Joplin FHA Loan Rates, Closing Costs & Stats

JOPLIN, MO

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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.

    Joplin's 66 lenders originated 646 FHA loans during 2023. The total origination value was $113,400,000, with an average FHA loan value of $175,542.

    Joplin FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Joplin averaged 6.32% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Joplin's average FHA mortgage closing costs are $5,585.

    The average rate for the prior week (2024-11-01) was 6.39% and one month ago for the week of 2024-10-04, the average rate was 6.11%.

    The average rate one year ago was 7.56%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.62%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 263 6.73% $7,040
    QUICKEN LOANS, LLC 60 6.27% $7,877
    Arvest Bank 29 6.63% $6,751
    DAS Acquisition Company, LLC 24 6.61% $8,282
    First Community Bank 17 6.54% $7,271
    FREEDOM MORTGAGE CORPORATION 16 6.88% $10,001
    Nations Lending Corporation 14 7.08% $4,297
    GERSHMAN INVESTMENT CORP. 11 6.68% $7,225
    UNITED WHOLESALE MORTGAGE, LLC 11 6.79% $9,900
    LOANDEPOT.COM, LLC 10 6.65% $8,690
    Midwest Mortgage Associates Corporation 10 6.89% $7,101
    TOWNE MORTGAGE COMPANY 8 6.76% $10,201
    The Central Trust Bank 8 6.72% $6,218
    NEWREZ LLC 8 6.66% $6,873
    LOANPAL, LLC 8 5.94% $8,765
    Gateway First Bank 7 7.04% $5,790
    PENNYMAC LOAN SERVICES, LLC 7 6.09% $9,984
    CARDINAL FINANCIAL 7 6.32% $7,540
    Mr. Cooper ( Nationstar Mortgage ) 7 6.66% $12,992
    AMERISAVE MORTGAGE CORPORATION 5 6.50% $9,086
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.41% $6,946
    FirstTrust Home Loans, Inc. 4 6.56% $6,737
    Great Southern Bank 4 6.65% $5,448
    Carrington Mortgage Services, LLC 4 6.25% $8,540
    ZILLOW HOME LOANS, LLC 3 6.17% $7,359
    AMERICAN FINANCING CORPORATION 3 6.41% $8,907
    BROKER SOLUTIONS, INC. 3 6.42% $8,435
    Mortgage Research Center, LLC 3 7.08% $3,987
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.92% $9,188
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.92% $8,433
    Southwest Missouri Bank 3 6.42% $5,019
    U.S. Bank 3 6.71% $5,656
    ENDEAVOR CAPITAL, LLC. 2 6.75% $8,423
    MOVEMENT MORTGAGE, LLC 2 7.25% $10,147
    Commerce Bank 2 6.13% $4,476
    AMERICAN FINANCIAL NETWORK, INC. 2 7.00% $9,516
    Paramount Residential Mortgage Group, Inc. 2 6.44% $6,494
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 2 6.56% $5,169
    GUILD MORTGAGE COMPANY 2 6.00% $6,390
    LAKEVIEW LOAN SERVICING, LLC 2 6.00% $8,747
    Equity Prime Mortgage LLC 2 7.13% $5,977
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $4,318
    Chickasaw Community Bank 1 7.00% $4,247
    NBKC BANK 1 6.50% $5,656
    Neighborhood Loans, Inc. 1 6.75% $6,731
    Centennial Bank 1 6.75% $7,060
    Northpointe Bank 1 6.63% $11,581
    FIRST WESTERN MORTGAGE, INC. 1 6.63% $3,628
    HOMESIDE FINANCIAL, LLC 1 6.50% $5,592
    PHH Mortgage Corporation 1 7.13% $6,101
    Pinnacle Bank 1 7.00% $6,807
    PLANET HOME LENDING, LLC 1 6.99% $6,756
    VERITAS FUNDING, LLC 1 7.25% $16,836
    BancorpSouth 1 6.25% $7,727
    Regions Bank 1 5.75% $4,657
    Sierra Pacific Mortgage Company, Inc. 1 7.25% $8,984
    Simmons Bank 1 6.25% $3,882
    VILLAGE CAPITAL MORTGAGE 1 5.75% $8,519
    MID AMERICA MORTGAGE, INC. 1 6.75% $3,266
    Mid-Continent Funding, Inc. 1 7.50% $12,309
    EMBRACE HOME LOANS, INC. 1 6.63% $11,072
    American Mortgage & Equity Consultants, Inc. 1 5.88% $12,028
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.00% $9,222
    SUN WEST MORTGAGE COMPANY, INC. 1 8.25% $13,505
    ASSEMBLIES OF GOD Credit Union 1 6.75% $10,547
    M&T Bank 1 6.25% $9,129

    The top Joplin FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 263 FHA loans originated. Their average total fees are $7,040, which is $837 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Joplin FHA lenders (with over 10 loans originated) are Nations Lending Corporation ($4,297), Arvest Bank ($6,751), FLAT BRANCH MORTGAGE, INC. ($7,040), Midwest Mortgage Associates Corporation ($7,101) and GERSHMAN INVESTMENT CORP. ($7,225).

    The lowest rate Joplin FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.27%), First Community Bank (6.54%), DAS Acquisition Company, LLC (6.61%), Arvest Bank (6.63%) and LOANDEPOT.COM, LLC (6.65%).

    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

    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).