Indianapolis FHA Loan Rates, Closing Costs & Stats

INDIANAPOLIS-CARMEL-ANDERSON, 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.

Indianapolis's 208 lenders originated 13,138 FHA loans during 2021. The total origination value was $2,498,950,000, with an average FHA loan value of $190,208.

Indianapolis FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Indianapolis averaged 6.55% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Indianapolis's average FHA mortgage closing costs are $5,731.

The average rate for the prior week (2022-11-25) was 6.27% and one month ago for the week of 2022-10-28, the average rate was 6.91%.

The average rate one year ago was 3.54%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.43%.

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

Indianapolis 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 Indianapolis level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 1,195 2.75% $5,644
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1,103 3.32% $6,416
CALIBER HOME LOANS, INC. 1,073 2.99% $5,913
FREEDOM MORTGAGE CORPORATION 706 2.87% $4,560
RUOFF MORTGAGE COMPANY, INC. 525 3.27% $5,383
GVC MORTGAGE, INC. 505 3.33% $6,703
LAKEVIEW LOAN SERVICING, LLC 378 3.01% $4,456
CROSSCOUNTRY MORTGAGE, LLC 241 3.34% $7,257
Mr. Cooper ( Nationstar Mortgage ) 238 3.26% $3,869
UNITED WHOLESALE MORTGAGE, LLC 211 2.75% $6,321
VANDERBILT MORTGAGE AND FINANCE, INC. 176 3.17% $7,531
PENNYMAC LOAN SERVICES, LLC 163 3.11% $4,406
NEWREZ LLC 154 2.96% $4,752
First Option Mortgage, LLC 151 3.19% $8,235
LOANDEPOT.COM, LLC 141 3.36% $6,269
The Huntington National Bank 133 3.10% $5,839
HALLMARK HOME MORTGAGE, LLC 132 3.25% $7,078
VILLAGE CAPITAL MORTGAGE 121 2.98% $2,204
DHI MORTGAGE COMPANY, LTD. 116 2.85% $6,589
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 115 3.30% $6,925
Carrington Mortgage Services, LLC 111 3.34% $6,464
EAGLE HOME MORTGAGE, LLC 108 3.13% $9,077
PRIMELENDING, A PLAINSCAPITAL COMPANY 108 3.46% $7,062
MJW Financial LLC 97 3.07% $7,012
The Federal Savings Bank 95 3.19% $6,617
BROKER SOLUTIONS, INC. 93 3.20% $6,771
HOMEBRIDGE FINANCIAL SERVICES, INC. 88 2.59% $4,805
FINANCE OF AMERICA MORTGAGE LLC 85 3.38% $7,067
JLB CORPORATION 82 2.80% $7,111
HOME POINT FINANCIAL CORPORATION 82 2.76% $5,170
AMERIFIRST FINANCIAL CORPORATION 82 3.41% $7,261
EUSTIS AND AMERICAN MORTGAGE COMPANY 81 3.31% $6,486
NVR Mortgage Finance, Inc. 74 3.14% $9,351
Flagstar Bank, FSB 71 2.95% $5,681
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 71 3.35% $7,303
M/I FINANCIAL, LLC 70 2.92% $8,824
First Merchants Bank 68 3.13% $7,010
PRIMARY RESIDENTIAL MORTGAGE, INC. 64 3.70% $6,765
AMERICAN MORTGAGE SERVICE COMPANY 57 2.96% $6,742
Nations Lending Corporation 57 3.34% $7,128
AmeriHome Mortgage Company, LLC 55 2.86% $4,180
TUCKER MORTGAGE, LLC 54 3.25% $6,447
Union Savings Bank 52 2.89% $5,268
Wolfe Financial, Inc 49 3.27% $6,687
PULTE MORTGAGE LLC 49 3.06% $6,203
PLAZA HOME MORTGAGE, INC. 48 3.01% $6,177
AMERISAVE MORTGAGE CORPORATION 47 3.06% $8,346
Gateway First Bank 47 3.51% $6,212
VICTORY MORTGAGE, L.L.C. 46 2.70% $6,865
OPEN MORTGAGE, LLC 46 3.17% $5,458
MID AMERICA MORTGAGE, INC. 41 3.38% $3,301
