Kennett FHA Loan Rates, Closing Costs & Stats

Kennett, 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.

    Kennett's 15 lenders originated 51 FHA loans during 2023. The total origination value was $6,925,000, with an average FHA loan value of $135,784.

    Kennett FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kennett averaged 6.73% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Kennett's average FHA mortgage closing costs are $6,044.

    The average rate for the prior week (2024-04-05) was 6.96% and one month ago for the week of 2024-03-08, the average rate was 6.5%.

    The average rate one year ago was 6.33%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.74%.

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

    Kennett 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 Kennett level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DAS Acquisition Company, LLC 18 6.85% $8,805
    QUICKEN LOANS, LLC 10 6.41% $7,651
    Flanagan State Bank 3 6.42% $6,941
    EVERETT FINANCIAL, INC. 3 6.08% $5,256
    AMERISAVE MORTGAGE CORPORATION 3 6.25% $7,908
    BROKER SOLUTIONS, INC. 2 6.69% $7,357
    First Financial Bank 2 6.38% $7,969
    UNITED WHOLESALE MORTGAGE, LLC 1 5.21% $12,390
    U.S. Bank 1 7.25% $4,169
    CROSSCOUNTRY MORTGAGE, LLC 1 6.99% $4,749
    FLAT BRANCH MORTGAGE, INC. 1 8.13% $4,505
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $12,359
    Midwest Mortgage Associates Corporation 1 6.25% $2,079
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.75% $6,689
    NEWREZ LLC 1 6.25% $5,220

    The top Kennett FHA lender as defined by loan originations is DAS Acquisition Company, LLC, with 18 FHA loans originated. Their average total fees are $8,805, which is $1,154 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Kennett FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,651), DAS Acquisition Company, LLC ($8,805), .

    The lowest rate Kennett FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.41%), DAS Acquisition Company, LLC (6.85%), .

