Sedalia FHA Loan Rates, Closing Costs & Stats

Sedalia, 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.

    Sedalia's 35 lenders originated 123 FHA loans during 2023. The total origination value was $21,815,000, with an average FHA loan value of $177,358.

    Sedalia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sedalia averaged 0.12% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Sedalia's average FHA mortgage closing costs are $5,409.

    The average rate for the prior week (2024-11-08) was 6.43% and one month ago for the week of 2024-10-11, the average rate was 6.33%.

    The average rate one year ago was 7.28%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Sedalia 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 Sedalia level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Gateway First Bank 15 6.58% $6,459
    QUICKEN LOANS, LLC 15 6.40% $7,226
    FLAT BRANCH MORTGAGE, INC. 15 6.78% $6,138
    COMMUNITY MORTGAGE, LLC 11 6.58% $5,595
    GERSHMAN INVESTMENT CORP. 10 7.04% $6,511
    MOVEMENT MORTGAGE, LLC 9 6.76% $5,857
    Simmons Bank 4 6.72% $6,734
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.25% $4,734
    Midwest Mortgage Associates Corporation 4 6.81% $4,352
    The Central Trust Bank 2 7.06% $6,058
    UNITED WHOLESALE MORTGAGE, LLC 2 6.02% $13,386
    FREEDOM MORTGAGE CORPORATION 2 7.25% $8,237
    LOANDEPOT.COM, LLC 2 6.56% $8,523
    BROKER SOLUTIONS, INC. 2 6.94% $8,081
    OCMBC, INC. 1 7.13% $5,628
    Paramount Residential Mortgage Group, Inc. 1 7.25% $7,288
    PLAZA HOME MORTGAGE, INC. 1 5.13% $8,775
    Servion, Inc. 1 6.75% $9,429
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.13% $6,279
    Waterstone Mortgage Corporation 1 7.13% $7,569
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $16,374
    Wells Fargo Bank 1 5.63% $6,596
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $11,522
    Bell Bank 1 7.75% $8,034
    CARDINAL FINANCIAL 1 6.25% $11,283
    Carrington Mortgage Services, LLC 1 7.13% $11,870
    DAS Acquisition Company, LLC 1 6.75% $5,740
    Flagstar Bank, FSB 1 7.25% $5,475
    GENEVA FINANCIAL, LLC 1 6.38% $6,203
    GUARANTEED RATE, INC. 1 6.25% $7,776
    GUILD MORTGAGE COMPANY 1 7.13% $3,433
    Hawthorn Bank 1 5.99% $4,509
    LEADERONE FINANCIAL CORPORATION 1 6.38% $5,816
    LOANPAL, LLC 1 6.99% $6,257
    NBKC BANK 1 5.63% $8,210

    The top Sedalia FHA lender as defined by loan originations is Gateway First Bank, with 15 FHA loans originated. Their average total fees are $6,459, which is $767 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Sedalia FHA lenders (with over 10 loans originated) are COMMUNITY MORTGAGE, LLC ($5,595), FLAT BRANCH MORTGAGE, INC. ($6,138), Gateway First Bank ($6,459), GERSHMAN INVESTMENT CORP. ($6,511) and QUICKEN LOANS, LLC ($7,226).

    The lowest rate Sedalia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.40%), Gateway First Bank (6.58%), COMMUNITY MORTGAGE, LLC (6.58%), FLAT BRANCH MORTGAGE, INC. (6.78%) and GERSHMAN INVESTMENT CORP. (7.04%).

