Manhattan FHA Loans

MANHATTAN, 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.

    Manhattan's 46 lenders originated 234 FHA loans during 2021. The total origination value was $39,590,000, with an average FHA loan value of $169,188.

    Manhattan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Manhattan averaged 5.12% 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 5.35% and one month ago for the week of 2022-04-08, the average rate was 4.72%.

    The average rate one year ago was 3.02%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.82%.

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

    Manhattan 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 Manhattan level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 44 3.13% $5,504
    Landmark National Bank 27 2.82% $4,977
    QUICKEN LOANS, LLC 25 2.69% $6,178
    PRIMELENDING, A PLAINSCAPITAL COMPANY 18 3.26% $6,004
    KS StateBank 12 2.77% $4,952
    Central National Bank 10 2.85% $3,754
    LEADERONE FINANCIAL CORPORATION 9 3.42% $6,975
    Sunflower Bank 5 3.07% $6,313
    American Mortgage & Equity Consultants, Inc. 5 3.13% $7,060
    PLANET HOME LENDING, LLC 4 3.38% $5,389
    UNITED WHOLESALE MORTGAGE, LLC 3 2.68% $4,239
    AMERISAVE MORTGAGE CORPORATION 3 3.58% $5,947
    Commerce Bank 3 3.29% $4,404
    FREEDOM MORTGAGE CORPORATION 3 2.75% $3,056
    HOME POINT FINANCIAL CORPORATION 3 2.83% $6,725
    LOANDEPOT.COM, LLC 3 3.25% $8,023
    Mr. Cooper ( Nationstar Mortgage ) 3 3.33% $3,816
    Members Mortgage Services, L.L.C. 2 2.94% $1,824
    Community First National Bank 2 2.75% $6,562
    LAKEVIEW LOAN SERVICING, LLC 2 3.13% $3,232
    NBH Bank 2 3.06% $4,701
    Mortgage Investment Services Corporation 2 3.19% $3,961
    MOVEMENT MORTGAGE, LLC 2 3.50% $6,955
    UMB Bank 1 3.00% $5,007
    MID AMERICA MORTGAGE, INC. 1 3.00% $3,882
    AMERICAN FINANCING CORPORATION 1 3.25% $2,658
    Nations Lending Corporation 1 4.00% $5,952
    OCEANSIDE MORTGAGE COMPANY 1 2.49% $3,753
    PENNYMAC LOAN SERVICES, LLC 1 3.38% $4,197
    Plains Commerce Bank 1 3.25% $4,943
    PLAZA HOME MORTGAGE, INC. 1 2.25% $11,483
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $2,871
    Carrington Mortgage Services, LLC 1 2.75% $4,634
    BROKER SOLUTIONS, INC. 1 4.13% $4,878
    RED DIAMOND HOME LOANS, LLC 1 3.25% $6,920
    RELIANCE FIRST CAPITAL, LLC 1 3.25% $6,651
    First State Bank of St. Charles, Missouri 1 4.25% $4,124
    FLAT BRANCH MORTGAGE, INC. 1 3.13% $10,367
    Arvest Bank 1 3.25% $4,281
    GUARANTEED RATE, INC. 1 3.25% $2,850
    Gateway First Bank 1 3.13% $4,219
    The Federal Savings Bank 1 3.88% $4,147
    INTERLINC MORTGAGE SERVICES, LLC 1 2.88% $4,607
    First Guaranty Mortgage Corporation 1 3.25% $4,004
    FINANCE OF AMERICA MORTGAGE LLC 1 2.75% $4,501
    EVERETT FINANCIAL, INC. 1 2.75% $5,158

    The top Manhattan FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 44 FHA loans originated. Their average total fees are $5,504, which is $526 higher than the next largest lender, Landmark National Bank.

    The lowest fee Manhattan FHA lenders (with over 10 loans originated) are Central National Bank ($3,754), KS StateBank ($4,952), Landmark National Bank ($4,977), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,504) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($6,004).

    The lowest rate Manhattan FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.69%), KS StateBank (2.77%), Landmark National Bank (2.82%), Central National Bank (2.85%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (3.13%).

