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 211 lenders originated 8,740 FHA loans during 2024. The total origination value was $2,253,250,000, with an average FHA loan value of $257,809.

Indianapolis FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Indianapolis averaged 0.29% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

Indianapolis's average FHA mortgage closing costs are $7,084.

The average rate for the prior week (2025-06-13) was 6.58% and one month ago for the week of 2025-05-16, the average rate was 6.84%.

The average rate one year ago was 6.59%.

For refis of the same type during the week of 2025-06-20, the average rate was -0.03%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
QUICKEN LOANS, LLC 643 6.36% $10,458
UNITED WHOLESALE MORTGAGE, LLC 515 6.06% $12,446
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 480 6.70% $8,123
VANDERBILT MORTGAGE AND FINANCE, INC. 406 5.67% $12,549
GVC MORTGAGE, INC. 365 6.71% $10,160
DHI MORTGAGE COMPANY, LTD. 352 4.90% $8,860
FREEDOM MORTGAGE CORPORATION 350 6.42% $10,442
RUOFF MORTGAGE COMPANY, INC. 304 6.70% $7,424
EAGLE HOME MORTGAGE, LLC 265 5.11% $10,027
NEWREZ LLC 227 6.47% $9,350
M/I FINANCIAL, LLC 179 5.05% $16,080
CROSSCOUNTRY MORTGAGE, LLC 175 6.46% $9,980
NVR Mortgage Finance, Inc. 172 6.28% $12,261
MJW Financial LLC 168 6.47% $9,227
PENNYMAC LOAN SERVICES, LLC 122 6.04% $9,289
BROKER SOLUTIONS, INC. 116 6.79% $11,452
GUILD MORTGAGE COMPANY 109 6.71% $9,529
LOANDEPOT.COM, LLC 104 6.42% $9,914
CALCON MUTUAL MORTGAGE LLC 95 6.68% $9,058
UNION HOME MORTGAGE CORP. 92 6.68% $9,976
The Federal Savings Bank 90 6.47% $13,168
PULTE MORTGAGE LLC 84 4.90% $9,021
LOANPAL, LLC 82 5.74% $11,113
MILESTONE HOME LENDING, LLC 71 6.69% $9,832
Mr. Cooper ( Nationstar Mortgage ) 69 6.65% $12,107
FIRST COMMUNITY MORTGAGE, INC. 69 6.83% $10,836
HALLMARK HOME MORTGAGE, LLC 68 6.65% $9,868
Carrington Mortgage Services, LLC 67 6.33% $11,608
Fifth Third Bank 65 6.47% $6,825
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 65 6.49% $9,962
LAKEVIEW LOAN SERVICING, LLC 64 6.50% $9,079
First Option Mortgage, LLC 60 6.61% $11,013
GUARANTEED RATE, INC. 53 6.24% $9,621
The Huntington National Bank 52 6.56% $6,992
HOWARD HANNA FINANCIAL SERVICES, INC. 48 6.54% $8,511
Union Savings Bank 44 6.39% $6,920
Wolfe Financial, Inc 43 7.06% $7,961
Equity Prime Mortgage LLC 42 6.94% $11,131
Prosperity Home Mortgage, LLC 41 5.98% $12,621
AmeriHome Mortgage Company, LLC 39 6.48% $7,984
Flagstar Bank, FSB 39 6.53% $7,513
PRIMELENDING, A PLAINSCAPITAL COMPANY 38 6.80% $9,779
STOCKTON MORTGAGE CORPORATION 38 6.76% $9,386
CMG MORTGAGE, INC. 37 6.80% $11,813
MUTUAL OF OMAHA MORTGAGE, INC. 34 6.60% $12,342
AMERISAVE MORTGAGE CORPORATION 34 6.08% $13,302
Elements Financial Federal Credit Union 34 6.12% $8,106
Ixonia Bank 33 6.96% $10,514
EUSTIS AND AMERICAN MORTGAGE COMPANY 33 6.75% $8,605
Mortgage Research Center, LLC 32 6.81% $5,374
HOMESIDE FINANCIAL, LLC 31 6.33% $12,624
VICTORY MORTGAGE, L.L.C. 31 5.56% $8,263
Merchants Bank of Indiana 29 6.53% $6,626
MOVEMENT MORTGAGE, LLC 28 6.80% $11,998
PLAZA HOME MORTGAGE, INC. 27 7.05% $8,697
ZILLOW HOME LOANS, LLC 25 6.55% $9,234
Gateway First Bank 25 6.27% $9,204
JPMorgan Chase Bank 25 6.68% $7,112
AMERICAN FINANCIAL NETWORK, INC. 24 6.76% $11,788
Regions Bank 24 6.34% $7,626
First Merchants Bank 23 6.63% $7,052
ENDEAVOR CAPITAL, LLC. 23 6.45% $9,636
PLANET HOME LENDING, LLC 21 6.32% $7,113
