Salina FHA Loan Rates, Closing Costs & Stats

Salina, 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.

Salina's 29 lenders originated 103 FHA loans during 2023. The total origination value was $16,475,000, with an average FHA loan value of $159,951.

Salina FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Salina averaged 0.25% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Salina's average FHA mortgage closing costs are $4,411.

The average rate for the prior week (2024-11-22) was 6.34% and one month ago for the week of 2024-10-25, the average rate was 6.32%.

The average rate one year ago was 6.91%.

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.

Salina 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 Salina level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
NBH Bank 24 6.41% $3,978
MID AMERICA MORTGAGE, INC. 14 6.63% $2,681
QUICKEN LOANS, LLC 8 5.86% $9,592
Mortgage Investment Services Corporation 6 7.19% $4,517
Sunflower Bank 5 6.22% $5,669
PENNYMAC LOAN SERVICES, LLC 5 7.08% $5,345
Gateway First Bank 4 7.13% $5,476
NEWREZ LLC 2 6.25% $6,736
Paramount Residential Mortgage Group, Inc. 2 7.06% $12,453
Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $12,221
LOANDEPOT.COM, LLC 2 6.69% $5,526
FLAT BRANCH MORTGAGE, INC. 2 6.75% $5,369
RED DIAMOND HOME LOANS, LLC 2 6.94% $5,752
UMB Bank 1 7.13% $5,222
UNION HOME MORTGAGE CORP. 1 6.25% $6,110
AMERICAN FINANCIAL NETWORK, INC. 1 7.38% $6,348
United Fidelity Funding Corp. 1 6.88% $4,804
AMERICAN FINANCING CORPORATION 1 6.13% $7,146
AmeriHome Mortgage Company, LLC 1 7.13% $7,392
AMERISAVE MORTGAGE CORPORATION 1 5.75% $7,558
Carrington Mortgage Services, LLC 1 6.63% $11,337
FREEDOM MORTGAGE CORPORATION 1 6.75% $7,228
GUARANTEED RATE, INC. 1 7.75% $5,210
LEADERONE FINANCIAL CORPORATION 1 6.63% $10,483
LIBERTY HOME MORTGAGE CORPORATION 1 7.63% $3,225
Mortgage Research Center, LLC 1 7.50% $4,696
OCMBC, INC. 1 7.63% $19,031
PLANET HOME LENDING, LLC 1 5.88% $5,131
Sierra Pacific Mortgage Company, Inc. 1 6.63% $6,836

The top Salina FHA lender as defined by loan originations is NBH Bank, with 24 FHA loans originated. Their average total fees are $3,978, which is $1,297 higher than the next largest lender, MID AMERICA MORTGAGE, INC..

The lowest fee Salina FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($2,681), NBH Bank ($3,978), .

The lowest rate Salina FHA lenders (with over 10 loans originated) are NBH Bank (6.41%), MID AMERICA MORTGAGE, INC. (6.63%), .

