Sikeston FHA Loan Rates, Closing Costs & Stats

Sikeston, MO

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.

Sikeston's 28 lenders originated 94 FHA loans during 2023. The total origination value was $14,020,000, with an average FHA loan value of $149,149.

Sikeston FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sikeston averaged 6.95% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Sikeston's average FHA mortgage closing costs are $5,695.

The average rate for the prior week (2024-03-15) was 6.87% and one month ago for the week of 2024-02-16, the average rate was 6.79%.

The average rate one year ago was 6.68%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.8%.

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

Sikeston 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 Sikeston level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
DAS Acquisition Company, LLC 29 6.84% $7,037
Flanagan State Bank 7 6.61% $8,572
QUICKEN LOANS, LLC 7 6.37% $7,239
Gateway First Bank 7 6.86% $5,924
FLAT BRANCH MORTGAGE, INC. 5 7.38% $5,891
AMERISAVE MORTGAGE CORPORATION 2 6.75% $7,291
Carrington Mortgage Services, LLC 2 6.38% $8,612
GERSHMAN INVESTMENT CORP. 2 7.13% $5,580
GUILD MORTGAGE COMPANY 2 6.88% $5,817
MOVEMENT MORTGAGE, LLC 2 6.13% $7,651
PENNYMAC LOAN SERVICES, LLC 2 7.06% $5,440
Regions Bank 2 7.00% $4,825
U.S. Bank 2 7.00% $5,564
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $15,860
LOANDEPOT.COM, LLC 1 5.99% $8,188
Mortgage Research Center, LLC 1 7.13% $4,205
SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $6,593
Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $7,632
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.75% $5,973
TOP FLITE FINANCIAL, INC. 1 6.75% $15,502
PHH Mortgage Corporation 1 6.50% $9,020
PLANET HOME LENDING, LLC 1 7.00% $4,530
Flagstar Bank, FSB 1 6.00% $5,614
ENDEAVOR CAPITAL, LLC. 1 6.12% $9,366
DELMAR FINANCIAL COMPANY 1 7.13% $5,304
GENEVA FINANCIAL, LLC 1 6.63% $10,830
CARDINAL FINANCIAL 1 6.50% $12,289
UNITED WHOLESALE MORTGAGE, LLC 1 5.49% $7,415

The top Sikeston FHA lender as defined by loan originations is DAS Acquisition Company, LLC, with 29 FHA loans originated. Their average total fees are $7,037, which is $1,534 lower than the next largest lender, Flanagan State Bank.

The lowest fee Sikeston FHA lenders (with over 10 loans originated) are DAS Acquisition Company, LLC ($7,037), .

The lowest rate Sikeston FHA lenders (with over 10 loans originated) are DAS Acquisition Company, LLC (6.84%), .

