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 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).