Lafayette FHA Loans

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 79 lenders originated 1,014 FHA loans during 2021. The total origination value was $165,330,000, with an average FHA loan value of $163,047.

Lafayette FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lafayette averaged 5.56% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.59% and one month ago for the week of 2022-04-08, the average rate was 5.06%.

The average rate one year ago was 3.37%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.36%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lafayette level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
RUOFF MORTGAGE COMPANY, INC. 172 3.29% $4,923
QUICKEN LOANS, LLC 105 2.76% $5,561
CALIBER HOME LOANS, INC. 70 2.95% $5,819
AMERICAN MORTGAGE SERVICE COMPANY 40 3.01% $5,808
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 36 3.32% $5,085
PANORAMA MORTGAGE GROUP, LLC 35 3.62% $6,349
FREEDOM MORTGAGE CORPORATION 32 3.10% $3,712
UNITED WHOLESALE MORTGAGE, LLC 28 2.83% $5,934
PENNYMAC LOAN SERVICES, LLC 26 3.11% $4,087
Mr. Cooper ( Nationstar Mortgage ) 23 3.26% $3,303
HALLMARK HOME MORTGAGE, LLC 23 3.18% $6,912
FAIR WAY LENDING LLC 22 3.45% $5,894
GVC MORTGAGE, INC. 19 3.39% $5,907
PRIMARY RESIDENTIAL MORTGAGE, INC. 17 3.57% $6,568
LAKEVIEW LOAN SERVICING, LLC 15 3.11% $3,880
Regions Bank 13 2.87% $4,695
NEWREZ LLC 11 2.95% $3,728
CMG MORTGAGE, INC. 11 3.92% $6,470
Old National Bank 9 2.92% $5,116
VILLAGE CAPITAL & INVESTMENT LLC 9 2.86% $1,790
Horizon Bank 8 3.76% $4,177
Carrington Mortgage Services, LLC 8 3.66% $5,432
SUCCESS MORTGAGE PARTNERS, INC. 7 3.34% $8,357
LOANDEPOT.COM, LLC 6 3.21% $6,629
AmeriHome Mortgage Company, LLC 6 3.00% $3,859
AMERISAVE MORTGAGE CORPORATION 6 3.10% $6,167
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.69% $4,120
Centier Bank 6 3.04% $6,025
The Huntington National Bank 5 3.08% $5,508
CROSSCOUNTRY MORTGAGE, LLC 5 3.30% $8,279
INLANTA MORTGAGE, INC. 5 3.15% $5,479
RELIANCE FIRST CAPITAL, LLC 5 2.75% $7,827
Servion, Inc. 5 2.88% $5,751
TOP FLITE FINANCIAL, INC. 4 3.34% $11,650
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.28% $6,331
OCEANSIDE MORTGAGE COMPANY 4 2.93% $2,284
First Guaranty Mortgage Corporation 3 2.79% $5,119
First Merchants Bank 3 2.33% $5,825
HOME POINT FINANCIAL CORPORATION 3 2.83% $4,234
FINANCE OF AMERICA MORTGAGE LLC 2 3.00% $6,516
SUN WEST MORTGAGE COMPANY, INC. 2 3.28% $5,953
First Financial Bank 2 3.13% $5,513
Ixonia Bank 2 3.69% $3,615
JLB CORPORATION 2 2.88% $6,715
FIRST CENTENNIAL MORTGAGE CORPORATION 2 3.13% $5,353
LEADERONE FINANCIAL CORPORATION 2 3.25% $3,744
Fifth Third Bank 2 2.75% $5,388
OPEN MORTGAGE, LLC 2 3.44% $7,070
BROKER SOLUTIONS, INC. 2 3.87% $5,164
PLAZA HOME MORTGAGE, INC. 2 2.81% $5,684
Bank of England 2 3.38% $4,614
Wolfe Financial, Inc 2 3.06% $7,679
AMERICAN FINANCING CORPORATION 2 2.56% $7,764
AMERICAN FINANCIAL RESOURCES, INC. 2 2.63% $4,929
Gateway First Bank 2 3.81% $3,904
PLANET HOME LENDING, LLC 1 2.88% $2,356
FIRST STATE MORTGAGE SERVICES, LLC 1 2.75% $6,405
POLARIS HOME FUNDING CORP. 1 3.25% $17,745
BAYSHORE MORTGAGE FUNDING, LLC 1 3.75% $5,590
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.38% $8,107
UNIVERSITY LENDING GROUP, LLC 1 3.50% $8,562
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.63% $8,174
U.S. Bank 1 3.50% $8,950
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.63% $5,690
Wyndham Capital Mortgage, Inc. 1 3.00% $4,703
SOUTHWEST STAGE FUNDING, LLC 1 3.38% $2,796
STOCKTON MORTGAGE CORPORATION 1 3.00% $6,886
FLAT BRANCH MORTGAGE, INC. 1 3.50% $8,723
1st Source Bank 1 3.38% $3,062
1ST SIGNATURE LENDING, LLC 1 3.13% $8,507
MYCUMORTGAGE, LLC 1 3.25% $4,449
Nations Lending Corporation 1 3.75% $7,207
The State Bank and Trust Company 1 2.88% $3,600
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.63% $6,792
ENDEAVOR CAPITAL, LLC. 1 2.88% $2,246
HOMESIDE FINANCIAL, LLC 1 3.00% $5,588
First Bank 1 2.63% $4,563
UNITED SECURITY FINANCIAL CORP 1 2.50% $4,382
Plains Commerce Bank 1 3.13% $9,692

