Fort Wayne FHA Loans

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 105 lenders originated 2,106 FHA loans during 2021. The total origination value was $330,450,000, with an average FHA loan value of $156,909.

Fort Wayne FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fort Wayne 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 5.37% and one month ago for the week of 2022-07-01, the average rate was 5.76%.

The average rate one year ago was 3.36%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.91%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Fort Wayne level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
RUOFF MORTGAGE COMPANY, INC. 385 3.29% $4,676
QUICKEN LOANS, LLC 197 2.75% $5,295
CALIBER HOME LOANS, INC. 103 2.95% $4,422
FREEDOM MORTGAGE CORPORATION 100 3.01% $3,502
HALLMARK HOME MORTGAGE, LLC 62 3.23% $6,848
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 56 3.38% $5,803
SUCCESS MORTGAGE PARTNERS, INC. 54 3.58% $7,021
GVC MORTGAGE, INC. 47 3.43% $6,331
Mr. Cooper ( Nationstar Mortgage ) 46 3.40% $3,672
PENNYMAC LOAN SERVICES, LLC 33 3.25% $4,090
CROSSCOUNTRY MORTGAGE, LLC 31 3.24% $7,134
DHI MORTGAGE COMPANY, LTD. 30 2.86% $5,857
PRIMARY RESIDENTIAL MORTGAGE, INC. 28 3.35% $5,914
LAKEVIEW LOAN SERVICING, LLC 28 3.07% $4,037
Union Savings Bank 25 2.81% $4,607
NEWREZ LLC 25 2.87% $3,884
UNION HOME MORTGAGE CORP. 24 3.41% $4,630
VAN DYK MORTGAGE CORPORATION 21 3.17% $5,528
V.I.P. MORTGAGE, INC. 19 3.22% $6,770
Flagstar Bank, FSB 18 2.99% $5,764
First Merchants Bank 16 2.80% $4,563
Fifth Third Bank 16 3.05% $5,593
ACADEMY MORTGAGE CORPORATION 15 3.28% $6,693
AMERICAN MORTGAGE SERVICE COMPANY 15 3.17% $5,203
TEACHERS CREDIT UNION 15 2.81% $5,548
VILLAGE CAPITAL & INVESTMENT LLC 14 2.91% $2,318
AmeriHome Mortgage Company, LLC 12 3.05% $3,697
PLAZA HOME MORTGAGE, INC. 11 3.47% $5,526
AMERISAVE MORTGAGE CORPORATION 11 3.14% $6,316
First Guaranty Mortgage Corporation 10 3.08% $5,212
Carrington Mortgage Services, LLC 10 4.08% $5,823
AmRes Corporation 10 3.25% $7,635
POLARIS HOME FUNDING CORP. 10 3.53% $6,750
OCEANSIDE MORTGAGE COMPANY 10 2.80% $2,327
JPMorgan Chase Bank 9 3.00% $3,749
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 3.37% $6,129
Nations Lending Corporation 8 3.30% $5,815
MID AMERICA MORTGAGE, INC. 8 3.61% $4,358
AMERICAN FINANCIAL NETWORK, INC. 8 2.88% $9,164
UNITED WHOLESALE MORTGAGE, LLC 8 2.87% $5,637
HOME POINT FINANCIAL CORPORATION 6 3.25% $3,936
AMERICAN FINANCING CORPORATION 6 2.77% $6,432
PNC Bank 6 2.54% $5,244
Blue Ridge Bank 5 2.88% $5,206
