Shawnee FHA Loan Rates, Closing Costs & Stats

Shawnee, OK

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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.

    Shawnee's 48 lenders originated 176 FHA loans during 2023. The total origination value was $33,770,000, with an average FHA loan value of $191,875.

    Shawnee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Shawnee averaged 6.8% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Shawnee's average FHA mortgage closing costs are $6,698.

    The average rate for the prior week (2024-04-05) was 7.03% and one month ago for the week of 2024-03-08, the average rate was 6.96%.

    The average rate one year ago was 6.6%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.54%.

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

    Shawnee 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 Shawnee level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First United Bank and Trust Company 35 6.99% $7,650
    Stride Bank 13 6.77% $8,529
    QUICKEN LOANS, LLC 9 6.41% $9,403
    UNITED WHOLESALE MORTGAGE, LLC 8 6.53% $11,308
    NEWREZ LLC 5 6.38% $6,376
    BancFirst 5 6.88% $6,585
    CORNERSTONE HOME LENDING, INC. 5 7.00% $11,308
    Chickasaw Community Bank 4 6.75% $11,657
    NEW FED MORTGAGE, CORP. 4 7.63% $8,104
    Arvest Bank 3 6.63% $7,636
    LOANDEPOT.COM, LLC 3 6.16% $15,012
    PLAZA HOME MORTGAGE, INC. 3 6.04% $9,181
    First National Bank and Trust Company 3 6.54% $10,064
    Gateway First Bank 3 6.71% $10,263
    PENNYMAC LOAN SERVICES, LLC 3 6.50% $10,324
    CARDINAL FINANCIAL 3 6.50% $9,085
    SUN WEST MORTGAGE COMPANY, INC. 2 6.75% $12,012
    BROKER SOLUTIONS, INC. 2 6.25% $12,674
    CROSSCOUNTRY MORTGAGE, LLC 2 6.84% $9,829
    Great Plains National Bank 2 6.31% $10,876
    GUILD MORTGAGE COMPANY 2 7.06% $7,271
    MID AMERICA MORTGAGE, INC. 2 7.25% $4,311
    Mr. Cooper ( Nationstar Mortgage ) 2 6.19% $12,019
    NBKC BANK 2 7.13% $9,484
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.69% $6,476
    SWBC MORTGAGE CORPORATION 2 6.25% $8,208
    UNION HOME MORTGAGE CORP. 2 6.69% $7,609
    FREEDOM MORTGAGE CORPORATION 1 7.25% $10,910
    F & M Bank 1 6.50% $6,693
    Flagstar Bank, FSB 1 7.07% $10,115
    Plains Commerce Bank 1 6.50% $5,230
    FINANCIAL CONCEPTS MORTGAGE, LLC 1 7.50% $11,418
    PNC Bank 1 6.75% $7,566
    PREMIA MORTGAGE, LLC 1 6.25% $6,668
    Waterstone Mortgage Corporation 1 7.13% $10,997
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $8,117
    S1L, Inc. 1 6.75% $7,697
    SeaTrust Mortgage Company 1 7.38% $9,570
    SENTE MORTGAGE, INC. 1 6.63% $9,616
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.00% $6,618
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $15,225
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $7,466
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.50% $7,388
    MANN FINANCIAL INC. 1 7.75% $7,406
    AMERICAN FINANCING CORPORATION 1 6.75% $12,467
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $14,303
    The Central Trust Bank 1 6.25% $5,167
    THE MORTGAGE LINK, INC. 1 6.99% $5,297

    The top Shawnee FHA lender as defined by loan originations is First United Bank and Trust Company, with 35 FHA loans originated. Their average total fees are $7,650, which is $879 lower than the next largest lender, Stride Bank.

    The lowest fee Shawnee FHA lenders (with over 10 loans originated) are First United Bank and Trust Company ($7,650), Stride Bank ($8,529), .

