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 104 lenders originated 1,710 FHA loans during 2022. The total origination value was $300,770,000, with an average FHA loan value of $175,889.

    Wichita FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Wichita averaged 6.77% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

    Wichita's average FHA mortgage closing costs are $5,641.

    The average rate for the prior week (2023-09-15) was 6.62% and one month ago for the week of 2023-08-18, the average rate was 6.83%.

    The average rate one year ago was 5.42%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.76%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 157 5.13% $6,831
    QUICKEN LOANS, LLC 134 4.69% $7,947
    Sierra Pacific Mortgage Company, Inc. 80 5.18% $8,875
    OPEN MORTGAGE, LLC 79 5.11% $7,730
    Fidelity Bank 79 5.06% $6,169
    LOANDEPOT.COM, LLC 73 5.17% $7,484
    DELMAR FINANCIAL COMPANY 67 5.02% $7,704
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 58 5.03% $7,409
    Gateway First Bank 57 5.25% $6,465
    UNITED WHOLESALE MORTGAGE, LLC 48 4.96% $7,047
    Regent Financial Group, Inc. 44 5.10% $7,307
    LEADERONE FINANCIAL CORPORATION 41 4.77% $7,557
    FREEDOM MORTGAGE CORPORATION 34 5.01% $6,893
    Flagstar Bank, FSB 34 4.92% $6,015
    HOME POINT FINANCIAL CORPORATION 32 4.34% $7,443
    Members Mortgage Services, L.L.C. 31 4.71% $4,515
    PRIMARY RESIDENTIAL MORTGAGE, INC. 27 5.88% $8,213
    PENNYMAC LOAN SERVICES, LLC 26 4.35% $6,937
    Plains Commerce Bank 22 5.35% $8,433
    THRIVE MORTGAGE, LLC 20 5.09% $7,374
    PRIMELENDING, A PLAINSCAPITAL COMPANY 18 5.54% $8,189
    DAS Acquisition Company, LLC 18 5.13% $7,880
    Equity Prime Mortgage LLC 18 5.03% $7,580
    Mr. Cooper ( Nationstar Mortgage ) 18 4.81% $8,431
    LAKEVIEW LOAN SERVICING, LLC 17 4.07% $6,414
    PLANET HOME LENDING, LLC 16 5.54% $8,192
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 15 5.02% $9,408
    US MORTGAGE CORPORATION 15 5.23% $7,837
    AMERISAVE MORTGAGE CORPORATION 15 4.53% $8,660
    FBC MORTGAGE, LLC 14 5.82% $7,526
    Sunflower Bank 14 4.66% $6,740
    Mortgage Investment Services Corporation 13 5.00% $4,484
    BROKER SOLUTIONS, INC. 12 4.93% $8,980
    Nations Lending Corporation 12 4.96% $8,808
    CALIBER HOME LOANS, INC. 11 5.57% $8,573
    AMERICAN FINANCING CORPORATION 11 4.95% $8,848
    United Fidelity Funding Corp. 11 5.05% $9,277
    BOKF 11 5.25% $7,830
    GUILD MORTGAGE COMPANY 8 4.77% $8,191
    The Central Trust Bank 8 4.91% $8,368
    NBH Bank 7 5.45% $5,634
    MID AMERICA MORTGAGE, INC. 7 5.71% $4,752
    CARDINAL FINANCIAL 7 4.82% $9,112
    NEWREZ LLC 7 4.52% $6,463
    EVERETT FINANCIAL, INC. 6 4.58% $5,293
    Bank of America 6 4.02% $6,046
    ZILLOW HOME LOANS, LLC 5 5.20% $7,469
    INLAND BANK & TRUST 5 5.15% $7,320
    PENTAGON FEDERAL CREDIT UNION 5 5.50% $5,190
    SUN WEST MORTGAGE COMPANY, INC. 5 3.74% $7,006
    CREDIT UNION OF AMERICA 4 5.22% $4,442
    Commerce Bank 4 5.06% $5,229
    CMG MORTGAGE, INC. 4 4.75% $8,416
    Carrington Mortgage Services, LLC 4 5.00% $10,553
    Bank of the West 4 5.28% $6,539
    U.S. Bank 4 5.22% $9,137
    MOVEMENT MORTGAGE, LLC 4 4.72% $5,913
    Intrust Bank 4 4.38% $4,514
    CROSSCOUNTRY MORTGAGE, LLC 4 6.13% $9,394
    PLAZA HOME MORTGAGE, INC. 4 4.91% $5,630
    T2 FINANCIAL LLC 3 4.88% $9,851
    Neighborhood Loans, Inc. 3 7.12% $9,305
    Wells Fargo Bank 3 4.79% $4,532
    M&T Bank 3 5.00% $7,417
    MUTUAL OF OMAHA MORTGAGE, INC. 3 5.25% $10,084
    NBKC BANK 3 5.25% $7,109
    OCEANSIDE MORTGAGE COMPANY 3 4.83% $5,141
    Bank of England 2 5.19% $9,349
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 4.44% $10,257
    RCB Bank 2 5.13% $6,164
    RELIANCE FIRST CAPITAL, LLC 2 6.25% $13,729
    ROYAL UNITED MORTGAGE LLC 2 6.25% $8,946
    Mortgage Research Center, LLC 2 5.56% $3,115
    Chickasaw Community Bank 2 6.38% $6,252
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.31% $10,687
    Paramount Residential Mortgage Group, Inc. 2 6.25% $12,587
    BNC National Bank 2 4.13% $6,965
    JPMorgan Chase Bank 2 4.62% $4,442
    Financial Funding Solutions, Inc. 2 6.44% $7,260
    UNITED MORTGAGE CORP 1 3.75% $9,143
    LOANPAL, LLC 1 4.63% $11,163
    HOMESIDE FINANCIAL, LLC 1 3.50% $7,990
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $22,552
    First State Bank of St. Charles, Missouri 1 4.13% $7,388
    First National Bank of Omaha 1 5.63% $6,835
    NATIONWIDE MORTGAGE BANKERS, INC. 1 4.25% $5,283
    First Home Bank 1 5.63% $9,063
    NETWORK CAPITAL FUNDING CORPORATION 1 6.63% $6,359
    First Guaranty Mortgage Corporation 1 4.25% $7,958
    NFM, INC. 1 5.63% $7,839
    North American Savings Bank, F.S.B. 1 4.75% $8,129
    First Bank 1 2.88% $7,603
    Wichita Federal Credit Union 1 3.00% $550
    FINANCIAL CONCEPTS MORTGAGE, LLC 1 5.38% $5,420
    PREMIA MORTGAGE, LLC 1 6.00% $9,164
    CORNERSTONE HOME LENDING, INC. 1 3.75% $9,087
    COMMUNITYAMERICA 1 3.00% $7,786
    SENTE MORTGAGE, INC. 1 7.13% $10,158
    SOUTHWEST STAGE FUNDING, LLC 1 5.88% $11,246
    SUCCESS MORTGAGE PARTNERS, INC. 1 4.13% $7,914
    American Bank of Oklahoma 1 6.75% $8,220
    The Federal Savings Bank 1 3.63% $13,005
    Hometown Lenders, Inc. 1 4.00% $9,260
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $8,848

