Rolla FHA Loan Rates, Closing Costs & Stats

Rolla, MO

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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.

    Rolla's 25 lenders originated 76 FHA loans during 2023. The total origination value was $14,020,000, with an average FHA loan value of $184,474.

    Rolla FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rolla averaged 6.78% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Rolla's average FHA mortgage closing costs are $5,907.

    The average rate for the prior week (2024-04-05) was 6.61% and one month ago for the week of 2024-03-08, the average rate was 6.74%.

    The average rate one year ago was 6.58%.

    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.

    Rolla 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 Rolla level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 11 6.06% $9,890
    BROKER SOLUTIONS, INC. 9 6.71% $7,201
    FLAT BRANCH MORTGAGE, INC. 9 6.97% $8,786
    GUILD MORTGAGE COMPANY 8 6.70% $7,838
    DAS Acquisition Company, LLC 7 7.23% $7,327
    UNITED WHOLESALE MORTGAGE, LLC 5 6.94% $7,542
    MUTUAL OF OMAHA MORTGAGE, INC. 3 7.00% $9,736
    Carrington Mortgage Services, LLC 2 6.31% $8,553
    AMERISAVE MORTGAGE CORPORATION 2 5.88% $7,673
    Mr. Cooper ( Nationstar Mortgage ) 2 6.38% $10,490
    Plains Commerce Bank 1 7.13% $6,191
    Servion, Inc. 1 7.13% $8,820
    SUN WEST MORTGAGE COMPANY, INC. 1 6.75% $5,849
    The Central Trust Bank 1 7.13% $7,446
    AMERICAN FINANCING CORPORATION 1 6.75% $9,307
    Wells Fargo Bank 1 6.50% $8,019
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $7,110
    Armed Forces Bank 1 8.13% $6,077
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $6,701
    GERSHMAN INVESTMENT CORP. 1 6.75% $5,870
    JLB CORPORATION 1 6.63% $7,018
    LEADERONE FINANCIAL CORPORATION 1 7.12% $10,012
    NEWREZ LLC 1 5.50% $7,970
    North American Savings Bank, F.S.B. 1 6.75% $3,821
    PENNYMAC LOAN SERVICES, LLC 1 5.88% $9,406

    The top Rolla FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 11 FHA loans originated. Their average total fees are $9,890, which is $2,690 higher than the next largest lender, BROKER SOLUTIONS, INC..

    The lowest fee Rolla FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($9,890), .

    The lowest rate Rolla FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.06%), .

