Topeka FHA Loan Rates, Closing Costs & Stats

TOPEKA, KS

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.

Topeka's 72 lenders originated 445 FHA loans during 2023. The total origination value was $78,145,000, with an average FHA loan value of $175,607.

Topeka FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Topeka averaged -0.06% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Topeka's average FHA mortgage closing costs are $5,239.

The average rate for the prior week (2024-11-22) was 6.63% and one month ago for the week of 2024-10-25, the average rate was 6.41%.

The average rate one year ago was 7.3%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.07%.

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

Topeka 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 Topeka level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 62 6.50% $7,768
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 60 6.79% $6,489
FLAT BRANCH MORTGAGE, INC. 23 7.13% $6,443
LOANDEPOT.COM, LLC 17 6.53% $9,131
NBH Bank 17 6.34% $5,317
Landmark National Bank 15 6.73% $6,038
UNITED WHOLESALE MORTGAGE, LLC 14 6.66% $7,493
Flagstar Bank, FSB 13 6.69% $6,013
LEADERONE FINANCIAL CORPORATION 13 7.19% $8,984
ENDEAVOR CAPITAL, LLC. 9 6.56% $7,236
U.S. Bank 8 6.92% $6,112
FREEDOM MORTGAGE CORPORATION 8 6.97% $10,142
BOKF 8 6.91% $6,887
Sunflower Bank 7 6.73% $8,496
Carrington Mortgage Services, LLC 6 6.38% $9,277
Mortgage Investment Services Corporation 6 6.77% $5,427
NEWREZ LLC 5 6.95% $6,967
GUILD MORTGAGE COMPANY 5 6.68% $8,339
MID AMERICA MORTGAGE, INC. 5 7.23% $4,717
Neighborhood Loans, Inc. 5 6.95% $7,055
Equity Prime Mortgage LLC 5 7.20% $6,181
Mortgage Research Center, LLC 5 7.12% $4,472
Central National Bank 4 6.75% $5,358
BROKER SOLUTIONS, INC. 4 6.84% $7,692
Bell Bank 4 6.94% $8,545
American Mortgage & Equity Consultants, Inc. 4 6.19% $12,863
Plains Commerce Bank 4 6.75% $6,257
AMERISAVE MORTGAGE CORPORATION 3 6.29% $10,928
PENNYMAC LOAN SERVICES, LLC 3 6.29% $7,786
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.88% $9,033
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.04% $9,193
COMMUNITYAMERICA 3 6.79% $9,576
CROSSCOUNTRY MORTGAGE, LLC 3 6.41% $11,517
DAS Acquisition Company, LLC 3 7.13% $6,352
CARDINAL FINANCIAL 3 6.08% $12,232
ZILLOW HOME LOANS, LLC 3 6.54% $7,262
NBKC BANK 2 7.06% $5,500
AMERICAN FINANCIAL RESOURCES, INC. 2 6.94% $6,376
Arvest Bank 2 6.19% $9,896
Equity Bank 2 6.00% $7,374
First Bank 2 6.88% $6,144
JLB CORPORATION 2 6.88% $11,581
Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $14,070
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.00% $11,340
SUN WEST MORTGAGE COMPANY, INC. 2 7.38% $6,254
GUARANTEED RATE, INC. 1 6.75% $4,945
First State Bank of St. Charles, Missouri 1 7.38% $6,487
First National Bank of Omaha 1 6.63% $6,025
First Community Bank 1 7.00% $9,868
MOVEMENT MORTGAGE, LLC 1 6.50% $13,693
AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $11,025
CREDIT UNION OF AMERICA 1 6.75% $4,824
COMMUNITY MORTGAGE, LLC 1 7.13% $4,875
Academy Bank 1 6.88% $4,795
Citizens Bank 1 5.88% $6,308
CHURCHILL MORTGAGE CORPORATION 1 7.25% $10,630
OPEN MORTGAGE, LLC 1 7.13% $10,037
Paramount Residential Mortgage Group, Inc. 1 7.75% $7,416
BAY EQUITY LLC 1 7.25% $8,659
Bank of England 1 7.25% $6,558
US MORTGAGE CORPORATION 1 6.63% $5,987
Bank of America 1 6.88% $2,048
RCB Bank 1 6.75% $4,708
Sierra Pacific Mortgage Company, Inc. 1 7.25% $9,096
SUCCESS MORTGAGE PARTNERS, INC. 1 6.88% $6,899
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $5,249
AMCAP MORTGAGE, LTD. 1 7.12% $10,641
UNION HOME MORTGAGE CORP. 1 6.63% $6,559
AMERICAN FINANCING CORPORATION 1 7.75% $7,592
LAKEVIEW LOAN SERVICING, LLC 1 7.63% $5,415
Hawthorn Bank 1 7.49% $6,501
GUARANTY HOME MORTGAGE CORPORATION 1 6.75% $14,756

The top Topeka FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 62 FHA loans originated. Their average total fees are $7,768, which is $1,279 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Topeka FHA lenders (with over 10 loans originated) are NBH Bank ($5,317), Flagstar Bank, FSB ($6,013), Landmark National Bank ($6,038), FLAT BRANCH MORTGAGE, INC. ($6,443) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,489).

