Evansville FHA Loan Rates, Closing Costs & Stats
EVANSVILLE, IN-KY
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.
Evansville's 79 lenders originated 899 FHA loans during 2023. The total origination value was $165,155,000, with an average FHA loan value of $183,710.
Evansville FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Evansville
averaged
0.03%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Evansville's average FHA mortgage closing costs are $5,585.
The average rate for the prior week (2024-11-22) was
6.42% and
one month ago for the week of 2024-10-25, the
average rate was 6.5%.
The average rate one year ago was 7.29%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.12%.
Evansville 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 Evansville level.
The top Evansville FHA lender as defined by loan originations is MORTGAGE MASTERS OF INDIANA, INC., with
221 FHA loans originated. Their average total fees are
$6,924, which is $1,417
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Evansville FHA lenders (with over 10 loans originated) are
Fifth Third Bank ($4,309), RUOFF MORTGAGE COMPANY, INC. ($5,654), Old National Bank ($5,794), EVANSVILLE TEACHERS ($5,882) and CALIBER HOME LOANS, INC. ($6,478).
The lowest rate Evansville FHA lenders (with over 10 loans originated) are
FBC MORTGAGE, LLC (5.00%), AMERISAVE MORTGAGE CORPORATION (6.21%), Old National Bank (6.31%), Fifth Third Bank (6.38%) and PENNYMAC LOAN SERVICES, LLC (6.40%).
Evansville FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
EVANSVILLE, IN-KY | POSEY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
EVANSVILLE, IN-KY | VANDERBURGH | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
EVANSVILLE, IN-KY | WARRICK | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
EVANSVILLE, IN-KY | HENDERSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
EVANSVILLE, IN-KY | POSEY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
EVANSVILLE, IN-KY | VANDERBURGH | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
EVANSVILLE, IN-KY | WARRICK | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
EVANSVILLE, IN-KY | HENDERSON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Evansville (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 | $154,900 (15.7%) | $196,715 (12.3%) | 0.57 | 891 |
2018-02-01 | $154,950 (14.9%) | $199,356 (11.2%) | 0.56 | 837 |
2018-03-01 | $173,000 (19.5%) | $211,823 (12.7%) | 0.61 | 760 |
2018-04-01 | $174,950 (20.7%) | $219,527 (14.3%) | 0.59 | 726 |
2018-05-01 | $174,900 (13.0%) | $223,156 (9.3%) | 0.58 | 741 |