    Kennett FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Kennett (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 $76,225 (29.2%) $98,735 (83.3%) 0.00 18
    2018-02-01 $76,225 (27.7%) $111,248 (68.0%) 0.00 21
    2018-03-01 $78,000 (31.9%) $114,265 (78.6%) 0.00 18
    2018-04-01 $71,475 (23.2%) $105,897 (64.8%) 0.00 18
    2018-05-01 $69,125 (19.4%) $101,588 (44.3%) 0.00 22
    2018-06-01 $69,500 (24.7%) $94,465 (9.9%) 0.00 20
    2018-07-01 $69,600 (20.0%) $81,768 (-11.5%) 0.00 18
    2018-08-01 $73,725 (-4.2%) $79,701 (-21.7%) 0.00 17
    2018-09-01 $89,200 (-0.8%) $80,310 (-27.3%) 0.00 18
    2018-10-01 $98,750 (30.9%) $82,914 (-21.5%) 0.00 17
    2018-11-01 $98,500 (51.5%) $80,245 (-13.4%) 0.00 15
    2018-12-01 $99,500 (63.1%) $88,164 (25.6%) 0.00 13
    2019-01-01 $84,550 (10.9%) $76,877 (-22.1%) 0.00 15
    2019-02-01 $79,900 (4.8%) $74,487 (-33.0%) 0.00 15
    2019-03-01 $70,257 (-9.9%) $71,748 (-37.2%) 0.00 18
    2019-04-01 $67,400 (-5.7%) $71,016 (-32.9%) 0.00 21
    2019-05-01 $70,975 (2.7%) $73,761 (-27.4%) 0.00 24
    2019-06-01 $74,500 (7.2%) $96,743 (2.4%) 0.00 37
    2019-07-01 $79,300 (13.9%) $109,577 (34.0%) 0.00 39
    2019-08-01 $79,936 (8.4%) $110,422 (38.5%) 0.00 62
    2019-09-01 $85,541 (-4.1%) $116,481 (45.0%) 0.00 94
    2019-10-01 $89,900 (-9.0%) $120,905 (45.8%) 0.00 115
    2019-11-01 $86,000 (-12.7%) $118,225 (47.3%) 0.00 113
    2019-12-01 $85,725 (-13.8%) $118,449 (34.4%) 0.00 111
    2020-01-01 $85,175 (0.7%) $116,884 (52.0%) 0.00 105
    2020-02-01 $80,000 (0.1%) $117,549 (57.8%) 0.00 98
    2020-03-01 $79,950 (13.8%) $111,759 (55.8%) 0.00 101
    2020-04-01 $79,350 (17.7%) $106,922 (50.6%) 0.00 94
    2020-05-01 $79,950 (12.7%) $108,257 (46.8%) 0.00 86
    2020-06-01 $83,000 (11.4%) $112,118 (15.9%) 0.00 78
    2020-07-01 $82,000 (3.4%) $111,173 (1.5%) 0.00 87
    2020-08-01 $79,900 (-0.1%) $104,843 (-5.1%) 0.00 87
    2020-09-01 $79,400 (-7.2%) $105,143 (-9.7%) 0.00 80
    2020-10-01 $82,450 (-8.3%) $105,478 (-12.8%) 0.00 81
    2020-11-01 $87,250 (1.5%) $107,633 (-9.0%) 0.00 76
    2020-12-01 $97,375 (13.6%) $114,047 (-3.7%) 0.00 73
    2021-01-01 $89,900 (5.6%) $110,890 (-5.1%) 0.00 77
    2021-02-01 $79,700 (-0.4%) $102,298 (-13.0%) 0.00 78
    2021-03-01 $78,575 (-1.7%) $103,689 (-7.2%) 0.00 73
    2021-04-01 $76,500 (-3.6%) $102,579 (-4.1%) 0.00 79
    2021-05-01 $78,450 (-1.9%) $101,430 (-6.3%) 0.00 79
    2021-06-01 $80,950 (-2.5%) $105,149 (-6.2%) 0.00 83
    2021-07-01 $77,000 (-6.1%) $97,575 (-12.2%) 0.00 82
    2021-08-01 $79,900 (0.0%) $99,428 (-5.2%) 0.00 87
    2021-09-01 $79,900 (0.6%) $100,334 (-4.6%) 0.00 83
    2021-10-01 $89,900 (9.0%) $111,651 (5.9%) 0.00 74
    2021-11-01 $89,950 (3.1%) $115,599 (7.4%) 0.00 71
    2021-12-01 $87,425 (-10.2%) $112,061 (-1.7%) 0.00 66
    2022-01-01 $87,400 (-2.8%) $109,423 (-1.3%) 0.00 61
    2022-02-01 $81,375 (2.1%) $109,660 (7.2%) 0.00 57
    2022-03-01 $97,400 (24.0%) $122,006 (17.7%) 0.00 53
    2022-04-01 $79,950 (4.5%) $116,218 (13.3%) 0.00 62
    2022-05-01 $80,000 (2.0%) $114,960 (13.3%) 0.00 65
    2022-06-01 $82,450 (1.9%) $118,152 (12.4%) 0.00 56
    2022-07-01 $89,900 (16.8%) $119,838 (22.8%) 0.00 57
    2022-08-01 $89,013 (11.4%) $118,640 (19.3%) 0.00 61
    2022-09-01 $110,000 (37.7%) $124,147 (23.7%) 0.00 61
    2022-10-01 $102,250 (13.7%) $118,614 (6.2%) 0.00 74
    2022-11-01 $103,750 (15.3%) $115,130 (-0.4%) 0.00 103
    2022-12-01 $96,250 (10.1%) $112,488 (0.4%) 0.00 95
    2023-01-01 $96,750 (10.7%) $113,430 (3.7%) 0.00 76
    2023-02-01 $101,075 (24.2%) $114,176 (4.1%) 0.00 64
    2023-03-01 $103,350 (6.1%) $118,302 (-3.0%) 0.00 57
    2023-04-01 $102,200 (27.8%) $119,265 (2.6%) 0.00 62
    2023-05-01 $120,000 (50.0%) $125,881 (9.5%) 0.00 65
    2023-06-01 $125,250 (51.9%) $140,129 (18.6%) 0.00 60
    2023-07-01 $115,750 (28.8%) $133,846 (11.7%) 0.00 62
    2023-08-01 $118,500 (33.1%) $142,914 (20.5%) 0.00 62
    2023-09-01 $112,500 (2.3%) $132,077 (6.4%) 0.00 67
    2023-10-01 $112,125 (9.7%) $126,704 (6.8%) 0.00 74
    2023-11-01 $114,250 (10.1%) $132,953 (15.5%) 0.00 86
    2023-12-01 $114,250 (18.7%) $129,205 (14.9%) 0.00 88
    2024-01-01 $119,750 (23.8%) $134,745 (18.8%) 0.00 81
    2024-02-01 $120,000 (18.7%) $134,178 (17.5%) 0.00 76
    2024-03-01 $113,500 (9.8%) $121,342 (2.6%) 0.00 71
    Kennett's median listing price for 2024-03-01 was $113,500, a difference of $10,150 (9.8%) versus the prior year and $-6,500 versus the prior month.

