Gary FHA Loans

GARY, 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.

Gary's 166 lenders originated 4,813 FHA loans during 2021. The total origination value was $934,465,000, with an average FHA loan value of $194,154.

Gary FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Gary averaged 4.77% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

The average rate for the prior week (2022-03-18) was 4.58% and one month ago for the week of 2022-02-18, the average rate was 4.11%.

The average rate one year ago was 3.45%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.62%.

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

Gary FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Gary level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 439 2.72% $6,111
FREEDOM MORTGAGE CORPORATION 235 2.85% $5,119
GUARANTEED RATE, INC. 194 3.03% $7,354
DIRECT MORTGAGE LOANS, LLC 179 3.36% $8,815
CROSSCOUNTRY MORTGAGE, LLC 154 3.27% $7,241
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 152 2.86% $6,547
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 144 3.37% $6,120
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 142 3.50% $7,487
FIRST CENTENNIAL MORTGAGE CORPORATION 139 3.18% $6,340
LAKEVIEW LOAN SERVICING, LLC 136 3.01% $4,393
LOANDEPOT.COM, LLC 106 3.50% $7,259
Mr. Cooper ( Nationstar Mortgage ) 104 3.32% $3,637
CALIBER HOME LOANS, INC. 98 2.91% $5,967
PENNYMAC LOAN SERVICES, LLC 85 3.14% $4,171
AMERICAN PORTFOLIO MORTGAGE CORPORATION 81 3.03% $6,572
Hometown Lenders, Inc. 75 3.46% $7,966
AMERICAN FINANCIAL NETWORK, INC. 71 3.42% $9,106
UNION HOME MORTGAGE CORP. 66 3.34% $7,344
NEWREZ LLC 63 3.00% $4,267
UNITED WHOLESALE MORTGAGE, LLC 61 2.86% $6,807
RUOFF MORTGAGE COMPANY, INC. 57 3.21% $5,677
LEADERONE FINANCIAL CORPORATION 56 3.26% $6,002
Centier Bank 53 3.24% $6,125
CELEBRITY HOME LOANS, LLC 49 3.28% $7,779
UNIVERSITY LENDING GROUP, LLC 47 3.10% $7,486
HOMEBRIDGE FINANCIAL SERVICES, INC. 45 2.70% $5,483
VILLAGE CAPITAL & INVESTMENT LLC 45 2.93% $2,280
Paramount Residential Mortgage Group, Inc. 45 3.75% $8,106
Carrington Mortgage Services, LLC 40 3.39% $7,373
AmeriHome Mortgage Company, LLC 40 3.04% $4,035
HOME POINT FINANCIAL CORPORATION 37 2.88% $4,715
PRIMELENDING, A PLAINSCAPITAL COMPANY 35 3.48% $7,273
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 34 3.19% $7,829
GVC MORTGAGE, INC. 34 3.40% $7,004
Bank of England 34 3.39% $8,802
BROKER SOLUTIONS, INC. 28 3.20% $7,721
AMERISAVE MORTGAGE CORPORATION 28 2.94% $8,885
