Lawrence FHA Loans

LAWRENCE, KS

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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.

    Lawrence's 56 lenders originated 260 FHA loans during 2021. The total origination value was $52,010,000, with an average FHA loan value of $200,038.

    Lawrence FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lawrence averaged 5.09% 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 5.32% and one month ago for the week of 2022-04-08, the average rate was 4.69%.

    The average rate one year ago was 2.89%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.23%.

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

    Lawrence 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 Lawrence level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 41 3.14% $5,760
    QUICKEN LOANS, LLC 24 2.75% $6,256
    LAKEVIEW LOAN SERVICING, LLC 19 2.98% $4,755
    NBH Bank 15 3.08% $5,846
    FREEDOM MORTGAGE CORPORATION 11 2.94% $4,070
    MOVEMENT MORTGAGE, LLC 9 3.19% $7,331
    Mr. Cooper ( Nationstar Mortgage ) 8 3.23% $5,681
    FLAT BRANCH MORTGAGE, INC. 6 3.40% $6,053
    PENNYMAC LOAN SERVICES, LLC 5 3.03% $3,796
    Landmark National Bank 5 2.93% $6,235
    HOME POINT FINANCIAL CORPORATION 5 3.00% $5,443
    LEADERONE FINANCIAL CORPORATION 5 3.40% $6,965
    Arvest Bank 4 3.09% $5,853
    Nations Lending Corporation 3 3.67% $10,617
    NEWREZ LLC 3 2.83% $5,343
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 2.96% $6,265
    COMMUNITY MORTGAGE, LLC 3 3.71% $7,393
    Sunflower Bank 3 3.29% $7,265
    UNION HOME MORTGAGE CORP. 3 2.79% $6,612
    MUTUAL OF OMAHA MORTGAGE, INC. 3 2.63% $8,478
    MID AMERICA MORTGAGE, INC. 3 3.17% $3,663
    AMERISAVE MORTGAGE CORPORATION 2 2.88% $8,973
    GUILD MORTGAGE COMPANY 2 2.94% $7,838
    JLB CORPORATION 2 2.69% $7,518
    Flagstar Bank, FSB 2 2.44% $5,261
    Mortgage Investment Services Corporation 2 3.00% $5,658
    Prosperity Home Mortgage, LLC 2 3.56% $6,443
    PLANET HOME LENDING, LLC 2 2.88% $6,789
    RCB Bank 2 2.94% $6,106
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.50% $11,817
    Paramount Residential Mortgage Group, Inc. 2 3.38% $6,588
    ZILLOW HOME LOANS, LLC 1 2.38% $6,460
    Austin Capital Bank SSB 1 2.63% $7,460
    BNC National Bank 1 3.13% $5,666
    BROKER SOLUTIONS, INC. 1 2.88% $7,052
    CALIBER HOME LOANS, INC. 1 2.75% $4,837
    Carrington Mortgage Services, LLC 1 2.75% $8,185
    Central National Bank 1 2.88% $4,140
    DAS Acquisition Company, LLC 1 3.25% $6,052
    ENDEAVOR CAPITAL, LLC. 1 2.63% $7,628
    First Bank 1 2.75% $5,579
    GUARANTEED RATE, INC. 1 3.25% $8,596
    HOMESIDE FINANCIAL, LLC 1 2.75% $6,571
    Ixonia Bank 1 3.88% $8,075
    KS StateBank 1 3.00% $6,353
    LOANDEPOT.COM, LLC 1 3.88% $6,484
    Manufacturers and Traders Trust Company 1 3.13% $6,537
    Mazuma Credit Union 1 2.75% $6,540
    MEGASTAR FINANCIAL CORP. 1 4.13% $6,990
    MYCUMORTGAGE, LLC 1 3.00% $4,454
    OCEANSIDE MORTGAGE COMPANY 1 2.49% $3,887
    OPEN MORTGAGE, LLC 1 2.63% $7,412
    Servion, Inc. 1 3.00% $7,194
    The Central Trust Bank 1 3.38% $6,478
    UNITED WHOLESALE MORTGAGE, LLC 1 2.75% $6,582
    AMERICAN FINANCING CORPORATION 1 4.25% $6,256

    The top Lawrence FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 41 FHA loans originated. Their average total fees are $5,760, which is $496 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Lawrence FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($4,070), LAKEVIEW LOAN SERVICING, LLC ($4,755), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,760), NBH Bank ($5,846) and QUICKEN LOANS, LLC ($6,256).

