Lebanon FHA Loan Rates, Closing Costs & Stats

Lebanon, MO

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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.

    Lebanon's 29 lenders originated 101 FHA loans during 2023. The total origination value was $18,315,000, with an average FHA loan value of $181,337.

    Lebanon FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lebanon averaged 6.57% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Lebanon's average FHA mortgage closing costs are $5,967.

    The average rate for the prior week (2024-04-05) was 6.6% and one month ago for the week of 2024-03-08, the average rate was 6.73%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.94%.

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

    Lebanon 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 Lebanon level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 26 6.92% $7,667
    PRIMELENDING, A PLAINSCAPITAL COMPANY 22 6.71% $8,107
    QUICKEN LOANS, LLC 16 6.85% $7,167
    BROKER SOLUTIONS, INC. 3 6.75% $8,053
    FREEDOM MORTGAGE CORPORATION 2 7.00% $8,780
    NEWREZ LLC 2 7.00% $8,963
    Nations Lending Corporation 2 6.75% $8,632
    PENNYMAC LOAN SERVICES, LLC 2 6.69% $8,822
    Springfield First Community Bank 2 6.75% $5,629
    SUN WEST MORTGAGE COMPANY, INC. 2 7.19% $6,439
    LEADERONE FINANCIAL CORPORATION 1 7.13% $7,999
    LOANPAL, LLC 1 5.63% $8,330
    MORTGAGE FINANCIAL SERVICES, LLC 1 6.63% $8,964
    Mortgage Research Center, LLC 1 7.25% $5,468
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $9,121
    The Central Trust Bank 1 6.38% $5,355
    The Federal Savings Bank 1 6.25% $19,926
    UNITED WHOLESALE MORTGAGE, LLC 1 7.62% $12,151
    AMERICAN FINANCING CORPORATION 1 6.25% $11,036
    U.S. Bank 1 6.75% $4,385
    Arvest Bank 1 7.00% $4,497
    CARDINAL FINANCIAL 1 6.75% $11,264
    Commerce Bank 1 6.50% $4,706
    CRESCENT MORTGAGE COMPANY 1 5.38% $4,877
    DAS Acquisition Company, LLC 1 7.13% $6,699
    GERSHMAN INVESTMENT CORP. 1 7.63% $9,246
    Great Southern Bank 1 6.49% $5,278
    GUARANTEED RATE, INC. 1 6.63% $9,616
    Hawthorn Bank 1 5.75% $4,669

    The top Lebanon FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 26 FHA loans originated. Their average total fees are $7,667, which is $440 lower than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

    The lowest fee Lebanon FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,167), FLAT BRANCH MORTGAGE, INC. ($7,667), PRIMELENDING, A PLAINSCAPITAL COMPANY ($8,107), .

    The lowest rate Lebanon FHA lenders (with over 10 loans originated) are PRIMELENDING, A PLAINSCAPITAL COMPANY (6.71%), QUICKEN LOANS, LLC (6.85%), FLAT BRANCH MORTGAGE, INC. (6.92%), .