    Manhattan FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MANHATTAN, KS GEARY 2022 $420,680 $538,650 $651,050 $809,150
    MANHATTAN, KS POTTAWATOMIE 2022 $420,680 $538,650 $651,050 $809,150
    MANHATTAN, KS RILEY 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Manhattan (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 $214,950 (-3.2%) $242,099 (-7.6%) 0.00 400
    2018-02-01 $215,000 (-6.5%) $244,845 (-7.7%) 0.00 413
    2018-03-01 $212,900 (-10.6%) $237,235 (-11.5%) 0.00 481
    2018-04-01 $219,000 (-4.7%) $242,986 (-9.9%) 0.00 529
    2018-05-01 $214,900 (-7.1%) $242,939 (-9.5%) 0.00 552
    2018-06-01 $210,000 (-8.3%) $239,098 (-9.2%) 0.00 543
    2018-07-01 $210,000 (-8.3%) $240,522 (-8.0%) 0.00 502
    2018-08-01 $205,000 (-7.8%) $237,142 (-8.3%) 0.00 513
    2018-09-01 $204,900 (-6.4%) $232,935 (-7.5%) 0.00 515
    2018-10-01 $197,250 (-10.0%) $227,116 (-8.8%) 0.00 515
    2018-11-01 $199,900 (-9.1%) $231,667 (-7.7%) 0.00 493
    2018-12-01 $199,900 (-7.0%) $235,643 (-3.5%) 0.00 457
    2019-01-01 $203,000 (-5.6%) $238,607 (-1.4%) 0.00 425
    2019-02-01 $231,950 (7.9%) $401,802 (64.1%) 0.00 527
    2019-03-01 $223,000 (4.7%) $344,526 (45.2%) 0.00 508
    2019-04-01 $215,000 (-1.8%) $298,588 (22.9%) 0.00 492
    2019-05-01 $216,750 (0.9%) $300,094 (23.5%) 0.00 502
    2019-06-01 $210,900 (0.4%) $282,540 (18.2%) 0.00 500
    2019-07-01 $208,000 (-1.0%) $279,978 (16.4%) 0.00 508
    2019-08-01 $203,000 (-1.0%) $274,171 (15.6%) 0.00 503
    2019-09-01 $198,500 (-3.1%) $267,186 (14.7%) 0.00 493
    2019-10-01 $198,500 (0.6%) $271,429 (19.5%) 0.00 495
    2019-11-01 $198,500 (-0.7%) $267,901 (15.6%) 0.00 448
    2019-12-01 $195,000 (-2.5%) $274,312 (16.4%) 0.00 420
    2020-01-01 $195,000 (-3.9%) $270,251 (13.3%) 0.00 396
    2020-02-01 $199,000 (-14.2%) $277,395 (-31.0%) 0.00 393
    2020-03-01 $205,500 (-7.9%) $281,123 (-18.4%) 0.00 426
    2020-04-01 $207,750 (-3.4%) $285,551 (-4.4%) 0.00 401
    2020-05-01 $212,000 (-2.2%) $292,804 (-2.4%) 0.00 368
    2020-06-01 $215,000 (1.9%) $307,002 (8.7%) 0.00 325
    2020-07-01 $215,500 (3.6%) $304,357 (8.7%) 0.00 323
    2020-08-01 $219,000 (7.9%) $313,864 (14.5%) 0.00 297
    2020-09-01 $196,500 (-1.0%) $258,289 (-3.3%) 0.00 242
    2020-10-01 $205,900 (3.7%) $257,181 (-5.3%) 0.00 235
    2020-11-01 $206,900 (4.2%) $258,702 (-3.4%) 0.00 226
    2020-12-01 $199,750 (2.4%) $258,208 (-5.9%) 0.00 200
    2021-01-01 $210,000 (7.7%) $268,577 (-0.6%) 0.00 176
    2021-02-01 $212,500 (6.8%) $268,837 (-3.1%) 0.00 143
    2021-03-01 $220,000 (7.1%) $284,320 (1.1%) 0.00 142
    2021-04-01 $249,500 (20.1%) $299,522 (4.9%) 0.00 138
    2021-05-01 $240,000 (13.2%) $300,708 (2.7%) 0.00 149
    2021-06-01 $231,200 (7.5%) $274,744 (-10.5%) 0.00 167
    2021-07-01 $225,000 (4.4%) $271,720 (-10.7%) 0.00 185
    2021-08-01 $221,450 (1.1%) $267,860 (-14.7%) 0.00 197
    2021-09-01 $220,000 (12.0%) $263,646 (2.1%) 0.00 222
    2021-10-01 $212,500 (3.2%) $267,479 (4.0%) 0.00 201
    2021-11-01 $233,500 (12.9%) $276,402 (6.8%) 0.00 166
    2021-12-01 $244,000 (22.2%) $514,441 (99.2%) 0.00 125
    2022-01-01 $240,000 (14.3%) $571,656 (112.9%) 0.00 91
    2022-02-01 $278,950 (31.3%) $664,347 (147.1%) 0.00 81
    2022-03-01 $289,000 (31.4%) $322,859 (13.6%) 0.00 102
    2022-04-01 $279,000 (11.8%) $314,501 (5.0%) 0.00 122
    Manhattan's median listing price for 2022-04-01 was $279,000, a difference of $29,500 (11.8%) versus the prior year and $-10,000 versus the prior month.