    The lowest rate Shawnee FHA lenders (with over 10 loans originated) are Stride Bank (6.77%), First United Bank and Trust Company (6.99%), .

    Shawnee FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Shawnee (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 $144,225 (2.3%) $162,693 (-7.1%) 0.00 259
    2018-02-01 $147,450 (2.6%) $167,016 (-4.6%) 0.00 250
    2018-03-01 $155,500 (10.8%) $173,593 (-2.0%) 0.00 244
    2018-04-01 $156,200 (12.0%) $175,886 (5.7%) 0.00 263
    2018-05-01 $156,450 (15.7%) $177,449 (10.1%) 0.00 273
    2018-06-01 $155,000 (13.4%) $181,589 (11.2%) 0.00 280
    2018-07-01 $152,225 (9.0%) $178,544 (7.3%) 0.00 302
    2018-08-01 $139,900 (-3.5%) $170,766 (2.4%) 0.00 306
    2018-09-01 $149,700 (0.1%) $182,670 (8.8%) 0.00 295
    2018-10-01 $159,625 (6.7%) $183,319 (10.5%) 0.00 297
    2018-11-01 $151,100 (0.8%) $178,337 (7.6%) 0.00 283
    2018-12-01 $140,000 (-6.3%) $179,151 (8.6%) 0.00 286
    2019-01-01 $140,050 (-2.9%) $178,974 (10.0%) 0.00 265
    2019-02-01 $148,250 (0.5%) $186,696 (11.8%) 0.00 241
    2019-03-01 $149,429 (-3.9%) $188,262 (8.5%) 0.00 223
    2019-04-01 $150,000 (-4.0%) $189,716 (7.9%) 0.00 198
    2019-05-01 $167,050 (6.8%) $186,655 (5.2%) 0.00 185
    2019-06-01 $169,900 (9.6%) $190,335 (4.8%) 0.00 173
    2019-07-01 $170,425 (12.0%) $195,605 (9.6%) 0.00 185
    2019-08-01 $174,655 (24.8%) $204,499 (19.8%) 0.00 182
    2019-09-01 $174,961 (16.9%) $210,929 (15.5%) 0.00 172
    2019-10-01 $175,166 (9.7%) $216,570 (18.1%) 0.00 163
    2019-11-01 $179,500 (18.8%) $218,677 (22.6%) 0.00 174
    2019-12-01 $183,750 (31.3%) $213,600 (19.2%) 0.00 170
    2020-01-01 $178,950 (27.8%) $206,235 (15.2%) 0.00 165
    2020-02-01 $170,000 (14.7%) $200,647 (7.5%) 0.00 167
    2020-03-01 $180,000 (20.5%) $215,351 (14.4%) 0.00 166
    2020-04-01 $183,125 (22.1%) $211,606 (11.5%) 0.00 156
    2020-05-01 $182,450 (9.2%) $216,266 (15.9%) 0.00 132
    2020-06-01 $196,750 (15.8%) $232,544 (22.2%) 0.00 120
    2020-07-01 $201,975 (18.5%) $246,989 (26.3%) 0.00 127
    2020-08-01 $192,101 (10.0%) $221,933 (8.5%) 0.00 123
    2020-09-01 $190,179 (8.7%) $219,808 (4.2%) 0.00 112
    2020-10-01 $198,905 (13.6%) $242,881 (12.2%) 0.00 101
    2020-11-01 $199,203 (11.0%) $259,505 (18.7%) 0.00 97
    2020-12-01 $184,536 (0.4%) $251,723 (17.9%) 0.00 97
    2021-01-01 $207,553 (16.0%) $290,315 (40.8%) 0.00 73
