Lawrence FHA Loan Rates, Closing Costs & Stats

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 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 6.89% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

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

The average rate for the prior week (2024-03-15) was 6.81% and one month ago for the week of 2024-02-16, the average rate was 6.83%.

The average rate one year ago was 6.32%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.8%.

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
Lawrence's median listing price for 2024-02-01 was $384,450, a difference of $-50,450 (-11.6%) versus the prior year and $12,250 versus the prior month.

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

Lawrence's average listing price for 2024-02-01 was $457,580, a difference of $-42,260 (-8.5%) versus the prior year and $2,561 versus the prior month.

For the 2024-02-01 period, Lawrence had 120 MLS listings, a difference of -21 listings (-15%) versus the prior month and 13 listings (12%) 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
Lawrence's median listing age (time on market) for 2024-02-01 was 0 days.

Lawrence's median square footage for active listings during the 2024-02-01 period was 1,808 sqft. One year prior, the average listing was 2,226 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).