The Federal Savings Bank 28 3.13% $7,674
HALLMARK HOME MORTGAGE, LLC 25 3.38% $7,402
ACADEMY MORTGAGE CORPORATION 25 3.20% $7,008
LAKE MORTGAGE COMPANY INC 23 2.98% $6,533
AMERICAN PACIFIC MORTGAGE CORPORATION 23 3.33% $8,016
CANOPY MORTGAGE, LLC 23 2.84% $7,229
EAGLE HOME MORTGAGE, LLC 21 3.11% $9,410
RAPID MORTGAGE COMPANY 21 3.35% $8,271
First Guaranty Mortgage Corporation 21 2.90% $5,798
DRAPER AND KRAMER MORTGAGE CORP. 19 3.27% $7,056
SUN WEST MORTGAGE COMPANY, INC. 18 2.65% $5,476
JPMorgan Chase Bank 17 3.07% $4,635
Equity Prime Mortgage LLC 15 3.31% $5,001
Barrington Bank & Trust Company, N.A. 14 3.58% $6,596
Plains Commerce Bank 13 3.02% $6,586
Neighborhood Loans, Inc. 13 3.10% $7,235
Horizon Bank 12 3.31% $5,340
COMPASS MORTGAGE, INC. 12 3.04% $6,595
PRIMARY RESIDENTIAL MORTGAGE, INC. 12 3.20% $8,146
MOVEMENT MORTGAGE, LLC 11 3.32% $6,342
EVERETT FINANCIAL, INC. 11 3.82% $4,361
CMG MORTGAGE, INC. 10 3.14% $6,331
GUARANTEED RATE AFFINITY, LLC 10 2.83% $6,400
OCEANSIDE MORTGAGE COMPANY 9 2.71% $2,474
First Midwest Bank 9 3.04% $6,877
Citizens Bank 9 2.88% $6,682
Fifth Third Bank 8 3.03% $5,788
MUTUAL OF OMAHA MORTGAGE, INC. 8 3.28% $8,005
Flanagan State Bank 7 2.98% $6,314
DAS Acquisition Company, LLC 7 3.51% $6,876
Nations Lending Corporation 7 3.48% $11,604
HOMESIDE FINANCIAL, LLC 7 3.38% $7,593
RELIANCE FIRST CAPITAL, LLC 7 3.09% $6,864
CIBM Bank 6 3.06% $5,979
POLARIS HOME FUNDING CORP. 6 3.21% $8,349
PLAZA HOME MORTGAGE, INC. 6 3.06% $4,605
InterContinental Capital Group, Inc 6 2.60% $7,857
The Huntington National Bank 5 3.08% $7,096
EMBRACE HOME LOANS, INC. 5 3.15% $7,733
MEMBER FIRST MORTGAGE, LLC 5 2.95% $5,575
ENDEAVOR CAPITAL, LLC. 5 2.80% $5,486
PROPER RATE, LLC 5 3.03% $7,178
ZILLOW HOME LOANS, LLC 4 3.13% $6,538
AMERICAN FINANCIAL RESOURCES, INC. 4 3.50% $8,378
BAY EQUITY LLC 4 2.94% $7,455
CITYWIDE HOME LOANS, LLC 4 3.69% $7,488
INLAND BANK & TRUST 4 3.34% $6,996
Mortgage Research Center, LLC 4 3.12% $5,700
Pacor Mortgage Corp 4 2.78% $6,446
PLANET HOME LENDING, LLC 4 2.78% $4,121
SOVEREIGN LENDING GROUP INCORPORATED 4 2.63% $8,864
SUCCESS MORTGAGE PARTNERS, INC. 4 3.56% $8,969
First Merchants Bank 3 2.83% $3,992
LAND HOME FINANCIAL SERVICES, INC. 3 3.75% $8,881
PNC Bank 3 2.96% $4,519
First Financial Bank 3 3.00% $5,799
DHI MORTGAGE COMPANY, LTD. 3 3.04% $5,503
FAIR WAY LENDING LLC 3 2.83% $5,909
PANORAMA MORTGAGE GROUP, LLC 3 3.29% $6,079
MIDLAND MORTGAGE CORPORATION 3 3.42% $5,699
U.S. Bank 3 2.79% $5,573
HOMESTAR FINANCIAL CORPORATION 3 3.08% $7,027