The lowest rate Topeka FHA lenders (with over 10 loans originated) are NBH Bank (6.34%), QUICKEN LOANS, LLC (6.50%), LOANDEPOT.COM, LLC (6.53%), UNITED WHOLESALE MORTGAGE, LLC (6.66%) and Flagstar Bank, FSB (6.69%).

Topeka FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
TOPEKA, KS JACKSON 2022 $420,680 $538,650 $651,050 $809,150
TOPEKA, KS JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
TOPEKA, KS OSAGE 2022 $420,680 $538,650 $651,050 $809,150
TOPEKA, KS SHAWNEE 2022 $420,680 $538,650 $651,050 $809,150
TOPEKA, KS WABAUNSEE 2022 $420,680 $538,650 $651,050 $809,150
TOPEKA, KS JACKSON 2023 $472,030 $604,400 $730,525 $907,900
TOPEKA, KS JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
TOPEKA, KS OSAGE 2023 $472,030 $604,400 $730,525 $907,900
TOPEKA, KS SHAWNEE 2023 $472,030 $604,400 $730,525 $907,900
TOPEKA, KS WABAUNSEE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Topeka (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 $106,225 (-1.2%) $152,272 (1.7%) 0.39 568
2018-02-01 $110,475 (0.5%) $157,554 (2.2%) 0.40 570
2018-03-01 $114,900 (-2.1%) $159,512 (-2.1%) 0.40 555
2018-04-01 $116,450 (-5.1%) $170,246 (-2.0%) 0.39 546
2018-05-01 $119,925 (1.2%) $176,938 (3.7%) 0.40 565
2018-06-01 $125,000 (-2.5%) $184,672 (7.2%) 0.42 619
2018-07-01 $130,500 (8.8%) $183,644 (9.0%) 0.44 654
2018-08-01 $127,450 (8.5%) $181,595 (9.6%) 0.43 644
2018-09-01 $120,950 (10.1%) $171,684 (7.1%) 0.41 662
2018-10-01 $119,999 (4.5%) $168,513 (4.5%) 0.41 644
2018-11-01 $117,500 (8.7%) $162,560 (4.3%) 0.40 623
2018-12-01 $119,900 (11.0%) $165,189 (7.7%) 0.41 568
2019-01-01 $118,450 (11.5%) $167,193 (9.8%) 0.41 553
2019-02-01 $119,947 (8.6%) $176,277 (11.9%) 0.41 511
2019-03-01 $126,297 (9.9%) $183,301 (14.9%) 0.41 502
2019-04-01 $139,800 (20.1%) $189,259 (11.2%) 0.44 492
2019-05-01 $152,450 (27.1%) $191,640 (8.3%) 0.48 491
2019-06-01 $149,000 (19.2%) $182,288 (-1.3%) 0.47 522
2019-07-01 $149,900 (14.9%) $183,775 (0.1%) 0.47 512
2019-08-01 $149,245 (17.1%) $188,018 (3.5%) 0.47 507
2019-09-01 $148,264 (22.6%) $189,204 (10.2%) 0.47 500
2019-10-01 $146,225 (21.9%) $188,536 (11.9%) 0.47 505
2019-11-01 $134,900 (14.8%) $181,857 (11.9%) 0.44 526
2019-12-01 $125,000 (4.3%) $169,395 (2.6%) 0.42 485
2020-01-01 $128,475 (8.5%) $166,431 (-0.5%) 0.43 418
2020-02-01 $137,000 (14.2%) $174,542 (-1.0%) 0.45 381
2020-03-01 $147,800 (17.0%) $185,416 (1.2%) 0.46 379
2020-04-01 $152,475 (9.1%) $193,064 (2.0%) 0.48 367
2020-05-01 $165,000 (8.2%) $206,687 (7.9%) 0.50 305
2020-06-01 $152,450 (2.3%) $200,250 (9.9%) 0.45 292
2020-07-01 $131,975 (-12.0%) $194,724 (6.0%) 0.38 282
2020-08-01 $140,000 (-6.2%) $198,626 (5.6%) 0.40 273
2020-09-01 $138,725 (-6.4%) $196,702 (4.0%) 0.40 273
2020-10-01 $134,950 (-7.7%) $199,862 (6.0%) 0.39 253
