Kokomo FHA Loan Rates, Closing Costs & Stats

KOKOMO, 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.

Kokomo's 60 lenders originated 356 FHA loans during 2023. The total origination value was $55,690,000, with an average FHA loan value of $156,433.

Kokomo FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Kokomo averaged 6.74% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Kokomo's average FHA mortgage closing costs are $5,018.

The average rate for the prior week (2024-05-31) was 6.82% and one month ago for the week of 2024-05-03, the average rate was 7.12%.

The average rate one year ago was 6.89%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.69%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GVC MORTGAGE, INC. 50 7.07% $7,446
PLAZA HOME MORTGAGE, INC. 42 6.71% $5,832
RUOFF MORTGAGE COMPANY, INC. 35 7.13% $4,662
QUICKEN LOANS, LLC 34 6.27% $7,922
STOCKTON MORTGAGE CORPORATION 20 6.99% $7,713
PENNYMAC LOAN SERVICES, LLC 14 6.41% $6,768
MOVEMENT MORTGAGE, LLC 12 7.14% $6,732
VANDERBILT MORTGAGE AND FINANCE, INC. 10 6.28% $11,492
Nations Lending Corporation 8 7.19% $3,477
LEADERONE FINANCIAL CORPORATION 8 6.83% $6,988
NEWREZ LLC 7 7.05% $7,625
LOANDEPOT.COM, LLC 6 6.10% $7,984
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 7.38% $4,133
American Mortgage & Equity Consultants, Inc. 6 7.15% $8,320
Horizon Bank 6 6.42% $4,160
BROKER SOLUTIONS, INC. 5 6.83% $8,627
CALIBER HOME LOANS, INC. 5 6.65% $5,807
The Huntington National Bank 5 6.65% $6,741
Mr. Cooper ( Nationstar Mortgage ) 4 5.88% $11,106
MILESTONE HOME LENDING, LLC 3 7.13% $5,332
Gateway First Bank 2 6.69% $5,691
Carrington Mortgage Services, LLC 2 5.88% $9,622
ENDEAVOR CAPITAL, LLC. 2 6.75% $8,855
FREEDOM MORTGAGE CORPORATION 2 6.50% $12,491
KeyBank 2 6.25% $4,920
MJW Financial LLC 2 7.19% $8,453
Mortgage Research Center, LLC 2 7.69% $3,091
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.44% $9,555
ROYAL UNITED MORTGAGE LLC 2 6.63% $11,957
Servion, Inc. 2 6.19% $5,700
TUCKER MORTGAGE, LLC 2 7.38% $8,549
UNION HOME MORTGAGE CORP. 2 6.63% $7,065
UNITED WHOLESALE MORTGAGE, LLC 2 6.62% $4,813
GUARANTEED RATE, INC. 1 7.25% $8,061
OPEN MORTGAGE, LLC 1 6.63% $12,168
First Merchants Bank 1 7.00% $4,159
PHH Mortgage Corporation 1 6.63% $6,061
First Financial Bank 1 7.63% $6,716
PNC Bank 1 7.00% $4,274
POLARIS HOME FUNDING CORP. 1 7.13% $10,076
PREMIER MORTGAGE RESOURCES, L.L.C. 1 8.00% $11,479
Prosperity Home Mortgage, LLC 1 6.75% $17,062
Fifth Third Bank 1 6.00% $3,976
Union Savings Bank 1 7.00% $8,663
Barrington Bank & Trust Company, N.A. 1 6.25% $6,621
ZILLOW HOME LOANS, LLC 1 6.75% $6,898
SOUTHWEST STAGE FUNDING, LLC 1 7.75% $4,238
AMERISAVE MORTGAGE CORPORATION 1 5.63% $8,959
Stock Yards Bank & Trust Company 1 6.88% $5,096
The Federal Savings Bank 1 6.50% $11,064
AmeriHome Mortgage Company, LLC 1 6.63% $7,629
THRIVE MORTGAGE, LLC 1 6.50% $5,964
MEMBER FIRST MORTGAGE, LLC 1 6.63% $6,438
TOP FLITE FINANCIAL, INC. 1 6.13% $10,861
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.88% $7,590
JPMorgan Chase Bank 1 6.99% $4,307
JLB CORPORATION 1 6.25% $12,446
Wolfe Financial, Inc 1 7.50% $10,289
HALLMARK HOME MORTGAGE, LLC 1 7.50% $8,513
NBKC BANK 1 6.13% $6,225

The top Kokomo FHA lender as defined by loan originations is GVC MORTGAGE, INC., with 50 FHA loans originated. Their average total fees are $7,446, which is $1,615 higher than the next largest lender, PLAZA HOME MORTGAGE, INC..