HANCOCK MORTGAGE PARTNERS, LLC 3 3.33% $8,577
UNITED SECURITY FINANCIAL CORP 3 2.75% $5,012
United Fidelity Funding Corp. 3 3.13% $4,421
Key Mortgage Services, Inc. 3 3.42% $8,563
AmRes Corporation 3 2.54% $5,819
TOP FLITE FINANCIAL, INC. 3 3.08% $10,996
Bank of America 3 2.88% $4,767
STEARNS LENDING, LLC 3 2.96% $6,612
BLUELEAF LENDING, LLC 3 2.54% $6,244
MORTGAGE ACCESS CORP. 2 3.25% $10,174
GUILD MORTGAGE COMPANY 2 3.38% $6,275
Manufacturers and Traders Trust Company 2 2.81% $8,195
MID AMERICA MORTGAGE, INC. 2 3.44% $4,006
Mortgage Assurance Inc. 2 2.88% $4,825
GENEVA FINANCIAL, LLC 2 3.44% $7,806
First Home Bank 2 2.88% $7,749
OPEN MORTGAGE, LLC 2 3.44% $8,693
FINANCE OF AMERICA MORTGAGE LLC 2 2.94% $5,217
PHH Mortgage Corporation 2 3.50% $6,148
CROWN MORTGAGE COMPANY 2 3.25% $6,727
CIBC Bank USA 2 3.25% $7,091
CHURCHILL MORTGAGE CORPORATION 2 3.13% $6,952
ROYAL UNITED MORTGAGE LLC 2 3.06% $7,773
BETTER MORTGAGE CORPORATION 2 2.44% $6,957
T2 FINANCIAL LLC 2 2.94% $7,424
The Home Loan Expert LLC 2 3.00% $7,298
UNITED 2 3.06% $6,404
UNITED HOME LOANS, INC. 2 3.31% $6,832
AMERICAN MORTGAGE SERVICE COMPANY 2 3.06% $6,047
AMERICAN FINANCING CORPORATION 2 2.94% $4,024
Ixonia Bank 2 3.88% $8,393
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.75% $9,482
JLB CORPORATION 1 3.25% $8,072
CHERRY CREEK MORTGAGE, LLC 1 2.88% $773
BMO Harris Bank 1 3.75% $5,432
Regions Bank 1 2.75% $6,542
NATIONS RELIABLE LENDING, LLC 1 3.25% $13,517
VANDERBILT MORTGAGE AND FINANCE, INC. 1 2.75% $6,586
INSPIRE HOME LOANS INC. 1 3.50% $8,263
S1L, Inc. 1 2.99% $6,594
Servion, Inc. 1 3.00% $5,995
SOUTHWEST FUNDING, LP 1 4.13% $6,764
Wells Fargo Bank 1 3.00% $7,419
Flagstar Bank, FSB 1 3.25% $6,516
1st Source Bank 1 3.63% $5,484
SUMMIT FUNDING, INC. 1 3.75% $5,738
BAYSHORE MORTGAGE FUNDING, LLC 1 3.00% $5,339
Gold Coast Bank 1 2.75% $3,774
TCF National Bank 1 3.00% $8,291
NATIONS DIRECT MORTGAGE, LLC 1 3.25% $5,452
MORIA DEVELOPMENT, INC. 1 3.50% $6,724
ARC HOME LLC 1 3.63% $4,102
FLAT BRANCH MORTGAGE, INC. 1 3.13% $5,381
VAN DYK MORTGAGE CORPORATION 1 3.63% $6,507
Old Second National Bank 1 3.63% $4,952
Paramount Bank 1 3.63% $7,188
Florida Capital Bank 1 3.13% $5,450
Old National Bank 1 3.75% $5,079
Peoples Bank 1 3.38% $5,754
Union Savings Bank 1 2.75% $4,834
EMM LOANS LLC 1 2.63% $9,176
AMERICAN ADVISORS GROUP 1 3.38% $7,887
Platinum Home Mortgage Corporation 1 2.75% $9,424
OCMBC, INC. 1 3.25% $4,120
Northpointe Bank 1 3.00% $7,295
Hometown Equity Mortgage, LLC 1 4.25% $15,990
CLEARPATH LENDING 1 2.75% $5,004

