6%) 0.00 87
    Garden City's median listing price for 2024-03-01 was $279,900, a difference of $10,900 (4.1%) versus the prior year and $5,425 versus the prior month.

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

    Garden City's average listing price for 2024-03-01 was $282,479, a difference of $4,419 (1.6%) versus the prior year and $6,048 versus the prior month.

    For the 2024-03-01 period, Garden City had 87 MLS listings, a difference of 1 listings (1%) versus the prior month and 32 listings (58%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Garden City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,463 sqft
    2018-02-01 0 days 1,418 sqft
    2018-03-01 0 days 1,430 sqft
    2018-04-01 0 days 1,415 sqft
    2018-05-01 0 days 1,437 sqft
    2018-06-01 0 days 1,466 sqft
    2018-07-01 0 days 1,510 sqft
    2018-08-01 0 days 1,505 sqft
    2018-09-01 0 days 1,524 sqft
    2018-10-01 0 days 1,535 sqft
    2018-11-01 0 days 1,621 sqft
    2018-12-01 0 days 1,664 sqft
    2019-01-01 0 days 1,422 sqft
    2019-02-01 0 days 1,433 sqft
    2019-03-01 0 days 1,541 sqft
    2019-04-01 0 days 1,530 sqft
    2019-05-01 0 days 1,368 sqft
    2019-06-01 0 days 1,423 sqft
    2019-07-01 0 days 1,500 sqft
    2019-08-01 0 days 1,482 sqft
    2019-09-01 0 days 1,428 sqft
    2019-10-01 0 days 1,392 sqft
    2019-11-01 0 days 1,425 sqft
    2019-12-01 0 days 1,388 sqft
    2020-01-01 0 days 1,381 sqft
    2020-02-01 0 days 1,393 sqft
    2020-03-01 0 days 1,379 sqft
    2020-04-01 0 days 1,361 sqft
    2020-05-01 0 days 1,383 sqft
    2020-06-01 0 days 1,407 sqft
    2020-07-01 0 days 1,462 sqft
    2020-08-01 0 days 1,586 sqft
    2020-09-01 0 days 1,519 sqft
    2020-10-01 0 days 1,454 sqft
    2020-11-01 0 days 1,489 sqft
    2020-12-01 0 days 1,356 sqft
    2021-01-01 0 days 1,353 sqft
    2021-02-01 0 days 1,428 sqft
    2021-03-01 0 days 1,474 sqft
    2021-04-01 0 days 1,476 sqft
    2021-05-01 0 days 1,384 sqft
    2021-06-01 0 days 1,346 sqft
    2021-07-01 0 days 1,353 sqft
    2021-08-01 0 days 1,326 sqft
    2021-09-01 0 days 1,349 sqft
    2021-10-01 0 days 1,426 sqft
    2021-11-01 0 days 1,360 sqft
    2021-12-01 0 days 1,349 sqft
    2022-01-01 0 days 1,318 sqft
    2022-02-01 0 days 1,484 sqft
    2022-03-01 0 days 1,389 sqft
    2022-04-01 0 days 1,388 sqft
    2022-05-01 0 days 1,349 sqft
    2022-06-01 0 days 1,385 sqft
    2022-07-01 0 days 1,386 sqft
    2022-08-01 0 days 1,520 sqft
    2022-09-01 0 days 1,511 sqft
    2022-10-01 0 days 1,488 sqft
    2022-11-01 0 days 1,411 sqft
    2022-12-01 0 days 1,368 sqft
    2023-01-01 0 days 1,375 sqft
    2023-02-01 0 days 1,352 sqft
    2023-03-01 0 days 1,367 sqft
    2023-04-01 0 days 1,376 sqft
    2023-05-01 0 days 1,409 sqft
    2023-06-01 0 days 1,310 sqft
    2023-07-01 0 days 1,375 sqft
    2023-08-01 0 days 1,348 sqft
    2023-09-01 0 days 1,348 sqft
    2023-10-01 0 days 1,307 sqft
    2023-11-01 0 days 1,342 sqft
    2023-12-01 0 days 1,342 sqft
    2024-01-01 0 days 1,346 sqft
    2024-02-01 0 days 1,350 sqft
    2024-03-01 0 days 1,332 sqft
    Garden City's median listing age (time on market) for 2024-03-01 was 0 days.

    Garden City's median square footage for active listings during the 2024-03-01 period was 1,332 sqft. One year prior, the average listing was 1,367 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).