The lowest fee Kokomo FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($4,662), PLAZA HOME MORTGAGE, INC. ($5,832), MOVEMENT MORTGAGE, LLC ($6,732), PENNYMAC LOAN SERVICES, LLC ($6,768) and GVC MORTGAGE, INC. ($7,446).

The lowest rate Kokomo FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.27%), VANDERBILT MORTGAGE AND FINANCE, INC. (6.28%), PENNYMAC LOAN SERVICES, LLC (6.41%), PLAZA HOME MORTGAGE, INC. (6.71%) and STOCKTON MORTGAGE CORPORATION (6.99%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Kokomo (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 $86,225 (-4.1%) $123,621 (2.3%) 0.00 294
2018-02-01 $82,450 (-8.3%) $119,100 (-2.4%) 0.00 281
2018-03-01 $87,250 (-6.8%) $122,309 (-1.7%) 0.00 248
2018-04-01 $99,450 (14.7%) $131,049 (5.7%) 0.00 228
2018-05-01 $107,000 (15.7%) $139,446 (5.2%) 0.00 224
2018-06-01 $122,700 (36.0%) $149,253 (15.6%) 0.00 257
2018-07-01 $91,575 (-7.0%) $129,805 (-0.2%) 0.00 293
2018-08-01 $94,575 (-7.9%) $133,824 (-5.1%) 0.00 298
2018-09-01 $99,900 (0.0%) $137,825 (-7.3%) 0.00 318
2018-10-01 $119,900 (23.2%) $139,414 (-5.5%) 0.00 367
2018-11-01 $117,600 (23.5%) $134,671 (-7.0%) 0.00 358
2018-12-01 $112,490 (25.1%) $130,123 (5.6%) 0.00 373
2019-01-01 $111,343 (29.1%) $128,640 (4.1%) 0.00 345
2019-02-01 $113,450 (37.6%) $128,220 (7.7%) 0.00 314
2019-03-01 $115,347 (32.2%) $129,401 (5.8%) 0.00 282
2019-04-01 $120,352 (21.0%) $137,007 (4.6%) 0.00 253
2019-05-01 $123,490 (15.4%) $143,308 (2.8%) 0.00 239
2019-06-01 $129,945 (5.9%) $150,283 (0.7%) 0.00 236
2019-07-01 $135,950 (48.5%) $154,872 (19.3%) 0.00 232
2019-08-01 $133,142 (40.8%) $153,648 (14.8%) 0.00 236
2019-09-01 $122,937 (23.1%) $149,364 (8.4%) 0.00 245
2019-10-01 $115,000 (-4.1%) $145,506 (4.4%) 0.00 254
2019-11-01 $119,900 (2.0%) $144,687 (7.4%) 0.00 243
2019-12-01 $118,720 (5.5%) $145,277 (11.7%) 0.00 228
2020-01-01 $114,995 (3.3%) $144,092 (12.0%) 0.00 206
2020-02-01 $115,000 (1.4%) $142,781 (11.4%) 0.00 182
2020-03-01 $129,700 (12.4%) $146,467 (13.2%) 0.00 148
2020-04-01 $127,400 (5.9%) $143,669 (4.9%) 0.00 149
2020-05-01 $132,900 (7.6%) $154,586 (7.9%) 0.00 135
2020-06-01 $117,400 (-9.7%) $146,964 (-2.2%) 0.00 125
2020-07-01 $139,600 (2.7%) $164,046 (5.9%) 0.00 132
2020-08-01 $149,900 (12.6%) $160,951 (4.8%) 0.00 116
2020-09-01 $144,175 (17.3%) $167,081 (11.9%) 0.00 122
2020-10-01 $119,900 (4.3%) $156,024 (7.2%) 0.00 125
2020-11-01 $122,150 (1.9%) $153,141 (5.8%) 0.00 137
