Auburn FHA Loan Rates, Closing Costs & Stats

Auburn, IN

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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.

    Auburn's 35 lenders originated 127 FHA loans during 2023. The total origination value was $21,345,000, with an average FHA loan value of $168,071.

    Auburn FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Auburn averaged 6.61% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Auburn's average FHA mortgage closing costs are $5,616.

    The average rate for the prior week (2024-12-06) was 6.87% and one month ago for the week of 2024-11-08, the average rate was 6.94%.

    The average rate one year ago was 7.15%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.08%.

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

    Auburn 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 Auburn level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 21 7.13% $6,529
    GVC MORTGAGE, INC. 13 7.25% $9,204
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.70% $6,229
    QUICKEN LOANS, LLC 10 6.38% $6,421
    VAN DYK MORTGAGE CORPORATION 8 6.86% $5,732
    HALLMARK HOME MORTGAGE, LLC 5 7.28% $8,101
    FREEDOM MORTGAGE CORPORATION 4 7.00% $8,543
    PENNYMAC LOAN SERVICES, LLC 4 6.25% $10,636
    LOANDEPOT.COM, LLC 4 6.00% $8,387
    Mr. Cooper ( Nationstar Mortgage ) 4 6.34% $11,407
    MICHIGAN MUTUAL, INC. 3 7.67% $9,210
    Union Savings Bank 2 7.00% $6,129
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 7.44% $7,277
    Flagstar Bank, FSB 2 6.57% $5,253
    PLAZA HOME MORTGAGE, INC. 2 6.87% $11,582
    TEACHERS CREDIT UNION 1 7.63% $6,669
    UNION HOME MORTGAGE CORP. 1 7.25% $6,916
    UNITED WHOLESALE MORTGAGE, LLC 1 7.75% $18,602
    V.I.P. MORTGAGE, INC. 1 7.25% $6,643
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $9,491
    Wells Fargo Bank 1 5.88% $7,030
    Barrington Bank & Trust Company, N.A. 1 6.75% $5,684
    BROKER SOLUTIONS, INC. 1 7.13% $8,712
    CALIBER HOME LOANS, INC. 1 7.38% $6,947
    ENDEAVOR CAPITAL, LLC. 1 7.63% $6,916
    Equity Prime Mortgage LLC 1 6.75% $5,492
    Fifth Third Bank 1 6.63% $11,109
    First Financial Bank 1 6.38% $6,141
    GENEVA FINANCIAL, LLC 1 7.75% $6,602
    LOANPAL, LLC 1 5.00% $9,569
    Mortgage Research Center, LLC 1 7.75% $3,259
    MOVEMENT MORTGAGE, LLC 1 7.25% $7,417
    Nations Lending Corporation 1 7.25% $10,425
    NEWREZ LLC 1 7.50% $6,246
    STOCKTON MORTGAGE CORPORATION 1 7.25% $8,268

    The top Auburn FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 21 FHA loans originated. Their average total fees are $6,529, which is $2,675 lower than the next largest lender, GVC MORTGAGE, INC..

    The lowest fee Auburn FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,229), QUICKEN LOANS, LLC ($6,421), RUOFF MORTGAGE COMPANY, INC. ($6,529), GVC MORTGAGE, INC. ($9,204) and .

    The lowest rate Auburn FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.38%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.70%), RUOFF MORTGAGE COMPANY, INC. (7.13%), GVC MORTGAGE, INC. (7.25%) and .