MILESTONE HOME LENDING, LLC 39 3.50% $6,566
Regions Bank 38 2.90% $5,507
First Guaranty Mortgage Corporation 37 2.93% $5,713
The Home Loan Expert LLC 36 3.09% $7,073
Fifth Third Bank 36 2.98% $5,020
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 36 3.13% $7,092
Bank of England 33 3.56% $7,213
OCEANSIDE MORTGAGE COMPANY 30 2.73% $2,795
Northpointe Bank 29 3.19% $6,796
LEADERONE FINANCIAL CORPORATION 28 3.40% $6,486
AMERICAN FINANCIAL NETWORK, INC. 27 3.07% $9,962
JPMorgan Chase Bank 27 3.01% $4,344
UNION HOME MORTGAGE CORP. 27 3.11% $6,907
Elements Financial Federal Credit Union 25 2.97% $6,325
InterContinental Capital Group, Inc 25 2.81% $7,891
ROYAL UNITED MORTGAGE LLC 24 2.90% $7,131
Citizens Bank 24 3.00% $7,198
GUARANTEED RATE, INC. 24 3.04% $6,637
CELEBRITY HOME LOANS, LLC 24 3.15% $8,314
GSF Mortgage Corporation 24 3.07% $8,303
SOUTHWEST FUNDING, LP 23 3.67% $7,896
PNC Bank 22 2.75% $4,902
TOP FLITE FINANCIAL, INC. 22 3.46% $13,213
SUN WEST MORTGAGE COMPANY, INC. 21 3.01% $5,694
Paramount Residential Mortgage Group, Inc. 20 3.49% $6,880
AMERICAN FINANCING CORPORATION 19 3.09% $6,444
Centier Bank 18 3.35% $6,195
Merchants Bank of Indiana 17 2.89% $5,199
Mortgage Research Center, LLC 16 3.04% $5,140
First Home Bank 16 3.13% $6,871
KELLER MORTGAGE, LLC 16 2.85% $5,098
SECURITYNATIONAL MORTGAGE COMPANY 15 3.17% $8,210
Equity Prime Mortgage LLC 15 3.53% $5,561
1ST SIGNATURE LENDING, LLC 15 3.08% $7,314
OCMBC, INC. 15 3.33% $7,535
INDIANA MEMBERS CREDIT UNION 14 2.87% $5,562
FAIR WAY LENDING LLC 13 3.34% $6,772
Blue Ridge Bank 13 2.87% $5,779
ENDEAVOR CAPITAL, LLC. 13 3.13% $4,765
FORUM Credit Union 12 2.82% $4,860
RELIANCE FIRST CAPITAL, LLC 12 3.11% $7,840
SUCCESS MORTGAGE PARTNERS, INC. 12 3.54% $7,841
First Financial Bank 12 3.01% $5,543
Sierra Pacific Mortgage Company, Inc. 11 2.80% $7,295
KeyBank 11 2.95% $6,521
MUTUAL OF OMAHA MORTGAGE, INC. 11 3.03% $6,667
CIBM Bank 10 3.31% $6,480
HOMESIDE FINANCIAL, LLC 10 3.17% $7,339
FIRST CENTENNIAL MORTGAGE CORPORATION 10 3.40% $6,623
UNITED SECURITY FINANCIAL CORP 10 2.69% $4,869
Old National Bank 10 3.15% $5,895
Ixonia Bank 10 3.50% $6,292
PANORAMA MORTGAGE GROUP, LLC 10 3.41% $7,090
PLANET HOME LENDING, LLC 9 2.69% $4,983
GENEVA FINANCIAL, LLC 8 3.50% $8,010
U.S. Bank 8 3.42% $4,863
PACIFIC RESIDENTIAL MORTGAGE, LLC 8 3.58% $5,753
PHH Mortgage Corporation 8 3.80% $4,925
CHERRY CREEK MORTGAGE, LLC 8 3.80% $2,312
EVERETT FINANCIAL, INC. 7 3.41% $5,055
Horizon Bank 7 3.45% $4,613
MOVEMENT MORTGAGE, LLC 7 2.91% $5,835
Hometown Lenders, Inc. 7 3.27% $6,843
First Savings Bank 6 3.25% $7,875
Advisors Mortgage Group, L.L.C. 6 2.92% $6,241
ARC HOME LLC 6 3.04% $7,208
Bank of America 6 2.88% $2,796
Barrington Bank & Trust Company, N.A. 6 3.07% $5,083
BAYSHORE MORTGAGE FUNDING, LLC 6 3.52% $6,021
BMO Harris Bank 6 3.29% $5,543
LOANPAL, LLC 6 3.15% $8,385
M&T Bank 6 3.42% $6,392
SOVEREIGN LENDING GROUP INCORPORATED 6 3.15% $9,057
ZILLOW HOME LOANS, LLC 5 2.90% $6,457
LIBERTY HOME MORTGAGE CORPORATION 5 3.05% $7,766
TEACHERS CREDIT UNION 5 2.85% $6,465
CHURCHILL MORTGAGE CORPORATION 5 2.95% $6,394
THRIVE MORTGAGE, LLC 5 3.30% $5,294
MORTGAGE MASTERS OF INDIANA, INC. 5 2.95% $6,991