    Kennett's median listing price comes in at 0% of the national average.

    Kennett's average listing price for 2024-03-01 was $121,342, a difference of $3,040 (2.6%) versus the prior year and $-12,836 versus the prior month.

    For the 2024-03-01 period, Kennett had 71 MLS listings, a difference of -5 listings (-7%) versus the prior month and 14 listings (25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Kennett (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,908 sqft
    2018-02-01 0 days 1,979 sqft
    2018-03-01 0 days 1,836 sqft
    2018-04-01 0 days 1,819 sqft
    2018-05-01 0 days 1,687 sqft
    2018-06-01 0 days 1,687 sqft
    2018-07-01 0 days 1,836 sqft
    2018-08-01 0 days 1,714 sqft
    2018-09-01 0 days 1,572 sqft
    2018-10-01 0 days 1,721 sqft
    2018-11-01 0 days 1,870 sqft
    2018-12-01 0 days 1,853 sqft
    2019-01-01 0 days 1,770 sqft
    2019-02-01 0 days 1,704 sqft
    2019-03-01 0 days 1,509 sqft
    2019-04-01 0 days 1,454 sqft
    2019-05-01 0 days 1,463 sqft
    2019-06-01 0 days 1,523 sqft
    2019-07-01 0 days 1,859 sqft
    2019-08-01 0 days 1,815 sqft
    2019-09-01 0 days 1,830 sqft
    2019-10-01 0 days 1,845 sqft
    2019-11-01 0 days 1,834 sqft
    2019-12-01 0 days 1,838 sqft
    2020-01-01 0 days 1,809 sqft
    2020-02-01 0 days 1,766 sqft
    2020-03-01 0 days 1,699 sqft
    2020-04-01 0 days 1,592 sqft
    2020-05-01 0 days 1,592 sqft
    2020-06-01 0 days 1,578 sqft
    2020-07-01 0 days 1,521 sqft
    2020-08-01 0 days 1,509 sqft
    2020-09-01 0 days 1,530 sqft
    2020-10-01 0 days 1,548 sqft
    2020-11-01 0 days 1,562 sqft
    2020-12-01 0 days 1,596 sqft
    2021-01-01 0 days 1,583 sqft
    2021-02-01 0 days 1,574 sqft
    2021-03-01 0 days 1,545 sqft
    2021-04-01 0 days 1,542 sqft
    2021-05-01 0 days 1,540 sqft
    2021-06-01 0 days 1,512 sqft
    2021-07-01 0 days 1,487 sqft
    2021-08-01 0 days 1,507 sqft
    2021-09-01 0 days 1,500 sqft
    2021-10-01 0 days 1,520 sqft
    2021-11-01 0 days 1,530 sqft
    2021-12-01 0 days 1,498 sqft
    2022-01-01 0 days 1,470 sqft
    2022-02-01 0 days 1,321 sqft
    2022-03-01 0 days 1,389 sqft
    2022-04-01 0 days 1,409 sqft
    2022-05-01 0 days 1,391 sqft
    2022-06-01 0 days 1,441 sqft
    2022-07-01 0 days 1,473 sqft
    2022-08-01 0 days 1,441 sqft
    2022-09-01 0 days 1,486 sqft
    2022-10-01 0 days 1,396 sqft
    2022-11-01 0 days 1,455 sqft
    2022-12-01 0 days 1,396 sqft
    2023-01-01 0 days 1,444 sqft
    2023-02-01 0 days 1,532 sqft
    2023-03-01 0 days 1,596 sqft
    2023-04-01 0 days 1,562 sqft
    2023-05-01 0 days 1,628 sqft
    2023-06-01 0 days 1,650 sqft
    2023-07-01 0 days 1,571 sqft
    2023-08-01 0 days 1,560 sqft
    2023-09-01 0 days 1,473 sqft
    2023-10-01 0 days 1,489 sqft
    2023-11-01 0 days 1,473 sqft
    2023-12-01 0 days 1,490 sqft
    2024-01-01 0 days 1,493 sqft
    2024-02-01 0 days 1,527 sqft
    2024-03-01 0 days 1,463 sqft
    Kennett's median listing age (time on market) for 2024-03-01 was 0 days.

    Kennett's median square footage for active listings during the 2024-03-01 period was 1,463 sqft. One year prior, the average listing was 1,596 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).