Evansville FHA Loan Rates, Closing Costs & Stats

EVANSVILLE, IN-KY

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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.

    Evansville's 91 lenders originated 1,143 FHA loans during 2022. The total origination value was $190,155,000, with an average FHA loan value of $166,365.

    Evansville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Evansville averaged 6.2% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Evansville's average FHA mortgage closing costs are $5,314.

    The average rate for the prior week (2023-05-19) was 6.37% and one month ago for the week of 2023-04-21, the average rate was 6.21%.

    The average rate one year ago was 4.93%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.78%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    MORTGAGE MASTERS OF INDIANA, INC. 289 5.24% $6,659
    QUICKEN LOANS, LLC 95 4.65% $7,179
    RUOFF MORTGAGE COMPANY, INC. 57 5.56% $4,486
    EVANSVILLE TEACHERS 57 4.90% $5,477
    CALIBER HOME LOANS, INC. 54 5.33% $6,681
    Bank of England 48 5.09% $6,659
    UNITED WHOLESALE MORTGAGE, LLC 44 5.18% $6,588
    FREEDOM MORTGAGE CORPORATION 30 4.90% $7,630
    Equity Prime Mortgage LLC 25 5.15% $6,768
    Carrington Mortgage Services, LLC 24 5.19% $7,826
    Fifth Third Bank 21 5.45% $5,037
    PLAZA HOME MORTGAGE, INC. 19 5.30% $6,882
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 5.66% $6,779
    FBC MORTGAGE, LLC 19 5.19% $8,500
    GVC MORTGAGE, INC. 16 5.45% $7,955
    LAKEVIEW LOAN SERVICING, LLC 15 4.91% $6,251
    MOVEMENT MORTGAGE, LLC 15 5.50% $6,616
    HOME POINT FINANCIAL CORPORATION 14 4.56% $6,865
    AMERISAVE MORTGAGE CORPORATION 14 4.78% $9,364
    German American Bank 14 4.93% $5,897
    Old National Bank 13 5.06% $5,348
    TOP FLITE FINANCIAL, INC. 12 5.17% $10,030
    PENNYMAC LOAN SERVICES, LLC 11 4.16% $7,060
    FAIR WAY LENDING LLC 10 4.74% $7,986
    LOANDEPOT.COM, LLC 10 4.47% $9,237
    Mr. Cooper ( Nationstar Mortgage ) 10 4.88% $9,619
    CROSSCOUNTRY MORTGAGE, LLC 6 6.17% $7,416
    Regions Bank 5 4.98% $6,632
    CARDINAL FINANCIAL 5 3.73% $6,532
    Flagstar Bank, FSB 5 4.08% $6,236
    NEWREZ LLC 5 4.98% $5,981
    Century Mortgage Company DBA Century Lending Company 5 4.63% $7,579
    MUTUAL OF OMAHA MORTGAGE, INC. 5 5.18% $7,218
    BROKER SOLUTIONS, INC. 4 5.84% $8,013
    Nations Lending Corporation 4 5.75% $7,555
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 4.38% $6,778
    Sierra Pacific Mortgage Company, Inc. 3 4.50% $7,082
    First Guaranty Mortgage Corporation 3 4.13% $6,855
    UNION HOME MORTGAGE CORP. 3 4.58% $4,457
    VILLAGE CAPITAL MORTGAGE 3 3.33% $4,196
    AMERICAN FINANCING CORPORATION 3 4.17% $6,934
    American Mortgage & Equity Consultants, Inc. 3 4.79% $5,641
    Hometown Lenders, Inc. 2 4.75% $7,946
    PLANET HOME LENDING, LLC 2 4.31% $6,665
    CMG MORTGAGE, INC. 2 5.81% $6,151
    JPMorgan Chase Bank 2 6.24% $6,519
    Northpointe Bank 2 5.44% $7,353
    SOVEREIGN LENDING GROUP INCORPORATED 2 6.69% $9,177
    Servion, Inc. 2 4.75% $4,798
    BNC National Bank 2 4.88% $6,520
    EVERETT FINANCIAL, INC. 2 5.69% $4,852
    Waterstone Mortgage Corporation 2 4.56% $8,701
    U.S. Bank 2 5.06% $6,258
    Wells Fargo Bank 1 5.50% $8,538
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $6,938
    AMERICAN MORTGAGE SERVICE COMPANY 1 5.63% $6,221
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.00% $8,572
    AmRes Corporation 1 4.25% $15,131
    Barrington Bank & Trust Company, N.A. 1 3.63% $5,834
    BMO Harris Bank 1 6.25% $5,960
    CHURCHILL MORTGAGE CORPORATION 1 5.38% $9,037
    DAS Acquisition Company, LLC 1 5.13% $8,169
    EMBRACE HOME LOANS, INC. 1 5.49% $9,879
    ENDEAVOR CAPITAL, LLC. 1 3.75% $8,462
    FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $7,496
    First Federal Bank 1 3.63% $4,475
    GENEVA FINANCIAL, LLC 1 6.75% $5,656
    GSF Mortgage Corporation 1 6.63% $6,604
    GUARANTEED RATE, INC. 1 6.75% $4,802
    HOMESIDE FINANCIAL, LLC 1 3.50% $4,409
    INDIANA MEMBERS CREDIT UNION 1 6.00% $7,871
    INTERLINC MORTGAGE SERVICES, LLC 1 5.13% $9,703
    LOANFLIGHT LENDING, LLC 1 5.25% $4,879
    Loan Simple, Inc. 1 3.88% $9,698
    Magnolia Bank 1 5.63% $9,098
    MID AMERICA MORTGAGE, INC. 1 6.13% $3,656
    Midwest Community Bank 1 3.13% $8,680
    MJW Financial LLC 1 3.38% $6,709
    Mortgage Research Center, LLC 1 4.25% $3,718
    M&T Bank 1 5.50% $7,159
    NATIONS RELIABLE LENDING, LLC 1 6.50% $11,586
    Paramount Residential Mortgage Group, Inc. 1 5.63% $9,989
    POLARIS HOME FUNDING CORP. 1 5.88% $6,786
    RELIANCE FIRST CAPITAL, LLC 1 3.63% $6,819
    Residential Mortgage Solutions, Inc. 1 6.25% $8,015
    STOCKTON MORTGAGE CORPORATION 1 3.75% $6,784
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $6,998
    Texana Bank 1 3.13% $8,092
    UNITED MORTGAGE CORP. 1 4.25% $7,369
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.63% $11,621
    1ST SIGNATURE LENDING, LLC 1 7.13% $7,241

