Fort Wayne FHA Loan Rates, Closing Costs & Stats

FORT WAYNE, IN

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 96 lenders originated 1,067 FHA loans during 2023. The total origination value was $209,925,000, with an average FHA loan value of $196,743.

Fort Wayne FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fort Wayne averaged 6.04% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

Fort Wayne's average FHA mortgage closing costs are $5,662.

The average rate for the prior week (2024-09-27) was 6.23% and one month ago for the week of 2024-08-30, the average rate was 6.39%.

The average rate one year ago was 7.52%.

For refis of the same type during the week of 2024-10-04, the average rate was 6.03%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
RUOFF MORTGAGE COMPANY, INC. 153 6.94% $6,970
QUICKEN LOANS, LLC 104 6.23% $8,719
HALLMARK HOME MORTGAGE, LLC 55 7.13% $8,683
DHI MORTGAGE COMPANY, LTD. 53 5.32% $7,089
LOANDEPOT.COM, LLC 44 6.92% $9,648
GVC MORTGAGE, INC. 39 7.21% $9,783
GENEVA FINANCIAL, LLC 31 7.20% $8,730
FREEDOM MORTGAGE CORPORATION 30 6.85% $9,793
V.I.P. MORTGAGE, INC. 28 7.09% $11,012
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 21 7.09% $9,151
STOCKTON MORTGAGE CORPORATION 20 7.26% $8,248
Flagstar Bank, FSB 18 6.83% $8,519
First Merchants Bank 18 7.26% $6,131
TEACHERS CREDIT UNION 17 6.40% $6,915
POLARIS HOME FUNDING CORP. 17 6.82% $9,671
ACADEMY MORTGAGE CORPORATION 16 6.58% $8,440
Fifth Third Bank 15 6.33% $5,979
Carrington Mortgage Services, LLC 15 6.36% $8,623
PENNYMAC LOAN SERVICES, LLC 15 5.94% $10,319
Nations Lending Corporation 13 6.83% $8,263
UNITED WHOLESALE MORTGAGE, LLC 13 6.57% $10,539
Mr. Cooper ( Nationstar Mortgage ) 13 6.02% $12,129
NEWREZ LLC 12 6.40% $9,231
BROKER SOLUTIONS, INC. 12 6.74% $9,803
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 7.04% $5,710
THRIVE MORTGAGE, LLC 11 7.02% $8,107
AMERISAVE MORTGAGE CORPORATION 11 6.65% $10,840
Union Savings Bank 10 6.55% $5,481
MOVEMENT MORTGAGE, LLC 9 7.18% $10,076
AMERICAN FINANCING CORPORATION 9 6.61% $11,000
PNC Bank 8 6.64% $5,850
JPMorgan Chase Bank 8 6.84% $4,235
CARDINAL FINANCIAL 7 7.18% $8,793
CROSSCOUNTRY MORTGAGE, LLC 6 6.25% $9,492
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.85% $10,664
VAN DYK MORTGAGE CORPORATION 6 7.15% $7,414
MUTUAL OF OMAHA MORTGAGE, INC. 6 6.75% $9,204
LAKEVIEW LOAN SERVICING, LLC 6 6.15% $9,400
