West Plains FHA Loan Rates, Closing Costs & Stats

West Plains, MO

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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.

    West Plains's 26 lenders originated 69 FHA loans during 2023. The total origination value was $12,325,000, with an average FHA loan value of $178,623.

    West Plains FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in West Plains averaged 7.07% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    West Plains's average FHA mortgage closing costs are $6,074.

    The average rate for the prior week (2024-04-05) was 6.9% and one month ago for the week of 2024-03-08, the average rate was 6.64%.

    The average rate one year ago was 6.57%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.54%.

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

    West Plains 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 West Plains level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DAS Acquisition Company, LLC 19 6.93% $8,047
    QUICKEN LOANS, LLC 9 6.20% $8,819
    Arvest Bank 2 5.94% $6,224
    GERSHMAN INVESTMENT CORP. 2 7.00% $6,672
    FIRST INTEGRITY MORTGAGE SERVICES, INC. 2 7.63% $10,193
    AMERICAN FINANCING CORPORATION 2 6.44% $11,269
    FREEDOM MORTGAGE CORPORATION 1 6.25% $8,726
    Great Southern Bank 1 5.75% $8,207
    GUILD MORTGAGE COMPANY 1 6.63% $14,584
    JLB CORPORATION 1 6.25% $6,938
    LOANDEPOT.COM, LLC 1 6.13% $7,567
    LOANPAL, LLC 1 6.25% $14,167
    Mortgage Research Center, LLC 1 7.75% $6,545
    M&T Bank 1 6.50% $9,417
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.13% $6,589
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $8,673
    Plains Commerce Bank 1 6.13% $11,073
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $5,683
    Simmons Bank 1 6.13% $5,521
    TJC Mortgage, Inc. 1 6.63% $6,656
    VILLAGE CAPITAL MORTGAGE 1 7.25% $3,032
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $8,718
    Colonial Savings, F.A. 1 7.13% $11,058
    ENVOY MORTGAGE, LTD 1 6.75% $10,136
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $5,438
    FLAT BRANCH MORTGAGE, INC. 1 7.38% $7,957

    The top West Plains FHA lender as defined by loan originations is DAS Acquisition Company, LLC, with 19 FHA loans originated. Their average total fees are $8,047, which is $772 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee West Plains FHA lenders (with over 10 loans originated) are DAS Acquisition Company, LLC ($8,047), .

    The lowest rate West Plains FHA lenders (with over 10 loans originated) are DAS Acquisition Company, LLC (6.93%), .

