Indianapolis FHA Loans

INDIANAPOLIS-CARMEL-ANDERSON, 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.

    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 5.25% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.58% and one month ago for the week of 2022-04-08, the average rate was 5.15%.

    The average rate one year ago was 2.95%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.92%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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
    PRIMELENDING, A PLAINSCAPITAL COMPANY 108 3.46% $7,062
    EAGLE HOME MORTGAGE, LLC 108 3.13% $9,077
    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
    AMERIFIRST FINANCIAL CORPORATION 82 3.41% $7,261
    JLB CORPORATION 82 2.80% $7,111
    HOME POINT FINANCIAL CORPORATION 82 2.76% $5,170
    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
    Nations Lending Corporation 57 3.34% $7,128
    AMERICAN MORTGAGE SERVICE COMPANY 57 2.96% $6,742
    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
    Gateway First Bank 47 3.51% $6,212
    AMERISAVE MORTGAGE CORPORATION 47 3.06% $8,346
    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
    Fifth Third Bank 36 2.98% $5,020
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 36 3.13% $7,092
    The Home Loan Expert LLC 36 3.09% $7,073
    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
    JPMorgan Chase Bank 27 3.01% $4,344
    AMERICAN FINANCIAL NETWORK, INC. 27 3.07% $9,962
    UNION HOME MORTGAGE CORP. 27 3.11% $6,907
    InterContinental Capital Group, Inc 25 2.81% $7,891
    Elements Financial Federal Credit Union 25 2.97% $6,325
    GSF Mortgage Corporation 24 3.07% $8,303
    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
    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
    KELLER MORTGAGE, LLC 16 2.85% $5,098
    First Home Bank 16 3.13% $6,871
    Mortgage Research Center, LLC 16 3.04% $5,140
    1ST SIGNATURE LENDING, LLC 15 3.08% $7,314
    Equity Prime Mortgage LLC 15 3.53% $5,561
    OCMBC, INC. 15 3.33% $7,535
    SECURITYNATIONAL MORTGAGE COMPANY 15 3.17% $8,210
    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
    First Financial Bank 12 3.01% $5,543
    SUCCESS MORTGAGE PARTNERS, INC. 12 3.54% $7,841
    RELIANCE FIRST CAPITAL, LLC 12 3.11% $7,840
    MUTUAL OF OMAHA MORTGAGE, INC. 11 3.03% $6,667
    Sierra Pacific Mortgage Company, Inc. 11 2.80% $7,295
    KeyBank 11 2.95% $6,521
    Old National Bank 10 3.15% $5,895
    Ixonia Bank 10 3.50% $6,292
    FIRST CENTENNIAL MORTGAGE CORPORATION 10 3.40% $6,623
    CIBM Bank 10 3.31% $6,480
    PANORAMA MORTGAGE GROUP, LLC 10 3.41% $7,090
    UNITED SECURITY FINANCIAL CORP 10 2.69% $4,869
    HOMESIDE FINANCIAL, LLC 10 3.17% $7,339
    PLANET HOME LENDING, LLC 9 2.69% $4,983
    GENEVA FINANCIAL, LLC 8 3.50% $8,010
    CHERRY CREEK MORTGAGE, LLC 8 3.80% $2,312
    PACIFIC RESIDENTIAL MORTGAGE, LLC 8 3.58% $5,753
    U.S. Bank 8 3.42% $4,863
    PHH Mortgage Corporation 8 3.80% $4,925
    Horizon Bank 7 3.45% $4,613
    Hometown Lenders, Inc. 7 3.27% $6,843
    MOVEMENT MORTGAGE, LLC 7 2.91% $5,835
    EVERETT FINANCIAL, INC. 7 3.41% $5,055
    SOVEREIGN LENDING GROUP INCORPORATED 6 3.15% $9,057
    First Savings Bank 6 3.25% $7,875
    LOANPAL, LLC 6 3.15% $8,385
    Manufacturers and Traders Trust Company 6 3.42% $6,392
    Advisors Mortgage Group, L.L.C. 6 2.92% $6,241
    BMO Harris Bank 6 3.29% $5,543
    BAYSHORE MORTGAGE FUNDING, LLC 6 3.52% $6,021
    Barrington Bank & Trust Company, N.A. 6 3.07% $5,083
    Bank of America 6 2.88% $2,796
    ARC HOME LLC 6 3.04% $7,208
    STOCKTON MORTGAGE CORPORATION 5 3.30% $8,667