Salina FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Salina (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 $135,700 (-8.8%) $181,666 (-7.5%) 0.00 155
2018-02-01 $156,050 (5.8%) $192,050 (-3.7%) 0.00 158
2018-03-01 $150,000 (0.0%) $191,661 (-3.4%) 0.00 152
2018-04-01 $158,975 (9.6%) $198,116 (3.8%) 0.00 170
2018-05-01 $159,475 (7.2%) $195,628 (3.4%) 0.00 172
2018-06-01 $155,450 (0.5%) $188,693 (0.7%) 0.00 177
2018-07-01 $148,225 (0.5%) $186,593 (0.1%) 0.00 183
2018-08-01 $145,000 (0.3%) $180,570 (-1.3%) 0.00 184
2018-09-01 $144,950 (0.0%) $183,899 (-0.1%) 0.00 181
2018-10-01 $147,225 (0.7%) $190,138 (2.9%) 0.00 178
2018-11-01 $151,925 (4.8%) $191,343 (6.2%) 0.00 179
2018-12-01 $158,900 (14.3%) $190,077 (5.8%) 0.00 169
2019-01-01 $158,975 (17.2%) $194,761 (7.2%) 0.00 150
2019-02-01 $142,475 (-8.7%) $192,038 (0.0%) 0.00 145
2019-03-01 $152,350 (1.6%) $196,240 (2.4%) 0.00 124
2019-04-01 $171,975 (8.2%) $204,974 (3.5%) 0.00 118
2019-05-01 $187,500 (17.6%) $223,260 (14.1%) 0.00 128
2019-06-01 $169,900 (9.3%) $220,213 (16.7%) 0.00 133
2019-07-01 $152,500 (2.9%) $192,972 (3.4%) 0.00 171
2019-08-01 $147,209 (1.5%) $189,369 (4.9%) 0.00 174
2019-09-01 $143,098 (-1.3%) $189,130 (2.8%) 0.00 176
2019-10-01 $141,657 (-3.8%) $192,012 (1.0%) 0.00 179
2019-11-01 $144,000 (-5.2%) $193,944 (1.4%) 0.00 150
2019-12-01 $141,450 (-11.0%) $190,599 (0.3%) 0.00 148
2020-01-01 $148,975 (-6.3%) $198,408 (1.9%) 0.00 137
2020-02-01 $147,200 (3.3%) $196,186 (2.2%) 0.00 122
2020-03-01 $150,900 (-1.0%) $205,358 (4.7%) 0.00 127
2020-04-01 $149,450 (-13.1%) $206,276 (0.6%) 0.00 134
2020-05-01 $147,450 (-21.4%) $196,203 (-12.1%) 0.00 116
2020-06-01 $146,500 (-13.8%) $207,435 (-5.8%) 0.00 100
2020-07-01 $140,100 (-8.1%) $208,335 (8.0%) 0.00 86
2020-08-01 $145,000 (-1.5%) $217,040 (14.6%) 0.00 79
2020-09-01 $134,825 (-5.8%) $206,100 (9.0%) 0.00 85
2020-10-01 $122,500 (-13.5%) $189,729 (-1.2%) 0.00 80
2020-11-01 $123,975 (-13.9%) $185,361 (-4.4%) 0.00 76
2020-12-01 $114,000 (-19.4%) $185,550 (-2.7%) 0.00 70
2021-01-01 $127,000 (-14.8%) $204,301 (3.0%) 0.00 63
2021-02-01 $149,925 (1.9%) $223,160 (13.8%) 0.00 66
2021-03-01 $147,975 (-1.9%) $211,608 (3.0%) 0.00 63
2021-04-01 $124,850 (-16.5%) $176,610 (-14.4%) 0.00 59
2021-05-01 $135,000 (-8.4%) $194,261 (-1.0%) 0.00 52
2021-06-01 $141,500 (-3.4%) $207,628 (0.1%) 0.00 54
2021-07-01 $139,900 (-0.1%) $254,439 (22.1%) 0.00 56
2021-08-01 $126,950 (-12.5%) $240,075 (10.6%) 0.00 57
2021-09-01 $129,700 (-3.8%) $226,816 (10.1%) 0.00 67
2021-10-01 $136,000 (11.0%) $244,000 (28.6%) 0.00 58
2021-11-01 $96,700 (-22.0%) $195,589 (5.5%) 0.00 73
2021-12-01 $126,225 (10.7%) $233,275 (25.7%) 0.00 65
2022-01-01 $109,000 (-14.2%) $241,870 (18.4%) 0.00 49
2022-02-01 $91,000 (-39.3%) $247,586 (11.0%) 0.00 60
2022-03-01 $98,725 (-33.3%) $235,072 (11.1%) 0.00 59
2022-04-01 $142,000 (13.7%) $248,472 (40.7%) 0.00 66
2022-05-01 $129,375 (-4.2%) $195,050 (0.4%) 0.00 66
2022-06-01 $130,975 (-7.4%) $201,017 (-3.2%) 0.00 67
2022-07-01 $192,450 (37.6%) $259,207 (1.9%) 0.00 66
2022-08-01 $209,975 (65.4%) $290,672 (21.1%) 0.00 65
2022-09-01 $172,200 (32.8%) $256,739 (13.2%) 0.00 70
2022-10-01 $172,450 (26.8%) $243,934 (0.0%) 0.00 83
2022-11-01 $180,000 (86.1%) $240,131 (22.8%) 0.00 87
2022-12-01 $180,000 (42.6%) $225,168 (-3.5%) 0.00 71
2023-01-01 $204,000 (87.2%) $254,868 (5.4%) 0.00 64
2023-02-01 $179,250 (97.0%) $248,127 (0.2%) 0.00 65
2023-03-01 $196,750 (99.3%) $279,166 (18.8%) 0.00 61
2023-04-01 $204,000 (43.7%) $285,423 (14.9%) 0.00 64
2023-05-01 $210,200 (62.5%) $304,068 (55.9%) 0.00 63
2023-06-01 $218,350 (66.7%) $304,204 (51.3%) 0.00 68
2023-07-01 $240,000 (24.7%) $310,823 (19.9%) 0.00 75
2023-08-01 $233,625 (11.3%) $293,546 (1.0%) 0.00 87
2023-09-01 $216,000 (25.4%) $286,404 (11.6%) 0.00 83
2023-10-01 $229,375 (33.0%) $293,526 (20.3%) 0.00 91
2023-11-01 $240,000 (33.3%) $281,454 (17.2%) 0.00 94
2023-12-01 $230,000 (27.8%) $274,824 (22.1%) 0.00 93
2024-01-01 $220,000 (7.8%) $275,770 (8.2%) 0.00 85
2024-02-01 $205,750 (14.8%) $270,903 (9.2%) 0.00 69
2024-03-01 $230,000 (16.9%) $248,481 (-11.0%) 0.00 72
2024-04-01 $219,500 (7.6%) $275,933 (-3.3%) 0.00 69
2024-05-01 $236,750 (12.6%) $275,682 (-9.3%) 0.00 69
2024-06-01 $214,500 (-1.8%) $259,807 (-14.6%) 0.00 73
2024-07-01 $217,250 (-9.5%) $276,552 (-11.0%) 0.00 98
2024-08-01 $220,000 (-5.8%) $268,695 (-8.5%) 0.00 109
2024-09-01 $216,500 (0.2%) $283,852 (-0.9%) 0.00 109
2024-10-01 $209,500 (-8.7%) $280,884 (-4.3%) 0.00 105
Salina's median listing price for 2024-10-01 was $209,500, a difference of $-19,875 (-8.7%) versus the prior year and $-7,000 versus the prior month.