    Auburn FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    AUBURN, IN DEKALB 2022 $420,680 $538,650 $651,050 $809,150
    AUBURN, IN DEKALB 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Auburn (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 $168,750 (56.7%) $190,507 (35.6%) 0.00 95
    2018-02-01 $171,291 (55.4%) $179,121 (20.9%) 0.00 94
    2018-03-01 $169,994 (55.3%) $183,812 (22.4%) 0.00 86
    2018-04-01 $178,625 (51.8%) $204,100 (33.1%) 0.00 80
    2018-05-01 $178,100 (21.6%) $218,247 (23.9%) 0.00 81
    2018-06-01 $169,850 (30.8%) $211,774 (18.2%) 0.00 85
    2018-07-01 $182,150 (21.9%) $211,706 (14.1%) 0.00 101
    2018-08-01 $179,900 (30.9%) $209,686 (5.2%) 0.00 104
    2018-09-01 $169,500 (13.4%) $211,134 (-6.8%) 0.00 90
    2018-10-01 $163,725 (10.6%) $208,856 (-7.9%) 0.00 100
    2018-11-01 $145,000 (3.6%) $190,545 (-6.5%) 0.00 103
    2018-12-01 $154,900 (14.0%) $198,232 (12.2%) 0.00 98
    2019-01-01 $164,450 (-2.6%) $201,803 (5.9%) 0.00 88
    2019-02-01 $157,400 (-8.1%) $194,860 (8.8%) 0.00 85
    2019-03-01 $164,186 (-3.4%) $197,157 (7.3%) 0.00 75
    2019-04-01 $166,711 (-6.7%) $203,325 (-0.4%) 0.00 69
    2019-05-01 $199,900 (12.2%) $220,015 (0.8%) 0.00 67
    2019-06-01 $199,700 (17.6%) $222,840 (5.2%) 0.00 73
    2019-07-01 $191,200 (5.0%) $213,506 (0.9%) 0.00 90
    2019-08-01 $192,082 (6.8%) $217,976 (4.0%) 0.00 95
    2019-09-01 $190,855 (12.6%) $223,313 (5.8%) 0.00 90
    2019-10-01 $188,650 (15.2%) $226,459 (8.4%) 0.00 87
    2019-11-01 $172,500 (19.0%) $213,347 (12.0%) 0.00 92
    2019-12-01 $171,800 (10.9%) $203,389 (2.6%) 0.00 89
    2020-01-01 $170,850 (3.9%) $199,464 (-1.2%) 0.00 83
    2020-02-01 $158,900 (1.0%) $203,970 (4.7%) 0.00 79
    2020-03-01 $172,175 (4.9%) $218,012 (10.6%) 0.00 65
    2020-04-01 $200,383 (20.2%) $224,219 (10.3%) 0.00 63
    2020-05-01 $229,450 (14.8%) $301,454 (37.0%) 0.00 61
    2020-06-01 $233,425 (16.9%) $303,358 (36.1%) 0.00 60
    2020-07-01 $227,900 (19.2%) $337,333 (58.0%) 0.00 50
    2020-08-01 $218,400 (13.7%) $328,286 (50.6%) 0.00 50
    2020-09-01 $215,300 (12.8%) $348,911 (56.2%) 0.00 44
    2020-10-01 $204,900 (8.6%) $305,794 (35.0%) 0.00 45
    2020-11-01 $220,600 (27.9%) $313,971 (47.2%) 0.00 49
    2020-12-01 $232,400 (35.3%) $328,382 (61.5%) 0.00 43
    2021-01-01 $214,700 (25.7%) $331,240 (66.1%) 0.00 28
    2021-02-01 $238,546 (50.1%) $361,819 (77.4%) 0.00 24
    2021-03-01 $173,400 (0.7%) $330,371 (51.5%) 0.00 23
    2021-04-01 $203,709 (1.7%) $390,638 (74.2%) 0.00 20
    2021-05-01 $189,950 (-17.2%) $392,032 (30.1%) 0.00 22
