Frankfort FHA Loan Rates, Closing Costs & Stats

Frankfort, IN

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    • 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 7.13% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 7.12% and one month ago for the week of 2024-03-15, the average rate was 6.89%.

    The average rate one year ago was 6.42%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

    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
    Frankfort's median listing price for 2024-03-01 was $265,000, a difference of $60,500 (29.6%) versus the prior year and $16,250 versus the prior month.

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

    Frankfort's average listing price for 2024-03-01 was $275,840, a difference of $51,302 (22.9%) versus the prior year and $17,877 versus the prior month.

    For the 2024-03-01 period, Frankfort had 26 MLS listings, a difference of 3 listings (13%) versus the prior month and 2 listings (8%) 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
    Frankfort's median listing age (time on market) for 2024-03-01 was 0 days.

    Frankfort's median square footage for active listings during the 2024-03-01 period was 1,772 sqft. One year prior, the average listing was 1,712 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).