Manhattan FHA Loan Rates, Closing Costs & Stats

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 49 lenders originated 143 FHA loans during 2022. The total origination value was $25,895,000, with an average FHA loan value of $181,084.

    Manhattan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Manhattan averaged 5.86% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Manhattan's average FHA mortgage closing costs are $5,640.

    The average rate for the prior week (2023-05-19) was 6.03% and one month ago for the week of 2023-04-21, the average rate was 5.87%.

    The average rate one year ago was 4.59%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.01%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Manhattan level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 18 4.68% $7,211
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 5.33% $6,403
    Central National Bank 10 5.43% $3,785
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 4.49% $6,930
    Landmark National Bank 8 5.13% $5,649
    Sunflower Bank 6 4.64% $6,085
    Plains Commerce Bank 6 5.29% $7,345
    PENNYMAC LOAN SERVICES, LLC 5 4.27% $8,537
    Community First National Bank 4 5.69% $6,086
    LEADERONE FINANCIAL CORPORATION 3 5.50% $7,978
    MOVEMENT MORTGAGE, LLC 3 6.38% $7,421
    Flagstar Bank, FSB 3 4.67% $9,603
    GUARANTEED RATE, INC. 3 4.84% $8,611
    Armed Forces Bank 3 3.63% $7,813
    AMERICAN FINANCING CORPORATION 2 3.69% $10,542
    First State Bank of St. Charles, Missouri 2 4.00% $7,142
    Commerce Bank 2 5.44% $5,809
    Mr. Cooper ( Nationstar Mortgage ) 2 4.50% $8,887
    CROSSCOUNTRY MORTGAGE, LLC 2 6.34% $9,224
    CMG MORTGAGE, INC. 2 5.13% $7,614
    M&T Bank 1 4.75% $6,681
    NBH Bank 1 6.63% $3,368
    NEWREZ LLC 1 7.25% $5,375
    ROYAL UNITED MORTGAGE LLC 1 4.13% $8,287
    Servion, Inc. 1 5.00% $6,696
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.00% $12,599
    The Federal Savings Bank 1 5.25% $13,342
    UNION HOME MORTGAGE CORP. 1 5.25% $4,987
    UNITED MORTGAGE CORP. 1 5.25% $7,408
    U.S. Bank 1 3.38% $5,839
    American Mortgage & Equity Consultants, Inc. 1 5.00% $9,726
    AMERISAVE MORTGAGE CORPORATION 1 5.13% $12,706
    Bank of England 1 4.88% $7,718
    Barrington Bank & Trust Company, N.A. 1 3.63% $5,378
    Bell Bank 1 5.75% $4,968
    BNC National Bank 1 4.88% $11,337
    BROKER SOLUTIONS, INC. 1 3.75% $11,664
    CALIBER HOME LOANS, INC. 1 5.63% $6,476
    CANOPY MORTGAGE, LLC 1 5.99% $10,889
    CARDINAL FINANCIAL 1 6.13% $6,712
    Carrollton Bank 1 3.63% $5,774
    Colonial Savings, F.A. 1 5.13% $11,732
    Gateway First Bank 1 5.00% $1,911
    GUILD MORTGAGE COMPANY 1 5.63% $9,174
    HOME POINT FINANCIAL CORPORATION 1 5.99% $5,431
    Ixonia Bank 1 5.13% $18,193
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $5,893
    LOANPAL, LLC 1 3.00% $5,571
    Mortgage Research Center, LLC 1 7.13% $2,906

    The top Manhattan FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 18 FHA loans originated. Their average total fees are $7,211, which is $809 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Manhattan FHA lenders (with over 10 loans originated) are Central National Bank ($3,785), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,403), QUICKEN LOANS, LLC ($7,211), .

    The lowest rate Manhattan FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.68%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.33%), Central National Bank (5.43%), .

    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
    MANHATTAN, KS GEARY 2023 $472,030 $604,400 $730,525 $907,900
    MANHATTAN, KS POTTAWATOMIE 2023 $472,030 $604,400 $730,525 $907,900
    MANHATTAN, KS RILEY 2023 $472,030 $604,400 $730,525 $907,900

