Frankfort FHA Loan Rates, Closing Costs & Stats

Frankfort, 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.

Frankfort's 41 lenders originated 108 FHA loans during 2023. The total origination value was $18,810,000, with an average FHA loan value of $174,167.

Frankfort FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Frankfort averaged 6.97% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Frankfort's average FHA mortgage closing costs are $5,571.

The average rate for the prior week (2024-05-31) was 6.95% and one month ago for the week of 2024-05-03, the average rate was 7.25%.

The average rate one year ago was 7.02%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.69%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Frankfort 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 Frankfort level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
RUOFF MORTGAGE COMPANY, INC. 15 7.16% $5,954
QUICKEN LOANS, LLC 12 6.28% $8,880
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 7.31% $5,598
Regions Bank 4 6.38% $5,102
CALIBER HOME LOANS, INC. 4 6.19% $7,892
UNITED WHOLESALE MORTGAGE, LLC 3 7.21% $8,828
HALLMARK HOME MORTGAGE, LLC 3 7.17% $7,690
Wolfe Financial, Inc 3 7.13% $6,205
THRIVE MORTGAGE, LLC 3 6.83% $9,174
TIB The Independent Bankersbank 2 7.25% $5,684
BROKER SOLUTIONS, INC. 2 7.19% $8,699
Carrington Mortgage Services, LLC 2 5.88% $9,740
Flanagan State Bank 2 7.13% $6,568
FREEDOM MORTGAGE CORPORATION 2 7.00% $9,781
GUILD MORTGAGE COMPANY 2 7.19% $6,939
GVC MORTGAGE, INC. 2 7.13% $6,237
JPMorgan Chase Bank 2 7.00% $4,883
MJW Financial LLC 2 6.43% $6,453
MOVEMENT MORTGAGE, LLC 2 6.56% $10,806
NEWREZ LLC 2 6.44% $9,380
PENNYMAC LOAN SERVICES, LLC 2 6.06% $10,206
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $3,499
American Mortgage & Equity Consultants, Inc. 1 7.63% $6,230
OPEN MORTGAGE, LLC 1 6.75% $6,171
PANORAMA MORTGAGE GROUP, LLC 1 7.25% $7,836
ZILLOW HOME LOANS, LLC 1 6.75% $11,690
PLANET HOME LENDING, LLC 1 5.50% $6,937
PLAZA HOME MORTGAGE, INC. 1 5.63% $4,795
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $8,843
Prosperity Home Mortgage, LLC 1 5.99% $10,148
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.50% $10,481
First Merchants Bank 1 6.63% $5,089
ROYAL UNITED MORTGAGE LLC 1 6.25% $8,411
FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $6,304
Fifth Third Bank 1 6.63% $2,590
1ST SIGNATURE LENDING, LLC 1 7.50% $17,827
TOP FLITE FINANCIAL, INC. 1 6.75% $13,195
LAKEVIEW LOAN SERVICING, LLC 1 6.75% $6,404
Truist 1 6.75% $6,261
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $10,249
CROSSCOUNTRY MORTGAGE, LLC 1 6.63% $9,891

The top Frankfort FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 15 FHA loans originated. Their average total fees are $5,954, which is $2,925 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Frankfort FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,954), QUICKEN LOANS, LLC ($8,880), .

The lowest rate Frankfort FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.28%), RUOFF MORTGAGE COMPANY, INC. (7.16%), .

