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
6.67%
for the week of 2025-01-31, compared to the national average (all FHA variants) of
6.501% for the same period.
Indianapolis's average FHA mortgage closing costs are $6,644.
The average rate for the prior week (2025-01-24) was
6.37% and
one month ago for the week of 2024-12-27, the
average rate was 6.39%.
The average rate one year ago was 6.64%.
For refis of the same type during the week of 2025-01-31, the average rate
was 6.67%.
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 | $232,076 (29.5%) | $309,498 (16.0%) | 0.85 | 4,617 |
| 2018-02-01 | $249,445 (35.4%) | $321,772 (15.5%) | 0.90 | 4,160 |
| 2018-03-01 | $260,400 (25.8%) | $336,322 (13.7%) | 0.91 | 4,073 |
| 2018-04-01 | $279,950 (27.3%) | $355,423 (16.5%) | 0.94 | 4,280 |
| 2018-05-01 | $285,000 (24.0%) | $361,066 (14.9%) | 0.95 | 4,708 |
| 2018-06-01 | $279,900 (19.2%) | $354,852 (11.1%) | 0.93 | 5,251 |
| 2018-07-01 | $272,500 (18.5%) | $345,073 (8.9%) | 0.91 | 5,816 |
| 2018-08-01 | $262,450 (14.2%) | $335,377 (7.2%) | 0.88 | 6,091 |
| 2018-09-01 | $254,900 (11.4%) | $329,369 (6.2%) | 0.86 | 6,357 |
| 2018-10-01 | $245,519 (9.2%) | $317,798 (4.0%) | 0.83 | 6,631 |
| 2018-11-01 | $239,900 (6.6%) | $317,850 (3.8%) | 0.81 | 6,350 |
| 2018-12-01 | $239,900 (6.7%) | $314,077 (3.6%) | 0.83 | 5,676 |
| 2019-01-01 | $242,431 (4.5%) | $317,044 (2.4%) | 0.84 | 5,130 |
| 2019-02-01 | $257,400 (3.2%) | $332,400 (3.3%) | 0.87 | 4,790 |
| 2019-03-01 | $269,229 (3.4%) | $348,248 (3.6%) | 0.88 | 4,701 |
| 2019-04-01 | $277,450 (-0.9%) | $357,290 (0.5%) | 0.88 | 4,535 |
| 2019-05-01 | $284,250 (-0.3%) | $361,010 (0.0%) | 0.88 | 4,897 |
| 2019-06-01 | $279,900 (0.0%) | $355,557 (0.2%) | 0.87 | 5,299 |
| 2019-07-01 | $279,950 (2.7%) | $366,289 (6.2%) | 0.88 | 5,686 |
| 2019-08-01 | $271,600 (3.5%) | $352,364 (5.1%) | 0.86 | 5,965 |
| 2019-09-01 | $266,501 (4.6%) | $341,563 (3.7%) | 0.85 | 6,145 |
| 2019-10-01 | $263,102 (7.2%) | $334,294 (5.2%) | 0.84 | 6,292 |
| 2019-11-01 | $259,900 (8.3%) | $329,013 (3.5%) | 0.85 | 5,913 |
| 2019-12-01 | $256,950 (7.1%) | $327,283 (4.2%) | 0.85 | 5,134 |
| 2020-01-01 | $265,000 (9.3%) | $349,089 (10.1%) | 0.89 | 4,596 |
| 2020-02-01 | $273,270 (6.2%) | $341,024 (2.6%) | 0.88 | 4,005 |
| 2020-03-01 | $279,940 (4.0%) | $346,586 (-0.5%) | 0.88 | 3,802 |
| 2020-04-01 | $284,900 (2.7%) | $343,197 (-3.9%) | 0.89 | 4,016 |
| 2020-05-01 | $298,662 (5.1%) | $362,265 (0.4%) | 0.90 | 3,798 |
