Parsons FHA Loan Rates, Closing Costs & Stats

Parsons, 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.

    Parsons's 17 lenders originated 50 FHA loans during 2023. The total origination value was $5,390,000, with an average FHA loan value of $107,800.

    Parsons FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Parsons averaged 6.41% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Parsons's average FHA mortgage closing costs are $5,046.

    The average rate for the prior week (2024-11-01) was 6.49% and one month ago for the week of 2024-10-04, the average rate was 5.81%.

    The average rate one year ago was 7.45%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Parsons 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 Parsons level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 14 6.76% $5,488
    QUICKEN LOANS, LLC 7 6.89% $5,299
    AMERICAN FINANCIAL NETWORK, INC. 6 7.13% $5,470
    BROKER SOLUTIONS, INC. 3 6.58% $5,666
    LOANDEPOT.COM, LLC 2 6.88% $6,219
    Carrington Mortgage Services, LLC 2 6.31% $7,180
    Gateway First Bank 1 6.75% $4,608
    LAKEVIEW LOAN SERVICING, LLC 1 6.50% $12,876
    FREEDOM MORTGAGE CORPORATION 1 6.75% $9,091
    MID AMERICA MORTGAGE, INC. 1 5.63% $2,050
    Mortgage Research Center, LLC 1 7.13% $4,305
    NEWREZ LLC 1 5.75% $7,079
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $9,853
    Plains Commerce Bank 1 6.25% $3,873
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.49% $10,290
    UNITED WHOLESALE MORTGAGE, LLC 1 6.88% $6,634
    ZILLOW HOME LOANS, LLC 1 6.13% $12,387

    The top Parsons FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 14 FHA loans originated. Their average total fees are $5,488, which is $190 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Parsons FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($5,488), .

    The lowest rate Parsons FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. (6.76%), .