    ZILLOW HOME LOANS, LLC 5 2.90% $6,457
    INSPIRE HOME LOANS INC. 5 3.35% $6,433
    CHURCHILL MORTGAGE CORPORATION 5 2.95% $6,394
    First Financial Bank 5 3.07% $6,761
    THRIVE MORTGAGE, LLC 5 3.30% $5,294
    MORTGAGE MASTERS OF INDIANA, INC. 5 2.95% $6,991
    TEACHERS CREDIT UNION 5 2.85% $6,465
    LIBERTY HOME MORTGAGE CORPORATION 5 3.05% $7,766
    NATIONS DIRECT MORTGAGE, LLC 4 3.53% $8,660
    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
    Residential Mortgage Solutions, Inc. 4 3.08% $7,285
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 3.19% $9,828
    T2 FINANCIAL LLC 4 3.63% $7,125
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 3.00% $7,581
    Magnolia Bank 3 3.04% $6,664
    Servion, Inc. 3 2.75% $7,941
    EVANSVILLE TEACHERS 3 3.04% $6,626
    POLARIS HOME FUNDING CORP. 3 2.92% $9,055
    FLAT BRANCH MORTGAGE, INC. 3 3.33% $7,326
    NATIONWIDE MORTGAGE BANKERS, INC. 3 3.21% $7,168
    MICHIGAN MUTUAL, INC. 3 3.29% $8,006
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 2.71% $9,818
    COMPASS MORTGAGE, INC. 3 2.88% $7,484
    Austin Capital Bank SSB 3 3.42% $7,258
    First Internet Bank of Indiana 3 2.66% $6,015
    Loan Simple, Inc. 2 3.75% $9,781
    EMBRACE HOME LOANS, INC. 2 3.06% $8,930
    MORIA DEVELOPMENT, INC. 2 3.31% $6,159
    DRAPER AND KRAMER MORTGAGE CORP. 2 2.88% $6,412
    NP, Inc. 2 3.31% $7,594
    Colonial Savings, F.A. 2 2.88% $4,444
    CMG MORTGAGE, INC. 2 4.13% $6,459
    LAND HOME FINANCIAL SERVICES, INC. 2 3.25% $9,707
    Peoples Bank 2 3.63% $7,747
    FIRST EQUITY MORTGAGE INCORPORATED 2 3.06% $8,088
    Hometown Equity Mortgage, LLC 2 2.81% $8,290
    Willamette Valley Bank 2 2.63% $6,466
    STEARNS LENDING, LLC 2 3.13% $5,424
    First Federal Bank 2 2.94% $9,024
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.38% $9,959
    AMCAP MORTGAGE, LTD. 2 4.00% $8,157
    EQUITY RESOURCES, INC. 2 3.19% $6,539
    ENVOY MORTGAGE, LTD 2 2.88% $8,434
    MEMBER FIRST MORTGAGE, LLC 2 2.88% $5,139
    Waterstone Mortgage Corporation 1 3.50% $5,415
    FIRST COMMUNITY MORTGAGE, INC. 1 3.63% $6,842
    FBC MORTGAGE, LLC 1 2.38% $6,432
    ALLIED MORTGAGE GROUP, INC. 1 3.25% $3,385
    VERITAS FUNDING, LLC 1 2.75% $5,702
    SOUTHWEST STAGE FUNDING, LLC 1 2.75% $4,408
    Florida Capital Bank 1 2.63% $9,986
    Allied First Bank,sb 1 3.50% $4,566
    CLEARPATH LENDING 1 2.75% $4,666
    Mercantile Bank of Michigan 1 2.63% $6,267
    GUILD MORTGAGE COMPANY 1 3.00% $6,346
    LENOX FINANCIAL MORTGAGE CORPORATION 1 2.88% $7,789
    ALAMEDA MORTGAGE CORPORATION 1 3.13% $9,983
    Northwest Bank 1 3.00% $4,297
    Atlantic Union Bank 1 3.25% $6,355
    NORTHERN MORTGAGE SERVICES, LLC 1 3.13% $5,536
    The State Bank and Trust Company 1 2.75% $6,024
    DAS Acquisition Company, LLC 1 2.75% $14,118
    DEVELOPER'S MORTGAGE COMPANY 1 2.50% $5,396
    TOWNE MORTGAGE COMPANY 1 3.25% $5,577
    AmRes Corporation 1 3.25% $5,372
    EMM LOANS LLC 1 4.25% $9,575
    MIDLAND MORTGAGE CORPORATION 1 3.75% $6,207
    United Fidelity Funding Corp. 1 3.13% $7,431
    DIRECT MORTGAGE LOANS, LLC 1 3.63% $8,683
    MLD MORTGAGE INC. 1 2.75% $11,592
    MORTGAGE ACCESS CORP. 1 3.75% $8,788
    Chickasaw Community Bank 1 2.88% $6,723
    US MORTGAGE CORPORATION 1 3.38% $5,851
    CapStar Bank 1 2.38% $7,371
    V.I.P. MORTGAGE, INC. 1 3.25% $6,067
    RAPID MORTGAGE COMPANY 1 3.38% $7,310
    PLUS RELOCATION MORTGAGE, LLC 1 3.25% $6,364
    INOVA FEDERAL CREDIT UNION 1 2.88% $4,860
    RESIDENTIAL MORTGAGE SERVICES, INC. 1 3.13% $5,895
    CIBC Bank USA 1 3.38% $5,477
    BETTER MORTGAGE CORPORATION 1 2.38% $5,771

