St. Louis FHA Loan Rates, Closing Costs & Stats

ST. LOUIS, MO-IL

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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. Louis's 175 lenders originated 6,813 FHA loans during 2023. The total origination value was $1,435,385,000, with an average FHA loan value of $210,683.

    St. Louis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in St. Louis averaged 6.52% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    St. Louis's average FHA mortgage closing costs are $6,264.

    The average rate for the prior week (2024-11-01) was 6.29% and one month ago for the week of 2024-10-04, the average rate was 6.11%.

    The average rate one year ago was 7.26%.

    For refis of the same type during the week of 2024-11-08, 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. Louis 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. Louis level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 698 6.65% $8,579
    QUICKEN LOANS, LLC 556 6.32% $9,488
    DAS Acquisition Company, LLC 428 7.00% $9,146
    BROKER SOLUTIONS, INC. 368 6.88% $8,940
    UNITED WHOLESALE MORTGAGE, LLC 352 6.60% $8,947
    FLAT BRANCH MORTGAGE, INC. 286 6.78% $8,114
    JLB CORPORATION 213 6.54% $9,403
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 210 6.76% $7,189
    ENDEAVOR CAPITAL, LLC. 193 6.64% $8,263
    GERSHMAN INVESTMENT CORP. 190 6.94% $8,226
    DELMAR FINANCIAL COMPANY 154 6.75% $7,926
    LEADERONE FINANCIAL CORPORATION 129 6.91% $10,669
    NEWREZ LLC 110 6.68% $8,909
    LOANDEPOT.COM, LLC 101 6.57% $10,203
    PENNYMAC LOAN SERVICES, LLC 99 6.43% $9,424
    Carrollton Bank 91 6.42% $6,664
    GUARANTEED RATE, INC. 88 6.87% $8,537
    CARDINAL FINANCIAL 86 6.52% $9,100
    Mr. Cooper ( Nationstar Mortgage ) 83 6.15% $12,708
    Stifel Bank and Trust 82 6.52% $6,837
    FAMILY FINANCE MORTGAGE, LLC 78 6.88% $8,921
    FREEDOM MORTGAGE CORPORATION 76 6.98% $11,520
    FIRST INTEGRITY MORTGAGE SERVICES, INC. 68 6.60% $5,989
    Regions Bank 64 6.50% $7,528
    AMERISAVE MORTGAGE CORPORATION 59 6.25% $11,710
    GUARANTEED RATE AFFINITY, LLC 54 6.70% $11,202
    CROSSCOUNTRY MORTGAGE, LLC 52 6.95% $8,954
    Midwest BankCentre 52 6.25% $6,119
    First State Bank of St. Charles, Missouri 51 6.63% $8,452
    The Central Trust Bank 49 6.69% $7,706
    Carrington Mortgage Services, LLC 46 6.22% $10,566
    GENEVA FINANCIAL, LLC 45 6.74% $12,361
    U.S. Bank 44 6.58% $6,748
    MUTUAL OF OMAHA MORTGAGE, INC. 43 6.76% $12,798
    Mortgage Research Center, LLC 41 6.91% $6,551
    First Bank 39 6.61% $7,926
    Flagstar Bank, FSB 37 6.68% $8,597
    FCB Banks 35 6.51% $5,275
    Paramount Residential Mortgage Group, Inc. 34 6.97% $10,054
    Nations Lending Corporation 31 6.89% $8,187
    LAKEVIEW LOAN SERVICING, LLC 30 6.18% $10,247
    FRONTIER FINANCIAL, INC. 30 6.94% $7,683
    AMERICAN FINANCIAL NETWORK, INC. 28 6.95% $11,534
    Plains Commerce Bank 27 6.69% $8,312
    PLANET HOME LENDING, LLC 27 6.28% $11,040
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 23 6.74% $7,234
    SCOTT CREDIT UNION 22 6.29% $5,365
    CMG MORTGAGE, INC. 20 7.00% $11,091
    Paramount Bank 19 7.01% $7,728
    NP, Inc. 18 6.76% $6,999
    ACCESS CAPITAL FUNDING, L.L.C. 18 6.76% $8,033
    Equity Prime Mortgage LLC 15 6.79% $10,012
    HOMESTAR FINANCIAL CORPORATION 15 7.08% $6,516
    VILLAGE CAPITAL MORTGAGE 15 5.99% $8,335
    VICTORY MORTGAGE, L.L.C. 15 6.49% $9,977
    Prosperity Home Mortgage, LLC 14 6.38% $8,067
    TOP FLITE FINANCIAL, INC. 13 7.08% $11,428
    ROYAL UNITED MORTGAGE LLC 13 6.88% $10,190
    JPMorgan Chase Bank 13 6.54% $5,914
    PRIMARY RESIDENTIAL MORTGAGE, INC. 13 7.06% $9,829
    SUN WEST MORTGAGE COMPANY, INC. 12 6.39% $12,525
    AMERICAN PACIFIC MORTGAGE CORPORATION 12 6.67% $10,744
    BancorpSouth 12 6.65% $6,837
    Bank of America 12 6.74% $6,015
    TOWNE MORTGAGE COMPANY 12 6.28% $11,094
    TruHome Solutions, LLC 11 6.66% $9,272
    ZILLOW HOME LOANS, LLC 11 6.66% $8,918
    AMCAP MORTGAGE, LTD. 11 6.98% $10,587
    PHH Mortgage Corporation 11 6.68% $9,336
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 10 6.51% $8,017
    United Community Bank 10 6.96% $5,094
    EVERETT FINANCIAL, INC. 10 6.90% $9,243
    PNC Bank 10 6.74% $6,060
    Busey Bank 10 6.51% $6,056
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 6.72% $8,717
