Ottawa FHA Loan Rates, Closing Costs & Stats

Ottawa, 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.

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 0.29% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.58% and one month ago for the week of 2024-10-25, the average rate was 6.46%.

The average rate one year ago was 7.25%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.1%.

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
2024-04-01 $263,300 (5.9%) $352,025 (30.0%) 0.00 37
2024-05-01 $233,750 (0.6%) $330,516 (22.4%) 0.00 41
2024-06-01 $275,000 (20.2%) $304,353 (5.5%) 0.00 41
2024-07-01 $278,375 (21.2%) $292,161 (-8.8%) 0.00 37
2024-08-01 $279,900 (19.4%) $311,294 (-5.1%) 0.00 37
2024-09-01 $262,338 (13.0%) $283,207 (-12.2%) 0.00 43
2024-10-01 $270,500 (-7.0%) $285,398 (-21.9%) 0.00 45
Ottawa's median listing price for 2024-10-01 was $270,500, a difference of $-20,488 (-7.0%) versus the prior year and $8,162 versus the prior month.

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

Ottawa's average listing price for 2024-10-01 was $285,398, a difference of $-80,043 (-21.9%) versus the prior year and $2,191 versus the prior month.

For the 2024-10-01 period, Ottawa had 45 MLS listings, a difference of 2 listings (5%) versus the prior month and -10 listings (-18%) 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
2024-04-01 0 days 1,919 sqft
2024-05-01 0 days 1,791 sqft
2024-06-01 0 days 1,520 sqft
2024-07-01 0 days 1,553 sqft
2024-08-01 0 days 1,760 sqft
2024-09-01 0 days 1,641 sqft
2024-10-01 0 days 1,717 sqft
Ottawa's median listing age (time on market) for 2024-10-01 was 0 days.

Ottawa's median square footage for active listings during the 2024-10-01 period was 1,717 sqft. One year prior, the average listing was 1,848 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).