Lafayette FHA Loan Rates, Closing Costs & Stats

LAFAYETTE-WEST LAFAYETTE, 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.

    Lafayette's 75 lenders originated 532 FHA loans during 2023. The total origination value was $124,700,000, with an average FHA loan value of $234,398.

    Lafayette FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lafayette averaged 6.6% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Lafayette's average FHA mortgage closing costs are $5,772.

    The average rate for the prior week (2024-12-06) was 6.57% and one month ago for the week of 2024-11-08, the average rate was 6.43%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.56%.

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

    Lafayette 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 Lafayette level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 66 7.05% $6,232
    QUICKEN LOANS, LLC 50 6.11% $9,299
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 7.31% $7,267
    CALIBER HOME LOANS, INC. 23 6.61% $8,569
    THRIVE MORTGAGE, LLC 22 6.80% $6,677
    First Merchants Bank 21 6.94% $7,537
    NEWREZ LLC 20 7.06% $8,861
    HALLMARK HOME MORTGAGE, LLC 16 6.91% $8,455
    UNITED WHOLESALE MORTGAGE, LLC 14 6.59% $9,880
    Flanagan State Bank 13 7.06% $7,504
    MJW Financial LLC 13 6.55% $9,119
    Mr. Cooper ( Nationstar Mortgage ) 10 6.19% $11,675
    GVC MORTGAGE, INC. 10 6.86% $8,747
    MOVEMENT MORTGAGE, LLC 10 7.24% $9,428
    Regions Bank 10 6.40% $8,172
    LOANDEPOT.COM, LLC 9 6.09% $10,158
    FREEDOM MORTGAGE CORPORATION 9 7.07% $12,639
    Carrington Mortgage Services, LLC 8 6.36% $8,769
    FAIR WAY LENDING LLC 8 7.22% $8,178
    First Option Mortgage, LLC 7 7.05% $11,620
    Centier Bank 7 7.02% $5,678
    AMERISAVE MORTGAGE CORPORATION 6 5.98% $13,842
    CROSSCOUNTRY MORTGAGE, LLC 6 6.74% $9,649
    Prosperity Home Mortgage, LLC 6 6.89% $9,276
    PENNYMAC LOAN SERVICES, LLC 6 5.56% $9,485
    BROKER SOLUTIONS, INC. 5 6.60% $9,566
    ENDEAVOR CAPITAL, LLC. 5 6.67% $8,875
    Servion, Inc. 4 6.16% $6,003
    The Huntington National Bank 4 6.66% $7,475
    Wolfe Financial, Inc 4 7.00% $10,875
    LOANPAL, LLC 4 5.72% $9,775
    PANORAMA MORTGAGE GROUP, LLC 4 6.72% $9,862
    Fifth Third Bank 4 6.44% $4,770
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $13,263
    GUARANTEED RATE, INC. 2 7.25% $7,172
    First Financial Bank 2 6.50% $6,923
    Equity Prime Mortgage LLC 2 7.50% $12,546
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.31% $14,979
    AMERICAN FINANCING CORPORATION 2 6.50% $11,927
    NBKC BANK 2 6.06% $9,171
    AMERICAN FINANCIAL NETWORK, INC. 2 6.94% $8,196
    VILLAGE CAPITAL MORTGAGE 2 5.88% $8,117
    PLANET HOME LENDING, LLC 2 5.69% $5,695
    ROYAL UNITED MORTGAGE LLC 2 7.63% $10,197
    JPMorgan Chase Bank 2 6.49% $9,740
    Northpointe Bank 1 6.75% $12,268
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $17,985
    CARDINAL FINANCIAL 1 6.25% $4,816
    Citibank 1 6.75% $6,761
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.13% $12,427
    EVERETT FINANCIAL, INC. 1 7.13% $6,278
    First Federal Bank 1 5.88% $14,391
    GUARANTEED RATE AFFINITY, LLC 1 7.23% $6,349
    GUILD MORTGAGE COMPANY 1 6.13% $5,182
    HOMESIDE FINANCIAL, LLC 1 6.75% $7,221
    Horizon Bank 1 6.88% $3,432
    Ixonia Bank 1 6.38% $11,185
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $7,900
    MORTGAGE 1 INCORPORATED 1 6.99% $7,975
    Mortgage Research Center, LLC 1 6.13% $4,545
    M&T Bank 1 7.25% $8,654
    Nations Lending Corporation 1 6.75% $15,539
    Old National Bank 1 6.50% $5,729
    OPEN MORTGAGE, LLC 1 7.25% $13,481
    Paramount Residential Mortgage Group, Inc. 1 5.75% $9,561
    Plains Commerce Bank 1 6.25% $18,841
    PLAZA HOME MORTGAGE, INC. 1 6.25% $5,491
    RELIANCE FIRST CAPITAL, LLC 1 6.63% $12,929
    STOCKTON MORTGAGE CORPORATION 1 6.75% $7,538
    SUN WEST MORTGAGE COMPANY, INC. 1 6.00% $4,692
    The Federal Savings Bank 1 5.75% $13,458
    TUCKER MORTGAGE, LLC 1 6.88% $6,968
    UNION HOME MORTGAGE CORP. 1 6.50% $9,678
    University Bank 1 7.25% $11,601
    U.S. Bank 1 6.50% $5,228

