Joplin FHA Loans

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 65 lenders originated 937 FHA loans during 2021. The total origination value was $137,465,000, with an average FHA loan value of $146,708.

Joplin FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Joplin averaged 5.55% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.58% and one month ago for the week of 2022-04-08, the average rate was 5.15%.

The average rate one year ago was 3.16%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.15%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Joplin level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FLAT BRANCH MORTGAGE, INC. 404 3.18% $5,358
QUICKEN LOANS, LLC 82 2.72% $5,283
FirstTrust Home Loans, Inc. 40 3.21% $5,679
Arvest Bank 37 3.02% $5,026
Gateway First Bank 23 3.43% $3,505
DAS Acquisition Company, LLC 21 3.58% $5,699
Guaranty Bank 21 2.98% $5,183
FREEDOM MORTGAGE CORPORATION 13 3.15% $3,098
GERSHMAN INVESTMENT CORP. 12 3.40% $5,192
PENNYMAC LOAN SERVICES, LLC 12 2.94% $4,557
LAKEVIEW LOAN SERVICING, LLC 11 3.10% $3,579
CALIBER HOME LOANS, INC. 10 3.05% $4,336
Mr. Cooper ( Nationstar Mortgage ) 10 3.39% $4,293
BROKER SOLUTIONS, INC. 10 3.17% $6,343
U.S. Bank 9 3.08% $4,948
First Community Bank 9 2.92% $8,352
TOWNE MORTGAGE COMPANY 9 3.81% $6,407
Midwest Mortgage Associates Corporation 9 3.15% $6,984
VILLAGE CAPITAL & INVESTMENT LLC 8 3.19% $2,180
Southwest Missouri Bank 6 3.21% $4,130
LOANDEPOT.COM, LLC 5 3.80% $6,069
NEWREZ LLC 4 3.09% $4,634
Carrington Mortgage Services, LLC 4 3.09% $5,241
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.12% $4,989
GUILD MORTGAGE COMPANY 4 3.09% $5,702
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.69% $6,470
Mortgage Research Center, LLC 3 3.21% $3,912
First Guaranty Mortgage Corporation 3 2.96% $5,174
Servion, Inc. 3 2.96% $6,177
LOANPAL, LLC 2 2.75% $6,914
Citizens Bank 2 3.25% $4,132
Flagstar Bank, FSB 2 3.23% $4,326
GSF Mortgage Corporation 2 3.81% $6,641
HOME POINT FINANCIAL CORPORATION 2 3.38% $5,124
MID AMERICA MORTGAGE, INC. 2 2.88% $2,712
Mortgage Investment Services Corporation 2 2.94% $1,906
PLANET HOME LENDING, LLC 2 3.75% $3,200
UNITED WHOLESALE MORTGAGE, LLC 2 3.07% $7,027
AMERISAVE MORTGAGE CORPORATION 1 2.88% $5,980
KELLER MORTGAGE, LLC 1 2.75% $7,258
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $8,877
Nations Lending Corporation 1 3.63% $7,987
InterContinental Capital Group, Inc 1 2.88% $6,343
Oakstar Bank 1 3.13% $4,648
OPEN MORTGAGE, LLC 1 2.75% $4,569
Great Southern Bank 1 2.75% $4,294
Peoples Bank 1 3.75% $7,065
Pinnacle Bank 1 2.88% $5,064
Bank of England 1 3.00% $3,960
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.25% $4,976
Flanagan State Bank 1 3.75% $4,873
RCB Bank 1 3.13% $5,471
RUOFF MORTGAGE COMPANY, INC. 1 3.25% $4,449
CROSSCOUNTRY MORTGAGE, LLC 1 3.25% $10,232
Simmons Bank 1 3.25% $3,319
SIRVA MORTGAGE, INC. 1 2.63% $3,376
Community First National Bank 1 2.25% $6,357
The Central Trust Bank 1 2.50% $4,313
The Home Loan Expert LLC 1 3.00% $7,675
THRIVE MORTGAGE, LLC 1 2.75% $4,828
CHURCHILL MORTGAGE CORPORATION 1 3.13% $6,546
UNION HOME MORTGAGE CORP. 1 3.25% $8,098
Mid-Continent Funding, Inc. 1 3.38% $6,442
Members Mortgage Services, L.L.C. 1 2.13% $8,913
ARC HOME LLC 1 3.50% $5,063

The top Joplin FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 404 FHA loans originated. Their average total fees are $5,358, which is $75 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Joplin FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,098), Gateway First Bank ($3,505), LAKEVIEW LOAN SERVICING, LLC ($3,579), Mr. Cooper ( Nationstar Mortgage ) ($4,293) and CALIBER HOME LOANS, INC. ($4,336).