2020-11-01 $142,450 (5.6%) $196,981 (8.3%) 0.42 257
2020-12-01 $142,450 (14.0%) $191,045 (12.8%) 0.42 233
2021-01-01 $146,200 (13.8%) $199,663 (20.0%) 0.44 191
2021-02-01 $147,500 (7.7%) $205,495 (17.7%) 0.43 152
2021-03-01 $154,850 (4.8%) $204,214 (10.1%) 0.44 159
2021-04-01 $157,725 (3.4%) $226,037 (17.1%) 0.43 158
2021-05-01 $160,000 (-3.0%) $224,490 (8.6%) 0.43 177
2021-06-01 $152,500 (0.0%) $219,628 (9.7%) 0.40 216
2021-07-01 $172,273 (30.5%) $231,245 (18.8%) 0.45 255
2021-08-01 $164,500 (17.5%) $221,169 (11.4%) 0.44 247
2021-09-01 $171,250 (23.5%) $227,269 (15.5%) 0.46 253
2021-10-01 $168,750 (25.1%) $215,427 (7.8%) 0.45 253
2021-11-01 $165,532 (16.2%) $206,148 (4.7%) 0.44 226
2021-12-01 $160,894 (13.0%) $218,073 (14.2%) 0.44 185
2022-01-01 $154,950 (6.0%) $230,781 (15.6%) 0.42 124
2022-02-01 $179,250 (21.5%) $249,527 (21.4%) 0.47 117
2022-03-01 $179,950 (16.2%) $251,413 (23.1%) 0.45 128
2022-04-01 $182,450 (15.7%) $255,260 (12.9%) 0.43 151
2022-05-01 $213,200 (33.3%) $273,493 (21.8%) 0.49 174
2022-06-01 $219,975 (44.3%) $273,298 (24.4%) 0.49 202
2022-07-01 $210,000 (21.9%) $268,019 (15.9%) 0.47 220
2022-08-01 $229,750 (39.7%) $341,969 (54.6%) 0.53 210
2022-09-01 $229,900 (34.3%) $317,040 (39.5%) 0.54 225
2022-10-01 $229,000 (35.7%) $306,636 (42.3%) 0.54 273
2022-11-01 $232,450 (40.4%) $369,855 (79.4%) 0.56 326
2022-12-01 $227,450 (41.4%) $382,683 (75.5%) 0.56 283
2023-01-01 $241,738 (56.0%) $404,744 (75.4%) 0.60 232
2023-02-01 $244,500 (36.4%) $373,530 (49.7%) 0.59 215
2023-03-01 $250,125 (39.0%) $372,045 (48.0%) 0.59 183
2023-04-01 $238,700 (30.8%) $347,250 (36.0%) 0.56 203
2023-05-01 $267,463 (25.5%) $359,135 (31.3%) 0.61 204
2023-06-01 $292,000 (32.7%) $369,275 (35.1%) 0.66 225
2023-07-01 $279,900 (33.3%) $363,350 (35.6%) 0.64 258
2023-08-01 $268,000 (16.7%) $334,163 (-2.3%) 0.62 269
2023-09-01 $249,950 (8.7%) $327,696 (3.4%) 0.58 309
2023-10-01 $233,075 (1.8%) $306,185 (-0.2%) 0.55 362
2023-11-01 $229,800 (-1.1%) $290,203 (-21.5%) 0.55 354
2023-12-01 $226,950 (-0.2%) $295,014 (-22.9%) 0.55 304
2024-01-01 $234,925 (-2.8%) $298,522 (-26.2%) 0.57 235
2024-02-01 $236,175 (-3.4%) $298,598 (-20.1%) 0.57 236
2024-03-01 $249,900 (-0.1%) $320,183 (-13.9%) 0.59 213
2024-04-01 $255,000 (6.8%) $316,568 (-8.8%) 0.59 242
2024-05-01 $279,000 (4.3%) $803,612 (123.8%) 0.63 253
2024-06-01 $264,900 (-9.3%) $316,119 (-14.4%) 0.60 274
2024-07-01 $249,900 (-10.7%) $304,563 (-16.2%) 0.57 283
2024-08-01 $249,900 (-6.8%) $307,415 (-8.0%) 0.58 317
2024-09-01 $245,550 (-1.8%) $306,473 (-6.5%) 0.58 319
2024-10-01 $249,125 (6.9%) $292,936 (-4.3%) 0.59 352
Topeka's median listing price for 2024-10-01 was $249,125, a difference of $16,050 (6.9%) versus the prior year and $3,575 versus the prior month.

