Salina FHA Loan Rates, Closing Costs & Stats

Salina, 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.

    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 0.15% for the week of 2024-11-15, 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 (2024-11-08) was 6.36% and one month ago for the week of 2024-10-11, the average rate was 6.16%.

    The average rate one year ago was 7.1%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

    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).