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

Salina's average listing price for 2024-10-01 was $280,884, a difference of $-12,642 (-4.3%) versus the prior year and $-2,968 versus the prior month.

For the 2024-10-01 period, Salina had 105 MLS listings, a difference of -4 listings (-4%) versus the prior month and 14 listings (15%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Salina (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,427 sqft
2018-02-01 0 days 1,427 sqft
2018-03-01 0 days 1,443 sqft
2018-04-01 0 days 1,482 sqft
2018-05-01 0 days 1,477 sqft
2018-06-01 0 days 1,496 sqft
2018-07-01 0 days 1,520 sqft
2018-08-01 0 days 1,475 sqft
2018-09-01 0 days 1,478 sqft
2018-10-01 0 days 1,504 sqft
2018-11-01 0 days 1,493 sqft
2018-12-01 0 days 1,494 sqft
2019-01-01 0 days 1,497 sqft
2019-02-01 0 days 1,471 sqft
2019-03-01 0 days 1,511 sqft
2019-04-01 0 days 1,584 sqft
2019-05-01 0 days 1,605 sqft
2019-06-01 0 days 1,551 sqft
2019-07-01 0 days 1,486 sqft
2019-08-01 0 days 1,483 sqft
2019-09-01 0 days 1,466 sqft
2019-10-01 0 days 1,456 sqft
2019-11-01 0 days 1,465 sqft
2019-12-01 0 days 1,434 sqft
2020-01-01 0 days 1,463 sqft
2020-02-01 0 days 1,456 sqft
2020-03-01 0 days 1,468 sqft
2020-04-01 0 days 1,482 sqft
2020-05-01 0 days 1,467 sqft
2020-06-01 0 days 1,468 sqft
2020-07-01 0 days 1,440 sqft
2020-08-01 0 days 1,438 sqft
2020-09-01 0 days 1,442 sqft
2020-10-01 0 days 1,340 sqft
2020-11-01 0 days 1,392 sqft
2020-12-01 0 days 1,356 sqft
2021-01-01 0 days 1,477 sqft
2021-02-01 0 days 1,542 sqft
2021-03-01 0 days 1,424 sqft
2021-04-01 0 days 1,298 sqft
2021-05-01 0 days 1,344 sqft
2021-06-01 0 days 1,438 sqft
2021-07-01 0 days 1,400 sqft
2021-08-01 0 days 1,350 sqft
2021-09-01 0 days 1,375 sqft
2021-10-01 0 days 1,374 sqft
2021-11-01 0 days 1,132 sqft
2021-12-01 0 days 1,229 sqft
2022-01-01 0 days 1,144 sqft
2022-02-01 0 days 1,144 sqft
2022-03-01 0 days 1,144 sqft
2022-04-01 0 days 1,185 sqft
2022-05-01 0 days 1,219 sqft
2022-06-01 0 days 1,197 sqft
2022-07-01 0 days 1,472 sqft
2022-08-01 0 days 1,476 sqft
2022-09-01 0 days 1,390 sqft
2022-10-01 0 days 1,394 sqft
2022-11-01 0 days 1,382 sqft
2022-12-01 0 days 1,364 sqft
2023-01-01 0 days 1,435 sqft
2023-02-01 0 days 1,388 sqft
2023-03-01 0 days 1,441 sqft
2023-04-01 0 days 1,451 sqft
2023-05-01 0 days 1,497 sqft
2023-06-01 0 days 1,570 sqft
2023-07-01 0 days 1,624 sqft
2023-08-01 0 days 1,643 sqft
2023-09-01 0 days 1,597 sqft
2023-10-01 0 days 1,606 sqft
2023-11-01 0 days 1,602 sqft
2023-12-01 0 days 1,526 sqft
2024-01-01 0 days 1,590 sqft
2024-02-01 0 days 1,519 sqft
2024-03-01 0 days 1,488 sqft
2024-04-01 0 days 1,433 sqft
2024-05-01 0 days 1,611 sqft
2024-06-01 0 days 1,600 sqft
2024-07-01 0 days 1,593 sqft
2024-08-01 0 days 1,479 sqft
2024-09-01 0 days 1,506 sqft
2024-10-01 0 days 1,595 sqft
Salina's median listing age (time on market) for 2024-10-01 was 0 days.

Salina's median square footage for active listings during the 2024-10-01 period was 1,595 sqft. One year prior, the average listing was 1,606 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).