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 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 6.74% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.79% and one month ago for the week of 2024-06-14, the average rate was 6.75%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.04%.

    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

    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).