Gary FHA Loan Rates, Closing Costs & Stats

GARY, 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.

    Gary FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Gary averaged 0% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Gary's average FHA mortgage closing costs are $0.

    The average rate for the prior week (2023-11-24) was 0% and one month ago for the week of 2023-10-27, the average rate was 0%.

    The average rate one year ago was 0%.

    For refis of the same type during the week of 2023-12-01, the average rate was 0%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Gary level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs

    The lowest fee Gary FHA lenders (with over 10 loans originated) are .

    The lowest rate Gary FHA lenders (with over 10 loans originated) are .

    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 $287,250 (6.0%) $450,243 (4.4%) 1.07 27,462
    2018-02-01 $302,450 (6.1%) $469,283 (4.1%) 1.10 27,948
    2018-03-01 $325,000 (8.5%) $488,512 (5.1%) 1.14 29,775
    2018-04-01 $330,125 (6.8%) $492,279 (4.2%) 1.12 31,629
    2018-05-01 $334,425 (5.3%) $489,964 (3.3%) 1.12 33,742
    2018-06-01 $329,999 (3.9%) $482,144 (2.3%) 1.10 36,367
    2018-07-01 $324,950 (3.2%) $471,234 (1.1%) 1.09 38,489
    2018-08-01 $319,700 (6.2%) $460,191 (1.2%) 1.07 39,562
    2018-09-01 $315,000 (5.0%) $453,688 (0.9%) 1.06 40,227
    2018-10-01 $309,950 (3.4%) $448,876 (-0.6%) 1.05 39,896
    2018-11-01 $299,950 (1.8%) $445,533 (-0.6%) 1.02 37,549
    2018-12-01 $295,000 (2.3%) $437,503 (-1.1%) 1.02 32,860
    2019-01-01 $295,950 (3.0%) $440,642 (-2.1%) 1.02 29,957
    2019-02-01 $309,500 (2.3%) $462,219 (-1.5%) 1.05 30,300
    2019-03-01 $324,429 (-0.2%) $476,348 (-2.5%) 1.06 32,303
    2019-04-01 $338,000 (2.4%) $485,310 (-1.4%) 1.07 34,401
    2019-05-01 $339,250 (1.4%) $480,573 (-1.9%) 1.06 36,833
    2019-06-01 $335,000 (1.5%) $475,608 (-1.4%) 1.05 38,919
    2019-07-01 $329,950 (1.5%) $468,106 (-0.7%) 1.03 40,389
    2019-08-01 $324,413 (1.5%) $459,230 (-0.2%) 1.03 40,814
    2019-09-01 $318,556 (1.1%) $452,746 (-0.2%) 1.02 40,712
    2019-10-01 $314,250 (1.4%) $448,132 (-0.2%) 1.01 40,420
    2019-11-01 $304,900 (1.7%) $442,260 (-0.7%) 1.00 36,900
    2019-12-01 $299,000 (1.4%) $438,806 (0.3%) 1.00 31,663
    2020-01-01 $299,450 (1.2%) $441,961 (0.3%) 1.00 28,838
    2020-02-01 $315,000 (1.8%) $464,351 (0.5%) 1.03 29,383
    2020-03-01 $325,000 (0.2%) $473,373 (-0.6%) 1.02 29,999
    2020-04-01 $323,400 (-4.3%) $463,289 (-4.5%) 1.01 28,557
    2020-05-01 $329,000 (-3.0%) $474,893 (-1.2%) 1.00 28,625
    2020-06-01 $336,220 (0.4%) $486,541 (2.3%) 0.99 28,544
    2020-07-01 $339,997 (3.1%) $494,367 (5.6%) 0.99 27,611
    2020-08-01 $344,900 (6.3%) $499,470 (8.8%) 0.99 27,206
