Fort Wayne FHA Loan Rates, Closing Costs & Stats

FORT WAYNE, IN

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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.

    Fort Wayne's 95 lenders originated 1,328 FHA loans during 2022. The total origination value was $243,830,000, with an average FHA loan value of $183,607.

    Fort Wayne FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fort Wayne averaged -0.3% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

    Fort Wayne's average FHA mortgage closing costs are $5,311.

    The average rate for the prior week (2023-05-26) was 6.33% and one month ago for the week of 2023-04-28, the average rate was 6.08%.

    The average rate one year ago was 5.13%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.03%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Fort Wayne 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 Fort Wayne level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 263 5.31% $6,233
    QUICKEN LOANS, LLC 168 4.67% $8,310
    HALLMARK HOME MORTGAGE, LLC 62 5.61% $8,024
    GVC MORTGAGE, INC. 51 5.48% $7,571
    ACADEMY MORTGAGE CORPORATION 35 5.90% $8,144
    LOANDEPOT.COM, LLC 34 5.66% $8,204
    CALIBER HOME LOANS, INC. 33 4.58% $7,206
    FREEDOM MORTGAGE CORPORATION 31 5.14% $7,728
    DHI MORTGAGE COMPANY, LTD. 30 4.04% $6,929
    CROSSCOUNTRY MORTGAGE, LLC 30 5.26% $6,591
    Mr. Cooper ( Nationstar Mortgage ) 24 4.74% $8,953
    Flagstar Bank, FSB 22 5.41% $7,000
    V.I.P. MORTGAGE, INC. 22 5.40% $10,705
    GENEVA FINANCIAL, LLC 20 6.25% $9,195
    Union Savings Bank 18 5.60% $5,981
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 18 5.92% $8,212
    TEACHERS CREDIT UNION 17 5.01% $7,096
    AMERISAVE MORTGAGE CORPORATION 16 4.72% $8,632
    PNC Bank 14 4.79% $5,140
    Fifth Third Bank 13 5.38% $4,457
    VAN DYK MORTGAGE CORPORATION 13 5.13% $6,461
    Carrington Mortgage Services, LLC 13 5.07% $9,162
    UNION HOME MORTGAGE CORP. 13 4.70% $7,754
    POLARIS HOME FUNDING CORP. 13 5.80% $8,985
    SUCCESS MORTGAGE PARTNERS, INC. 12 4.55% $8,255
    Nations Lending Corporation 12 5.66% $8,780
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 5.32% $7,506
    PENNYMAC LOAN SERVICES, LLC 11 3.86% $7,303
    NEWREZ LLC 11 5.77% $8,672
    First Merchants Bank 11 4.68% $5,867
    BROKER SOLUTIONS, INC. 10 4.67% $9,312
    JPMorgan Chase Bank 10 4.74% $4,824
    CARDINAL FINANCIAL 9 4.80% $6,897
    LAKEVIEW LOAN SERVICING, LLC 9 4.64% $7,149
    AmRes Corporation 8 5.19% $7,994
    Citizens Bank 8 4.75% $5,957
    AMERICAN MORTGAGE SERVICE COMPANY 8 4.16% $6,836
    PLAZA HOME MORTGAGE, INC. 7 5.27% $5,694
    AMERICAN FINANCING CORPORATION 6 4.50% $6,653
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 5.44% $7,969
    MID AMERICA MORTGAGE, INC. 5 5.50% $4,266
    UNITED WHOLESALE MORTGAGE, LLC 5 6.02% $7,293
    Blue Ridge Bank 5 4.75% $6,046
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 5.65% $9,288
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 4.93% $9,559
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 4.59% $7,325
    PLANET HOME LENDING, LLC 4 5.22% $8,407
    Northpointe Bank 3 5.54% $6,674
    OCEANSIDE MORTGAGE COMPANY 3 5.29% $6,752
    Mortgage Research Center, LLC 3 6.50% $5,261
    The State Bank and Trust Company 3 5.33% $5,749
    1st Source Bank 3 6.58% $5,399
    MICHIGAN MUTUAL, INC. 3 4.08% $7,747
    AMCAP MORTGAGE, LTD. 3 5.88% $10,413
    HOMESIDE FINANCIAL, LLC 3 4.63% $7,334
    NFM, INC. 3 6.13% $9,059
    ZILLOW HOME LOANS, LLC 2 4.75% $6,877
    Bank of England 2 6.25% $9,626
    Equity Prime Mortgage LLC 2 6.63% $6,464
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 6.00% $7,799
    Gateway First Bank 2 5.00% $8,297
    Horizon Bank 2 4.88% $6,009
    LOANPAL, LLC 2 4.44% $15,983
    Loan Simple, Inc. 2 6.38% $12,281
    MORTGAGE ACCESS CORP. 2 6.13% $6,405
    Mortgage Assurance Inc. 2 3.44% $4,193
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.94% $7,928
    Paramount Residential Mortgage Group, Inc. 2 5.81% $9,277
    RELIANCE FIRST CAPITAL, LLC 2 6.63% $8,719
    Servion, Inc. 2 4.88% $6,367
    SUN WEST MORTGAGE COMPANY, INC. 2 5.50% $4,652
    THRIVE MORTGAGE, LLC 2 4.25% $5,931
    TOP FLITE FINANCIAL, INC. 2 4.31% $11,403
    VILLAGE CAPITAL MORTGAGE 2 3.31% $5,270
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.63% $6,535
    FORUM Credit Union 1 5.13% $5,334
    First Home Bank 1 3.50% $5,689
    CHURCHILL MORTGAGE CORPORATION 1 4.25% $5,637
    First Guaranty Mortgage Corporation 1 3.75% $4,758
    Century Mortgage Company DBA Century Lending Company 1 7.13% $6,116
    First Federal Bank of the Midwest 1 4.13% $10,633
    AXIA FINANCIAL, LLC 1 4.63% $9,554
    FIRST COMMUNITY MORTGAGE, INC. 1 6.13% $11,748
    The Huntington National Bank 1 7.00% $6,608
    ENDEAVOR CAPITAL, LLC. 1 6.25% $7,986
    1ST SIGNATURE LENDING, LLC 1 3.75% $16,049
    AmeriHome Mortgage Company, LLC 1 7.13% $6,521
    TOWNE MORTGAGE COMPANY 1 6.25% $7,018
    EMM LOANS LLC 1 4.88% $11,357
    MYCUMORTGAGE, LLC 1 3.00% $4,767
    PHH Mortgage Corporation 1 4.88% $9,090
    MIDLAND MORTGAGE CORPORATION 1 4.25% $8,678
    LIBERTY HOME MORTGAGE CORPORATION 1 5.50% $11,359
    Hometown Lenders, Inc. 1 6.00% $11,148
    HOME POINT FINANCIAL CORPORATION 1 4.63% $7,410

