Joplin FHA Loan Rates, Closing Costs & Stats

JOPLIN, 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.

Joplin's 70 lenders originated 721 FHA loans during 2022. The total origination value was $120,145,000, with an average FHA loan value of $166,637.

Joplin FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Joplin averaged -0.56% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

Joplin's average FHA mortgage closing costs are $5,252.

The average rate for the prior week (2023-11-17) was 6.64% and one month ago for the week of 2023-10-20, the average rate was 7.14%.

The average rate one year ago was 5.97%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.29%.

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

Joplin 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 Joplin level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FLAT BRANCH MORTGAGE, INC. 362 5.16% $6,195
QUICKEN LOANS, LLC 58 4.47% $7,402
Arvest Bank 26 4.70% $6,203
DAS Acquisition Company, LLC 23 5.14% $7,835
Gateway First Bank 15 5.71% $5,225
First Community Bank 15 4.85% $8,657
FirstTrust Home Loans, Inc. 13 5.38% $5,868
LOANDEPOT.COM, LLC 11 5.33% $8,127
BROKER SOLUTIONS, INC. 11 4.93% $8,901
CALIBER HOME LOANS, INC. 10 4.63% $5,154
Springfield First Community Bank 9 5.33% $5,820
BANK OF LITTLE ROCK MORTGAGE CORPORATION 9 4.76% $5,626
TOWNE MORTGAGE COMPANY 8 5.16% $8,510
Midwest Mortgage Associates Corporation 8 4.98% $5,955
AMERISAVE MORTGAGE CORPORATION 8 4.41% $8,235
Mortgage Research Center, LLC 7 5.43% $5,669
GERSHMAN INVESTMENT CORP. 7 5.54% $6,468
PENNYMAC LOAN SERVICES, LLC 7 4.50% $10,954
U.S. Bank 4 3.84% $4,343
Carrington Mortgage Services, LLC 4 5.00% $7,164
CARDINAL FINANCIAL 4 5.19% $9,280
FREEDOM MORTGAGE CORPORATION 4 4.72% $7,948
AMERICAN FINANCING CORPORATION 4 4.56% $10,783
Equity Prime Mortgage LLC 3 6.00% $10,076
VILLAGE CAPITAL MORTGAGE 3 3.76% $3,993
Southwest Missouri Bank 3 4.16% $4,041
CHURCHILL MORTGAGE CORPORATION 3 5.33% $8,331
Wells Fargo Bank 3 5.17% $6,149
UNITED WHOLESALE MORTGAGE, LLC 3 6.16% $7,882
Plains Commerce Bank 2 5.00% $8,349
Commerce Bank 2 5.06% $5,675
ENDEAVOR CAPITAL, LLC. 2 5.38% $9,125
First Guaranty Mortgage Corporation 2 4.38% $6,231
Flagstar Bank, FSB 2 4.69% $5,810
GENEVA FINANCIAL, LLC 2 6.13% $6,512
GSF Mortgage Corporation 2 5.00% $8,671
MID AMERICA MORTGAGE, INC. 2 5.44% $3,631
Mr. Cooper ( Nationstar Mortgage ) 2 4.44% $2,201
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.25% $8,547
Nations Lending Corporation 2 5.63% $10,557
Simmons Bank 2 5.63% $5,247
Mortgage Investment Services Corporation 1 5.50% $6,180
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.00% $7,374
Barrington Bank & Trust Company, N.A. 1 4.75% $9,594
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.13% $9,427
Bank of England 1 5.50% $5,850
NEWREZ LLC 1 3.50% $8,327
Oakstar Bank 1 5.75% $6,633
OPEN MORTGAGE, LLC 1 5.13% $10,036
Paramount Residential Mortgage Group, Inc. 1 5.25% $10,667
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 5.63% $5,412
Peoples Bank 1 6.99% $6,844
PINNACLE LENDING GROUP, INC. 1 4.62% $6,225
GUILD MORTGAGE COMPANY 1 7.13% $6,178
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $6,323
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $6,257
First Home Bank 1 4.75% $6,693
Servion, Inc. 1 4.88% $8,285
Austin Capital Bank SSB 1 6.13% $13,335
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.63% $10,978
EMBRACE HOME LOANS, INC. 1 4.99% $7,914
THRIVE MORTGAGE, LLC 1 3.88% $6,493
TOP FLITE FINANCIAL, INC. 1 5.75% $11,815
CROSSCOUNTRY MORTGAGE, LLC 1 5.25% $7,329
United Fidelity Funding Corp. 1 4.25% $12,901
LAKEVIEW LOAN SERVICING, LLC 1 4.75% $6,166
JAMES B. NUTTER & COMPANY 1 3.50% $7,684
LOANPAL, LLC 1 4.50% $8,860
Colonial Savings, F.A. 1 4.63% $7,065
HOME POINT FINANCIAL CORPORATION 1 5.88% $7,349