    Rolla FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rolla (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 $137,225 (-0.2%) $175,011 (12.2%) 0.00 163
    2018-02-01 $139,900 (7.7%) $182,513 (18.5%) 0.00 151
    2018-03-01 $144,000 (8.8%) $188,053 (18.3%) 0.00 163
    2018-04-01 $158,950 (15.3%) $194,556 (21.0%) 0.00 164
    2018-05-01 $159,450 (18.2%) $198,753 (23.1%) 0.00 185
    2018-06-01 $167,700 (24.4%) $198,187 (23.5%) 0.00 200
    2018-07-01 $169,900 (29.0%) $189,492 (22.1%) 0.00 204
    2018-08-01 $166,200 (28.3%) $190,261 (26.9%) 0.00 208
    2018-09-01 $162,450 (29.4%) $187,995 (24.6%) 0.00 217
    2018-10-01 $159,900 (23.1%) $182,438 (14.3%) 0.00 218
    2018-11-01 $166,850 (26.6%) $183,403 (11.0%) 0.00 216
    2018-12-01 $159,900 (20.3%) $182,171 (6.7%) 0.00 207
    2019-01-01 $159,450 (16.2%) $178,531 (2.0%) 0.00 209
    2019-02-01 $161,650 (15.6%) $182,575 (0.0%) 0.00 196
    2019-03-01 $172,600 (19.9%) $187,067 (-0.5%) 0.00 191
    2019-04-01 $171,550 (7.9%) $185,505 (-4.7%) 0.00 193
    2019-05-01 $179,900 (12.8%) $190,411 (-4.2%) 0.00 207
    2019-06-01 $174,900 (4.3%) $187,667 (-5.3%) 0.00 220
    2019-07-01 $184,600 (8.7%) $197,169 (4.1%) 0.00 214
    2019-08-01 $185,600 (11.7%) $199,168 (4.7%) 0.00 204
    2019-09-01 $186,950 (15.1%) $198,244 (5.5%) 0.00 201
    2019-10-01 $183,800 (15.0%) $197,134 (8.1%) 0.00 193
    2019-11-01 $174,500 (4.6%) $194,682 (6.2%) 0.00 174
    2019-12-01 $183,650 (14.9%) $206,105 (13.1%) 0.00 163
    2020-01-01 $184,975 (16.0%) $207,566 (16.3%) 0.00 159
    2020-02-01 $187,000 (15.7%) $210,534 (15.3%) 0.00 144
    2020-03-01 $182,225 (5.6%) $205,605 (9.9%) 0.00 167
    2020-04-01 $176,425 (2.8%) $206,057 (11.1%) 0.00 155
    2020-05-01 $185,000 (2.8%) $217,213 (14.1%) 0.00 130
    2020-06-01 $169,375 (-3.2%) $210,925 (12.4%) 0.00 117
    2020-07-01 $164,225 (-11.0%) $207,874 (5.4%) 0.00 114
    2020-08-01 $150,900 (-18.7%) $201,430 (1.1%) 0.00 105
    2020-09-01 $139,925 (-25.2%) $185,047 (-6.7%) 0.00 90
    2020-10-01 $139,900 (-23.9%) $188,896 (-4.2%) 0.00 78
    2020-11-01 $141,975 (-18.6%) $178,237 (-8.5%) 0.00 79
    2020-12-01 $148,325 (-19.2%) $181,747 (-11.8%) 0.00 85
    2021-01-01 $159,900 (-13.6%) $195,480 (-5.8%) 0.00 72
    2021-02-01 $153,050 (-18.2%) $201,179 (-4.4%) 0.00 57
    2021-03-01 $175,200 (-3.9%) $227,076 (10.4%) 0.00 49
    2021-04-01 $167,225 (-5.2%) $231,332 (12.3%) 0.00 52
    2021-05-01 $161,450 (-12.7%) $235,875 (8.6%) 0.00 56
    2021-06-01 $195,200 (15.3%) $263,336 (24.9%) 0.00 65
    2021-07-01 $189,900 (15.6%) $283,063 (36.2%) 0.00 88
    2021-08-01 $189,550 (25.6%) $292,722 (45.3%) 0.00 102
    2021-09-01 $185,475 (32.6%) $290,516 (57.0%) 0.00 94
    2021-10-01 $172,450 (23.3%) $279,136 (47.8%) 0.00 88
    2021-11-01 $167,475 (18.0%) $272,068 (52.6%) 0.00 85
    2021-12-01 $162,675 (9.7%) $280,227 (54.2%) 0.00 83
    2022-01-01 $156,500 (-2.1%) $262,925 (34.5%) 0.00 72
    2022-02-01 $194,200 (26.9%) $297,090 (47.7%) 0.00 54
    2022-03-01 $222,225 (26.8%) $313,569 (38.1%) 0.00 53
    2022-04-01 $235,000 (40.5%) $300,796 (30.0%) 0.00 70
    2022-05-01 $260,000 (61.0%) $322,347 (36.7%) 0.00 83
    2022-06-01 $256,500 (31.4%) $317,803 (20.7%) 0.00 91
    2022-07-01 $281,000 (48.0%) $340,409 (20.3%) 0.00 91
    2022-08-01 $277,450 (46.4%) $345,955 (18.2%) 0.00 86
    2022-09-01 $275,000 (48.3%) $339,342 (16.8%) 0.00 90
    2022-10-01 $258,450 (49.9%) $327,553 (17.4%) 0.00 103
    2022-11-01 $264,650 (58.0%) $330,743 (21.6%) 0.00 101
    2022-12-01 $239,500 (47.2%) $314,931 (12.4%) 0.00 92
    2023-01-01 $233,725 (49.4%) $300,121 (14.2%) 0.00 80
    2023-02-01 $241,250 (24.2%) $299,089 (0.7%) 0.00 70
    2023-03-01 $257,475 (15.9%) $311,825 (-0.6%) 0.00 71
    2023-04-01 $284,950 (21.3%) $339,286 (12.8%) 0.00 68
    2023-05-01 $281,700 (8.4%) $333,028 (3.3%) 0.00 70
    2023-06-01 $271,175 (5.7%) $332,974 (4.8%) 0.00 75
    2023-07-01 $260,000 (-7.5%) $331,335 (-2.7%) 0.00 87
    2023-08-01 $273,125 (-1.6%) $329,851 (-4.7%) 0.00 84
    2023-09-01 $249,900 (-9.1%) $299,538 (-11.7%) 0.00 76
    2023-10-01 $236,250 (-8.6%) $295,608 (-9.8%) 0.00 75
    2023-11-01 $233,750 (-11.7%) $287,741 (-13.0%) 0.00 72
    2023-12-01 $209,900 (-12.4%) $289,614 (-8.0%) 0.00 73
    2024-01-01 $239,500 (2.5%) $305,615 (1.8%) 0.00 66
    2024-02-01 $294,450 (22.1%) $363,284 (21.5%) 0.00 63
    2024-03-01 $299,000 (16.1%) $367,987 (18.0%) 0.00 64
    Rolla's median listing price for 2024-03-01 was $299,000, a difference of $41,525 (16.1%) versus the prior year and $4,550 versus the prior month.