Sikeston FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Sikeston (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 $128,450 (27.0%) $146,222 (21.1%) 0.00 68
2018-02-01 $129,900 (28.0%) $147,000 (24.0%) 0.00 68
2018-03-01 $129,900 (22.6%) $134,594 (9.9%) 0.00 66
2018-04-01 $129,900 (13.1%) $136,192 (3.4%) 0.00 74
2018-05-01 $123,250 (7.3%) $142,091 (2.7%) 0.00 73
2018-06-01 $119,900 (7.3%) $137,459 (0.6%) 0.00 72
2018-07-01 $112,925 (0.8%) $134,214 (3.1%) 0.00 80
2018-08-01 $120,325 (3.6%) $138,356 (2.4%) 0.00 73
2018-09-01 $123,700 (-1.0%) $138,595 (-2.3%) 0.00 84
2018-10-01 $129,675 (10.5%) $141,256 (-0.3%) 0.00 84
2018-11-01 $126,750 (3.5%) $140,223 (-1.5%) 0.00 79
2018-12-01 $124,000 (-2.0%) $143,739 (-1.9%) 0.00 77
2019-01-01 $124,225 (-3.3%) $150,617 (3.0%) 0.00 74
2019-02-01 $127,450 (-1.9%) $155,393 (5.7%) 0.00 76
2019-03-01 $138,021 (6.3%) $158,135 (17.5%) 0.00 81
2019-04-01 $138,271 (6.4%) $152,660 (12.1%) 0.00 87
2019-05-01 $136,225 (10.5%) $156,675 (10.3%) 0.00 87
2019-06-01 $142,400 (18.8%) $168,492 (22.6%) 0.00 89
2019-07-01 $144,075 (27.6%) $173,224 (29.1%) 0.00 95
2019-08-01 $142,336 (18.3%) $167,590 (21.1%) 0.00 112
2019-09-01 $135,341 (9.4%) $157,843 (13.9%) 0.00 140
2019-10-01 $129,900 (0.2%) $153,531 (8.7%) 0.00 170
2019-11-01 $124,900 (-1.5%) $153,897 (9.8%) 0.00 177
2019-12-01 $129,000 (4.0%) $156,978 (9.2%) 0.00 169
2020-01-01 $125,450 (1.0%) $154,108 (2.3%) 0.00 161
2020-02-01 $129,450 (1.6%) $156,893 (1.0%) 0.00 159
2020-03-01 $125,000 (-9.4%) $152,819 (-3.4%) 0.00 160
2020-04-01 $124,700 (-9.8%) $152,140 (-0.3%) 0.00 152
2020-05-01 $124,500 (-8.6%) $150,508 (-3.9%) 0.00 139
2020-06-01 $129,900 (-8.8%) $151,716 (-10.0%) 0.00 137
2020-07-01 $134,450 (-6.7%) $152,834 (-11.8%) 0.00 120
2020-08-01 $142,500 (0.1%) $162,160 (-3.2%) 0.00 95
2020-09-01 $138,000 (2.0%) $156,693 (-0.7%) 0.00 87
2020-10-01 $138,000 (6.2%) $161,601 (5.3%) 0.00 83
2020-11-01 $140,000 (12.1%) $161,674 (5.1%) 0.00 93
2020-12-01 $139,125 (7.9%) $158,638 (1.1%) 0.00 90
2021-01-01 $139,000 (10.8%) $154,544 (0.3%) 0.00 84
2021-02-01 $129,925 (0.4%) $153,399 (-2.2%) 0.00 72
2021-03-01 $124,226 (-0.6%) $148,038 (-3.1%) 0.00 66
2021-04-01 $123,338 (-1.1%) $149,282 (-1.9%) 0.00 68
2021-05-01 $135,450 (8.8%) $152,685 (1.5%) 0.00 66
2021-06-01 $139,900 (7.7%) $159,822 (5.3%) 0.00 65
2021-07-01 $149,900 (11.5%) $168,972 (10.6%) 0.00 66
2021-08-01 $149,925 (5.2%) $177,219 (9.3%) 0.00 64
2021-09-01 $147,450 (6.9%) $171,046 (9.2%) 0.00 77
2021-10-01 $143,950 (4.3%) $165,365 (2.3%) 0.00 81
2021-11-01 $138,675 (-1.0%) $158,360 (-2.1%) 0.00 75
2021-12-01 $134,900 (-3.0%) $159,668 (0.7%) 0.00 73
2022-01-01 $149,500 (7.6%) $172,479 (11.6%) 0.00 66
2022-02-01 $148,650 (14.4%) $186,912 (21.9%) 0.00 65
2022-03-01 $157,425 (26.7%) $205,563 (38.9%) 0.00 71
2022-04-01 $150,000 (21.6%) $185,763 (24.4%) 0.00 76
2022-05-01 $145,000 (7.1%) $176,617 (15.7%) 0.00 76
2022-06-01 $138,175 (-1.2%) $169,373 (6.0%) 0.00 71
2022-07-01 $144,900 (-3.3%) $184,160 (9.0%) 0.00 73
2022-08-01 $123,500 (-17.6%) $168,543 (-4.9%) 0.00 108
2022-09-01 $117,400 (-20.4%) $174,562 (2.1%) 0.00 115
2022-10-01 $119,900 (-16.7%) $179,615 (8.6%) 0.00 110
2022-11-01 $104,925 (-24.3%) $179,801 (13.5%) 0.00 113
2022-12-01 $99,450 (-26.3%) $172,360 (8.0%) 0.00 127
2023-01-01 $123,100 (-17.7%) $174,671 (1.3%) 0.00 94
2023-02-01 $129,450 (-12.9%) $178,845 (-4.3%) 0.00 83
2023-03-01 $148,500 (-5.7%) $186,507 (-9.3%) 0.00 88
2023-04-01 $149,900 (-0.1%) $194,089 (4.5%) 0.00 85
2023-05-01 $159,900 (10.3%) $203,015 (15.0%) 0.00 90
2023-06-01 $159,900 (15.7%) $202,311 (19.5%) 0.00 89
2023-07-01 $164,900 (13.8%) $204,804 (11.2%) 0.00 91
2023-08-01 $161,575 (30.8%) $199,251 (18.2%) 0.00 99
2023-09-01 $160,000 (36.3%) $201,049 (15.2%) 0.00 96
2023-10-01 $169,450 (41.3%) $215,154 (19.8%) 0.00 92
2023-11-01 $164,225 (56.5%) $203,646 (13.3%) 0.00 95
2023-12-01 $149,900 (50.7%) $199,013 (15.5%) 0.00 85
2024-01-01 $150,000 (21.9%) $202,102 (15.7%) 0.00 78
2024-02-01 $132,500 (2.4%) $188,912 (5.6%) 0.00 95
Sikeston's median listing price for 2024-02-01 was $132,500, a difference of $3,050 (2.4%) versus the prior year and $-17,500 versus the prior month.