| 2020-06-01 | $299,900 (7.2%) | $374,453 (5.3%) | 0.88 | 3,473 |
| 2020-07-01 | $300,000 (7.2%) | $380,250 (3.8%) | 0.87 | 3,328 |
| 2020-08-01 | $299,900 (10.4%) | $375,194 (6.5%) | 0.86 | 3,170 |
| 2020-09-01 | $286,342 (7.5%) | $367,410 (7.6%) | 0.82 | 3,204 |
| 2020-10-01 | $274,900 (4.5%) | $353,066 (5.6%) | 0.79 | 3,318 |
| 2020-11-01 | $267,000 (2.7%) | $341,674 (3.9%) | 0.78 | 3,231 |
| 2020-12-01 | $259,950 (1.2%) | $328,294 (0.3%) | 0.77 | 2,772 |
| 2021-01-01 | $259,900 (-1.9%) | $328,272 (-6.0%) | 0.78 | 2,273 |
| 2021-02-01 | $264,525 (-3.2%) | $341,631 (0.2%) | 0.78 | 1,759 |
| 2021-03-01 | $270,874 (-3.2%) | $352,572 (1.7%) | 0.77 | 1,692 |
| 2021-04-01 | $274,155 (-3.8%) | $363,272 (5.9%) | 0.74 | 1,678 |
| 2021-05-01 | $275,000 (-7.9%) | $367,942 (1.6%) | 0.73 | 1,748 |
| 2021-06-01 | $275,000 (-8.3%) | $371,074 (-0.9%) | 0.72 | 2,000 |
| 2021-07-01 | $279,250 (-6.9%) | $368,082 (-3.2%) | 0.74 | 2,304 |
| 2021-08-01 | $279,125 (-6.9%) | $370,792 (-1.2%) | 0.75 | 2,434 |
| 2021-09-01 | $280,000 (-2.2%) | $372,913 (1.5%) | 0.75 | 2,462 |
| 2021-10-01 | $275,000 (0.0%) | $363,318 (2.9%) | 0.73 | 2,467 |
| 2021-11-01 | $269,850 (1.1%) | $357,350 (4.6%) | 0.72 | 2,264 |
| 2021-12-01 | $277,350 (6.7%) | $363,901 (10.9%) | 0.75 | 1,916 |
| 2022-01-01 | $279,900 (7.7%) | $368,569 (12.3%) | 0.75 | 1,590 |
| 2022-02-01 | $292,500 (10.6%) | $381,543 (11.7%) | 0.76 | 1,354 |
| 2022-03-01 | $297,500 (9.8%) | $394,570 (11.9%) | 0.75 | 1,349 |
| 2022-04-01 | $299,900 (9.4%) | $398,205 (9.6%) | 0.72 | 1,416 |
| 2022-05-01 | $318,327 (15.8%) | $402,332 (9.4%) | 0.73 | 1,946 |
| 2022-06-01 | $320,000 (16.4%) | $407,858 (9.9%) | 0.71 | 2,418 |
| 2022-07-01 | $325,000 (16.4%) | $405,155 (10.1%) | 0.73 | 3,128 |
| 2022-08-01 | $312,500 (12.0%) | $388,274 (4.7%) | 0.72 | 3,349 |
| 2022-09-01 | $300,000 (7.1%) | $381,981 (2.4%) | 0.70 | 3,553 |
| 2022-10-01 | $300,000 (9.1%) | $382,280 (5.2%) | 0.71 | 3,757 |
| 2022-11-01 | $297,025 (10.1%) | $377,103 (5.5%) | 0.71 | 3,810 |
| 2022-12-01 | $294,700 (6.3%) | $376,788 (3.5%) | 0.73 | 3,434 |
| 2023-01-01 | $289,750 (3.5%) | $379,772 (3.0%) | 0.72 | 2,944 |
| 2023-02-01 | $302,450 (3.4%) | $393,266 (3.1%) | 0.73 | 2,527 |
| 2023-03-01 | $316,123 (6.3%) | $410,363 (4.0%) | 0.74 | 2,309 |
| 2023-04-01 | $333,000 (11.0%) | $445,536 (11.9%) | 0.77 | 2,303 |
| 2023-05-01 | $349,450 (9.8%) | $460,762 (14.5%) | 0.79 | 2,556 |
| 2023-06-01 | $349,950 (9.4%) | $458,158 (12.3%) | 0.79 | 2,852 |
| 2023-07-01 | $349,500 (7.5%) | $443,521 (9.5%) | 0.79 | 3,149 |