    2020-09-01 $343,533 (7.8%) $502,320 (11.0%) 0.98 27,378
    2020-10-01 $339,900 (8.2%) $497,728 (11.1%) 0.97 27,446
    2020-11-01 $331,995 (8.9%) $494,908 (11.9%) 0.97 24,898
    2020-12-01 $325,000 (8.7%) $492,461 (12.2%) 0.97 21,084
    2021-01-01 $325,000 (8.5%) $502,912 (13.8%) 0.97 18,122
    2021-02-01 $339,450 (7.8%) $540,880 (16.5%) 0.99 16,163
    2021-03-01 $349,000 (7.4%) $548,964 (16.0%) 0.99 15,878
    2021-04-01 $349,900 (8.2%) $549,022 (18.5%) 0.95 16,544
    2021-05-01 $350,000 (6.4%) $545,431 (14.9%) 0.93 17,477
    2021-06-01 $350,000 (4.1%) $534,307 (9.8%) 0.92 19,694
    2021-07-01 $349,000 (2.7%) $518,714 (4.9%) 0.92 21,816
    2021-08-01 $337,450 (-2.2%) $497,393 (-0.4%) 0.90 22,741
    2021-09-01 $329,900 (-4.0%) $488,040 (-2.8%) 0.88 22,673
    2021-10-01 $325,900 (-4.1%) $484,824 (-2.6%) 0.87 21,991
    2021-11-01 $319,950 (-3.6%) $482,040 (-2.6%) 0.86 19,186
    2021-12-01 $312,200 (-3.9%) $476,994 (-3.1%) 0.85 15,719
    2022-01-01 $310,000 (-4.6%) $489,343 (-2.7%) 0.84 12,837
    2022-02-01 $322,500 (-5.0%) $513,933 (-5.0%) 0.84 11,725
    2022-03-01 $332,450 (-4.7%) $523,593 (-4.6%) 0.83 12,152
    2022-04-01 $349,900 (0.0%) $531,824 (-3.1%) 0.83 12,382
    2022-05-01 $354,900 (1.4%) $535,363 (-1.9%) 0.81 14,846
    2022-06-01 $359,900 (2.8%) $530,444 (-0.7%) 0.80 17,050
    2022-07-01 $350,000 (0.3%) $513,670 (-1.0%) 0.79 19,719
    2022-08-01 $349,450 (3.6%) $507,873 (2.1%) 0.81 19,915
    2022-09-01 $340,000 (3.1%) $502,182 (2.9%) 0.79 19,798
    2022-10-01 $339,700 (4.2%) $498,038 (2.7%) 0.80 19,805
    2022-11-01 $329,950 (3.1%) $490,600 (1.8%) 0.79 19,018
    2022-12-01 $322,425 (3.3%) $481,210 (0.9%) 0.80 16,289
    2023-01-01 $327,450 (5.6%) $492,894 (0.7%) 0.81 14,258
    2023-02-01 $337,495 (4.7%) $517,753 (0.7%) 0.82 12,900
    2023-03-01 $352,400 (6.0%) $544,425 (4.0%) 0.83 12,275
    2023-04-01 $369,000 (5.5%) $567,393 (6.7%) 0.86 11,824
    2023-05-01 $376,000 (6.0%) $591,727 (10.5%) 0.85 12,097
    2023-06-01 $382,500 (6.3%) $589,718 (11.2%) 0.86 13,059
    2023-07-01 $389,000 (11.1%) $586,937 (14.3%) 0.88 13,966
    2023-08-01 $384,500 (10.0%) $578,186 (13.8%) 0.88 14,426
    2023-09-01 $375,000 (10.3%) $565,520 (12.6%) 0.87 14,996
    2023-10-01 $369,950 (8.9%) $559,841 (12.4%) 0.87 15,411
    2023-11-01 $360,000 (9.1%) $548,387 (11.8%) 0.86 15,247
    Gary's median listing price for 2023-11-01 was $360,000, a difference of $30,050 (9.1%) versus the prior year and $-9,950 versus the prior month.

    Gary's median listing price comes in at 86% of the national average.

    Gary's average listing price for 2023-11-01 was $548,387, a difference of $57,787 (11.8%) versus the prior year and $-11,454 versus the prior month.

