Liberal FHA Loan Rates, Closing Costs & Stats

Liberal, 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.

    Liberal's 11 lenders originated 66 FHA loans during 2023. The total origination value was $10,780,000, with an average FHA loan value of $163,333.

    Liberal FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Liberal averaged 6.45% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Liberal's average FHA mortgage closing costs are $7,250.

    The average rate for the prior week (2024-04-12) was 6.64% and one month ago for the week of 2024-03-15, the average rate was 6.51%.

    The average rate one year ago was 6.24%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Liberal 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 Liberal level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Paramount Residential Mortgage Group, Inc. 28 6.56% $8,672
    CMG MORTGAGE, INC. 20 6.18% $7,709
    QUICKEN LOANS, LLC 3 6.16% $6,334
    Equity Bank 3 6.66% $4,474
    NEWREZ LLC 2 7.00% $4,700
    FREEDOM MORTGAGE CORPORATION 2 7.00% $9,366
    LOANDEPOT.COM, LLC 2 6.75% $9,886
    UNITED WHOLESALE MORTGAGE, LLC 1 5.63% $9,673
    FIRST COLONY MORTGAGE CORPORATION 1 7.13% $10,711
    FLAT BRANCH MORTGAGE, INC. 1 6.88% $4,946
    BROKER SOLUTIONS, INC. 1 7.25% $7,921

    The top Liberal FHA lender as defined by loan originations is Paramount Residential Mortgage Group, Inc., with 28 FHA loans originated. Their average total fees are $8,672, which is $963 higher than the next largest lender, CMG MORTGAGE, INC..

    The lowest fee Liberal FHA lenders (with over 10 loans originated) are CMG MORTGAGE, INC. ($7,709), Paramount Residential Mortgage Group, Inc. ($8,672), .

    The lowest rate Liberal FHA lenders (with over 10 loans originated) are CMG MORTGAGE, INC. (6.18%), Paramount Residential Mortgage Group, Inc. (6.56%), .