    2021-02-01 $226,226 (33.1%) $309,575 (54.3%) 0.00 56
    2021-03-01 $208,684 (15.9%) $278,243 (29.2%) 0.00 71
    2021-04-01 $221,176 (20.8%) $276,965 (30.9%) 0.00 77
    2021-05-01 $222,213 (21.8%) $281,262 (30.1%) 0.00 81
    2021-06-01 $223,556 (13.6%) $287,013 (23.4%) 0.00 90
    2021-07-01 $214,525 (6.2%) $279,257 (13.1%) 0.00 110
    2021-08-01 $221,831 (15.5%) $274,649 (23.8%) 0.00 146
    2021-09-01 $230,101 (21.0%) $326,208 (48.4%) 0.00 128
    2021-10-01 $222,408 (11.8%) $348,030 (43.3%) 0.00 144
    2021-11-01 $223,230 (12.1%) $340,621 (31.3%) 0.00 151
    2021-12-01 $221,900 (20.3%) $306,588 (21.8%) 0.00 142
    2022-01-01 $215,200 (3.7%) $278,437 (-4.1%) 0.00 99
    2022-02-01 $191,925 (-15.2%) $271,450 (-12.3%) 0.00 84
    2022-03-01 $224,204 (7.4%) $280,677 (0.9%) 0.00 85
    2022-04-01 $252,301 (14.1%) $295,082 (6.5%) 0.00 94
    2022-05-01 $261,908 (17.9%) $286,050 (1.7%) 0.00 99
    2022-06-01 $249,354 (11.5%) $267,081 (-6.9%) 0.00 118
    2022-07-01 $218,490 (1.9%) $252,383 (-9.6%) 0.00 148
    2022-08-01 $214,945 (-3.1%) $266,060 (-3.1%) 0.00 149
    2022-09-01 $246,500 (7.1%) $287,057 (-12.0%) 0.00 149
    2022-10-01 $222,450 (0.0%) $276,283 (-20.6%) 0.00 156
    2022-11-01 $226,748 (1.6%) $260,145 (-23.6%) 0.00 175
    2022-12-01 $219,490 (-1.1%) $250,819 (-18.2%) 0.00 180
    2023-01-01 $229,975 (6.9%) $264,779 (-4.9%) 0.00 162
    2023-02-01 $250,506 (30.5%) $285,757 (5.3%) 0.00 141
    2023-03-01 $249,226 (11.2%) $287,256 (2.3%) 0.00 143
    2023-04-01 $247,600 (-1.9%) $294,153 (-0.3%) 0.00 142
    2023-05-01 $258,231 (-1.4%) $319,263 (11.6%) 0.00 141
    2023-06-01 $272,931 (9.5%) $345,882 (29.5%) 0.00 152
    2023-07-01 $250,000 (14.4%) $331,511 (31.4%) 0.00 166
    2023-08-01 $250,000 (16.3%) $325,128 (22.2%) 0.00 191
    2023-09-01 $250,000 (1.4%) $313,545 (9.2%) 0.00 202
    2023-10-01 $247,247 (11.2%) $306,493 (10.9%) 0.00 206
    2023-11-01 $241,109 (6.3%) $297,990 (14.6%) 0.00 228
    2023-12-01 $238,121 (8.5%) $285,968 (14.0%) 0.00 247
    2024-01-01 $234,025 (1.8%) $289,617 (9.4%) 0.00 236
    2024-02-01 $227,243 (-9.3%) $284,667 (-0.4%) 0.00 233
    2024-03-01 $229,900 (-7.8%) $296,669 (3.3%) 0.00 209
    Shawnee's median listing price for 2024-03-01 was $229,900, a difference of $-19,326 (-7.8%) versus the prior year and $2,657 versus the prior month.