    Lebanon FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LEBANON, MO LACLEDE 2022 $420,680 $538,650 $651,050 $809,150
    LEBANON, MO LACLEDE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lebanon (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 $159,450 (7.5%) $198,587 (-0.8%) 0.00 153
    2018-02-01 $162,450 (9.2%) $198,309 (0.8%) 0.00 157
    2018-03-01 $169,900 (14.7%) $203,105 (4.6%) 0.00 156
    2018-04-01 $172,400 (15.5%) $207,489 (7.8%) 0.00 162
    2018-05-01 $184,200 (18.9%) $222,456 (14.6%) 0.00 173
    2018-06-01 $184,400 (14.0%) $222,923 (10.0%) 0.00 176
    2018-07-01 $196,600 (17.4%) $226,040 (9.0%) 0.00 167
    2018-08-01 $189,900 (22.4%) $236,947 (25.3%) 0.00 165
    2018-09-01 $176,950 (11.6%) $228,669 (21.3%) 0.00 162
    2018-10-01 $174,925 (6.5%) $224,915 (13.1%) 0.00 176
    2018-11-01 $176,125 (8.1%) $223,194 (11.7%) 0.00 180
    2018-12-01 $174,900 (6.1%) $215,925 (7.7%) 0.00 172
    2019-01-01 $169,900 (6.6%) $213,688 (7.6%) 0.00 145
    2019-02-01 $178,850 (10.1%) $234,293 (18.2%) 0.00 129
    2019-03-01 $185,829 (9.4%) $239,675 (18.0%) 0.00 124
    2019-04-01 $182,204 (5.7%) $237,658 (14.5%) 0.00 131
    2019-05-01 $169,900 (-7.8%) $236,744 (6.4%) 0.00 140
    2019-06-01 $195,900 (6.2%) $261,249 (17.2%) 0.00 147
    2019-07-01 $181,400 (-7.7%) $244,142 (8.0%) 0.00 151
    2019-08-01 $184,536 (-2.8%) $247,789 (4.6%) 0.00 160
    2019-09-01 $191,491 (8.2%) $255,763 (11.9%) 0.00 165
    2019-10-01 $192,627 (10.1%) $258,893 (15.1%) 0.00 164
    2019-11-01 $179,900 (2.1%) $258,588 (15.9%) 0.00 155
    2019-12-01 $181,150 (3.6%) $259,316 (20.1%) 0.00 156
    2020-01-01 $194,175 (14.3%) $266,821 (24.9%) 0.00 133
    2020-02-01 $199,500 (11.6%) $259,653 (10.8%) 0.00 140
    2020-03-01 $190,950 (2.8%) $256,489 (7.0%) 0.00 152
    2020-04-01 $181,175 (-0.6%) $242,945 (2.2%) 0.00 150
    2020-05-01 $175,000 (3.0%) $240,985 (1.8%) 0.00 144
    2020-06-01 $182,925 (-6.6%) $254,547 (-2.6%) 0.00 129
    2020-07-01 $200,550 (10.6%) $276,775 (13.4%) 0.00 108
    2020-08-01 $199,900 (8.3%) $269,952 (8.9%) 0.00 106
    2020-09-01 $221,163 (15.5%) $278,681 (9.0%) 0.00 98
    2020-10-01 $210,900 (9.5%) $278,013 (7.4%) 0.00 88
    2020-11-01 $222,475 (23.7%) $289,767 (12.1%) 0.00 72
    2020-12-01 $208,700 (15.2%) $276,364 (6.6%) 0.00 70
    2021-01-01 $229,000 (17.9%) $337,179 (26.4%) 0.00 55
    2021-02-01 $224,450 (12.5%) $338,070 (30.2%) 0.00 52
    2021-03-01 $194,675 (2.0%) $295,904 (15.4%) 0.00 48
    2021-04-01 $207,450 (14.5%) $303,319 (24.9%) 0.00 40
    2021-05-01 $189,900 (8.5%) $249,388 (3.5%) 0.00 58
    2021-06-01 $189,900 (3.8%) $236,100 (-7.3%) 0.00 63
    2021-07-01 $195,000 (-2.8%) $235,299 (-15.0%) 0.00 86
    2021-08-01 $199,725 (-0.1%) $251,957 (-6.7%) 0.00 81
    2021-09-01 $198,800 (-10.1%) $261,275 (-6.3%) 0.00 77
    2021-10-01 $195,250 (-7.4%) $265,872 (-4.4%) 0.00 71
    2021-11-01 $192,400 (-13.5%) $253,209 (-12.6%) 0.00 68
    2021-12-01 $198,475 (-4.9%) $252,379 (-8.7%) 0.00 68
    2022-01-01 $207,450 (-9.4%) $259,166 (-23.1%) 0.00 59
    2022-02-01 $194,900 (-13.2%) $256,379 (-24.2%) 0.00 56
    2022-03-01 $197,450 (1.4%) $266,452 (-10.0%) 0.00 47
    2022-04-01 $229,950 (10.9%) $249,041 (-17.9%) 0.00 38
    2022-05-01 $232,425 (22.4%) $259,141 (3.9%) 0.00 53
    2022-06-01 $202,500 (6.6%) $256,551 (8.7%) 0.00 68
    2022-07-01 $189,450 (-2.9%) $257,052 (9.2%) 0.00 69
    2022-08-01 $206,150 (3.2%) $286,065 (13.5%) 0.00 56
    2022-09-01 $223,500 (12.4%) $287,643 (10.1%) 0.00 61
    2022-10-01 $230,000 (17.8%) $292,453 (10.0%) 0.00 71
    2022-11-01 $222,000 (15.4%) $275,078 (8.6%) 0.00 75
    2022-12-01 $232,250 (17.0%) $270,831 (7.3%) 0.00 73
    2023-01-01 $257,425 (24.1%) $295,393 (14.0%) 0.00 56
    2023-02-01 $269,900 (38.5%) $315,984 (23.3%) 0.00 49
    2023-03-01 $254,900 (29.1%) $324,527 (21.8%) 0.00 48
    2023-04-01 $249,900 (8.7%) $320,135 (28.6%) 0.00 55
    2023-05-01 $268,675 (15.6%) $318,412 (22.9%) 0.00 59
    2023-06-01 $274,900 (35.8%) $328,379 (28.0%) 0.00 58
    2023-07-01 $264,950 (39.9%) $326,161 (26.9%) 0.00 66
    2023-08-01 $277,975 (34.8%) $332,077 (16.1%) 0.00 85
    2023-09-01 $279,450 (25.0%) $329,431 (14.5%) 0.00 99
    2023-10-01 $242,400 (5.4%) $296,221 (1.3%) 0.00 109
    2023-11-01 $239,450 (7.9%) $277,307 (0.8%) 0.00 118
    2023-12-01 $228,250 (-1.7%) $272,744 (0.7%) 0.00 113
    2024-01-01 $239,900 (-6.8%) $263,901 (-10.7%) 0.00 92
    2024-02-01 $239,900 (-11.1%) $260,897 (-17.4%) 0.00 95
    2024-03-01 $249,950 (-1.9%) $290,004 (-10.6%) 0.00 98
    Lebanon's median listing price for 2024-03-01 was $249,950, a difference of $-4,950 (-1.9%) versus the prior year and $10,050 versus the prior month.

