Manhattan FHA Loan Rates, Closing Costs & Stats

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 42 lenders originated 131 FHA loans during 2023. The total origination value was $26,235,000, with an average FHA loan value of $200,267.

Manhattan FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Manhattan averaged 6.6% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Manhattan's average FHA mortgage closing costs are $5,970.

The average rate for the prior week (2024-04-05) was 6.73% and one month ago for the week of 2024-03-08, the average rate was 6.26%.

The average rate one year ago was 6.1%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.74%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 31 6.71% $7,155
QUICKEN LOANS, LLC 11 6.64% $10,453
UNITED WHOLESALE MORTGAGE, LLC 9 6.73% $7,266
LEADERONE FINANCIAL CORPORATION 8 6.69% $9,945
Sunflower Bank 5 5.83% $7,219
Landmark National Bank 5 6.45% $4,580
MOVEMENT MORTGAGE, LLC 3 6.88% $9,073
FLAT BRANCH MORTGAGE, INC. 3 7.21% $6,277
Armed Forces Bank 3 5.92% $8,247
Central National Bank 3 6.29% $3,262
CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $8,165
AMERISAVE MORTGAGE CORPORATION 2 6.19% $16,175
Arvest Bank 2 6.75% $5,526
BROKER SOLUTIONS, INC. 2 6.88% $11,181
Flagstar Bank, FSB 2 6.73% $6,690
GUARANTEED RATE, INC. 2 7.00% $9,576
Mortgage Research Center, LLC 2 7.19% $6,005
NBH Bank 2 6.19% $4,316
Plains Commerce Bank 2 7.75% $7,655
KANSAS STATE UNIVERSITY Federal Credit Union 1 6.25% $5,383
Encompass Lending Group, LP 1 6.75% $9,554
American Mortgage & Equity Consultants, Inc. 1 5.63% $13,844
LOANDEPOT.COM, LLC 1 5.99% $6,815
MID AMERICA MORTGAGE, INC. 1 8.25% $5,108
UNION HOME MORTGAGE CORP. 1 6.63% $17,613
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $5,179
Community First National Bank 1 5.88% $9,741
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $11,126
NATIONS RELIABLE LENDING, LLC 1 7.50% $8,626
Chickasaw Community Bank 1 6.00% $7,652
NBKC BANK 1 6.50% $10,780
NEW DAY FINANCIAL, LLC 1 7.00% $7,459
NEWREZ LLC 1 7.25% $7,476
PENNYMAC LOAN SERVICES, LLC 1 6.75% $13,299
ZILLOW HOME LOANS, LLC 1 6.50% $13,400
PLANET HOME LENDING, LLC 1 6.63% $10,469
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $5,288
First State Bank of St. Charles, Missouri 1 6.63% $8,963
COMMUNITYAMERICA 1 7.50% $5,987
FIRST COMMUNITY MORTGAGE, INC. 1 6.50% $10,906
FREEDOM MORTGAGE CORPORATION 1 7.25% $11,810
Colonial Savings, F.A. 1 7.13% $9,760

The top Manhattan FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 31 FHA loans originated. Their average total fees are $7,155, which is $3,299 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Manhattan FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,155), QUICKEN LOANS, LLC ($10,453), .

The lowest rate Manhattan FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.64%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.71%), .

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 $179,300 (2.5%) $248,595 (23.6%) 0.00 719
2019-04-01 $178,200 (1.8%) $237,273 (17.0%) 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 $171,300 (-0.7%) $228,030 (13.3%) 0.00 745
2019-09-01 $173,325 (-1.0%) $229,404 (14.3%) 0.00 716
2019-10-01 $174,450 (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 (-3.7%) 0.00 559
2020-04-01 $179,800 (0.9%) $241,860 (1.9%) 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 (14.6%) 0.00 409
2020-09-01 $169,350 (-2.3%) $223,930 (-2.4%) 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%) $311,229 (11.2%) 0.00 197
2023-04-01 $270,000 (17.4%) $315,817 (15.6%) 0.00 202
2023-05-01 $278,250 (23.7%) $313,443 (15.6%) 0.00 224
2023-06-01 $278,000 (19.6%) $306,281 (11.5%) 0.00 241
2023-07-01 $267,000 (11.3%) $301,577 (8.6%) 0.00 249
2023-08-01 $261,225 (8.9%) $300,666 (9.9%) 0.00 264
2023-09-01 $239,000 (2.4%) $286,098 (5.5%) 0.00 258
2023-10-01 $222,238 (-7.4%) $270,363 (-1.8%) 0.00 268
2023-11-01 $222,500 (-3.2%) $271,510 (2.7%) 0.00 283
2023-12-01 $225,000 (-2.1%) $267,524 (1.0%) 0.00 276
2024-01-01 $233,675 (0.9%) $275,626 (2.1%) 0.00 256
2024-02-01 $241,250 (-8.6%) $291,038 (0.4%) 0.00 232
2024-03-01 $259,900 (-5.5%) $311,880 (0.2%) 0.00 219
Manhattan's median listing price for 2024-03-01 was $259,900, a difference of $-15,100 (-5.5%) versus the prior year and $18,650 versus the prior month.

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

Manhattan's average listing price for 2024-03-01 was $311,880, a difference of $651 (0.2%) versus the prior year and $20,842 versus the prior month.

For the 2024-03-01 period, Manhattan had 219 MLS listings, a difference of -13 listings (-6%) versus the prior month and 22 listings (11%) 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 1,941 sqft
2019-04-01 0 days 1,958 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 1,957 sqft
2019-10-01 0 days 1,958 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 2,251 sqft
2023-04-01 0 days 2,240 sqft
2023-05-01 0 days 2,150 sqft
2023-06-01 0 days 2,182 sqft
2023-07-01 0 days 2,184 sqft
2023-08-01 0 days 2,117 sqft
2023-09-01 0 days 2,016 sqft
2023-10-01 0 days 1,960 sqft
2023-11-01 0 days 1,984 sqft
2023-12-01 0 days 1,952 sqft
2024-01-01 0 days 1,975 sqft
2024-02-01 0 days 2,016 sqft
2024-03-01 0 days 2,179 sqft
Manhattan's median listing age (time on market) for 2024-03-01 was 0 days.

Manhattan's median square footage for active listings during the 2024-03-01 period was 2,179 sqft. One year prior, the average listing was 2,251 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).