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

Sikeston's average listing price for 2024-02-01 was $188,912, a difference of $10,067 (5.6%) versus the prior year and $-13,190 versus the prior month.

For the 2024-02-01 period, Sikeston had 95 MLS listings, a difference of 17 listings (22%) versus the prior month and 12 listings (14%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Sikeston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,477 sqft
2018-02-01 0 days 1,497 sqft
2018-03-01 0 days 1,507 sqft
2018-04-01 0 days 1,572 sqft
2018-05-01 0 days 1,542 sqft
2018-06-01 0 days 1,466 sqft
2018-07-01 0 days 1,472 sqft
2018-08-01 0 days 1,554 sqft
2018-09-01 0 days 1,542 sqft
2018-10-01 0 days 1,548 sqft
2018-11-01 0 days 1,549 sqft
2018-12-01 0 days 1,547 sqft
2019-01-01 0 days 1,569 sqft
2019-02-01 0 days 1,572 sqft
2019-03-01 0 days 1,633 sqft
2019-04-01 0 days 1,657 sqft
2019-05-01 0 days 1,655 sqft
2019-06-01 0 days 1,720 sqft
2019-07-01 0 days 1,612 sqft
2019-08-01 0 days 1,633 sqft
2019-09-01 0 days 1,679 sqft
2019-10-01 0 days 1,742 sqft
2019-11-01 0 days 1,724 sqft
2019-12-01 0 days 1,700 sqft
2020-01-01 0 days 1,704 sqft
2020-02-01 0 days 1,752 sqft
2020-03-01 0 days 1,730 sqft
2020-04-01 0 days 1,736 sqft
2020-05-01 0 days 1,713 sqft
2020-06-01 0 days 1,721 sqft
2020-07-01 0 days 1,747 sqft
2020-08-01 0 days 1,778 sqft
2020-09-01 0 days 1,722 sqft
2020-10-01 0 days 1,604 sqft
2020-11-01 0 days 1,615 sqft
2020-12-01 0 days 1,555 sqft
2021-01-01 0 days 1,548 sqft
2021-02-01 0 days 1,523 sqft
2021-03-01 0 days 1,609 sqft
2021-04-01 0 days 1,554 sqft
2021-05-01 0 days 1,554 sqft
2021-06-01 0 days 1,619 sqft
2021-07-01 0 days 1,652 sqft
2021-08-01 0 days 1,652 sqft
2021-09-01 0 days 1,651 sqft
2021-10-01 0 days 1,600 sqft
2021-11-01 0 days 1,527 sqft
2021-12-01 0 days 1,500 sqft
2022-01-01 0 days 1,665 sqft
2022-02-01 0 days 1,655 sqft
2022-03-01 0 days 1,643 sqft
2022-04-01 0 days 1,554 sqft
2022-05-01 0 days 1,615 sqft
2022-06-01 0 days 1,440 sqft
2022-07-01 0 days 1,534 sqft
2022-08-01 0 days 1,399 sqft
2022-09-01 0 days 1,399 sqft
2022-10-01 0 days 1,400 sqft
2022-11-01 0 days 1,315 sqft
2022-12-01 0 days 1,287 sqft
2023-01-01 0 days 1,293 sqft
2023-02-01 0 days 1,275 sqft
2023-03-01 0 days 1,289 sqft
2023-04-01 0 days 1,414 sqft
2023-05-01 0 days 1,484 sqft
2023-06-01 0 days 1,432 sqft
2023-07-01 0 days 1,484 sqft
2023-08-01 0 days 1,442 sqft
2023-09-01 0 days 1,484 sqft
2023-10-01 0 days 1,523 sqft
2023-11-01 0 days 1,484 sqft
2023-12-01 0 days 1,419 sqft
2024-01-01 0 days 1,350 sqft
2024-02-01 0 days 1,295 sqft
Sikeston's median listing age (time on market) for 2024-02-01 was 0 days.

Sikeston's median square footage for active listings during the 2024-02-01 period was 1,295 sqft. One year prior, the average listing was 1,275 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).