Hutchinson FHA Loan Rates, Closing Costs & Stats

Hutchinson, KS

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.

Hutchinson's 29 lenders originated 110 FHA loans during 2023. The total origination value was $16,040,000, with an average FHA loan value of $145,818.

Hutchinson FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hutchinson averaged 0.15% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Hutchinson's average FHA mortgage closing costs are $5,226.

The average rate for the prior week (2024-11-22) was 6.74% and one month ago for the week of 2024-10-25, the average rate was 6.62%.

The average rate one year ago was 7.01%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.2%.

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

Hutchinson 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 Hutchinson level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
PRIMARY RESIDENTIAL MORTGAGE, INC. 30 7.04% $8,028
QUICKEN LOANS, LLC 12 6.56% $7,754
OPEN MORTGAGE, LLC 7 7.05% $6,628
FLAT BRANCH MORTGAGE, INC. 6 6.56% $6,574
Gateway First Bank 4 7.13% $6,780
Members Mortgage Services, L.L.C. 3 6.04% $4,530
PENNYMAC LOAN SERVICES, LLC 3 6.00% $7,503
Sierra Pacific Mortgage Company, Inc. 3 6.79% $7,455
FREEDOM MORTGAGE CORPORATION 2 7.25% $10,409
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.50% $8,060
CROSSCOUNTRY MORTGAGE, LLC 2 6.06% $12,620
Mortgage Research Center, LLC 2 7.19% $5,089
UNITED WHOLESALE MORTGAGE, LLC 2 6.50% $6,275
LOANDEPOT.COM, LLC 2 6.62% $7,112
AMERICAN FINANCIAL NETWORK, INC. 1 8.00% $6,295
ZILLOW HOME LOANS, LLC 1 7.63% $7,604
AmRes Corporation 1 7.50% $9,037
BM Real Estate Services, Inc. 1 7.13% $7,239
CORNERSTONE HOME LENDING, INC. 1 7.38% $9,941
CREDIT UNION OF AMERICA 1 6.25% $3,457
Flagstar Bank, FSB 1 6.75% $8,675
GSF Mortgage Corporation 1 6.13% $5,414
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $9,032
LEADERONE FINANCIAL CORPORATION 1 6.13% $14,176
Neighborhood Loans, Inc. 1 6.75% $5,810
NEWREZ LLC 1 6.25% $7,444
Plains Commerce Bank 1 6.63% $5,605
PLANET HOME LENDING, LLC 1 6.25% $5,522
US MORTGAGE CORPORATION 1 6.75% $8,042

The top Hutchinson FHA lender as defined by loan originations is PRIMARY RESIDENTIAL MORTGAGE, INC., with 30 FHA loans originated. Their average total fees are $8,028, which is $274 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Hutchinson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,754), PRIMARY RESIDENTIAL MORTGAGE, INC. ($8,028), .

The lowest rate Hutchinson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.56%), PRIMARY RESIDENTIAL MORTGAGE, INC. (7.04%), .

