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 216 lenders originated 7,404 FHA loans during 2023. The total origination value was $1,810,610,000, with an average FHA loan value of $244,545.
Indianapolis FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Indianapolis
averaged
6.92%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Indianapolis's average FHA mortgage closing costs are $6,644.
The average rate for the prior week (2024-04-12) was
6.91% and
one month ago for the week of 2024-03-15, the
average rate was 6.78%.
The average rate one year ago was 6.51%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.92%.
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.
The top Indianapolis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
719 FHA loans originated. Their average total fees are
$9,629, which is $1,679
higher than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Indianapolis FHA lenders (with over 10 loans originated) are
PNC Bank ($5,708), Fifth Third Bank ($5,993), JPMorgan Chase Bank ($6,255), Mortgage Research Center, LLC ($6,314) and KeyBank ($6,327).
The lowest rate Indianapolis FHA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC (5.25%), DHI MORTGAGE COMPANY, LTD. (5.28%), M/I FINANCIAL, LLC (5.59%), PLANET HOME LENDING, LLC (5.83%) and LOANPAL, LLC (5.84%).
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 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | BOONE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | BROWN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | HAMILTON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | HANCOCK | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | HENDRICKS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | JOHNSON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | MADISON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | MARION | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | MORGAN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | PUTNAM | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | SHELBY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
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%) | $320,291 (15.8%) | 0.90 | 4,220 |
| 2018-03-01 | $259,900 (26.4%) | $334,451 (13.5%) | 0.91 | 4,142 |
| 2018-04-01 | $278,450 (26.6%) | $353,623 (16.6%) | 0.94 | 4,342 |
| 2018-05-01 | $284,950 (24.7%) | $360,680 (15.4%) | 0.95 | 4,761 |
| 2018-06-01 | $279,900 (19.2%) | $354,418 (11.2%) | 0.93 | 5,323 |
| 2018-07-01 | $272,400 (18.4%) | $344,560 (9.1%) | 0.91 | 5,891 |
| 2018-08-01 | $262,412 (14.4%) | $334,846 (7.3%) | 0.88 | 6,154 |
| 2018-09-01 | $254,900 (12.3%) | $329,125 (6.3%) | 0.86 | 6,416 |
| 2018-10-01 | $244,500 (8.7%) | $317,617 (4.1%) | 0.83 | 6,686 |
| 2018-11-01 | $239,900 (6.6%) | $317,595 (3.9%) | 0.81 | 6,402 |
| 2018-12-01 | $239,900 (7.4%) | $313,848 (3.8%) | 0.83 | 5,730 |
| 2019-01-01 | $242,400 (5.4%) | $316,339 (2.5%) | 0.84 | 5,183 |
| 2019-02-01 | $256,695 (3.7%) | $331,687 (3.6%) | 0.87 | 4,839 |
| 2019-03-01 | $268,037 (3.1%) | $347,360 (3.9%) | 0.88 | 4,749 |
| 2019-04-01 | $277,450 (-0.4%) | $356,448 (0.8%) | 0.88 | 4,582 |
| 2019-05-01 | $282,950 (-0.7%) | $360,044 (-0.2%) | 0.88 | 4,954 |
| 2019-06-01 | $279,900 (0.0%) | $354,729 (0.1%) | 0.87 | 5,353 |
| 2019-07-01 | $279,900 (2.8%) | $365,360 (6.0%) | 0.88 | 5,745 |
| 2019-08-01 | $270,909 (3.2%) | $351,488 (5.0%) | 0.86 | 6,034 |
| 2019-09-01 | $264,773 (3.9%) | $340,668 (3.5%) | 0.85 | 6,219 |
| 2019-10-01 | $260,682 (6.6%) | $333,454 (5.0%) | 0.84 | 6,365 |