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 3.30% $6,686
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 3.38% $7,084
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.95% $5,751
MICHIGAN MUTUAL, INC. 5 3.10% $5,491
Mortgage Research Center, LLC 4 3.18% $5,205
1st Source Bank 4 3.03% $5,105
SUN WEST MORTGAGE COMPANY, INC. 4 3.18% $5,620
LOANDEPOT.COM, LLC 4 3.25% $4,960
BROKER SOLUTIONS, INC. 4 2.90% $6,355
Citizens Bank 3 2.83% $6,143
KELLER MORTGAGE, LLC 3 3.17% $4,788
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.67% $8,084
SOUTHWEST FUNDING, LP 3 3.88% $7,197
SOVEREIGN LENDING GROUP INCORPORATED 3 2.54% $7,960
Three Rivers Federal Credit Union 3 4.25% $3,987
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.19% $6,346
ROYAL UNITED MORTGAGE LLC 2 3.19% $8,258
EMBRACE HOME LOANS, INC. 2 3.75% $8,054
HOMESIDE FINANCIAL, LLC 2 2.87% $10,224
THRIVE MORTGAGE, LLC 2 3.19% $5,216
First Home Bank 2 3.25% $4,757
Peoples Bank 2 2.94% $5,496
Horizon Bank 2 3.31% $4,586
MYCUMORTGAGE, LLC 2 2.75% $5,633
GUARANTEED RATE, INC. 2 2.88% $4,195
The Federal Savings Bank 2 2.81% $7,623
InterContinental Capital Group, Inc 2 2.81% $6,496
Old National Bank 2 3.13% $6,170
TOP FLITE FINANCIAL, INC. 2 3.38% $9,704
ENDEAVOR CAPITAL, LLC. 2 3.19% $9,046
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.50% $7,459
U.S. Bank 1 3.13% $4,965
AMERICAN FINANCIAL RESOURCES, INC. 1 4.25% $4,757
Advisors Mortgage Group, L.L.C. 1 2.75% $3,759
Waterstone Mortgage Corporation 1 2.50% $5,114
Ixonia Bank 1 3.63% $4,907
Manufacturers and Traders Trust Company 1 3.13% $5,324
ZILLOW HOME LOANS, LLC 1 4.00% $4,185
MORTGAGE 1 INCORPORATED 1 2.88% $12,001
Mortgage Assurance Inc. 1 3.25% $4,082
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $7,830
Neighborhood Loans, Inc. 1 3.00% $4,876
GUARANTEED RATE AFFINITY, LLC 1 2.75% $6,009
Northpointe Bank 1 3.13% $6,542
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.38% $5,386
PLANET HOME LENDING, LLC 1 2.75% $4,391
FirstBank 1 3.00% $8,278
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $5,585
FBC MORTGAGE, LLC 1 2.75% $7,199
PREMIA MORTGAGE, LLC 1 2.75% $4,789
Equity Prime Mortgage LLC 1 3.75% $4,558
Servion, Inc. 1 2.75% $6,427
SIGNATURE MORTGAGE CORPORATION 1 3.25% $8,631
SOUTH CENTRAL BANK, INC. 1 2.75% $5,423
Specialized Loan Servicing LLC 1 2.25% $4,271
STOCKTON MORTGAGE CORPORATION 1 2.75% $6,811
Strong Home Mortgage, LLC 1 2.25% $7,650
CMG MORTGAGE, INC. 1 4.38% $10,979
The Huntington National Bank 1 3.13% $5,063
UNITED 1 3.13% $4,644
United Fidelity Funding Corp. 1 3.13% $6,132