    Cornerstone First Mortgage, Inc 9 7.24% $11,085
    PLAZA HOME MORTGAGE, INC. 9 7.11% $10,663
    Simmons Bank 9 6.42% $6,567
    Commerce Bank 9 6.78% $7,303
    AMERICAN FINANCING CORPORATION 9 6.40% $10,790
    MORTGAGE SOLUTIONS OF COLORADO, LLC 8 6.70% $12,745
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 8 6.25% $7,221
    Hawthorn Bank 8 5.83% $8,162
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.34% $12,762
    Bank of Springfield 8 6.53% $8,643
    Barrington Bank & Trust Company, N.A. 8 6.76% $7,767
    Neighborhood Loans, Inc. 8 6.59% $10,749
    LOANPAL, LLC 8 5.83% $12,047
    The Federal Savings Bank 7 6.57% $10,350
    CIBC Bank USA 7 6.04% $6,826
    COMMUNITY MORTGAGE, LLC 7 6.43% $9,738
    Bell Bank 7 7.00% $7,601
    ON Q FINANCIAL, INC. 7 7.14% $9,043
    MICHIGAN MUTUAL, INC. 7 6.45% $9,522
    Heartland Bank and Trust Company 7 6.38% $5,441
    T2 FINANCIAL LLC 7 6.95% $9,514
    Associated Bank 6 6.69% $4,524
    Wells Fargo Bank 6 6.29% $10,410
    MOVEMENT MORTGAGE, LLC 6 7.29% $6,727
    M&T Bank 6 6.54% $8,584
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 6.58% $5,806
    Midland States Bank 5 6.98% $7,188
    BAY EQUITY LLC 5 6.43% $11,952
    United Fidelity Funding Corp. 5 7.17% $11,318
    FIRST MORTGAGE COMPANY, INC. 4 6.97% $10,654
    GMFS LLC 4 6.97% $3,661
    NBKC BANK 4 6.47% $7,056
    PREMIA MORTGAGE, LLC 4 6.06% $9,541
    Servion, Inc. 4 6.47% $6,655
    UNION HOME MORTGAGE CORP. 4 6.63% $9,318
    AMERICAN FINANCIAL RESOURCES, INC. 4 7.09% $7,678
    ENVOY MORTGAGE, LTD 3 5.96% $12,289
    The Huntington National Bank 3 6.04% $6,678
    VERITAS FUNDING, LLC 3 6.54% $17,283
    AmeriHome Mortgage Company, LLC 3 7.13% $7,321
    HOMESIDE FINANCIAL, LLC 3 5.83% $15,298
    American Mortgage & Equity Consultants, Inc. 3 6.79% $11,384
    Ixonia Bank 3 6.83% $8,537
    MID AMERICA MORTGAGE, INC. 3 7.71% $4,379
    Enterprise Bank & Trust 3 6.75% $8,290
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.31% $7,030
    OCMBC, INC. 2 7.94% $7,987
    Midwest Mortgage Associates Corporation 2 6.63% $9,225
    NFM, INC. 2 6.69% $12,969
    CHURCHILL MORTGAGE CORPORATION 2 7.00% $8,808
    NORWICH COMMERCIAL GROUP, INC. 2 7.94% $8,577
    Arvest Bank 2 6.13% $6,015
    RUOFF MORTGAGE COMPANY, INC. 2 6.50% $6,160
    UMB Bank 2 6.81% $6,935
    BETTER MORTGAGE CORPORATION 2 6.56% $9,322
    SECURITYNATIONAL MORTGAGE COMPANY 2 7.63% $8,597
    Fifth Third Bank 2 6.44% $6,940
    FIRST COMMUNITY MORTGAGE, INC. 2 6.06% $8,036
    HALLMARK HOME MORTGAGE, LLC 1 7.75% $12,402
    Bank of England 1 6.25% $9,174
    AXIA FINANCIAL, LLC 1 6.50% $14,265
    RANLIFE, INC. 1 7.38% $5,101
    DATA MORTGAGE, INC. 1 6.63% $7,966
    ARC HOME LLC 1 6.99% $4,762
    Sullivan Bank 1 6.13% $7,279
    SUMMIT FUNDING, INC. 1 7.25% $14,028
    GSF Mortgage Corporation 1 6.00% $7,259
    GREENSTATE CREDIT UNION 1 5.75% $5,434
    Great Southern Bank 1 6.13% $11,602
    TIB The Independent Bankersbank 1 5.63% $6,116
    Goldwater Bank, N.A. 1 7.13% $7,891
    WEST COMMUNITY 1 6.63% $4,952
    Evolve Bank & Trust 1 6.13% $7,231
    American Mortgage Bank, LLC 1 7.63% $6,017
    Financial Funding Solutions, Inc. 1 7.38% $8,562
    First Savings Bank 1 6.75% $9,498
    Citibank 1 6.25% $7,006
    Mid-Continent Funding, Inc. 1 7.49% $7,616
    Magnolia Bank 1 6.13% $14,342
    Citizens Bank 1 7.63% $8,789
    Central National Bank 1 6.63% $9,404
    MYCUMORTGAGE, LLC 1 6.63% $4,031
    CANOPY MORTGAGE, LLC 1 6.25% $7,048
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.25% $17,110
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.00% $14,948
    Lincoln Savings Bank 1 6.25% $10,978
    NETWORK CAPITAL FUNDING CORPORATION 1 6.88% $10,619
    LIBERTY HOME MORTGAGE CORPORATION 1 6.50% $17,415
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.13% $4,159
    LAND HOME FINANCIAL SERVICES, INC. 1 6.50% $13,625
    Lakeview Community Capital, LLC 1 7.75% $6,999
    CONTOUR MORTGAGE CORPORATION 1 6.75% $8,396
    PENTAGON FEDERAL CREDIT UNION 1 6.75% $2,597
    Peoples National Bank , N.A. 1 7.00% $6,380
    BANKSOUTH MORTGAGE COMPANY, LLC 1 7.38% $8,008
    Independent Bank 1 7.25% $8,320
    HOMESITE MORTGAGE, LLC 1 6.99% $10,935
    Waterstone Mortgage Corporation 1 6.00% $11,257
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.75% $7,702
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 6.63% $7,099