    For the 2023-11-01 period, Gary had 15,247 MLS listings, a difference of -164 listings (-1%) versus the prior month and -3,771 listings (-20%) 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 1,893 sqft
    2018-02-01 54 days 1,950 sqft
    2018-03-01 43 days 2,000 sqft
    2018-04-01 40 days 2,017 sqft
    2018-05-01 40 days 2,021 sqft
    2018-06-01 42 days 2,016 sqft
    2018-07-01 44 days 2,000 sqft
    2018-08-01 47 days 1,980 sqft
    2018-09-01 49 days 1,967 sqft
    2018-10-01 51 days 1,935 sqft
    2018-11-01 56 days 1,902 sqft
    2018-12-01 67 days 1,868 sqft
    2019-01-01 73 days 1,865 sqft
    2019-02-01 55 days 1,906 sqft
    2019-03-01 43 days 1,963 sqft
    2019-04-01 39 days 2,000 sqft
    2019-05-01 40 days 2,000 sqft
    2019-06-01 43 days 2,000 sqft
    2019-07-01 45 days 2,000 sqft
    2019-08-01 48 days 1,972 sqft
    2019-09-01 51 days 1,941 sqft
    2019-10-01 54 days 1,918 sqft
    2019-11-01 61 days 1,900 sqft
    2019-12-01 74 days 1,871 sqft
    2020-01-01 76 days 1,864 sqft
    2020-02-01 45 days 1,920 sqft
    2020-03-01 43 days 1,961 sqft
    2020-04-01 51 days 1,935 sqft
    2020-05-01 59 days 1,958 sqft
    2020-06-01 45 days 1,943 sqft
    2020-07-01 41 days 1,911 sqft
    2020-08-01 40 days 1,875 sqft
    2020-09-01 40 days 1,810 sqft
    2020-10-01 43 days 1,794 sqft
    2020-11-01 50 days 1,734 sqft
    2020-12-01 58 days 1,700 sqft
    2021-01-01 64 days 1,680 sqft
    2021-02-01 45 days 1,677 sqft
    2021-03-01 40 days 1,676 sqft
    2021-04-01 33 days 1,697 sqft
    2021-05-01 33 days 1,703 sqft
    2021-06-01 32 days 1,728 sqft
    2021-07-01 33 days 1,728 sqft
    2021-08-01 36 days 1,704 sqft
    2021-09-01 38 days 1,692 sqft
    2021-10-01 40 days 1,672 sqft
    2021-11-01 45 days 1,643 sqft
    2021-12-01 53 days 1,603 sqft
    2022-01-01 59 days 1,600 sqft
    2022-02-01 39 days 1,600 sqft
    2022-03-01 34 days 1,621 sqft
    2022-04-01 30 days 1,654 sqft
    2022-05-01 29 days 1,700 sqft
    2022-06-01 30 days 1,721 sqft
    2022-07-01 32 days 1,730 sqft
    2022-08-01 36 days 1,723 sqft
    2022-09-01 40 days 1,707 sqft
    2022-10-01 40 days 1,709 sqft
    2022-11-01 44 days 1,703 sqft
    2022-12-01 54 days 1,698 sqft
    2023-01-01 60 days 1,700 sqft
    2023-02-01 44 days 1,703 sqft
    2023-03-01 40 days 1,744 sqft
    2023-04-01 38 days 1,784 sqft
    2023-05-01 34 days 1,800 sqft
    2023-06-01 34 days 1,802 sqft
    2023-07-01 36 days 1,815 sqft
    2023-08-01 36 days 1,803 sqft
    2023-09-01 37 days 1,800 sqft
    2023-10-01 37 days 1,799 sqft
    2023-11-01 41 days 1,779 sqft
    Gary's median listing age (time on market) for 2023-11-01 was 41 days. This is -7% shorter than the same period one year ago.

    Gary's median square footage for active listings during the 2023-11-01 period was 1,779 sqft. One year prior, the average listing was 1,703 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).