Lawrence FHA Loan Rates, Closing Costs & Stats

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 43 lenders originated 134 FHA loans during 2023. The total origination value was $32,430,000, with an average FHA loan value of $242,015.

    Lawrence FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lawrence averaged 6.37% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Lawrence's average FHA mortgage closing costs are $6,439.

    The average rate for the prior week (2024-12-06) was 6.54% and one month ago for the week of 2024-11-08, the average rate was 6.7%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.18%.

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

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 22 6.25% $10,552
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.83% $8,590
    NBH Bank 9 5.93% $6,817
    Sunflower Bank 8 6.26% $8,170
    FREEDOM MORTGAGE CORPORATION 4 7.38% $10,428
    FLAT BRANCH MORTGAGE, INC. 4 6.59% $9,606
    MOVEMENT MORTGAGE, LLC 3 7.88% $11,542
    Carrington Mortgage Services, LLC 3 6.08% $12,764
    PENNYMAC LOAN SERVICES, LLC 3 5.58% $9,922
    Bell Bank 3 6.75% $8,580
    UNITED WHOLESALE MORTGAGE, LLC 3 6.49% $10,532
    LOANDEPOT.COM, LLC 3 6.46% $7,566
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.94% $7,042
    First Bank 2 7.00% $6,699
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.13% $10,857
    Landmark National Bank 2 6.81% $6,932
    LEADERONE FINANCIAL CORPORATION 2 6.19% $12,726
    THRIVE MORTGAGE, LLC 2 5.94% $11,040
    NEWREZ LLC 2 6.25% $7,693
    First State Bank of St. Charles, Missouri 2 6.69% $10,326
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $11,859
    BROKER SOLUTIONS, INC. 2 6.50% $9,791
    Waterstone Mortgage Corporation 1 7.13% $10,643
    BAY EQUITY LLC 1 7.25% $11,741
    BNC National Bank 1 6.00% $8,316
    Commerce Bank 1 6.50% $6,816
    DAS Acquisition Company, LLC 1 7.13% $16,719
    ENDEAVOR CAPITAL, LLC. 1 6.63% $8,853
    FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $5,642
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $13,421
    LOANPAL, LLC 1 6.13% $14,177
    Mortgage Research Center, LLC 1 7.63% $5,069
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $13,801
    Nations Lending Corporation 1 6.75% $10,868
    NBKC BANK 1 6.63% $6,205
    Neighborhood Loans, Inc. 1 7.00% $11,244
    NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $12,259
    OCMBC, INC. 1 7.63% $16,959
    PLANET HOME LENDING, LLC 1 6.38% $15,028
    The Central Trust Bank 1 7.50% $7,571
    The Federal Savings Bank 1 6.25% $20,332
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.25% $18,352
    AMERICAN FINANCIAL NETWORK, INC. 1 8.25% $12,990

    The top Lawrence FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 22 FHA loans originated. Their average total fees are $10,552, which is $1,963 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Lawrence FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,590), QUICKEN LOANS, LLC ($10,552), .

    The lowest rate Lawrence FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.25%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.83%), .

    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
    LAWRENCE, KS DOUGLAS 2023 $472,030 $604,400 $730,525 $907,900

