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 89 lenders originated 1,030 FHA loans during 2024. The total origination value was $201,710,000, with an average FHA loan value of $195,835.

Evansville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Evansville averaged 0.01% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

Evansville's average FHA mortgage closing costs are $5,837.

The average rate for the prior week (2025-06-13) was 6.89% and one month ago for the week of 2025-05-16, the average rate was 6.65%.

The average rate one year ago was 6.8%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.01%.

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

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.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
MORTGAGE MASTERS OF INDIANA, INC. 201 6.64% $7,094
EVANSVILLE TEACHERS 111 6.46% $6,168
QUICKEN LOANS, LLC 89 6.45% $9,659
FBC MORTGAGE, LLC 50 4.85% $9,434
UNITED WHOLESALE MORTGAGE, LLC 39 6.36% $8,909
FREEDOM MORTGAGE CORPORATION 39 6.44% $10,020
Equity Prime Mortgage LLC 38 7.08% $7,235
PENNYMAC LOAN SERVICES, LLC 30 6.25% $6,654
INTERLINC MORTGAGE SERVICES, LLC 21 6.89% $5,149
Fifth Third Bank 19 6.52% $6,283
LOANDEPOT.COM, LLC 13 6.44% $7,556
American Mortgage & Equity Consultants, Inc. 13 6.57% $7,800
German American Bank 12 6.57% $6,062
RUOFF MORTGAGE COMPANY, INC. 11 6.74% $5,131
NEWREZ LLC 10 6.73% $7,820
Bank of England 10 6.50% $6,987
Carrington Mortgage Services, LLC 9 6.19% $11,115
CALCON MUTUAL MORTGAGE LLC 9 6.87% $7,295
FAIR WAY LENDING LLC 8 6.70% $7,887
Plains Commerce Bank 8 6.77% $5,399
Old National Bank 8 5.97% $7,343
ZILLOW HOME LOANS, LLC 8 6.77% $8,267
MOVEMENT MORTGAGE, LLC 8 6.89% $8,266
CARDINAL FINANCIAL 8 6.42% $12,120
MUTUAL OF OMAHA MORTGAGE, INC. 7 6.89% $10,757
CROSSCOUNTRY MORTGAGE, LLC 7 6.24% $9,131
BROKER SOLUTIONS, INC. 7 6.98% $8,681
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.03% $4,598
PLAZA HOME MORTGAGE, INC. 6 6.73% $5,011
ENVOY MORTGAGE, LTD 6 7.08% $8,487
AMERISAVE MORTGAGE CORPORATION 6 6.17% $11,595
Flagstar Bank, FSB 5 6.84% $8,018
GVC MORTGAGE, INC. 5 7.25% $7,879
Mr. Cooper ( Nationstar Mortgage ) 5 6.80% $11,343
GENEVA FINANCIAL, LLC 5 7.10% $7,036
DAS Acquisition Company, LLC 4 6.75% $8,634
Mortgage Research Center, LLC 4 7.28% $2,851
UNION HOME MORTGAGE CORP. 3 6.33% $7,894
PLANET HOME LENDING, LLC 3 5.92% $4,131
MID AMERICA MORTGAGE, INC. 3 8.04% $6,319
CHURCHILL MORTGAGE CORPORATION 3 6.75% $7,942
VILLAGE CAPITAL MORTGAGE 3 6.00% $6,095
LEADERONE FINANCIAL CORPORATION 3 6.42% $7,050
Century Mortgage Company DBA Century Lending Company 3 6.88% $8,206
Northpointe Bank 3 6.46% $8,200
LOANPAL, LLC 3 5.96% $9,885
ROYAL UNITED MORTGAGE LLC 3 6.58% $8,725
AMERICAN FINANCIAL RESOURCES, INC. 3 6.38% $7,069
The Federal Savings Bank 3 6.29% $13,575
Paramount Residential Mortgage Group, Inc. 3 6.63% $10,196
HOMESIDE FINANCIAL, LLC 3 6.83% $6,424
GSF Mortgage Corporation 2 6.19% $9,184
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.75% $14,625
FIRST COMMUNITY MORTGAGE, INC. 2 6.13% $10,094
AMERICAN FINANCIAL NETWORK, INC. 2 6.19% $7,292
INDIANA MEMBERS CREDIT UNION 2 6.69% $6,956
JPMorgan Chase Bank 2 6.50% $5,580
LAKEVIEW LOAN SERVICING, LLC 2 7.00% $8,664
Magnolia Bank 2 6.75% $5,174
POLARIS HOME FUNDING CORP. 2 7.13% $12,414
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.25% $4,696
SENTE MORTGAGE, INC. 2 7.00% $8,649
TOP FLITE FINANCIAL, INC. 2 6.88% $9,688
INTERCAP LENDING INC. 1 6.25% $7,088
AXIA FINANCIAL, LLC 1 7.75% $4,817
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.50% $6,608
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $3,097
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $4,863
Regions Bank 1 6.25% $5,306
RELIANCE FIRST CAPITAL, LLC 1 6.38% $14,579
FIRST MORTGAGE COMPANY, INC. 1 6.25% $8,174
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 7.25% $6,695
WesBanco 1 5.75% $11,062
Servion, Inc. 1 6.75% $9,704
SOUTHWEST FUNDING, LP 1 7.25% $14,383
STOCKTON MORTGAGE CORPORATION 1 6.75% $15,357
Stock Yards Bank & Trust Company 1 7.13% $3,510
SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $13,281
T2 FINANCIAL LLC 1 6.75% $8,912
ENDEAVOR CAPITAL, LLC. 1 6.25% $13,045
The Union Bank Company 1 5.75% $7,695
AmeriHome Mortgage Company, LLC 1 6.13% $4,566
TOTAL MORTGAGE SERVICES, LLC 1 6.75% $9,367
TOWNE MORTGAGE COMPANY 1 6.00% $6,216
CMG MORTGAGE, INC. 1 6.63% $17,104
NETWORK CAPITAL FUNDING CORPORATION 1 5.88% $9,864
LIBERTY HOME MORTGAGE CORPORATION 1 6.88% $7,077
Lakeview Community Capital, LLC 1 6.25% $5,729
Ixonia Bank 1 6.00% $6,095

The top Evansville FHA lender as defined by loan originations is MORTGAGE MASTERS OF INDIANA, INC., with 201 FHA loans originated. Their average total fees are $7,094, which is $926 higher than the next largest lender, EVANSVILLE TEACHERS.

The lowest fee Evansville FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,131), INTERLINC MORTGAGE SERVICES, LLC ($5,149), German American Bank ($6,062), EVANSVILLE TEACHERS ($6,168) and Fifth Third Bank ($6,283).

The lowest rate Evansville FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC (4.85%), PENNYMAC LOAN SERVICES, LLC (6.25%), UNITED WHOLESALE MORTGAGE, LLC (6.36%), FREEDOM MORTGAGE CORPORATION (6.44%) and LOANDEPOT.COM, LLC (6.44%).

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

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).