    The top Wichita FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 157 FHA loans originated. Their average total fees are $6,831, which is $1,117 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Wichita FHA lenders (with over 10 loans originated) are Mortgage Investment Services Corporation ($4,484), Members Mortgage Services, L.L.C. ($4,515), Flagstar Bank, FSB ($6,015), Fidelity Bank ($6,169) and LAKEVIEW LOAN SERVICING, LLC ($6,414).

    The lowest rate Wichita FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (4.07%), HOME POINT FINANCIAL CORPORATION (4.34%), PENNYMAC LOAN SERVICES, LLC (4.35%), AMERISAVE MORTGAGE CORPORATION (4.53%) and Sunflower Bank (4.66%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Wichita (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 $174,900 (6.5%) $226,176 (3.6%) 0.65 1,965
    2018-02-01 $182,817 (9.2%) $234,420 (5.9%) 0.66 1,814
    2018-03-01 $192,500 (8.5%) $240,838 (5.6%) 0.68 1,790
    2018-04-01 $205,950 (11.4%) $251,315 (8.2%) 0.70 1,829
    2018-05-01 $205,000 (6.8%) $251,278 (5.1%) 0.68 1,964
    2018-06-01 $199,918 (5.3%) $252,181 (5.5%) 0.67 2,060
    2018-07-01 $200,813 (8.5%) $259,275 (9.8%) 0.67 2,040
    2018-08-01 $199,909 (9.6%) $259,770 (11.4%) 0.67 2,034
    2018-09-01 $192,900 (8.7%) $254,635 (11.7%) 0.65 2,084
    2018-10-01 $194,900 (12.9%) $253,801 (12.0%) 0.66 2,151
    2018-11-01 $185,000 (6.5%) $245,696 (9.3%) 0.63 2,145
    2018-12-01 $185,000 (7.3%) $244,024 (8.8%) 0.64 2,005
    2019-01-01 $188,588 (7.8%) $246,159 (8.8%) 0.65 1,878
    2019-02-01 $199,250 (9.0%) $257,751 (10.0%) 0.67 1,791
    2019-03-01 $206,100 (7.1%) $273,099 (13.4%) 0.67 1,761
    2019-04-01 $217,400 (5.6%) $281,128 (11.9%) 0.69 1,745
    2019-05-01 $222,750 (8.7%) $279,802 (11.4%) 0.70 1,764
    2019-06-01 $219,900 (10.0%) $278,135 (10.3%) 0.69 1,711
    2019-07-01 $209,950 (4.6%) $270,477 (4.3%) 0.66 1,761
    2019-08-01 $208,236 (4.2%) $268,351 (3.3%) 0.66 1,757
    2019-09-01 $209,228 (8.5%) $269,233 (5.7%) 0.67 1,727
    2019-10-01 $209,890 (7.7%) $269,821 (6.3%) 0.68 1,707
    2019-11-01 $207,650 (12.2%) $266,908 (8.6%) 0.68 1,594
    2019-12-01 $199,700 (8.0%) $260,578 (6.8%) 0.67 1,480
    2020-01-01 $199,469 (5.8%) $259,201 (5.3%) 0.67 1,388
    2020-02-01 $204,925 (2.9%) $268,510 (4.2%) 0.67 1,311
    2020-03-01 $212,375 (3.0%) $274,182 (0.4%) 0.67 1,266
    2020-04-01 $222,800 (2.5%) $279,870 (-0.5%) 0.70 1,236