    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 $289,900 (28.9%) $345,537 (5.6%) 0.00 217
    2018-02-01 $304,250 (26.8%) $348,417 (4.1%) 0.00 208
    2018-03-01 $299,700 (16.4%) $355,314 (1.8%) 0.00 219
    2018-04-01 $306,963 (12.3%) $355,672 (-1.1%) 0.00 235
    2018-05-01 $312,875 (5.2%) $364,974 (0.2%) 0.00 258
    2018-06-01 $295,900 (1.3%) $350,546 (-0.6%) 0.00 300
    2018-07-01 $298,000 (1.3%) $350,665 (-2.2%) 0.00 340
    2018-08-01 $278,900 (-1.3%) $337,867 (-3.1%) 0.00 348
    2018-09-01 $279,925 (0.2%) $340,954 (1.0%) 0.00 343
    2018-10-01 $282,475 (1.2%) $338,556 (1.6%) 0.00 326
    2018-11-01 $279,925 (-2.5%) $333,430 (-1.0%) 0.00 324
    2018-12-01 $284,450 (0.7%) $337,646 (0.7%) 0.00 287
    2019-01-01 $300,000 (3.5%) $339,354 (-1.8%) 0.00 252
    2019-02-01 $318,900 (4.8%) $339,542 (-2.6%) 0.00 240
    2019-03-01 $313,921 (4.8%) $338,541 (-4.7%) 0.00 268
    2019-04-01 $306,946 (0.0%) $339,081 (-4.7%) 0.00 294
    2019-05-01 $317,450 (1.5%) $359,018 (-1.6%) 0.00 299
    2019-06-01 $314,900 (6.4%) $351,277 (0.2%) 0.00 333
    2019-07-01 $299,924 (0.7%) $350,612 (0.0%) 0.00 347
    2019-08-01 $299,000 (7.2%) $349,978 (3.6%) 0.00 343
    2019-09-01 $299,000 (6.8%) $352,743 (3.5%) 0.00 343
    2019-10-01 $299,000 (5.9%) $352,515 (4.1%) 0.00 346
    2019-11-01 $299,900 (7.1%) $356,531 (6.9%) 0.00 335
    2019-12-01 $307,400 (8.1%) $361,759 (7.1%) 0.00 275
    2020-01-01 $312,400 (4.1%) $366,565 (8.0%) 0.00 245
    2020-02-01 $317,000 (-0.6%) $375,742 (10.7%) 0.00 246
    2020-03-01 $322,450 (2.7%) $377,637 (11.6%) 0.00 257
    2020-04-01 $326,975 (6.5%) $374,204 (10.4%) 0.00 259
    2020-05-01 $329,900 (3.9%) $378,545 (5.4%) 0.00 249
    2020-06-01 $322,900 (2.5%) $392,231 (11.7%) 0.00 212
    2020-07-01 $325,175 (8.4%) $401,160 (14.4%) 0.00 185
    2020-08-01 $308,000 (3.0%) $382,614 (9.3%) 0.00 175
    2020-09-01 $289,925 (-3.0%) $362,219 (2.7%) 0.00 176
    2020-10-01 $300,000 (0.3%) $379,948 (7.8%) 0.00 164
    2020-11-01 $299,950 (0.0%) $383,591 (7.6%) 0.00 139
    2020-12-01 $288,700 (-6.1%) $385,931 (6.7%) 0.00 110
    2021-01-01 $299,900 (-4.0%) $382,786 (4.4%) 0.00 89
    2021-02-01 $324,000 (2.2%) $402,219 (7.1%) 0.00 74
    2021-03-01 $287,000 (-11.0%) $366,935 (-2.8%) 0.00 71
    2021-04-01 $301,950 (-7.7%) $372,630 (-0.4%) 0.00 81
    2021-05-01 $299,925 (-9.1%) $371,751 (-1.8%) 0.00 85
    2021-06-01 $304,975 (-5.6%) $363,954 (-7.2%) 0.00 95
    2021-07-01 $306,950 (-5.6%) $366,950 (-8.5%) 0.00 123