The top Gary FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 439 FHA loans originated. Their average total fees are $6,111, which is $991 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

The lowest fee Gary FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,280), Mr. Cooper ( Nationstar Mortgage ) ($3,637), AmeriHome Mortgage Company, LLC ($4,035), PENNYMAC LOAN SERVICES, LLC ($4,171) and NEWREZ LLC ($4,267).

The lowest rate Gary FHA lenders (with over 10 loans originated) are SUN WEST MORTGAGE COMPANY, INC. (2.65%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.70%), QUICKEN LOANS, LLC (2.72%), GUARANTEED RATE AFFINITY, LLC (2.83%) and CANOPY MORTGAGE, LLC (2.84%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Gary (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 $288,950 (6.8%) $452,003 (5.0%) 1.06 27,410
2018-02-01 $304,500 (6.5%) $470,283 (4.1%) 1.10 27,874
2018-03-01 $325,000 (8.5%) $489,585 (5.5%) 1.12 29,483
2018-04-01 $335,000 (8.1%) $494,077 (4.4%) 1.12 31,497
2018-05-01 $336,250 (5.2%) $491,926 (3.4%) 1.12 33,604
2018-06-01 $334,900 (4.7%) $483,070 (2.0%) 1.12 36,277
2018-07-01 $327,250 (3.9%) $472,829 (1.4%) 1.09 38,396
2018-08-01 $319,950 (4.9%) $460,744 (1.1%) 1.07 39,499
2018-09-01 $317,900 (6.0%) $454,842 (0.4%) 1.06 40,189
2018-10-01 $312,000 (4.0%) $449,152 (-0.7%) 1.04 39,937
2018-11-01 $302,000 (1.7%) $446,276 (-0.6%) 1.01 37,571
2018-12-01 $297,000 (2.8%) $437,462 (-1.2%) 1.02 32,888
2019-01-01 $297,788 (3.1%) $442,555 (-2.1%) 1.03 30,040
2019-02-01 $312,400 (2.6%) $462,775 (-1.6%) 1.05 30,361
2019-03-01 $327,957 (0.9%) $476,932 (-2.6%) 1.07 32,150
2019-04-01 $339,900 (1.5%) $485,549 (-1.7%) 1.07 34,125
2019-05-01 $339,900 (1.1%) $482,555 (-1.9%) 1.05 36,370
2019-06-01 $339,000 (1.2%) $477,893 (-1.1%) 1.04 38,444
2019-07-01 $332,450 (1.6%) $470,215 (-0.6%) 1.03 39,922
2019-08-01 $326,315 (2.0%) $460,792 (0.0%) 1.03 40,311
2019-09-01 $320,718 (0.9%) $453,105 (-0.4%) 1.02 40,478
2019-10-01 $319,000 (2.2%) $454,656 (1.2%) 1.02 40,147
2019-11-01 $309,900 (2.6%) $448,844 (0.6%) 1.00 36,884
2019-12-01 $299,900 (1.0%) $444,177 (1.5%) 1.00 31,631
2020-01-01 $299,900 (0.7%) $445,683 (0.7%) 1.00 28,727
2020-02-01 $319,900 (2.4%) $466,900 (0.9%) 1.03 29,189
2020-03-01 $328,950 (0.3%) $475,504 (-0.3%) 1.03 29,677
2020-04-01 $324,950 (-4.4%) $464,610 (-4.3%) 1.01 28,345
2020-05-01 $329,900 (-2.9%) $477,698 (-1.0%) 1.00 28,171
2020-06-01 $339,900 (0.3%) $490,505 (2.6%) 0.99 28,064
2020-07-01 $348,450 (4.8%) $499,130 (6.2%) 1.00 27,100
2020-08-01 $349,000 (7.0%) $501,220 (8.8%) 1.00 26,680
2020-09-01 $349,450 (9.0%) $504,956 (11.4%) 1.00 26,967
2020-10-01 $344,900 (8.1%) $500,068 (10.0%) 0.99 27,016
2020-11-01 $335,400 (8.2%) $496,618 (10.6%) 0.96 24,642
2020-12-01 $326,340 (8.8%) $493,986 (11.2%) 0.96 20,938
2021-01-01 $329,500 (9.9%) $505,908 (13.5%) 0.97 17,962
2021-02-01 $342,995 (7.2%) $545,150 (16.8%) 0.99 15,887
2021-03-01 $349,900 (6.4%) $552,641 (16.2%) 0.98 15,400
2021-04-01 $350,000 (7.7%) $553,431 (19.1%) 0.94 16,064
2021-05-01 $355,000 (7.6%) $551,761 (15.5%) 0.93 16,868
2021-06-01 $355,000 (4.4%) $538,278 (9.7%) 0.92 19,112
2021-07-01 $349,900 (0.4%) $521,444 (4.5%) 0.91 21,041
2021-08-01 $341,214 (-2.2%) $499,769 (-0.3%) 0.90 22,155
2021-09-01 $332,450 (-4.9%) $490,671 (-2.8%) 0.87 22,176
2021-10-01 $329,900 (-4.4%) $487,370 (-2.5%) 0.87 21,533
2021-11-01 $322,445 (-3.9%) $484,174 (-2.5%) 0.85 18,752
2021-12-01 $312,500 (-4.2%) $478,375 (-3.2%) 0.83 15,437
2022-01-01 $314,900 (-4.4%) $494,700 (-2.2%) 0.84 12,585
Gary's median listing price for 2022-01-01 was $314,900, a difference of $-14,600 (-4.4%) versus the prior year and $2,400 versus the prior month.

