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 6.8% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.77% and one month ago for the week of 2024-10-04, the average rate was 6.19%.

    The average rate one year ago was 7.64%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

    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

    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).