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%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
MORTGAGE MASTERS OF INDIANA, INC. 221 6.77% $6,924
QUICKEN LOANS, LLC 75 6.48% $8,341
EVANSVILLE TEACHERS 59 6.64% $5,882
UNITED WHOLESALE MORTGAGE, LLC 38 6.60% $8,798
Bank of England 37 6.86% $6,741
FBC MORTGAGE, LLC 33 5.00% $8,677
CALIBER HOME LOANS, INC. 26 6.58% $6,478
FREEDOM MORTGAGE CORPORATION 23 7.03% $9,525
Fifth Third Bank 19 6.38% $4,309
PLAZA HOME MORTGAGE, INC. 19 6.45% $7,631
Northpointe Bank 18 6.95% $8,031
NEWREZ LLC 17 6.50% $7,369
RUOFF MORTGAGE COMPANY, INC. 16 6.61% $5,654
MOVEMENT MORTGAGE, LLC 16 7.25% $7,472
LOANDEPOT.COM, LLC 15 6.56% $8,803
AMERISAVE MORTGAGE CORPORATION 13 6.21% $10,702
Equity Prime Mortgage LLC 13 7.04% $9,196
PENNYMAC LOAN SERVICES, LLC 10 6.40% $6,937
Old National Bank 10 6.31% $5,794
Servion, Inc. 9 6.58% $7,213
GVC MORTGAGE, INC. 9 7.11% $8,577
Carrington Mortgage Services, LLC 9 6.57% $9,114
Mr. Cooper ( Nationstar Mortgage ) 9 5.75% $11,029
BROKER SOLUTIONS, INC. 7 7.04% $8,251
MUTUAL OF OMAHA MORTGAGE, INC. 7 7.04% $14,373
German American Bank 7 6.84% $6,315
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.82% $3,674
LAKEVIEW LOAN SERVICING, LLC 5 6.25% $9,634
FAIR WAY LENDING LLC 5 7.25% $8,921
TOP FLITE FINANCIAL, INC. 4 7.50% $13,853
PLANET HOME LENDING, LLC 4 5.63% $6,410
Nations Lending Corporation 4 7.00% $10,083
CARDINAL FINANCIAL 4 6.69% $9,951
INTERLINC MORTGAGE SERVICES, LLC 4 6.72% $9,951
LOANPAL, LLC 4 6.62% $10,653
Century Mortgage Company DBA Century Lending Company 4 6.88% $8,729
Prosperity Home Mortgage, LLC 3 6.79% $9,308
MID AMERICA MORTGAGE, INC. 3 7.79% $3,972
ENDEAVOR CAPITAL, LLC. 3 6.83% $7,720
SUN WEST MORTGAGE COMPANY, INC. 2 6.24% $6,354
AmeriHome Mortgage Company, LLC 2 5.94% $12,298
AmRes Corporation 2 6.00% $9,061
DAS Acquisition Company, LLC 2 6.94% $8,696
JPMorgan Chase Bank 2 6.13% $10,402
LIBERTY HOME MORTGAGE CORPORATION 2 7.19% $9,482
Mortgage Research Center, LLC 2 6.69% $3,079
Regions Bank 2 6.38% $9,083
VILLAGE CAPITAL MORTGAGE 2 5.75% $5,927
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.25% $6,295
GENEVA FINANCIAL, LLC 1 7.75% $9,205
Neighborhood Loans, Inc. 1 6.50% $8,490
Flagstar Bank, FSB 1 6.65% $8,632
EVERETT FINANCIAL, INC. 1 7.13% $7,426
Northwest Bank 1 6.88% $11,564
EMM LOANS LLC 1 6.25% $9,381
EMBRACE HOME LOANS, INC. 1 6.25% $8,753
Plains Commerce Bank 1 6.63% $10,374
CRESCENT MORTGAGE COMPANY 1 6.00% $9,744
Citizens Bank 1 6.75% $5,480
PREMIA MORTGAGE, LLC 1 6.75% $4,695
CHURCHILL MORTGAGE CORPORATION 1 6.25% $8,595
Blue Ridge Bank 1 7.63% $12,384
V.I.P. MORTGAGE, INC. 1 6.63% $21,579
ROYAL UNITED MORTGAGE LLC 1 7.25% $7,047
Barrington Bank & Trust Company, N.A. 1 7.75% $13,221
AXIA FINANCIAL, LLC 1 7.25% $8,243
SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.50% $11,891
STOCKTON MORTGAGE CORPORATION 1 6.75% $8,339
SUCCESS MORTGAGE PARTNERS, INC. 1 7.38% $6,716
AMERICAN FINANCIAL NETWORK, INC. 1 7.38% $11,427
The Federal Savings Bank 1 6.25% $16,766
American Mortgage & Equity Consultants, Inc. 1 6.13% $6,102
TOTAL MORTGAGE SERVICES, LLC 1 6.25% $7,632
UNION HOME MORTGAGE CORP. 1 6.50% $11,321
AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $5,625
U.S. Bank 1 7.75% $5,715
ZILLOW HOME LOANS, LLC 1 6.25% $6,999
MILESTONE HOME LENDING, LLC 1 7.25% $7,275
GUARANTEED RATE, INC. 1 7.25% $7,092

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. 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 (19.5%) $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 for 2024-10-01 was $246,200, a difference of $4,048 (1.7%) versus the prior year and $6,225 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2024-10-01 was 44 days. This is 23% longer than the same period one year ago.

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.

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).