Indiana FHA Loan Rates, Closing Costs & Stats

Indiana, PA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Indiana's 33 lenders originated 85 FHA loans during 2023. The total origination value was $11,765,000, with an average FHA loan value of $138,412.

    Indiana FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Indiana averaged 6.82% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Indiana's average FHA mortgage closing costs are $6,688.

    The average rate for the prior week (2024-04-12) was 6.51% and one month ago for the week of 2024-03-15, the average rate was 6.38%.

    The average rate one year ago was 6.21%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Indiana 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 Indiana level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 12 6.54% $6,852
    NORWICH COMMERCIAL GROUP, INC. 9 6.76% $10,146
    PLAZA HOME MORTGAGE, INC. 8 6.51% $9,596
    UNITED WHOLESALE MORTGAGE, LLC 5 6.60% $8,103
    UNION HOME MORTGAGE CORP. 4 6.88% $6,751
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 6.38% $6,069
    STOCKTON MORTGAGE CORPORATION 2 6.50% $7,293
    Union Savings Bank 2 7.31% $7,446
    First Commonwealth Bank 2 6.19% $7,667
    BROKER SOLUTIONS, INC. 2 6.75% $7,743
    CARDINAL FINANCIAL 2 6.94% $9,549
    PNC Bank 2 7.25% $7,257
    Carrington Mortgage Services, LLC 2 7.13% $8,018
    NATIONS RELIABLE LENDING, LLC 1 7.25% $8,961
    NEWREZ LLC 1 6.75% $6,989
    NEXERA HOLDING LLC 1 5.88% $6,225
    PHH Mortgage Corporation 1 6.63% $8,508
    PLANET HOME LENDING, LLC 1 5.88% $4,466
    RELIANCE FIRST CAPITAL, LLC 1 5.63% $6,164
    AFFORDABLE MORTGAGE ADVISORS, LLC. 1 6.75% $7,065
    WELCOME HOME FINANCE, L.P. 1 6.50% $3,292
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $10,064
    AMERISAVE MORTGAGE CORPORATION 1 6.50% $8,565
    AmeriServ Financial Bank 1 6.38% $8,500
    Barrington Bank & Trust Company, N.A. 1 5.75% $6,976
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $6,046
    Citizens Bank 1 5.75% $8,308
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $7,309
    First National Bank of Pennsylvania 1 7.13% $6,307
    GUILD MORTGAGE COMPANY 1 6.63% $14,022
    JPMorgan Chase Bank 1 6.99% $1,671
    LOANPAL, LLC 1 7.00% $7,237
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $11,710

    The top Indiana FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 12 FHA loans originated. Their average total fees are $6,852, which is $3,294 lower than the next largest lender, NORWICH COMMERCIAL GROUP, INC..

    The lowest fee Indiana FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($6,852), .

    The lowest rate Indiana FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.54%), .