The top Joplin FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 362 FHA loans originated. Their average total fees are $6,195, which is $1,208 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Joplin FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($5,154), Gateway First Bank ($5,225), FirstTrust Home Loans, Inc. ($5,868), FLAT BRANCH MORTGAGE, INC. ($6,195) and Arvest Bank ($6,203).

The lowest rate Joplin FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.47%), CALIBER HOME LOANS, INC. (4.63%), Arvest Bank (4.70%), First Community Bank (4.85%) and BROKER SOLUTIONS, INC. (4.93%).

Joplin FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Joplin (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 $135,000 (13.0%) $182,072 (6.3%) 0.50 708
2018-02-01 $138,926 (14.1%) $183,745 (5.1%) 0.50 690
2018-03-01 $139,989 (14.6%) $186,819 (5.1%) 0.49 715
2018-04-01 $149,800 (19.0%) $190,208 (3.5%) 0.51 730
2018-05-01 $149,900 (14.3%) $188,465 (-1.5%) 0.50 710
2018-06-01 $149,900 (14.1%) $193,934 (1.1%) 0.50 736
2018-07-01 $149,900 (9.3%) $191,596 (0.0%) 0.50 749
2018-08-01 $149,900 (10.7%) $185,822 (-1.6%) 0.50 904
2018-09-01 $149,873 (8.7%) $185,615 (-0.7%) 0.50 937
2018-10-01 $153,475 (13.7%) $191,085 (2.0%) 0.52 882
2018-11-01 $149,873 (11.0%) $187,404 (-0.2%) 0.51 905
2018-12-01 $149,873 (11.1%) $186,807 (2.6%) 0.52 846
2019-01-01 $146,134 (8.3%) $184,100 (1.1%) 0.50 763
2019-02-01 $151,250 (8.9%) $188,481 (2.6%) 0.51 712
2019-03-01 $154,929 (10.7%) $191,612 (2.6%) 0.51 678
2019-04-01 $155,704 (3.9%) $194,826 (2.4%) 0.49 649
2019-05-01 $157,824 (5.3%) $197,086 (4.6%) 0.49 635
2019-06-01 $150,000 (0.1%) $197,680 (1.9%) 0.47 640
2019-07-01 $157,250 (4.9%) $195,775 (2.2%) 0.49 678
2019-08-01 $156,784 (4.6%) $194,410 (4.6%) 0.50 670
2019-09-01 $155,560 (3.8%) $193,921 (4.5%) 0.50 651
2019-10-01 $156,940 (2.3%) $194,659 (1.9%) 0.51 641
2019-11-01 $154,600 (3.2%) $193,998 (3.5%) 0.51 646
2019-12-01 $154,950 (3.4%) $196,519 (5.2%) 0.52 628
2020-01-01 $157,500 (7.8%) $196,870 (6.9%) 0.53 574
2020-02-01 $154,900 (2.4%) $198,619 (5.4%) 0.51 531
2020-03-01 $159,842 (3.2%) $201,673 (5.3%) 0.50 507
2020-04-01 $151,000 (-3.0%) $202,502 (3.9%) 0.47 536
2020-05-01 $159,900 (1.3%) $211,050 (7.1%) 0.49 484
2020-06-01 $165,000 (10.0%) $217,156 (9.9%) 0.49 459