    The top Fort Wayne FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 263 FHA loans originated. Their average total fees are $6,233, which is $2,076 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Fort Wayne FHA lenders (with over 10 loans originated) are Fifth Third Bank ($4,457), JPMorgan Chase Bank ($4,824), PNC Bank ($5,140), First Merchants Bank ($5,867) and Union Savings Bank ($5,981).

    The lowest rate Fort Wayne FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.86%), DHI MORTGAGE COMPANY, LTD. (4.04%), SUCCESS MORTGAGE PARTNERS, INC. (4.55%), CALIBER HOME LOANS, INC. (4.58%) and QUICKEN LOANS, LLC (4.67%).

    Fort Wayne FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FORT WAYNE, IN ALLEN 2022 $420,680 $538,650 $651,050 $809,150
    FORT WAYNE, IN WHITLEY 2022 $420,680 $538,650 $651,050 $809,150
    FORT WAYNE, IN ALLEN 2023 $472,030 $604,400 $730,525 $907,900
    FORT WAYNE, IN WHITLEY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fort Wayne (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 $174,950 (18.8%) $246,025 (6.6%) 0.65 853
    2018-02-01 $182,700 (15.0%) $256,026 (5.5%) 0.66 815
    2018-03-01 $190,272 (2.9%) $276,830 (4.9%) 0.67 715
    2018-04-01 $199,200 (3.1%) $290,711 (6.7%) 0.68 687
    2018-05-01 $193,450 (0.7%) $284,603 (4.6%) 0.65 756
    2018-06-01 $198,250 (5.8%) $284,848 (10.2%) 0.66 787
    2018-07-01 $198,950 (8.8%) $283,526 (9.4%) 0.66 895
    2018-08-01 $193,808 (7.7%) $270,824 (2.1%) 0.65 963
    2018-09-01 $193,085 (7.3%) $267,212 (-0.2%) 0.65 1,016
    2018-10-01 $189,900 (7.8%) $264,584 (-1.3%) 0.64 1,019
    2018-11-01 $185,435 (7.9%) $260,133 (-1.5%) 0.63 1,008
    2018-12-01 $185,000 (8.9%) $261,931 (9.0%) 0.64 878
    2019-01-01 $187,400 (7.1%) $263,063 (6.9%) 0.65 792
    2019-02-01 $208,425 (14.1%) $282,661 (10.4%) 0.70 688
    2019-03-01 $220,657 (16.0%) $283,136 (2.3%) 0.72 609
    2019-04-01 $233,231 (17.1%) $280,534 (-3.5%) 0.74 522
    2019-05-01 $235,549 (21.8%) $287,069 (0.9%) 0.74 538
    2019-06-01 $234,900 (18.5%) $285,050 (0.1%) 0.73 623
    2019-07-01 $229,900 (15.6%) $284,863 (0.5%) 0.72 692
    2019-08-01 $221,745 (14.4%) $282,106 (4.2%) 0.70 750
    2019-09-01 $209,513 (8.5%) $273,777 (2.5%) 0.67 836
    2019-10-01 $199,950 (5.3%) $265,634 (0.4%) 0.65 900
    2019-11-01 $199,614 (7.7%) $259,215 (-0.4%) 0.65 876
    2019-12-01 $205,479 (11.1%) $261,811 (-0.1%) 0.69 778
    2020-01-01 $208,500 (11.3%) $262,055 (-0.4%) 0.70 658
