Hays FHA Loan Rates, Closing Costs & Stats

Hays, 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.

    Hays's 12 lenders originated 23 FHA loans during 2023. The total origination value was $3,985,000, with an average FHA loan value of $173,261.

    Hays FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hays averaged -0.41% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Hays's average FHA mortgage closing costs are $5,915.

    The average rate for the prior week (2024-11-08) was 6.4% and one month ago for the week of 2024-10-11, the average rate was 5.8%.

    The average rate one year ago was 7.05%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

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

    Hays 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 Hays level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Sunflower Bank 5 6.04% $5,638
    QUICKEN LOANS, LLC 4 6.78% $8,213
    BROKER SOLUTIONS, INC. 1 5.75% $4,881
    Century Mortgage Company DBA Century Lending Company 1 5.88% $9,708
    Commerce Bank 1 7.88% $9,443
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $5,329
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $11,735
    FLAT BRANCH MORTGAGE, INC. 1 6.25% $11,412
    M&T Bank 1 6.25% $7,073
    Stride Bank 1 6.63% $7,562
    First Federal Bank 1 6.50% $7,368
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.75% $10,299

    The top Hays FHA lender as defined by loan originations is Sunflower Bank, with 5 FHA loans originated. Their average total fees are $5,638, which is $2,576 lower than the next largest lender, QUICKEN LOANS, LLC.