    Parsons FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Parsons (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 $60,475 (-7.0%) $80,767 (-23.0%) 0.00 117
    2018-02-01 $56,525 (-9.7%) $80,073 (-20.1%) 0.00 110
    2018-03-01 $59,950 (-7.3%) $83,413 (-20.7%) 0.00 109
    2018-04-01 $67,950 (4.5%) $90,417 (-16.6%) 0.00 111
    2018-05-01 $69,125 (1.3%) $89,493 (-18.6%) 0.00 115
    2018-06-01 $72,900 (8.8%) $94,062 (8.6%) 0.00 115
    2018-07-01 $60,000 (-8.8%) $86,719 (2.0%) 0.00 117
    2018-08-01 $59,925 (-7.7%) $81,660 (-3.2%) 0.00 117
    2018-09-01 $59,700 (-6.3%) $77,464 (-7.4%) 0.00 116
    2018-10-01 $58,375 (-8.4%) $79,308 (-3.7%) 0.00 112
    2018-11-01 $59,900 (-6.8%) $87,450 (7.1%) 0.00 116
    2018-12-01 $59,900 (-3.8%) $90,973 (12.5%) 0.00 109
    2019-01-01 $59,900 (-1.0%) $93,095 (15.3%) 0.00 103
    2019-02-01 $59,950 (6.1%) $97,993 (22.4%) 0.00 95
    2019-03-01 $59,943 (0.0%) $101,662 (21.9%) 0.00 89
    2019-04-01 $59,968 (-11.8%) $103,386 (14.3%) 0.00 83
    2019-05-01 $59,950 (-13.3%) $99,078 (10.7%) 0.00 79
    2019-06-01 $59,900 (-17.8%) $96,999 (3.1%) 0.00 76
    2019-07-01 $61,200 (2.0%) $94,470 (8.9%) 0.00 70
    2019-08-01 $64,518 (7.7%) $95,577 (17.0%) 0.00 68
    2019-09-01 $61,920 (3.7%) $95,187 (22.9%) 0.00 73
    2019-10-01 $62,364 (6.8%) $96,077 (21.1%) 0.00 74
    2019-11-01 $79,500 (32.7%) $98,367 (12.5%) 0.00 75
    2019-12-01 $77,200 (28.9%) $95,148 (4.6%) 0.00 72
    2020-01-01 $76,150 (27.1%) $103,329 (11.0%) 0.00 65
    2020-02-01 $79,000 (31.8%) $105,402 (7.6%) 0.00 67
    2020-03-01 $74,925 (25.0%) $107,244 (5.5%) 0.00 65
    2020-04-01 $65,350 (9.0%) $107,794 (4.3%) 0.00 61
    2020-05-01 $71,500 (19.3%) $107,796 (8.8%) 0.00 56
    2020-06-01 $76,200 (27.2%) $116,482 (20.1%) 0.00 51
    2020-07-01 $75,000 (22.6%) $120,552 (27.6%) 0.00 49
    2020-08-01 $77,450 (20.0%) $128,510 (34.5%) 0.00 42
    2020-09-01 $79,175 (27.9%) $121,153 (27.3%) 0.00 38
    2020-10-01 $69,900 (12.1%) $112,467 (17.1%) 0.00 41
    2020-11-01 $65,525 (-17.6%) $104,697 (6.4%) 0.00 44
    2020-12-01 $60,500 (-21.6%) $96,983 (1.9%) 0.00 46
    2021-01-01 $61,250 (-19.6%) $114,132 (10.5%) 0.00 38
    2021-02-01 $63,500 (-19.6%) $117,648 (11.6%) 0.00 38
    2021-03-01 $59,950 (-20.0%) $115,950 (8.1%) 0.00 40
    2021-04-01 $59,750 (-8.6%) $112,709 (4.6%) 0.00 32
    2021-05-01 $59,900 (-16.2%) $91,441 (-15.2%) 0.00 27
    2021-06-01 $57,175 (-25.0%) $89,009 (-23.6%) 0.00 29
    2021-07-01 $56,700 (-24.4%) $92,585 (-23.2%) 0.00 43
    2021-08-01 $56,700 (-26.8%) $86,669 (-32.6%) 0.00 50
    2021-09-01 $54,900 (-30.7%) $116,563 (-3.8%) 0.00 52
    2021-10-01 $57,950 (-17.1%) $133,185 (18.4%) 0.00 50
    2021-11-01 $67,950 (3.7%) $146,235 (39.7%) 0.00 52
    2021-12-01 $83,725 (38.4%) $161,989 (67.0%) 0.00 54
    2022-01-01 $79,700 (30.1%) $157,365 (37.9%) 0.00 41
    2022-02-01 $95,000 (49.6%) $153,883 (30.8%) 0.00 32
    2022-03-01 $104,250 (73.9%) $145,496 (25.5%) 0.00 29
    2022-04-01 $99,950 (67.3%) $148,404 (31.7%) 0.00 32
    2022-05-01 $95,600 (59.6%) $142,198 (55.5%) 0.00 38
    2022-06-01 $92,200 (61.3%) $146,284 (64.4%) 0.00 36
    2022-07-01 $99,900 (76.2%) $141,700 (53.1%) 0.00 47
    2022-08-01 $96,625 (70.4%) $143,503 (65.6%) 0.00 50
    2022-09-01 $94,225 (71.6%) $144,532 (24.0%) 0.00 52
    2022-10-01 $86,250 (48.8%) $136,467 (2.5%) 0.00 49
    2022-11-01 $95,900 (41.1%) $144,503 (-1.2%) 0.00 43
    2022-12-01 $96,000 (14.7%) $148,985 (-8.0%) 0.00 35
    2023-01-01 $104,200 (30.7%) $159,682 (1.5%) 0.00 36
    2023-02-01 $104,175 (9.7%) $156,556 (1.7%) 0.00 37
    2023-03-01 $102,950 (-1.3%) $135,653 (-6.8%) 0.00 31
    2023-04-01 $128,500 (28.6%) $154,353 (4.0%) 0.00 32
    2023-05-01 $99,900 (4.5%) $128,988 (-9.3%) 0.00 26
    2023-06-01 $99,900 (8.4%) $121,864 (-16.7%) 0.00 28
    2023-07-01 $85,000 (-14.9%) $117,863 (-16.8%) 0.00 29
    2023-08-01 $115,000 (19.0%) $133,626 (-6.9%) 0.00 32
    2023-09-01 $115,000 (22.1%) $148,894 (3.0%) 0.00 41
    2023-10-01 $107,500 (24.6%) $145,338 (6.5%) 0.00 43
    2023-11-01 $84,250 (-12.2%) $128,549 (-11.0%) 0.00 47
    2023-12-01 $92,750 (-3.4%) $136,134 (-8.6%) 0.00 47
    2024-01-01 $97,100 (-6.8%) $146,601 (-8.2%) 0.00 42
    2024-02-01 $90,250 (-13.4%) $140,324 (-10.4%) 0.00 41
    2024-03-01 $99,000 (-3.8%) $151,994 (12.1%) 0.00 41
    2024-04-01 $118,000 (-8.2%) $180,771 (17.1%) 0.00 47
    2024-05-01 $128,000 (28.1%) $187,751 (45.6%) 0.00 46
    2024-06-01 $159,100 (59.3%) $196,189 (61.0%) 0.00 45
    2024-07-01 $146,450 (72.3%) $192,047 (62.9%) 0.00 48
    2024-08-01 $150,000 (30.4%) $189,668 (41.9%) 0.00 63
    2024-09-01 $148,500 (29.1%) $188,857 (26.8%) 0.00 68
    2024-10-01 $157,875 (46.9%) $192,689 (32.6%) 0.00 73
    Parsons's median listing price for 2024-10-01 was $157,875, a difference of $50,375 (46.9%) versus the prior year and $9,375 versus the prior month.