    2021-08-01 $309,963 (0.6%) $356,178 (-6.9%) 0.00 143
    2021-09-01 $329,925 (13.8%) $358,238 (-1.1%) 0.00 128
    2021-10-01 $342,450 (14.2%) $372,969 (-1.8%) 0.00 135
    2021-11-01 $351,425 (17.2%) $378,878 (-1.2%) 0.00 98
    2021-12-01 $371,950 (28.8%) $397,007 (2.9%) 0.00 85
    2022-01-01 $385,000 (28.4%) $460,368 (20.3%) 0.00 71
    2022-02-01 $402,725 (24.3%) $469,367 (16.7%) 0.00 83
    2022-03-01 $392,500 (36.8%) $445,117 (21.3%) 0.00 89
    2022-04-01 $369,000 (22.2%) $447,970 (20.2%) 0.00 96
    2022-05-01 $371,150 (23.8%) $441,490 (18.8%) 0.00 103
    2022-06-01 $368,225 (20.7%) $431,828 (18.7%) 0.00 123
    2022-07-01 $369,950 (20.5%) $433,539 (18.2%) 0.00 168
    2022-08-01 $351,200 (13.3%) $423,978 (19.0%) 0.00 166
    2022-09-01 $347,250 (5.3%) $446,214 (24.6%) 0.00 145
    2022-10-01 $345,000 (0.7%) $441,049 (18.3%) 0.00 161
    2022-11-01 $347,500 (-1.1%) $437,367 (15.4%) 0.00 145
    2022-12-01 $350,000 (-5.9%) $433,599 (9.2%) 0.00 136
    2023-01-01 $384,950 (0.0%) $469,412 (2.0%) 0.00 117
    2023-02-01 $434,900 (8.0%) $499,840 (6.5%) 0.00 107
    2023-03-01 $442,450 (12.7%) $520,053 (16.8%) 0.00 108
    2023-04-01 $429,900 (16.5%) $518,398 (15.7%) 0.00 123
    2023-05-01 $406,575 (9.5%) $486,391 (10.2%) 0.00 128
    2023-06-01 $399,913 (8.6%) $479,633 (11.1%) 0.00 132
    2023-07-01 $407,450 (10.1%) $487,183 (12.4%) 0.00 152
    2023-08-01 $399,882 (13.9%) $477,400 (12.6%) 0.00 142
    2023-09-01 $405,000 (16.6%) $464,863 (4.2%) 0.00 174
    2023-10-01 $399,900 (15.9%) $461,403 (4.6%) 0.00 177
    2023-11-01 $384,925 (10.8%) $458,921 (4.9%) 0.00 177
    2023-12-01 $374,900 (7.1%) $458,257 (5.7%) 0.00 172
    2024-01-01 $372,200 (-3.3%) $455,019 (-3.1%) 0.00 141
    2024-02-01 $384,450 (-11.6%) $457,580 (-8.5%) 0.00 120
    2024-03-01 $359,900 (-18.7%) $457,075 (-12.1%) 0.00 139
    2024-04-01 $361,375 (-15.9%) $456,096 (-12.0%) 0.00 134
    2024-05-01 $384,000 (-5.6%) $476,672 (-2.0%) 0.00 146
    2024-06-01 $349,900 (-12.5%) $457,659 (-4.6%) 0.00 181
    2024-07-01 $356,863 (-12.4%) $454,492 (-6.7%) 0.00 204
    2024-08-01 $349,900 (-12.5%) $430,329 (-9.9%) 0.00 206
    2024-09-01 $350,000 (-13.6%) $454,454 (-2.2%) 0.00 207
    2024-10-01 $352,500 (-11.9%) $471,436 (2.2%) 0.00 217
    2024-11-01 $355,000 (-7.8%) $484,339 (5.5%) 0.00 265
    Lawrence's median listing price for 2024-11-01 was $355,000, a difference of $-29,925 (-7.8%) versus the prior year and $2,500 versus the prior month.

