Kokomo FHA Loan Rates, Closing Costs & Stats

KOKOMO, IN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 7.1% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 7.09% and one month ago for the week of 2024-03-15, the average rate was 6.76%.

    The average rate one year ago was 6.79%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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
    Kokomo's median listing price for 2024-03-01 was $212,300, a difference of $68,825 (48.0%) versus the prior year and $26,075 versus the prior month.

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

    Kokomo's average listing price for 2024-03-01 was $232,469, a difference of $44,454 (23.6%) versus the prior year and $19,752 versus the prior month.

    For the 2024-03-01 period, Kokomo had 74 MLS listings, a difference of -8 listings (-10%) versus the prior month and 2 listings (3%) 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
    Kokomo's median listing age (time on market) for 2024-03-01 was 0 days.

    Kokomo's median square footage for active listings during the 2024-03-01 period was 1,800 sqft. One year prior, the average listing was 1,498 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).