| 2023-08-01 | $337,450 (8.0%) | $430,477 (10.9%) | 0.77 | 3,380 |
| 2023-09-01 | $329,900 (10.0%) | $417,493 (9.3%) | 0.77 | 3,710 |
| 2023-10-01 | $321,950 (7.3%) | $407,383 (6.6%) | 0.75 | 4,106 |
| 2023-11-01 | $312,500 (5.2%) | $404,539 (7.3%) | 0.74 | 4,139 |
| 2023-12-01 | $304,000 (3.2%) | $401,119 (6.5%) | 0.74 | 3,695 |
| 2024-01-01 | $307,500 (6.1%) | $411,220 (8.3%) | 0.76 | 3,144 |
| 2024-02-01 | $318,513 (5.3%) | $419,614 (6.7%) | 0.77 | 2,843 |
| 2024-03-01 | $330,000 (4.4%) | $429,086 (4.6%) | 0.78 | 2,850 |
| 2024-04-01 | $340,625 (2.3%) | $437,933 (-1.7%) | 0.79 | 3,067 |
| 2024-05-01 | $349,950 (0.1%) | $449,312 (-2.5%) | 0.79 | 3,316 |
| 2024-06-01 | $349,900 (0.0%) | $448,557 (-2.1%) | 0.79 | 3,662 |
| 2024-07-01 | $339,375 (-2.9%) | $439,948 (-0.8%) | 0.77 | 4,010 |
| 2024-08-01 | $330,000 (-2.2%) | $428,840 (-0.4%) | 0.77 | 4,337 |
| 2024-09-01 | $324,950 (-1.5%) | $422,358 (1.2%) | 0.76 | 4,573 |
| 2024-10-01 | $322,400 (0.1%) | $416,644 (2.3%) | 0.76 | 4,718 |
| 2024-11-01 | $316,000 (1.1%) | $402,122 (-0.6%) | 0.76 | 4,721 |
| 2024-12-01 | $309,959 (2.0%) | $398,342 (-0.7%) | 0.77 | 4,123 |
| 2025-01-01 | $300,000 (-2.4%) | $396,609 (-3.6%) | 0.00 | 3,689 |
Indianapolis's median listing price comes in at 0% of the national average.
Indianapolis's average listing price for 2025-01-01 was $396,609, a difference of $-14,611 (-3.6%) versus the prior year and $-1,733 versus the prior month.
For the 2025-01-01 period, Indianapolis had 3,689 MLS listings, a difference of -434 listings (-11%) versus the prior month and 545 listings (17%) 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 | 2,405 sqft |
| 2018-02-01 | 71 days | 2,448 sqft |
| 2018-03-01 | 50 days | 2,530 sqft |
| 2018-04-01 | 44 days | 2,618 sqft |
| 2018-05-01 | 37 days | 2,659 sqft |
| 2018-06-01 | 39 days | 2,651 sqft |
| 2018-07-01 | 43 days | 2,581 sqft |
| 2018-08-01 | 46 days | 2,521 sqft |
| 2018-09-01 | 50 days | 2,459 sqft |
| 2018-10-01 | 53 days | 2,407 sqft |
| 2018-11-01 | 57 days | 2,363 sqft |
| 2018-12-01 | 71 days | 2,333 sqft |
| 2019-01-01 | 78 days | 2,328 sqft |
| 2019-02-01 | 78 days | 2,400 sqft |
| 2019-03-01 | 63 days | 2,456 sqft |
| 2019-04-01 | 49 days | 2,499 sqft |
| 2019-05-01 | 43 days | 2,543 sqft |
| 2019-06-01 | 44 days | 2,540 sqft |
| 2019-07-01 | 48 days | 2,539 sqft |
| 2019-08-01 | 48 days | 2,473 sqft |
| 2019-09-01 | 51 days | 2,442 sqft |
| 2019-10-01 | 53 days | 2,421 sqft |
| 2019-11-01 | 59 days | 2,382 sqft |