2020-07-01 $166,163 (5.7%) $225,705 (15.3%) 0.48 430
2020-08-01 $179,305 (14.4%) $241,694 (24.3%) 0.51 365
2020-09-01 $182,400 (17.3%) $250,632 (29.2%) 0.52 361
2020-10-01 $169,900 (8.3%) $233,206 (19.8%) 0.49 378
2020-11-01 $159,900 (3.4%) $236,202 (21.8%) 0.47 379
2020-12-01 $158,700 (2.4%) $238,826 (21.5%) 0.47 368
2021-01-01 $160,700 (2.0%) $252,718 (28.4%) 0.48 320
2021-02-01 $172,475 (11.4%) $278,370 (40.2%) 0.50 268
2021-03-01 $195,975 (22.6%) $279,884 (38.8%) 0.56 269
2021-04-01 $196,950 (30.4%) $274,177 (35.4%) 0.53 267
2021-05-01 $174,900 (9.4%) $284,555 (34.8%) 0.47 232
2021-06-01 $179,100 (8.6%) $291,694 (34.3%) 0.47 253
2021-07-01 $179,900 (8.3%) $265,103 (17.5%) 0.47 300
2021-08-01 $192,300 (7.3%) $270,218 (11.8%) 0.51 324
2021-09-01 $202,229 (10.9%) $257,326 (2.7%) 0.54 368
2021-10-01 $207,000 (21.8%) $257,773 (10.5%) 0.55 378
2021-11-01 $213,075 (33.3%) $270,053 (14.3%) 0.57 348
2021-12-01 $216,975 (36.7%) $289,033 (21.0%) 0.59 288
2022-01-01 $219,950 (36.9%) $290,009 (14.8%) 0.59 230
2022-02-01 $229,925 (33.3%) $291,274 (4.6%) 0.60 196
2022-03-01 $234,750 (19.8%) $303,826 (8.6%) 0.59 187
2022-04-01 $224,900 (14.2%) $292,363 (6.6%) 0.54 239
2022-05-01 $222,225 (27.1%) $299,561 (5.3%) 0.51 255
2022-06-01 $207,500 (15.9%) $282,939 (-3.0%) 0.46 330
2022-07-01 $200,975 (11.7%) $272,227 (2.7%) 0.45 402
2022-08-01 $207,950 (8.1%) $268,259 (-0.7%) 0.48 402
2022-09-01 $229,675 (13.6%) $272,985 (6.1%) 0.54 411
2022-10-01 $224,000 (8.2%) $291,967 (13.3%) 0.53 425
2022-11-01 $224,806 (5.5%) $293,466 (8.7%) 0.54 463
2022-12-01 $219,950 (1.4%) $285,879 (-1.1%) 0.54 431
2023-01-01 $227,272 (3.3%) $313,870 (8.2%) 0.56 371
2023-02-01 $236,705 (3.0%) $339,502 (16.6%) 0.57 321
2023-03-01 $249,901 (6.5%) $354,355 (16.6%) 0.59 319
2023-04-01 $249,950 (11.1%) $352,191 (20.5%) 0.58 339
2023-05-01 $253,969 (14.3%) $357,396 (19.3%) 0.58 333
2023-06-01 $262,450 (26.5%) $384,848 (36.0%) 0.59 349
2023-07-01 $259,605 (29.2%) $359,358 (32.0%) 0.59 377
2023-08-01 $247,450 (19.0%) $384,480 (43.3%) 0.57 416
2023-09-01 $249,900 (8.8%) $393,834 (44.3%) 0.58 400
2023-10-01 $252,000 (12.5%) $377,472 (29.3%) 0.59 457
Joplin's median listing price for 2023-10-01 was $252,000, a difference of $28,000 (12.5%) versus the prior year and $2,100 versus the prior month.