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

    Lebanon's average listing price for 2024-03-01 was $290,004, a difference of $-34,523 (-10.6%) versus the prior year and $29,107 versus the prior month.

    For the 2024-03-01 period, Lebanon had 98 MLS listings, a difference of 3 listings (3%) versus the prior month and 50 listings (104%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lebanon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,000 sqft
    2018-02-01 0 days 1,909 sqft
    2018-03-01 0 days 2,000 sqft
    2018-04-01 0 days 2,025 sqft
    2018-05-01 0 days 2,048 sqft
    2018-06-01 0 days 2,040 sqft
    2018-07-01 0 days 2,059 sqft
    2018-08-01 0 days 2,001 sqft
    2018-09-01 0 days 1,916 sqft
    2018-10-01 0 days 1,885 sqft
    2018-11-01 0 days 1,923 sqft
    2018-12-01 0 days 1,916 sqft
    2019-01-01 0 days 1,792 sqft
    2019-02-01 0 days 1,825 sqft
    2019-03-01 0 days 1,829 sqft
    2019-04-01 0 days 1,844 sqft
    2019-05-01 0 days 1,802 sqft
    2019-06-01 0 days 1,920 sqft
    2019-07-01 0 days 1,807 sqft
    2019-08-01 0 days 1,925 sqft
    2019-09-01 0 days 2,007 sqft
    2019-10-01 0 days 2,037 sqft
    2019-11-01 0 days 1,992 sqft
    2019-12-01 0 days 1,990 sqft
    2020-01-01 0 days 1,991 sqft
    2020-02-01 0 days 1,940 sqft
    2020-03-01 0 days 1,899 sqft
    2020-04-01 0 days 1,867 sqft
    2020-05-01 0 days 1,800 sqft
    2020-06-01 0 days 1,830 sqft
    2020-07-01 0 days 1,860 sqft
    2020-08-01 0 days 1,886 sqft
    2020-09-01 0 days 2,087 sqft
    2020-10-01 0 days 1,987 sqft
    2020-11-01 0 days 2,040 sqft
    2020-12-01 0 days 1,920 sqft
    2021-01-01 0 days 2,120 sqft
    2021-02-01 0 days 2,007 sqft
    2021-03-01 0 days 1,747 sqft
    2021-04-01 0 days 1,797 sqft
    2021-05-01 0 days 1,728 sqft
    2021-06-01 0 days 1,556 sqft
    2021-07-01 0 days 1,590 sqft
    2021-08-01 0 days 1,688 sqft
    2021-09-01 0 days 1,756 sqft
    2021-10-01 0 days 1,778 sqft
    2021-11-01 0 days 1,644 sqft
    2021-12-01 0 days 1,572 sqft
    2022-01-01 0 days 1,554 sqft
    2022-02-01 0 days 1,533 sqft
    2022-03-01 0 days 1,506 sqft
    2022-04-01 0 days 1,512 sqft
    2022-05-01 0 days 1,655 sqft
    2022-06-01 0 days 1,445 sqft
    2022-07-01 0 days 1,430 sqft
    2022-08-01 0 days 1,540 sqft
    2022-09-01 0 days 1,563 sqft
    2022-10-01 0 days 1,632 sqft
    2022-11-01 0 days 1,512 sqft
    2022-12-01 0 days 1,503 sqft
    2023-01-01 0 days 1,717 sqft
    2023-02-01 0 days 1,823 sqft
    2023-03-01 0 days 1,791 sqft
    2023-04-01 0 days 1,797 sqft
    2023-05-01 0 days 2,000 sqft
    2023-06-01 0 days 2,017 sqft
    2023-07-01 0 days 1,876 sqft
    2023-08-01 0 days 1,773 sqft
    2023-09-01 0 days 1,792 sqft
    2023-10-01 0 days 1,691 sqft
    2023-11-01 0 days 1,621 sqft
    2023-12-01 0 days 1,622 sqft
    2024-01-01 0 days 1,640 sqft
    2024-02-01 0 days 1,556 sqft
    2024-03-01 0 days 1,597 sqft
    Lebanon's median listing age (time on market) for 2024-03-01 was 0 days.

    Lebanon's median square footage for active listings during the 2024-03-01 period was 1,597 sqft. One year prior, the average listing was 1,791 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).