Auburn FHA Loan Rates, Closing Costs & Stats

Auburn, IN

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 7.38% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

The average rate for the prior week (2024-04-12) was 7.07% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

The average rate one year ago was 6.57%.

For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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
Auburn's median listing price for 2024-03-01 was $327,450, a difference of $-50,300 (-13.3%) versus the prior year and $28,285 versus the prior month.

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

Auburn's average listing price for 2024-03-01 was $361,031, a difference of $-36,766 (-9.2%) versus the prior year and $12,455 versus the prior month.

For the 2024-03-01 period, Auburn had 44 MLS listings, a difference of -15 listings (-25%) versus the prior month and 7 listings (19%) 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
Auburn's median listing age (time on market) for 2024-03-01 was 0 days.

Auburn's median square footage for active listings during the 2024-03-01 period was 1,957 sqft. One year prior, the average listing was 1,960 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).