    Liberal FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Liberal (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 $119,550 (-12.4%) $140,147 (-12.3%) 0.00 65
    2018-02-01 $126,125 (-8.4%) $148,586 (-8.2%) 0.00 67
    2018-03-01 $125,500 (-14.7%) $146,618 (-11.0%) 0.00 70
    2018-04-01 $131,224 (-6.3%) $147,822 (-8.2%) 0.00 69
    2018-05-01 $141,250 (4.6%) $151,313 (-5.8%) 0.00 75
    2018-06-01 $140,000 (3.7%) $152,228 (-4.3%) 0.00 71
    2018-07-01 $146,563 (13.8%) $154,432 (4.0%) 0.00 72
    2018-08-01 $149,313 (21.9%) $153,831 (8.0%) 0.00 71
    2018-09-01 $139,900 (12.6%) $151,636 (6.6%) 0.00 70
    2018-10-01 $130,000 (5.1%) $146,987 (3.1%) 0.00 74
    2018-11-01 $135,000 (22.2%) $149,677 (12.1%) 0.00 72
    2018-12-01 $134,000 (18.1%) $149,890 (13.6%) 0.00 73
    2019-01-01 $136,250 (14.0%) $146,835 (4.8%) 0.00 67
    2019-02-01 $145,968 (15.7%) $148,907 (0.2%) 0.00 72
    2019-03-01 $149,494 (19.1%) $154,506 (5.4%) 0.00 74
    2019-04-01 $150,499 (14.7%) $158,668 (7.3%) 0.00 71
    2019-05-01 $148,938 (5.4%) $150,985 (-0.2%) 0.00 63
    2019-06-01 $145,000 (3.6%) $153,229 (0.7%) 0.00 69
    2019-07-01 $149,500 (2.0%) $159,143 (3.1%) 0.00 75
    2019-08-01 $147,245 (-1.4%) $160,247 (4.2%) 0.00 72
    2019-09-01 $143,114 (2.3%) $158,581 (4.6%) 0.00 72
    2019-10-01 $139,900 (7.6%) $157,354 (7.1%) 0.00 72
    2019-11-01 $138,000 (2.2%) $156,979 (4.9%) 0.00 72
    2019-12-01 $136,125 (1.6%) $154,373 (3.0%) 0.00 64
    2020-01-01 $134,950 (-1.0%) $151,246 (3.0%) 0.00 61
    2020-02-01 $129,900 (-11.0%) $150,100 (0.8%) 0.00 63
    2020-03-01 $133,975 (-10.4%) $153,104 (-0.9%) 0.00 70
    2020-04-01 $136,500 (-9.3%) $151,241 (-4.7%) 0.00 70
    2020-05-01 $138,000 (-7.3%) $157,768 (4.5%) 0.00 58
    2020-06-01 $150,388 (3.7%) $174,934 (14.2%) 0.00 46
    2020-07-01 $145,225 (-2.9%) $174,015 (9.4%) 0.00 41
    2020-08-01 $145,000 (-1.5%) $189,731 (18.4%) 0.00 35
    2020-09-01 $169,850 (18.7%) $201,112 (26.8%) 0.00 27
    2020-10-01 $170,000 (21.5%) $203,745 (29.5%) 0.00 24
    2020-11-01 $147,725 (7.1%) $195,018 (24.2%) 0.00 24
    2020-12-01 $148,975 (9.4%) $189,037 (22.5%) 0.00 25
    2021-01-01 $144,900 (7.4%) $182,674 (20.8%) 0.00 23
    2021-02-01 $164,950 (27.0%) $186,427 (24.2%) 0.00 17
    2021-03-01 $126,725 (-5.4%) $166,156 (8.5%) 0.00 12
    2021-04-01 $154,750 (13.4%) $184,753 (22.2%) 0.00 12
    2021-05-01 $140,000 (1.5%) $168,262 (6.7%) 0.00 10
    2021-06-01 $135,500 (-9.9%) $161,944 (-7.4%) 0.00 14
    2021-07-01 $141,750 (-2.4%) $157,030 (-9.8%) 0.00 19
    2021-08-01 $137,500 (-5.2%) $146,347 (-22.9%) 0.00 26
    2021-09-01 $139,675 (-17.8%) $150,873 (-25.0%) 0.00 27
    2021-10-01 $132,500 (-22.1%) $155,129 (-23.9%) 0.00 28
    2021-11-01 $132,475 (-10.3%) $164,254 (-15.8%) 0.00 23
    2021-12-01 $135,000 (-9.4%) $173,409 (-8.3%) 0.00 18
    2022-01-01 $140,000 (-3.4%) $186,819 (2.3%) 0.00 12
    2022-02-01 $129,050 (-21.8%) $188,755 (1.3%) 0.00 11
    2022-03-01 $135,975 (7.3%) $153,013 (-7.9%) 0.00 8
    2022-04-01 $143,000 (-7.6%) $176,660 (-4.4%) 0.00 7
    2022-05-01 $170,475 (21.8%) $206,183 (22.5%) 0.00 8
    2022-06-01 $135,750 (0.2%) $174,039 (7.5%) 0.00 11
    2022-07-01 $170,000 (19.9%) $187,618 (19.5%) 0.00 14
    2022-08-01 $168,200 (22.3%) $202,582 (38.4%) 0.00 15
    2022-09-01 $192,500 (37.8%) $225,506 (49.5%) 0.00 11
    2022-10-01 $204,250 (54.2%) $210,843 (35.9%) 0.00 13
    2022-11-01 $190,350 (43.7%) $200,524 (22.1%) 0.00 11
    2022-12-01 $159,000 (17.8%) $194,620 (12.2%) 0.00 18
    2023-01-01 $154,950 (10.7%) $191,221 (2.4%) 0.00 16
    2023-02-01 $174,950 (35.6%) $207,275 (9.8%) 0.00 14
    2023-03-01 $178,500 (31.3%) $203,232 (32.8%) 0.00 18
    2023-04-01 $192,450 (34.6%) $218,439 (23.7%) 0.00 18
    2023-05-01 $210,000 (23.2%) $229,938 (11.5%) 0.00 17
    2023-06-01 $249,950 (84.1%) $247,218 (42.1%) 0.00 13
    2023-07-01 $234,950 (38.2%) $245,806 (31.0%) 0.00 13
    2023-08-01 $220,500 (31.1%) $230,843 (14.0%) 0.00 14
    2023-09-01 $206,500 (7.3%) $228,933 (1.5%) 0.00 19
    2023-10-01 $162,375 (-20.5%) $223,067 (5.8%) 0.00 18
    2023-11-01 $180,925 (-5.0%) $223,005 (11.2%) 0.00 20
    2023-12-01 $179,900 (13.1%) $219,662 (12.9%) 0.00 20
    2024-01-01 $199,875 (29.0%) $227,763 (19.1%) 0.00 18
    2024-02-01 $198,475 (13.5%) $208,932 (0.8%) 0.00 20
    2024-03-01 $150,000 (-16.0%) $200,107 (-1.5%) 0.00 17
    Liberal's median listing price for 2024-03-01 was $150,000, a difference of $-28,500 (-16.0%) versus the prior year and $-48,475 versus the prior month.