    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 $169,900 (0.0%) $196,155 (-7.3%) 0.00 663
    2018-02-01 $169,923 (-2.9%) $200,244 (-6.3%) 0.00 653
    2018-03-01 $174,900 (-4.1%) $201,185 (-5.8%) 0.00 722
    2018-04-01 $175,000 (-2.8%) $202,865 (-5.1%) 0.00 778
    2018-05-01 $175,000 (-3.3%) $202,384 (-4.8%) 0.00 805
    2018-06-01 $169,900 (-7.8%) $199,761 (-6.5%) 0.00 810
    2018-07-01 $170,725 (-7.2%) $200,227 (-6.0%) 0.00 770
    2018-08-01 $172,450 (-4.2%) $201,190 (-4.4%) 0.00 771
    2018-09-01 $175,000 (-2.7%) $200,648 (-3.9%) 0.00 766
    2018-10-01 $170,000 (-4.4%) $201,206 (-2.5%) 0.00 734
    2018-11-01 $170,000 (-2.9%) $200,733 (-1.7%) 0.00 714
    2018-12-01 $169,900 (-0.1%) $200,834 (1.6%) 0.00 675
    2019-01-01 $165,600 (-2.5%) $200,554 (2.2%) 0.00 645
    2019-02-01 $179,300 (5.5%) $256,282 (28.0%) 0.00 696
    2019-03-01 $179,900 (2.5%) $243,800 (21.2%) 0.00 714
    2019-04-01 $177,925 (1.8%) $236,824 (16.7%) 0.00 736
    2019-05-01 $178,950 (2.3%) $239,245 (18.2%) 0.00 756
    2019-06-01 $173,000 (1.8%) $230,050 (15.2%) 0.00 753
    2019-07-01 $170,675 (0.0%) $227,180 (13.5%) 0.00 763
    2019-08-01 $169,900 (-0.7%) $225,216 (11.9%) 0.00 773
    2019-09-01 $169,900 (-1.0%) $227,380 (13.3%) 0.00 689
    2019-10-01 $172,975 (2.6%) $231,043 (14.8%) 0.00 686
    2019-11-01 $169,900 (-0.1%) $228,092 (13.6%) 0.00 616
    2019-12-01 $169,900 (0.0%) $233,425 (16.2%) 0.00 569
    2020-01-01 $169,700 (2.5%) $229,574 (14.5%) 0.00 533
    2020-02-01 $170,000 (-5.2%) $235,907 (-8.0%) 0.00 529
    2020-03-01 $179,450 (0.1%) $239,435 (-1.8%) 0.00 559
    2020-04-01 $179,800 (0.9%) $241,860 (2.1%) 0.00 537
    2020-05-01 $185,000 (3.4%) $247,376 (3.4%) 0.00 492
    2020-06-01 $189,450 (9.5%) $259,269 (12.7%) 0.00 430
    2020-07-01 $185,000 (8.4%) $258,621 (13.8%) 0.00 424
    2020-08-01 $184,500 (7.7%) $261,358 (16.1%) 0.00 409
    2020-09-01 $169,350 (-2.3%) $223,930 (-1.5%) 0.00 366
    2020-10-01 $169,900 (-2.6%) $225,167 (-2.5%) 0.00 337
    2020-11-01 $177,350 (4.4%) $225,494 (-1.1%) 0.00 316
    2020-12-01 $170,000 (0.1%) $225,192 (-3.5%) 0.00 280
    2021-01-01 $177,000 (4.3%) $232,065 (1.1%) 0.00 246
    2021-02-01 $180,000 (5.9%) $232,016 (-1.7%) 0.00 206
    2021-03-01 $187,750 (4.6%) $242,103 (1.1%) 0.00 202
    2021-04-01 $197,300 (9.7%) $253,083 (4.6%) 0.00 194
    2021-05-01 $205,000 (10.8%) $262,990 (6.3%) 0.00 206
    2021-06-01 $205,000 (8.2%) $238,909 (-7.9%) 0.00 242
    2021-07-01 $186,250 (0.7%) $237,517 (-8.2%) 0.00 275
    2021-08-01 $180,000 (-2.4%) $227,551 (-12.9%) 0.00 311
    2021-09-01 $192,500 (13.7%) $230,679 (3.0%) 0.00 330
    2021-10-01 $185,000 (8.9%) $231,651 (2.9%) 0.00 302
    2021-11-01 $196,875 (11.0%) $238,555 (5.8%) 0.00 253
    2021-12-01 $188,250 (10.7%) $384,085 (70.6%) 0.00 210
    2022-01-01 $164,500 (-7.1%) $429,970 (85.3%) 0.00 155
    2022-02-01 $202,450 (12.5%) $491,080 (111.7%) 0.00 130
    2022-03-01 $239,925 (27.8%) $279,814 (15.6%) 0.00 145
    2022-04-01 $230,000 (16.6%) $273,205 (8.0%) 0.00 166
    2022-05-01 $225,000 (9.8%) $271,105 (3.1%) 0.00 190
    2022-06-01 $232,500 (13.4%) $274,767 (15.0%) 0.00 223
    2022-07-01 $240,000 (28.9%) $277,799 (17.0%) 0.00 237
    2022-08-01 $239,950 (33.3%) $273,540 (20.2%) 0.00 258
    2022-09-01 $233,500 (21.3%) $271,073 (17.5%) 0.00 245
    2022-10-01 $240,000 (29.7%) $275,246 (18.8%) 0.00 225
    2022-11-01 $229,900 (16.8%) $264,508 (10.9%) 0.00 256
    2022-12-01 $229,900 (22.1%) $264,976 (-31.0%) 0.00 251
    2023-01-01 $231,625 (40.8%) $269,872 (-37.2%) 0.00 224
    2023-02-01 $264,000 (30.4%) $289,977 (-41.0%) 0.00 207
    2023-03-01 $275,000 (14.6%) $310,337 (10.9%) 0.00 197
    2023-04-01 $270,000 (0.0%) $315,817 (15.6%) 0.00 202
    Manhattan's median listing price for 2023-04-01 was $270,000, a difference of $40,000 (0.0%) versus the prior year and $-5,000 versus the prior month.