    Indiana FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    INDIANA, PA INDIANA 2022 $420,680 $538,650 $651,050 $809,150
    INDIANA, PA INDIANA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Indiana (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 $108,500 (-8.8%) $155,356 (-5.6%) 0.00 373
    2018-02-01 $111,450 (-7.1%) $155,305 (-10.1%) 0.00 349
    2018-03-01 $115,500 (-7.5%) $156,670 (-11.6%) 0.00 344
    2018-04-01 $122,400 (-4.5%) $159,790 (-8.7%) 0.00 356
    2018-05-01 $129,900 (2.2%) $163,172 (-6.8%) 0.00 380
    2018-06-01 $129,900 (4.0%) $163,626 (-5.6%) 0.00 392
    2018-07-01 $125,575 (0.5%) $161,432 (-5.5%) 0.00 397
    2018-08-01 $124,900 (3.1%) $161,310 (-2.6%) 0.00 416
    2018-09-01 $129,900 (12.0%) $164,923 (2.7%) 0.00 401
    2018-10-01 $128,250 (11.5%) $166,816 (6.0%) 0.00 377
    2018-11-01 $129,225 (12.4%) $168,657 (6.1%) 0.00 364
    2018-12-01 $129,000 (17.3%) $168,330 (6.9%) 0.00 346
    2019-01-01 $129,450 (19.3%) $171,573 (10.4%) 0.00 329
    2019-02-01 $129,900 (16.6%) $169,681 (9.3%) 0.00 314
    2019-03-01 $133,993 (16.0%) $177,778 (13.5%) 0.00 310
    2019-04-01 $140,200 (14.5%) $186,901 (17.0%) 0.00 309
    2019-05-01 $139,900 (7.7%) $182,216 (11.7%) 0.00 311
    2019-06-01 $144,000 (10.9%) $183,903 (12.4%) 0.00 328
    2019-07-01 $139,450 (11.1%) $179,331 (11.1%) 0.00 325
    2019-08-01 $133,936 (7.2%) $175,560 (8.8%) 0.00 326
    2019-09-01 $131,666 (1.4%) $174,387 (5.7%) 0.00 318
    2019-10-01 $129,900 (1.3%) $173,605 (4.1%) 0.00 312
    2019-11-01 $129,900 (0.5%) $176,788 (4.8%) 0.00 308
    2019-12-01 $125,950 (-2.4%) $170,236 (1.1%) 0.00 286
    2020-01-01 $125,000 (-3.4%) $169,501 (-1.2%) 0.00 271
    2020-02-01 $120,950 (-6.9%) $166,422 (-1.9%) 0.00 250
    2020-03-01 $121,175 (-9.6%) $172,538 (-3.0%) 0.00 233
    2020-04-01 $124,950 (-10.9%) $170,253 (-8.9%) 0.00 227
    2020-05-01 $125,000 (-10.7%) $177,602 (-2.5%) 0.00 231
    2020-06-01 $135,925 (-5.6%) $184,967 (0.6%) 0.00 216
    2020-07-01 $131,500 (-5.7%) $186,357 (3.9%) 0.00 220
    2020-08-01 $129,900 (-3.0%) $186,558 (6.3%) 0.00 216
    2020-09-01 $124,925 (-5.1%) $182,619 (4.7%) 0.00 206
    2020-10-01 $124,900 (-3.9%) $185,426 (6.8%) 0.00 194
    2020-11-01 $124,900 (-3.9%) $182,429 (3.2%) 0.00 191
    2020-12-01 $124,900 (-0.8%) $185,261 (8.8%) 0.00 173
    2021-01-01 $124,900 (-0.1%) $186,448 (10.0%) 0.00 168
    2021-02-01 $128,950 (6.6%) $189,529 (13.9%) 0.00 143
    2021-03-01 $122,400 (1.0%) $184,332 (6.8%) 0.00 140
    2021-04-01 $130,300 (4.3%) $198,798 (16.8%) 0.00 121
    2021-05-01 $134,900 (7.9%) $194,718 (9.6%) 0.00 116
    2021-06-01 $139,650 (2.7%) $193,900 (4.8%) 0.00 110
    2021-07-01 $129,900 (-1.2%) $189,450 (1.7%) 0.00 113
    2021-08-01 $127,400 (-1.9%) $183,959 (-1.4%) 0.00 124
    2021-09-01 $132,400 (6.0%) $177,348 (-2.9%) 0.00 131
    2021-10-01 $129,900 (4.0%) $176,469 (-4.8%) 0.00 124
    2021-11-01 $124,450 (-0.4%) $176,899 (-3.0%) 0.00 133
    2021-12-01 $122,350 (-2.0%) $176,118 (-4.9%) 0.00 126
    2022-01-01 $127,000 (1.7%) $177,382 (-4.9%) 0.00 111
    2022-02-01 $113,975 (-11.6%) $167,141 (-11.8%) 0.00 94
    2022-03-01 $127,000 (3.8%) $173,678 (-5.8%) 0.00 87
    2022-04-01 $129,000 (-1.0%) $180,704 (-9.1%) 0.00 74
    2022-05-01 $143,650 (6.5%) $191,978 (-1.4%) 0.00 89
    2022-06-01 $149,450 (7.0%) $192,261 (-0.9%) 0.00 94
    2022-07-01 $149,900 (15.4%) $202,320 (6.8%) 0.00 119
    2022-08-01 $149,900 (17.7%) $204,269 (11.0%) 0.00 112
    2022-09-01 $141,784 (7.1%) $203,886 (15.0%) 0.00 114
    2022-10-01 $137,235 (5.7%) $189,713 (7.5%) 0.00 113
    2022-11-01 $139,675 (12.2%) $187,483 (6.0%) 0.00 108
    2022-12-01 $139,900 (14.3%) $179,659 (2.0%) 0.00 92
    2023-01-01 $137,235 (8.1%) $182,132 (2.7%) 0.00 84
    2023-02-01 $139,000 (22.0%) $193,776 (15.9%) 0.00 82
    2023-03-01 $126,825 (-0.1%) $172,375 (-0.8%) 0.00 75
    2023-04-01 $139,000 (7.8%) $189,971 (5.1%) 0.00 78
    2023-05-01 $162,200 (12.9%) $214,532 (11.8%) 0.00 74
    2023-06-01 $152,250 (1.9%) $211,641 (10.1%) 0.00 79
    2023-07-01 $150,000 (0.1%) $209,922 (3.8%) 0.00 94
    2023-08-01 $148,225 (-1.1%) $251,398 (23.1%) 0.00 86
    2023-09-01 $142,500 (0.5%) $255,584 (25.4%) 0.00 93
    2023-10-01 $143,725 (4.7%) $250,190 (31.9%) 0.00 108
    2023-11-01 $145,000 (3.8%) $242,392 (29.3%) 0.00 116
    2023-12-01 $145,000 (3.7%) $249,555 (38.9%) 0.00 105
    2024-01-01 $152,875 (11.4%) $251,828 (38.3%) 0.00 98
    2024-02-01 $152,875 (10.0%) $248,290 (28.1%) 0.00 84
    2024-03-01 $157,500 (24.2%) $244,822 (42.0%) 0.00 85
    Indiana's median listing price for 2024-03-01 was $157,500, a difference of $30,675 (24.2%) versus the prior year and $4,625 versus the prior month.

