Wichita FHA Loan Rates, Closing Costs & Stats

WICHITA, 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.

    Wichita's 110 lenders originated 1,577 FHA loans during 2023. The total origination value was $306,535,000, with an average FHA loan value of $194,379.

    Wichita FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Wichita averaged 6.3% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Wichita's average FHA mortgage closing costs are $5,998.

    The average rate for the prior week (2024-11-01) was 6.57% and one month ago for the week of 2024-10-04, the average rate was 5.69%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.17%.

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

    Wichita 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 Wichita level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 171 6.27% $9,206
    FLAT BRANCH MORTGAGE, INC. 111 6.75% $8,281
    LOANDEPOT.COM, LLC 92 6.71% $7,875
    Sierra Pacific Mortgage Company, Inc. 87 6.68% $8,715
    Fidelity Bank 73 6.62% $6,095
    OPEN MORTGAGE, LLC 56 6.89% $7,752
    Neighborhood Loans, Inc. 50 6.87% $9,589
    ACADEMY MORTGAGE CORPORATION 47 7.07% $8,173
    Flagstar Bank, FSB 43 6.26% $7,449
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 42 6.59% $9,010
    Regent Financial Group, Inc. 37 6.77% $8,192
    PLANET HOME LENDING, LLC 37 6.86% $8,256
    US MORTGAGE CORPORATION 33 6.68% $9,947
    Gateway First Bank 31 6.93% $6,025
    PENNYMAC LOAN SERVICES, LLC 31 6.51% $9,534
    UNITED WHOLESALE MORTGAGE, LLC 29 6.67% $9,323
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 28 6.76% $7,231
    LEADERONE FINANCIAL CORPORATION 27 6.68% $11,223
    Plains Commerce Bank 27 6.80% $10,077
    PRIMELENDING, A PLAINSCAPITAL COMPANY 25 6.87% $9,157
    NEWREZ LLC 24 6.60% $8,072
    FREEDOM MORTGAGE CORPORATION 21 6.85% $9,558
    PENTAGON FEDERAL CREDIT UNION 20 5.96% $8,003
    PRIMARY RESIDENTIAL MORTGAGE, INC. 20 7.36% $9,241
    Equity Prime Mortgage LLC 20 7.31% $7,879
    Mr. Cooper ( Nationstar Mortgage ) 19 6.27% $11,182
    THRIVE MORTGAGE, LLC 17 6.64% $8,720
    Members Mortgage Services, L.L.C. 16 6.85% $6,412
    Sunflower Bank 15 6.04% $7,207
    CREDIT UNION OF AMERICA 15 6.44% $6,941
    AMERISAVE MORTGAGE CORPORATION 15 6.17% $11,266
    SUN WEST MORTGAGE COMPANY, INC. 14 6.88% $8,351
    BROKER SOLUTIONS, INC. 14 6.62% $9,287
    MID AMERICA MORTGAGE, INC. 12 6.70% $4,967
    BOKF 10 6.36% $11,625
    Mortgage Research Center, LLC 8 6.67% $5,520
    CROSSCOUNTRY MORTGAGE, LLC 7 6.85% $12,879
    Carrington Mortgage Services, LLC 7 6.07% $11,416
    The Central Trust Bank 7 6.29% $8,228
    AMERICAN FINANCIAL NETWORK, INC. 7 7.36% $7,749
    DAS Acquisition Company, LLC 6 7.02% $10,480
    HOMESIDE FINANCIAL, LLC 6 6.65% $8,107
    Commerce Bank 6 7.06% $6,408
    NBH Bank 6 6.15% $4,466
    Mortgage Investment Services Corporation 5 6.70% $5,395
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.35% $14,232
    Paramount Residential Mortgage Group, Inc. 5 7.08% $12,343
    CARDINAL FINANCIAL 5 6.55% $8,799
    Wells Fargo Bank 4 6.94% $7,281
    LAKEVIEW LOAN SERVICING, LLC 4 5.88% $11,562
    Equity Bank 4 7.25% $7,624
    PLAZA HOME MORTGAGE, INC. 3 6.08% $8,093
    AmeriHome Mortgage Company, LLC 3 6.41% $9,803
    Bank of America 3 5.79% $8,589
    CORNERSTONE HOME LENDING, INC. 3 7.29% $8,880
    BMO Harris Bank 3 6.88% $8,537
    AMERICAN FINANCING CORPORATION 3 6.08% $9,421
    Intrust Bank 3 6.46% $5,920
    ZILLOW HOME LOANS, LLC 2 5.75% $8,364
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.69% $6,021
    Bank of England 2 6.75% $6,255
    Barrington Bank & Trust Company, N.A. 2 7.00% $11,985
    Century Mortgage Company DBA Century Lending Company 2 6.50% $8,295
    EVERETT FINANCIAL, INC. 2 7.31% $9,899
    Financial Funding Solutions, Inc. 2 7.38% $4,090
    Midwest Mortgage Associates Corporation 2 6.88% $3,814
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.50% $11,151
    M&T Bank 2 6.94% $5,291
    NBKC BANK 2 6.44% $5,504
    Simmons Bank 2 6.75% $7,537
    VILLAGE CAPITAL MORTGAGE 2 6.00% $9,984
    North American Savings Bank, F.S.B. 1 6.13% $5,344
    Oakstar Bank 1 7.13% $6,153
    OCEANSIDE MORTGAGE COMPANY 1 7.50% $7,204
    OCMBC, INC. 1 5.88% $8,160
    Old National Bank 1 5.13% $7,188
    LIBERTY HOME MORTGAGE CORPORATION 1 6.88% $19,717
    LENOX FINANCIAL MORTGAGE CORPORATION 1 6.63% $5,315
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 7.13% $11,992
    Goldwater Bank, N.A. 1 7.75% $9,696
    First United Bank and Trust Company 1 6.50% $7,258
    First Savings Bank 1 5.75% $9,372
    First Palmetto Bank 1 6.13% $9,359
    PNC Bank 1 7.00% $7,236
    PREMIA MORTGAGE, LLC 1 5.88% $4,896
    First National Bank Texas 1 5.63% $10,517
    FIRST COMMUNITY MORTGAGE, INC. 1 6.38% $5,707
    ENVOY MORTGAGE, LTD 1 6.25% $7,434
    RED DIAMOND HOME LOANS, LLC 1 7.13% $7,612
    EMBRACE HOME LOANS, INC. 1 6.99% $7,814
    Regions Bank 1 6.25% $7,955
    ROYAL UNITED MORTGAGE LLC 1 6.75% $8,602
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $13,451
    COMMUNITY MORTGAGE, LLC 1 7.75% $6,315
    AMCAP MORTGAGE, LTD. 1 7.25% $8,714
    Chickasaw Community Bank 1 7.13% $9,316
    Central National Bank 1 7.00% $3,617
    CANOPY MORTGAGE, LLC 1 6.25% $12,838
    The Federal Savings Bank 1 7.75% $10,277
    The Loan Store, Inc. 1 6.88% $20,059
    Arvest Bank 1 6.00% $10,789
    UMB Bank 1 7.13% $6,206
    UNION HOME MORTGAGE CORP. 1 6.63% $6,374
    American Mortgage & Equity Consultants, Inc. 1 6.63% $6,195
    U.S. Bank 1 7.00% $5,786
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $4,905
    VAN DYK MORTGAGE CORPORATION 1 6.88% $14,139
    Academy Bank 1 5.75% $8,112
    MLD MORTGAGE INC. 1 7.25% $7,303
    LOANPAL, LLC 1 5.25% $13,296

