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 79 lenders originated 579 FHA loans during 2024. The total origination value was $145,185,000, with an average FHA loan value of $250,751.

    Lafayette FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lafayette averaged 6.81% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Lafayette's average FHA mortgage closing costs are $6,135.

    The average rate for the prior week (2025-03-28) was 6.5% and one month ago for the week of 2025-02-28, the average rate was 6.69%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.45%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 66 6.91% $7,301
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 51 6.87% $8,067
    QUICKEN LOANS, LLC 40 6.53% $9,218
    UNITED WHOLESALE MORTGAGE, LLC 25 6.47% $10,174
    FREEDOM MORTGAGE CORPORATION 21 6.40% $11,157
    CALCON MUTUAL MORTGAGE LLC 19 6.74% $9,464
    NEWREZ LLC 16 6.48% $9,468
    FAIR WAY LENDING LLC 16 6.79% $6,911
    First Merchants Bank 11 6.65% $8,251
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 11 6.34% $10,189
    HALLMARK HOME MORTGAGE, LLC 10 6.92% $8,541
    Carrington Mortgage Services, LLC 10 6.21% $10,962
    Regions Bank 10 6.23% $8,007
    PENNYMAC LOAN SERVICES, LLC 10 6.36% $7,768
    Old National Bank 10 5.91% $7,906
    LOANPAL, LLC 10 5.95% $10,394
    LOANDEPOT.COM, LLC 9 6.69% $10,656
    Flanagan State Bank 9 6.69% $10,018
    CMG MORTGAGE, INC. 9 6.63% $11,649
    STOCKTON MORTGAGE CORPORATION 8 6.72% $9,044
    The Huntington National Bank 8 6.47% $6,806
    MOVEMENT MORTGAGE, LLC 7 6.52% $7,596
    AMERISAVE MORTGAGE CORPORATION 7 5.88% $13,561
    MJW Financial LLC 6 6.69% $9,859
    Prosperity Home Mortgage, LLC 6 6.44% $8,287
    CROSSCOUNTRY MORTGAGE, LLC 6 6.70% $9,751
    Wolfe Financial, Inc 6 6.92% $7,575
    VANDERBILT MORTGAGE AND FINANCE, INC. 5 5.82% $16,334
    LAKEVIEW LOAN SERVICING, LLC 5 6.63% $6,928
    ENDEAVOR CAPITAL, LLC. 4 6.47% $6,389
    Equity Prime Mortgage LLC 4 5.94% $12,467
    BROKER SOLUTIONS, INC. 4 7.13% $11,359
    SUCCESS MORTGAGE PARTNERS, INC. 4 6.47% $10,172
    First Option Mortgage, LLC 4 6.47% $9,975
    AMERICAN FINANCIAL NETWORK, INC. 4 5.84% $13,662
    AMERICAN FINANCING CORPORATION 4 6.50% $10,566
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.91% $12,022
    JPMorgan Chase Bank 4 6.72% $7,103
    Mr. Cooper ( Nationstar Mortgage ) 3 6.67% $15,436
    VILLAGE CAPITAL MORTGAGE 3 6.56% $4,551
    GVC MORTGAGE, INC. 3 6.42% $7,430
    HOMESIDE FINANCIAL, LLC 3 6.50% $11,338
    Mortgage Research Center, LLC 3 6.66% $5,723
    Centier Bank 3 6.08% $8,650
    CARDINAL FINANCIAL 2 6.25% $11,119
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.56% $14,213
    EMM LOANS LLC 2 6.06% $14,466
    Horizon Bank 2 6.56% $7,803
    PLANET HOME LENDING, LLC 2 6.43% $5,462
    RELIANCE FIRST CAPITAL, LLC 2 6.81% $15,092
    ROYAL UNITED MORTGAGE LLC 2 6.94% $8,885
    TEACHERS CREDIT UNION 2 6.56% $9,433
    OPEN MORTGAGE, LLC 1 6.25% $13,039
    Paramount Residential Mortgage Group, Inc. 1 6.25% $9,903
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $6,587
    PENTAGON FEDERAL CREDIT UNION 1 6.63% $9,628
    Acre Mortgage and Financial Inc 1 7.13% $13,939
    POLARIS HOME FUNDING CORP. 1 6.50% $10,416
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.63% $8,025
    GUILD MORTGAGE COMPANY 1 6.38% $9,050
    GUARANTEED RATE, INC. 1 6.75% $4,388
    GENEVA FINANCIAL, LLC 1 6.13% $8,417
    American Mortgage & Equity Consultants, Inc. 1 7.25% $9,530
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $11,303
    FLAT BRANCH MORTGAGE, INC. 1 6.50% $9,644
    Sierra Pacific Mortgage Company, Inc. 1 6.25% $8,501
    Flagstar Bank, FSB 1 6.25% $5,977
    Stock Yards Bank & Trust Company 1 6.63% $6,807
    First Financial Bank 1 6.88% $5,895
    SUN WEST MORTGAGE COMPANY, INC. 1 7.25% $9,989
    ZILLOW HOME LOANS, LLC 1 6.75% $6,607
    ENVOY MORTGAGE, LTD 1 6.13% $12,988
    UNION HOME MORTGAGE CORP. 1 6.63% $7,486
    Elements Financial Federal Credit Union 1 6.25% $9,387
    University Bank 1 6.75% $10,740
    MORTGAGE ACCESS CORP. 1 7.25% $16,752
    MILESTONE HOME LENDING, LLC 1 6.25% $9,063
    JLB CORPORATION 1 6.50% $9,822
    Ixonia Bank 1 7.13% $7,766

