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 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 -0.42% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-02-16) was 6.52% and one month ago for the week of 2024-01-19, the average rate was 6.07%.

The average rate one year ago was 6.03%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.13%.

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 $149,900 (15.7%) $196,453 (12.4%) 0.56 806
2018-02-01 $151,400 (14.9%) $200,485 (11.8%) 0.55 752
2018-03-01 $172,250 (19.9%) $212,525 (14.9%) 0.60 673
2018-04-01 $173,925 (20.7%) $219,841 (16.2%) 0.59 642
2018-05-01 $171,000 (13.0%) $223,990 (11.9%) 0.57 657
2018-06-01 $169,900 (12.3%) $224,475 (13.9%) 0.57 739
2018-07-01 $164,900 (6.9%) $216,989 (8.5%) 0.55 787
2018-08-01 $162,800 (10.0%) $209,485 (1.3%) 0.55 819
2018-09-01 $159,900 (6.6%) $209,499 (-1.7%) 0.54 821
2018-10-01 $163,200 (3.1%) $207,898 (-4.0%) 0.55 851
2018-11-01 $160,725 (1.4%) $202,973 (-6.2%) 0.54 867
2018-12-01 $155,000 (4.1%) $194,372 (0.8%) 0.53 824
2019-01-01 $152,450 (0.0%) $188,617 (-4.0%) 0.53 795
2019-02-01 $157,475 (0.6%) $192,805 (-3.8%) 0.53 734
2019-03-01 $171,329 (-2.8%) $206,682 (-2.8%) 0.56 688
2019-04-01 $179,900 (1.7%) $219,932 (0.0%) 0.57 661
2019-05-01 $179,300 (1.5%) $224,964 (0.4%) 0.56 687
2019-06-01 $179,900 (5.9%) $226,497 (0.9%) 0.56 698
2019-07-01 $171,875 (5.7%) $222,687 (2.6%) 0.54 727
2019-08-01 $160,873 (0.2%) $214,183 (2.2%) 0.51 780
2019-09-01 $154,757 (-0.3%) $208,062 (-0.7%) 0.50 828
2019-10-01 $150,680 (-6.1%) $204,585 (-1.6%) 0.49 857
2019-11-01 $146,450 (-7.6%) $201,109 (-0.9%) 0.48 789
2019-12-01 $139,825 (-7.3%) $195,692 (0.7%) 0.47 721
2020-01-01 $133,750 (-10.5%) $191,931 (1.8%) 0.45 645
2020-02-01 $139,900 (-7.0%) $198,231 (2.8%) 0.46 535
2020-03-01 $172,450 (1.8%) $222,365 (7.6%) 0.54 465
2020-04-01 $178,400 (0.7%) $226,171 (2.8%) 0.56 467
2020-05-01 $179,900 (1.9%) $240,661 (7.0%) 0.55 431
2020-06-01 $189,675 (3.5%) $251,955 (11.2%) 0.56 411
2020-07-01 $184,675 (6.3%) $245,863 (10.4%) 0.54 406
2020-08-01 $189,900 (12.0%) $252,300 (17.8%) 0.54 383
2020-09-01 $178,450 (10.4%) $239,698 (15.2%) 0.51 386
2020-10-01 $176,950 (12.9%) $230,908 (12.9%) 0.51 373
2020-11-01 $164,900 (9.7%) $226,944 (12.9%) 0.48 395
2020-12-01 $149,948 (4.3%) $209,718 (7.2%) 0.45 378
2021-01-01 $159,450 (10.0%) $207,914 (8.3%) 0.48 306
2021-02-01 $163,750 (9.4%) $221,136 (11.6%) 0.48 217
2021-03-01 $164,450 (0.1%) $223,171 (0.4%) 0.47 189
2021-04-01 $185,000 (3.2%) $222,851 (-1.5%) 0.50 187
2021-05-01 $184,900 (0.6%) $226,840 (-5.7%) 0.49 192
2021-06-01 $204,750 (9.8%) $253,239 (0.5%) 0.54 229
2021-07-01 $197,350 (1.3%) $248,295 (1.0%) 0.52 297
2021-08-01 $176,700 (-5.5%) $236,496 (-6.3%) 0.47 348
2021-09-01 $181,300 (0.2%) $234,531 (-2.2%) 0.48 355
2021-10-01 $189,900 (2.9%) $240,234 (4.0%) 0.51 338
2021-11-01 $192,444 (12.8%) $244,465 (7.7%) 0.51 317
2021-12-01 $177,425 (15.0%) $243,877 (16.3%) 0.48 286
2022-01-01 $209,450 (25.6%) $250,978 (20.7%) 0.57 232
2022-02-01 $219,450 (28.4%) $261,165 (18.1%) 0.57 168
2022-03-01 $199,450 (14.7%) $248,741 (11.5%) 0.50 166
2022-04-01 $218,800 (8.1%) $261,577 (17.4%) 0.52 200
2022-05-01 $230,000 (25.0%) $282,961 (24.7%) 0.53 241
2022-06-01 $249,900 (18.7%) $289,718 (14.4%) 0.56 294
2022-07-01 $230,000 (18.2%) $276,044 (11.2%) 0.52 375
2022-08-01 $229,675 (24.7%) $282,886 (19.6%) 0.53 384
2022-09-01 $220,600 (23.8%) $285,077 (21.6%) 0.52 395
2022-10-01 $234,700 (25.0%) $292,326 (21.7%) 0.55 419
2022-11-01 $241,475 (26.0%) $287,893 (17.8%) 0.58 450
2022-12-01 $249,900 (42.1%) $291,828 (19.7%) 0.62 424
2023-01-01 $260,544 (35.6%) $311,291 (24.0%) 0.65 364
2023-02-01 $272,900 (33.0%) $340,693 (30.5%) 0.66 310
2023-03-01 $273,425 (38.4%) $356,427 (43.3%) 0.64 274
2023-04-01 $299,900 (44.5%) $353,623 (35.2%) 0.70 283
2023-05-01 $284,700 (20.9%) $356,155 (25.9%) 0.65 298
2023-06-01 $299,309 (20.2%) $366,350 (26.5%) 0.67 310
2023-07-01 $299,734 (28.7%) $375,519 (36.0%) 0.68 301
2023-08-01 $281,900 (27.6%) $339,407 (20.0%) 0.65 342
2023-09-01 $250,000 (14.5%) $310,149 (8.8%) 0.58 392
2023-10-01 $249,250 (7.6%) $297,642 (1.8%) 0.59 475
2023-11-01 $239,900 (1.9%) $292,125 (1.5%) 0.57 530
2023-12-01 $239,900 (0.0%) $282,605 (-3.2%) 0.59 484
Evansville's median listing price for 2023-12-01 was $239,900, a difference of $-10,000 (0.0%) versus the prior year and $0 versus the prior month.