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

    Indiana's average listing price for 2024-03-01 was $244,822, a difference of $72,447 (42.0%) versus the prior year and $-3,468 versus the prior month.

    For the 2024-03-01 period, Indiana had 85 MLS listings, a difference of 1 listings (1%) versus the prior month and 10 listings (13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Indiana (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,603 sqft
    2018-02-01 0 days 1,607 sqft
    2018-03-01 0 days 1,613 sqft
    2018-04-01 0 days 1,575 sqft
    2018-05-01 0 days 1,586 sqft
    2018-06-01 0 days 1,597 sqft
    2018-07-01 0 days 1,636 sqft
    2018-08-01 0 days 1,702 sqft
    2018-09-01 0 days 1,704 sqft
    2018-10-01 0 days 1,666 sqft
    2018-11-01 0 days 1,644 sqft
    2018-12-01 0 days 1,688 sqft
    2019-01-01 0 days 1,652 sqft
    2019-02-01 0 days 1,708 sqft
    2019-03-01 0 days 1,742 sqft
    2019-04-01 0 days 1,754 sqft
    2019-05-01 0 days 1,792 sqft
    2019-06-01 0 days 1,783 sqft
    2019-07-01 0 days 1,705 sqft
    2019-08-01 0 days 1,687 sqft
    2019-09-01 0 days 1,665 sqft
    2019-10-01 0 days 1,637 sqft
    2019-11-01 0 days 1,595 sqft
    2019-12-01 0 days 1,590 sqft
    2020-01-01 0 days 1,586 sqft
    2020-02-01 0 days 1,583 sqft
    2020-03-01 0 days 1,598 sqft
    2020-04-01 0 days 1,626 sqft
    2020-05-01 0 days 1,648 sqft
    2020-06-01 0 days 1,641 sqft
    2020-07-01 0 days 1,595 sqft
    2020-08-01 0 days 1,587 sqft
    2020-09-01 0 days 1,588 sqft
    2020-10-01 0 days 1,591 sqft
    2020-11-01 0 days 1,573 sqft
    2020-12-01 0 days 1,543 sqft
    2021-01-01 0 days 1,540 sqft
    2021-02-01 0 days 1,541 sqft
    2021-03-01 0 days 1,547 sqft
    2021-04-01 0 days 1,632 sqft
    2021-05-01 0 days 1,642 sqft
    2021-06-01 0 days 1,584 sqft
    2021-07-01 0 days 1,639 sqft
    2021-08-01 0 days 1,572 sqft
    2021-09-01 0 days 1,576 sqft
    2021-10-01 0 days 1,547 sqft
    2021-11-01 0 days 1,554 sqft
    2021-12-01 0 days 1,553 sqft
    2022-01-01 0 days 1,564 sqft
    2022-02-01 0 days 1,510 sqft
    2022-03-01 0 days 1,568 sqft
    2022-04-01 0 days 1,632 sqft
    2022-05-01 0 days 1,603 sqft
    2022-06-01 0 days 1,580 sqft
    2022-07-01 0 days 1,589 sqft
    2022-08-01 0 days 1,608 sqft
    2022-09-01 0 days 1,615 sqft
    2022-10-01 0 days 1,549 sqft
    2022-11-01 0 days 1,493 sqft
    2022-12-01 0 days 1,440 sqft
    2023-01-01 0 days 1,577 sqft
    2023-02-01 0 days 1,634 sqft
    2023-03-01 0 days 1,600 sqft
    2023-04-01 0 days 1,576 sqft
    2023-05-01 0 days 1,628 sqft
    2023-06-01 0 days 1,576 sqft
    2023-07-01 0 days 1,568 sqft
    2023-08-01 0 days 1,520 sqft
    2023-09-01 0 days 1,525 sqft
    2023-10-01 0 days 1,519 sqft
    2023-11-01 0 days 1,624 sqft
    2023-12-01 0 days 1,609 sqft
    2024-01-01 0 days 1,626 sqft
    2024-02-01 0 days 1,503 sqft
    2024-03-01 0 days 1,538 sqft
    Indiana's median listing age (time on market) for 2024-03-01 was 0 days.

    Indiana's median square footage for active listings during the 2024-03-01 period was 1,538 sqft. One year prior, the average listing was 1,600 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).