The top Lafayette FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 172 FHA loans originated. Their average total fees are $4,923, which is $638 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Lafayette FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,303), FREEDOM MORTGAGE CORPORATION ($3,712), NEWREZ LLC ($3,728), LAKEVIEW LOAN SERVICING, LLC ($3,880) and PENNYMAC LOAN SERVICES, LLC ($4,087).

The lowest rate Lafayette FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.76%), UNITED WHOLESALE MORTGAGE, LLC (2.83%), Regions Bank (2.87%), NEWREZ LLC (2.95%) and CALIBER HOME LOANS, INC. (2.95%).

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

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 $174,900 (10.8%) $210,025 (4.0%) 0.64 465
2018-02-01 $182,400 (9.6%) $215,317 (4.4%) 0.66 455
2018-03-01 $190,000 (-5.0%) $225,464 (1.0%) 0.66 412
2018-04-01 $209,950 (2.5%) $239,967 (4.4%) 0.70 423
2018-05-01 $202,400 (-5.6%) $243,942 (3.0%) 0.67 444
2018-06-01 $210,000 (2.5%) $251,351 (5.7%) 0.70 477
2018-07-01 $199,900 (2.6%) $241,042 (4.7%) 0.67 501
2018-08-01 $199,900 (5.3%) $236,126 (4.0%) 0.67 530
2018-09-01 $199,000 (3.2%) $230,114 (0.5%) 0.67 529
2018-10-01 $189,900 (-1.3%) $225,293 (-2.1%) 0.64 539
2018-11-01 $189,950 (-0.3%) $222,094 (-2.9%) 0.64 507
2018-12-01 $195,000 (9.6%) $225,064 (4.3%) 0.67 440
2019-01-01 $202,450 (15.8%) $227,309 (8.2%) 0.70 372
2019-02-01 $199,900 (9.6%) $226,641 (5.3%) 0.67 341
2019-03-01 $220,943 (16.3%) $243,152 (7.8%) 0.72 306
2019-04-01 $243,443 (16.0%) $265,541 (10.7%) 0.77 263
2019-05-01 $264,900 (30.9%) $287,837 (18.0%) 0.82 292
2019-06-01 $264,900 (26.1%) $295,390 (17.5%) 0.82 302
2019-07-01 $259,950 (30.0%) $285,877 (18.6%) 0.81 309
2019-08-01 $254,186 (27.2%) $278,211 (17.8%) 0.80 325
2019-09-01 $239,900 (20.6%) $267,635 (16.3%) 0.76 344
2019-10-01 $229,000 (20.6%) $267,067 (18.5%) 0.73 361
2019-11-01 $220,000 (15.8%) $255,641 (15.1%) 0.71 329
2019-12-01 $224,950 (15.4%) $256,036 (13.8%) 0.75 250
2020-01-01 $229,950 (13.6%) $250,261 (10.1%) 0.77 210
2020-02-01 $260,000 (30.1%) $278,458 (22.9%) 0.84 223
2020-03-01 $286,400 (29.6%) $301,608 (24.0%) 0.90 227
2020-04-01 $254,500 (4.5%) $287,712 (8.4%) 0.79 248
2020-05-01 $265,000 (0.0%) $299,015 (3.9%) 0.80 239
2020-06-01 $280,000 (5.7%) $315,694 (6.9%) 0.82 208
