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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.