    2020-02-01 $236,900 (13.7%) $293,866 (4.0%) 0.78 540
    2020-03-01 $251,400 (13.9%) $303,516 (7.2%) 0.79 525
    2020-04-01 $242,038 (3.8%) $294,461 (5.0%) 0.76 542
    2020-05-01 $239,900 (1.9%) $289,314 (0.8%) 0.73 542
    2020-06-01 $239,900 (2.1%) $293,929 (3.1%) 0.71 463
    2020-07-01 $238,932 (3.9%) $307,411 (7.9%) 0.69 459
    2020-08-01 $237,800 (7.2%) $305,151 (8.2%) 0.68 455
    2020-09-01 $224,925 (7.4%) $283,435 (3.5%) 0.64 470
    2020-10-01 $219,900 (10.0%) $288,148 (8.5%) 0.63 431
    2020-11-01 $221,418 (10.9%) $288,020 (11.1%) 0.65 402
    2020-12-01 $219,725 (6.9%) $287,222 (9.7%) 0.65 335
    2021-01-01 $222,570 (6.8%) $287,538 (9.7%) 0.66 283
    2021-02-01 $231,375 (-2.3%) $295,359 (0.5%) 0.67 251
    2021-03-01 $237,045 (-5.7%) $282,150 (-7.0%) 0.67 234
    2021-04-01 $247,688 (2.3%) $304,246 (3.3%) 0.67 201
    2021-05-01 $249,450 (4.0%) $307,405 (6.3%) 0.66 205
    2021-06-01 $230,762 (-3.8%) $305,472 (3.9%) 0.61 250
    2021-07-01 $249,950 (4.6%) $338,101 (10.0%) 0.66 293
    2021-08-01 $249,900 (5.1%) $311,285 (2.0%) 0.67 364
    2021-09-01 $232,500 (3.4%) $299,280 (5.6%) 0.62 372
    2021-10-01 $224,900 (2.3%) $286,206 (-0.7%) 0.60 361
    2021-11-01 $231,950 (4.8%) $294,703 (2.3%) 0.62 367
    2021-12-01 $232,400 (5.8%) $289,482 (0.8%) 0.63 342
    2022-01-01 $249,900 (12.3%) $306,411 (6.6%) 0.68 251
    2022-02-01 $289,245 (25.0%) $329,466 (11.6%) 0.75 230
    2022-03-01 $262,425 (10.7%) $308,982 (9.5%) 0.66 226
    2022-04-01 $274,950 (11.0%) $316,202 (3.9%) 0.66 242
    2022-05-01 $282,450 (13.2%) $318,391 (3.6%) 0.65 318
    2022-06-01 $288,140 (24.9%) $320,921 (5.1%) 0.64 402
    2022-07-01 $289,600 (15.9%) $332,197 (-1.8%) 0.65 459
    2022-08-01 $299,450 (19.8%) $337,318 (8.4%) 0.69 458
    2022-09-01 $299,925 (29.0%) $338,893 (13.2%) 0.70 489
    2022-10-01 $299,000 (33.0%) $338,341 (18.2%) 0.70 564
    2022-11-01 $291,150 (25.5%) $335,403 (13.8%) 0.70 572
    2022-12-01 $289,900 (24.7%) $329,821 (13.9%) 0.72 519
    2023-01-01 $309,950 (24.0%) $350,731 (14.5%) 0.77 420
    2023-02-01 $319,600 (10.5%) $368,481 (11.8%) 0.77 375
    2023-03-01 $339,399 (29.3%) $401,810 (30.0%) 0.80 344
    2023-04-01 $343,900 (25.1%) $392,544 (24.1%) 0.80 398
    2023-05-01 $348,150 (23.3%) $406,860 (27.8%) 0.79 424
    Fort Wayne's median listing price for 2023-05-01 was $348,150, a difference of $65,700 (23.3%) versus the prior year and $4,250 versus the prior month.