| 2019-11-01 | $259,900 (8.3%) | $328,517 (3.4%) | 0.85 | 5,983 |
| 2019-12-01 | $255,750 (6.6%) | $326,532 (4.0%) | 0.85 | 5,204 |
| 2020-01-01 | $264,945 (9.3%) | $348,053 (10.0%) | 0.89 | 4,663 |
| 2020-02-01 | $269,945 (5.2%) | $339,364 (2.3%) | 0.88 | 4,079 |
| 2020-03-01 | $279,495 (4.3%) | $345,547 (-0.5%) | 0.88 | 3,854 |
| 2020-04-01 | $283,835 (2.3%) | $342,457 (-3.9%) | 0.89 | 4,059 |
| 2020-05-01 | $297,500 (5.1%) | $361,506 (0.4%) | 0.90 | 3,832 |
| 2020-06-01 | $299,900 (7.2%) | $373,903 (5.4%) | 0.88 | 3,503 |
| 2020-07-01 | $300,000 (7.2%) | $379,874 (4.0%) | 0.87 | 3,358 |
| 2020-08-01 | $299,500 (10.6%) | $374,075 (6.4%) | 0.86 | 3,204 |
| 2020-09-01 | $285,000 (7.6%) | $366,787 (7.7%) | 0.82 | 3,229 |
| 2020-10-01 | $274,900 (5.5%) | $352,050 (5.6%) | 0.79 | 3,341 |
| 2020-11-01 | $266,091 (2.4%) | $341,596 (4.0%) | 0.78 | 3,256 |
| 2020-12-01 | $259,950 (1.6%) | $328,514 (0.6%) | 0.77 | 2,791 |
| 2021-01-01 | $260,000 (-1.9%) | $328,997 (-5.5%) | 0.78 | 2,291 |
| 2021-02-01 | $267,000 (-1.1%) | $343,033 (1.1%) | 0.78 | 1,770 |
| 2021-03-01 | $271,600 (-2.8%) | $353,523 (2.3%) | 0.77 | 1,705 |
| 2021-04-01 | $274,950 (-3.1%) | $364,250 (6.4%) | 0.74 | 1,689 |
| 2021-05-01 | $275,000 (-7.6%) | $368,545 (2.0%) | 0.73 | 1,767 |
| 2021-06-01 | $275,000 (-8.3%) | $372,653 (-0.3%) | 0.72 | 2,013 |
| 2021-07-01 | $279,900 (-6.7%) | $369,976 (-2.6%) | 0.74 | 2,314 |
| 2021-08-01 | $279,849 (-6.6%) | $372,386 (-0.5%) | 0.75 | 2,451 |
| 2021-09-01 | $280,000 (-1.8%) | $374,322 (2.1%) | 0.75 | 2,494 |
| 2021-10-01 | $275,000 (0.0%) | $364,974 (3.7%) | 0.73 | 2,509 |
| 2021-11-01 | $269,950 (1.5%) | $358,081 (4.8%) | 0.72 | 2,315 |
| 2021-12-01 | $277,250 (6.7%) | $364,216 (10.9%) | 0.75 | 1,962 |
| 2022-01-01 | $279,000 (7.3%) | $367,963 (11.8%) | 0.75 | 1,631 |
| 2022-02-01 | $292,423 (9.5%) | $380,455 (10.9%) | 0.76 | 1,382 |
| 2022-03-01 | $298,950 (10.1%) | $394,790 (11.7%) | 0.75 | 1,375 |
| 2022-04-01 | $299,999 (9.1%) | $399,092 (9.6%) | 0.72 | 1,446 |
| 2022-05-01 | $317,749 (15.6%) | $402,147 (9.1%) | 0.73 | 1,975 |
| 2022-06-01 | $319,950 (16.4%) | $407,086 (9.2%) | 0.71 | 2,447 |
| 2022-07-01 | $324,967 (16.1%) | $404,797 (9.4%) | 0.73 | 3,173 |
| 2022-08-01 | $312,450 (11.7%) | $387,593 (4.1%) | 0.72 | 3,405 |
| 2022-09-01 | $300,000 (7.1%) | $381,663 (2.0%) | 0.70 | 3,600 |
| 2022-10-01 | $299,999 (9.1%) | $381,687 (4.6%) | 0.71 | 3,810 |
| 2022-11-01 | $297,000 (10.0%) | $377,207 (5.3%) | 0.71 | 3,864 |
| 2022-12-01 | $294,900 (6.4%) | $376,982 (3.5%) | 0.73 | 3,487 |
| 2023-01-01 | $289,750 (3.9%) | $380,027 (3.3%) | 0.72 | 2,989 |
| 2023-02-01 | $302,400 (3.4%) | $392,917 (3.3%) | 0.73 | 2,572 |
| 2023-03-01 | $312,675 (4.6%) | $408,482 (3.5%) | 0.74 | 2,352 |
| 2023-04-01 | $329,900 (10.0%) | $442,517 (10.9%) | 0.77 | 2,343 |
| 2023-05-01 | $347,000 (9.2%) | $458,814 (14.1%) | 0.79 | 2,593 |
| 2023-06-01 | $349,913 (9.4%) | $456,448 (12.1%) | 0.79 | 2,894 |
| 2023-07-01 | $347,250 (6.9%) | $441,685 (9.1%) | 0.79 | 3,193 |
| 2023-08-01 | $337,450 (8.0%) | $430,272 (11.0%) | 0.77 | 3,415 |
| 2023-09-01 | $329,900 (10.0%) | $417,694 (9.4%) | 0.77 | 3,756 |
| 2023-10-01 | $319,950 (6.7%) | $407,251 (6.7%) | 0.75 | 4,153 |
| 2023-11-01 | $312,500 (5.2%) | $404,419 (7.2%) | 0.74 | 4,184 |
| 2023-12-01 | $304,900 (3.4%) | $401,226 (6.4%) | 0.74 | 3,733 |
| 2024-01-01 | $310,097 (7.0%) | $412,005 (8.4%) | 0.76 | 3,186 |
| 2024-02-01 | $318,950 (5.5%) | $419,898 (6.9%) | 0.77 | 2,889 |
| 2024-03-01 | $330,000 (5.5%) | $428,857 (5.0%) | 0.78 | 2,905 |
Indianapolis's median listing price comes in at 78% of the national average.