    West Plains FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - West Plains (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 $132,900 (5.7%) $205,692 (16.7%) 0.00 298
    2018-02-01 $139,450 (9.2%) $197,712 (10.2%) 0.00 297
    2018-03-01 $141,450 (8.9%) $201,936 (12.0%) 0.00 287
    2018-04-01 $146,225 (12.6%) $198,508 (5.8%) 0.00 287
    2018-05-01 $144,475 (4.7%) $195,592 (1.7%) 0.00 278
    2018-06-01 $139,950 (0.0%) $196,376 (2.2%) 0.00 279
    2018-07-01 $145,000 (4.3%) $202,700 (6.8%) 0.00 279
    2018-08-01 $144,700 (3.4%) $195,164 (0.9%) 0.00 278
    2018-09-01 $145,000 (3.7%) $196,519 (-1.1%) 0.00 286
    2018-10-01 $146,875 (6.8%) $197,698 (1.6%) 0.00 277
    2018-11-01 $143,950 (2.1%) $198,122 (-0.4%) 0.00 273
    2018-12-01 $139,900 (0.3%) $195,675 (-3.7%) 0.00 252
    2019-01-01 $141,600 (6.6%) $194,478 (-5.5%) 0.00 239
    2019-02-01 $143,825 (3.1%) $194,912 (-1.4%) 0.00 243
    2019-03-01 $150,432 (6.4%) $210,159 (4.1%) 0.00 238
    2019-04-01 $158,788 (8.6%) $225,352 (13.5%) 0.00 232
    2019-05-01 $161,200 (11.6%) $229,898 (17.5%) 0.00 242
    2019-06-01 $159,900 (14.3%) $230,844 (17.6%) 0.00 255
    2019-07-01 $158,950 (9.6%) $229,644 (13.3%) 0.00 258
    2019-08-01 $159,050 (9.9%) $228,726 (17.2%) 0.00 255
    2019-09-01 $159,275 (9.8%) $229,147 (16.6%) 0.00 255
    2019-10-01 $159,675 (8.7%) $231,106 (16.9%) 0.00 250
    2019-11-01 $159,900 (11.1%) $220,333 (11.2%) 0.00 242
    2019-12-01 $159,900 (14.3%) $220,751 (12.8%) 0.00 230
    2020-01-01 $159,900 (12.9%) $221,813 (14.1%) 0.00 223
    2020-02-01 $164,900 (14.7%) $225,210 (15.5%) 0.00 217
    2020-03-01 $169,900 (12.9%) $235,693 (12.2%) 0.00 227
    2020-04-01 $174,900 (10.2%) $234,467 (4.0%) 0.00 223
    2020-05-01 $175,900 (9.1%) $238,872 (3.9%) 0.00 214
    2020-06-01 $168,650 (5.5%) $236,161 (2.3%) 0.00 209
    2020-07-01 $175,000 (10.1%) $240,987 (4.9%) 0.00 190
    2020-08-01 $194,900 (22.5%) $248,812 (8.8%) 0.00 173
    2020-09-01 $199,900 (25.5%) $262,597 (14.6%) 0.00 141
    2020-10-01 $184,900 (15.8%) $254,990 (10.3%) 0.00 136
    2020-11-01 $166,950 (4.4%) $254,142 (15.3%) 0.00 144
    2020-12-01 $168,900 (5.6%) $283,789 (28.6%) 0.00 132
    2021-01-01 $169,900 (6.3%) $272,371 (22.8%) 0.00 119
    2021-02-01 $159,900 (-3.0%) $257,735 (14.4%) 0.00 101
    2021-03-01 $165,950 (-2.3%) $261,253 (10.8%) 0.00 95
    2021-04-01 $187,475 (7.2%) $320,633 (36.8%) 0.00 83
    2021-05-01 $193,750 (10.2%) $324,535 (35.9%) 0.00 92
    2021-06-01 $184,750 (9.6%) $375,674 (59.1%) 0.00 96
    2021-07-01 $247,500 (41.4%) $379,889 (57.6%) 0.00 109
    2021-08-01 $259,900 (33.4%) $390,021 (56.8%) 0.00 114
    2021-09-01 $220,950 (10.5%) $362,506 (38.1%) 0.00 134
    2021-10-01 $244,900 (32.5%) $392,355 (53.9%) 0.00 105
    2021-11-01 $249,950 (49.7%) $406,400 (59.9%) 0.00 105
    2021-12-01 $279,900 (65.7%) $439,180 (54.8%) 0.00 96
    2022-01-01 $225,000 (32.4%) $414,415 (52.2%) 0.00 86
    2022-02-01 $208,675 (30.5%) $411,738 (59.8%) 0.00 85
    2022-03-01 $200,000 (20.5%) $420,086 (60.8%) 0.00 80
    2022-04-01 $225,000 (20.0%) $414,750 (29.4%) 0.00 87
    2022-05-01 $266,725 (37.7%) $432,415 (33.2%) 0.00 91
    2022-06-01 $274,763 (48.7%) $384,942 (2.5%) 0.00 93
    2022-07-01 $319,200 (29.0%) $387,225 (1.9%) 0.00 116
    2022-08-01 $308,200 (18.6%) $379,271 (-2.8%) 0.00 133
    2022-09-01 $286,225 (29.5%) $384,757 (6.1%) 0.00 135
    2022-10-01 $275,000 (12.3%) $355,810 (-9.3%) 0.00 160
    2022-11-01 $262,400 (5.0%) $347,529 (-14.5%) 0.00 167
    2022-12-01 $249,900 (-10.7%) $339,978 (-22.6%) 0.00 164
    2023-01-01 $251,175 (11.6%) $355,710 (-14.2%) 0.00 148
    2023-02-01 $259,950 (24.6%) $372,130 (-9.6%) 0.00 136
    2023-03-01 $275,000 (37.5%) $390,248 (-7.1%) 0.00 127
    2023-04-01 $279,900 (24.4%) $417,988 (0.8%) 0.00 123
    2023-05-01 $277,450 (4.0%) $398,429 (-7.9%) 0.00 125
    2023-06-01 $267,450 (-2.7%) $374,488 (-2.7%) 0.00 132
    2023-07-01 $269,900 (-15.4%) $385,714 (-0.4%) 0.00 124
    2023-08-01 $252,175 (-18.2%) $380,083 (0.2%) 0.00 130
    2023-09-01 $249,900 (-12.7%) $355,060 (-7.7%) 0.00 135
    2023-10-01 $246,725 (-10.3%) $349,749 (-1.7%) 0.00 143
    2023-11-01 $249,925 (-4.8%) $362,677 (4.4%) 0.00 143
    2023-12-01 $245,000 (-2.0%) $355,220 (4.5%) 0.00 148
    2024-01-01 $239,800 (-4.5%) $363,894 (2.3%) 0.00 134
    2024-02-01 $249,900 (-3.9%) $393,468 (5.7%) 0.00 141
    2024-03-01 $249,900 (-9.1%) $372,795 (-4.5%) 0.00 160
    West Plains's median listing price for 2024-03-01 was $249,900, a difference of $-25,100 (-9.1%) versus the prior year and $0 versus the prior month.

