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
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.