INSPIRE HOME LOANS INC. 5 3.35% $6,433
First Financial Bank 5 3.07% $6,761
STOCKTON MORTGAGE CORPORATION 5 3.30% $8,667
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 3.19% $9,828
NOVA FINANCIAL & INVESTMENT CORPORATION 4 2.88% $5,121
Plains Commerce Bank 4 2.75% $7,064
Colten Mortgage, LLC 4 3.66% $7,039
AMERICAN PACIFIC MORTGAGE CORPORATION 4 3.00% $7,581
T2 FINANCIAL LLC 4 3.63% $7,125
NATIONS DIRECT MORTGAGE, LLC 4 3.53% $8,660
Residential Mortgage Solutions, Inc. 4 3.08% $7,285
First Internet Bank of Indiana 3 2.66% $6,015
EVANSVILLE TEACHERS 3 3.04% $6,626
POLARIS HOME FUNDING CORP. 3 2.92% $9,055
MICHIGAN MUTUAL, INC. 3 3.29% $8,006
NATIONWIDE MORTGAGE BANKERS, INC. 3 3.21% $7,168
Servion, Inc. 3 2.75% $7,941
FLAT BRANCH MORTGAGE, INC. 3 3.33% $7,326
COMPASS MORTGAGE, INC. 3 2.88% $7,484
Austin Capital Bank SSB 3 3.42% $7,258
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 2.71% $9,818
Magnolia Bank 3 3.04% $6,664
AMCAP MORTGAGE, LTD. 2 4.00% $8,157
Colonial Savings, F.A. 2 2.88% $4,444
CMG MORTGAGE, INC. 2 4.13% $6,459
NP, Inc. 2 3.31% $7,594
STEARNS LENDING, LLC 2 3.13% $5,424
Hometown Equity Mortgage, LLC 2 2.81% $8,290
Loan Simple, Inc. 2 3.75% $9,781
MORIA DEVELOPMENT, INC. 2 3.31% $6,159
First Federal Bank 2 2.94% $9,024
FIRST EQUITY MORTGAGE INCORPORATED 2 3.06% $8,088
Peoples Bank 2 3.63% $7,747
AMERICAN FINANCIAL RESOURCES, INC. 2 3.38% $9,959
EQUITY RESOURCES, INC. 2 3.19% $6,539
Willamette Valley Bank 2 2.63% $6,466
ENVOY MORTGAGE, LTD 2 2.88% $8,434
EMBRACE HOME LOANS, INC. 2 3.06% $8,930
DRAPER AND KRAMER MORTGAGE CORP. 2 2.88% $6,412
LAND HOME FINANCIAL SERVICES, INC. 2 3.25% $9,707
MEMBER FIRST MORTGAGE, LLC 2 2.88% $5,139
SOUTHWEST STAGE FUNDING, LLC 1 2.75% $4,408
MLD MORTGAGE INC. 1 2.75% $11,592
MORTGAGE ACCESS CORP. 1 3.75% $8,788
ALAMEDA MORTGAGE CORPORATION 1 3.13% $9,983
LENOX FINANCIAL MORTGAGE CORPORATION 1 2.88% $7,789
NORTHERN MORTGAGE SERVICES, LLC 1 3.13% $5,536
Northwest Bank 1 3.00% $4,297
INOVA FEDERAL CREDIT UNION 1 2.88% $4,860
GUILD MORTGAGE COMPANY 1 3.00% $6,346
Florida Capital Bank 1 2.63% $9,986
FIRST COMMUNITY MORTGAGE, INC. 1 3.63% $6,842
FBC MORTGAGE, LLC 1 2.38% $6,432
PLUS RELOCATION MORTGAGE, LLC 1 3.25% $6,364
EMM LOANS LLC 1 4.25% $9,575
RAPID MORTGAGE COMPANY 1 3.38% $7,310
DIRECT MORTGAGE LOANS, LLC 1 3.63% $8,683
DEVELOPER'S MORTGAGE COMPANY 1 2.50% $5,396
RESIDENTIAL MORTGAGE SERVICES, INC. 1 3.13% $5,895
DAS Acquisition Company, LLC 1 2.75% $14,118
Mercantile Bank of Michigan 1 2.63% $6,267
CLEARPATH LENDING 1 2.75% $4,666
CIBC Bank USA 1 3.38% $5,477
Chickasaw Community Bank 1 2.88% $6,723
CapStar Bank 1 2.38% $7,371
The State Bank and Trust Company 1 2.75% $6,024
BETTER MORTGAGE CORPORATION 1 2.38% $5,771
TOWNE MORTGAGE COMPANY 1 3.25% $5,577
Atlantic Union Bank 1 3.25% $6,355
United Fidelity Funding Corp. 1 3.13% $7,431
AmRes Corporation 1 3.25% $5,372
US MORTGAGE CORPORATION 1 3.38% $5,851
VERITAS FUNDING, LLC 1 2.75% $5,702
ALLIED MORTGAGE GROUP, INC. 1 3.25% $3,385
Allied First Bank,sb 1 3.50% $4,566
V.I.P. MORTGAGE, INC. 1 3.25% $6,067
Waterstone Mortgage Corporation 1 3.50% $5,415
MIDLAND MORTGAGE CORPORATION 1 3.75% $6,207

