Lafayette FHA Loan Rates, Closing Costs & Stats
LAFAYETTE-WEST LAFAYETTE, 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.
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
6.37%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Lafayette's average FHA mortgage closing costs are $5,772.
The average rate for the prior week (2024-10-18) was
6.26% and
one month ago for the week of 2024-09-20, the
average rate was 6.18%.
The average rate one year ago was 7.42%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.73%.
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 |
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).