The top Fort Wayne FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 385 FHA loans originated. Their average total fees are $4,676, which is $619 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Fort Wayne FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,318), OCEANSIDE MORTGAGE COMPANY ($2,327), FREEDOM MORTGAGE CORPORATION ($3,502), Mr. Cooper ( Nationstar Mortgage ) ($3,672) and AmeriHome Mortgage Company, LLC ($3,697).

The lowest rate Fort Wayne FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.75%), First Merchants Bank (2.80%), OCEANSIDE MORTGAGE COMPANY (2.80%), TEACHERS CREDIT UNION (2.81%) and Union Savings Bank (2.81%).

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

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 $169,900 (21.4%) $239,791 (-1.8%) 0.63 904
2018-02-01 $176,400 (19.6%) $248,445 (-3.3%) 0.64 855
2018-03-01 $188,000 (8.1%) $267,116 (-10.3%) 0.65 765
2018-04-01 $193,450 (8.1%) $278,525 (7.4%) 0.65 736
2018-05-01 $189,900 (5.6%) $271,480 (5.1%) 0.63 811
2018-06-01 $194,900 (10.0%) $273,985 (10.9%) 0.65 861
2018-07-01 $195,450 (11.7%) $273,237 (10.5%) 0.65 956
2018-08-01 $189,900 (10.2%) $260,944 (3.3%) 0.63 1,017
2018-09-01 $188,945 (8.0%) $256,643 (-0.2%) 0.63 1,090
2018-10-01 $183,950 (8.3%) $254,678 (-1.2%) 0.62 1,083
2018-11-01 $179,900 (8.1%) $249,717 (-1.5%) 0.60 1,065
2018-12-01 $179,900 (12.4%) $252,227 (8.9%) 0.62 924
2019-01-01 $182,400 (7.4%) $253,917 (5.9%) 0.63 832
2019-02-01 $198,900 (12.8%) $271,460 (9.3%) 0.67 720
2019-03-01 $214,900 (14.3%) $274,931 (2.9%) 0.70 627
2019-04-01 $232,936 (20.4%) $274,844 (-1.3%) 0.73 529
2019-05-01 $231,900 (22.1%) $278,610 (2.6%) 0.71 543
2019-06-01 $229,500 (17.8%) $274,541 (0.2%) 0.71 637
2019-07-01 $227,400 (16.4%) $273,818 (0.2%) 0.71 714
2019-08-01 $209,900 (10.5%) $264,216 (1.3%) 0.66 813
2019-09-01 $192,400 (1.8%) $249,724 (-2.7%) 0.61 893
2019-10-01 $198,400 (7.9%) $256,715 (0.8%) 0.63 935
2019-11-01 $189,900 (5.6%) $250,563 (0.3%) 0.61 904
2019-12-01 $193,000 (7.3%) $249,633 (-1.0%) 0.64 810
2020-01-01 $199,307 (9.3%) $250,054 (-1.5%) 0.66 673
2020-02-01 $224,900 (13.1%) $279,587 (3.0%) 0.73 570
2020-03-01 $245,900 (14.4%) $294,062 (7.0%) 0.77 544
2020-04-01 $235,975 (1.3%) $286,644 (4.3%) 0.74 554
2020-05-01 $237,500 (2.4%) $283,684 (1.8%) 0.72 542
2020-06-01 $234,950 (2.4%) $285,912 (4.1%) 0.69 474
2020-07-01 $234,400 (3.1%) $296,154 (8.2%) 0.67 469
2020-08-01 $233,000 (11.0%) $292,682 (10.8%) 0.67 467
2020-09-01 $219,950 (14.3%) $273,308 (9.4%) 0.63 477
2020-10-01 $214,900 (8.3%) $280,501 (9.3%) 0.61 442
2020-11-01 $219,900 (15.8%) $280,541 (12.0%) 0.63 404
2020-12-01 $218,900 (13.4%) $279,930 (12.1%) 0.64 348
2021-01-01 $220,000 (10.4%) $281,192 (12.5%) 0.65 297
2021-02-01 $231,938 (3.1%) $294,684 (5.4%) 0.67 256
2021-03-01 $234,845 (-4.5%) $280,102 (-4.8%) 0.66 231
2021-04-01 $245,395 (4.0%) $298,026 (4.0%) 0.66 198
2021-05-01 $249,900 (5.2%) $303,837 (7.1%) 0.66 210
2021-06-01 $234,124 (-0.4%) $306,497 (7.2%) 0.61 253
2021-07-01 $238,200 (1.6%) $323,369 (9.2%) 0.62 281
2021-08-01 $239,900 (3.0%) $300,417 (2.6%) 0.63 369
2021-09-01 $226,950 (3.2%) $289,568 (6.0%) 0.60 382
2021-10-01 $224,900 (4.7%) $284,860 (1.6%) 0.59 371
2021-11-01 $227,500 (3.5%) $290,974 (3.7%) 0.60 375
2021-12-01 $232,450 (6.2%) $290,286 (3.7%) 0.62 344
2022-01-01 $249,900 (13.6%) $304,434 (8.3%) 0.67 257
2022-02-01 $289,900 (25.0%) $325,185 (10.4%) 0.74 237
2022-03-01 $254,950 (8.6%) $304,904 (8.9%) 0.63 226
2022-04-01 $270,000 (10.0%) $313,486 (5.2%) 0.64 216
2022-05-01 $279,950 (12.0%) $315,579 (3.9%) 0.63 312
2022-06-01 $286,400 (22.3%) $318,756 (4.0%) 0.64 405
Fort Wayne's median listing price for 2022-06-01 was $286,400, a difference of $52,276 (22.3%) versus the prior year and $6,450 versus the prior month.