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

    West Plains's average listing price for 2024-03-01 was $372,795, a difference of $-17,453 (-4.5%) versus the prior year and $-20,673 versus the prior month.

    For the 2024-03-01 period, West Plains had 160 MLS listings, a difference of 19 listings (13%) versus the prior month and 33 listings (26%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - West Plains (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,000 sqft
    2018-02-01 0 days 2,009 sqft
    2018-03-01 0 days 2,097 sqft
    2018-04-01 0 days 2,109 sqft
    2018-05-01 0 days 2,110 sqft
    2018-06-01 0 days 2,192 sqft
    2018-07-01 0 days 2,192 sqft
    2018-08-01 0 days 2,029 sqft
    2018-09-01 0 days 1,991 sqft
    2018-10-01 0 days 1,978 sqft
    2018-11-01 0 days 1,874 sqft
    2018-12-01 0 days 1,779 sqft
    2019-01-01 0 days 1,782 sqft
    2019-02-01 0 days 1,791 sqft
    2019-03-01 0 days 1,816 sqft
    2019-04-01 0 days 1,848 sqft
    2019-05-01 0 days 1,991 sqft
    2019-06-01 0 days 1,989 sqft
    2019-07-01 0 days 1,889 sqft
    2019-08-01 0 days 1,914 sqft
    2019-09-01 0 days 1,976 sqft
    2019-10-01 0 days 2,058 sqft
    2019-11-01 0 days 2,080 sqft
    2019-12-01 0 days 2,024 sqft
    2020-01-01 0 days 2,000 sqft
    2020-02-01 0 days 2,000 sqft
    2020-03-01 0 days 2,070 sqft
    2020-04-01 0 days 2,042 sqft
    2020-05-01 0 days 2,008 sqft
    2020-06-01 0 days 1,992 sqft
    2020-07-01 0 days 1,986 sqft
    2020-08-01 0 days 2,084 sqft
    2020-09-01 0 days 2,157 sqft
    2020-10-01 0 days 2,025 sqft
    2020-11-01 0 days 1,878 sqft
    2020-12-01 0 days 1,905 sqft
    2021-01-01 0 days 1,909 sqft
    2021-02-01 0 days 1,876 sqft
    2021-03-01 0 days 1,713 sqft
    2021-04-01 0 days 1,873 sqft
    2021-05-01 0 days 2,000 sqft
    2021-06-01 0 days 1,993 sqft
    2021-07-01 0 days 2,012 sqft
    2021-08-01 0 days 2,218 sqft
    2021-09-01 0 days 1,964 sqft
    2021-10-01 0 days 2,000 sqft
    2021-11-01 0 days 2,006 sqft
    2021-12-01 0 days 1,800 sqft
    2022-01-01 0 days 1,715 sqft
    2022-02-01 0 days 1,843 sqft
    2022-03-01 0 days 1,881 sqft
    2022-04-01 0 days 1,932 sqft
    2022-05-01 0 days 2,240 sqft
    2022-06-01 0 days 1,987 sqft
    2022-07-01 0 days 2,030 sqft
    2022-08-01 0 days 1,983 sqft
    2022-09-01 0 days 2,013 sqft
    2022-10-01 0 days 2,016 sqft
    2022-11-01 0 days 1,992 sqft
    2022-12-01 0 days 1,902 sqft
    2023-01-01 0 days 1,896 sqft
    2023-02-01 0 days 1,900 sqft
    2023-03-01 0 days 1,983 sqft
    2023-04-01 0 days 2,068 sqft
    2023-05-01 0 days 1,999 sqft
    2023-06-01 0 days 1,945 sqft
    2023-07-01 0 days 2,053 sqft
    2023-08-01 0 days 2,046 sqft
    2023-09-01 0 days 1,953 sqft
    2023-10-01 0 days 1,904 sqft
    2023-11-01 0 days 1,924 sqft
    2023-12-01 0 days 1,895 sqft
    2024-01-01 0 days 1,909 sqft
    2024-02-01 0 days 1,940 sqft
    2024-03-01 0 days 1,972 sqft
    West Plains's median listing age (time on market) for 2024-03-01 was 0 days.

    West Plains's median square footage for active listings during the 2024-03-01 period was 1,972 sqft. One year prior, the average listing was 1,983 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).