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 80 lenders originated 638 FHA loans during 2022. The total origination value was $118,540,000, with an average FHA loan value of $185,799.

Lafayette FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lafayette averaged 6.73% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Lafayette's average FHA mortgage closing costs are $5,410.

The average rate for the prior week (2024-02-23) was 6.72% and one month ago for the week of 2024-01-26, the average rate was 6.22%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.72%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
RUOFF MORTGAGE COMPANY, INC. 110 5.44% $6,030
CALIBER HOME LOANS, INC. 52 5.27% $7,292
QUICKEN LOANS, LLC 50 4.58% $8,107
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 50 5.88% $6,705
AMERICAN MORTGAGE SERVICE COMPANY 29 4.58% $6,454
HALLMARK HOME MORTGAGE, LLC 26 5.23% $8,080
UNITED WHOLESALE MORTGAGE, LLC 19 4.62% $7,336
Mr. Cooper ( Nationstar Mortgage ) 18 5.09% $9,309
FREEDOM MORTGAGE CORPORATION 17 5.11% $8,655
PANORAMA MORTGAGE GROUP, LLC 16 5.41% $9,388
LOANDEPOT.COM, LLC 15 4.90% $9,562
Regions Bank 13 5.30% $6,242
FAIR WAY LENDING LLC 11 5.10% $6,413
GVC MORTGAGE, INC. 10 5.45% $8,628
PENNYMAC LOAN SERVICES, LLC 9 3.65% $7,401
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 5.38% $8,030
CROSSCOUNTRY MORTGAGE, LLC 7 4.80% $7,623
The Huntington National Bank 7 5.07% $5,895
Horizon Bank 7 5.38% $5,169
LAKEVIEW LOAN SERVICING, LLC 6 4.50% $5,928
Centier Bank 6 6.27% $7,276
AMERISAVE MORTGAGE CORPORATION 6 5.38% $9,289
CMG MORTGAGE, INC. 5 4.85% $7,239
BROKER SOLUTIONS, INC. 5 5.18% $7,186
Old National Bank 5 5.13% $6,695
LOANPAL, LLC 4 5.31% $7,271
MOVEMENT MORTGAGE, LLC 4 5.88% $8,861
Nations Lending Corporation 4 4.94% $8,138
JPMorgan Chase Bank 4 5.56% $7,741
NEWREZ LLC 4 5.22% $6,445
INLANTA MORTGAGE, INC. 4 5.50% $7,534
Wolfe Financial, Inc 3 4.08% $8,050
Barrington Bank & Trust Company, N.A. 3 5.83% $6,341
CARDINAL FINANCIAL 3 6.08% $8,459
MUTUAL OF OMAHA MORTGAGE, INC. 3 4.50% $7,697
TOP FLITE FINANCIAL, INC. 3 4.88% $11,283
VILLAGE CAPITAL MORTGAGE 3 3.87% $6,404
Fifth Third Bank 2 3.38% $5,992
Mortgage Research Center, LLC 2 7.25% $4,380
SUCCESS MORTGAGE PARTNERS, INC. 2 5.63% $7,719
PLAZA HOME MORTGAGE, INC. 2 5.19% $6,948
PNC Bank 2 3.88% $6,146
JLB CORPORATION 2 4.31% $5,940
Northpointe Bank 2 5.88% $6,001
First Guaranty Mortgage Corporation 2 4.69% $9,322
FINANCE OF AMERICA MORTGAGE LLC 2 4.69% $8,886
HOME POINT FINANCIAL CORPORATION 2 5.50% $11,232
First Merchants Bank 2 6.00% $6,686
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.94% $5,274
OCEANSIDE MORTGAGE COMPANY 1 3.99% $4,081
EVERETT FINANCIAL, INC. 1 5.63% $5,637
OPEN MORTGAGE, LLC 1 5.50% $4,639
DRAPER AND KRAMER MORTGAGE CORP. 1 3.63% $5,161
Citizens Bank 1 4.75% $7,600
CHURCHILL MORTGAGE CORPORATION 1 5.00% $12,570
Carrington Mortgage Services, LLC 1 5.13% $10,584
AmeriHome Mortgage Company, LLC 1 5.13% $10,990
ROYAL UNITED MORTGAGE LLC 1 4.63% $7,223
AMERIFIRST FINANCIAL CORPORATION 1 2.88% $10,559
Servion, Inc. 1 4.38% $5,403
Strong Home Mortgage, LLC 1 4.88% $1,909
Texana Bank 1 5.63% $7,103
AMERICAN FINANCING CORPORATION 1 4.99% $11,141
THRIVE MORTGAGE, LLC 1 7.25% $9,598
GUARANTEED RATE, INC. 1 3.25% $9,758
TUCKER MORTGAGE, LLC 1 5.75% $5,866
UNITED MORTGAGE CORP 1 2.88% $8,932
Hometown Lenders, Inc. 1 5.99% $10,765
1ST SIGNATURE LENDING, LLC 1 4.00% $12,156
Flagstar Bank, FSB 1 6.54% $8,157
LEADERONE FINANCIAL CORPORATION 1 6.13% $10,278
First Financial Bank 1 4.63% $5,277
Loan Simple, Inc. 1 5.25% $14,032
MEMBER FIRST MORTGAGE, LLC 1 6.00% $4,922
MJW Financial LLC 1 6.13% $9,042
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.75% $20,649
FIRST CENTENNIAL MORTGAGE CORPORATION 1 4.25% $6,015
AMERICAN FINANCIAL RESOURCES, INC. 1 6.00% $5,306
Fidelity Bank 1 5.25% $5,739
NFM, INC. 1 5.63% $11,248

The top Lafayette FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 110 FHA loans originated. Their average total fees are $6,030, which is $1,262 lower than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Lafayette FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($6,030), Regions Bank ($6,242), FAIR WAY LENDING LLC ($6,413), AMERICAN MORTGAGE SERVICE COMPANY ($6,454) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,705).

The lowest rate Lafayette FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.58%), AMERICAN MORTGAGE SERVICE COMPANY (4.58%), UNITED WHOLESALE MORTGAGE, LLC (4.62%), LOANDEPOT.COM, LLC (4.90%) and Mr. Cooper ( Nationstar Mortgage ) (5.09%).

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
Lafayette's median listing price for 2024-01-01 was $313,975, a difference of $15,525 (5.2%) versus the prior year and $3,975 versus the prior month.

Lafayette's median listing price comes in at 77% of the national average.

Lafayette's average listing price for 2024-01-01 was $344,703, a difference of $387 (0.1%) versus the prior year and $949 versus the prior month.

For the 2024-01-01 period, Lafayette had 156 MLS listings, a difference of -23 listings (-13%) versus the prior month and -13 listings (-8%) 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
Lafayette's median listing age (time on market) for 2024-01-01 was 58 days. This is 0% longer than the same period one year ago.

Lafayette's median square footage for active listings during the 2024-01-01 period was 1,980 sqft. One year prior, the average listing was 2,040 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).