    The top Evansville FHA lender as defined by loan originations is MORTGAGE MASTERS OF INDIANA, INC., with 289 FHA loans originated. Their average total fees are $6,659, which is $520 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Evansville FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($4,486), Fifth Third Bank ($5,037), Old National Bank ($5,348), EVANSVILLE TEACHERS ($5,477) and German American Bank ($5,897).

    The lowest rate Evansville FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.16%), LOANDEPOT.COM, LLC (4.47%), HOME POINT FINANCIAL CORPORATION (4.56%), QUICKEN LOANS, LLC (4.65%) and FAIR WAY LENDING LLC (4.74%).

    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. Louis
    Date 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 (19.9%) $211,823 (12.7%) 0.61 760
    2018-04-01 $174,950 (20.7%) $219,527 (14.4%) 0.59 726
    2018-05-01 $174,900 (13.0%) $222,697 (9.1%) 0.58 742
    2018-06-01 $169,789 (12.2%) $222,005 (10.6%) 0.57 834
    2018-07-01 $166,000 (6.6%) $216,682 (6.7%) 0.55 891
    2018-08-01 $164,900 (10.0%) $209,628 (0.8%) 0.55 931
    2018-09-01 $159,900 (6.6%) $209,354 (-1.6%) 0.54 930
    2018-10-01 $164,900 (3.1%) $207,866 (-3.4%) 0.56 954
    2018-11-01 $162,250 (1.4%) $202,545 (-5.8%) 0.55 972
    2018-12-01 $155,000 (4.1%) $194,944 (0.7%) 0.53 927
    2019-01-01 $154,925 (0.0%) $189,687 (-3.6%) 0.54 887
    2019-02-01 $155,300 (0.2%) $191,956 (-3.7%) 0.52 818
    2019-03-01 $169,900 (-1.8%) $204,689 (-3.4%) 0.57 741
    2019-04-01 $177,900 (1.7%) $216,403 (-1.4%) 0.56 745
    2019-05-01 $177,550 (1.5%) $222,191 (-0.2%) 0.55 779
    2019-06-01 $179,900 (6.0%) $224,601 (1.2%) 0.56 779
    2019-07-01 $175,900 (6.0%) $221,536 (2.2%) 0.55 815
    2019-08-01 $169,000 (2.5%) $217,064 (3.6%) 0.53 882
    2019-09-01 $167,575 (4.8%) $218,159 (4.2%) 0.53 910
    2019-10-01 $154,900 (-6.1%) $205,062 (-1.4%) 0.50 955
    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 (1.5%) 0.46 730
    2020-02-01 $145,000 (-6.6%) $197,927 (3.1%) 0.47 620
    2020-03-01 $171,100 (0.7%) $218,706 (6.9%) 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 (9.5%) $248,663 (14.6%) 0.53 425
    2020-09-01 $175,950 (5.0%) $237,464 (8.9%) 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%) 0.51 414
    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
    Evansville's median listing price for 2023-04-01 was $289,000, a difference of $89,000 (44.5%) versus the prior year and $17,100 versus the prior month.

