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 6.61% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.66% and one month ago for the week of 2024-06-14, the average rate was 6.92%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.17%.

    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).