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 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 6.88% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.67% and one month ago for the week of 2024-05-03, the average rate was 6.87%.

The average rate one year ago was 6.83%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.59%.

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

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 (13.1%) $182,212 (6.4%) 0.50 707
2018-02-01 $138,926 (14.4%) $183,818 (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 (1.9%) 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 (2.5%) 0.52 846
2019-01-01 $146,034 (8.2%) $183,982 (1.0%) 0.50 762
2019-02-01 $151,125 (8.8%) $188,236 (2.4%) 0.51 711
2019-03-01 $154,900 (10.7%) $191,354 (2.4%) 0.51 677
2019-04-01 $155,700 (3.9%) $194,558 (2.3%) 0.49 648
2019-05-01 $157,474 (5.1%) $196,822 (4.4%) 0.49 634
2019-06-01 $150,000 (0.1%) $197,295 (1.7%) 0.47 638
2019-07-01 $156,525 (4.4%) $195,627 (2.1%) 0.49 676
2019-08-01 $156,782 (4.6%) $194,111 (4.5%) 0.50 668
2019-09-01 $155,555 (3.8%) $193,290 (4.1%) 0.50 650
2019-10-01 $156,936 (2.3%) $193,807 (1.4%) 0.51 640
2019-11-01 $154,600 (3.2%) $193,869 (3.5%) 0.51 645
2019-12-01 $154,950 (3.4%) $196,519 (5.2%) 0.52 628
2020-01-01 $157,500 (7.9%) $196,870 (7.0%) 0.53 574
2020-02-01 $154,900 (2.5%) $198,448 (5.4%) 0.51 530
2020-03-01 $159,842 (3.2%) $201,673 (5.4%) 0.50 507
2020-04-01 $151,000 (-3.0%) $202,502 (4.1%) 0.47 536
2020-05-01 $159,900 (1.5%) $210,739 (7.1%) 0.49 483
2020-06-01 $165,000 (10.0%) $217,156 (10.1%) 0.49 459
2020-07-01 $166,163 (6.2%) $225,705 (15.4%) 0.48 430
2020-08-01 $179,602 (14.6%) $242,244 (24.8%) 0.51 364
2020-09-01 $182,400 (17.3%) $251,225 (30.0%) 0.52 360
2020-10-01 $169,900 (8.3%) $233,206 (20.3%) 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 (40.3%) 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 (35.0%) 0.46 232
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 $192,200 (7.0%) $270,187 (11.5%) 0.51 323
2021-09-01 $202,229 (10.9%) $257,326 (2.4%) 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 (8.2%) $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 $253,597 (14.1%) $356,556 (19.0%) 0.58 335
2023-06-01 $262,000 (26.3%) $383,192 (35.4%) 0.59 351
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
2023-11-01 $256,382 (14.1%) $391,571 (33.4%) 0.61 467
2023-12-01 $254,500 (15.7%) $386,685 (35.3%) 0.62 470
2024-01-01 $260,750 (14.7%) $391,144 (24.6%) 0.64 446
2024-02-01 $254,978 (7.7%) $406,430 (19.7%) 0.61 401
2024-03-01 $253,000 (1.2%) $427,870 (20.8%) 0.60 405
2024-04-01 $254,051 (1.6%) $403,600 (14.6%) 0.59 419
2024-05-01 $257,945 (1.7%) $399,569 (12.1%) 0.58 432
Joplin's median listing price for 2024-05-01 was $257,945, a difference of $4,348 (1.7%) versus the prior year and $3,894 versus the prior month.

Joplin's median listing price comes in at 58% of the national average.

Joplin's average listing price for 2024-05-01 was $399,569, a difference of $43,013 (12.1%) versus the prior year and $-4,031 versus the prior month.

For the 2024-05-01 period, Joplin had 432 MLS listings, a difference of 13 listings (3%) versus the prior month and 97 listings (29%) 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 1,785 sqft
2018-02-01 76 days 1,770 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 1,875 sqft
2018-08-01 54 days 1,823 sqft
2018-09-01 57 days 1,800 sqft
2018-10-01 67 days 1,858 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 1,824 sqft
2019-06-01 53 days 1,805 sqft
2019-07-01 54 days 1,828 sqft
2019-08-01 56 days 1,828 sqft
2019-09-01 58 days 1,812 sqft
2019-10-01 57 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 1,789 sqft
2020-05-01 51 days 1,800 sqft
2020-06-01 52 days 1,865 sqft
2020-07-01 40 days 1,855 sqft
2020-08-01 37 days 1,934 sqft
2020-09-01 44 days 1,995 sqft
2020-10-01 32 days 1,874 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 1,844 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 1,787 sqft
2023-06-01 38 days 1,920 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 1,864 sqft
2023-11-01 48 days 1,863 sqft
2023-12-01 57 days 1,830 sqft
2024-01-01 66 days 1,804 sqft
2024-02-01 65 days 1,793 sqft
2024-03-01 54 days 1,781 sqft
2024-04-01 47 days 1,782 sqft
2024-05-01 38 days 1,768 sqft
Joplin's median listing age (time on market) for 2024-05-01 was 38 days. This is 0% longer than the same period one year ago.

Joplin's median square footage for active listings during the 2024-05-01 period was 1,768 sqft. One year prior, the average listing was 1,787 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).