    The top St. Louis FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 698 FHA loans originated. Their average total fees are $8,579, which is $910 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee St. Louis FHA lenders (with over 10 loans originated) are United Community Bank ($5,094), FCB Banks ($5,275), SCOTT CREDIT UNION ($5,365), JPMorgan Chase Bank ($5,914) and FIRST INTEGRITY MORTGAGE SERVICES, INC. ($5,989).

    The lowest rate St. Louis FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (5.99%), Mr. Cooper ( Nationstar Mortgage ) (6.15%), LAKEVIEW LOAN SERVICING, LLC (6.18%), Carrington Mortgage Services, LLC (6.22%) and Midwest BankCentre (6.25%).

    St. Louis FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ST. LOUIS, MO-IL BOND 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL CALHOUN 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL CLINTON 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL JERSEY 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL MACOUPIN 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL MADISON 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL MONROE 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL ST. CLAIR 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL ST. CHARLES 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL ST. LOUIS 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL WARREN 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL ST. LOUIS CITY 2022 $420,680 $538,650 $651,050 $809,150
    ST. LOUIS, MO-IL BOND 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL CALHOUN 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL CLINTON 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL JERSEY 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL MACOUPIN 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL MADISON 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL MONROE 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL ST. CLAIR 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL ST. CHARLES 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL ST. LOUIS 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL WARREN 2023 $472,030 $604,400 $730,525 $907,900
    ST. LOUIS, MO-IL ST. LOUIS CITY 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).