| 2019-12-01 | 70 days | 2,344 sqft |
| 2020-01-01 | 80 days | 2,337 sqft |
| 2020-02-01 | 81 days | 2,328 sqft |
| 2020-03-01 | 50 days | 2,350 sqft |
| 2020-04-01 | 48 days | 2,372 sqft |
| 2020-05-01 | 54 days | 2,408 sqft |
| 2020-06-01 | 47 days | 2,418 sqft |
| 2020-07-01 | 44 days | 2,425 sqft |
| 2020-08-01 | 44 days | 2,390 sqft |
| 2020-09-01 | 42 days | 2,290 sqft |
| 2020-10-01 | 41 days | 2,236 sqft |
| 2020-11-01 | 48 days | 2,155 sqft |
| 2020-12-01 | 54 days | 2,085 sqft |
| 2021-01-01 | 58 days | 2,043 sqft |
| 2021-02-01 | 52 days | 2,028 sqft |
| 2021-03-01 | 39 days | 2,062 sqft |
| 2021-04-01 | 36 days | 2,058 sqft |
| 2021-05-01 | 34 days | 2,055 sqft |
| 2021-06-01 | 31 days | 2,070 sqft |
| 2021-07-01 | 33 days | 2,116 sqft |
| 2021-08-01 | 33 days | 2,110 sqft |
| 2021-09-01 | 36 days | 2,089 sqft |
| 2021-10-01 | 37 days | 2,093 sqft |
| 2021-11-01 | 40 days | 2,066 sqft |
| 2021-12-01 | 44 days | 2,050 sqft |
| 2022-01-01 | 48 days | 2,010 sqft |
| 2022-02-01 | 37 days | 1,997 sqft |
| 2022-03-01 | 32 days | 2,037 sqft |
| 2022-04-01 | 29 days | 2,049 sqft |
| 2022-05-01 | 25 days | 2,111 sqft |
| 2022-06-01 | 26 days | 2,166 sqft |
| 2022-07-01 | 30 days | 2,181 sqft |
| 2022-08-01 | 36 days | 2,135 sqft |
| 2022-09-01 | 39 days | 2,098 sqft |
| 2022-10-01 | 41 days | 2,090 sqft |
| 2022-11-01 | 45 days | 2,092 sqft |
| 2022-12-01 | 53 days | 2,094 sqft |
| 2023-01-01 | 61 days | 2,063 sqft |
| 2023-02-01 | 59 days | 2,104 sqft |
| 2023-03-01 | 46 days | 2,110 sqft |
| 2023-04-01 | 38 days | 2,162 sqft |
| 2023-05-01 | 36 days | 2,222 sqft |
| 2023-06-01 | 36 days | 2,219 sqft |
| 2023-07-01 | 38 days | 2,233 sqft |
| 2023-08-01 | 36 days | 2,195 sqft |
| 2023-09-01 | 39 days | 2,160 sqft |
| 2023-10-01 | 41 days | 2,102 sqft |
| 2023-11-01 | 46 days | 2,074 sqft |
| 2023-12-01 | 57 days | 2,027 sqft |
| 2024-01-01 | 67 days | 2,020 sqft |
| 2024-02-01 | 59 days | 2,026 sqft |
| 2024-03-01 | 42 days | 2,070 sqft |
| 2024-04-01 | 39 days | 2,118 sqft |
| 2024-05-01 | 34 days | 2,190 sqft |
| 2024-06-01 | 35 days | 2,182 sqft |
| 2024-07-01 | 40 days | 2,139 sqft |
| 2024-08-01 | 43 days | 2,117 sqft |
| 2024-09-01 | 45 days | 2,080 sqft |
| 2024-10-01 | 46 days | 2,065 sqft |
| 2024-11-01 | 50 days | 2,050 sqft |
| 2024-12-01 | 60 days | 2,014 sqft |
| 2025-01-01 | 0 days | 1,983 sqft |
Indianapolis's median square footage for active listings during the 2025-01-01 period was 1,983 sqft. One year prior, the average listing was 2,020 sqft.