    The top Lafayette FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 66 FHA loans originated. Their average total fees are $6,232, which is $3,066 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Lafayette FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($6,232), THRIVE MORTGAGE, LLC ($6,677), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,267), Flanagan State Bank ($7,504) and First Merchants Bank ($7,537).

    The lowest rate Lafayette FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.11%), Mr. Cooper ( Nationstar Mortgage ) (6.19%), Regions Bank (6.40%), MJW Financial LLC (6.55%) and UNITED WHOLESALE MORTGAGE, LLC (6.59%).

    Lafayette FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LAFAYETTE-WEST LAFAYETTE, IN BENTON 2022 $420,680 $538,650 $651,050 $809,150
    LAFAYETTE-WEST LAFAYETTE, IN CARROLL 2022 $420,680 $538,650 $651,050 $809,150
    LAFAYETTE-WEST LAFAYETTE, IN TIPPECANOE 2022 $420,680 $538,650 $651,050 $809,150
    LAFAYETTE-WEST LAFAYETTE, IN WARREN 2022 $420,680 $538,650 $651,050 $809,150
    LAFAYETTE-WEST LAFAYETTE, IN BENTON 2023 $472,030 $604,400 $730,525 $907,900
    LAFAYETTE-WEST LAFAYETTE, IN CARROLL 2023 $472,030 $604,400 $730,525 $907,900
    LAFAYETTE-WEST LAFAYETTE, IN TIPPECANOE 2023 $472,030 $604,400 $730,525 $907,900
    LAFAYETTE-WEST LAFAYETTE, IN WARREN 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lafayette (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 $169,900 (10.4%) $204,585 (4.7%) 0.63 473
    2018-02-01 $173,050 (8.7%) $211,022 (6.1%) 0.63 467
    2018-03-01 $185,000 (-3.9%) $217,632 (-0.5%) 0.65 446
    2018-04-01 $202,400 (1.3%) $234,073 (2.5%) 0.69 456
    2018-05-01 $199,450 (-2.7%) $237,518 (3.2%) 0.67 492
    2018-06-01 $205,450 (6.0%) $244,034 (5.9%) 0.69 519
    2018-07-01 $194,950 (2.9%) $233,918 (5.3%) 0.65 532
    2018-08-01 $191,250 (6.3%) $228,300 (3.1%) 0.64 557
    2018-09-01 $189,900 (2.7%) $222,460 (-0.6%) 0.64 559
    2018-10-01 $179,900 (-1.4%) $216,223 (-3.6%) 0.61 567
    2018-11-01 $184,000 (2.3%) $215,354 (-4.2%) 0.62 528
    2018-12-01 $189,900 (11.8%) $217,992 (4.1%) 0.66 459
