Ottawa FHA Loan Rates, Closing Costs & Stats

Ottawa, 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.

    Ottawa's 36 lenders originated 78 FHA loans during 2023. The total origination value was $19,510,000, with an average FHA loan value of $250,128.

    Ottawa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ottawa averaged 6.73% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Ottawa's average FHA mortgage closing costs are $6,005.

    The average rate for the prior week (2024-04-05) was 6.75% and one month ago for the week of 2024-03-08, the average rate was 6.49%.

    The average rate one year ago was 6.12%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.94%.

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

    Ottawa 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 Ottawa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.88% $6,786
    SUCCESS MORTGAGE PARTNERS, INC. 5 7.18% $7,237
    QUICKEN LOANS, LLC 5 6.40% $9,573
    PENNYMAC LOAN SERVICES, LLC 4 6.22% $9,626
    CALIBER HOME LOANS, INC. 4 6.50% $6,472
    HALLMARK HOME MORTGAGE, LLC 3 7.17% $11,484
    NEWREZ LLC 3 7.08% $12,201
    The Central Trust Bank 2 6.94% $5,998
    Oakstar Bank 2 6.87% $6,171
    Arvest Bank 2 6.94% $7,363
    FLAT BRANCH MORTGAGE, INC. 2 6.94% $7,985
    MOVEMENT MORTGAGE, LLC 1 6.75% $6,557
    Mr. Cooper ( Nationstar Mortgage ) 1 7.13% $10,343
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.75% $11,165
    Neighborhood Loans, Inc. 1 6.75% $6,861
    OPEN MORTGAGE, LLC 1 6.25% $8,512
    PLANET HOME LENDING, LLC 1 6.38% $10,921
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $7,163
    Prosperity Home Mortgage, LLC 1 6.12% $6,286
    Servion, Inc. 1 6.25% $5,550
    Stride Bank 1 6.25% $5,409
    SUMMIT FUNDING, INC. 1 6.75% $6,004
    TruHome Solutions, LLC 1 7.13% $6,563
    UNION HOME MORTGAGE CORP. 1 5.63% $9,982
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $12,090
    United Fidelity Funding Corp. 1 6.75% $17,836
    Barrington Bank & Trust Company, N.A. 1 5.75% $6,208
    BROKER SOLUTIONS, INC. 1 6.75% $10,265
    Carrington Mortgage Services, LLC 1 6.00% $21,663
    Central National Bank 1 6.63% $5,774
    COMMUNITYAMERICA 1 5.38% $8,576
    ENDEAVOR CAPITAL, LLC. 1 7.13% $5,821
    Equity Prime Mortgage LLC 1 7.63% $12,472
    LOANDEPOT.COM, LLC 1 5.99% $17,162
    Mortgage Investment Services Corporation 1 7.25% $5,957
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $7,822

    The top Ottawa FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 11 FHA loans originated. Their average total fees are $6,786, which is $451 lower than the next largest lender, SUCCESS MORTGAGE PARTNERS, INC..

    The lowest fee Ottawa FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,786), .

    The lowest rate Ottawa FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.88%), .

