Evansville FHA Loans
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 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).