Mcpherson FHA Loan Rates, Closing Costs & Stats

McPherson, 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.

    Mcpherson's 15 lenders originated 42 FHA loans during 2023. The total origination value was $7,230,000, with an average FHA loan value of $172,143.

    Mcpherson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mcpherson averaged 0.19% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Mcpherson's average FHA mortgage closing costs are $5,559.

    The average rate for the prior week (2024-11-08) was 6.6% and one month ago for the week of 2024-10-11, the average rate was 6.5%.

    The average rate one year ago was 7.65%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Mcpherson 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 Mcpherson level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 11 6.99% $7,884
    PENNYMAC LOAN SERVICES, LLC 4 6.06% $11,375
    Gateway First Bank 4 6.38% $5,819
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 7.31% $8,344
    QUICKEN LOANS, LLC 3 7.04% $8,570
    PLANET HOME LENDING, LLC 2 7.88% $6,191
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $4,689
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $4,306
    TOP FLITE FINANCIAL, INC. 1 6.75% $10,022
    Central National Bank 1 6.63% $3,319
    Equity Prime Mortgage LLC 1 7.50% $8,253
    LOANDEPOT.COM, LLC 1 6.13% $6,858
    Mortgage Investment Services Corporation 1 7.25% $5,893
    NBH Bank 1 6.88% $5,397
    OPEN MORTGAGE, LLC 1 6.25% $7,110

    The top Mcpherson FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 11 FHA loans originated. Their average total fees are $7,884, which is $3,491 lower than the next largest lender, PENNYMAC LOAN SERVICES, LLC.

    The lowest fee Mcpherson FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($7,884), .

    The lowest rate Mcpherson FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. (6.99%), .