    Sedalia FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sedalia (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 $97,750 (2.7%) $146,346 (14.6%) 0.00 162
    2018-02-01 $97,100 (-1.7%) $146,184 (12.8%) 0.00 143
    2018-03-01 $99,250 (0.1%) $149,666 (11.9%) 0.00 131
    2018-04-01 $104,750 (2.7%) $143,084 (4.9%) 0.00 139
    2018-05-01 $101,875 (-3.7%) $138,655 (-4.4%) 0.00 146
    2018-06-01 $106,450 (-9.0%) $157,494 (2.8%) 0.00 165
    2018-07-01 $111,250 (-7.3%) $158,387 (-1.0%) 0.00 174
    2018-08-01 $110,000 (-3.1%) $159,584 (1.4%) 0.00 174
    2018-09-01 $110,000 (-9.0%) $166,453 (2.3%) 0.00 176
    2018-10-01 $109,675 (11.4%) $168,316 (8.3%) 0.00 174
    2018-11-01 $111,375 (19.6%) $172,591 (12.9%) 0.00 172
    2018-12-01 $122,500 (22.2%) $176,363 (12.9%) 0.00 153
    2019-01-01 $114,125 (16.8%) $164,800 (12.6%) 0.00 163
    2019-02-01 $125,650 (29.4%) $164,952 (12.8%) 0.00 165
    2019-03-01 $131,121 (32.1%) $174,131 (16.4%) 0.00 153
    2019-04-01 $139,721 (33.4%) $184,249 (28.8%) 0.00 138
    2019-05-01 $141,675 (39.1%) $187,830 (35.5%) 0.00 128
    2019-06-01 $155,000 (45.6%) $193,888 (23.1%) 0.00 142
    2019-07-01 $137,750 (23.8%) $187,850 (18.6%) 0.00 145
    2019-08-01 $136,545 (24.1%) $187,776 (17.7%) 0.00 168
    2019-09-01 $132,864 (20.8%) $182,461 (9.6%) 0.00 204
    2019-10-01 $130,000 (18.5%) $178,102 (5.8%) 0.00 232
    2019-11-01 $136,200 (22.3%) $177,135 (2.6%) 0.00 158
    2019-12-01 $141,850 (15.8%) $177,489 (0.6%) 0.00 142
    2020-01-01 $129,750 (13.7%) $171,771 (4.2%) 0.00 143
    2020-02-01 $127,250 (1.3%) $169,314 (2.6%) 0.00 138
    2020-03-01 $125,000 (-4.7%) $163,904 (-5.9%) 0.00 138
    2020-04-01 $123,425 (-11.7%) $165,598 (-10.1%) 0.00 139
    2020-05-01 $148,950 (5.1%) $174,203 (-7.3%) 0.00 120
    2020-06-01 $176,725 (14.0%) $194,231 (0.2%) 0.00 105
    2020-07-01 $182,100 (32.2%) $205,687 (9.5%) 0.00 101
    2020-08-01 $169,450 (24.1%) $197,511 (5.2%) 0.00 102
    2020-09-01 $144,425 (8.7%) $180,297 (-1.2%) 0.00 101
    2020-10-01 $127,950 (-1.6%) $164,888 (-7.4%) 0.00 104
    2020-11-01 $126,000 (-7.5%) $160,800 (-9.2%) 0.00 102
    2020-12-01 $121,500 (-14.4%) $155,980 (-12.1%) 0.00 89
    2021-01-01 $125,000 (-3.7%) $175,953 (2.4%) 0.00 63
    2021-02-01 $139,000 (9.2%) $187,342 (10.7%) 0.00 49
    2021-03-01 $146,175 (16.9%) $225,558 (37.6%) 0.00 47
    2021-04-01 $145,975 (18.3%) $214,602 (29.6%) 0.00 43
    2021-05-01 $140,000 (-6.0%) $207,392 (19.1%) 0.00 50