Fort Wayne's median listing price comes in at 64% of the national average.

Fort Wayne's average listing price for 2022-06-01 was $318,756, a difference of $12,259 (4.0%) versus the prior year and $3,177 versus the prior month.

For the 2022-06-01 period, Fort Wayne had 405 MLS listings, a difference of 93 listings (30%) versus the prior month and 152 listings (60%) 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 70 days 1,865 sqft
2018-02-01 59 days 1,882 sqft
2018-03-01 48 days 1,960 sqft
2018-04-01 41 days 1,984 sqft
2018-05-01 31 days 1,958 sqft
2018-06-01 31 days 2,031 sqft
2018-07-01 32 days 2,054 sqft
2018-08-01 36 days 1,961 sqft
2018-09-01 40 days 1,956 sqft
2018-10-01 41 days 1,956 sqft
2018-11-01 46 days 1,941 sqft
2018-12-01 59 days 1,922 sqft
2019-01-01 63 days 1,897 sqft
2019-02-01 61 days 1,893 sqft
2019-03-01 63 days 1,901 sqft
2019-04-01 55 days 1,918 sqft
2019-05-01 36 days 1,993 sqft
2019-06-01 35 days 2,006 sqft
2019-07-01 34 days 1,944 sqft
2019-08-01 37 days 1,891 sqft
2019-09-01 42 days 1,853 sqft
2019-10-01 44 days 1,898 sqft
2019-11-01 44 days 1,894 sqft
2019-12-01 50 days 1,881 sqft
2020-01-01 59 days 1,878 sqft
2020-02-01 59 days 1,957 sqft
2020-03-01 39 days 1,981 sqft
2020-04-01 40 days 1,938 sqft
2020-05-01 45 days 1,951 sqft
2020-06-01 42 days 1,949 sqft
2020-07-01 38 days 1,967 sqft
2020-08-01 35 days 1,968 sqft
2020-09-01 34 days 1,895 sqft
2020-10-01 35 days 1,910 sqft
2020-11-01 38 days 1,914 sqft
2020-12-01 40 days 1,865 sqft
2021-01-01 44 days 1,818 sqft
2021-02-01 43 days 1,795 sqft
2021-03-01 40 days 1,776 sqft
2021-04-01 37 days 1,837 sqft
2021-05-01 21 days 1,909 sqft
2021-06-01 14 days 1,878 sqft
2021-07-01 22 days 1,914 sqft
2021-08-01 25 days 1,859 sqft
2021-09-01 30 days 1,833 sqft
2021-10-01 31 days 1,846 sqft
2021-11-01 30 days 1,788 sqft
2021-12-01 40 days 1,724 sqft
2022-01-01 46 days 1,780 sqft
2022-02-01 30 days 1,812 sqft
2022-03-01 30 days 1,776 sqft
2022-04-01 24 days 1,828 sqft
2022-05-01 17 days 1,909 sqft
2022-06-01 23 days 1,945 sqft
Fort Wayne's median listing age (time on market) for 2022-06-01 was 23 days. This is 61% longer than the same period one year ago.

Fort Wayne's median square footage for active listings during the 2022-06-01 period was 1,945 sqft. One year prior, the average listing was 1,878 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).