    Fort Wayne's median listing price comes in at 79% of the national average.

    Fort Wayne's average listing price for 2023-05-01 was $406,860, a difference of $88,469 (27.8%) versus the prior year and $14,316 versus the prior month.

    For the 2023-05-01 period, Fort Wayne had 424 MLS listings, a difference of 26 listings (7%) versus the prior month and 106 listings (33%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fort Wayne (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 66 days 1,881 sqft
    2018-02-01 54 days 1,902 sqft
    2018-03-01 46 days 1,982 sqft
    2018-04-01 41 days 2,031 sqft
    2018-05-01 30 days 1,990 sqft
    2018-06-01 30 days 2,079 sqft
    2018-07-01 30 days 2,078 sqft
    2018-08-01 34 days 1,987 sqft
    2018-09-01 38 days 1,979 sqft
    2018-10-01 39 days 1,983 sqft
    2018-11-01 44 days 1,973 sqft
    2018-12-01 57 days 1,939 sqft
    2019-01-01 62 days 1,921 sqft
    2019-02-01 57 days 1,924 sqft
    2019-03-01 49 days 1,917 sqft
    2019-04-01 45 days 1,924 sqft
    2019-05-01 30 days 2,012 sqft
    2019-06-01 30 days 2,034 sqft
    2019-07-01 30 days 1,980 sqft
    2019-08-01 33 days 1,961 sqft
    2019-09-01 36 days 1,936 sqft
    2019-10-01 40 days 1,918 sqft
    2019-11-01 40 days 1,908 sqft
    2019-12-01 49 days 1,905 sqft
    2020-01-01 58 days 1,907 sqft
    2020-02-01 58 days 1,979 sqft
    2020-03-01 34 days 1,998 sqft
    2020-04-01 40 days 1,940 sqft
    2020-05-01 40 days 1,975 sqft
    2020-06-01 38 days 1,969 sqft
    2020-07-01 36 days 1,981 sqft
    2020-08-01 31 days 1,968 sqft
    2020-09-01 30 days 1,903 sqft
    2020-10-01 33 days 1,914 sqft
    2020-11-01 33 days 1,910 sqft
    2020-12-01 39 days 1,874 sqft
    2021-01-01 39 days 1,818 sqft
    2021-02-01 37 days 1,780 sqft
    2021-03-01 28 days 1,771 sqft
    2021-04-01 24 days 1,837 sqft
    2021-05-01 14 days 1,885 sqft
    2021-06-01 9 days 1,845 sqft
    2021-07-01 16 days 1,931 sqft
    2021-08-01 21 days 1,876 sqft
    2021-09-01 24 days 1,850 sqft
    2021-10-01 26 days 1,843 sqft
    2021-11-01 26 days 1,799 sqft
    2021-12-01 34 days 1,725 sqft
    2022-01-01 40 days 1,792 sqft
    2022-02-01 22 days 1,794 sqft
    2022-03-01 25 days 1,774 sqft
    2022-04-01 17 days 1,802 sqft
    2022-05-01 15 days 1,890 sqft
    2022-06-01 19 days 1,939 sqft
    2022-07-01 24 days 1,978 sqft
    2022-08-01 25 days 1,930 sqft
    2022-09-01 24 days 1,952 sqft
    2022-10-01 29 days 1,906 sqft
    2022-11-01 37 days 1,845 sqft
    2022-12-01 56 days 1,832 sqft
    2023-01-01 68 days 1,832 sqft
    2023-02-01 58 days 1,861 sqft
    2023-03-01 41 days 1,935 sqft
    2023-04-01 29 days 1,880 sqft
    2023-05-01 30 days 1,933 sqft
    Fort Wayne's median listing age (time on market) for 2023-05-01 was 30 days. This is 107% longer than the same period one year ago.

    Fort Wayne's median square footage for active listings during the 2023-05-01 period was 1,933 sqft. One year prior, the average listing was 1,890 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).