    2019-01-01 $196,050 (15.4%) $221,537 (8.3%) 0.68 397
    2019-02-01 $197,325 (14.0%) $221,711 (5.1%) 0.67 380
    2019-03-01 $216,229 (16.9%) $237,661 (9.2%) 0.71 341
    2019-04-01 $238,500 (17.8%) $256,715 (9.7%) 0.76 295
    2019-05-01 $257,600 (29.2%) $278,628 (17.3%) 0.81 322
    2019-06-01 $251,950 (22.6%) $279,283 (14.4%) 0.79 331
    2019-07-01 $248,550 (27.5%) $274,100 (17.2%) 0.78 344
    2019-08-01 $236,755 (23.8%) $267,178 (17.0%) 0.75 362
    2019-09-01 $224,461 (18.2%) $258,565 (16.2%) 0.72 386
    2019-10-01 $216,416 (20.3%) $252,892 (17.0%) 0.70 399
    2019-11-01 $205,000 (11.4%) $240,357 (11.6%) 0.67 355
    2019-12-01 $201,725 (6.2%) $240,603 (10.4%) 0.67 276
    2020-01-01 $203,250 (3.7%) $234,845 (6.0%) 0.68 230
    2020-02-01 $237,900 (20.6%) $259,328 (17.0%) 0.78 243
    2020-03-01 $264,575 (22.4%) $277,860 (16.9%) 0.83 249
    2020-04-01 $239,900 (0.6%) $269,130 (4.8%) 0.75 273
    2020-05-01 $245,000 (-4.9%) $279,171 (0.2%) 0.74 261
    2020-06-01 $264,950 (5.2%) $295,390 (5.8%) 0.78 223
    2020-07-01 $252,450 (1.6%) $293,058 (6.9%) 0.73 227
    2020-08-01 $259,900 (9.8%) $306,620 (14.8%) 0.74 230
    2020-09-01 $249,200 (11.0%) $295,138 (14.1%) 0.71 235
    2020-10-01 $249,900 (15.5%) $297,011 (17.5%) 0.72 217
    2020-11-01 $245,725 (19.9%) $289,388 (20.4%) 0.72 185
    2020-12-01 $223,650 (10.9%) $280,043 (16.4%) 0.67 155
    2021-01-01 $199,450 (-1.9%) $270,500 (15.2%) 0.60 117
    2021-02-01 $238,200 (0.1%) $311,609 (20.2%) 0.69 84
    2021-03-01 $249,225 (-5.8%) $305,453 (9.9%) 0.71 91
    2021-04-01 $261,100 (8.8%) $312,687 (16.2%) 0.71 98
    2021-05-01 $242,450 (-1.0%) $310,652 (11.3%) 0.64 114
    2021-06-01 $223,725 (-15.6%) $299,157 (1.3%) 0.59 137
    2021-07-01 $217,450 (-13.9%) $287,057 (-2.1%) 0.57 167
    2021-08-01 $205,725 (-20.8%) $269,250 (-12.2%) 0.55 178
    2021-09-01 $217,450 (-12.7%) $270,625 (-8.3%) 0.58 194
    2021-10-01 $219,000 (-12.4%) $276,791 (-6.8%) 0.58 196
    2021-11-01 $227,000 (-7.6%) $294,344 (1.7%) 0.61 170
    2021-12-01 $224,950 (0.6%) $298,387 (6.6%) 0.61 137
    2022-01-01 $225,000 (12.8%) $316,250 (16.9%) 0.61 113