    Ottawa FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ottawa (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 $137,500 (17.0%) $216,257 (23.7%) 0.00 70
    2018-02-01 $137,475 (10.1%) $185,668 (0.4%) 0.00 66
    2018-03-01 $139,750 (5.7%) $179,713 (-10.0%) 0.00 63
    2018-04-01 $147,500 (2.3%) $187,838 (-9.7%) 0.00 58
    2018-05-01 $169,000 (24.1%) $208,289 (9.1%) 0.00 64
    2018-06-01 $172,000 (36.9%) $219,397 (2.4%) 0.00 71
    2018-07-01 $169,938 (17.2%) $215,736 (-2.1%) 0.00 86
    2018-08-01 $166,500 (15.8%) $209,636 (4.9%) 0.00 88
    2018-09-01 $162,500 (12.1%) $205,700 (-6.3%) 0.00 101
    2018-10-01 $165,000 (10.6%) $200,830 (-4.9%) 0.00 101
    2018-11-01 $151,250 (1.5%) $196,373 (-18.6%) 0.00 102
    2018-12-01 $163,450 (17.7%) $201,383 (-8.5%) 0.00 96
    2019-01-01 $174,900 (27.2%) $231,691 (7.1%) 0.00 83
    2019-02-01 $175,000 (27.3%) $210,814 (13.5%) 0.00 78
    2019-03-01 $180,286 (29.0%) $215,099 (19.7%) 0.00 67
    2019-04-01 $195,000 (32.2%) $230,098 (22.5%) 0.00 54
    2019-05-01 $185,000 (9.5%) $229,447 (10.2%) 0.00 58
    2019-06-01 $189,000 (9.9%) $247,331 (12.7%) 0.00 66
    2019-07-01 $190,000 (11.8%) $236,276 (9.5%) 0.00 62
    2019-08-01 $182,850 (9.8%) $238,273 (13.7%) 0.00 64
    2019-09-01 $173,625 (6.9%) $231,174 (12.4%) 0.00 69
    2019-10-01 $167,175 (1.3%) $226,441 (12.8%) 0.00 74
    2019-11-01 $159,900 (5.7%) $219,277 (11.7%) 0.00 77
    2019-12-01 $165,875 (1.5%) $219,044 (8.8%) 0.00 69
    2020-01-01 $159,975 (-8.5%) $222,422 (-4.0%) 0.00 67
    2020-02-01 $155,000 (-11.4%) $226,303 (7.4%) 0.00 61
    2020-03-01 $180,450 (0.1%) $231,782 (7.8%) 0.00 58
    2020-04-01 $203,463 (4.3%) $258,566 (12.4%) 0.00 54
    2020-05-01 $227,000 (22.7%) $267,176 (16.4%) 0.00 46
    2020-06-01 $177,725 (-6.0%) $291,207 (17.7%) 0.00 46
    2020-07-01 $216,000 (13.7%) $365,817 (54.8%) 0.00 38
    2020-08-01 $210,000 (14.9%) $366,543 (53.8%) 0.00 40
    2020-09-01 $278,500 (60.4%) $392,959 (70.0%) 0.00 35
    2020-10-01 $262,000 (56.7%) $341,913 (51.0%) 0.00 47
    2020-11-01 $214,725 (34.3%) $314,985 (43.7%) 0.00 51
    2020-12-01 $176,625 (6.5%) $292,785 (33.7%) 0.00 42
    2021-01-01 $177,000 (10.6%) $298,010 (34.0%) 0.00 30
    2021-02-01 $153,250 (-1.1%) $246,897 (9.1%) 0.00 34
    2021-03-01 $150,500 (-16.6%) $240,593 (3.8%) 0.00 24
    2021-04-01 $189,575 (-6.8%) $294,844 (14.0%) 0.00 20
    2021-05-01 $165,000 (-27.3%) $275,515 (3.1%) 0.00 27
    2021-06-01 $172,500 (-2.9%) $265,686 (-8.8%) 0.00 35
    2021-07-01 $187,500 (-13.2%) $262,704 (-28.2%) 0.00 40
    2021-08-01 $187,100 (-10.9%) $269,210 (-26.6%) 0.00 43
    2021-09-01 $156,175 (-43.9%) $249,748 (-36.4%) 0.00 47
    2021-10-01 $189,900 (-27.5%) $235,114 (-31.2%) 0.00 49
    2021-11-01 $182,225 (-15.1%) $222,867 (-29.3%) 0.00 32
    2021-12-01 $184,975 (4.7%) $245,790 (-16.1%) 0.00 34
    2022-01-01 $219,450 (24.0%) $253,834 (-14.8%) 0.00 16
    2022-02-01 $232,225 (51.5%) $269,689 (9.2%) 0.00 21
    2022-03-01 $197,100 (31.0%) $254,649 (5.8%) 0.00 23
    2022-04-01 $190,000 (0.2%) $287,181 (-2.6%) 0.00 20
    2022-05-01 $191,250 (15.9%) $266,039 (-3.4%) 0.00 29
    2022-06-01 $204,750 (18.7%) $285,478 (7.5%) 0.00 38
    2022-07-01 $240,000 (28.0%) $301,986 (15.0%) 0.00 43
    2022-08-01 $204,950 (9.5%) $286,193 (6.3%) 0.00 56
    2022-09-01 $197,000 (26.1%) $272,642 (9.2%) 0.00 55
    2022-10-01 $189,750 (-0.1%) $267,253 (13.7%) 0.00 50
    2022-11-01 $219,125 (20.3%) $264,514 (18.7%) 0.00 53
    2022-12-01 $222,500 (20.3%) $266,065 (8.3%) 0.00 47
    2023-01-01 $228,000 (3.9%) $263,197 (3.7%) 0.00 39
    2023-02-01 $224,600 (-3.3%) $261,787 (-2.9%) 0.00 39
    2023-03-01 $224,200 (13.8%) $277,330 (8.9%) 0.00 30
    2023-04-01 $248,700 (30.9%) $270,803 (-5.7%) 0.00 30
    2023-05-01 $232,450 (21.5%) $270,094 (1.5%) 0.00 31
    2023-06-01 $228,725 (11.7%) $288,369 (1.0%) 0.00 39
    2023-07-01 $229,700 (-4.3%) $320,285 (6.1%) 0.00 38
    2023-08-01 $234,475 (14.4%) $328,026 (14.6%) 0.00 51
    2023-09-01 $232,250 (17.9%) $322,679 (18.4%) 0.00 51
    2023-10-01 $290,988 (53.4%) $365,441 (36.7%) 0.00 55
    2023-11-01 $259,550 (18.5%) $343,198 (29.8%) 0.00 55
    2023-12-01 $277,000 (24.5%) $356,445 (34.0%) 0.00 48
    2024-01-01 $305,875 (34.2%) $379,659 (44.3%) 0.00 40
    2024-02-01 $299,500 (33.4%) $375,545 (43.5%) 0.00 41
    2024-03-01 $271,600 (21.1%) $375,674 (35.5%) 0.00 37
    Ottawa's median listing price for 2024-03-01 was $271,600, a difference of $47,400 (21.1%) versus the prior year and $-27,900 versus the prior month.

