Hutchinson FHA Loan Rates, Closing Costs & Stats

Hutchinson, 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.

    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 6.9% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.69% and one month ago for the week of 2024-03-15, the average rate was 6.56%.

    The average rate one year ago was 6.39%.

    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.

    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
    Hutchinson's median listing price for 2024-03-01 was $140,000, a difference of $-2,450 (-1.7%) versus the prior year and $500 versus the prior month.

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

    Hutchinson's average listing price for 2024-03-01 was $210,689, a difference of $46,817 (28.6%) versus the prior year and $23,281 versus the prior month.

    For the 2024-03-01 period, Hutchinson had 76 MLS listings, a difference of 0 listings (0%) versus the prior month and 7 listings (10%) 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
    Hutchinson's median listing age (time on market) for 2024-03-01 was 0 days.

    Hutchinson's median square footage for active listings during the 2024-03-01 period was 1,648 sqft. One year prior, the average listing was 1,562 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).