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).