    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 $7,301, which is $766 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Lafayette FHA lenders (with over 10 loans originated) are FAIR WAY LENDING LLC ($6,911), RUOFF MORTGAGE COMPANY, INC. ($7,301), PENNYMAC LOAN SERVICES, LLC ($7,768), Old National Bank ($7,906) and Regions Bank ($8,007).

    The lowest rate Lafayette FHA lenders (with over 10 loans originated) are Old National Bank (5.91%), LOANPAL, LLC (5.95%), Carrington Mortgage Services, LLC (6.21%), Regions Bank (6.23%) and GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION (6.34%).

    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 (5.0%) 0.63 473
    2018-02-01 $173,050 (9.3%) $211,022 (6.4%) 0.63 467
    2018-03-01 $185,000 (-3.4%) $217,632 (-0.2%) 0.65 446
    2018-04-01 $202,400 (1.3%) $234,073 (2.8%) 0.69 456
    2018-05-01 $199,450 (-2.7%) $237,518 (3.1%) 0.67 492
    2018-06-01 $205,900 (6.2%) $244,156 (6.0%) 0.69 519
    2018-07-01 $194,950 (2.9%) $233,918 (5.3%) 0.65 532
    2018-08-01 $191,250 (6.3%) $228,188 (3.1%) 0.64 557
    2018-09-01 $189,900 (2.7%) $222,235 (-0.7%) 0.64 558
    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%) $221,462 (5.0%) 0.67 378
    2019-03-01 $216,229 (16.9%) $237,517 (9.1%) 0.71 339
    2019-04-01 $238,500 (17.8%) $256,715 (9.7%) 0.76 295
    2019-05-01 $256,950 (28.8%) $278,266 (17.2%) 0.80 321
    2019-06-01 $250,000 (21.4%) $278,683 (14.1%) 0.78 330
    2019-07-01 $248,400 (27.4%) $273,486 (16.9%) 0.78 343
    2019-08-01 $236,718 (23.8%) $266,745 (16.9%) 0.75 362
    2019-09-01 $224,445 (18.2%) $258,376 (16.3%) 0.72 385
    2019-10-01 $216,264 (20.2%) $252,612 (16.8%) 0.70 399
    2019-11-01 $205,000 (11.4%) $239,929 (11.4%) 0.67 354
    2019-12-01 $201,000 (5.9%) $240,124 (10.2%) 0.67 275
    2020-01-01 $202,400 (3.2%) $234,845 (6.0%) 0.68 230
    2020-02-01 $235,900 (19.6%) $258,815 (16.9%) 0.77 242
    2020-03-01 $262,950 (21.6%) $277,454 (16.8%) 0.82 247
    2020-04-01 $238,850 (0.2%) $268,329 (4.5%) 0.75 271
    2020-05-01 $244,950 (-4.7%) $278,531 (0.1%) 0.74 259
    2020-06-01 $264,925 (6.0%) $295,390 (6.0%) 0.78 223
    2020-07-01 $252,450 (1.6%) $293,058 (7.2%) 0.73 227
    2020-08-01 $259,900 (9.8%) $306,620 (15.0%) 0.74 230
    2020-09-01 $249,200 (11.0%) $295,138 (14.2%) 0.71 235
    2020-10-01 $249,900 (15.6%) $297,011 (17.6%) 0.72 217
    2020-11-01 $245,725 (19.9%) $289,388 (20.6%) 0.72 185
    2020-12-01 $223,650 (11.3%) $280,043 (16.6%) 0.67 155
    2021-01-01 $199,450 (-1.5%) $270,500 (15.2%) 0.60 117
    2021-02-01 $238,200 (1.0%) $311,609 (20.4%) 0.69 84
    2021-03-01 $249,225 (-5.2%) $305,453 (10.1%) 0.71 90
    2021-04-01 $259,875 (8.8%) $311,862 (16.2%) 0.70 97
    2021-05-01 $239,900 (-2.1%) $310,652 (11.5%) 0.64 114
    2021-06-01 $223,725 (-15.6%) $299,157 (1.3%) 0.59 137
    2021-07-01 $217,450 (-13.9%) $286,803 (-2.1%) 0.57 167
    2021-08-01 $205,725 (-20.8%) $269,250 (-12.2%) 0.55 178
    2021-09-01 $216,592 (-13.1%) $270,136 (-8.5%) 0.58 194
    2021-10-01 $217,000 (-13.2%) $275,893 (-7.1%) 0.58 195
    2021-11-01 $225,750 (-8.1%) $293,427 (1.4%) 0.60 169
    2021-12-01 $224,925 (0.6%) $297,837 (6.4%) 0.61 137
    2022-01-01 $223,700 (12.2%) $316,250 (16.9%) 0.60 113
    2022-02-01 $260,950 (9.6%) $342,153 (9.8%) 0.68 96
    2022-03-01 $299,375 (20.1%) $366,632 (20.0%) 0.75 101
    2022-04-01 $325,000 (25.1%) $386,505 (23.9%) 0.77 108
    2022-05-01 $289,925 (20.9%) $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 (17.0%) 0.63 224
    2022-08-01 $290,000 (41.0%) $343,651 (27.6%) 0.67 195
    2022-09-01 $292,000 (34.8%) $348,471 (29.0%) 0.68 197
    2022-10-01 $300,000 (38.3%) $356,339 (29.2%) 0.71 215
    2022-11-01 $302,950 (34.2%) $343,429 (17.0%) 0.73 211
    2022-12-01 $314,900 (40.0%) $353,687 (18.8%) 0.78 204
    2023-01-01 $298,450 (33.4%) $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 (-3.5%) $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 (2.3%) 0.76 180
    2023-09-01 $292,250 (0.1%) $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%) $332,166 (-3.3%) 0.67 223
    2023-12-01 $309,500 (-1.7%) $343,690 (-2.8%) 0.75 178
    2024-01-01 $313,200 (4.9%) $344,650 (0.1%) 0.76 155
    2024-02-01 $320,375 (5.1%) $364,099 (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 $381,950 (14.4%) $415,767 (6.1%) 0.87 166
    2024-06-01 $364,900 (2.8%) $401,061 (0.4%) 0.83 209
    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 (21.4%) $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
    2024-12-01 $364,975 (17.9%) $376,036 (9.4%) 0.91 252
    2025-01-01 $364,900 (16.5%) $377,484 (9.5%) 0.91 228
    2025-02-01 $362,425 (13.1%) $394,629 (8.4%) 0.88 234
    2025-03-01 $379,000 (14.9%) $416,060 (9.8%) 0.00 241
    Lafayette's median listing price for 2025-03-01 was $379,000, a difference of $49,050 (14.9%) versus the prior year and $16,575 versus the prior month.