    2022-02-01 $260,950 (9.6%) $342,153 (9.8%) 0.68 96
    2022-03-01 $299,750 (20.3%) $366,672 (20.0%) 0.75 101
    2022-04-01 $325,000 (24.5%) $386,505 (23.6%) 0.77 108
    2022-05-01 $289,925 (19.6%) $348,772 (12.3%) 0.66 154
    2022-06-01 $282,400 (26.2%) $340,625 (13.9%) 0.63 183
    2022-07-01 $279,900 (28.7%) $335,627 (16.9%) 0.63 224
    2022-08-01 $290,000 (41.0%) $343,695 (27.7%) 0.67 195
    2022-09-01 $292,000 (34.3%) $348,471 (28.8%) 0.68 198
    2022-10-01 $300,000 (37.0%) $356,339 (28.7%) 0.71 215
    2022-11-01 $302,950 (33.5%) $343,429 (16.7%) 0.73 211
    2022-12-01 $314,900 (40.0%) $353,687 (18.5%) 0.78 204
    2023-01-01 $298,450 (32.6%) $344,316 (8.9%) 0.74 169
    2023-02-01 $304,900 (16.8%) $340,912 (-0.4%) 0.74 142
    2023-03-01 $288,925 (-3.6%) $343,139 (-6.4%) 0.68 112
    2023-04-01 $329,500 (1.4%) $383,537 (-0.8%) 0.77 106
    2023-05-01 $333,950 (15.2%) $391,902 (12.4%) 0.76 126
    2023-06-01 $354,950 (25.7%) $399,596 (17.3%) 0.80 144
    2023-07-01 $351,950 (25.7%) $389,067 (15.9%) 0.80 177
    2023-08-01 $331,250 (14.2%) $351,371 (2.2%) 0.76 180
    2023-09-01 $293,200 (0.4%) $333,973 (-4.2%) 0.68 191
    2023-10-01 $316,225 (5.4%) $343,503 (-3.6%) 0.74 218
    2023-11-01 $280,000 (-7.6%) $332,273 (-3.3%) 0.67 223
    2023-12-01 $310,000 (-1.6%) $343,754 (-2.8%) 0.76 179
    2024-01-01 $313,975 (5.2%) $344,703 (0.1%) 0.77 156
    2024-02-01 $321,725 (5.5%) $364,109 (6.8%) 0.77 134
    2024-03-01 $329,950 (14.2%) $379,073 (10.5%) 0.78 145
    2024-04-01 $326,750 (-0.8%) $379,048 (-1.2%) 0.76 156
    2024-05-01 $399,000 (19.5%) $425,092 (8.5%) 0.90 166
    2024-06-01 $372,450 (4.9%) $414,706 (3.8%) 0.84 208
    2024-07-01 $374,975 (6.5%) $409,100 (5.2%) 0.86 233
    2024-08-01 $359,950 (8.7%) $396,629 (12.9%) 0.84 236
    2024-09-01 $354,700 (21.0%) $383,017 (14.7%) 0.83 266
    2024-10-01 $350,175 (10.7%) $378,516 (10.2%) 0.82 259
    2024-11-01 $365,000 (30.4%) $385,024 (15.9%) 0.88 292
    Lafayette's median listing price for 2024-11-01 was $365,000, a difference of $85,000 (30.4%) versus the prior year and $14,825 versus the prior month.

