Frankfort FHA Loan Rates, Closing Costs & Stats

Frankfort, IN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 46 lenders originated 112 FHA loans during 2024. The total origination value was $21,420,000, with an average FHA loan value of $191,250.

    Frankfort FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Frankfort averaged 0.35% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Frankfort's average FHA mortgage closing costs are $5,943.

    The average rate for the prior week (2025-06-13) was 7.03% and one month ago for the week of 2025-05-16, the average rate was 6.89%.

    The average rate one year ago was 6.85%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.1%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 18 6.81% $5,727
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 7.02% $6,434
    QUICKEN LOANS, LLC 8 6.43% $9,473
    First Merchants Bank 6 6.85% $6,424
    UNITED WHOLESALE MORTGAGE, LLC 4 6.09% $14,030
    PENNYMAC LOAN SERVICES, LLC 4 6.19% $10,862
    HALLMARK HOME MORTGAGE, LLC 3 7.29% $8,074
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $7,146
    Nations Lending Corporation 2 7.13% $7,900
    VILLAGE CAPITAL MORTGAGE 2 6.62% $6,520
    CROSSCOUNTRY MORTGAGE, LLC 2 5.56% $11,096
    LOANDEPOT.COM, LLC 2 6.63% $13,248
    Regions Bank 2 6.75% $6,416
    ROYAL UNITED MORTGAGE LLC 2 5.75% $10,214
    STOCKTON MORTGAGE CORPORATION 2 6.75% $7,939
    Old National Bank 2 6.44% $6,987
    AMERICAN FINANCING CORPORATION 2 5.94% $12,840
    FREEDOM MORTGAGE CORPORATION 2 7.00% $14,442
    NEWREZ LLC 1 6.75% $12,961
    Plains Commerce Bank 1 5.75% $11,274
    Prosperity Home Mortgage, LLC 1 6.25% $5,477
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.75% $14,116
    The Federal Savings Bank 1 6.63% $12,994
    The Huntington National Bank 1 6.75% $7,604
    UNION HOME MORTGAGE CORP. 1 7.25% $7,365
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.99% $10,760
    Wolfe Financial, Inc 1 7.25% $5,439
    AMERICAN FINANCIAL NETWORK, INC. 1 5.63% $10,902
    ZILLOW HOME LOANS, LLC 1 6.63% $7,863
    BROKER SOLUTIONS, INC. 1 6.75% $5,769
    CALCON MUTUAL MORTGAGE LLC 1 6.13% $6,231
    Carrington Mortgage Services, LLC 1 6.63% $8,065
    Centier Bank 1 6.38% $6,609
    CMG MORTGAGE, INC. 1 6.50% $9,023
    Elements Financial Federal Credit Union 1 6.13% $7,581
    Equity Prime Mortgage LLC 1 7.75% $9,151
    FAIR WAY LENDING LLC 1 6.63% $5,900
    FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $6,501
    Flanagan State Bank 1 6.75% $12,637
    FLAT BRANCH MORTGAGE, INC. 1 7.00% $8,841
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.88% $6,029
    GVC MORTGAGE, INC. 1 5.75% $17,131
    LEADERONE FINANCIAL CORPORATION 1 7.13% $11,242
    LOANPAL, LLC 1 5.88% $6,303
    Mortgage Research Center, LLC 1 7.13% $5,723
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.25% $9,766

    The top Frankfort FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 18 FHA loans originated. Their average total fees are $5,727, which is $707 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Frankfort FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,727), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,434), .

    The lowest rate Frankfort FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. (6.81%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (7.02%), .

    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

    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).