Hutchinson FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hutchinson (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 $99,438 (4.7%) $144,853 (3.1%) 0.00 250
2018-02-01 $99,925 (-5.2%) $144,397 (-2.4%) 0.00 236
2018-03-01 $105,950 (-1.7%) $146,945 (0.3%) 0.00 239
2018-04-01 $106,725 (-8.8%) $147,406 (-3.3%) 0.00 247
2018-05-01 $110,550 (-4.9%) $154,421 (0.5%) 0.00 259
2018-06-01 $115,000 (-0.4%) $159,645 (2.1%) 0.00 283
2018-07-01 $119,050 (3.5%) $170,224 (8.4%) 0.00 281
2018-08-01 $115,000 (4.6%) $169,026 (13.5%) 0.00 283
2018-09-01 $115,900 (0.1%) $174,397 (16.2%) 0.00 275
2018-10-01 $115,750 (-0.8%) $172,155 (11.2%) 0.00 286
2018-11-01 $112,700 (0.2%) $166,216 (9.4%) 0.00 283
2018-12-01 $108,250 (-1.5%) $165,831 (10.9%) 0.00 266
2019-01-01 $104,300 (4.9%) $160,020 (10.5%) 0.00 249
2019-02-01 $101,550 (1.6%) $159,180 (10.2%) 0.00 224
2019-03-01 $109,714 (3.6%) $172,236 (17.2%) 0.00 216
2019-04-01 $115,000 (7.8%) $179,391 (21.7%) 0.00 217
2019-05-01 $125,000 (13.1%) $184,140 (19.3%) 0.00 218
2019-06-01 $109,900 (-4.4%) $176,680 (10.7%) 0.00 214
2019-07-01 $99,700 (-16.3%) $167,023 (-1.9%) 0.00 238
2019-08-01 $102,745 (-10.7%) $168,505 (-0.3%) 0.00 240
2019-09-01 $108,514 (-6.4%) $172,901 (-0.9%) 0.00 239
2019-10-01 $113,750 (-1.7%) $176,092 (2.3%) 0.00 239
2019-11-01 $112,000 (-0.6%) $172,310 (3.7%) 0.00 254
2019-12-01 $99,950 (-7.7%) $168,519 (1.6%) 0.00 245
2020-01-01 $99,900 (-4.2%) $164,911 (3.1%) 0.00 231
2020-02-01 $99,900 (-1.6%) $161,884 (1.7%) 0.00 228
2020-03-01 $105,750 (-3.6%) $167,924 (-2.5%) 0.00 203
2020-04-01 $107,700 (-6.4%) $169,338 (-5.6%) 0.00 176
2020-05-01 $114,900 (-8.1%) $177,732 (-3.5%) 0.00 151
2020-06-01 $102,313 (-6.9%) $192,159 (8.8%) 0.00 129
2020-07-01 $121,475 (21.8%) $201,010 (20.4%) 0.00 131
2020-08-01 $119,900 (16.7%) $204,966 (21.6%) 0.00 106
2020-09-01 $119,900 (10.5%) $195,525 (13.1%) 0.00 108
2020-10-01 $104,500 (-8.1%) $170,054 (-3.4%) 0.00 107
2020-11-01 $92,935 (-17.0%) $159,007 (-7.7%) 0.00 96
2020-12-01 $109,950 (10.0%) $175,135 (3.9%) 0.00 89
2021-01-01 $94,900 (-5.0%) $168,918 (2.4%) 0.00 65
2021-02-01 $99,900 (0.0%) $158,046 (-2.4%) 0.00 46
2021-03-01 $106,975 (1.2%) $200,450 (19.4%) 0.00 44
2021-04-01 $114,325 (6.2%) $193,806 (14.5%) 0.00 54
2021-05-01 $139,950 (21.8%) $217,868 (22.6%) 0.00 51
2021-06-01 $135,800 (32.7%) $220,486 (14.7%) 0.00 61
2021-07-01 $140,000 (15.3%) $212,251 (5.6%) 0.00 66
2021-08-01 $136,175 (13.6%) $206,624 (0.8%) 0.00 67
2021-09-01 $111,725 (-6.8%) $177,322 (-9.3%) 0.00 67
2021-10-01 $109,900 (5.2%) $163,228 (-4.0%) 0.00 74
2021-11-01 $88,900 (-4.3%) $161,753 (1.7%) 0.00 69
2021-12-01 $90,425 (-17.8%) $144,596 (-17.4%) 0.00 54
2022-01-01 $95,000 (0.1%) $169,412 (0.3%) 0.00 49
2022-02-01 $94,450 (-5.5%) $161,549 (2.2%) 0.00 45
2022-03-01 $104,950 (-1.9%) $175,757 (-12.3%) 0.00 44
2022-04-01 $115,000 (0.6%) $170,524 (-12.0%) 0.00 53
2022-05-01 $129,525 (-7.5%) $172,090 (-21.0%) 0.00 65
2022-06-01 $131,500 (-3.2%) $185,904 (-15.7%) 0.00 57
2022-07-01 $125,000 (-10.7%) $197,864 (-6.8%) 0.00 59
2022-08-01 $122,500 (-10.0%) $163,217 (-21.0%) 0.00 67
2022-09-01 $118,225 (5.8%) $158,768 (-10.5%) 0.00 79
2022-10-01 $114,900 (4.6%) $149,483 (-8.4%) 0.00 79
2022-11-01 $107,100 (20.5%) $149,681 (-7.5%) 0.00 75
2022-12-01 $122,400 (35.4%) $145,526 (0.6%) 0.00 76
2023-01-01 $136,225 (43.4%) $162,149 (-4.3%) 0.00 81
2023-02-01 $146,500 (55.1%) $167,594 (3.7%) 0.00 75
2023-03-01 $142,450 (35.7%) $163,872 (-6.8%) 0.00 69
2023-04-01 $135,000 (17.4%) $169,886 (-0.4%) 0.00 66
2023-05-01 $142,500 (10.0%) $167,752 (-2.5%) 0.00 73
2023-06-01 $140,425 (6.8%) $173,964 (-6.4%) 0.00 93
2023-07-01 $142,450 (14.0%) $173,205 (-12.5%) 0.00 102
2023-08-01 $120,000 (-2.0%) $165,635 (1.5%) 0.00 94
2023-09-01 $142,450 (20.5%) $175,126 (10.3%) 0.00 90
2023-10-01 $145,450 (26.6%) $188,396 (26.0%) 0.00 99
2023-11-01 $134,900 (26.0%) $186,966 (24.9%) 0.00 105
2023-12-01 $149,800 (22.4%) $199,466 (37.1%) 0.00 98
2024-01-01 $146,725 (7.7%) $189,885 (17.1%) 0.00 73
2024-02-01 $139,500 (-4.8%) $187,408 (11.8%) 0.00 76
2024-03-01 $140,000 (-1.7%) $210,689 (28.6%) 0.00 76
2024-04-01 $154,450 (14.4%) $256,199 (50.8%) 0.00 77
2024-05-01 $156,675 (10.0%) $248,568 (48.2%) 0.00 84
2024-06-01 $159,250 (13.4%) $264,890 (52.3%) 0.00 90
2024-07-01 $148,825 (4.5%) $253,504 (46.4%) 0.00 99
2024-08-01 $169,450 (41.2%) $261,057 (57.6%) 0.00 115
2024-09-01 $164,675 (15.6%) $250,862 (43.3%) 0.00 127
2024-10-01 $177,850 (22.3%) $249,351 (32.4%) 0.00 136
Hutchinson's median listing price for 2024-10-01 was $177,850, a difference of $32,400 (22.3%) versus the prior year and $13,175 versus the prior month.