2020-12-01 $122,450 (3.1%) $156,344 (7.6%) 0.00 118
2021-01-01 $139,900 (21.7%) $164,788 (14.4%) 0.00 85
2021-02-01 $112,450 (-2.2%) $175,060 (22.6%) 0.00 58
2021-03-01 $130,050 (0.3%) $182,074 (24.3%) 0.00 61
2021-04-01 $159,800 (25.4%) $193,971 (35.0%) 0.00 45
2021-05-01 $152,950 (15.1%) $180,619 (16.8%) 0.00 49
2021-06-01 $114,888 (-2.1%) $158,701 (8.0%) 0.00 73
2021-07-01 $109,900 (-21.3%) $146,671 (-10.6%) 0.00 109
2021-08-01 $116,200 (-22.5%) $162,659 (1.1%) 0.00 98
2021-09-01 $112,500 (-22.0%) $161,699 (-3.2%) 0.00 113
2021-10-01 $112,000 (-6.6%) $140,672 (-9.8%) 0.00 118
2021-11-01 $127,450 (4.3%) $162,272 (6.0%) 0.00 122
2021-12-01 $119,950 (-2.0%) $157,004 (0.4%) 0.00 115
2022-01-01 $113,900 (-18.6%) $127,711 (-22.5%) 0.00 95
2022-02-01 $98,675 (-12.3%) $122,511 (-30.0%) 0.00 80
2022-03-01 $108,700 (-16.4%) $138,575 (-23.9%) 0.00 82
2022-04-01 $109,450 (-31.5%) $139,535 (-28.1%) 0.00 67
2022-05-01 $149,900 (-2.0%) $179,869 (-0.4%) 0.00 87
2022-06-01 $145,500 (26.7%) $179,875 (13.3%) 0.00 102
2022-07-01 $134,400 (22.3%) $187,031 (27.5%) 0.00 120
2022-08-01 $130,700 (12.5%) $181,134 (11.4%) 0.00 131
2022-09-01 $144,925 (28.8%) $185,004 (14.4%) 0.00 133
2022-10-01 $148,000 (32.1%) $189,232 (34.5%) 0.00 145
2022-11-01 $162,750 (27.7%) $188,662 (16.3%) 0.00 156
2022-12-01 $164,000 (36.7%) $189,819 (20.9%) 0.00 134
2023-01-01 $149,250 (31.0%) $180,435 (41.3%) 0.00 118
2023-02-01 $159,900 (62.1%) $190,896 (55.8%) 0.00 81
2023-03-01 $143,475 (32.0%) $188,015 (35.7%) 0.00 72
2023-04-01 $147,900 (35.1%) $193,678 (38.8%) 0.00 85
2023-05-01 $147,200 (-1.8%) $192,924 (7.3%) 0.00 95
2023-06-01 $166,975 (14.8%) $199,105 (10.7%) 0.00 109
2023-07-01 $166,950 (24.2%) $202,141 (8.1%) 0.00 109
2023-08-01 $198,675 (52.0%) $222,984 (23.1%) 0.00 109
2023-09-01 $187,250 (29.2%) $211,652 (14.4%) 0.00 118
2023-10-01 $181,200 (22.4%) $204,825 (8.2%) 0.00 136
2023-11-01 $192,600 (18.3%) $227,816 (20.8%) 0.00 142
2023-12-01 $184,700 (12.6%) $221,341 (16.6%) 0.00 148
2024-01-01 $167,425 (12.2%) $207,941 (15.2%) 0.00 131
2024-02-01 $186,225 (16.5%) $212,717 (11.4%) 0.00 82
2024-03-01 $212,300 (48.0%) $232,469 (23.6%) 0.00 74
2024-04-01 $204,125 (38.0%) $228,951 (18.2%) 0.00 74
2024-05-01 $234,725 (59.5%) $244,057 (26.5%) 0.00 85
Kokomo's median listing price for 2024-05-01 was $234,725, a difference of $87,525 (59.5%) versus the prior year and $30,600 versus the prior month.

Kokomo's median listing price comes in at 0% of the national average.

