Kokomo FHA Loan Rates, Closing Costs & Stats

KOKOMO, 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.

    Kokomo's 66 lenders originated 392 FHA loans during 2024. The total origination value was $68,070,000, with an average FHA loan value of $173,648.

    Kokomo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kokomo averaged 0.21% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Kokomo's average FHA mortgage closing costs are $5,357.

    The average rate for the prior week (2025-06-27) was 6.79% and one month ago for the week of 2025-05-30, the average rate was 6.87%.

    The average rate one year ago was 6.79%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.39%.

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

    Kokomo 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 Kokomo level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    GVC MORTGAGE, INC. 44 6.95% $8,037
    PLAZA HOME MORTGAGE, INC. 42 6.83% $6,195
    QUICKEN LOANS, LLC 39 6.55% $8,122
    RUOFF MORTGAGE COMPANY, INC. 31 6.96% $5,703
    VANDERBILT MORTGAGE AND FINANCE, INC. 21 5.51% $12,959
    The Huntington National Bank 19 6.49% $4,364
    MJW Financial LLC 16 6.94% $7,294
    American Mortgage & Equity Consultants, Inc. 12 7.06% $7,585
    LOANPAL, LLC 11 5.79% $8,563
    STOCKTON MORTGAGE CORPORATION 11 6.75% $8,695
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.85% $6,594
    FREEDOM MORTGAGE CORPORATION 9 6.68% $8,757
    LOANDEPOT.COM, LLC 6 6.37% $8,648
    PENNYMAC LOAN SERVICES, LLC 6 5.83% $5,823
    UNION HOME MORTGAGE CORP. 5 7.10% $7,075
    UNITED WHOLESALE MORTGAGE, LLC 5 6.42% $8,516
    BROKER SOLUTIONS, INC. 5 7.05% $8,408
    NEWREZ LLC 4 6.50% $7,602
    PNC Bank 4 7.09% $6,372
    GUILD MORTGAGE COMPANY 4 6.94% $9,019
    Mr. Cooper ( Nationstar Mortgage ) 4 6.72% $12,483
    CALCON MUTUAL MORTGAGE LLC 3 6.04% $8,582
    GUARANTEED RATE, INC. 3 6.42% $6,255
    Carrington Mortgage Services, LLC 3 6.75% $10,697
    AMERICAN FINANCIAL NETWORK, INC. 2 6.00% $12,544
    CROSSCOUNTRY MORTGAGE, LLC 2 6.69% $8,961
    First Merchants Bank 2 6.50% $3,886
    Flanagan State Bank 2 6.69% $5,428
    Merchants Bank of Indiana 2 6.13% $5,703
    Mortgage Research Center, LLC 2 6.88% $3,946
    OPEN MORTGAGE, LLC 2 6.94% $8,884
    PLANET HOME LENDING, LLC 2 6.25% $4,295
    POLARIS HOME FUNDING CORP. 2 6.75% $9,971
    ROYAL UNITED MORTGAGE LLC 2 5.81% $11,255
    MILEND, INC. 1 6.75% $10,141
    JLB CORPORATION 1 6.50% $7,143
    TOP FLITE FINANCIAL, INC. 1 6.00% $24,325
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $13,957
    MOVEMENT MORTGAGE, LLC 1 6.75% $5,961
    Horizon Bank 1 6.00% $9,056
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $10,320
    NEW DAY FINANCIAL, LLC 1 7.63% $6,502
    GENEVA FINANCIAL, LLC 1 7.25% $7,140
    Northpointe Bank 1 7.13% $6,361
    EMM LOANS LLC 1 5.99% $12,259
    Paramount Bank 1 6.25% $9,756
    Gateway First Bank 1 6.75% $4,961
    PHH Mortgage Corporation 1 7.63% $5,975
    Elements Financial Federal Credit Union 1 6.50% $12,298
    FLAT BRANCH MORTGAGE, INC. 1 6.25% $7,058
    First Option Mortgage, LLC 1 7.25% $5,965
    University Bank 1 6.25% $5,937
    Fifth Third Bank 1 6.63% $6,037
    Regions Bank 1 6.00% $7,183
    CARDINAL FINANCIAL 1 6.50% $9,413
    EVERETT FINANCIAL, INC. 1 7.75% $4,205
    Servion, Inc. 1 6.75% $5,822
    Equity Prime Mortgage LLC 1 7.75% $8,733
    Stock Yards Bank & Trust Company 1 6.63% $5,495
    ENDEAVOR CAPITAL, LLC. 1 6.38% $8,756
    LEADERONE FINANCIAL CORPORATION 1 6.75% $5,746
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $5,960
    KeyBank 1 5.38% $7,305
    Loan Simple, Inc. 1 7.13% $10,651
    The State Bank and Trust Company 1 6.50% $6,503
    MICHIGAN MUTUAL, INC. 1 6.25% $8,922

    The top Kokomo FHA lender as defined by loan originations is GVC MORTGAGE, INC., with 44 FHA loans originated. Their average total fees are $8,037, which is $1,842 higher than the next largest lender, PLAZA HOME MORTGAGE, INC..

    The lowest fee Kokomo FHA lenders (with over 10 loans originated) are The Huntington National Bank ($4,364), RUOFF MORTGAGE COMPANY, INC. ($5,703), PLAZA HOME MORTGAGE, INC. ($6,195), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,594) and MJW Financial LLC ($7,294).

    The lowest rate Kokomo FHA lenders (with over 10 loans originated) are VANDERBILT MORTGAGE AND FINANCE, INC. (5.51%), LOANPAL, LLC (5.79%), The Huntington National Bank (6.49%), QUICKEN LOANS, LLC (6.55%) and STOCKTON MORTGAGE CORPORATION (6.75%).

    Kokomo FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    KOKOMO, IN HOWARD 2022 $420,680 $538,650 $651,050 $809,150
    KOKOMO, IN HOWARD 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).