Decatur FHA Loan Rates, Closing Costs & Stats

Decatur, 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.

    Decatur's 25 lenders originated 69 FHA loans during 2023. The total origination value was $10,095,000, with an average FHA loan value of $146,304.

    Decatur FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Decatur averaged 7.14% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Decatur's average FHA mortgage closing costs are $5,163.

    The average rate for the prior week (2024-04-05) was 6.66% and one month ago for the week of 2024-03-08, the average rate was 6.9%.

    The average rate one year ago was 6.23%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.74%.

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

    Decatur 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 Decatur level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 15 6.95% $4,418
    QUICKEN LOANS, LLC 8 6.44% $7,363
    THRIVE MORTGAGE, LLC 7 7.11% $5,672
    Fifth Third Bank 5 6.43% $4,442
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 7.25% $7,215
    EQUITY RESOURCES, INC. 2 7.38% $5,582
    LOANDEPOT.COM, LLC 2 5.62% $7,962
    AMERISAVE MORTGAGE CORPORATION 2 5.81% $17,695
    GVC MORTGAGE, INC. 2 7.38% $10,101
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $4,843
    ROYAL UNITED MORTGAGE LLC 1 7.25% $8,455
    SUPERIOR FINANCIAL SOLUTIONS, LLC 1 7.38% $4,797
    TEACHERS CREDIT UNION 1 6.75% $4,354
    The Federal Savings Bank 1 5.00% $21,230
    UNION HOME MORTGAGE CORP. 1 7.63% $5,623
    ACADEMY MORTGAGE CORPORATION 1 6.75% $5,467
    V.I.P. MORTGAGE, INC. 1 6.99% $6,944
    Bank of England 1 7.63% $3,839
    BROKER SOLUTIONS, INC. 1 7.13% $10,780
    CARDINAL FINANCIAL 1 5.63% $6,915
    CROSSCOUNTRY MORTGAGE, LLC 1 7.50% $6,776
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 7.38% $6,951
    MICHIGAN MUTUAL, INC. 1 6.63% $7,768
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $6,930
    Nations Lending Corporation 1 6.75% $3,642

    The top Decatur FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 15 FHA loans originated. Their average total fees are $4,418, which is $2,945 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Decatur FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($4,418), .

    The lowest rate Decatur FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. (6.95%), .

