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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.