    Lafayette's median listing price comes in at 88% of the national average.

    Lafayette's average listing price for 2024-11-01 was $385,024, a difference of $52,751 (15.9%) versus the prior year and $6,508 versus the prior month.

    For the 2024-11-01 period, Lafayette had 292 MLS listings, a difference of 33 listings (13%) versus the prior month and 69 listings (31%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lafayette (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 71 days 1,823 sqft
    2018-02-01 67 days 1,885 sqft
    2018-03-01 46 days 1,939 sqft
    2018-04-01 34 days 2,021 sqft
    2018-05-01 33 days 2,019 sqft
    2018-06-01 37 days 2,123 sqft
    2018-07-01 39 days 2,031 sqft
    2018-08-01 41 days 2,025 sqft
    2018-09-01 47 days 2,027 sqft
    2018-10-01 50 days 1,977 sqft
    2018-11-01 53 days 1,950 sqft
    2018-12-01 64 days 1,974 sqft
    2019-01-01 71 days 1,963 sqft
    2019-02-01 68 days 1,908 sqft
    2019-03-01 48 days 2,045 sqft
    2019-04-01 37 days 2,227 sqft
    2019-05-01 31 days 2,281 sqft
    2019-06-01 37 days 2,218 sqft
    2019-07-01 41 days 2,219 sqft
    2019-08-01 42 days 2,193 sqft
    2019-09-01 44 days 2,157 sqft
    2019-10-01 46 days 2,131 sqft
    2019-11-01 54 days 2,000 sqft
    2019-12-01 65 days 1,913 sqft
    2020-01-01 65 days 1,902 sqft
    2020-02-01 38 days 2,034 sqft
    2020-03-01 38 days 2,122 sqft
    2020-04-01 40 days 2,031 sqft
    2020-05-01 52 days 2,127 sqft
    2020-06-01 47 days 2,218 sqft
    2020-07-01 44 days 2,251 sqft
    2020-08-01 39 days 2,246 sqft
    2020-09-01 34 days 2,042 sqft
    2020-10-01 31 days 2,034 sqft
    2020-11-01 42 days 2,027 sqft
    2020-12-01 45 days 2,000 sqft
    2021-01-01 47 days 1,886 sqft
    2021-02-01 43 days 2,067 sqft
    2021-03-01 21 days 2,056 sqft
    2021-04-01 17 days 2,120 sqft
    2021-05-01 16 days 2,008 sqft
    2021-06-01 17 days 1,960 sqft
    2021-07-01 23 days 1,881 sqft
    2021-08-01 26 days 1,841 sqft
    2021-09-01 22 days 1,804 sqft
    2021-10-01 29 days 1,784 sqft
    2021-11-01 32 days 1,846 sqft
    2021-12-01 41 days 1,852 sqft
    2022-01-01 47 days 1,801 sqft
    2022-02-01 42 days 1,827 sqft
    2022-03-01 29 days 2,030 sqft
    2022-04-01 22 days 2,182 sqft
    2022-05-01 14 days 2,121 sqft
    2022-06-01 21 days 2,025 sqft
    2022-07-01 23 days 2,048 sqft
    2022-08-01 32 days 2,082 sqft
    2022-09-01 31 days 2,064 sqft
    2022-10-01 36 days 2,055 sqft
    2022-11-01 43 days 2,073 sqft
    2022-12-01 52 days 2,108 sqft
    2023-01-01 58 days 2,040 sqft
    2023-02-01 49 days 2,033 sqft
    2023-03-01 38 days 2,017 sqft
    2023-04-01 25 days 2,037 sqft
    2023-05-01 22 days 2,137 sqft
    2023-06-01 22 days 2,127 sqft
    2023-07-01 24 days 2,210 sqft
    2023-08-01 33 days 2,034 sqft
    2023-09-01 36 days 2,016 sqft
    2023-10-01 36 days 2,054 sqft
    2023-11-01 37 days 1,900 sqft
    2023-12-01 45 days 1,972 sqft
    2024-01-01 58 days 1,980 sqft
    2024-02-01 55 days 1,991 sqft
    2024-03-01 29 days 2,035 sqft
    2024-04-01 33 days 2,008 sqft
    2024-05-01 24 days 2,201 sqft
    2024-06-01 25 days 2,080 sqft
    2024-07-01 35 days 2,170 sqft
    2024-08-01 39 days 2,202 sqft
    2024-09-01 40 days 2,189 sqft
    2024-10-01 37 days 2,138 sqft
    2024-11-01 41 days 2,166 sqft
    Lafayette's median listing age (time on market) for 2024-11-01 was 41 days. This is 11% longer than the same period one year ago.

    Lafayette's median square footage for active listings during the 2024-11-01 period was 2,166 sqft. One year prior, the average listing was 1,900 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).