2018-06-01 | $169,888 (12.3%) | $222,439 (10.9%) | 0.57 | 833 |
2018-07-01 | $166,450 (6.9%) | $216,962 (6.8%) | 0.56 | 891 |
2018-08-01 | $164,900 (10.0%) | $209,628 (0.8%) | 0.55 | 931 |
2018-09-01 | $159,900 (6.6%) | $209,479 (-1.5%) | 0.54 | 930 |
2018-10-01 | $164,900 (3.1%) | $207,866 (-3.5%) | 0.56 | 954 |
2018-11-01 | $162,250 (1.1%) | $202,545 (-5.9%) | 0.55 | 972 |
2018-12-01 | $155,000 (4.1%) | $194,944 (0.7%) | 0.53 | 927 |
2019-01-01 | $154,950 (0.0%) | $189,780 (-3.5%) | 0.54 | 887 |
2019-02-01 | $155,900 (0.6%) | $191,989 (-3.7%) | 0.53 | 818 |
2019-03-01 | $168,100 (-2.8%) | $203,875 (-3.8%) | 0.55 | 772 |
2019-04-01 | $177,900 (1.7%) | $216,391 (-1.4%) | 0.56 | 749 |
2019-05-01 | $177,550 (1.5%) | $222,191 (-0.4%) | 0.55 | 779 |
2019-06-01 | $179,900 (5.9%) | $224,601 (1.0%) | 0.56 | 779 |
2019-07-01 | $175,900 (5.7%) | $221,536 (2.1%) | 0.55 | 815 |
2019-08-01 | $165,155 (0.2%) | $214,000 (2.1%) | 0.52 | 877 |
2019-09-01 | $159,386 (-0.3%) | $208,354 (-0.5%) | 0.51 | 926 |
2019-10-01 | $154,900 (-6.1%) | $204,995 (-1.4%) | 0.50 | 958 |
2019-11-01 | $149,900 (-7.6%) | $201,280 (-0.6%) | 0.49 | 887 |
2019-12-01 | $143,675 (-7.3%) | $195,797 (0.4%) | 0.48 | 819 |
2020-01-01 | $138,625 (-10.5%) | $192,476 (1.4%) | 0.46 | 730 |
2020-02-01 | $145,000 (-7.0%) | $197,927 (3.1%) | 0.47 | 620 |
2020-03-01 | $171,100 (1.8%) | $218,706 (7.3%) | 0.54 | 547 |
2020-04-01 | $179,200 (0.7%) | $223,888 (3.5%) | 0.56 | 543 |
2020-05-01 | $180,900 (1.9%) | $240,471 (8.2%) | 0.55 | 476 |
2020-06-01 | $186,100 (3.5%) | $247,305 (10.1%) | 0.55 | 457 |
2020-07-01 | $187,000 (6.3%) | $245,134 (10.7%) | 0.54 | 454 |
2020-08-01 | $185,000 (12.0%) | $248,663 (16.2%) | 0.53 | 425 |
2020-09-01 | $175,950 (10.4%) | $237,464 (14.0%) | 0.50 | 433 |
2020-10-01 | $174,950 (12.9%) | $229,454 (11.9%) | 0.50 | 419 |
2020-11-01 | $164,400 (9.7%) | $224,837 (11.7%) | 0.48 | 440 |
2020-12-01 | $149,900 (4.3%) | $209,226 (6.9%) | 0.45 | 414 |
2021-01-01 | $152,450 (10.0%) | $206,719 (7.4%) | 0.46 | 339 |
2021-02-01 | $158,675 (9.4%) | $219,279 (10.8%) | 0.46 | 240 |
2021-03-01 | $171,250 (0.1%) | $224,701 (2.7%) | 0.49 | 203 |
2021-04-01 | $184,975 (3.2%) | $222,584 (-0.6%) | 0.50 | 205 |
2021-05-01 | $182,000 (0.6%) | $224,368 (-6.7%) | 0.48 | 217 |
2021-06-01 | $204,350 (9.8%) | $249,759 (1.0%) | 0.54 | 247 |
2021-07-01 | $189,450 (1.3%) | $242,411 (-1.1%) | 0.50 | 329 |
2021-08-01 | $174,900 (-5.5%) | $232,027 (-6.7%) | 0.47 | 389 |
2021-09-01 | $176,300 (0.2%) | $230,049 (-3.1%) | 0.47 | 400 |
2021-10-01 | $180,000 (2.9%) | $234,278 (2.1%) | 0.48 | 383 |