    2021-06-01 $144,075 (-18.5%) $201,897 (4.0%) 0.00 55
    2021-07-01 $147,900 (-18.8%) $189,160 (-8.0%) 0.00 73
    2021-08-01 $137,875 (-18.6%) $172,180 (-12.8%) 0.00 77
    2021-09-01 $149,900 (3.8%) $216,495 (20.1%) 0.00 74
    2021-10-01 $161,450 (26.2%) $236,859 (43.7%) 0.00 73
    2021-11-01 $172,450 (36.9%) $265,960 (65.4%) 0.00 65
    2021-12-01 $199,950 (64.6%) $290,176 (86.0%) 0.00 57
    2022-01-01 $145,000 (16.0%) $253,205 (43.9%) 0.00 52
    2022-02-01 $118,700 (-14.6%) $210,848 (12.6%) 0.00 49
    2022-03-01 $129,950 (-11.1%) $206,181 (-8.6%) 0.00 50
    2022-04-01 $145,000 (-0.7%) $253,268 (18.0%) 0.00 44
    2022-05-01 $150,675 (7.6%) $250,089 (20.6%) 0.00 59
    2022-06-01 $158,750 (10.2%) $253,712 (25.7%) 0.00 67
    2022-07-01 $169,150 (14.4%) $265,097 (40.1%) 0.00 75
    2022-08-01 $169,575 (23.0%) $262,698 (52.6%) 0.00 85
    2022-09-01 $174,325 (16.3%) $266,478 (23.1%) 0.00 81
    2022-10-01 $159,900 (-1.0%) $218,668 (-7.7%) 0.00 79
    2022-11-01 $179,950 (4.4%) $235,939 (-11.3%) 0.00 95
    2022-12-01 $179,900 (-10.0%) $234,810 (-19.1%) 0.00 95
    2023-01-01 $190,000 (31.0%) $243,946 (-3.7%) 0.00 87
    2023-02-01 $217,450 (83.2%) $254,092 (20.5%) 0.00 76
    2023-03-01 $228,675 (76.0%) $261,797 (27.0%) 0.00 66
    2023-04-01 $250,000 (72.4%) $266,677 (5.3%) 0.00 60
    2023-05-01 $257,425 (70.9%) $272,146 (8.8%) 0.00 55
    2023-06-01 $246,225 (55.1%) $280,473 (10.6%) 0.00 60
    2023-07-01 $257,450 (52.2%) $289,845 (9.3%) 0.00 62
    2023-08-01 $230,688 (36.0%) $273,113 (4.0%) 0.00 73
    2023-09-01 $215,000 (23.3%) $244,273 (-8.3%) 0.00 74
    2023-10-01 $210,000 (31.3%) $271,443 (24.1%) 0.00 80
    2023-11-01 $216,250 (20.2%) $274,142 (16.2%) 0.00 94
    2023-12-01 $206,000 (14.5%) $270,196 (15.1%) 0.00 99
    2024-01-01 $200,394 (5.5%) $269,097 (10.3%) 0.00 95
    2024-02-01 $209,900 (-3.5%) $273,081 (7.5%) 0.00 96
    2024-03-01 $209,900 (-8.2%) $274,678 (4.9%) 0.00 100
    2024-04-01 $218,475 (-12.6%) $282,111 (5.8%) 0.00 81
    2024-05-01 $208,700 (-18.9%) $290,939 (6.9%) 0.00 83
    2024-06-01 $243,750 (-1.0%) $302,399 (7.8%) 0.00 91
    2024-07-01 $249,450 (-3.1%) $302,933 (4.5%) 0.00 89
    2024-08-01 $232,000 (0.6%) $306,558 (12.3%) 0.00 87
    2024-09-01 $236,204 (9.9%) $297,904 (22.0%) 0.00 102
    2024-10-01 $228,950 (9.0%) $294,270 (8.4%) 0.00 110
    Sedalia's median listing price for 2024-10-01 was $228,950, a difference of $18,950 (9.0%) versus the prior year and $-7,254 versus the prior month.