    Mcpherson FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MCPHERSON, KS MCPHERSON 2022 $420,680 $538,650 $651,050 $809,150
    MCPHERSON, KS MCPHERSON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mcpherson (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 $148,950 (-0.7%) $183,503 (6.0%) 0.00 127
    2018-02-01 $148,800 (-4.6%) $182,804 (1.9%) 0.00 135
    2018-03-01 $149,900 (-4.5%) $181,451 (3.7%) 0.00 139
    2018-04-01 $159,175 (-0.5%) $192,327 (9.2%) 0.00 134
    2018-05-01 $166,200 (2.8%) $194,421 (6.4%) 0.00 140
    2018-06-01 $159,900 (-4.5%) $194,724 (1.3%) 0.00 144
    2018-07-01 $164,875 (-1.3%) $194,171 (0.5%) 0.00 147
    2018-08-01 $161,100 (-2.3%) $191,207 (0.9%) 0.00 152
    2018-09-01 $159,900 (4.6%) $187,479 (2.3%) 0.00 159
    2018-10-01 $156,700 (2.6%) $183,892 (1.6%) 0.00 146
    2018-11-01 $157,800 (6.1%) $187,222 (2.3%) 0.00 143
    2018-12-01 $159,900 (12.3%) $192,702 (8.5%) 0.00 132
    2019-01-01 $159,900 (7.4%) $195,709 (6.7%) 0.00 135
    2019-02-01 $159,000 (6.9%) $199,316 (9.0%) 0.00 135
    2019-03-01 $158,529 (5.8%) $195,619 (7.8%) 0.00 131
    2019-04-01 $157,979 (-0.8%) $194,828 (1.3%) 0.00 122
    2019-05-01 $165,663 (-0.3%) $202,745 (4.3%) 0.00 131
    2019-06-01 $165,600 (3.6%) $192,222 (-1.3%) 0.00 134
    2019-07-01 $180,675 (9.6%) $200,590 (3.3%) 0.00 139
    2019-08-01 $182,595 (13.3%) $213,406 (11.6%) 0.00 128
    2019-09-01 $179,139 (12.0%) $212,261 (13.2%) 0.00 122
    2019-10-01 $176,834 (12.9%) $211,497 (15.0%) 0.00 116
    2019-11-01 $179,900 (14.0%) $214,850 (14.8%) 0.00 103
    2019-12-01 $173,650 (8.6%) $212,718 (10.4%) 0.00 106
    2020-01-01 $169,900 (6.3%) $199,465 (1.9%) 0.00 108
    2020-02-01 $177,450 (11.6%) $202,583 (1.6%) 0.00 100
    2020-03-01 $156,500 (-1.3%) $190,056 (-2.8%) 0.00 101
    2020-04-01 $159,900 (1.2%) $191,740 (-1.6%) 0.00 102
    2020-05-01 $164,900 (-0.5%) $200,412 (-1.2%) 0.00 103
    2020-06-01 $165,150 (-0.3%) $206,234 (7.3%) 0.00 93
    2020-07-01 $182,125 (0.8%) $214,534 (7.0%) 0.00 87
    2020-08-01 $176,000 (-3.6%) $211,351 (-1.0%) 0.00 80
    2020-09-01 $189,900 (6.0%) $221,465 (4.3%) 0.00 70
    2020-10-01 $187,450 (6.0%) $225,483 (6.6%) 0.00 65
    2020-11-01 $183,675 (2.1%) $222,671 (3.6%) 0.00 64
    2020-12-01 $194,500 (12.0%) $234,805 (10.4%) 0.00 58
    2021-01-01 $219,900 (29.4%) $249,753 (25.2%) 0.00 52
    2021-02-01 $206,925 (16.6%) $247,157 (22.0%) 0.00 46
    2021-03-01 $192,250 (22.8%) $228,243 (20.1%) 0.00 42
    2021-04-01 $213,950 (33.8%) $251,503 (31.2%) 0.00 32
    2021-05-01 $172,400 (4.6%) $223,475 (11.5%) 0.00 37
    2021-06-01 $173,675 (5.2%) $224,008 (8.6%) 0.00 39
    2021-07-01 $156,400 (-14.1%) $205,282 (-4.3%) 0.00 45
    2021-08-01 $151,950 (-13.7%) $176,127 (-16.7%) 0.00 42
    2021-09-01 $146,150 (-23.0%) $173,516 (-21.7%) 0.00 37
    2021-10-01 $142,000 (-24.3%) $185,489 (-17.7%) 0.00 38
    2021-11-01 $144,475 (-21.3%) $189,542 (-14.9%) 0.00 33
    2021-12-01 $147,450 (-24.2%) $190,084 (-19.1%) 0.00 29
    2022-01-01 $163,000 (-25.9%) $200,129 (-19.9%) 0.00 26
    2022-02-01 $201,950 (-2.4%) $217,874 (-11.9%) 0.00 26
    2022-03-01 $224,900 (17.0%) $225,617 (-1.2%) 0.00 25
    2022-04-01 $189,000 (-11.7%) $226,877 (-9.8%) 0.00 20
    2022-05-01 $230,475 (33.7%) $232,636 (4.1%) 0.00 28
    2022-06-01 $172,450 (-0.7%) $209,811 (-6.3%) 0.00 24
    2022-07-01 $209,900 (34.2%) $209,935 (2.3%) 0.00 30
    2022-08-01 $191,875 (26.3%) $216,588 (23.0%) 0.00 35
    2022-09-01 $195,000 (33.4%) $213,348 (23.0%) 0.00 41
    2022-10-01 $207,000 (45.8%) $240,884 (29.9%) 0.00 47
    2022-11-01 $200,350 (38.7%) $264,000 (39.3%) 0.00 45
    2022-12-01 $201,300 (36.5%) $272,078 (43.1%) 0.00 43
    2023-01-01 $199,950 (22.7%) $252,781 (26.3%) 0.00 38
    2023-02-01 $205,950 (2.0%) $248,239 (13.9%) 0.00 33
    2023-03-01 $202,225 (-10.1%) $235,767 (4.5%) 0.00 33
    2023-04-01 $201,300 (6.5%) $248,479 (9.5%) 0.00 33
    2023-05-01 $201,525 (-12.6%) $259,189 (11.4%) 0.00 38
    2023-06-01 $209,825 (21.7%) $242,141 (15.4%) 0.00 52
    2023-07-01 $199,900 (-4.8%) $234,623 (11.8%) 0.00 55
    2023-08-01 $225,025 (17.3%) $253,160 (16.9%) 0.00 52
    2023-09-01 $228,750 (17.3%) $261,311 (22.5%) 0.00 53
    2023-10-01 $225,000 (8.7%) $265,911 (10.4%) 0.00 51
    2023-11-01 $225,000 (12.3%) $267,172 (1.2%) 0.00 50
    2023-12-01 $219,950 (9.3%) $257,466 (-5.4%) 0.00 44
    2024-01-01 $239,725 (19.9%) $260,824 (3.2%) 0.00 46
    2024-02-01 $237,725 (15.4%) $254,751 (2.6%) 0.00 47
    2024-03-01 $248,450 (22.9%) $278,421 (18.1%) 0.00 47
    2024-04-01 $239,125 (18.8%) $262,029 (5.5%) 0.00 58
    2024-05-01 $239,600 (18.9%) $270,355 (4.3%) 0.00 67
    2024-06-01 $235,000 (12.0%) $268,620 (10.9%) 0.00 77
    2024-07-01 $229,225 (14.7%) $266,730 (13.7%) 0.00 78
    2024-08-01 $225,000 (0.0%) $276,544 (9.2%) 0.00 81
    2024-09-01 $251,175 (9.8%) $284,983 (9.1%) 0.00 85
    2024-10-01 $257,345 (14.4%) $273,927 (3.0%) 0.00 81
    Mcpherson's median listing price for 2024-10-01 was $257,345, a difference of $32,345 (14.4%) versus the prior year and $6,170 versus the prior month.