    The lowest rate Lawrence FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.75%), FREEDOM MORTGAGE CORPORATION (2.94%), LAKEVIEW LOAN SERVICING, LLC (2.98%), NBH Bank (3.08%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (3.14%).

    Lawrence FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LAWRENCE, KS DOUGLAS 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lawrence (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 $292,400 (33.0%) $335,842 (2.5%) 0.00 290
    2018-02-01 $312,000 (30.0%) $344,787 (2.4%) 0.00 267
    2018-03-01 $299,900 (15.4%) $350,754 (0.9%) 0.00 286
    2018-04-01 $307,475 (18.3%) $351,998 (-1.5%) 0.00 309
    2018-05-01 $317,500 (8.9%) $370,219 (2.0%) 0.00 331
    2018-06-01 $309,900 (10.7%) $357,676 (0.4%) 0.00 398
    2018-07-01 $303,700 (5.1%) $349,806 (-3.1%) 0.00 454
    2018-08-01 $296,950 (7.1%) $343,766 (0.9%) 0.00 456
    2018-09-01 $298,900 (12.2%) $349,433 (7.9%) 0.00 447
    2018-10-01 $289,900 (5.4%) $346,829 (7.7%) 0.00 422
    2018-11-01 $287,475 (1.8%) $340,778 (4.0%) 0.00 422
    2018-12-01 $300,000 (7.2%) $347,749 (7.3%) 0.00 367
    2019-01-01 $322,500 (10.3%) $347,037 (3.3%) 0.00 324
    2019-02-01 $327,450 (5.0%) $342,919 (-0.5%) 0.00 308
    2019-03-01 $325,657 (8.6%) $342,828 (-2.3%) 0.00 339
    2019-04-01 $320,707 (4.3%) $345,038 (-2.0%) 0.00 371
    2019-05-01 $324,950 (2.4%) $366,730 (-0.9%) 0.00 382
    2019-06-01 $324,900 (4.8%) $362,611 (1.4%) 0.00 436
    2019-07-01 $307,450 (1.2%) $353,850 (1.2%) 0.00 465
    2019-08-01 $295,614 (-0.5%) $342,726 (-0.3%) 0.00 458
    2019-09-01 $295,614 (-1.1%) $343,254 (-1.8%) 0.00 442
    2019-10-01 $299,900 (3.5%) $352,129 (1.5%) 0.00 455
    2019-11-01 $299,900 (4.3%) $357,884 (5.0%) 0.00 433
    2019-12-01 $304,950 (1.7%) $358,977 (3.2%) 0.00 346
    2020-01-01 $312,500 (-3.1%) $365,243 (5.3%) 0.00 299
    2020-02-01 $319,000 (-2.6%) $375,529 (9.5%) 0.00 304
    2020-03-01 $331,450 (1.8%) $384,389 (12.1%) 0.00 325
    2020-04-01 $337,450 (5.2%) $384,104 (11.3%) 0.00 324
    2020-05-01 $339,900 (4.6%) $387,643 (5.7%) 0.00 302
    2020-06-01 $329,900 (1.5%) $405,492 (11.8%) 0.00 260
    2020-07-01 $326,450 (6.2%) $406,111 (14.8%) 0.00 233
    2020-08-01 $315,000 (6.6%) $391,715 (14.3%) 0.00 222
    2020-09-01 $298,000 (0.8%) $363,342 (5.9%) 0.00 221
    2020-10-01 $309,000 (3.0%) $387,558 (10.1%) 0.00 202
    2020-11-01 $299,950 (0.0%) $387,903 (8.4%) 0.00 172
    2020-12-01 $299,450 (-1.8%) $393,506 (9.6%) 0.00 139
    2021-01-01 $300,000 (-4.0%) $392,813 (7.6%) 0.00 112
    2021-02-01 $314,950 (-1.3%) $396,487 (5.6%) 0.00 82
    2021-03-01 $283,450 (-14.5%) $356,131 (-7.4%) 0.00 80
    2021-04-01 $297,000 (-12.0%) $364,180 (-5.2%) 0.00 91
    2021-05-01 $304,900 (-10.3%) $370,087 (-4.5%) 0.00 105
    2021-06-01 $294,475 (-10.7%) $360,330 (-11.1%) 0.00 114
    2021-07-01 $308,450 (-5.5%) $376,523 (-7.3%) 0.00 143
    2021-08-01 $302,000 (-4.1%) $347,911 (-11.2%) 0.00 165
    2021-09-01 $312,450 (4.9%) $353,901 (-2.6%) 0.00 155
    2021-10-01 $339,950 (10.0%) $370,776 (-4.3%) 0.00 166
    2021-11-01 $352,500 (17.5%) $386,535 (-0.4%) 0.00 115
    2021-12-01 $368,950 (23.2%) $398,263 (1.2%) 0.00 101
    2022-01-01 $385,000 (28.3%) $437,050 (11.3%) 0.00 89
    2022-02-01 $390,450 (24.0%) $445,298 (12.3%) 0.00 95
    2022-03-01 $389,950 (37.6%) $426,377 (19.7%) 0.00 103
    2022-04-01 $369,900 (24.6%) $432,225 (18.7%) 0.00 112
    Lawrence's median listing price for 2022-04-01 was $369,900, a difference of $72,900 (24.6%) versus the prior year and $-20,050 versus the prior month.