Topeka's median listing price comes in at 59% of the national average.

Topeka's average listing price for 2024-10-01 was $292,936, a difference of $-13,249 (-4.3%) versus the prior year and $-13,537 versus the prior month.

For the 2024-10-01 period, Topeka had 352 MLS listings, a difference of 33 listings (10%) versus the prior month and -10 listings (-3%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Topeka (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 70 days 1,591 sqft
2018-02-01 58 days 1,616 sqft
2018-03-01 44 days 1,632 sqft
2018-04-01 40 days 1,667 sqft
2018-05-01 37 days 1,671 sqft
2018-06-01 35 days 1,700 sqft
2018-07-01 37 days 1,735 sqft
2018-08-01 42 days 1,671 sqft
2018-09-01 44 days 1,600 sqft
2018-10-01 45 days 1,600 sqft
2018-11-01 55 days 1,585 sqft
2018-12-01 61 days 1,585 sqft
2019-01-01 64 days 1,585 sqft
2019-02-01 63 days 1,608 sqft
2019-03-01 52 days 1,655 sqft
2019-04-01 35 days 1,694 sqft
2019-05-01 37 days 1,765 sqft
2019-06-01 36 days 1,786 sqft
2019-07-01 38 days 1,772 sqft
2019-08-01 42 days 1,768 sqft
2019-09-01 40 days 1,769 sqft
2019-10-01 40 days 1,756 sqft
2019-11-01 45 days 1,700 sqft
2019-12-01 53 days 1,665 sqft
2020-01-01 59 days 1,643 sqft
2020-02-01 52 days 1,660 sqft
2020-03-01 36 days 1,679 sqft
2020-04-01 39 days 1,788 sqft
2020-05-01 32 days 1,799 sqft
2020-06-01 24 days 1,729 sqft
2020-07-01 24 days 1,627 sqft
2020-08-01 29 days 1,629 sqft
2020-09-01 25 days 1,591 sqft
2020-10-01 28 days 1,637 sqft
2020-11-01 28 days 1,634 sqft
2020-12-01 30 days 1,576 sqft
2021-01-01 37 days 1,632 sqft
2021-02-01 29 days 1,639 sqft
2021-03-01 16 days 1,600 sqft
2021-04-01 13 days 1,560 sqft
2021-05-01 12 days 1,643 sqft
2021-06-01 14 days 1,658 sqft
2021-07-01 18 days 1,719 sqft
2021-08-01 22 days 1,674 sqft
2021-09-01 22 days 1,686 sqft
2021-10-01 27 days 1,676 sqft
2021-11-01 32 days 1,676 sqft
2021-12-01 38 days 1,645 sqft
2022-01-01 31 days 1,625 sqft
2022-02-01 22 days 1,681 sqft
2022-03-01 12 days 1,733 sqft
2022-04-01 24 days 1,693 sqft
2022-05-01 26 days 1,753 sqft
2022-06-01 20 days 1,775 sqft
2022-07-01 27 days 1,768 sqft
2022-08-01 31 days 1,836 sqft
2022-09-01 28 days 1,846 sqft
2022-10-01 32 days 1,820 sqft
2022-11-01 36 days 1,751 sqft
2022-12-01 43 days 1,716 sqft
2023-01-01 59 days 1,723 sqft
2023-02-01 61 days 1,698 sqft
2023-03-01 47 days 1,774 sqft
2023-04-01 33 days 1,680 sqft
2023-05-01 29 days 2,008 sqft
2023-06-01 25 days 2,137 sqft
2023-07-01 28 days 2,107 sqft
2023-08-01 31 days 1,897 sqft
2023-09-01 30 days 1,902 sqft
2023-10-01 36 days 1,782 sqft
2023-11-01 39 days 1,752 sqft
2023-12-01 47 days 1,772 sqft
2024-01-01 57 days 1,768 sqft
2024-02-01 50 days 1,810 sqft
2024-03-01 38 days 1,835 sqft
2024-04-01 32 days 1,828 sqft
2024-05-01 30 days 1,908 sqft
2024-06-01 26 days 1,885 sqft
2024-07-01 36 days 1,820 sqft
2024-08-01 37 days 1,892 sqft
2024-09-01 38 days 1,877 sqft
2024-10-01 37 days 1,837 sqft
Topeka's median listing age (time on market) for 2024-10-01 was 37 days. This is 3% longer than the same period one year ago.

Topeka's median square footage for active listings during the 2024-10-01 period was 1,837 sqft. One year prior, the average listing was 1,782 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).