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 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 0.07% for the week of 2024-06-21, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-06-14) was 6.77% and one month ago for the week of 2024-05-17, the average rate was 6.82%.

The average rate one year ago was 6.6%.

For refis of the same type during the week of 2024-06-21, the average rate was -0.15%.

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).