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
0.44%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Kokomo's average FHA mortgage closing costs are $5,018.
The average rate for the prior week (2024-11-22) was
6.94% and
one month ago for the week of 2024-10-25, the
average rate was 6.51%.
The average rate one year ago was 7.1%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.2%.
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.
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. LouisDate | 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 |
2024-06-01 | $239,900 (43.7%) | $254,589 (27.9%) | 0.00 | 92 |
2024-07-01 | $223,675 (34.0%) | $243,115 (20.3%) | 0.00 | 102 |
2024-08-01 | $219,900 (10.7%) | $250,854 (12.5%) | 0.00 | 109 |
2024-09-01 | $204,950 (9.5%) | $246,612 (16.5%) | 0.00 | 143 |
2024-10-01 | $195,000 (7.6%) | $239,183 (16.8%) | 0.00 | 153 |
Kokomo's median listing price comes in at 0% of the national average.
Kokomo's average listing price for 2024-10-01 was $239,183, a difference of $34,358 (16.8%) versus the prior year and $-7,429 versus the prior month.
For the 2024-10-01 period, Kokomo had 153 MLS listings, a difference of 10 listings (7%) versus the prior month and 17 listings (13%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Kokomo (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-06-01 | 0 days | 1,799 sqft |
2024-07-01 | 0 days | 1,678 sqft |
2024-08-01 | 0 days | 1,722 sqft |
2024-09-01 | 0 days | 1,697 sqft |
2024-10-01 | 0 days | 1,673 sqft |
Kokomo's median square footage for active listings during the 2024-10-01 period was 1,673 sqft. One year prior, the average listing was 1,635 sqft.