    The top Wichita FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 171 FHA loans originated. Their average total fees are $9,206, which is $925 higher than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Wichita FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,967), Gateway First Bank ($6,025), Fidelity Bank ($6,095), Members Mortgage Services, L.L.C. ($6,412) and CREDIT UNION OF AMERICA ($6,941).

    The lowest rate Wichita FHA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (5.96%), Sunflower Bank (6.04%), AMERISAVE MORTGAGE CORPORATION (6.17%), Flagstar Bank, FSB (6.26%) and Mr. Cooper ( Nationstar Mortgage ) (6.27%).

    Wichita FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WICHITA, KS BUTLER 2022 $420,680 $538,650 $651,050 $809,150
    WICHITA, KS HARVEY 2022 $420,680 $538,650 $651,050 $809,150
    WICHITA, KS SEDGWICK 2022 $420,680 $538,650 $651,050 $809,150
    WICHITA, KS SUMNER 2022 $420,680 $538,650 $651,050 $809,150
    WICHITA, KS BUTLER 2023 $472,030 $604,400 $730,525 $907,900
    WICHITA, KS HARVEY 2023 $472,030 $604,400 $730,525 $907,900
    WICHITA, KS SEDGWICK 2023 $472,030 $604,400 $730,525 $907,900
    WICHITA, KS SUMNER 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).