    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 & INVESTMENT LLC ($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 $229,750 (28.7%) $308,648 (16.2%) 0.85 4,744
    2018-02-01 $247,325 (35.6%) $319,899 (15.7%) 0.89 4,271
    2018-03-01 $259,900 (26.8%) $334,910 (13.5%) 0.90 4,205
    2018-04-01 $267,948 (21.9%) $345,320 (13.6%) 0.90 4,463
    2018-05-01 $272,450 (19.0%) $348,856 (11.5%) 0.91 4,890
    2018-06-01 $269,900 (15.4%) $345,447 (8.3%) 0.90 5,453
    2018-07-01 $264,500 (15.0%) $338,191 (6.7%) 0.88 6,014
    2018-08-01 $252,945 (10.2%) $328,446 (5.2%) 0.85 6,291
    2018-09-01 $249,900 (10.1%) $324,252 (4.4%) 0.84 6,537
    2018-10-01 $239,900 (7.1%) $313,063 (2.3%) 0.80 6,809
    2018-11-01 $239,900 (6.7%) $316,177 (3.4%) 0.80 6,544
    2018-12-01 $237,500 (8.0%) $312,682 (3.6%) 0.81 5,829
    2019-01-01 $239,950 (4.4%) $314,762 (2.0%) 0.83 5,291
    2019-02-01 $254,500 (2.9%) $329,758 (3.1%) 0.85 4,937
    2019-03-01 $266,425 (2.5%) $345,105 (3.0%) 0.87 4,791
    2019-04-01 $277,450 (3.6%) $355,258 (2.9%) 0.87 4,556
    2019-05-01 $280,790 (3.1%) $358,568 (2.8%) 0.87 4,961
    2019-06-01 $279,900 (3.7%) $354,124 (2.5%) 0.86 5,351
    2019-07-01 $279,900 (5.8%) $364,423 (7.8%) 0.87 5,756
    2019-08-01 $262,100 (3.6%) $342,675 (4.3%) 0.82 6,802
    2019-09-01 $249,600 (-0.1%) $324,535 (0.1%) 0.79 7,111
    2019-10-01 $260,000 (8.4%) $331,393 (5.9%) 0.83 6,371
    2019-11-01 $259,900 (8.3%) $328,956 (4.0%) 0.84 5,995
    2019-12-01 $257,450 (8.4%) $327,432 (4.7%) 0.86 5,245
    2020-01-01 $264,950 (10.4%) $348,358 (10.7%) 0.88 4,693
    2020-02-01 $274,900 (8.0%) $339,974 (3.1%) 0.89 4,113
    2020-03-01 $279,750 (5.0%) $345,934 (0.2%) 0.87 3,850
    2020-04-01 $283,582 (2.2%) $343,096 (-3.4%) 0.88 4,074
    2020-05-01 $297,990 (6.1%) $362,318 (1.1%) 0.90 3,834
    2020-06-01 $299,900 (7.2%) $374,709 (5.8%) 0.88 3,492
    2020-07-01 $302,495 (8.1%) $381,977 (4.8%) 0.87 3,347
    2020-08-01 $299,000 (14.1%) $375,469 (9.6%) 0.85 3,169
    2020-09-01 $288,498 (15.6%) $370,156 (14.1%) 0.82 3,215
    2020-10-01 $275,000 (5.8%) $355,286 (7.2%) 0.79 3,334
    2020-11-01 $273,344 (5.2%) $348,253 (5.9%) 0.78 3,245
    2020-12-01 $262,500 (2.0%) $330,934 (1.1%) 0.77 2,806
    2021-01-01 $259,500 (-2.1%) $328,332 (-5.8%) 0.76 2,295
    2021-02-01 $264,950 (-3.6%) $342,483 (0.7%) 0.76 1,780
    2021-03-01 $271,750 (-2.9%) $352,190 (1.8%) 0.76 1,688
    2021-04-01 $274,309 (-3.3%) $364,858 (6.3%) 0.74 1,668
    2021-05-01 $275,000 (-7.7%) $369,154 (1.9%) 0.72 1,722
    2021-06-01 $277,000 (-7.6%) $372,081 (-0.7%) 0.72 1,986
    2021-07-01 $279,900 (-7.5%) $371,011 (-2.9%) 0.73 2,275
    2021-08-01 $279,000 (-6.7%) $371,217 (-1.1%) 0.73 2,439
    2021-09-01 $279,950 (-3.0%) $373,484 (0.9%) 0.74 2,486
    2021-10-01 $275,000 (0.0%) $365,239 (2.8%) 0.72 2,507
    2021-11-01 $269,950 (-1.2%) $360,352 (3.5%) 0.71 2,314
    2021-12-01 $276,250 (5.2%) $366,277 (10.7%) 0.74 1,968
    2022-01-01 $275,000 (6.0%) $369,709 (12.6%) 0.73 1,648
    2022-02-01 $287,450 (8.5%) $382,394 (11.7%) 0.73 1,377
    2022-03-01 $299,000 (10.0%) $397,951 (13.0%) 0.74 1,371
    2022-04-01 $300,000 (9.4%) $401,097 (9.9%) 0.71 1,442
    Indianapolis's median listing price for 2022-04-01 was $300,000, a difference of $25,691 (9.4%) versus the prior year and $1,000 versus the prior month.