    Decatur FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Decatur (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 $89,300 (11.1%) $112,290 (3.6%) 0.00 58
    2018-02-01 $92,400 (3.6%) $123,771 (6.1%) 0.00 54
    2018-03-01 $99,500 (10.7%) $133,926 (12.7%) 0.00 55
    2018-04-01 $110,000 (22.4%) $137,019 (17.9%) 0.00 48
    2018-05-01 $114,000 (27.4%) $141,621 (25.6%) 0.00 45
    2018-06-01 $104,250 (20.0%) $138,827 (8.9%) 0.00 56
    2018-07-01 $102,700 (2.8%) $141,062 (7.9%) 0.00 58
    2018-08-01 $103,175 (2.9%) $138,255 (6.1%) 0.00 59
    2018-09-01 $115,000 (15.1%) $139,259 (4.1%) 0.00 65
    2018-10-01 $109,900 (2.7%) $138,302 (2.0%) 0.00 68
    2018-11-01 $108,700 (9.0%) $130,540 (-3.1%) 0.00 69
    2018-12-01 $112,900 (25.5%) $134,284 (17.4%) 0.00 61
    2019-01-01 $111,125 (24.4%) $130,000 (15.8%) 0.00 57
    2019-02-01 $117,450 (27.1%) $134,320 (8.5%) 0.00 50
    2019-03-01 $117,714 (18.3%) $135,682 (1.3%) 0.00 53
    2019-04-01 $129,450 (17.7%) $148,742 (8.6%) 0.00 54
    2019-05-01 $144,990 (27.2%) $156,494 (10.5%) 0.00 47
    2019-06-01 $144,990 (39.1%) $172,309 (24.1%) 0.00 50
    2019-07-01 $133,750 (30.2%) $161,261 (14.3%) 0.00 56
    2019-08-01 $135,382 (31.2%) $156,936 (13.5%) 0.00 58
    2019-09-01 $135,955 (18.2%) $150,312 (7.9%) 0.00 54
    2019-10-01 $134,886 (22.7%) $144,678 (4.6%) 0.00 54
    2019-11-01 $128,900 (18.6%) $142,842 (9.4%) 0.00 50
    2019-12-01 $128,450 (13.8%) $147,938 (10.2%) 0.00 48
    2020-01-01 $118,300 (6.5%) $130,551 (0.4%) 0.00 44
    2020-02-01 $119,900 (2.1%) $142,745 (6.3%) 0.00 41
    2020-03-01 $127,750 (8.5%) $160,582 (18.4%) 0.00 34
    2020-04-01 $138,450 (7.0%) $173,269 (16.5%) 0.00 31
    2020-05-01 $199,500 (37.6%) $204,890 (30.9%) 0.00 23
    2020-06-01 $183,750 (26.7%) $205,011 (19.0%) 0.00 24
    2020-07-01 $124,850 (-6.7%) $163,870 (1.6%) 0.00 30
    2020-08-01 $120,000 (-11.4%) $160,520 (2.3%) 0.00 26
    2020-09-01 $145,750 (7.2%) $174,130 (15.9%) 0.00 28
    2020-10-01 $129,900 (-3.7%) $161,514 (11.6%) 0.00 35
    2020-11-01 $124,900 (-3.1%) $173,997 (21.8%) 0.00 31
    2020-12-01 $103,650 (-19.3%) $140,413 (-5.1%) 0.00 20
    2021-01-01 $108,500 (-8.3%) $142,054 (8.8%) 0.00 20
    2021-02-01 $137,950 (15.1%) $221,685 (55.3%) 0.00 15
    2021-03-01 $156,499 (22.5%) $241,906 (50.6%) 0.00 16
    2021-04-01 $126,725 (-8.5%) $258,798 (49.4%) 0.00 16
    2021-05-01 $114,900 (-42.4%) $280,410 (36.9%) 0.00 13
    2021-06-01 $108,675 (-40.9%) $228,478 (11.5%) 0.00 19
    2021-07-01 $134,700 (7.9%) $202,597 (23.6%) 0.00 24
    2021-08-01 $157,850 (31.5%) $219,276 (36.6%) 0.00 21
    2021-09-01 $177,400 (21.7%) $243,091 (39.6%) 0.00 18
    2021-10-01 $184,900 (42.3%) $252,080 (56.1%) 0.00 18
    2021-11-01 $184,900 (48.0%) $249,470 (43.4%) 0.00 15
    2021-12-01 $141,725 (36.7%) $213,390 (52.0%) 0.00 14
    2022-01-01 $148,900 (37.2%) $250,573 (76.4%) 0.00 14
    2022-02-01 $199,222 (44.4%) $288,768 (30.3%) 0.00 14
    2022-03-01 $180,950 (15.6%) $263,449 (8.9%) 0.00 16
    2022-04-01 $217,222 (71.4%) $265,124 (2.4%) 0.00 20
    2022-05-01 $198,561 (72.8%) $256,593 (-8.5%) 0.00 21
    2022-06-01 $177,400 (63.2%) $242,899 (6.3%) 0.00 28
    2022-07-01 $177,400 (31.7%) $240,154 (18.5%) 0.00 30
    2022-08-01 $159,900 (1.3%) $211,955 (-3.3%) 0.00 30
    2022-09-01 $144,950 (-18.3%) $203,287 (-16.4%) 0.00 33
    2022-10-01 $170,000 (-8.1%) $245,614 (-2.6%) 0.00 33
    2022-11-01 $190,224 (2.9%) $255,180 (2.3%) 0.00 30
    2022-12-01 $199,900 (41.1%) $254,070 (19.1%) 0.00 25
    2023-01-01 $232,927 (56.4%) $231,618 (-7.6%) 0.00 20
    2023-02-01 $229,927 (15.4%) $219,833 (-23.9%) 0.00 19
    2023-03-01 $235,988 (30.4%) $230,560 (-12.5%) 0.00 24
    2023-04-01 $218,449 (0.6%) $237,064 (-10.6%) 0.00 21
    2023-05-01 $234,950 (18.3%) $237,115 (-7.6%) 0.00 22
    2023-06-01 $209,575 (18.1%) $238,590 (-1.8%) 0.00 20
    2023-07-01 $202,450 (14.1%) $258,102 (7.5%) 0.00 23
    2023-08-01 $258,888 (61.9%) $254,494 (20.1%) 0.00 22
    2023-09-01 $239,500 (65.2%) $247,173 (21.6%) 0.00 27
    2023-10-01 $239,975 (41.2%) $234,168 (-4.7%) 0.00 33
    2023-11-01 $241,183 (26.8%) $244,177 (-4.3%) 0.00 37
    2023-12-01 $244,900 (22.5%) $227,327 (-10.5%) 0.00 32
    2024-01-01 $233,500 (0.3%) $220,266 (-4.9%) 0.00 34
    2024-02-01 $267,383 (16.3%) $240,748 (9.5%) 0.00 27
    2024-03-01 $259,900 (10.1%) $249,312 (8.1%) 0.00 31
    Decatur's median listing price for 2024-03-01 was $259,900, a difference of $23,912 (10.1%) versus the prior year and $-7,483 versus the prior month.