Indianapolis's average listing price for 2024-03-01 was $428,857, a difference of $20,375 (5.0%) versus the prior year and $8,959 versus the prior month.
For the 2024-03-01 period, Indianapolis had 2,905 MLS listings, a difference of 16 listings (1%) versus the prior month and 553 listings (24%) 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 | 77 days | 2,399 sqft |
| 2018-02-01 | 71 days | 2,437 sqft |
| 2018-03-01 | 50 days | 2,520 sqft |
| 2018-04-01 | 44 days | 2,605 sqft |
| 2018-05-01 | 37 days | 2,659 sqft |
| 2018-06-01 | 39 days | 2,640 sqft |
| 2018-07-01 | 43 days | 2,574 sqft |
| 2018-08-01 | 46 days | 2,521 sqft |
| 2018-09-01 | 50 days | 2,458 sqft |
| 2018-10-01 | 53 days | 2,405 sqft |
| 2018-11-01 | 57 days | 2,365 sqft |
| 2018-12-01 | 71 days | 2,336 sqft |
| 2019-01-01 | 78 days | 2,328 sqft |
| 2019-02-01 | 78 days | 2,395 sqft |
| 2019-03-01 | 63 days | 2,451 sqft |
| 2019-04-01 | 49 days | 2,493 sqft |
| 2019-05-01 | 43 days | 2,537 sqft |
| 2019-06-01 | 44 days | 2,538 sqft |
| 2019-07-01 | 48 days | 2,532 sqft |
| 2019-08-01 | 48 days | 2,466 sqft |
| 2019-09-01 | 51 days | 2,431 sqft |
| 2019-10-01 | 53 days | 2,408 sqft |
| 2019-11-01 | 59 days | 2,374 sqft |
| 2019-12-01 | 70 days | 2,337 sqft |
| 2020-01-01 | 80 days | 2,329 sqft |
| 2020-02-01 | 81 days | 2,320 sqft |
| 2020-03-01 | 50 days | 2,345 sqft |
| 2020-04-01 | 48 days | 2,365 sqft |
| 2020-05-01 | 54 days | 2,400 sqft |
| 2020-06-01 | 47 days | 2,408 sqft |
| 2020-07-01 | 44 days | 2,419 sqft |
| 2020-08-01 | 44 days | 2,387 sqft |
| 2020-09-01 | 42 days | 2,287 sqft |
| 2020-10-01 | 41 days | 2,238 sqft |
| 2020-11-01 | 48 days | 2,153 sqft |
| 2020-12-01 | 54 days | 2,084 sqft |
| 2021-01-01 | 58 days | 2,045 sqft |
| 2021-02-01 | 52 days | 2,030 sqft |
| 2021-03-01 | 39 days | 2,063 sqft |
| 2021-04-01 | 36 days | 2,058 sqft |
| 2021-05-01 | 34 days | 2,059 sqft |
| 2021-06-01 | 31 days | 2,070 sqft |
| 2021-07-01 | 33 days | 2,118 sqft |
| 2021-08-01 | 33 days | 2,110 sqft |
| 2021-09-01 | 36 days | 2,091 sqft |
| 2021-10-01 | 37 days | 2,100 sqft |
| 2021-11-01 | 40 days | 2,074 sqft |
| 2021-12-01 | 44 days | 2,057 sqft |
| 2022-01-01 | 48 days | 2,017 sqft |
| 2022-02-01 | 37 days | 2,001 sqft |
| 2022-03-01 | 32 days | 2,040 sqft |
| 2022-04-01 | 29 days | 2,048 sqft |
| 2022-05-01 | 25 days | 2,111 sqft |
| 2022-06-01 | 26 days | 2,166 sqft |
| 2022-07-01 | 30 days | 2,176 sqft |
| 2022-08-01 | 36 days | 2,127 sqft |
| 2022-09-01 | 39 days | 2,094 sqft |
| 2022-10-01 | 41 days | 2,088 sqft |
| 2022-11-01 | 45 days | 2,088 sqft |
| 2022-12-01 | 53 days | 2,088 sqft |
| 2023-01-01 | 61 days | 2,054 sqft |
| 2023-02-01 | 59 days | 2,096 sqft |
| 2023-03-01 | 46 days | 2,105 sqft |
| 2023-04-01 | 38 days | 2,160 sqft |
| 2023-05-01 | 36 days | 2,216 sqft |
| 2023-06-01 | 36 days | 2,218 sqft |
| 2023-07-01 | 38 days | 2,231 sqft |
| 2023-08-01 | 36 days | 2,194 sqft |
| 2023-09-01 | 39 days | 2,159 sqft |
| 2023-10-01 | 41 days | 2,101 sqft |
| 2023-11-01 | 46 days | 2,069 sqft |
| 2023-12-01 | 57 days | 2,028 sqft |
| 2024-01-01 | 67 days | 2,020 sqft |
| 2024-02-01 | 59 days | 2,027 sqft |
| 2024-03-01 | 42 days | 2,064 sqft |
Indianapolis's median square footage for active listings during the 2024-03-01 period was 2,064 sqft. One year prior, the average listing was 2,105 sqft.