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

    Indianapolis's average listing price for 2022-04-01 was $401,097, a difference of $36,239 (9.9%) versus the prior year and $3,146 versus the prior month.

    For the 2022-04-01 period, Indianapolis had 1,442 MLS listings, a difference of 71 listings (5%) versus the prior month and -226 listings (-14%) 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 80 days 2,392 sqft
    2018-02-01 75 days 2,430 sqft
    2018-03-01 54 days 2,520 sqft
    2018-04-01 47 days 2,547 sqft
    2018-05-01 42 days 2,575 sqft
    2018-06-01 43 days 2,572 sqft
    2018-07-01 45 days 2,525 sqft
    2018-08-01 47 days 2,472 sqft
    2018-09-01 51 days 2,428 sqft
    2018-10-01 54 days 2,371 sqft
    2018-11-01 58 days 2,356 sqft
    2018-12-01 72 days 2,323 sqft
    2019-01-01 80 days 2,322 sqft
    2019-02-01 82 days 2,387 sqft
    2019-03-01 63 days 2,451 sqft
    2019-04-01 52 days 2,502 sqft
    2019-05-01 45 days 2,539 sqft
    2019-06-01 45 days 2,541 sqft
    2019-07-01 49 days 2,533 sqft
    2019-08-01 49 days 2,413 sqft
    2019-09-01 55 days 2,347 sqft
    2019-10-01 56 days 2,400 sqft
    2019-11-01 59 days 2,385 sqft
    2019-12-01 71 days 2,344 sqft
    2020-01-01 81 days 2,334 sqft
    2020-02-01 82 days 2,322 sqft
    2020-03-01 55 days 2,345 sqft
    2020-04-01 52 days 2,362 sqft
    2020-05-01 58 days 2,400 sqft
    2020-06-01 52 days 2,408 sqft
    2020-07-01 49 days 2,423 sqft
    2020-08-01 47 days 2,388 sqft
    2020-09-01 46 days 2,292 sqft
    2020-10-01 43 days 2,250 sqft
    2020-11-01 46 days 2,175 sqft
    2020-12-01 54 days 2,086 sqft
    2021-01-01 64 days 2,050 sqft
    2021-02-01 64 days 2,030 sqft
    2021-03-01 46 days 2,057 sqft
    2021-04-01 40 days 2,062 sqft
    2021-05-01 37 days 2,053 sqft
    2021-06-01 35 days 2,072 sqft
    2021-07-01 36 days 2,112 sqft
    2021-08-01 36 days 2,103 sqft
    2021-09-01 38 days 2,084 sqft
    2021-10-01 39 days 2,100 sqft
    2021-11-01 41 days 2,081 sqft
    2021-12-01 45 days 2,056 sqft
    2022-01-01 51 days 2,020 sqft
    2022-02-01 43 days 2,000 sqft
    2022-03-01 37 days 2,050 sqft
    2022-04-01 33 days 2,061 sqft
    Indianapolis's median listing age (time on market) for 2022-04-01 was 33 days. This is -18% shorter than the same period one year ago.

    Indianapolis's median square footage for active listings during the 2022-04-01 period was 2,061 sqft. One year prior, the average listing was 2,062 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).