    Evansville's median listing price comes in at 67% of the national average.

    Evansville's average listing price for 2023-04-01 was $345,146, a difference of $90,416 (35.5%) versus the prior year and $-7,387 versus the prior month.

    For the 2023-04-01 period, Evansville had 308 MLS listings, a difference of 15 listings (5%) versus the prior month and 83 listings (37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Evansville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 87 days 1,887 sqft
    2018-02-01 89 days 1,855 sqft
    2018-03-01 81 days 1,992 sqft
    2018-04-01 62 days 1,999 sqft
    2018-05-01 52 days 1,982 sqft
    2018-06-01 46 days 1,961 sqft
    2018-07-01 50 days 1,920 sqft
    2018-08-01 55 days 1,905 sqft
    2018-09-01 59 days 1,902 sqft
    2018-10-01 66 days 1,915 sqft
    2018-11-01 67 days 1,851 sqft
    2018-12-01 73 days 1,850 sqft
    2019-01-01 80 days 1,826 sqft
    2019-02-01 81 days 1,820 sqft
    2019-03-01 74 days 1,889 sqft
    2019-04-01 66 days 1,963 sqft
    2019-05-01 51 days 1,938 sqft
    2019-06-01 53 days 1,963 sqft
    2019-07-01 55 days 1,956 sqft
    2019-08-01 60 days 1,932 sqft
    2019-09-01 64 days 1,925 sqft
    2019-10-01 58 days 1,816 sqft
    2019-11-01 66 days 1,807 sqft
    2019-12-01 80 days 1,728 sqft
    2020-01-01 89 days 1,690 sqft
    2020-02-01 92 days 1,733 sqft
    2020-03-01 64 days 1,875 sqft
    2020-04-01 62 days 1,924 sqft
    2020-05-01 63 days 1,944 sqft
    2020-06-01 55 days 1,978 sqft
    2020-07-01 54 days 1,925 sqft
    2020-08-01 54 days 1,933 sqft
    2020-09-01 46 days 1,906 sqft
    2020-10-01 44 days 1,792 sqft
    2020-11-01 49 days 1,785 sqft
    2020-12-01 55 days 1,640 sqft
    2021-01-01 61 days 1,658 sqft
    2021-02-01 67 days 1,628 sqft
    2021-03-01 45 days 1,683 sqft
    2021-04-01 29 days 1,806 sqft
    2021-05-01 24 days 1,787 sqft
    2021-06-01 23 days 1,855 sqft
    2021-07-01 24 days 1,870 sqft
    2021-08-01 27 days 1,792 sqft
    2021-09-01 39 days 1,784 sqft
    2021-10-01 37 days 1,792 sqft
    2021-11-01 37 days 1,773 sqft
    2021-12-01 44 days 1,760 sqft
    2022-01-01 54 days 1,761 sqft
    2022-02-01 54 days 1,768 sqft
    2022-03-01 31 days 1,653 sqft
    2022-04-01 19 days 1,750 sqft
    2022-05-01 21 days 1,836 sqft
    2022-06-01 23 days 1,926 sqft
    2022-07-01 27 days 1,812 sqft
    2022-08-01 37 days 1,859 sqft
    2022-09-01 42 days 1,890 sqft
    2022-10-01 45 days 1,892 sqft
    2022-11-01 47 days 1,884 sqft
    2022-12-01 57 days 1,878 sqft
    2023-01-01 65 days 1,960 sqft
    2023-02-01 64 days 2,012 sqft
    2023-03-01 54 days 2,018 sqft
    2023-04-01 39 days 2,004 sqft
    Evansville's median listing age (time on market) for 2023-04-01 was 39 days. This is 105% longer than the same period one year ago.

    Evansville's median square footage for active listings during the 2023-04-01 period was 2,004 sqft. One year prior, the average listing was 1,750 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).