St. Joseph FHA Loan Rates, Closing Costs & Stats

ST. JOSEPH, MO-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.

    St. Joseph's 71 lenders originated 401 FHA loans during 2023. The total origination value was $66,345,000, with an average FHA loan value of $165,449.

    St. Joseph FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in St. Joseph averaged 6.7% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    St. Joseph's average FHA mortgage closing costs are $5,275.

    The average rate for the prior week (2024-07-12) was 6.65% and one month ago for the week of 2024-06-14, the average rate was 6.7%.

    The average rate one year ago was 6.89%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.69%.

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

    St. Joseph 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 St. Joseph level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 103 6.94% $6,467
    QUICKEN LOANS, LLC 36 6.30% $8,319
    Flanagan State Bank 28 6.89% $8,179
    PRIMELENDING, A PLAINSCAPITAL COMPANY 15 7.11% $6,651
    U.S. Bank 13 6.75% $5,352
    LEADERONE FINANCIAL CORPORATION 13 6.88% $7,224
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 12 6.94% $6,838
    FLAT BRANCH MORTGAGE, INC. 12 6.70% $7,565
    OPEN MORTGAGE, LLC 10 7.02% $4,781
    ENDEAVOR CAPITAL, LLC. 8 6.64% $7,601
    UNITED WHOLESALE MORTGAGE, LLC 8 5.86% $10,438
    COMMUNITY MORTGAGE, LLC 7 6.79% $7,620
    Arvest Bank 7 6.34% $6,321
    DAS Acquisition Company, LLC 6 7.08% $6,943
    LOANDEPOT.COM, LLC 6 6.14% $10,026
    GUILD MORTGAGE COMPANY 6 6.81% $9,264
    Mr. Cooper ( Nationstar Mortgage ) 5 5.98% $14,453
    AMERISAVE MORTGAGE CORPORATION 5 6.45% $12,099
    BROKER SOLUTIONS, INC. 4 6.69% $9,190
    CROSSCOUNTRY MORTGAGE, LLC 4 6.59% $8,999
    FREEDOM MORTGAGE CORPORATION 4 7.19% $10,548
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.08% $7,259
    NBH Bank 3 5.92% $4,142
    Commerce Bank 3 6.83% $6,659
    CARDINAL FINANCIAL 3 5.88% $8,271
    NBKC BANK 2 7.00% $6,018
    Wells Fargo Bank 2 6.88% $5,740
    MID AMERICA MORTGAGE, INC. 2 6.75% $4,045
    PENNYMAC LOAN SERVICES, LLC 2 6.38% $13,661
    North American Savings Bank, F.S.B. 2 6.69% $3,470
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $9,901
    Flagstar Bank, FSB 2 6.31% $5,404
    CALIBER HOME LOANS, INC. 2 7.38% $8,580
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.94% $9,069
    Plains Commerce Bank 2 6.94% $5,276
    Mortgage Investment Services Corporation 1 6.25% $2,636
    Mortgage Research Center, LLC 1 7.25% $10,042
    Neighborhood Loans, Inc. 1 6.75% $7,679
    NEWREZ LLC 1 6.13% $7,573
    NFM, INC. 1 7.50% $11,378
    Northpointe Bank 1 7.00% $4,923
    Academy Bank 1 6.75% $5,360
    PANORAMA MORTGAGE GROUP, LLC 1 6.63% $6,332
    PHH Mortgage Corporation 1 6.63% $10,953
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $14,805
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.00% $7,819
    BAY EQUITY LLC 1 6.13% $6,990
    S1L, Inc. 1 7.13% $5,663
    Sierra Pacific Mortgage Company, Inc. 1 5.63% $9,916
    SUMMIT FUNDING, INC. 1 6.75% $7,318
    The Central Trust Bank 1 6.00% $6,258
    UMB Bank 1 6.88% $4,152
    United Fidelity Funding Corp. 1 7.13% $9,339
    Armed Forces Bank 1 7.00% $5,374
    American Mortgage & Equity Consultants, Inc. 1 7.50% $5,397
    Waterstone Mortgage Corporation 1 6.63% $7,847
    EVERETT FINANCIAL, INC. 1 7.13% $7,622
    Equity Prime Mortgage LLC 1 7.00% $7,280
    COMMUNITYAMERICA 1 6.38% $9,164
    First Bank 1 5.63% $4,813
    First Federal Bank 1 6.88% $5,907
    First State Bank of St. Charles, Missouri 1 6.13% $11,823
    CHURCHILL MORTGAGE CORPORATION 1 7.00% $7,890
    CHARTER WEST BANK 1 7.13% $8,083
    HALLMARK HOME MORTGAGE, LLC 1 7.00% $10,146
    Ixonia Bank 1 7.00% $7,891
    JPMorgan Chase Bank 1 6.99% $7,352
    Carrington Mortgage Services, LLC 1 6.88% $16,560
    MEGASTAR FINANCIAL CORP. 1 6.50% $5,305
    Midland States Bank 1 7.63% $13,872
    Midwest Mortgage Associates Corporation 1 6.25% $8,271

    The top St. Joseph FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 103 FHA loans originated. Their average total fees are $6,467, which is $1,852 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee St. Joseph FHA lenders (with over 10 loans originated) are OPEN MORTGAGE, LLC ($4,781), U.S. Bank ($5,352), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,467), PRIMELENDING, A PLAINSCAPITAL COMPANY ($6,651) and AMERICAN PORTFOLIO MORTGAGE CORPORATION ($6,838).

    The lowest rate St. Joseph FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.30%), FLAT BRANCH MORTGAGE, INC. (6.70%), U.S. Bank (6.75%), LEADERONE FINANCIAL CORPORATION (6.88%) and Flanagan State Bank (6.89%).

    St. Joseph FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ST. JOSEPH, MO-KS DONIPHAN 2022 $420,680 $538,650 $651,050 $809,150
    ST. JOSEPH, MO-KS ANDREW 2022 $420,680 $538,650 $651,050 $809,150
    ST. JOSEPH, MO-KS BUCHANAN 2022 $420,680 $538,650 $651,050 $809,150
    ST. JOSEPH, MO-KS DEKALB 2022 $420,680 $538,650 $651,050 $809,150
    ST. JOSEPH, MO-KS DONIPHAN 2023 $472,030 $604,400 $730,525 $907,900
    ST. JOSEPH, MO-KS ANDREW 2023 $472,030 $604,400 $730,525 $907,900
    ST. JOSEPH, MO-KS BUCHANAN 2023 $472,030 $604,400 $730,525 $907,900
    ST. JOSEPH, MO-KS DEKALB 2023 $472,030 $604,400 $730,525 $907,900

    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).