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 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 6.29% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

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

The average rate for the prior week (2024-02-23) was 6.28% and one month ago for the week of 2024-01-26, the average rate was 6.07%.

The average rate one year ago was 6.4%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.26%.

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%) $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
Fort Wayne's median listing price for 2024-01-01 was $312,150, a difference of $2,200 (0.7%) versus the prior year and $12,151 versus the prior month.

Fort Wayne's median listing price comes in at 76% of the national average.

Fort Wayne's average listing price for 2024-01-01 was $367,476, a difference of $16,745 (4.8%) versus the prior year and $8,305 versus the prior month.

For the 2024-01-01 period, Fort Wayne had 565 MLS listings, a difference of -94 listings (-14%) versus the prior month and 145 listings (35%) 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
Fort Wayne's median listing age (time on market) for 2024-01-01 was 57 days. This is -16% shorter than the same period one year ago.

Fort Wayne's median square footage for active listings during the 2024-01-01 period was 1,917 sqft. One year prior, the average listing was 1,832 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).