Gary's median listing price comes in at 84% of the national average.

Gary's average listing price for 2022-01-01 was $494,700, a difference of $-11,208 (-2.2%) versus the prior year and $16,325 versus the prior month.

For the 2022-01-01 period, Gary had 12,585 MLS listings, a difference of -2,852 listings (-18%) versus the prior month and -5,377 listings (-30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Gary (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,918 sqft
2018-02-01 56 days 1,980 sqft
2018-03-01 43 days 2,008 sqft
2018-04-01 41 days 2,044 sqft
2018-05-01 41 days 2,048 sqft
2018-06-01 42 days 2,039 sqft
2018-07-01 44 days 2,007 sqft
2018-08-01 47 days 2,000 sqft
2018-09-01 49 days 1,988 sqft
2018-10-01 51 days 1,948 sqft
2018-11-01 56 days 1,922 sqft
2018-12-01 68 days 1,880 sqft
2019-01-01 73 days 1,880 sqft
2019-02-01 56 days 1,921 sqft
2019-03-01 43 days 1,974 sqft
2019-04-01 39 days 2,003 sqft
2019-05-01 41 days 2,022 sqft
2019-06-01 43 days 2,015 sqft
2019-07-01 44 days 2,001 sqft
2019-08-01 47 days 1,981 sqft
2019-09-01 49 days 1,949 sqft
2019-10-01 49 days 1,952 sqft
2019-11-01 56 days 1,922 sqft
2019-12-01 68 days 1,900 sqft
2020-01-01 73 days 1,887 sqft
2020-02-01 45 days 1,938 sqft
2020-03-01 43 days 1,981 sqft
2020-04-01 52 days 1,952 sqft
2020-05-01 60 days 1,985 sqft
2020-06-01 46 days 1,971 sqft
2020-07-01 42 days 1,936 sqft
2020-08-01 42 days 1,900 sqft
2020-09-01 42 days 1,833 sqft
2020-10-01 43 days 1,800 sqft
2020-11-01 50 days 1,753 sqft
2020-12-01 59 days 1,718 sqft
2021-01-01 64 days 1,700 sqft
2021-02-01 47 days 1,698 sqft
2021-03-01 43 days 1,694 sqft
2021-04-01 36 days 1,700 sqft
2021-05-01 36 days 1,726 sqft
2021-06-01 33 days 1,748 sqft
2021-07-01 36 days 1,745 sqft
2021-08-01 36 days 1,717 sqft
2021-09-01 38 days 1,700 sqft
2021-10-01 41 days 1,680 sqft
2021-11-01 45 days 1,649 sqft
2021-12-01 54 days 1,615 sqft
2022-01-01 60 days 1,600 sqft
Gary's median listing age (time on market) for 2022-01-01 was 60 days. This is -6% shorter than the same period one year ago.

Gary's median square footage for active listings during the 2022-01-01 period was 1,600 sqft. One year prior, the average listing was 1,700 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).