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

    Ottawa's average listing price for 2024-03-01 was $375,674, a difference of $98,344 (35.5%) versus the prior year and $129 versus the prior month.

    For the 2024-03-01 period, Ottawa had 37 MLS listings, a difference of -4 listings (-10%) versus the prior month and 7 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ottawa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,702 sqft
    2018-02-01 0 days 1,666 sqft
    2018-03-01 0 days 1,720 sqft
    2018-04-01 0 days 1,647 sqft
    2018-05-01 0 days 1,696 sqft
    2018-06-01 0 days 1,692 sqft
    2018-07-01 0 days 1,686 sqft
    2018-08-01 0 days 1,559 sqft
    2018-09-01 0 days 1,642 sqft
    2018-10-01 0 days 1,537 sqft
    2018-11-01 0 days 1,505 sqft
    2018-12-01 0 days 1,676 sqft
    2019-01-01 0 days 1,754 sqft
    2019-02-01 0 days 1,825 sqft
    2019-03-01 0 days 1,798 sqft
    2019-04-01 0 days 1,814 sqft
    2019-05-01 0 days 1,827 sqft
    2019-06-01 0 days 1,659 sqft
    2019-07-01 0 days 1,598 sqft
    2019-08-01 0 days 1,598 sqft
    2019-09-01 0 days 1,583 sqft
    2019-10-01 0 days 1,594 sqft
    2019-11-01 0 days 1,613 sqft
    2019-12-01 0 days 1,654 sqft
    2020-01-01 0 days 1,587 sqft
    2020-02-01 0 days 1,638 sqft
    2020-03-01 0 days 1,712 sqft
    2020-04-01 0 days 1,786 sqft
    2020-05-01 0 days 1,728 sqft
    2020-06-01 0 days 1,691 sqft
    2020-07-01 0 days 1,732 sqft
    2020-08-01 0 days 1,745 sqft
    2020-09-01 0 days 1,863 sqft
    2020-10-01 0 days 1,836 sqft
    2020-11-01 0 days 1,856 sqft
    2020-12-01 0 days 1,791 sqft
    2021-01-01 0 days 1,680 sqft
    2021-02-01 0 days 1,688 sqft
    2021-03-01 0 days 1,450 sqft
    2021-04-01 0 days 1,625 sqft
    2021-05-01 0 days 1,625 sqft
    2021-06-01 0 days 1,521 sqft
    2021-07-01 0 days 1,603 sqft
    2021-08-01 0 days 1,557 sqft
    2021-09-01 0 days 1,446 sqft
    2021-10-01 0 days 1,508 sqft
    2021-11-01 0 days 1,524 sqft
    2021-12-01 0 days 1,392 sqft
    2022-01-01 0 days 1,300 sqft
    2022-02-01 0 days 1,329 sqft
    2022-03-01 0 days 1,487 sqft
    2022-04-01 0 days 1,504 sqft
    2022-05-01 0 days 1,407 sqft
    2022-06-01 0 days 1,559 sqft
    2022-07-01 0 days 1,656 sqft
    2022-08-01 0 days 1,414 sqft
    2022-09-01 0 days 1,405 sqft
    2022-10-01 0 days 1,428 sqft
    2022-11-01 0 days 1,523 sqft
    2022-12-01 0 days 1,560 sqft
    2023-01-01 0 days 1,528 sqft
    2023-02-01 0 days 1,447 sqft
    2023-03-01 0 days 1,575 sqft
    2023-04-01 0 days 1,536 sqft
    2023-05-01 0 days 1,886 sqft
    2023-06-01 0 days 1,628 sqft
    2023-07-01 0 days 1,828 sqft
    2023-08-01 0 days 1,790 sqft
    2023-09-01 0 days 1,792 sqft
    2023-10-01 0 days 1,848 sqft
    2023-11-01 0 days 1,844 sqft
    2023-12-01 0 days 1,846 sqft
    2024-01-01 0 days 1,807 sqft
    2024-02-01 0 days 1,872 sqft
    2024-03-01 0 days 1,874 sqft
    Ottawa's median listing age (time on market) for 2024-03-01 was 0 days.

    Ottawa's median square footage for active listings during the 2024-03-01 period was 1,874 sqft. One year prior, the average listing was 1,575 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).