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

    Mcpherson's average listing price for 2024-10-01 was $273,927, a difference of $8,016 (3.0%) versus the prior year and $-11,056 versus the prior month.

    For the 2024-10-01 period, Mcpherson had 81 MLS listings, a difference of -4 listings (-5%) versus the prior month and 30 listings (59%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mcpherson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,898 sqft
    2018-02-01 0 days 1,957 sqft
    2018-03-01 0 days 1,975 sqft
    2018-04-01 0 days 2,031 sqft
    2018-05-01 0 days 2,064 sqft
    2018-06-01 0 days 2,034 sqft
    2018-07-01 0 days 2,057 sqft
    2018-08-01 0 days 2,024 sqft
    2018-09-01 0 days 2,070 sqft
    2018-10-01 0 days 2,030 sqft
    2018-11-01 0 days 2,077 sqft
    2018-12-01 0 days 2,116 sqft
    2019-01-01 0 days 2,204 sqft
    2019-02-01 0 days 2,034 sqft
    2019-03-01 0 days 1,971 sqft
    2019-04-01 0 days 1,947 sqft
    2019-05-01 0 days 1,954 sqft
    2019-06-01 0 days 1,890 sqft
    2019-07-01 0 days 1,931 sqft
    2019-08-01 0 days 1,963 sqft
    2019-09-01 0 days 1,987 sqft
    2019-10-01 0 days 2,002 sqft
    2019-11-01 0 days 2,235 sqft
    2019-12-01 0 days 2,176 sqft
    2020-01-01 0 days 2,022 sqft
    2020-02-01 0 days 2,142 sqft
    2020-03-01 0 days 2,077 sqft
    2020-04-01 0 days 2,048 sqft
    2020-05-01 0 days 1,953 sqft
    2020-06-01 0 days 2,009 sqft
    2020-07-01 0 days 2,174 sqft
    2020-08-01 0 days 2,132 sqft
    2020-09-01 0 days 2,221 sqft
    2020-10-01 0 days 2,250 sqft
    2020-11-01 0 days 2,164 sqft
    2020-12-01 0 days 2,293 sqft
    2021-01-01 0 days 2,392 sqft
    2021-02-01 0 days 2,349 sqft
    2021-03-01 0 days 2,217 sqft
    2021-04-01 0 days 2,429 sqft
    2021-05-01 0 days 1,984 sqft
    2021-06-01 0 days 1,935 sqft
    2021-07-01 0 days 1,800 sqft
    2021-08-01 0 days 1,656 sqft
    2021-09-01 0 days 1,578 sqft
    2021-10-01 0 days 1,774 sqft
    2021-11-01 0 days 1,756 sqft
    2021-12-01 0 days 1,635 sqft
    2022-01-01 0 days 1,520 sqft
    2022-02-01 0 days 1,520 sqft
    2022-03-01 0 days 1,587 sqft
    2022-04-01 0 days 2,092 sqft
    2022-05-01 0 days 2,258 sqft
    2022-06-01 0 days 1,958 sqft
    2022-07-01 0 days 2,180 sqft
    2022-08-01 0 days 2,198 sqft
    2022-09-01 0 days 2,094 sqft
    2022-10-01 0 days 2,191 sqft
    2022-11-01 0 days 2,147 sqft
    2022-12-01 0 days 2,004 sqft
    2023-01-01 0 days 2,018 sqft
    2023-02-01 0 days 1,899 sqft
    2023-03-01 0 days 1,670 sqft
    2023-04-01 0 days 1,656 sqft
    2023-05-01 0 days 1,652 sqft
    2023-06-01 0 days 1,774 sqft
    2023-07-01 0 days 1,883 sqft
    2023-08-01 0 days 1,979 sqft
    2023-09-01 0 days 2,232 sqft
    2023-10-01 0 days 2,103 sqft
    2023-11-01 0 days 1,837 sqft
    2023-12-01 0 days 1,674 sqft
    2024-01-01 0 days 1,809 sqft
    2024-02-01 0 days 1,793 sqft
    2024-03-01 0 days 1,926 sqft
    2024-04-01 0 days 1,890 sqft
    2024-05-01 0 days 1,922 sqft
    2024-06-01 0 days 1,936 sqft
    2024-07-01 0 days 1,965 sqft
    2024-08-01 0 days 1,861 sqft
    2024-09-01 0 days 1,915 sqft
    2024-10-01 0 days 1,891 sqft
    Mcpherson's median listing age (time on market) for 2024-10-01 was 0 days.

    Mcpherson's median square footage for active listings during the 2024-10-01 period was 1,891 sqft. One year prior, the average listing was 2,103 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).