Joplin's median listing price comes in at 59% of the national average.

Joplin's average listing price for 2023-10-01 was $377,472, a difference of $85,505 (29.3%) versus the prior year and $-16,362 versus the prior month.

For the 2023-10-01 period, Joplin had 457 MLS listings, a difference of 57 listings (14%) versus the prior month and 32 listings (8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Joplin (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 76 days 1,787 sqft
2018-02-01 76 days 1,771 sqft
2018-03-01 54 days 1,785 sqft
2018-04-01 53 days 1,824 sqft
2018-05-01 57 days 1,843 sqft
2018-06-01 54 days 1,860 sqft
2018-07-01 60 days 1,878 sqft
2018-08-01 54 days 1,827 sqft
2018-09-01 57 days 1,804 sqft
2018-10-01 67 days 1,859 sqft
2018-11-01 67 days 1,850 sqft
2018-12-01 67 days 1,822 sqft
2019-01-01 74 days 1,796 sqft
2019-02-01 83 days 1,811 sqft
2019-03-01 69 days 1,797 sqft
2019-04-01 53 days 1,785 sqft
2019-05-01 50 days 1,825 sqft
2019-06-01 53 days 1,811 sqft
2019-07-01 54 days 1,833 sqft
2019-08-01 56 days 1,832 sqft
2019-09-01 58 days 1,814 sqft
2019-10-01 58 days 1,809 sqft
2019-11-01 57 days 1,809 sqft
2019-12-01 71 days 1,813 sqft
2020-01-01 73 days 1,826 sqft
2020-02-01 66 days 1,820 sqft
2020-03-01 54 days 1,810 sqft
2020-04-01 45 days 1,791 sqft
2020-05-01 51 days 1,800 sqft
2020-06-01 52 days 1,871 sqft
2020-07-01 40 days 1,855 sqft
2020-08-01 37 days 1,937 sqft
2020-09-01 44 days 2,000 sqft
2020-10-01 32 days 1,875 sqft
2020-11-01 42 days 1,840 sqft
2020-12-01 51 days 1,842 sqft
2021-01-01 57 days 1,924 sqft
2021-02-01 61 days 1,965 sqft
2021-03-01 42 days 1,985 sqft
2021-04-01 35 days 1,896 sqft
2021-05-01 29 days 1,908 sqft
2021-06-01 26 days 1,905 sqft
2021-07-01 28 days 1,800 sqft
2021-08-01 30 days 1,848 sqft
2021-09-01 30 days 1,815 sqft
2021-10-01 44 days 1,889 sqft
2021-11-01 45 days 1,870 sqft
2021-12-01 51 days 1,848 sqft
2022-01-01 53 days 1,950 sqft
2022-02-01 28 days 1,949 sqft
2022-03-01 19 days 1,813 sqft
2022-04-01 19 days 1,750 sqft
2022-05-01 30 days 1,753 sqft
2022-06-01 27 days 1,743 sqft
2022-07-01 32 days 1,742 sqft
2022-08-01 39 days 1,697 sqft
2022-09-01 45 days 1,751 sqft
2022-10-01 44 days 1,760 sqft
2022-11-01 43 days 1,750 sqft
2022-12-01 51 days 1,705 sqft
2023-01-01 72 days 1,750 sqft
2023-02-01 66 days 1,764 sqft
2023-03-01 37 days 1,800 sqft
2023-04-01 31 days 1,768 sqft
2023-05-01 38 days 1,790 sqft
2023-06-01 38 days 1,931 sqft
2023-07-01 37 days 1,850 sqft
2023-08-01 38 days 1,818 sqft
2023-09-01 45 days 1,855 sqft
2023-10-01 42 days 1,872 sqft
Joplin's median listing age (time on market) for 2023-10-01 was 42 days. This is -5% shorter than the same period one year ago.

Joplin's median square footage for active listings during the 2023-10-01 period was 1,872 sqft. One year prior, the average listing was 1,760 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).