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

    Lawrence's average listing price for 2024-11-01 was $484,339, a difference of $25,418 (5.5%) versus the prior year and $12,903 versus the prior month.

    For the 2024-11-01 period, Lawrence had 265 MLS listings, a difference of 48 listings (22%) versus the prior month and 88 listings (50%) 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 2,170 sqft
    2018-02-01 0 days 2,263 sqft
    2018-03-01 0 days 2,467 sqft
    2018-04-01 0 days 2,459 sqft
    2018-05-01 0 days 2,459 sqft
    2018-06-01 0 days 2,467 sqft
    2018-07-01 0 days 2,400 sqft
    2018-08-01 0 days 2,183 sqft
    2018-09-01 0 days 2,165 sqft
    2018-10-01 0 days 2,153 sqft
    2018-11-01 0 days 2,138 sqft
    2018-12-01 0 days 2,225 sqft
    2019-01-01 0 days 2,301 sqft
    2019-02-01 0 days 2,278 sqft
    2019-03-01 0 days 2,305 sqft
    2019-04-01 0 days 2,337 sqft
    2019-05-01 0 days 2,470 sqft
    2019-06-01 0 days 2,390 sqft
    2019-07-01 0 days 2,285 sqft
    2019-08-01 0 days 2,284 sqft
    2019-09-01 0 days 2,309 sqft
    2019-10-01 0 days 2,326 sqft
    2019-11-01 0 days 2,328 sqft
    2019-12-01 0 days 2,249 sqft
    2020-01-01 0 days 2,251 sqft
    2020-02-01 0 days 2,255 sqft
    2020-03-01 0 days 2,296 sqft
    2020-04-01 0 days 2,298 sqft
    2020-05-01 0 days 2,350 sqft
    2020-06-01 0 days 2,274 sqft
    2020-07-01 0 days 2,292 sqft
    2020-08-01 0 days 2,123 sqft
    2020-09-01 0 days 1,975 sqft
    2020-10-01 0 days 2,046 sqft
    2020-11-01 0 days 1,998 sqft
    2020-12-01 0 days 1,964 sqft
    2021-01-01 0 days 1,864 sqft
    2021-02-01 0 days 1,885 sqft
    2021-03-01 0 days 1,842 sqft
    2021-04-01 0 days 1,990 sqft
    2021-05-01 0 days 1,965 sqft
    2021-06-01 0 days 1,873 sqft
    2021-07-01 0 days 1,975 sqft
    2021-08-01 0 days 1,873 sqft
    2021-09-01 0 days 1,905 sqft
    2021-10-01 0 days 1,915 sqft
    2021-11-01 0 days 1,903 sqft
    2021-12-01 0 days 2,022 sqft
    2022-01-01 0 days 2,016 sqft
    2022-02-01 0 days 2,072 sqft
    2022-03-01 0 days 1,964 sqft
    2022-04-01 0 days 1,920 sqft
    2022-05-01 0 days 1,939 sqft
    2022-06-01 0 days 2,001 sqft
    2022-07-01 0 days 2,105 sqft
    2022-08-01 0 days 2,061 sqft
    2022-09-01 0 days 2,033 sqft
    2022-10-01 0 days 2,040 sqft
    2022-11-01 0 days 2,029 sqft
    2022-12-01 0 days 2,000 sqft
    2023-01-01 0 days 2,202 sqft
    2023-02-01 0 days 2,226 sqft
    2023-03-01 0 days 2,212 sqft
    2023-04-01 0 days 2,113 sqft
    2023-05-01 0 days 2,268 sqft
    2023-06-01 0 days 2,137 sqft
    2023-07-01 0 days 2,197 sqft
    2023-08-01 0 days 2,234 sqft
    2023-09-01 0 days 2,197 sqft
    2023-10-01 0 days 2,155 sqft
    2023-11-01 0 days 2,037 sqft
    2023-12-01 0 days 2,008 sqft
    2024-01-01 0 days 1,788 sqft
    2024-02-01 0 days 1,808 sqft
    2024-03-01 0 days 1,808 sqft
    2024-04-01 0 days 1,888 sqft
    2024-05-01 0 days 1,948 sqft
    2024-06-01 0 days 1,781 sqft
    2024-07-01 0 days 1,782 sqft
    2024-08-01 0 days 1,774 sqft
    2024-09-01 0 days 1,788 sqft
    2024-10-01 0 days 1,929 sqft
    2024-11-01 0 days 1,961 sqft
    Lawrence's median listing age (time on market) for 2024-11-01 was 0 days.

    Lawrence's median square footage for active listings during the 2024-11-01 period was 1,961 sqft. One year prior, the average listing was 2,037 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).