    2021-06-01 $189,900 (-18.7%) $332,488 (9.6%) 0.00 31
    2021-07-01 $204,950 (-10.1%) $344,737 (2.2%) 0.00 36
    2021-08-01 $209,950 (-3.9%) $300,885 (-8.4%) 0.00 45
    2021-09-01 $221,200 (2.7%) $278,600 (-20.2%) 0.00 47
    2021-10-01 $189,900 (-7.3%) $251,612 (-17.7%) 0.00 43
    2021-11-01 $187,400 (-15.1%) $251,107 (-20.0%) 0.00 38
    2021-12-01 $184,975 (-20.4%) $261,758 (-20.3%) 0.00 41
    2022-01-01 $184,950 (-13.9%) $261,138 (-21.2%) 0.00 34
    2022-02-01 $172,000 (-27.9%) $292,018 (-19.3%) 0.00 19
    2022-03-01 $263,450 (51.9%) $520,165 (57.5%) 0.00 22
    2022-04-01 $299,900 (47.2%) $619,820 (58.7%) 0.00 23
    2022-05-01 $275,425 (45.0%) $479,691 (22.4%) 0.00 38
    2022-06-01 $309,900 (63.2%) $466,266 (40.2%) 0.00 44
    2022-07-01 $290,000 (41.5%) $376,053 (9.1%) 0.00 55
    2022-08-01 $349,675 (66.6%) $449,776 (49.5%) 0.00 39
    2022-09-01 $321,073 (45.2%) $391,678 (40.6%) 0.00 46
    2022-10-01 $316,300 (66.6%) $359,140 (42.7%) 0.00 64
    2022-11-01 $324,798 (73.3%) $363,931 (44.9%) 0.00 68
    2022-12-01 $314,900 (70.2%) $338,285 (29.2%) 0.00 65
    2023-01-01 $329,900 (78.4%) $335,372 (28.4%) 0.00 52
    2023-02-01 $354,807 (106.3%) $364,418 (24.8%) 0.00 43
    2023-03-01 $377,750 (43.4%) $397,797 (-23.5%) 0.00 37
    2023-04-01 $339,900 (13.3%) $364,966 (-41.1%) 0.00 37
    2023-05-01 $272,441 (-1.1%) $311,436 (-35.1%) 0.00 52
    2023-06-01 $339,400 (9.5%) $364,668 (-21.8%) 0.00 53
    2023-07-01 $369,000 (27.2%) $381,448 (1.4%) 0.00 50
    2023-08-01 $363,650 (4.0%) $385,646 (-14.3%) 0.00 60
    2023-09-01 $338,600 (5.5%) $379,028 (-3.2%) 0.00 65
    2023-10-01 $309,675 (-2.1%) $368,849 (2.7%) 0.00 73
    2023-11-01 $318,650 (-1.9%) $364,428 (0.1%) 0.00 78
    2023-12-01 $297,500 (-5.5%) $349,437 (3.3%) 0.00 78
    2024-01-01 $291,238 (-11.7%) $341,468 (1.8%) 0.00 73
    2024-02-01 $299,165 (-15.7%) $348,576 (-4.4%) 0.00 59
    2024-03-01 $327,450 (-13.3%) $361,031 (-9.2%) 0.00 44
    2024-04-01 $322,175 (-5.2%) $346,361 (-5.1%) 0.00 49
    2024-05-01 $325,138 (19.3%) $373,926 (20.1%) 0.00 50
    2024-06-01 $339,900 (0.2%) $372,649 (2.2%) 0.00 49
    2024-07-01 $332,400 (-9.9%) $360,627 (-5.5%) 0.00 50
    2024-08-01 $329,900 (-9.3%) $358,771 (-7.0%) 0.00 62
    2024-09-01 $312,450 (-7.7%) $339,637 (-10.4%) 0.00 69
    2024-10-01 $316,100 (2.1%) $339,992 (-7.8%) 0.00 67
    2024-11-01 $299,900 (-5.9%) $335,538 (-7.9%) 0.00 74
    Auburn's median listing price for 2024-11-01 was $299,900, a difference of $-18,750 (-5.9%) versus the prior year and $-16,200 versus the prior month.