Frankfort FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
FRANKFORT, IN CLINTON 2022 $420,680 $538,650 $651,050 $809,150
FRANKFORT, IN CLINTON 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Frankfort (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 $75,725 (13.2%) $108,400 (13.7%) 0.00 66
2018-02-01 $75,725 (8.3%) $107,483 (12.7%) 0.00 58
2018-03-01 $76,000 (1.2%) $114,098 (14.7%) 0.00 53
2018-04-01 $100,500 (27.2%) $145,837 (32.5%) 0.00 59
2018-05-01 $97,475 (20.8%) $143,756 (31.0%) 0.00 56
2018-06-01 $109,900 (27.6%) $145,107 (34.3%) 0.00 59
2018-07-01 $111,225 (34.2%) $140,821 (22.2%) 0.00 77
2018-08-01 $121,150 (39.9%) $145,430 (21.5%) 0.00 84
2018-09-01 $117,450 (38.2%) $146,619 (18.1%) 0.00 68
2018-10-01 $106,975 (33.8%) $146,521 (25.1%) 0.00 73
2018-11-01 $132,450 (67.5%) $157,641 (34.9%) 0.00 72
2018-12-01 $134,950 (71.9%) $152,286 (33.2%) 0.00 70
2019-01-01 $138,500 (82.9%) $150,714 (39.0%) 0.00 69
2019-02-01 $134,900 (78.1%) $153,561 (42.9%) 0.00 63
2019-03-01 $138,043 (81.6%) $158,108 (38.6%) 0.00 53
2019-04-01 $139,018 (38.3%) $156,875 (7.6%) 0.00 47
2019-05-01 $138,800 (42.4%) $160,629 (11.7%) 0.00 51
2019-06-01 $138,772 (26.3%) $150,715 (3.9%) 0.00 52
2019-07-01 $140,361 (26.2%) $157,178 (11.6%) 0.00 52
2019-08-01 $135,988 (12.3%) $165,468 (13.8%) 0.00 54
2019-09-01 $135,714 (15.6%) $174,450 (19.0%) 0.00 58
2019-10-01 $134,650 (25.9%) $176,521 (20.5%) 0.00 63
2019-11-01 $129,450 (-2.3%) $165,471 (5.0%) 0.00 54
2019-12-01 $107,975 (-20.0%) $162,319 (6.6%) 0.00 51
2020-01-01 $104,850 (-24.3%) $155,750 (3.3%) 0.00 51
2020-02-01 $94,500 (-30.0%) $150,596 (-1.9%) 0.00 44
2020-03-01 $82,575 (-40.2%) $141,127 (-10.7%) 0.00 36
2020-04-01 $90,750 (-34.7%) $146,484 (-6.6%) 0.00 36
2020-05-01 $115,000 (-17.2%) $151,290 (-5.8%) 0.00 36
2020-06-01 $119,950 (-13.6%) $163,642 (8.6%) 0.00 38
2020-07-01 $119,900 (-14.6%) $141,338 (-10.1%) 0.00 29
2020-08-01 $137,000 (0.7%) $137,629 (-16.8%) 0.00 23
2020-09-01 $119,900 (-11.7%) $135,613 (-22.3%) 0.00 28
2020-10-01 $110,450 (-18.0%) $124,323 (-29.6%) 0.00 33
2020-11-01 $118,900 (-8.2%) $130,819 (-20.9%) 0.00 29
2020-12-01 $117,450 (8.8%) $125,242 (-22.8%) 0.00 30
2021-01-01 $129,950 (23.9%) $128,971 (-17.2%) 0.00 27
2021-02-01 $137,500 (45.5%) $145,584 (-3.3%) 0.00 21
2021-03-01 $141,200 (71.0%) $154,716 (9.6%) 0.00 14
2021-04-01 $134,500 (48.2%) $159,747 (9.1%) 0.00 24
2021-05-01 $136,950 (19.1%) $184,765 (22.1%) 0.00 15
2021-06-01 $136,950 (14.2%) $198,667 (21.4%) 0.00 17
2021-07-01 $129,900 (8.3%) $211,881 (49.9%) 0.00 21
2021-08-01 $171,225 (25.0%) $213,718 (55.3%) 0.00 27
2021-09-01 $172,450 (43.8%) $201,717 (48.8%) 0.00 35
2021-10-01 $165,000 (49.4%) $184,151 (48.1%) 0.00 38
2021-11-01 $170,925 (43.8%) $216,908 (65.8%) 0.00 34
2021-12-01 $148,925 (26.8%) $203,365 (62.4%) 0.00 36
2022-01-01 $141,000 (8.5%) $217,751 (68.8%) 0.00 24
2022-02-01 $141,875 (3.2%) $210,247 (44.4%) 0.00 23
2022-03-01 $143,125 (1.4%) $197,843 (27.9%) 0.00 24
2022-04-01 $159,900 (18.9%) $209,917 (31.4%) 0.00 25
2022-05-01 $158,675 (15.9%) $225,672 (22.1%) 0.00 31
2022-06-01 $161,225 (17.7%) $225,680 (13.6%) 0.00 37
2022-07-01 $169,900 (30.8%) $230,602 (8.8%) 0.00 40
2022-08-01 $175,725 (2.6%) $219,785 (2.8%) 0.00 41
2022-09-01 $179,075 (3.8%) $218,968 (8.6%) 0.00 33
2022-10-01 $165,000 (0.0%) $192,812 (4.7%) 0.00 35
2022-11-01 $177,475 (3.8%) $200,666 (-7.5%) 0.00 34
2022-12-01 $184,900 (24.2%) $204,916 (0.8%) 0.00 33
2023-01-01 $174,450 (23.7%) $195,825 (-10.1%) 0.00 29
2023-02-01 $167,000 (17.7%) $195,767 (-6.9%) 0.00 28
2023-03-01 $204,500 (42.9%) $224,538 (13.5%) 0.00 24
2023-04-01 $229,500 (43.5%) $225,167 (7.3%) 0.00 24
2023-05-01 $234,975 (48.1%) $262,508 (16.3%) 0.00 24
2023-06-01 $265,500 (64.7%) $277,025 (22.8%) 0.00 25
2023-07-01 $259,000 (52.4%) $287,096 (24.5%) 0.00 27
2023-08-01 $219,325 (24.8%) $271,360 (23.5%) 0.00 31
2023-09-01 $239,700 (33.9%) $267,793 (22.3%) 0.00 31
2023-10-01 $244,450 (48.2%) $265,830 (37.9%) 0.00 38
2023-11-01 $230,392 (29.8%) $253,812 (26.5%) 0.00 39
2023-12-01 $228,233 (23.4%) $252,687 (23.3%) 0.00 31
2024-01-01 $222,500 (27.5%) $257,857 (31.7%) 0.00 26
2024-02-01 $248,750 (49.0%) $257,963 (31.8%) 0.00 23
2024-03-01 $265,000 (29.6%) $275,840 (22.9%) 0.00 26
2024-04-01 $247,000 (7.6%) $255,274 (13.4%) 0.00 30
2024-05-01 $232,500 (-1.1%) $240,823 (-8.3%) 0.00 32
Frankfort's median listing price for 2024-05-01 was $232,500, a difference of $-2,475 (-1.1%) versus the prior year and $-14,500 versus the prior month.