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

    Lafayette's average listing price for 2025-03-01 was $416,060, a difference of $36,987 (9.8%) versus the prior year and $21,431 versus the prior month.

    For the 2025-03-01 period, Lafayette had 241 MLS listings, a difference of 7 listings (3%) versus the prior month and 96 listings (66%) 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 2,121 sqft
    2018-07-01 39 days 2,031 sqft
    2018-08-01 41 days 2,023 sqft
    2018-09-01 47 days 2,023 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 2,278 sqft
    2019-06-01 37 days 2,218 sqft
    2019-07-01 41 days 2,214 sqft
    2019-08-01 42 days 2,187 sqft
    2019-09-01 44 days 2,154 sqft
    2019-10-01 46 days 2,131 sqft
    2019-11-01 54 days 1,996 sqft
    2019-12-01 65 days 1,906 sqft
    2020-01-01 65 days 1,901 sqft
    2020-02-01 38 days 2,034 sqft
    2020-03-01 38 days 2,125 sqft
    2020-04-01 40 days 2,029 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 2,232 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 2,104 sqft
    2021-05-01 16 days 2,008 sqft
    2021-06-01 17 days 1,960 sqft
    2021-07-01 23 days 1,882 sqft
    2021-08-01 26 days 1,841 sqft
    2021-09-01 22 days 1,809 sqft
    2021-10-01 29 days 1,780 sqft
    2021-11-01 32 days 1,841 sqft
    2021-12-01 41 days 1,851 sqft
    2022-01-01 47 days 1,801 sqft
    2022-02-01 42 days 1,827 sqft
    2022-03-01 29 days 2,045 sqft
    2022-04-01 22 days 2,185 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 1,899 sqft
    2023-12-01 45 days 1,970 sqft
    2024-01-01 58 days 1,976 sqft
    2024-02-01 55 days 1,990 sqft
    2024-03-01 29 days 2,035 sqft
    2024-04-01 33 days 2,008 sqft
    2024-05-01 28 days 2,147 sqft
    2024-06-01 32 days 2,072 sqft
    2024-07-01 35 days 2,166 sqft
    2024-08-01 39 days 2,199 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
    2024-12-01 52 days 2,147 sqft
    2025-01-01 62 days 2,140 sqft
    2025-02-01 51 days 2,118 sqft
    2025-03-01 0 days 2,210 sqft
    Lafayette's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Lafayette's median square footage for active listings during the 2025-03-01 period was 2,210 sqft. One year prior, the average listing was 2,035 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).