    Auburn's median listing price comes in at 0% of the national average.

    Auburn's average listing price for 2024-11-01 was $335,538, a difference of $-28,890 (-7.9%) versus the prior year and $-4,454 versus the prior month.

    For the 2024-11-01 period, Auburn had 74 MLS listings, a difference of 7 listings (10%) versus the prior month and -4 listings (-5%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Auburn (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,725 sqft
    2018-02-01 0 days 1,726 sqft
    2018-03-01 0 days 1,722 sqft
    2018-04-01 0 days 1,780 sqft
    2018-05-01 0 days 1,907 sqft
    2018-06-01 0 days 1,921 sqft
    2018-07-01 0 days 1,924 sqft
    2018-08-01 0 days 1,915 sqft
    2018-09-01 0 days 1,838 sqft
    2018-10-01 0 days 1,854 sqft
    2018-11-01 0 days 1,761 sqft
    2018-12-01 0 days 1,804 sqft
    2019-01-01 0 days 1,855 sqft
    2019-02-01 0 days 1,809 sqft
    2019-03-01 0 days 1,848 sqft
    2019-04-01 0 days 1,864 sqft
    2019-05-01 0 days 1,848 sqft
    2019-06-01 0 days 1,911 sqft
    2019-07-01 0 days 1,941 sqft
    2019-08-01 0 days 1,934 sqft
    2019-09-01 0 days 1,954 sqft
    2019-10-01 0 days 1,899 sqft
    2019-11-01 0 days 1,796 sqft
    2019-12-01 0 days 1,791 sqft
    2020-01-01 0 days 1,789 sqft
    2020-02-01 0 days 1,746 sqft
    2020-03-01 0 days 1,794 sqft
    2020-04-01 0 days 1,803 sqft
    2020-05-01 0 days 1,848 sqft
    2020-06-01 0 days 1,838 sqft
    2020-07-01 0 days 1,819 sqft
    2020-08-01 0 days 1,819 sqft
    2020-09-01 0 days 1,751 sqft
    2020-10-01 0 days 1,801 sqft
    2020-11-01 0 days 1,809 sqft
    2020-12-01 0 days 1,812 sqft
    2021-01-01 0 days 1,800 sqft
    2021-02-01 0 days 1,713 sqft
    2021-03-01 0 days 1,616 sqft
    2021-04-01 0 days 1,752 sqft
    2021-05-01 0 days 1,621 sqft
    2021-06-01 0 days 1,685 sqft
    2021-07-01 0 days 1,705 sqft
    2021-08-01 0 days 1,710 sqft
    2021-09-01 0 days 1,780 sqft
    2021-10-01 0 days 1,766 sqft
    2021-11-01 0 days 1,676 sqft
    2021-12-01 0 days 1,754 sqft
    2022-01-01 0 days 1,708 sqft
    2022-02-01 0 days 1,844 sqft
    2022-03-01 0 days 1,894 sqft
    2022-04-01 0 days 1,986 sqft
    2022-05-01 0 days 1,711 sqft
    2022-06-01 0 days 1,843 sqft
    2022-07-01 0 days 1,844 sqft
    2022-08-01 0 days 1,977 sqft
    2022-09-01 0 days 1,923 sqft
    2022-10-01 0 days 1,970 sqft
    2022-11-01 0 days 1,972 sqft
    2022-12-01 0 days 1,840 sqft
    2023-01-01 0 days 1,845 sqft
    2023-02-01 0 days 1,892 sqft
    2023-03-01 0 days 1,960 sqft
    2023-04-01 0 days 1,866 sqft
    2023-05-01 0 days 1,888 sqft
    2023-06-01 0 days 1,977 sqft
    2023-07-01 0 days 2,004 sqft
    2023-08-01 0 days 1,970 sqft
    2023-09-01 0 days 2,008 sqft
    2023-10-01 0 days 1,960 sqft
    2023-11-01 0 days 1,977 sqft
    2023-12-01 0 days 1,895 sqft
    2024-01-01 0 days 1,766 sqft
    2024-02-01 0 days 1,783 sqft
    2024-03-01 0 days 1,957 sqft
    2024-04-01 0 days 2,018 sqft
    2024-05-01 0 days 2,024 sqft
    2024-06-01 0 days 2,029 sqft
    2024-07-01 0 days 1,984 sqft
    2024-08-01 0 days 1,945 sqft
    2024-09-01 0 days 1,794 sqft
    2024-10-01 0 days 1,825 sqft
    2024-11-01 0 days 1,816 sqft
    Auburn's median listing age (time on market) for 2024-11-01 was 0 days.

    Auburn's median square footage for active listings during the 2024-11-01 period was 1,816 sqft. One year prior, the average listing was 1,977 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).