Kokomo's average listing price for 2024-05-01 was $244,057, a difference of $51,133 (26.5%) versus the prior year and $15,106 versus the prior month.

For the 2024-05-01 period, Kokomo had 85 MLS listings, a difference of 11 listings (15%) versus the prior month and -10 listings (-11%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Kokomo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,535 sqft
2018-02-01 0 days 1,494 sqft
2018-03-01 0 days 1,500 sqft
2018-04-01 0 days 1,557 sqft
2018-05-01 0 days 1,576 sqft
2018-06-01 0 days 1,644 sqft
2018-07-01 0 days 1,531 sqft
2018-08-01 0 days 1,592 sqft
2018-09-01 0 days 1,630 sqft
2018-10-01 0 days 1,618 sqft
2018-11-01 0 days 1,592 sqft
2018-12-01 0 days 1,568 sqft
2019-01-01 0 days 1,507 sqft
2019-02-01 0 days 1,505 sqft
2019-03-01 0 days 1,525 sqft
2019-04-01 0 days 1,578 sqft
2019-05-01 0 days 1,607 sqft
2019-06-01 0 days 1,712 sqft
2019-07-01 0 days 1,668 sqft
2019-08-01 0 days 1,700 sqft
2019-09-01 0 days 1,680 sqft
2019-10-01 0 days 1,632 sqft
2019-11-01 0 days 1,600 sqft
2019-12-01 0 days 1,566 sqft
2020-01-01 0 days 1,675 sqft
2020-02-01 0 days 1,662 sqft
2020-03-01 0 days 1,646 sqft
2020-04-01 0 days 1,660 sqft
2020-05-01 0 days 1,728 sqft
2020-06-01 0 days 1,613 sqft
2020-07-01 0 days 1,745 sqft
2020-08-01 0 days 1,641 sqft
2020-09-01 0 days 1,546 sqft
2020-10-01 0 days 1,443 sqft
2020-11-01 0 days 1,569 sqft
2020-12-01 0 days 1,548 sqft
2021-01-01 0 days 1,592 sqft
2021-02-01 0 days 1,497 sqft
2021-03-01 0 days 1,420 sqft
2021-04-01 0 days 1,573 sqft
2021-05-01 0 days 1,508 sqft
2021-06-01 0 days 1,419 sqft
2021-07-01 0 days 1,406 sqft
2021-08-01 0 days 1,524 sqft
2021-09-01 0 days 1,517 sqft
2021-10-01 0 days 1,476 sqft
2021-11-01 0 days 1,561 sqft
2021-12-01 0 days 1,470 sqft
2022-01-01 0 days 1,408 sqft
2022-02-01 0 days 1,335 sqft
2022-03-01 0 days 1,418 sqft
2022-04-01 0 days 1,448 sqft
2022-05-01 0 days 1,584 sqft
2022-06-01 0 days 1,534 sqft
2022-07-01 0 days 1,463 sqft
2022-08-01 0 days 1,546 sqft
2022-09-01 0 days 1,466 sqft
2022-10-01 0 days 1,512 sqft
2022-11-01 0 days 1,544 sqft
2022-12-01 0 days 1,512 sqft
2023-01-01 0 days 1,488 sqft
2023-02-01 0 days 1,538 sqft
2023-03-01 0 days 1,498 sqft
2023-04-01 0 days 1,589 sqft
2023-05-01 0 days 1,571 sqft
2023-06-01 0 days 1,668 sqft
2023-07-01 0 days 1,777 sqft
2023-08-01 0 days 1,827 sqft
2023-09-01 0 days 1,784 sqft
2023-10-01 0 days 1,635 sqft
2023-11-01 0 days 1,780 sqft
2023-12-01 0 days 1,724 sqft
2024-01-01 0 days 1,612 sqft
2024-02-01 0 days 1,648 sqft
2024-03-01 0 days 1,800 sqft
2024-04-01 0 days 1,817 sqft
2024-05-01 0 days 1,811 sqft
Kokomo's median listing age (time on market) for 2024-05-01 was 0 days.

Kokomo's median square footage for active listings during the 2024-05-01 period was 1,811 sqft. One year prior, the average listing was 1,571 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).