The top Indianapolis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,195 FHA loans originated. Their average total fees are $5,644, which is $772 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Indianapolis FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,204), OCEANSIDE MORTGAGE COMPANY ($2,795), MID AMERICA MORTGAGE, INC. ($3,301), Mr. Cooper ( Nationstar Mortgage ) ($3,869) and AmeriHome Mortgage Company, LLC ($4,180).

The lowest rate Indianapolis FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.59%), UNITED SECURITY FINANCIAL CORP (2.69%), VICTORY MORTGAGE, L.L.C. (2.70%), OCEANSIDE MORTGAGE COMPANY (2.73%) and PNC Bank (2.75%).

Indianapolis FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
INDIANAPOLIS-CARMEL-ANDERSON, IN BOONE 2022 $420,680 $538,650 $651,050 $809,150
INDIANAPOLIS-CARMEL-ANDERSON, IN BROWN 2022 $420,680 $538,650 $651,050 $809,150
INDIANAPOLIS-CARMEL-ANDERSON, IN HAMILTON 2022 $420,680 $538,650 $651,050 $809,150
INDIANAPOLIS-CARMEL-ANDERSON, IN HANCOCK 2022 $420,680 $538,650 $651,050 $809,150
INDIANAPOLIS-CARMEL-ANDERSON, IN HENDRICKS 2022 $420,680 $538,650 $651,050 $809,150
INDIANAPOLIS-CARMEL-ANDERSON, IN JOHNSON 2022 $420,680 $538,650 $651,050 $809,150
INDIANAPOLIS-CARMEL-ANDERSON, IN MADISON 2022 $420,680 $538,650 $651,050 $809,150
INDIANAPOLIS-CARMEL-ANDERSON, IN MARION 2022 $420,680 $538,650 $651,050 $809,150
INDIANAPOLIS-CARMEL-ANDERSON, IN MORGAN 2022 $420,680 $538,650 $651,050 $809,150
INDIANAPOLIS-CARMEL-ANDERSON, IN PUTNAM 2022 $420,680 $538,650 $651,050 $809,150
INDIANAPOLIS-CARMEL-ANDERSON, IN SHELBY 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Indianapolis (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 $229,950 (28.8%) $308,557 (16.1%) 0.85 4,676
2018-02-01 $247,450 (35.7%) $320,125 (15.7%) 0.90 4,220
2018-03-01 $259,900 (26.3%) $334,451 (13.4%) 0.91 4,142
2018-04-01 $278,445 (26.6%) $353,465 (16.5%) 0.94 4,343
2018-05-01 $284,950 (24.7%) $360,511 (15.4%) 0.95 4,762
2018-06-01 $279,900 (19.2%) $354,138 (11.1%) 0.93 5,324
2018-07-01 $272,400 (18.4%) $344,321 (9.0%) 0.91 5,892
2018-08-01 $261,912 (14.2%) $334,724 (7.3%) 0.88 6,155
2018-09-01 $254,900 (12.3%) $329,052 (6.3%) 0.86 6,417
2018-10-01 $243,825 (8.4%) $317,479 (4.0%) 0.82 6,687
2018-11-01 $239,900 (6.6%) $317,522 (3.9%) 0.81 6,403
2018-12-01 $239,700 (7.1%) $313,705 (3.8%) 0.83 5,731
2019-01-01 $242,400 (5.4%) $316,233 (2.5%) 0.84 5,184
2019-02-01 $256,945 (3.8%) $331,643 (3.6%) 0.87 4,840
2019-03-01 $267,923 (3.1%) $347,286 (3.8%) 0.88 4,754
