Evansville FHA Loans

EVANSVILLE, IN-KY

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 86 lenders originated 1,802 FHA loans during 2021. The total origination value was $279,900,000, with an average FHA loan value of $155,327.

    Evansville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Evansville averaged 5.33% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

    The average rate for the prior week (2022-07-29) was 5.17% and one month ago for the week of 2022-07-01, the average rate was 5.46%.

    The average rate one year ago was 3.26%.

    For refis of the same type during the week of 2022-08-05, the average rate was 5.08%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Evansville level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    MORTGAGE MASTERS OF INDIANA, INC. 322 3.04% $5,702
    QUICKEN LOANS, LLC 194 2.81% $5,390
    EVANSVILLE TEACHERS 125 2.90% $5,075
    RUOFF MORTGAGE COMPANY, INC. 94 3.23% $3,929
    FREEDOM MORTGAGE CORPORATION 93 3.07% $4,122
    CALIBER HOME LOANS, INC. 64 3.14% $5,104
    Bank of England 51 3.15% $6,280
    HOME POINT FINANCIAL CORPORATION 44 2.91% $5,835
    UNITED WHOLESALE MORTGAGE, LLC 43 2.74% $6,002
    FBC MORTGAGE, LLC 38 3.05% $7,582
    GVC MORTGAGE, INC. 36 3.60% $6,242
    PENNYMAC LOAN SERVICES, LLC 27 3.25% $3,256
    Mr. Cooper ( Nationstar Mortgage ) 25 3.30% $2,660
    Carrington Mortgage Services, LLC 24 3.80% $5,374
    PLAZA HOME MORTGAGE, INC. 23 3.07% $4,917
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 3.45% $3,371
    Equity Prime Mortgage LLC 21 3.48% $5,068
    Old National Bank 20 3.33% $5,182
    LAKEVIEW LOAN SERVICING, LLC 16 3.00% $4,087
    AmeriHome Mortgage Company, LLC 15 2.95% $3,525
    TOP FLITE FINANCIAL, INC. 15 3.52% $7,407
    AMERISAVE MORTGAGE CORPORATION 14 3.17% $7,024
    FAIR WAY LENDING LLC 12 3.56% $6,346
    NEWREZ LLC 12 2.94% $3,982
    German American Bank 11 2.76% $5,276
    Fifth Third Bank 10 3.08% $4,861
    PRIMARY RESIDENTIAL MORTGAGE, INC. 10 3.74% $6,119
    UNION HOME MORTGAGE CORP. 9 2.90% $5,141
    MOVEMENT MORTGAGE, LLC 8 3.69% $5,458
    VILLAGE CAPITAL & INVESTMENT LLC 8 3.11% $1,313
    BROKER SOLUTIONS, INC. 7 3.03% $7,748
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.77% $5,537
    PLANET HOME LENDING, LLC 6 2.81% $4,623
    First Guaranty Mortgage Corporation 6 2.77% $4,455
    LOANDEPOT.COM, LLC 5 3.50% $5,988
    OCEANSIDE MORTGAGE COMPANY 5 2.80% $2,924
    Century Mortgage Company DBA Century Lending Company 4 3.63% $5,116
    Regions Bank 4 3.19% $4,283
    InterContinental Capital Group, Inc 3 2.79% $5,524
    AMERICAN MORTGAGE SERVICE COMPANY 3 3.50% $6,392
    Citizens Bank 3 3.25% $5,161
    AMERICAN FINANCIAL RESOURCES, INC. 3 3.00% $5,537
    MYCUMORTGAGE, LLC 3 2.88% $4,469
    STOCKTON MORTGAGE CORPORATION 3 2.92% $6,327
    DAS Acquisition Company, LLC 2 3.50% $6,966
    AMERICAN FINANCIAL NETWORK, INC. 2 3.13% $9,695
    American Mortgage & Equity Consultants, Inc. 2 3.38% $6,152
    Barrington Bank & Trust Company, N.A. 2 3.31% $6,175
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 4.13% $6,973
    CROSSCOUNTRY MORTGAGE, LLC 2 3.12% $8,907
    1ST SIGNATURE LENDING, LLC 2 3.19% $8,774
    GUARANTEED RATE, INC. 2 3.06% $7,502
    Magnolia Bank 2 2.75% $5,481
    Mortgage Research Center, LLC 2 3.25% $5,660
    Nations Lending Corporation 2 3.63% $5,780
    Sierra Pacific Mortgage Company, Inc. 2 3.25% $6,589
    SOVEREIGN LENDING GROUP INCORPORATED 2 2.75% $6,160
    STEARNS LENDING, LLC 2 3.25% $6,166
    Midwest Mortgage Associates Corporation 1 3.13% $8,309
    Paramount Residential Mortgage Group, Inc. 1 3.25% $6,766
    LEADERONE FINANCIAL CORPORATION 1 2.75% $9,172
    PHH Mortgage Corporation 1 3.75% $7,326
    JLB CORPORATION 1 3.00% $6,131
    Ixonia Bank 1 3.75% $7,289
    POLARIS HOME FUNDING CORP. 1 3.25% $7,100
    INTERLINC MORTGAGE SERVICES, LLC 1 3.25% $7,873
    Hometown Lenders, Inc. 1 2.63% $5,865
    HOMESIDE FINANCIAL, LLC 1 2.88% $6,254
    ENVOY MORTGAGE, LTD 1 3.13% $9,412
    Servion, Inc. 1 2.88% $6,990
    U.S. Bank 1 2.99% $3,503
    SOUTH CENTRAL BANK, INC. 1 3.63% $4,960
    ACOPIA, LLC 1 3.75% $8,263
    ZILLOW HOME LOANS, LLC 1 2.88% $8,553
    EMBRACE HOME LOANS, INC. 1 2.63% $9,857
    Strong Home Mortgage, LLC 1 2.63% $5,835
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.13% $10,716
    The Federal Savings Bank 1 2.75% $9,205
    TIAA, FSB 1 2.75% $6,318
    Colten Mortgage, LLC 1 3.63% $5,713
    Colonial Savings, F.A. 1 3.00% $3,969
    UNITED SECURITY FINANCIAL CORP 1 2.88% $4,420
    AMERICAN FINANCING CORPORATION 1 3.00% $5,907
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $8,147
    NP, Inc. 1 3.00% $7,582
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.75% $4,925

    The top Evansville FHA lender as defined by loan originations is MORTGAGE MASTERS OF INDIANA, INC., with 322 FHA loans originated. Their average total fees are $5,702, which is $312 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Evansville FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,660), PENNYMAC LOAN SERVICES, LLC ($3,256), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($3,371), AmeriHome Mortgage Company, LLC ($3,525) and RUOFF MORTGAGE COMPANY, INC. ($3,929).

    The lowest rate Evansville FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.74%), German American Bank (2.76%), QUICKEN LOANS, LLC (2.81%), EVANSVILLE TEACHERS (2.90%) and HOME POINT FINANCIAL CORPORATION (2.91%).

    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

    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).