Fort Wayne FHA Loans

FORT WAYNE, IN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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).