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

    Shawnee's average listing price for 2024-03-01 was $296,669, a difference of $9,413 (3.3%) versus the prior year and $12,002 versus the prior month.

    For the 2024-03-01 period, Shawnee had 209 MLS listings, a difference of -24 listings (-10%) versus the prior month and 66 listings (46%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Shawnee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,705 sqft
    2018-02-01 0 days 1,700 sqft
    2018-03-01 0 days 1,726 sqft
    2018-04-01 0 days 1,760 sqft
    2018-05-01 0 days 1,743 sqft
    2018-06-01 0 days 1,731 sqft
    2018-07-01 0 days 1,701 sqft
    2018-08-01 0 days 1,698 sqft
    2018-09-01 0 days 1,735 sqft
    2018-10-01 0 days 1,731 sqft
    2018-11-01 0 days 1,722 sqft
    2018-12-01 0 days 1,714 sqft
    2019-01-01 0 days 1,702 sqft
    2019-02-01 0 days 1,724 sqft
    2019-03-01 0 days 1,723 sqft
    2019-04-01 0 days 1,717 sqft
    2019-05-01 0 days 1,719 sqft
    2019-06-01 0 days 1,734 sqft
    2019-07-01 0 days 1,745 sqft
    2019-08-01 0 days 1,773 sqft
    2019-09-01 0 days 1,832 sqft
    2019-10-01 0 days 1,879 sqft
    2019-11-01 0 days 1,926 sqft
    2019-12-01 0 days 1,944 sqft
    2020-01-01 0 days 1,938 sqft
    2020-02-01 0 days 1,898 sqft
    2020-03-01 0 days 1,865 sqft
    2020-04-01 0 days 1,865 sqft
    2020-05-01 0 days 1,826 sqft
    2020-06-01 0 days 1,877 sqft
    2020-07-01 0 days 1,867 sqft
    2020-08-01 0 days 1,848 sqft
    2020-09-01 0 days 1,857 sqft
    2020-10-01 0 days 1,851 sqft
    2020-11-01 0 days 1,903 sqft
    2020-12-01 0 days 1,877 sqft
    2021-01-01 0 days 2,035 sqft
    2021-02-01 0 days 1,963 sqft
    2021-03-01 0 days 1,803 sqft
    2021-04-01 0 days 1,759 sqft
    2021-05-01 0 days 1,647 sqft
    2021-06-01 0 days 1,663 sqft
    2021-07-01 0 days 1,735 sqft
    2021-08-01 0 days 1,725 sqft
    2021-09-01 0 days 1,699 sqft
    2021-10-01 0 days 1,713 sqft
    2021-11-01 0 days 1,700 sqft
    2021-12-01 0 days 1,757 sqft
    2022-01-01 0 days 1,691 sqft
    2022-02-01 0 days 1,620 sqft
    2022-03-01 0 days 1,686 sqft
    2022-04-01 0 days 1,680 sqft
    2022-05-01 0 days 1,815 sqft
    2022-06-01 0 days 1,701 sqft
    2022-07-01 0 days 1,650 sqft
    2022-08-01 0 days 1,672 sqft
    2022-09-01 0 days 1,737 sqft
    2022-10-01 0 days 1,642 sqft
    2022-11-01 0 days 1,671 sqft
    2022-12-01 0 days 1,636 sqft
    2023-01-01 0 days 1,703 sqft
    2023-02-01 0 days 1,744 sqft
    2023-03-01 0 days 1,764 sqft
    2023-04-01 0 days 1,829 sqft
    2023-05-01 0 days 1,854 sqft
    2023-06-01 0 days 1,811 sqft
    2023-07-01 0 days 1,844 sqft
    2023-08-01 0 days 1,776 sqft
    2023-09-01 0 days 1,802 sqft
    2023-10-01 0 days 1,800 sqft
    2023-11-01 0 days 1,774 sqft
    2023-12-01 0 days 1,696 sqft
    2024-01-01 0 days 1,674 sqft
    2024-02-01 0 days 1,733 sqft
    2024-03-01 0 days 1,763 sqft
    Shawnee's median listing age (time on market) for 2024-03-01 was 0 days.

    Shawnee's median square footage for active listings during the 2024-03-01 period was 1,763 sqft. One year prior, the average listing was 1,764 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).