Connersville FHA Loan Rates, Closing Costs & Stats

Connersville, 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.

    Connersville's 38 lenders originated 82 FHA loans during 2023. The total origination value was $11,470,000, with an average FHA loan value of $139,878.

    Connersville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Connersville averaged 6.69% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Connersville's average FHA mortgage closing costs are $5,273.

    The average rate for the prior week (2024-11-01) was 6.57% and one month ago for the week of 2024-10-04, the average rate was 5.99%.

    The average rate one year ago was 7.73%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Connersville 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 Connersville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 6.55% $8,472
    QUICKEN LOANS, LLC 10 6.76% $5,761
    NEWREZ LLC 7 6.75% $4,894
    First Financial Bank 3 6.67% $6,066
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.44% $11,686
    CALIBER HOME LOANS, INC. 2 6.75% $4,504
    CARDINAL FINANCIAL 2 7.56% $7,901
    Equity Prime Mortgage LLC 2 6.50% $7,357
    FIRST COMMUNITY MORTGAGE, INC. 2 6.69% $4,382
    Mr. Cooper ( Nationstar Mortgage ) 2 5.50% $8,332
    PENNYMAC LOAN SERVICES, LLC 2 5.62% $6,286
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.25% $6,373
    THRIVE MORTGAGE, LLC 2 7.13% $9,041
    UNITED WHOLESALE MORTGAGE, LLC 2 6.69% $6,915
    U.S. Bank 2 6.56% $4,537
    First Merchants Bank 1 6.50% $5,471
    FREEDOM MORTGAGE CORPORATION 1 7.25% $9,433
    Gateway First Bank 1 7.25% $7,096
    Goldwater Bank, N.A. 1 6.75% $6,203
    GSF Mortgage Corporation 1 6.63% $7,741
    GVC MORTGAGE, INC. 1 7.50% $7,469
    INSPIRE HOME LOANS INC. 1 4.88% $6,412
    MJW Financial LLC 1 6.25% $4,383
    Mortgage Research Center, LLC 1 7.13% $3,743
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $8,326
    M&T Bank 1 6.25% $5,748
    NATIONS RELIABLE LENDING, LLC 1 7.25% $8,951
    Blue Ridge Bank 1 7.50% $8,176
    Paramount Residential Mortgage Group, Inc. 1 7.13% $6,549
    ROYAL UNITED MORTGAGE LLC 1 7.63% $9,366
    Carrington Mortgage Services, LLC 1 6.63% $8,416
    DAS Acquisition Company, LLC 1 7.13% $6,959
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.50% $16,810
    DIRECT MORTGAGE LOANS, LLC 1 6.75% $6,182
    POLARIS HOME FUNDING CORP. 1 6.25% $7,180
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $1,582
    RUOFF MORTGAGE COMPANY, INC. 1 6.25% $5,366
    BROKER SOLUTIONS, INC. 1 7.25% $5,943

    The top Connersville FHA lender as defined by loan originations is AMERICAN PACIFIC MORTGAGE CORPORATION, with 10 FHA loans originated. Their average total fees are $8,472, which is $2,711 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Connersville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($5,761), AMERICAN PACIFIC MORTGAGE CORPORATION ($8,472), .

    The lowest rate Connersville FHA lenders (with over 10 loans originated) are AMERICAN PACIFIC MORTGAGE CORPORATION (6.55%), QUICKEN LOANS, LLC (6.76%), .

    Connersville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CONNERSVILLE, IN FAYETTE 2022 $420,680 $538,650 $651,050 $809,150
    CONNERSVILLE, IN FAYETTE 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).