2021-11-01 | $185,450 (12.8%) | $239,173 (6.4%) | 0.50 | 348 |
2021-12-01 | $172,450 (15.0%) | $239,850 (14.6%) | 0.47 | 322 |
2022-01-01 | $191,450 (25.6%) | $243,935 (18.0%) | 0.52 | 262 |
2022-02-01 | $203,725 (28.4%) | $259,252 (18.2%) | 0.53 | 192 |
2022-03-01 | $196,425 (14.7%) | $249,026 (10.8%) | 0.49 | 189 |
2022-04-01 | $200,000 (8.1%) | $254,730 (14.4%) | 0.48 | 225 |
2022-05-01 | $227,450 (25.0%) | $281,852 (25.6%) | 0.52 | 264 |
2022-06-01 | $242,500 (18.7%) | $287,319 (15.0%) | 0.54 | 317 |
2022-07-01 | $224,000 (18.2%) | $271,078 (11.8%) | 0.50 | 414 |
2022-08-01 | $218,150 (24.7%) | $276,537 (19.2%) | 0.50 | 423 |
2022-09-01 | $218,250 (23.8%) | $278,858 (21.2%) | 0.51 | 434 |
2022-10-01 | $225,000 (25.0%) | $285,737 (22.0%) | 0.53 | 452 |
2022-11-01 | $233,650 (26.0%) | $283,117 (18.4%) | 0.56 | 483 |
2022-12-01 | $245,000 (42.1%) | $287,709 (20.0%) | 0.60 | 457 |
2023-01-01 | $259,638 (35.6%) | $309,340 (26.8%) | 0.64 | 391 |
2023-02-01 | $270,900 (33.0%) | $335,882 (29.6%) | 0.65 | 336 |
2023-03-01 | $271,900 (38.4%) | $352,533 (41.6%) | 0.64 | 293 |
2023-04-01 | $289,000 (44.5%) | $345,146 (35.5%) | 0.67 | 308 |
2023-05-01 | $274,950 (20.9%) | $346,532 (23.0%) | 0.62 | 330 |
2023-06-01 | $291,450 (20.2%) | $359,981 (25.3%) | 0.65 | 345 |
2023-07-01 | $288,250 (28.7%) | $365,393 (34.8%) | 0.66 | 328 |
2023-08-01 | $278,450 (27.6%) | $335,640 (21.4%) | 0.64 | 377 |
2023-09-01 | $249,900 (14.5%) | $305,961 (9.7%) | 0.58 | 424 |
2023-10-01 | $242,152 (7.6%) | $294,155 (3.0%) | 0.57 | 513 |
2023-11-01 | $238,125 (1.9%) | $287,763 (1.6%) | 0.57 | 578 |
2023-12-01 | $236,500 (-3.5%) | $278,611 (-3.2%) | 0.58 | 531 |
2024-01-01 | $234,900 (-9.5%) | $276,354 (-10.7%) | 0.57 | 507 |
2024-02-01 | $239,450 (-11.6%) | $280,079 (-16.6%) | 0.58 | 456 |
2024-03-01 | $241,888 (-11.0%) | $288,137 (-18.3%) | 0.57 | 416 |
2024-04-01 | $231,750 (-19.8%) | $286,218 (-17.1%) | 0.54 | 441 |
2024-05-01 | $253,750 (-7.7%) | $306,978 (-11.4%) | 0.57 | 461 |
2024-06-01 | $249,900 (-14.3%) | $312,483 (-13.2%) | 0.56 | 523 |
2024-07-01 | $249,000 (-13.6%) | $304,695 (-16.6%) | 0.57 | 528 |
2024-08-01 | $239,900 (-13.8%) | $295,164 (-12.1%) | 0.56 | 574 |
2024-09-01 | $239,975 (-4.0%) | $285,025 (-6.8%) | 0.56 | 633 |
2024-10-01 | $246,200 (1.7%) | $292,815 (-0.5%) | 0.58 | 684 |
Evansville's median listing price comes in at 58% of the national average.
Evansville's average listing price for 2024-10-01 was $292,815, a difference of $-1,340 (-0.5%) versus the prior year and $7,790 versus the prior month.
