Topeka FHA Loan Rates, Closing Costs & Stats

TOPEKA, 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.

    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 6.79% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.78% and one month ago for the week of 2024-03-15, the average rate was 6.45%.

    The average rate one year ago was 6.28%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.72%.

    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
    Topeka's median listing price for 2024-03-01 was $249,900, a difference of $-225 (-0.1%) versus the prior year and $13,725 versus the prior month.

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

    Topeka's average listing price for 2024-03-01 was $320,183, a difference of $-51,862 (-13.9%) versus the prior year and $21,585 versus the prior month.

    For the 2024-03-01 period, Topeka had 213 MLS listings, a difference of -23 listings (-10%) versus the prior month and 30 listings (16%) 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
    Topeka's median listing age (time on market) for 2024-03-01 was 38 days. This is -18% shorter than the same period one year ago.

    Topeka's median square footage for active listings during the 2024-03-01 period was 1,835 sqft. One year prior, the average listing was 1,774 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).