FLAT BRANCH MORTGAGE, INC. 20 6.50% $8,567
MICHIGAN MUTUAL, INC. 20 6.21% $11,243
VILLAGE CAPITAL MORTGAGE 20 6.35% $6,457
JLB CORPORATION 19 6.00% $8,635
KeyBank 19 6.26% $6,504
South Pacific Financial Corporation 19 5.00% $8,117
Sierra Pacific Mortgage Company, Inc. 19 6.43% $12,972
The Loan Store, Inc. 18 6.06% $12,202
ROYAL UNITED MORTGAGE LLC 18 6.24% $10,365
GENEVA FINANCIAL, LLC 18 7.27% $8,321
SUN WEST MORTGAGE COMPANY, INC. 17 6.54% $10,403
Plains Commerce Bank 17 6.87% $9,446
TJC Mortgage, Inc. 16 6.59% $12,416
AMERICAN FINANCING CORPORATION 16 6.02% $11,337
GSF Mortgage Corporation 16 6.50% $11,580
Advisors Mortgage Group, L.L.C. 16 6.54% $7,419
Lakeview Community Capital, LLC 15 6.08% $7,251
American Mortgage & Equity Consultants, Inc. 15 6.87% $12,456
PNC Bank 14 6.57% $7,478
CARDINAL FINANCIAL 14 6.40% $13,360
Paramount Residential Mortgage Group, Inc. 14 6.54% $12,031
BMO Harris Bank 14 6.67% $7,403
HOMEBRIDGE FINANCIAL SERVICES, INC. 14 6.34% $7,000
RELIANCE FIRST CAPITAL, LLC 14 6.65% $11,358
NATIONS RELIABLE LENDING, LLC 13 6.14% $10,217
EVERETT FINANCIAL, INC. 12 6.92% $9,745
BAY EQUITY LLC 12 6.30% $8,214
TEACHERS CREDIT UNION 12 6.23% $7,300
FORUM Credit Union 12 6.28% $6,629
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 12 6.66% $9,019
LEADERONE FINANCIAL CORPORATION 12 6.67% $10,132
PHH Mortgage Corporation 12 6.50% $10,091
OPEN MORTGAGE, LLC 12 7.11% $8,894
M&T Bank 11 6.52% $8,207
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 11 6.71% $9,186
EMM LOANS LLC 11 6.00% $13,973
DAS Acquisition Company, LLC 11 7.01% $10,452
Blue Ridge Bank 11 6.44% $9,260
ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 6.46% $9,200
Centier Bank 10 6.88% $7,053
TOWNE MORTGAGE COMPANY 10 6.28% $11,325
INDIANA MEMBERS CREDIT UNION 10 6.74% $6,493
POLARIS HOME FUNDING CORP. 10 6.68% $10,798
Nations Lending Corporation 9 6.33% $11,938
Century Mortgage Company DBA Century Lending Company 9 6.47% $11,888
U.S. Bank 8 6.61% $7,059
VERITAS FUNDING, LLC 8 6.45% $16,153
The State Bank and Trust Company 8 6.48% $7,793
MORTGAGE SOLUTIONS OF COLORADO, LLC 7 6.96% $16,834
SOUTHWEST FUNDING, LP 7 6.79% $8,783
Loan Simple, Inc. 7 6.52% $10,386
JMAC LENDING, INC. 7 6.11% $13,297
AXIA FINANCIAL, LLC 7 6.64% $12,765
Northpointe Bank 7 6.16% $9,396
LAND HOME FINANCIAL SERVICES, INC. 6 7.58% $11,687
Texana Bank 6 6.23% $10,874
TOP FLITE FINANCIAL, INC. 6 6.94% $15,880
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.75% $13,922
American Mortgage Bank, LLC 5 6.88% $9,413
BAYSHORE MORTGAGE FUNDING, LLC 5 6.70% $12,237
BECKAM FUNDING CORP. 5 6.85% $20,406
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 5 7.18% $12,439
FAIR WAY LENDING LLC 5 6.98% $9,500
MID AMERICA MORTGAGE, INC. 5 6.60% $3,770
MLD MORTGAGE INC. 5 6.50% $8,001
LIBERTY HOME MORTGAGE CORPORATION 4 6.81% $16,257
NBKC BANK 4 6.00% $8,682
Old National Bank 4 6.06% $6,666
NEW DAY FINANCIAL, LLC 4 7.62% $4,183
Bank of England 4 6.72% $8,490
OCEANSIDE MORTGAGE COMPANY 4 6.38% $2,719
Atlantic Union Bank 3 6.79% $7,922
V.I.P. MORTGAGE, INC. 3 6.50% $9,512
Bank of America 3 6.58% $6,276
MILEND, INC. 3 6.50% $10,778
NATIONWIDE MORTGAGE BANKERS, INC. 3 6.92% $12,562
First Financial Bank 3 6.83% $7,373
1ST SIGNATURE LENDING, LLC 3 6.67% $10,525
Waterstone Mortgage Corporation 3 6.50% $10,187
Arvest Bank 3 6.29% $12,521
ALAMEDA MORTGAGE CORPORATION 2 6.56% $14,258
NATIONS DIRECT MORTGAGE, LLC 2 6.62% $8,973