For the 2024-10-01 period, Evansville had 684 MLS listings, a difference of 51 listings (8%) versus the prior month and 171 listings (33%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Evansville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 82 days | 1,887 sqft |
2018-02-01 | 82 days | 1,855 sqft |
2018-03-01 | 71 days | 1,992 sqft |
2018-04-01 | 55 days | 1,999 sqft |
2018-05-01 | 46 days | 1,986 sqft |
2018-06-01 | 44 days | 1,963 sqft |
2018-07-01 | 46 days | 1,920 sqft |
2018-08-01 | 51 days | 1,905 sqft |
2018-09-01 | 57 days | 1,902 sqft |
2018-10-01 | 61 days | 1,915 sqft |
2018-11-01 | 61 days | 1,851 sqft |
2018-12-01 | 68 days | 1,850 sqft |
2019-01-01 | 75 days | 1,826 sqft |
2019-02-01 | 73 days | 1,821 sqft |
2019-03-01 | 69 days | 1,881 sqft |
2019-04-01 | 61 days | 1,963 sqft |
2019-05-01 | 47 days | 1,939 sqft |
2019-06-01 | 52 days | 1,963 sqft |
2019-07-01 | 52 days | 1,956 sqft |
2019-08-01 | 52 days | 1,897 sqft |
2019-09-01 | 53 days | 1,845 sqft |
2019-10-01 | 54 days | 1,815 sqft |
2019-11-01 | 64 days | 1,807 sqft |
2019-12-01 | 79 days | 1,728 sqft |
2020-01-01 | 86 days | 1,690 sqft |
2020-02-01 | 86 days | 1,733 sqft |
2020-03-01 | 59 days | 1,875 sqft |
2020-04-01 | 58 days | 1,924 sqft |
2020-05-01 | 58 days | 1,944 sqft |
2020-06-01 | 49 days | 1,978 sqft |
2020-07-01 | 44 days | 1,925 sqft |
2020-08-01 | 45 days | 1,929 sqft |
2020-09-01 | 37 days | 1,906 sqft |
2020-10-01 | 38 days | 1,792 sqft |
2020-11-01 | 43 days | 1,785 sqft |
2020-12-01 | 49 days | 1,640 sqft |
2021-01-01 | 56 days | 1,658 sqft |
2021-02-01 | 60 days | 1,628 sqft |
2021-03-01 | 33 days | 1,683 sqft |
2021-04-01 | 25 days | 1,806 sqft |
2021-05-01 | 23 days | 1,787 sqft |
2021-06-01 | 22 days | 1,855 sqft |
2021-07-01 | 24 days | 1,870 sqft |
2021-08-01 | 26 days | 1,796 sqft |
2021-09-01 | 39 days | 1,785 sqft |
2021-10-01 | 37 days | 1,792 sqft |
2021-11-01 | 37 days | 1,773 sqft |
2021-12-01 | 44 days | 1,758 sqft |
2022-01-01 | 54 days | 1,761 sqft |
2022-02-01 | 53 days | 1,768 sqft |
2022-03-01 | 30 days | 1,653 sqft |
2022-04-01 | 19 days | 1,750 sqft |
2022-05-01 | 20 days | 1,836 sqft |
2022-06-01 | 22 days | 1,926 sqft |
2022-07-01 | 26 days | 1,812 sqft |
2022-08-01 | 35 days | 1,859 sqft |
2022-09-01 | 41 days | 1,890 sqft |
2022-10-01 | 44 days | 1,892 sqft |
2022-11-01 | 45 days | 1,884 sqft |
2022-12-01 | 54 days | 1,878 sqft |
2023-01-01 | 63 days | 1,960 sqft |
2023-02-01 | 61 days | 2,012 sqft |
2023-03-01 | 50 days | 2,018 sqft |
2023-04-01 | 37 days | 2,004 sqft |
2023-05-01 | 31 days | 1,995 sqft |
2023-06-01 | 37 days | 2,024 sqft |
2023-07-01 | 35 days | 2,032 sqft |
2023-08-01 | 31 days | 1,973 sqft |
2023-09-01 | 37 days | 1,920 sqft |
2023-10-01 | 36 days | 1,844 sqft |
2023-11-01 | 40 days | 1,747 sqft |
2023-12-01 | 51 days | 1,734 sqft |
2024-01-01 | 61 days | 1,724 sqft |
2024-02-01 | 57 days | 1,741 sqft |
2024-03-01 | 52 days | 1,794 sqft |
2024-04-01 | 41 days | 1,765 sqft |
2024-05-01 | 39 days | 1,881 sqft |
2024-06-01 | 40 days | 1,856 sqft |
2024-07-01 | 43 days | 1,824 sqft |
2024-08-01 | 42 days | 1,802 sqft |
2024-09-01 | 40 days | 1,788 sqft |
2024-10-01 | 44 days | 1,798 sqft |
Evansville's median square footage for active listings during the 2024-10-01 period was 1,798 sqft. One year prior, the average listing was 1,844 sqft.