UNION HOME MORTGAGE CORP. 5 7.15% $7,590
PLAZA HOME MORTGAGE, INC. 5 6.45% $6,401
Mortgage Research Center, LLC 5 6.82% $6,162
AmRes Corporation 4 6.28% $9,650
CALIBER HOME LOANS, INC. 4 6.00% $7,535
Blue Ridge Bank 4 6.09% $7,120
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.53% $8,891
ZILLOW HOME LOANS, LLC 3 6.75% $8,605
ENDEAVOR CAPITAL, LLC. 3 6.38% $9,221
FIRST COMMUNITY MORTGAGE, INC. 3 6.79% $11,038
GUARANTEED RATE, INC. 3 7.21% $8,746
LOANPAL, LLC 3 5.88% $9,149
MJW Financial LLC 3 6.75% $7,275
EMM LOANS LLC 2 5.75% $12,147
Regions Bank 2 7.13% $7,985
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.75% $6,791
Northpointe Bank 2 6.69% $7,047
PLANET HOME LENDING, LLC 2 5.50% $7,876
U.S. Bank 2 6.50% $4,942
AMERICAN FINANCIAL RESOURCES, INC. 2 7.00% $11,079
VILLAGE CAPITAL MORTGAGE 2 5.00% $6,788
OCEANSIDE MORTGAGE COMPANY 2 5.81% $7,030
Wells Fargo Bank 2 6.56% $15,264
Loan Simple, Inc. 2 7.50% $10,898
Servion, Inc. 2 6.13% $5,266
EQUITY RESOURCES, INC. 1 7.63% $8,770
RELIANCE FIRST CAPITAL, LLC 1 6.00% $11,224
Residential Mortgage Solutions, Inc. 1 6.13% $9,530
ROSS MORTGAGE CORPORATION 1 6.50% $13,915
ROYAL UNITED MORTGAGE LLC 1 6.75% $9,600
Equity Prime Mortgage LLC 1 7.00% $5,850
SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $7,183
SUN WEST MORTGAGE COMPANY, INC. 1 6.24% $9,859
EMBRACE HOME LOANS, INC. 1 6.75% $13,573
The Federal Savings Bank 1 5.75% $15,468
The Huntington National Bank 1 6.25% $5,847
Three Rivers Federal Credit Union 1 5.75% $2,099
CMG MORTGAGE, INC. 1 6.13% $15,605
TOP FLITE FINANCIAL, INC. 1 6.75% $13,014
TOWNE MORTGAGE COMPANY 1 6.25% $10,676
Century Mortgage Company DBA Century Lending Company 1 6.75% $4,913
BMO Harris Bank 1 6.25% $7,359
AmeriHome Mortgage Company, LLC 1 5.63% $11,890
AMCAP MORTGAGE, LTD. 1 7.50% $9,490
Wolfe Financial, Inc 1 7.63% $11,739
NATIONS DIRECT MORTGAGE, LLC 1 6.25% $10,605
1st Source Bank 1 7.13% $5,318
Mortgage Assurance Inc. 1 7.25% $11,363
NATIONS RELIABLE LENDING, LLC 1 7.63% $5,907
MICHIGAN MUTUAL, INC. 1 7.50% $8,686
PENTAGON FEDERAL CREDIT UNION 1 5.50% $6,206
PHH Mortgage Corporation 1 7.13% $6,462
LENOX FINANCIAL MORTGAGE CORPORATION 1 6.25% $6,947
LEADERONE FINANCIAL CORPORATION 1 7.38% $18,138
KeyBank 1 6.00% $7,866
PREMIA MORTGAGE, LLC 1 5.63% $10,161
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.00% $6,926
Prosperity Home Mortgage, LLC 1 6.75% $4,980