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

    Lawrence's average listing price for 2022-04-01 was $432,225, a difference of $68,045 (18.7%) versus the prior year and $5,848 versus the prior month.

    For the 2022-04-01 period, Lawrence had 112 MLS listings, a difference of 9 listings (9%) versus the prior month and 21 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lawrence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,180 sqft
    2018-02-01 0 days 2,295 sqft
    2018-03-01 0 days 2,467 sqft
    2018-04-01 0 days 2,458 sqft
    2018-05-01 0 days 2,484 sqft
    2018-06-01 0 days 2,518 sqft
    2018-07-01 0 days 2,441 sqft
    2018-08-01 0 days 2,219 sqft
    2018-09-01 0 days 2,222 sqft
    2018-10-01 0 days 2,222 sqft
    2018-11-01 0 days 2,212 sqft
    2018-12-01 0 days 2,381 sqft
    2019-01-01 0 days 2,364 sqft
    2019-02-01 0 days 2,301 sqft
    2019-03-01 0 days 2,344 sqft
    2019-04-01 0 days 2,420 sqft
    2019-05-01 0 days 2,495 sqft
    2019-06-01 0 days 2,490 sqft
    2019-07-01 0 days 2,338 sqft
    2019-08-01 0 days 2,250 sqft
    2019-09-01 0 days 2,219 sqft
    2019-10-01 0 days 2,341 sqft
    2019-11-01 0 days 2,342 sqft
    2019-12-01 0 days 2,242 sqft
    2020-01-01 0 days 2,262 sqft
    2020-02-01 0 days 2,278 sqft
    2020-03-01 0 days 2,354 sqft
    2020-04-01 0 days 2,357 sqft
    2020-05-01 0 days 2,412 sqft
    2020-06-01 0 days 2,430 sqft
    2020-07-01 0 days 2,412 sqft
    2020-08-01 0 days 2,200 sqft
    2020-09-01 0 days 2,007 sqft
    2020-10-01 0 days 2,137 sqft
    2020-11-01 0 days 2,014 sqft
    2020-12-01 0 days 2,059 sqft
    2021-01-01 0 days 1,950 sqft
    2021-02-01 0 days 1,954 sqft
    2021-03-01 0 days 1,818 sqft
    2021-04-01 0 days 1,995 sqft
    2021-05-01 0 days 1,929 sqft
    2021-06-01 0 days 1,900 sqft
    2021-07-01 0 days 2,009 sqft
    2021-08-01 0 days 1,844 sqft
    2021-09-01 0 days 1,929 sqft
    2021-10-01 0 days 1,975 sqft
    2021-11-01 0 days 1,897 sqft
    2021-12-01 0 days 2,006 sqft
    2022-01-01 0 days 1,980 sqft
    2022-02-01 0 days 2,105 sqft
    2022-03-01 0 days 2,032 sqft
    2022-04-01 0 days 2,040 sqft
    Lawrence's median listing age (time on market) for 2022-04-01 was 0 days.

    Lawrence's median square footage for active listings during the 2022-04-01 period was 2,040 sqft. One year prior, the average listing was 1,995 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).