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

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

    Hays FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Hays (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 $165,725 (-1.9%) $201,106 (-2.7%) 0.00 175
    2018-02-01 $166,450 (-4.6%) $202,654 (-3.3%) 0.00 171
    2018-03-01 $169,900 (-2.5%) $203,097 (-2.9%) 0.00 161
    2018-04-01 $182,498 (4.9%) $208,775 (-1.1%) 0.00 168
    2018-05-01 $167,250 (-0.7%) $206,123 (-0.8%) 0.00 171
    2018-06-01 $169,900 (0.2%) $201,475 (-3.2%) 0.00 178
    2018-07-01 $166,175 (2.0%) $198,975 (-2.6%) 0.00 184
    2018-08-01 $150,175 (-10.8%) $193,567 (-5.6%) 0.00 191
    2018-09-01 $145,000 (-15.7%) $183,558 (-11.9%) 0.00 190
    2018-10-01 $138,425 (-16.1%) $173,040 (-15.6%) 0.00 184
    2018-11-01 $138,900 (-15.6%) $167,495 (-16.4%) 0.00 178
    2018-12-01 $138,900 (-15.8%) $160,621 (-19.9%) 0.00 177
    2019-01-01 $145,250 (-12.4%) $166,345 (-17.3%) 0.00 162
    2019-02-01 $139,700 (-16.1%) $163,792 (-19.2%) 0.00 165
    2019-03-01 $145,400 (-14.4%) $174,269 (-14.2%) 0.00 156
    2019-04-01 $150,050 (-17.8%) $185,684 (-11.1%) 0.00 147
    2019-05-01 $146,000 (-12.7%) $183,016 (-11.2%) 0.00 160
    2019-06-01 $146,500 (-13.8%) $179,297 (-11.0%) 0.00 168
    2019-07-01 $145,000 (-12.7%) $181,257 (-8.9%) 0.00 167
    2019-08-01 $146,305 (-2.6%) $178,205 (-7.9%) 0.00 161
    2019-09-01 $144,136 (-0.6%) $174,262 (-5.1%) 0.00 156
    2019-10-01 $143,341 (3.6%) $172,172 (-0.5%) 0.00 149
    2019-11-01 $144,900 (4.3%) $173,389 (3.5%) 0.00 140
    2019-12-01 $141,575 (1.9%) $177,982 (10.8%) 0.00 127
    2020-01-01 $139,975 (-3.6%) $178,885 (7.5%) 0.00 118
    2020-02-01 $140,000 (0.2%) $196,457 (19.9%) 0.00 117
    2020-03-01 $145,875 (0.3%) $207,813 (19.3%) 0.00 113
    2020-04-01 $148,000 (-1.4%) $211,198 (13.7%) 0.00 101
    2020-05-01 $150,000 (2.7%) $214,209 (17.0%) 0.00 93
    2020-06-01 $158,850 (8.4%) $228,090 (27.2%) 0.00 87
    2020-07-01 $170,400 (17.5%) $235,138 (29.7%) 0.00 90
    2020-08-01 $179,948 (23.0%) $244,776 (37.4%) 0.00 88
    2020-09-01 $168,675 (17.0%) $235,804 (35.3%) 0.00 85
    2020-10-01 $169,950 (18.6%) $249,473 (44.9%) 0.00 82
    2020-11-01 $167,175 (15.4%) $257,145 (48.3%) 0.00 61
    2020-12-01 $155,500 (9.8%) $252,778 (42.0%) 0.00 58
    2021-01-01 $157,000 (12.2%) $269,098 (50.4%) 0.00 50
    2021-02-01 $165,000 (17.9%) $272,976 (39.0%) 0.00 42
    2021-03-01 $212,225 (45.5%) $325,988 (56.9%) 0.00 39
    2021-04-01 $183,750 (24.2%) $279,603 (32.4%) 0.00 43
    2021-05-01 $182,500 (21.7%) $292,139 (36.4%) 0.00 49
    2021-06-01 $187,500 (18.0%) $273,289 (19.8%) 0.00 52
    2021-07-01 $179,000 (5.1%) $257,798 (9.6%) 0.00 46
    2021-08-01 $182,500 (1.4%) $256,083 (4.6%) 0.00 40
    2021-09-01 $183,750 (8.9%) $261,002 (10.7%) 0.00 45
    2021-10-01 $170,000 (0.0%) $264,580 (6.1%) 0.00 45
    2021-11-01 $165,475 (-1.0%) $260,341 (1.2%) 0.00 52
    2021-12-01 $162,475 (4.5%) $256,499 (1.5%) 0.00 43
    2022-01-01 $162,450 (3.5%) $265,088 (-1.5%) 0.00 28
    2022-02-01 $168,750 (2.3%) $328,035 (20.2%) 0.00 16
    2022-03-01 $195,450 (-7.9%) $287,506 (-11.8%) 0.00 24
    2022-04-01 $202,500 (10.2%) $287,930 (3.0%) 0.00 24
    2022-05-01 $212,500 (16.4%) $253,785 (-13.1%) 0.00 34
    2022-06-01 $178,250 (-4.9%) $240,606 (-12.0%) 0.00 42
    2022-07-01 $175,000 (-2.2%) $221,837 (-14.0%) 0.00 53
    2022-08-01 $165,000 (-9.6%) $256,853 (0.3%) 0.00 59
    2022-09-01 $166,750 (-9.3%) $258,103 (-1.1%) 0.00 55
    2022-10-01 $176,750 (4.0%) $274,872 (3.9%) 0.00 60
    2022-11-01 $180,750 (9.2%) $282,330 (8.5%) 0.00 50
    2022-12-01 $179,000 (10.2%) $287,828 (12.2%) 0.00 53
    2023-01-01 $179,975 (10.8%) $313,277 (18.2%) 0.00 50
    2023-02-01 $224,950 (33.3%) $344,033 (4.9%) 0.00 47
    2023-03-01 $229,950 (17.7%) $348,252 (21.1%) 0.00 47
    2023-04-01 $239,000 (18.0%) $359,898 (25.0%) 0.00 46
    2023-05-01 $239,500 (12.7%) $366,166 (44.3%) 0.00 51
    2023-06-01 $232,225 (30.3%) $355,086 (47.6%) 0.00 54
    2023-07-01 $257,450 (47.1%) $362,740 (63.5%) 0.00 53
    2023-08-01 $252,500 (53.0%) $349,337 (36.0%) 0.00 59
    2023-09-01 $241,500 (44.8%) $343,889 (33.2%) 0.00 62
    2023-10-01 $249,500 (41.2%) $341,472 (24.2%) 0.00 63
    2023-11-01 $233,700 (29.3%) $336,687 (19.3%) 0.00 60
    2023-12-01 $234,900 (31.2%) $339,829 (18.1%) 0.00 55
    2024-01-01 $232,125 (29.0%) $331,815 (5.9%) 0.00 54
    2024-02-01 $242,500 (7.8%) $352,110 (2.4%) 0.00 47
    2024-03-01 $236,000 (2.6%) $334,427 (-4.0%) 0.00 52
    2024-04-01 $237,375 (-0.7%) $342,404 (-4.9%) 0.00 60
    2024-05-01 $282,500 (18.0%) $360,714 (-1.5%) 0.00 63
    2024-06-01 $297,500 (28.1%) $359,294 (1.2%) 0.00 68
    2024-07-01 $251,250 (-2.4%) $358,147 (-1.3%) 0.00 75
    2024-08-01 $250,000 (-1.0%) $353,239 (1.1%) 0.00 77
    2024-09-01 $254,000 (5.2%) $350,092 (1.8%) 0.00 80
    2024-10-01 $244,500 (-2.0%) $346,992 (1.6%) 0.00 77
    Hays's median listing price for 2024-10-01 was $244,500, a difference of $-5,000 (-2.0%) versus the prior year and $-9,500 versus the prior month.