2019-04-01 $277,450 (-0.4%) $356,370 (0.8%) 0.88 4,592
2019-05-01 $281,475 (-1.2%) $359,711 (-0.2%) 0.88 4,972
2019-06-01 $279,900 (0.0%) $354,332 (0.1%) 0.87 5,373
2019-07-01 $279,900 (2.8%) $364,928 (6.0%) 0.88 5,767
2019-08-01 $270,909 (3.4%) $351,140 (4.9%) 0.86 6,056
2019-09-01 $264,773 (3.9%) $340,387 (3.5%) 0.85 6,240
2019-10-01 $260,682 (6.9%) $333,219 (5.0%) 0.84 6,386
2019-11-01 $259,900 (8.3%) $328,325 (3.4%) 0.85 6,003
2019-12-01 $255,450 (6.6%) $326,301 (4.0%) 0.85 5,225
2020-01-01 $264,450 (9.1%) $347,679 (9.9%) 0.88 4,684
2020-02-01 $269,900 (5.0%) $338,978 (2.2%) 0.88 4,100
2020-03-01 $279,019 (4.1%) $345,181 (-0.6%) 0.87 3,874
2020-04-01 $282,670 (1.9%) $342,108 (-4.0%) 0.88 4,080
2020-05-01 $296,172 (5.2%) $360,980 (0.4%) 0.90 3,852
2020-06-01 $299,900 (7.2%) $373,322 (5.4%) 0.88 3,524
2020-07-01 $299,995 (7.2%) $379,220 (3.9%) 0.87 3,378
2020-08-01 $299,000 (10.4%) $373,441 (6.4%) 0.86 3,224
2020-09-01 $285,000 (7.6%) $366,194 (7.6%) 0.82 3,249
2020-10-01 $273,237 (4.8%) $351,932 (5.6%) 0.78 3,363
2020-11-01 $265,000 (2.0%) $341,476 (4.0%) 0.77 3,277
2020-12-01 $259,500 (1.6%) $328,473 (0.7%) 0.77 2,812
2021-01-01 $255,000 (-3.6%) $328,807 (-5.4%) 0.76 2,313
2021-02-01 $264,495 (-2.0%) $343,000 (1.2%) 0.77 1,792
2021-03-01 $269,500 (-3.4%) $353,252 (2.3%) 0.76 1,728
2021-04-01 $273,875 (-3.1%) $363,885 (6.4%) 0.74 1,711
2021-05-01 $275,000 (-7.2%) $368,207 (2.0%) 0.73 1,790
2021-06-01 $275,000 (-8.3%) $372,352 (-0.3%) 0.72 2,035
2021-07-01 $279,900 (-6.7%) $369,469 (-2.6%) 0.74 2,333
2021-08-01 $279,000 (-6.7%) $371,964 (-0.4%) 0.74 2,468
2021-09-01 $280,000 (-1.8%) $373,817 (2.1%) 0.75 2,514
2021-10-01 $275,000 (0.7%) $364,574 (3.6%) 0.73 2,529
2021-11-01 $269,075 (1.5%) $357,306 (4.6%) 0.72 2,335
2021-12-01 $274,950 (6.0%) $363,598 (10.7%) 0.75 1,983
2022-01-01 $275,000 (7.8%) $366,800 (11.6%) 0.74 1,651
2022-02-01 $289,425 (9.4%) $378,946 (10.5%) 0.75 1,402
2022-03-01 $297,000 (10.2%) $393,671 (11.4%) 0.74 1,396
2022-04-01 $299,900 (9.5%) $398,304 (9.5%) 0.72 1,468
2022-05-01 $314,950 (14.5%) $400,935 (8.9%) 0.72 1,996
2022-06-01 $319,450 (16.2%) $406,081 (9.1%) 0.71 2,468
2022-07-01 $324,900 (16.1%) $403,898 (9.3%) 0.74 3,194
2022-08-01 $309,750 (11.0%) $386,444 (3.9%) 0.72 3,427
2022-09-01 $299,996 (7.1%) $380,825 (1.9%) 0.70 3,621
2022-10-01 $299,900 (9.1%) $381,085 (4.5%) 0.71 3,831
2022-11-01 $295,000 (9.6%) $376,606 (5.4%) 0.71 3,886
Indianapolis's median listing price for 2022-11-01 was $295,000, a difference of $25,925 (9.6%) versus the prior year and $-4,900 versus the prior month.

