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 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 6.52% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Evansville's average FHA mortgage closing costs are $5,585.

    The average rate for the prior week (2024-07-12) was 6.58% and one month ago for the week of 2024-06-14, the average rate was 6.73%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.51%.

    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

    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).