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

    Hays's average listing price for 2024-10-01 was $346,992, a difference of $5,520 (1.6%) versus the prior year and $-3,100 versus the prior month.

    For the 2024-10-01 period, Hays had 77 MLS listings, a difference of -3 listings (-4%) versus the prior month and 14 listings (22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Hays (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,121 sqft
    2018-02-01 0 days 2,142 sqft
    2018-03-01 0 days 2,177 sqft
    2018-04-01 0 days 2,244 sqft
    2018-05-01 0 days 2,169 sqft
    2018-06-01 0 days 2,110 sqft
    2018-07-01 0 days 2,107 sqft
    2018-08-01 0 days 2,087 sqft
    2018-09-01 0 days 2,080 sqft
    2018-10-01 0 days 2,002 sqft
    2018-11-01 0 days 1,908 sqft
    2018-12-01 0 days 1,924 sqft
    2019-01-01 0 days 2,004 sqft
    2019-02-01 0 days 1,897 sqft
    2019-03-01 0 days 1,952 sqft
    2019-04-01 0 days 2,016 sqft
    2019-05-01 0 days 2,018 sqft
    2019-06-01 0 days 1,973 sqft
    2019-07-01 0 days 1,945 sqft
    2019-08-01 0 days 1,889 sqft
    2019-09-01 0 days 1,856 sqft
    2019-10-01 0 days 1,826 sqft
    2019-11-01 0 days 1,878 sqft
    2019-12-01 0 days 1,832 sqft
    2020-01-01 0 days 1,789 sqft
    2020-02-01 0 days 1,890 sqft
    2020-03-01 0 days 1,906 sqft
    2020-04-01 0 days 1,914 sqft
    2020-05-01 0 days 1,900 sqft
    2020-06-01 0 days 1,825 sqft
    2020-07-01 0 days 1,742 sqft
    2020-08-01 0 days 2,197 sqft
    2020-09-01 0 days 1,947 sqft
    2020-10-01 0 days 1,959 sqft
    2020-11-01 0 days 1,946 sqft
    2020-12-01 0 days 1,915 sqft
    2021-01-01 0 days 1,911 sqft
    2021-02-01 0 days 1,854 sqft
    2021-03-01 0 days 1,927 sqft
    2021-04-01 0 days 1,820 sqft
    2021-05-01 0 days 1,797 sqft
    2021-06-01 0 days 1,928 sqft
    2021-07-01 0 days 1,824 sqft
    2021-08-01 0 days 1,844 sqft
    2021-09-01 0 days 1,846 sqft
    2021-10-01 0 days 1,808 sqft
    2021-11-01 0 days 1,803 sqft
    2021-12-01 0 days 1,828 sqft
    2022-01-01 0 days 1,821 sqft
    2022-02-01 0 days 1,892 sqft
    2022-03-01 0 days 1,967 sqft
    2022-04-01 0 days 2,158 sqft
    2022-05-01 0 days 2,076 sqft
    2022-06-01 0 days 2,075 sqft
    2022-07-01 0 days 1,920 sqft
    2022-08-01 0 days 1,811 sqft
    2022-09-01 0 days 1,775 sqft
    2022-10-01 0 days 1,849 sqft
    2022-11-01 0 days 1,849 sqft
    2022-12-01 0 days 1,848 sqft
    2023-01-01 0 days 1,858 sqft
    2023-02-01 0 days 1,947 sqft
    2023-03-01 0 days 1,895 sqft
    2023-04-01 0 days 2,136 sqft
    2023-05-01 0 days 2,307 sqft
    2023-06-01 0 days 2,385 sqft
    2023-07-01 0 days 2,399 sqft
    2023-08-01 0 days 2,393 sqft
    2023-09-01 0 days 2,280 sqft
    2023-10-01 0 days 2,322 sqft
    2023-11-01 0 days 2,289 sqft
    2023-12-01 0 days 2,188 sqft
    2024-01-01 0 days 2,184 sqft
    2024-02-01 0 days 2,333 sqft
    2024-03-01 0 days 2,195 sqft
    2024-04-01 0 days 2,238 sqft
    2024-05-01 0 days 2,350 sqft
    2024-06-01 0 days 2,284 sqft
    2024-07-01 0 days 2,272 sqft
    2024-08-01 0 days 2,285 sqft
    2024-09-01 0 days 2,128 sqft
    2024-10-01 0 days 2,128 sqft
    Hays's median listing age (time on market) for 2024-10-01 was 0 days.

    Hays's median square footage for active listings during the 2024-10-01 period was 2,128 sqft. One year prior, the average listing was 2,322 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).