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

    Manhattan's average listing price for 2022-04-01 was $314,501, a difference of $14,979 (5.0%) versus the prior year and $-8,358 versus the prior month.

    For the 2022-04-01 period, Manhattan had 122 MLS listings, a difference of 20 listings (20%) versus the prior month and -16 listings (-12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Manhattan (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,227 sqft
    2018-02-01 0 days 2,292 sqft
    2018-03-01 0 days 2,296 sqft
    2018-04-01 0 days 2,297 sqft
    2018-05-01 0 days 2,207 sqft
    2018-06-01 0 days 2,224 sqft
    2018-07-01 0 days 2,218 sqft
    2018-08-01 0 days 2,191 sqft
    2018-09-01 0 days 2,191 sqft
    2018-10-01 0 days 2,126 sqft
    2018-11-01 0 days 2,177 sqft
    2018-12-01 0 days 2,172 sqft
    2019-01-01 0 days 2,109 sqft
    2019-02-01 0 days 1,863 sqft
    2019-03-01 0 days 1,986 sqft
    2019-04-01 0 days 2,086 sqft
    2019-05-01 0 days 2,104 sqft
    2019-06-01 0 days 2,080 sqft
    2019-07-01 0 days 2,050 sqft
    2019-08-01 0 days 2,011 sqft
    2019-09-01 0 days 1,977 sqft
    2019-10-01 0 days 2,040 sqft
    2019-11-01 0 days 2,016 sqft
    2019-12-01 0 days 2,013 sqft
    2020-01-01 0 days 2,030 sqft
    2020-02-01 0 days 1,968 sqft
    2020-03-01 0 days 2,031 sqft
    2020-04-01 0 days 1,961 sqft
    2020-05-01 0 days 1,976 sqft
    2020-06-01 0 days 2,115 sqft
    2020-07-01 0 days 2,050 sqft
    2020-08-01 0 days 2,080 sqft
    2020-09-01 0 days 2,188 sqft
    2020-10-01 0 days 2,288 sqft
    2020-11-01 0 days 2,284 sqft
    2020-12-01 0 days 2,214 sqft
    2021-01-01 0 days 2,192 sqft
    2021-02-01 0 days 2,149 sqft
    2021-03-01 0 days 2,294 sqft
    2021-04-01 0 days 2,304 sqft
    2021-05-01 0 days 2,272 sqft
    2021-06-01 0 days 2,285 sqft
    2021-07-01 0 days 2,200 sqft
    2021-08-01 0 days 2,140 sqft
    2021-09-01 0 days 2,070 sqft
    2021-10-01 0 days 2,082 sqft
    2021-11-01 0 days 2,143 sqft
    2021-12-01 0 days 2,199 sqft
    2022-01-01 0 days 2,082 sqft
    2022-02-01 0 days 1,989 sqft
    2022-03-01 0 days 2,245 sqft
    2022-04-01 0 days 2,080 sqft
    Manhattan's median listing age (time on market) for 2022-04-01 was 0 days.

    Manhattan's median square footage for active listings during the 2022-04-01 period was 2,080 sqft. One year prior, the average listing was 2,304 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).