Indianapolis's median listing price comes in at 71% of the national average.

Indianapolis's average listing price for 2022-11-01 was $376,606, a difference of $19,300 (5.4%) versus the prior year and $-4,479 versus the prior month.

For the 2022-11-01 period, Indianapolis had 3,886 MLS listings, a difference of 55 listings (1%) versus the prior month and 1,551 listings (66%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Indianapolis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 81 days 2,399 sqft
2018-02-01 75 days 2,437 sqft
2018-03-01 54 days 2,520 sqft
2018-04-01 46 days 2,604 sqft
2018-05-01 39 days 2,658 sqft
2018-06-01 40 days 2,636 sqft
2018-07-01 45 days 2,573 sqft
2018-08-01 48 days 2,521 sqft
2018-09-01 51 days 2,457 sqft
2018-10-01 54 days 2,404 sqft
2018-11-01 59 days 2,365 sqft
2018-12-01 72 days 2,336 sqft
2019-01-01 80 days 2,327 sqft
2019-02-01 82 days 2,395 sqft
2019-03-01 68 days 2,450 sqft
2019-04-01 51 days 2,493 sqft
2019-05-01 45 days 2,536 sqft
2019-06-01 46 days 2,537 sqft
2019-07-01 50 days 2,526 sqft
2019-08-01 51 days 2,461 sqft
2019-09-01 53 days 2,429 sqft
2019-10-01 56 days 2,408 sqft
2019-11-01 62 days 2,374 sqft
2019-12-01 73 days 2,336 sqft
2020-01-01 85 days 2,328 sqft
2020-02-01 86 days 2,318 sqft
2020-03-01 54 days 2,344 sqft
2020-04-01 51 days 2,362 sqft
2020-05-01 57 days 2,397 sqft
2020-06-01 51 days 2,405 sqft
2020-07-01 47 days 2,416 sqft
2020-08-01 47 days 2,385 sqft
2020-09-01 45 days 2,286 sqft
2020-10-01 44 days 2,238 sqft
2020-11-01 50 days 2,152 sqft
2020-12-01 57 days 2,083 sqft
2021-01-01 63 days 2,045 sqft
2021-02-01 61 days 2,032 sqft
2021-03-01 43 days 2,063 sqft
2021-04-01 38 days 2,058 sqft
2021-05-01 36 days 2,057 sqft
2021-06-01 33 days 2,069 sqft
2021-07-01 34 days 2,116 sqft
2021-08-01 35 days 2,108 sqft
2021-09-01 37 days 2,091 sqft
2021-10-01 38 days 2,100 sqft
2021-11-01 42 days 2,072 sqft
2021-12-01 46 days 2,054 sqft
2022-01-01 51 days 2,016 sqft
2022-02-01 39 days 1,999 sqft
2022-03-01 34 days 2,043 sqft
2022-04-01 30 days 2,061 sqft
2022-05-01 27 days 2,109 sqft
2022-06-01 28 days 2,165 sqft
2022-07-01 31 days 2,173 sqft
2022-08-01 37 days 2,122 sqft
2022-09-01 40 days 2,092 sqft
2022-10-01 42 days 2,086 sqft
2022-11-01 46 days 2,085 sqft
Indianapolis's median listing age (time on market) for 2022-11-01 was 46 days. This is 11% longer than the same period one year ago.

Indianapolis's median square footage for active listings during the 2022-11-01 period was 2,085 sqft. One year prior, the average listing was 2,072 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).