Wichita FHA Loan Rates, Closing Costs & Stats

WICHITA, 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.

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 -0.27% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-02-16) was 6.27% and one month ago for the week of 2024-01-19, the average rate was 6.22%.

The average rate one year ago was 6.18%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.27%.

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%) $259,316 (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 (12.8%) $253,801 (12.0%) 0.66 2,151
2018-11-01 $185,000 (6.5%) $245,696 (9.2%) 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%) $281,186 (11.9%) 0.69 1,745
2019-05-01 $222,875 (8.7%) $279,919 (11.4%) 0.70 1,763
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 (5.4%) $286,376 (2.3%) 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%) 0.62 611
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%) $372,478 (17.1%) 0.74 884
2023-05-01 $320,000 (18.5%) $374,826 (12.3%) 0.73 898
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
2023-09-01 $299,000 (3.1%) $352,588 (1.1%) 0.70 1,167
2023-10-01 $298,950 (-1.7%) $354,662 (0.8%) 0.70 1,238
2023-11-01 $294,575 (1.6%) $355,842 (2.2%) 0.70 1,268
2023-12-01 $294,900 (1.7%) $360,982 (3.4%) 0.72 1,162
Wichita's median listing price for 2023-12-01 was $294,900, a difference of $5,000 (1.7%) versus the prior year and $325 versus the prior month.

Wichita's median listing price comes in at 72% of the national average.

Wichita's average listing price for 2023-12-01 was $360,982, a difference of $11,784 (3.4%) versus the prior year and $5,140 versus the prior month.

For the 2023-12-01 period, Wichita had 1,162 MLS listings, a difference of -106 listings (-8%) versus the prior month and 218 listings (23%) 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 2,109 sqft
2019-01-01 72 days 2,113 sqft
2019-02-01 66 days 2,116 sqft
2019-03-01 56 days 2,134 sqft
2019-04-01 44 days 2,207 sqft
2019-05-01 43 days 2,237 sqft
2019-06-01 44 days 2,264 sqft
2019-07-01 45 days 2,188 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 2,249 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 1,935 sqft
2021-10-01 44 days 1,986 sqft
2021-11-01 43 days 1,932 sqft
2021-12-01 51 days 1,891 sqft
2022-01-01 58 days 1,817 sqft
2022-02-01 43 days 1,863 sqft
2022-03-01 37 days 1,905 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 2,061 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
2023-09-01 43 days 2,028 sqft
2023-10-01 44 days 2,050 sqft
2023-11-01 46 days 2,057 sqft
2023-12-01 58 days 2,040 sqft
Wichita's median listing age (time on market) for 2023-12-01 was 58 days. This is -1% shorter than the same period one year ago.

Wichita's median square footage for active listings during the 2023-12-01 period was 2,040 sqft. One year prior, the average listing was 2,078 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).