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

    Liberal's average listing price for 2024-03-01 was $200,107, a difference of $-3,125 (-1.5%) versus the prior year and $-8,825 versus the prior month.

    For the 2024-03-01 period, Liberal had 17 MLS listings, a difference of -3 listings (-15%) versus the prior month and -1 listings (-6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Liberal (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,780 sqft
    2018-02-01 0 days 1,824 sqft
    2018-03-01 0 days 1,747 sqft
    2018-04-01 0 days 1,736 sqft
    2018-05-01 0 days 1,844 sqft
    2018-06-01 0 days 1,887 sqft
    2018-07-01 0 days 1,947 sqft
    2018-08-01 0 days 2,058 sqft
    2018-09-01 0 days 1,920 sqft
    2018-10-01 0 days 1,970 sqft
    2018-11-01 0 days 2,070 sqft
    2018-12-01 0 days 2,087 sqft
    2019-01-01 0 days 2,116 sqft
    2019-02-01 0 days 2,170 sqft
    2019-03-01 0 days 2,174 sqft
    2019-04-01 0 days 2,216 sqft
    2019-05-01 0 days 2,131 sqft
    2019-06-01 0 days 2,057 sqft
    2019-07-01 0 days 2,135 sqft
    2019-08-01 0 days 2,159 sqft
    2019-09-01 0 days 2,196 sqft
    2019-10-01 0 days 2,221 sqft
    2019-11-01 0 days 2,126 sqft
    2019-12-01 0 days 2,157 sqft
    2020-01-01 0 days 1,930 sqft
    2020-02-01 0 days 1,839 sqft
    2020-03-01 0 days 1,839 sqft
    2020-04-01 0 days 1,851 sqft
    2020-05-01 0 days 1,897 sqft
    2020-06-01 0 days 2,003 sqft
    2020-07-01 0 days 2,052 sqft
    2020-08-01 0 days 2,034 sqft
    2020-09-01 0 days 2,195 sqft
    2020-10-01 0 days 1,980 sqft
    2020-11-01 0 days 1,963 sqft
    2020-12-01 0 days 1,971 sqft
    2021-01-01 0 days 1,904 sqft
    2021-02-01 0 days 2,310 sqft
    2021-03-01 0 days 1,963 sqft
    2021-04-01 0 days 2,098 sqft
    2021-05-01 0 days 1,857 sqft
    2021-06-01 0 days 1,937 sqft
    2021-07-01 0 days 1,937 sqft
    2021-08-01 0 days 1,835 sqft
    2021-09-01 0 days 1,848 sqft
    2021-10-01 0 days 1,814 sqft
    2021-11-01 0 days 1,805 sqft
    2021-12-01 0 days 1,787 sqft
    2022-01-01 0 days 1,824 sqft
    2022-02-01 0 days 1,865 sqft
    2022-03-01 0 days 1,699 sqft
    2022-04-01 0 days 1,772 sqft
    2022-05-01 0 days 2,042 sqft
    2022-06-01 0 days 1,792 sqft
    2022-07-01 0 days 1,982 sqft
    2022-08-01 0 days 1,892 sqft
    2022-09-01 0 days 2,264 sqft
    2022-10-01 0 days 2,064 sqft
    2022-11-01 0 days 2,441 sqft
    2022-12-01 0 days 1,986 sqft
    2023-01-01 0 days 1,683 sqft
    2023-02-01 0 days 1,919 sqft
    2023-03-01 0 days 1,830 sqft
    2023-04-01 0 days 2,064 sqft
    2023-05-01 0 days 2,020 sqft
    2023-06-01 0 days 2,495 sqft
    2023-07-01 0 days 2,477 sqft
    2023-08-01 0 days 2,453 sqft
    2023-09-01 0 days 2,241 sqft
    2023-10-01 0 days 1,981 sqft
    2023-11-01 0 days 1,637 sqft
    2023-12-01 0 days 1,811 sqft
    2024-01-01 0 days 1,881 sqft
    2024-02-01 0 days 1,943 sqft
    2024-03-01 0 days 1,768 sqft
    Liberal's median listing age (time on market) for 2024-03-01 was 0 days.

    Liberal's median square footage for active listings during the 2024-03-01 period was 1,768 sqft. One year prior, the average listing was 1,830 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).