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

    Parsons's average listing price for 2024-10-01 was $192,689, a difference of $47,351 (32.6%) versus the prior year and $3,832 versus the prior month.

    For the 2024-10-01 period, Parsons had 73 MLS listings, a difference of 5 listings (7%) versus the prior month and 30 listings (70%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Parsons (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,572 sqft
    2018-02-01 0 days 1,428 sqft
    2018-03-01 0 days 1,512 sqft
    2018-04-01 0 days 1,578 sqft
    2018-05-01 0 days 1,579 sqft
    2018-06-01 0 days 1,587 sqft
    2018-07-01 0 days 1,562 sqft
    2018-08-01 0 days 1,566 sqft
    2018-09-01 0 days 1,524 sqft
    2018-10-01 0 days 1,537 sqft
    2018-11-01 0 days 1,609 sqft
    2018-12-01 0 days 1,660 sqft
    2019-01-01 0 days 1,671 sqft
    2019-02-01 0 days 1,696 sqft
    2019-03-01 0 days 1,696 sqft
    2019-04-01 0 days 1,680 sqft
    2019-05-01 0 days 1,630 sqft
    2019-06-01 0 days 1,627 sqft
    2019-07-01 0 days 1,592 sqft
    2019-08-01 0 days 1,623 sqft
    2019-09-01 0 days 1,614 sqft
    2019-10-01 0 days 1,600 sqft
    2019-11-01 0 days 1,612 sqft
    2019-12-01 0 days 1,579 sqft
    2020-01-01 0 days 1,595 sqft
    2020-02-01 0 days 1,596 sqft
    2020-03-01 0 days 1,609 sqft
    2020-04-01 0 days 1,609 sqft
    2020-05-01 0 days 1,628 sqft
    2020-06-01 0 days 1,751 sqft
    2020-07-01 0 days 1,539 sqft
    2020-08-01 0 days 1,581 sqft
    2020-09-01 0 days 1,729 sqft
    2020-10-01 0 days 1,400 sqft
    2020-11-01 0 days 1,363 sqft
    2020-12-01 0 days 1,333 sqft
    2021-01-01 0 days 1,347 sqft
    2021-02-01 0 days 1,318 sqft
    2021-03-01 0 days 1,365 sqft
    2021-04-01 0 days 1,306 sqft
    2021-05-01 0 days 1,740 sqft
    2021-06-01 0 days 1,426 sqft
    2021-07-01 0 days 1,231 sqft
    2021-08-01 0 days 1,200 sqft
    2021-09-01 0 days 1,205 sqft
    2021-10-01 0 days 1,272 sqft
    2021-11-01 0 days 1,428 sqft
    2021-12-01 0 days 1,601 sqft
    2022-01-01 0 days 1,552 sqft
    2022-02-01 0 days 1,640 sqft
    2022-03-01 0 days 1,686 sqft
    2022-04-01 0 days 1,562 sqft
    2022-05-01 0 days 1,648 sqft
    2022-06-01 0 days 1,429 sqft
    2022-07-01 0 days 1,394 sqft
    2022-08-01 0 days 1,413 sqft
    2022-09-01 0 days 1,472 sqft
    2022-10-01 0 days 1,394 sqft
    2022-11-01 0 days 1,398 sqft
    2022-12-01 0 days 1,394 sqft
    2023-01-01 0 days 1,422 sqft
    2023-02-01 0 days 1,608 sqft
    2023-03-01 0 days 1,881 sqft
    2023-04-01 0 days 2,046 sqft
    2023-05-01 0 days 1,518 sqft
    2023-06-01 0 days 1,511 sqft
    2023-07-01 0 days 1,427 sqft
    2023-08-01 0 days 1,474 sqft
    2023-09-01 0 days 1,608 sqft
    2023-10-01 0 days 1,451 sqft
    2023-11-01 0 days 1,397 sqft
    2023-12-01 0 days 1,534 sqft
    2024-01-01 0 days 1,536 sqft
    2024-02-01 0 days 1,444 sqft
    2024-03-01 0 days 1,400 sqft
    2024-04-01 0 days 1,656 sqft
    2024-05-01 0 days 1,737 sqft
    2024-06-01 0 days 1,748 sqft
    2024-07-01 0 days 1,750 sqft
    2024-08-01 0 days 1,731 sqft
    2024-09-01 0 days 1,678 sqft
    2024-10-01 0 days 1,721 sqft
    Parsons's median listing age (time on market) for 2024-10-01 was 0 days.

    Parsons's median square footage for active listings during the 2024-10-01 period was 1,721 sqft. One year prior, the average listing was 1,451 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).