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

    Manhattan's average listing price for 2023-04-01 was $315,817, a difference of $42,612 (15.6%) versus the prior year and $5,480 versus the prior month.

    For the 2023-04-01 period, Manhattan had 202 MLS listings, a difference of 5 listings (3%) versus the prior month and 36 listings (22%) 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 2,018 sqft
    2018-02-01 0 days 2,070 sqft
    2018-03-01 0 days 2,082 sqft
    2018-04-01 0 days 2,091 sqft
    2018-05-01 0 days 2,086 sqft
    2018-06-01 0 days 2,091 sqft
    2018-07-01 0 days 2,091 sqft
    2018-08-01 0 days 2,054 sqft
    2018-09-01 0 days 2,054 sqft
    2018-10-01 0 days 2,051 sqft
    2018-11-01 0 days 2,045 sqft
    2018-12-01 0 days 2,020 sqft
    2019-01-01 0 days 1,999 sqft
    2019-02-01 0 days 1,939 sqft
    2019-03-01 0 days 1,965 sqft
    2019-04-01 0 days 1,965 sqft
    2019-05-01 0 days 1,961 sqft
    2019-06-01 0 days 1,963 sqft
    2019-07-01 0 days 1,961 sqft
    2019-08-01 0 days 1,959 sqft
    2019-09-01 0 days 1,936 sqft
    2019-10-01 0 days 1,959 sqft
    2019-11-01 0 days 1,944 sqft
    2019-12-01 0 days 1,935 sqft
    2020-01-01 0 days 1,934 sqft
    2020-02-01 0 days 1,917 sqft
    2020-03-01 0 days 1,923 sqft
    2020-04-01 0 days 1,882 sqft
    2020-05-01 0 days 1,908 sqft
    2020-06-01 0 days 1,971 sqft
    2020-07-01 0 days 1,946 sqft
    2020-08-01 0 days 1,950 sqft
    2020-09-01 0 days 1,995 sqft
    2020-10-01 0 days 2,060 sqft
    2020-11-01 0 days 2,001 sqft
    2020-12-01 0 days 1,959 sqft
    2021-01-01 0 days 1,915 sqft
    2021-02-01 0 days 1,908 sqft
    2021-03-01 0 days 1,904 sqft
    2021-04-01 0 days 1,958 sqft
    2021-05-01 0 days 2,016 sqft
    2021-06-01 0 days 2,045 sqft
    2021-07-01 0 days 1,966 sqft
    2021-08-01 0 days 1,918 sqft
    2021-09-01 0 days 1,950 sqft
    2021-10-01 0 days 1,989 sqft
    2021-11-01 0 days 1,988 sqft
    2021-12-01 0 days 1,987 sqft
    2022-01-01 0 days 1,888 sqft
    2022-02-01 0 days 1,840 sqft
    2022-03-01 0 days 1,926 sqft
    2022-04-01 0 days 1,944 sqft
    2022-05-01 0 days 1,970 sqft
    2022-06-01 0 days 1,988 sqft
    2022-07-01 0 days 2,026 sqft
    2022-08-01 0 days 2,030 sqft
    2022-09-01 0 days 2,014 sqft
    2022-10-01 0 days 2,187 sqft
    2022-11-01 0 days 2,146 sqft
    2022-12-01 0 days 2,143 sqft
    2023-01-01 0 days 2,178 sqft
    2023-02-01 0 days 2,135 sqft
    2023-03-01 0 days 2,250 sqft
    2023-04-01 0 days 2,240 sqft
    Manhattan's median listing age (time on market) for 2023-04-01 was 0 days.

    Manhattan's median square footage for active listings during the 2023-04-01 period was 2,240 sqft. One year prior, the average listing was 1,944 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).