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

Hutchinson's average listing price for 2024-10-01 was $249,351, a difference of $60,955 (32.4%) versus the prior year and $-1,511 versus the prior month.

For the 2024-10-01 period, Hutchinson had 136 MLS listings, a difference of 9 listings (7%) versus the prior month and 37 listings (37%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hutchinson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,721 sqft
2018-02-01 0 days 1,673 sqft
2018-03-01 0 days 1,717 sqft
2018-04-01 0 days 1,643 sqft
2018-05-01 0 days 1,649 sqft
2018-06-01 0 days 1,720 sqft
2018-07-01 0 days 1,728 sqft
2018-08-01 0 days 1,721 sqft
2018-09-01 0 days 1,728 sqft
2018-10-01 0 days 1,787 sqft
2018-11-01 0 days 1,730 sqft
2018-12-01 0 days 1,698 sqft
2019-01-01 0 days 1,697 sqft
2019-02-01 0 days 1,707 sqft
2019-03-01 0 days 1,717 sqft
2019-04-01 0 days 1,721 sqft
2019-05-01 0 days 1,779 sqft
2019-06-01 0 days 1,770 sqft
2019-07-01 0 days 1,678 sqft
2019-08-01 0 days 1,661 sqft
2019-09-01 0 days 1,686 sqft
2019-10-01 0 days 1,725 sqft
2019-11-01 0 days 1,717 sqft
2019-12-01 0 days 1,660 sqft
2020-01-01 0 days 1,664 sqft
2020-02-01 0 days 1,644 sqft
2020-03-01 0 days 1,709 sqft
2020-04-01 0 days 1,766 sqft
2020-05-01 0 days 1,783 sqft
2020-06-01 0 days 1,752 sqft
2020-07-01 0 days 1,823 sqft
2020-08-01 0 days 1,858 sqft
2020-09-01 0 days 1,792 sqft
2020-10-01 0 days 1,654 sqft
2020-11-01 0 days 1,549 sqft
2020-12-01 0 days 1,653 sqft
2021-01-01 0 days 1,484 sqft
2021-02-01 0 days 1,523 sqft
2021-03-01 0 days 1,768 sqft
2021-04-01 0 days 1,696 sqft
2021-05-01 0 days 1,728 sqft
2021-06-01 0 days 1,720 sqft
2021-07-01 0 days 1,761 sqft
2021-08-01 0 days 1,724 sqft
2021-09-01 0 days 1,629 sqft
2021-10-01 0 days 1,536 sqft
2021-11-01 0 days 1,468 sqft
2021-12-01 0 days 1,432 sqft
2022-01-01 0 days 1,534 sqft
2022-02-01 0 days 1,458 sqft
2022-03-01 0 days 1,481 sqft
2022-04-01 0 days 1,498 sqft
2022-05-01 0 days 1,505 sqft
2022-06-01 0 days 1,554 sqft
2022-07-01 0 days 1,585 sqft
2022-08-01 0 days 1,528 sqft
2022-09-01 0 days 1,510 sqft
2022-10-01 0 days 1,454 sqft
2022-11-01 0 days 1,386 sqft
2022-12-01 0 days 1,436 sqft
2023-01-01 0 days 1,496 sqft
2023-02-01 0 days 1,579 sqft
2023-03-01 0 days 1,562 sqft
2023-04-01 0 days 1,607 sqft
2023-05-01 0 days 1,772 sqft
2023-06-01 0 days 1,656 sqft
2023-07-01 0 days 1,760 sqft
2023-08-01 0 days 1,545 sqft
2023-09-01 0 days 1,722 sqft
2023-10-01 0 days 1,752 sqft
2023-11-01 0 days 1,737 sqft
2023-12-01 0 days 1,677 sqft
2024-01-01 0 days 1,645 sqft
2024-02-01 0 days 1,714 sqft
2024-03-01 0 days 1,648 sqft
2024-04-01 0 days 1,652 sqft
2024-05-01 0 days 1,637 sqft
2024-06-01 0 days 1,678 sqft
2024-07-01 0 days 1,630 sqft
2024-08-01 0 days 1,816 sqft
2024-09-01 0 days 1,816 sqft
2024-10-01 0 days 1,816 sqft
Hutchinson's median listing age (time on market) for 2024-10-01 was 0 days.

Hutchinson's median square footage for active listings during the 2024-10-01 period was 1,816 sqft. One year prior, the average listing was 1,752 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).