The lowest rate Joplin FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.72%), PENNYMAC LOAN SERVICES, LLC (2.94%), Guaranty Bank (2.98%), Arvest Bank (3.02%) and CALIBER HOME LOANS, INC. (3.05%).

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

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 $139,849 (19.1%) $183,874 (5.0%) 0.52 1,158
2018-02-01 $139,900 (13.1%) $183,824 (1.5%) 0.50 1,140
2018-03-01 $142,500 (14.1%) $186,511 (2.1%) 0.49 1,167
2018-04-01 $149,900 (17.2%) $190,398 (1.9%) 0.50 1,198
2018-05-01 $153,000 (13.4%) $192,496 (-0.9%) 0.51 1,103
2018-06-01 $153,000 (12.0%) $198,984 (1.2%) 0.51 1,074
2018-07-01 $154,612 (7.0%) $196,083 (-1.6%) 0.52 1,004
2018-08-01 $149,900 (7.2%) $189,037 (-3.3%) 0.50 1,168
2018-09-01 $149,900 (7.2%) $188,960 (-2.2%) 0.50 1,182
2018-10-01 $154,500 (10.4%) $194,596 (0.7%) 0.52 1,105
2018-11-01 $149,948 (6.4%) $190,357 (-1.7%) 0.50 1,125
2018-12-01 $149,900 (7.2%) $190,633 (2.9%) 0.51 1,070
2019-01-01 $149,950 (7.2%) $188,336 (2.4%) 0.52 968
2019-02-01 $158,374 (13.2%) $191,111 (4.0%) 0.53 923
2019-03-01 $159,501 (11.9%) $193,756 (3.9%) 0.52 898
2019-04-01 $159,503 (6.4%) $197,157 (3.6%) 0.50 881
2019-05-01 $159,367 (4.2%) $200,600 (4.2%) 0.49 866
2019-06-01 $154,900 (1.2%) $198,626 (-0.2%) 0.48 877
2019-07-01 $159,250 (3.0%) $196,237 (0.1%) 0.49 939
2019-08-01 $154,406 (3.0%) $193,532 (2.4%) 0.49 901
2019-09-01 $149,975 (0.1%) $191,505 (1.4%) 0.48 850
2019-10-01 $159,000 (2.9%) $193,190 (-0.7%) 0.51 899
2019-11-01 $157,000 (4.7%) $193,803 (1.8%) 0.51 883
2019-12-01 $158,250 (5.6%) $194,486 (2.0%) 0.53 847
2020-01-01 $154,300 (2.9%) $193,888 (3.0%) 0.51 721
2020-02-01 $149,900 (-5.4%) $196,161 (2.6%) 0.48 685
2020-03-01 $159,862 (0.2%) $201,749 (4.1%) 0.50 652
2020-04-01 $149,950 (-6.0%) $201,038 (2.0%) 0.47 698
2020-05-01 $159,000 (-0.2%) $208,140 (3.8%) 0.48 626
2020-06-01 $159,999 (3.3%) $211,340 (6.4%) 0.47 603
2020-07-01 $162,450 (2.0%) $219,236 (11.7%) 0.47 554
2020-08-01 $174,900 (13.3%) $235,801 (21.8%) 0.50 464
2020-09-01 $182,400 (21.6%) $261,433 (36.5%) 0.52 456
2020-10-01 $169,500 (6.6%) $238,602 (23.5%) 0.48 492
2020-11-01 $159,900 (1.9%) $238,470 (23.1%) 0.46 488
2020-12-01 $159,900 (1.0%) $250,491 (28.8%) 0.47 473
2021-01-01 $168,950 (9.5%) $265,690 (37.0%) 0.50 415
2021-02-01 $191,400 (27.7%) $299,037 (52.4%) 0.55 337
2021-03-01 $197,700 (23.7%) $292,683 (45.1%) 0.55 336
2021-04-01 $197,950 (32.0%) $286,602 (42.6%) 0.53 347
2021-05-01 $184,900 (16.3%) $296,972 (42.7%) 0.49 310
2021-06-01 $174,500 (9.1%) $296,381 (40.2%) 0.45 326
2021-07-01 $175,000 (7.7%) $270,670 (23.5%) 0.45 378
2021-08-01 $189,450 (8.3%) $276,515 (17.3%) 0.50 401
2021-09-01 $193,250 (6.0%) $264,122 (1.0%) 0.51 427
2021-10-01 $194,500 (14.8%) $262,986 (10.2%) 0.51 444
2021-11-01 $205,902 (28.8%) $283,233 (18.8%) 0.54 429
2021-12-01 $214,900 (34.4%) $313,138 (25.0%) 0.57 363
2022-01-01 $217,500 (28.7%) $308,179 (16.0%) 0.58 279
2022-02-01 $227,450 (18.8%) $315,560 (5.5%) 0.58 245
2022-03-01 $249,900 (26.4%) $352,580 (20.5%) 0.62 232
2022-04-01 $235,000 (18.7%) $338,177 (18.0%) 0.55 291
Joplin's median listing price for 2022-04-01 was $235,000, a difference of $37,050 (18.7%) versus the prior year and $-14,900 versus the prior month.

