Lawrence FHA Loans

LAWRENCE, KS

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).