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

Frankfort's average listing price for 2024-05-01 was $240,823, a difference of $-21,685 (-8.3%) versus the prior year and $-14,451 versus the prior month.

For the 2024-05-01 period, Frankfort had 32 MLS listings, a difference of 2 listings (7%) versus the prior month and 8 listings (33%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Frankfort (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,526 sqft
2018-02-01 0 days 1,533 sqft
2018-03-01 0 days 1,543 sqft
2018-04-01 0 days 1,829 sqft
2018-05-01 0 days 1,823 sqft
2018-06-01 0 days 1,693 sqft
2018-07-01 0 days 1,530 sqft
2018-08-01 0 days 1,777 sqft
2018-09-01 0 days 1,824 sqft
2018-10-01 0 days 1,816 sqft
2018-11-01 0 days 1,908 sqft
2018-12-01 0 days 1,954 sqft
2019-01-01 0 days 1,968 sqft
2019-02-01 0 days 1,935 sqft
2019-03-01 0 days 1,912 sqft
2019-04-01 0 days 1,850 sqft
2019-05-01 0 days 2,010 sqft
2019-06-01 0 days 1,792 sqft
2019-07-01 0 days 1,736 sqft
2019-08-01 0 days 1,714 sqft
2019-09-01 0 days 1,733 sqft
2019-10-01 0 days 1,748 sqft
2019-11-01 0 days 1,729 sqft
2019-12-01 0 days 1,699 sqft
2020-01-01 0 days 1,648 sqft
2020-02-01 0 days 1,722 sqft
2020-03-01 0 days 1,736 sqft
2020-04-01 0 days 1,770 sqft
2020-05-01 0 days 1,807 sqft
2020-06-01 0 days 2,064 sqft
2020-07-01 0 days 1,978 sqft
2020-08-01 0 days 1,904 sqft
2020-09-01 0 days 1,584 sqft
2020-10-01 0 days 1,581 sqft
2020-11-01 0 days 1,657 sqft
2020-12-01 0 days 1,668 sqft
2021-01-01 0 days 1,656 sqft
2021-02-01 0 days 1,969 sqft
2021-03-01 0 days 1,820 sqft
2021-04-01 0 days 1,798 sqft
2021-05-01 0 days 1,750 sqft
2021-06-01 0 days 1,590 sqft
2021-07-01 0 days 1,640 sqft
2021-08-01 0 days 1,748 sqft
2021-09-01 0 days 1,826 sqft
2021-10-01 0 days 1,622 sqft
2021-11-01 0 days 1,656 sqft
2021-12-01 0 days 1,622 sqft
2022-01-01 0 days 1,715 sqft
2022-02-01 0 days 1,499 sqft
2022-03-01 0 days 1,446 sqft
2022-04-01 0 days 1,574 sqft
2022-05-01 0 days 1,607 sqft
2022-06-01 0 days 1,625 sqft
2022-07-01 0 days 1,820 sqft
2022-08-01 0 days 1,696 sqft
2022-09-01 0 days 1,652 sqft
2022-10-01 0 days 1,646 sqft
2022-11-01 0 days 1,726 sqft
2022-12-01 0 days 1,714 sqft
2023-01-01 0 days 1,691 sqft
2023-02-01 0 days 1,598 sqft
2023-03-01 0 days 1,712 sqft
2023-04-01 0 days 1,691 sqft
2023-05-01 0 days 1,796 sqft
2023-06-01 0 days 1,806 sqft
2023-07-01 0 days 1,824 sqft
2023-08-01 0 days 1,829 sqft
2023-09-01 0 days 1,795 sqft
2023-10-01 0 days 1,804 sqft
2023-11-01 0 days 1,783 sqft
2023-12-01 0 days 1,749 sqft
2024-01-01 0 days 1,751 sqft
2024-02-01 0 days 1,771 sqft
2024-03-01 0 days 1,772 sqft
2024-04-01 0 days 1,636 sqft
2024-05-01 0 days 1,622 sqft
Frankfort's median listing age (time on market) for 2024-05-01 was 0 days.

Frankfort's median square footage for active listings during the 2024-05-01 period was 1,622 sqft. One year prior, the average listing was 1,796 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).