Manhattan FHA Loans

MANHATTAN, 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.

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).