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

    Rolla's average listing price for 2024-03-01 was $367,987, a difference of $56,162 (18.0%) versus the prior year and $4,703 versus the prior month.

    For the 2024-03-01 period, Rolla had 64 MLS listings, a difference of 1 listings (2%) versus the prior month and -7 listings (-10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rolla (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,635 sqft
    2018-02-01 0 days 1,665 sqft
    2018-03-01 0 days 1,753 sqft
    2018-04-01 0 days 1,872 sqft
    2018-05-01 0 days 1,801 sqft
    2018-06-01 0 days 1,800 sqft
    2018-07-01 0 days 1,757 sqft
    2018-08-01 0 days 1,729 sqft
    2018-09-01 0 days 1,719 sqft
    2018-10-01 0 days 1,718 sqft
    2018-11-01 0 days 1,727 sqft
    2018-12-01 0 days 1,719 sqft
    2019-01-01 0 days 1,740 sqft
    2019-02-01 0 days 1,734 sqft
    2019-03-01 0 days 1,688 sqft
    2019-04-01 0 days 1,661 sqft
    2019-05-01 0 days 1,710 sqft
    2019-06-01 0 days 1,712 sqft
    2019-07-01 0 days 1,715 sqft
    2019-08-01 0 days 1,715 sqft
    2019-09-01 0 days 1,715 sqft
    2019-10-01 0 days 1,709 sqft
    2019-11-01 0 days 1,680 sqft
    2019-12-01 0 days 1,697 sqft
    2020-01-01 0 days 1,733 sqft
    2020-02-01 0 days 1,878 sqft
    2020-03-01 0 days 1,924 sqft
    2020-04-01 0 days 1,878 sqft
    2020-05-01 0 days 1,912 sqft
    2020-06-01 0 days 1,769 sqft
    2020-07-01 0 days 1,702 sqft
    2020-08-01 0 days 1,685 sqft
    2020-09-01 0 days 1,510 sqft
    2020-10-01 0 days 1,626 sqft
    2020-11-01 0 days 1,625 sqft
    2020-12-01 0 days 1,685 sqft
    2021-01-01 0 days 1,817 sqft
    2021-02-01 0 days 1,808 sqft
    2021-03-01 0 days 1,942 sqft
    2021-04-01 0 days 1,987 sqft
    2021-05-01 0 days 1,686 sqft
    2021-06-01 0 days 1,942 sqft
    2021-07-01 0 days 1,800 sqft
    2021-08-01 0 days 1,802 sqft
    2021-09-01 0 days 1,817 sqft
    2021-10-01 0 days 1,709 sqft
    2021-11-01 0 days 1,715 sqft
    2021-12-01 0 days 1,727 sqft
    2022-01-01 0 days 1,610 sqft
    2022-02-01 0 days 1,766 sqft
    2022-03-01 0 days 1,701 sqft
    2022-04-01 0 days 1,784 sqft
    2022-05-01 0 days 1,789 sqft
    2022-06-01 0 days 1,856 sqft
    2022-07-01 0 days 2,214 sqft
    2022-08-01 0 days 2,048 sqft
    2022-09-01 0 days 1,897 sqft
    2022-10-01 0 days 1,874 sqft
    2022-11-01 0 days 1,978 sqft
    2022-12-01 0 days 1,862 sqft
    2023-01-01 0 days 1,847 sqft
    2023-02-01 0 days 1,984 sqft
    2023-03-01 0 days 1,873 sqft
    2023-04-01 0 days 1,935 sqft
    2023-05-01 0 days 1,857 sqft
    2023-06-01 0 days 1,966 sqft
    2023-07-01 0 days 1,992 sqft
    2023-08-01 0 days 1,913 sqft
    2023-09-01 0 days 1,904 sqft
    2023-10-01 0 days 1,876 sqft
    2023-11-01 0 days 1,608 sqft
    2023-12-01 0 days 1,602 sqft
    2024-01-01 0 days 1,781 sqft
    2024-02-01 0 days 2,099 sqft
    2024-03-01 0 days 2,100 sqft
    Rolla's median listing age (time on market) for 2024-03-01 was 0 days.

    Rolla's median square footage for active listings during the 2024-03-01 period was 2,100 sqft. One year prior, the average listing was 1,873 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).