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

    Sedalia's average listing price for 2024-10-01 was $294,270, a difference of $22,827 (8.4%) versus the prior year and $-3,634 versus the prior month.

    For the 2024-10-01 period, Sedalia had 110 MLS listings, a difference of 8 listings (8%) versus the prior month and 30 listings (38%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sedalia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,457 sqft
    2018-02-01 0 days 1,403 sqft
    2018-03-01 0 days 1,400 sqft
    2018-04-01 0 days 1,438 sqft
    2018-05-01 0 days 1,414 sqft
    2018-06-01 0 days 1,417 sqft
    2018-07-01 0 days 1,494 sqft
    2018-08-01 0 days 1,628 sqft
    2018-09-01 0 days 1,602 sqft
    2018-10-01 0 days 1,592 sqft
    2018-11-01 0 days 1,579 sqft
    2018-12-01 0 days 1,649 sqft
    2019-01-01 0 days 1,608 sqft
    2019-02-01 0 days 1,608 sqft
    2019-03-01 0 days 1,620 sqft
    2019-04-01 0 days 1,624 sqft
    2019-05-01 0 days 1,735 sqft
    2019-06-01 0 days 1,743 sqft
    2019-07-01 0 days 1,694 sqft
    2019-08-01 0 days 1,703 sqft
    2019-09-01 0 days 1,672 sqft
    2019-10-01 0 days 1,648 sqft
    2019-11-01 0 days 1,619 sqft
    2019-12-01 0 days 1,654 sqft
    2020-01-01 0 days 1,542 sqft
    2020-02-01 0 days 1,543 sqft
    2020-03-01 0 days 1,557 sqft
    2020-04-01 0 days 1,570 sqft
    2020-05-01 0 days 1,638 sqft
    2020-06-01 0 days 1,749 sqft
    2020-07-01 0 days 1,829 sqft
    2020-08-01 0 days 1,890 sqft
    2020-09-01 0 days 1,724 sqft
    2020-10-01 0 days 1,598 sqft
    2020-11-01 0 days 1,615 sqft
    2020-12-01 0 days 1,502 sqft
    2021-01-01 0 days 1,723 sqft
    2021-02-01 0 days 1,451 sqft
    2021-03-01 0 days 1,597 sqft
    2021-04-01 0 days 1,706 sqft
    2021-05-01 0 days 1,858 sqft
    2021-06-01 0 days 1,882 sqft
    2021-07-01 0 days 1,623 sqft
    2021-08-01 0 days 1,746 sqft
    2021-09-01 0 days 1,622 sqft
    2021-10-01 0 days 1,577 sqft
    2021-11-01 0 days 1,556 sqft
    2021-12-01 0 days 1,576 sqft
    2022-01-01 0 days 1,444 sqft
    2022-02-01 0 days 1,330 sqft
    2022-03-01 0 days 1,270 sqft
    2022-04-01 0 days 1,334 sqft
    2022-05-01 0 days 1,451 sqft
    2022-06-01 0 days 1,294 sqft
    2022-07-01 0 days 1,368 sqft
    2022-08-01 0 days 1,406 sqft
    2022-09-01 0 days 1,498 sqft
    2022-10-01 0 days 1,380 sqft
    2022-11-01 0 days 1,475 sqft
    2022-12-01 0 days 1,483 sqft
    2023-01-01 0 days 1,534 sqft
    2023-02-01 0 days 1,615 sqft
    2023-03-01 0 days 1,728 sqft
    2023-04-01 0 days 1,745 sqft
    2023-05-01 0 days 1,662 sqft
    2023-06-01 0 days 1,592 sqft
    2023-07-01 0 days 1,747 sqft
    2023-08-01 0 days 1,685 sqft
    2023-09-01 0 days 1,642 sqft
    2023-10-01 0 days 1,476 sqft
    2023-11-01 0 days 1,598 sqft
    2023-12-01 0 days 1,569 sqft
    2024-01-01 0 days 1,573 sqft
    2024-02-01 0 days 1,715 sqft
    2024-03-01 0 days 1,672 sqft
    2024-04-01 0 days 1,591 sqft
    2024-05-01 0 days 1,561 sqft
    2024-06-01 0 days 1,636 sqft
    2024-07-01 0 days 1,703 sqft
    2024-08-01 0 days 1,761 sqft
    2024-09-01 0 days 1,672 sqft
    2024-10-01 0 days 1,633 sqft
    Sedalia's median listing age (time on market) for 2024-10-01 was 0 days.

    Sedalia's median square footage for active listings during the 2024-10-01 period was 1,633 sqft. One year prior, the average listing was 1,476 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).