Joplin's median listing price comes in at 55% of the national average.

Joplin's average listing price for 2022-04-01 was $338,177, a difference of $51,575 (18.0%) versus the prior year and $-14,403 versus the prior month.

For the 2022-04-01 period, Joplin had 291 MLS listings, a difference of 59 listings (25%) versus the prior month and -56 listings (-16%) 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 1,780 sqft
2018-02-01 77 days 1,763 sqft
2018-03-01 57 days 1,763 sqft
2018-04-01 56 days 1,807 sqft
2018-05-01 60 days 1,845 sqft
2018-06-01 66 days 1,892 sqft
2018-07-01 67 days 1,900 sqft
2018-08-01 59 days 1,843 sqft
2018-09-01 61 days 1,820 sqft
2018-10-01 70 days 1,870 sqft
2018-11-01 71 days 1,864 sqft
2018-12-01 68 days 1,860 sqft
2019-01-01 75 days 1,826 sqft
2019-02-01 80 days 1,849 sqft
2019-03-01 62 days 1,813 sqft
2019-04-01 55 days 1,791 sqft
2019-05-01 52 days 1,849 sqft
2019-06-01 53 days 1,813 sqft
2019-07-01 53 days 1,824 sqft
2019-08-01 63 days 1,820 sqft
2019-09-01 65 days 1,809 sqft
2019-10-01 56 days 1,793 sqft
2019-11-01 56 days 1,800 sqft
2019-12-01 72 days 1,797 sqft
2020-01-01 72 days 1,811 sqft
2020-02-01 67 days 1,804 sqft
2020-03-01 58 days 1,824 sqft
2020-04-01 50 days 1,800 sqft
2020-05-01 56 days 1,800 sqft
2020-06-01 58 days 1,876 sqft
2020-07-01 45 days 1,877 sqft
2020-08-01 43 days 1,950 sqft
2020-09-01 47 days 2,008 sqft
2020-10-01 35 days 1,868 sqft
2020-11-01 44 days 1,806 sqft
2020-12-01 57 days 1,869 sqft
2021-01-01 65 days 1,950 sqft
2021-02-01 69 days 2,013 sqft
2021-03-01 49 days 1,987 sqft
2021-04-01 38 days 1,932 sqft
2021-05-01 32 days 1,900 sqft
2021-06-01 31 days 1,900 sqft
2021-07-01 28 days 1,804 sqft
2021-08-01 30 days 1,826 sqft
2021-09-01 35 days 1,778 sqft
2021-10-01 42 days 1,792 sqft
2021-11-01 44 days 1,850 sqft
2021-12-01 50 days 1,841 sqft
2022-01-01 57 days 1,950 sqft
2022-02-01 35 days 1,999 sqft
2022-03-01 25 days 1,872 sqft
2022-04-01 21 days 1,830 sqft
Joplin's median listing age (time on market) for 2022-04-01 was 21 days. This is -45% shorter than the same period one year ago.

Joplin's median square footage for active listings during the 2022-04-01 period was 1,830 sqft. One year prior, the average listing was 1,932 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).