Evansville's median listing price comes in at 59% of the national average.

Evansville's average listing price for 2023-12-01 was $282,605, a difference of $-9,223 (-3.2%) versus the prior year and $-9,520 versus the prior month.

For the 2023-12-01 period, Evansville had 484 MLS listings, a difference of -46 listings (-9%) versus the prior month and 60 listings (14%) 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 81 days 1,885 sqft
2018-02-01 82 days 1,846 sqft
2018-03-01 73 days 1,965 sqft
2018-04-01 55 days 1,997 sqft
2018-05-01 45 days 1,974 sqft
2018-06-01 43 days 1,958 sqft
2018-07-01 45 days 1,918 sqft
2018-08-01 50 days 1,903 sqft
2018-09-01 57 days 1,904 sqft
2018-10-01 60 days 1,939 sqft
2018-11-01 60 days 1,873 sqft
2018-12-01 67 days 1,861 sqft
2019-01-01 74 days 1,842 sqft
2019-02-01 72 days 1,845 sqft
2019-03-01 68 days 1,913 sqft
2019-04-01 60 days 2,012 sqft
2019-05-01 47 days 1,984 sqft
2019-06-01 52 days 1,971 sqft
2019-07-01 52 days 1,947 sqft
2019-08-01 52 days 1,897 sqft
2019-09-01 52 days 1,845 sqft
2019-10-01 53 days 1,815 sqft
2019-11-01 65 days 1,819 sqft
2019-12-01 80 days 1,744 sqft
2020-01-01 87 days 1,704 sqft
2020-02-01 87 days 1,734 sqft
2020-03-01 59 days 1,884 sqft
2020-04-01 54 days 1,905 sqft
2020-05-01 57 days 1,918 sqft
2020-06-01 50 days 1,992 sqft
2020-07-01 45 days 1,915 sqft
2020-08-01 46 days 1,920 sqft
2020-09-01 35 days 1,887 sqft
2020-10-01 36 days 1,790 sqft
2020-11-01 41 days 1,782 sqft
2020-12-01 46 days 1,645 sqft
2021-01-01 58 days 1,690 sqft
2021-02-01 59 days 1,653 sqft
2021-03-01 31 days 1,690 sqft
2021-04-01 24 days 1,813 sqft
2021-05-01 23 days 1,787 sqft
2021-06-01 22 days 1,862 sqft
2021-07-01 24 days 1,886 sqft
2021-08-01 25 days 1,800 sqft
2021-09-01 39 days 1,799 sqft
2021-10-01 37 days 1,822 sqft
2021-11-01 35 days 1,803 sqft
2021-12-01 45 days 1,773 sqft
2022-01-01 54 days 1,827 sqft
2022-02-01 49 days 1,802 sqft
2022-03-01 29 days 1,665 sqft
2022-04-01 19 days 1,809 sqft
2022-05-01 20 days 1,851 sqft
2022-06-01 22 days 1,959 sqft
2022-07-01 26 days 1,824 sqft
2022-08-01 36 days 1,881 sqft
2022-09-01 40 days 1,910 sqft
2022-10-01 43 days 1,920 sqft
2022-11-01 45 days 1,902 sqft
2022-12-01 56 days 1,895 sqft
2023-01-01 64 days 1,972 sqft
2023-02-01 60 days 2,036 sqft
2023-03-01 47 days 2,037 sqft
2023-04-01 38 days 2,008 sqft
2023-05-01 32 days 2,014 sqft
2023-06-01 38 days 2,033 sqft
2023-07-01 36 days 2,031 sqft
2023-08-01 31 days 1,981 sqft
2023-09-01 36 days 1,940 sqft
2023-10-01 36 days 1,856 sqft
2023-11-01 41 days 1,754 sqft
2023-12-01 51 days 1,728 sqft
Evansville's median listing age (time on market) for 2023-12-01 was 51 days. This is -9% shorter than the same period one year ago.

Evansville's median square footage for active listings during the 2023-12-01 period was 1,728 sqft. One year prior, the average listing was 1,895 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).