MORTGAGE MASTERS OF INDIANA, INC. 2 6.63% $6,787
NETWORK CAPITAL FUNDING CORPORATION 2 6.38% $16,893
NFM, INC. 2 5.75% $22,863
OCMBC, INC. 2 5.88% $19,399
Magnolia Bank 2 6.63% $5,171
GUARANTEED RATE AFFINITY, LLC 2 6.63% $9,206
Goldwater Bank, N.A. 2 6.19% $10,154
Renasant Bank 2 6.19% $6,653
FIRST EQUITY MORTGAGE INCORPORATED 2 5.88% $17,621
S1L, Inc. 2 5.81% $10,938
FBC MORTGAGE, LLC 2 5.37% $9,893
EVANSVILLE TEACHERS 2 6.38% $6,099
SUCCESS MORTGAGE PARTNERS, INC. 2 7.19% $12,605
City Lending Inc. 2 8.25% $11,194
Citizens Bank 2 6.19% $12,351
CANOPY MORTGAGE, LLC 2 6.69% $10,898
BETTER MORTGAGE CORPORATION 2 6.00% $9,461
Barrington Bank & Trust Company, N.A. 2 7.50% $9,139
Truist 2 5.81% $17,306
University Bank 2 6.75% $7,034
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.44% $14,026
AMERICAN FINANCIAL RESOURCES, INC. 2 7.44% $7,046
ALLIED MORTGAGE GROUP, INC. 2 6.50% $12,794
Wells Fargo Bank 2 6.06% $7,085
NexBank 1 6.63% $7,805
MORTGAGE 1 INCORPORATED 1 6.63% $9,923
SENTE MORTGAGE, INC. 1 7.00% $10,368
Servion, Inc. 1 6.13% $8,169
ARC HOME LLC 1 6.13% $9,626
MORTGAGEONE, INC. 1 6.25% $15,408
Encompass Lending Group, LP 1 6.75% $13,819
East Coast Capital Corp. 1 5.75% $14,199
Stock Yards Bank & Trust Company 1 7.13% $7,055
Strong Home Mortgage, LLC 1 6.38% $6,431
AmRes Corporation 1 7.25% $7,686
SUMMIT FUNDING, INC. 1 5.99% $17,689
DIRECT MORTGAGE LOANS, LLC 1 7.00% $15,349
COMPASS MORTGAGE, INC. 1 6.88% $8,827
Willamette Valley Bank 1 6.25% $13,534
The Dart Bank 1 6.00% $11,555
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.25% $7,877
WINTERWOOD MORTGAGE GROUP, LLC 1 6.75% $6,079
American Bank of Oklahoma 1 5.63% $10,642
ALLIANT CREDIT UNION 1 6.25% $7,109
The Union Bank Company 1 6.50% $8,265
Mortgage Assurance Inc. 1 5.25% $5,679
MEMBER FIRST MORTGAGE, LLC 1 7.13% $9,318
Notre Dame Federal Credit Union Corporation 1 6.25% $11,216
PENTAGON FEDERAL CREDIT UNION 1 6.38% $10,836
Paramount Bank 1 7.13% $6,706
LENOX FINANCIAL MORTGAGE CORPORATION 1 5.75% $13,612
INTERLINC MORTGAGE SERVICES, LLC 1 6.13% $4,931
Horizon Bank 1 6.50% $7,801
HOMESTEAD FUNDING CORP. 1 6.13% $9,929
HOMESPIRE MORTGAGE CORPORATION 1 6.25% $19,920
Midwest Mortgage Associates Corporation 1 6.25% $17,058
ML Mortgage Corp. 1 7.75% $17,489
GREENSTATE CREDIT UNION 1 6.13% $9,473
TruHome Solutions, LLC 1 6.50% $6,040
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.38% $8,639
German American Bank 1 6.75% $5,236
First National Bank Texas 1 6.38% $10,448
MYCUMORTGAGE, LLC 1 6.25% $6,475
Republic Bank & Trust Company 1 6.75% $5,633
RESIDENTIAL BANCORP 1 6.13% $19,052
ON Q FINANCIAL, INC. 1 6.13% $10,255

The top Indianapolis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 643 FHA loans originated. Their average total fees are $10,458, which is $1,987 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Indianapolis FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,374), VILLAGE CAPITAL MORTGAGE ($6,457), INDIANA MEMBERS CREDIT UNION ($6,493), KeyBank ($6,504) and Merchants Bank of Indiana ($6,626).

The lowest rate Indianapolis FHA lenders (with over 10 loans originated) are PULTE MORTGAGE LLC (4.90%), DHI MORTGAGE COMPANY, LTD. (4.90%), South Pacific Financial Corporation (5.00%), M/I FINANCIAL, LLC (5.05%) and EAGLE HOME MORTGAGE, LLC (5.11%).

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

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).