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 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 6.77% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.74% and one month ago for the week of 2024-10-04, the average rate was 5.96%.

    The average rate one year ago was 7.81%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

    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

    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).