    2020-05-01 $234,900 (5.5%) $286,376 (2.4%) 0.71 1,183
    2020-06-01 $248,350 (12.9%) $297,870 (7.1%) 0.73 1,069
    2020-07-01 $248,400 (18.3%) $299,324 (10.7%) 0.72 1,008
    2020-08-01 $245,000 (17.7%) $298,717 (11.3%) 0.70 1,000
    2020-09-01 $229,900 (9.9%) $285,977 (6.2%) 0.66 996
    2020-10-01 $229,900 (9.5%) $281,562 (4.4%) 0.66 1,045
    2020-11-01 $226,300 (9.0%) $278,005 (4.2%) 0.66 1,029
    2020-12-01 $220,000 (10.2%) $272,428 (4.6%) 0.65 915
    2021-01-01 $224,538 (12.6%) $277,484 (7.1%) 0.67 788
    2021-02-01 $243,076 (18.6%) $299,011 (11.4%) 0.71 637
    2021-03-01 $239,950 (13.0%) $301,509 (10.0%) 0.68 583
    2021-04-01 $239,000 (7.3%) $296,411 (5.9%) 0.65 534
    2021-05-01 $235,000 (0.0%) $288,391 (0.7%) 0.63 611
    2021-06-01 $223,463 (-10.0%) $285,072 (-4.3%) 0.59 686
    2021-07-01 $220,000 (-11.4%) $279,508 (-6.6%) 0.58 786
    2021-08-01 $215,000 (-12.2%) $278,071 (-6.9%) 0.57 882
    2021-09-01 $207,125 (-9.9%) $275,800 (-3.6%) 0.55 873
    2021-10-01 $220,000 (-4.3%) $280,920 (-0.2%) 0.59 873
    2021-11-01 $222,475 (-1.7%) $290,260 (4.4%) 0.59 785
    2021-12-01 $229,950 (4.5%) $291,896 (7.2%) 0.62 675
    2022-01-01 $244,965 (9.1%) $312,108 (12.5%) 0.66 550
    2022-02-01 $252,450 (3.9%) $313,959 (5.0%) 0.66 486
    2022-03-01 $254,900 (6.2%) $315,249 (4.6%) 0.64 490
    2022-04-01 $268,500 (12.3%) $318,018 (7.3%) 0.64 505
    2022-05-01 $269,950 (14.9%) $333,680 (15.7%) 0.62 562
    2022-06-01 $277,475 (24.2%) $341,232 (19.7%) 0.62 685
    2022-07-01 $280,000 (27.3%) $340,658 (21.9%) 0.63 840
    2022-08-01 $290,000 (34.9%) $342,925 (23.3%) 0.67 850
    2022-09-01 $290,130 (40.1%) $348,670 (26.4%) 0.68 850
    2022-10-01 $303,950 (38.2%) $352,023 (25.3%) 0.72 957
    2022-11-01 $290,000 (30.4%) $348,076 (19.9%) 0.70 1,031
    2022-12-01 $289,900 (26.1%) $349,198 (19.6%) 0.72 944
    2023-01-01 $299,000 (22.1%) $357,831 (14.7%) 0.74 891
    2023-02-01 $319,995 (26.8%) $365,473 (16.4%) 0.77 858
    2023-03-01 $319,621 (25.4%) $371,358 (17.8%) 0.75 879
    2023-04-01 $318,394 (18.6%) $372,722 (17.2%) 0.74 884
    2023-05-01 $320,000 (18.5%) $374,698 (12.3%) 0.72 898
    2023-06-01 $315,657 (13.8%) $373,542 (9.5%) 0.71 1,003
    2023-07-01 $300,850 (7.5%) $366,674 (7.6%) 0.68 1,028
    2023-08-01 $299,000 (3.1%) $356,654 (4.0%) 0.69 1,066
    Wichita's median listing price for 2023-08-01 was $299,000, a difference of $9,000 (3.1%) versus the prior year and $-1,850 versus the prior month.