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

    Decatur's average listing price for 2024-03-01 was $249,312, a difference of $18,752 (8.1%) versus the prior year and $8,564 versus the prior month.

    For the 2024-03-01 period, Decatur had 31 MLS listings, a difference of 4 listings (15%) versus the prior month and 7 listings (29%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Decatur (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,543 sqft
    2018-02-01 0 days 1,614 sqft
    2018-03-01 0 days 1,581 sqft
    2018-04-01 0 days 1,686 sqft
    2018-05-01 0 days 1,573 sqft
    2018-06-01 0 days 1,441 sqft
    2018-07-01 0 days 1,680 sqft
    2018-08-01 0 days 1,691 sqft
    2018-09-01 0 days 1,616 sqft
    2018-10-01 0 days 1,583 sqft
    2018-11-01 0 days 1,583 sqft
    2018-12-01 0 days 1,591 sqft
    2019-01-01 0 days 1,574 sqft
    2019-02-01 0 days 1,728 sqft
    2019-03-01 0 days 1,675 sqft
    2019-04-01 0 days 1,657 sqft
    2019-05-01 0 days 1,802 sqft
    2019-06-01 0 days 1,812 sqft
    2019-07-01 0 days 1,772 sqft
    2019-08-01 0 days 1,737 sqft
    2019-09-01 0 days 1,690 sqft
    2019-10-01 0 days 1,662 sqft
    2019-11-01 0 days 1,652 sqft
    2019-12-01 0 days 1,662 sqft
    2020-01-01 0 days 1,675 sqft
    2020-02-01 0 days 1,772 sqft
    2020-03-01 0 days 1,756 sqft
    2020-04-01 0 days 1,767 sqft
    2020-05-01 0 days 1,804 sqft
    2020-06-01 0 days 1,956 sqft
    2020-07-01 0 days 1,813 sqft
    2020-08-01 0 days 1,562 sqft
    2020-09-01 0 days 1,902 sqft
    2020-10-01 0 days 1,792 sqft
    2020-11-01 0 days 1,730 sqft
    2020-12-01 0 days 1,581 sqft
    2021-01-01 0 days 1,467 sqft
    2021-02-01 0 days 1,461 sqft
    2021-03-01 0 days 1,551 sqft
    2021-04-01 0 days 1,785 sqft
    2021-05-01 0 days 1,850 sqft
    2021-06-01 0 days 1,722 sqft
    2021-07-01 0 days 1,728 sqft
    2021-08-01 0 days 1,800 sqft
    2021-09-01 0 days 1,827 sqft
    2021-10-01 0 days 2,003 sqft
    2021-11-01 0 days 2,018 sqft
    2021-12-01 0 days 2,024 sqft
    2022-01-01 0 days 1,751 sqft
    2022-02-01 0 days 1,766 sqft
    2022-03-01 0 days 1,708 sqft
    2022-04-01 0 days 2,002 sqft
    2022-05-01 0 days 1,894 sqft
    2022-06-01 0 days 1,797 sqft
    2022-07-01 0 days 1,803 sqft
    2022-08-01 0 days 1,669 sqft
    2022-09-01 0 days 1,656 sqft
    2022-10-01 0 days 1,680 sqft
    2022-11-01 0 days 1,820 sqft
    2022-12-01 0 days 1,606 sqft
    2023-01-01 0 days 1,482 sqft
    2023-02-01 0 days 1,476 sqft
    2023-03-01 0 days 1,645 sqft
    2023-04-01 0 days 1,588 sqft
    2023-05-01 0 days 1,522 sqft
    2023-06-01 0 days 1,868 sqft
    2023-07-01 0 days 1,940 sqft
    2023-08-01 0 days 1,824 sqft
    2023-09-01 0 days 1,830 sqft
    2023-10-01 0 days 1,792 sqft
    2023-11-01 0 days 1,763 sqft
    2023-12-01 0 days 1,735 sqft
    2024-01-01 0 days 1,735 sqft
    2024-02-01 0 days 1,792 sqft
    2024-03-01 0 days 1,790 sqft
    Decatur's median listing age (time on market) for 2024-03-01 was 0 days.

    Decatur's median square footage for active listings during the 2024-03-01 period was 1,790 sqft. One year prior, the average listing was 1,645 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).