The top Fort Wayne FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 153 FHA loans originated. Their average total fees are $6,970, which is $1,749 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Fort Wayne FHA lenders (with over 10 loans originated) are Union Savings Bank ($5,481), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,710), Fifth Third Bank ($5,979), First Merchants Bank ($6,131) and TEACHERS CREDIT UNION ($6,915).

The lowest rate Fort Wayne FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.32%), PENNYMAC LOAN SERVICES, LLC (5.94%), Mr. Cooper ( Nationstar Mortgage ) (6.02%), QUICKEN LOANS, LLC (6.23%) and Fifth Third Bank (6.33%).

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%) $245,909 (6.6%) 0.65 854
2018-02-01 $182,700 (15.0%) $255,962 (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 (10.3%) 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 (-1.2%) 0.64 1,019
2018-11-01 $185,435 (7.9%) $260,133 (-1.4%) 0.63 1,008
2018-12-01 $185,000 (8.9%) $261,931 (9.1%) 0.64 878
2019-01-01 $187,400 (7.1%) $263,063 (7.0%) 0.65 792
2019-02-01 $208,450 (14.1%) $282,788 (10.5%) 0.70 687
2019-03-01 $220,850 (16.1%) $283,291 (2.3%) 0.72 608
2019-04-01 $233,700 (17.3%) $280,713 (-3.4%) 0.74 521
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 (3.9%) 0.78 540
2020-03-01 $251,400 (13.8%) $303,516 (7.1%) 0.79 525
2020-04-01 $242,038 (3.6%) $294,461 (4.9%) 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 $289,073 (24.9%) $328,633 (11.3%) 0.75 230
2022-03-01 $261,175 (10.2%) $307,663 (9.0%) 0.65 225
2022-04-01 $274,950 (11.0%) $316,202 (3.9%) 0.66 242
2022-05-01 $281,725 (12.9%) $318,391 (3.6%) 0.64 318
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 $289,900 (25.0%) $335,193 (13.7%) 0.70 573
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 (10.6%) $368,481 (12.1%) 0.77 375
2023-03-01 $339,399 (30.0%) $401,810 (30.6%) 0.80 344
2023-04-01 $343,900 (25.1%) $392,544 (24.1%) 0.80 398
2023-05-01 $347,900 (23.5%) $406,860 (27.8%) 0.79 425
2023-06-01 $349,900 (21.4%) $410,903 (28.0%) 0.79 481
2023-07-01 $349,900 (20.8%) $409,221 (23.2%) 0.80 513
2023-08-01 $329,400 (10.0%) $389,689 (15.5%) 0.76 568
2023-09-01 $312,199 (4.1%) $379,774 (12.1%) 0.73 609
2023-10-01 $302,450 (1.2%) $370,164 (9.4%) 0.71 690
2023-11-01 $307,450 (6.1%) $364,164 (8.6%) 0.73 695
2023-12-01 $299,999 (3.5%) $359,171 (8.9%) 0.73 659
2024-01-01 $312,150 (0.7%) $367,476 (4.8%) 0.76 565
2024-02-01 $317,225 (-0.7%) $374,515 (1.6%) 0.76 483
2024-03-01 $324,900 (-4.3%) $390,454 (-2.8%) 0.76 478
2024-04-01 $321,925 (-6.4%) $394,466 (0.5%) 0.75 487
2024-05-01 $339,925 (-2.3%) $417,971 (2.7%) 0.77 553
2024-06-01 $334,900 (-4.3%) $404,124 (-1.7%) 0.75 627
2024-07-01 $313,145 (-10.5%) $372,565 (-9.0%) 0.72 719
2024-08-01 $314,900 (-4.4%) $367,494 (-5.7%) 0.73 742
2024-09-01 $307,900 (-1.4%) $365,176 (-3.8%) 0.00 763
Fort Wayne's median listing price for 2024-09-01 was $307,900, a difference of $-4,299 (-1.4%) versus the prior year and $-7,000 versus the prior month.

Fort Wayne's median listing price comes in at 0% of the national average.

Fort Wayne's average listing price for 2024-09-01 was $365,176, a difference of $-14,598 (-3.8%) versus the prior year and $-2,318 versus the prior month.

For the 2024-09-01 period, Fort Wayne had 763 MLS listings, a difference of 21 listings (3%) versus the prior month and 154 listings (25%) 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 1,880 sqft
2018-02-01 54 days 1,900 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 1,925 sqft
2019-03-01 49 days 1,917 sqft
2019-04-01 45 days 1,925 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 37 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 1,938 sqft
2020-05-01 40 days 1,972 sqft
2020-06-01 38 days 1,968 sqft
2020-07-01 36 days 1,978 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 1,772 sqft
2022-04-01 17 days 1,802 sqft
2022-05-01 15 days 1,889 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 1,844 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
2023-06-01 31 days 2,007 sqft
2023-07-01 32 days 2,030 sqft
2023-08-01 33 days 1,992 sqft
2023-09-01 37 days 1,948 sqft
2023-10-01 37 days 1,952 sqft
2023-11-01 40 days 1,928 sqft
2023-12-01 50 days 1,910 sqft
2024-01-01 57 days 1,917 sqft
2024-02-01 47 days 1,906 sqft
2024-03-01 38 days 1,952 sqft
2024-04-01 39 days 1,921 sqft
2024-05-01 28 days 1,969 sqft
2024-06-01 33 days 1,917 sqft
2024-07-01 37 days 1,840 sqft
2024-08-01 38 days 1,871 sqft
2024-09-01 0 days 1,888 sqft
Fort Wayne's median listing age (time on market) for 2024-09-01 was 0 days. This is -100% shorter than the same period one year ago.

Fort Wayne's median square footage for active listings during the 2024-09-01 period was 1,888 sqft. One year prior, the average listing was 1,948 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).