    Wichita's median listing price comes in at 69% of the national average.

    Wichita's average listing price for 2023-08-01 was $356,654, a difference of $13,729 (4.0%) versus the prior year and $-10,020 versus the prior month.

    For the 2023-08-01 period, Wichita had 1,066 MLS listings, a difference of 38 listings (4%) versus the prior month and 216 listings (25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Wichita (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 71 days 2,079 sqft
    2018-02-01 69 days 2,114 sqft
    2018-03-01 47 days 2,168 sqft
    2018-04-01 43 days 2,205 sqft
    2018-05-01 40 days 2,248 sqft
    2018-06-01 43 days 2,237 sqft
    2018-07-01 48 days 2,243 sqft
    2018-08-01 51 days 2,244 sqft
    2018-09-01 47 days 2,211 sqft
    2018-10-01 51 days 2,181 sqft
    2018-11-01 52 days 2,159 sqft
    2018-12-01 63 days 2,105 sqft
    2019-01-01 72 days 2,112 sqft
    2019-02-01 66 days 2,116 sqft
    2019-03-01 56 days 2,134 sqft
    2019-04-01 44 days 2,205 sqft
    2019-05-01 43 days 2,235 sqft
    2019-06-01 44 days 2,261 sqft
    2019-07-01 45 days 2,186 sqft
    2019-08-01 49 days 2,179 sqft
    2019-09-01 56 days 2,208 sqft
    2019-10-01 61 days 2,226 sqft
    2019-11-01 60 days 2,162 sqft
    2019-12-01 68 days 2,107 sqft
    2020-01-01 70 days 2,074 sqft
    2020-02-01 65 days 2,112 sqft
    2020-03-01 60 days 2,114 sqft
    2020-04-01 61 days 2,202 sqft
    2020-05-01 66 days 2,213 sqft
    2020-06-01 59 days 2,250 sqft
    2020-07-01 49 days 2,270 sqft
    2020-08-01 48 days 2,258 sqft
    2020-09-01 47 days 2,198 sqft
    2020-10-01 50 days 2,176 sqft
    2020-11-01 51 days 2,106 sqft
    2020-12-01 59 days 2,048 sqft
    2021-01-01 71 days 2,036 sqft
    2021-02-01 64 days 2,028 sqft
    2021-03-01 65 days 2,002 sqft
    2021-04-01 70 days 1,996 sqft
    2021-05-01 51 days 2,012 sqft
    2021-06-01 42 days 1,973 sqft
    2021-07-01 40 days 1,977 sqft
    2021-08-01 42 days 1,966 sqft
    2021-09-01 50 days 1,936 sqft
    2021-10-01 44 days 1,987 sqft
    2021-11-01 43 days 1,937 sqft
    2021-12-01 51 days 1,895 sqft
    2022-01-01 58 days 1,818 sqft
    2022-02-01 43 days 1,865 sqft
    2022-03-01 37 days 1,906 sqft
    2022-04-01 34 days 2,015 sqft
    2022-05-01 33 days 2,052 sqft
    2022-06-01 32 days 2,110 sqft
    2022-07-01 34 days 2,105 sqft
    2022-08-01 40 days 2,124 sqft
    2022-09-01 43 days 2,104 sqft
    2022-10-01 42 days 2,146 sqft
    2022-11-01 42 days 2,094 sqft
    2022-12-01 59 days 2,078 sqft
    2023-01-01 67 days 2,015 sqft
    2023-02-01 56 days 2,016 sqft
    2023-03-01 48 days 2,023 sqft
    2023-04-01 44 days 2,015 sqft
    2023-05-01 44 days 2,060 sqft
    2023-06-01 38 days 2,069 sqft
    2023-07-01 40 days 2,061 sqft
    2023-08-01 42 days 2,016 sqft
    Wichita's median listing age (time on market) for 2023-08-01 was 42 days. This is 4% longer than the same period one year ago.

    Wichita's median square footage for active listings during the 2023-08-01 period was 2,016 sqft. One year prior, the average listing was 2,124 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).