2020-07-01 $272,500 (4.8%) $314,564 (10.0%) 0.78 215
2020-08-01 $279,000 (9.8%) $329,664 (18.5%) 0.80 214
2020-09-01 $259,950 (8.4%) $316,750 (18.4%) 0.74 218
2020-10-01 $259,900 (13.5%) $319,032 (19.5%) 0.74 200
2020-11-01 $264,900 (20.4%) $306,866 (20.0%) 0.76 173
2020-12-01 $264,000 (17.4%) $310,625 (21.3%) 0.77 136
2021-01-01 $247,500 (7.6%) $298,459 (19.3%) 0.73 100
2021-02-01 $269,950 (3.8%) $325,137 (16.8%) 0.78 73
2021-03-01 $257,400 (-10.1%) $312,553 (3.6%) 0.72 80
2021-04-01 $287,000 (12.8%) $330,650 (14.9%) 0.77 85
2021-05-01 $270,000 (1.9%) $323,817 (8.3%) 0.71 105
2021-06-01 $244,750 (-12.6%) $316,375 (0.2%) 0.64 127
2021-07-01 $217,450 (-20.2%) $293,870 (-6.6%) 0.56 155
2021-08-01 $214,500 (-23.1%) $267,733 (-18.8%) 0.56 164
2021-09-01 $214,950 (-17.3%) $267,868 (-15.4%) 0.57 177
2021-10-01 $225,000 (-13.4%) $272,173 (-14.7%) 0.59 180
2021-11-01 $232,400 (-12.3%) $288,667 (-5.9%) 0.61 148
2021-12-01 $222,400 (-15.8%) $289,366 (-6.8%) 0.59 124
2022-01-01 $224,900 (-9.1%) $307,970 (3.2%) 0.60 96
2022-02-01 $272,000 (0.8%) $338,757 (4.2%) 0.69 81
2022-03-01 $302,500 (17.5%) $356,488 (14.1%) 0.75 94
2022-04-01 $330,000 (15.0%) $381,582 (15.4%) 0.78 99
Lafayette's median listing price for 2022-04-01 was $330,000, a difference of $43,000 (15.0%) versus the prior year and $27,500 versus the prior month.

Lafayette's median listing price comes in at 78% of the national average.

Lafayette's average listing price for 2022-04-01 was $381,582, a difference of $50,932 (15.4%) versus the prior year and $25,094 versus the prior month.

For the 2022-04-01 period, Lafayette had 99 MLS listings, a difference of 5 listings (5%) versus the prior month and 14 listings (16%) 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 73 days 1,887 sqft
2018-02-01 68 days 1,933 sqft
2018-03-01 47 days 2,001 sqft
2018-04-01 33 days 2,104 sqft
2018-05-01 33 days 2,125 sqft
2018-06-01 36 days 2,149 sqft
2018-07-01 38 days 2,097 sqft
2018-08-01 38 days 2,102 sqft
2018-09-01 47 days 2,100 sqft
2018-10-01 48 days 2,071 sqft
2018-11-01 52 days 2,040 sqft
2018-12-01 66 days 2,054 sqft
2019-01-01 73 days 2,028 sqft
2019-02-01 67 days 1,943 sqft
2019-03-01 53 days 2,107 sqft
2019-04-01 36 days 2,283 sqft
2019-05-01 31 days 2,309 sqft
2019-06-01 35 days 2,286 sqft
2019-07-01 41 days 2,248 sqft
2019-08-01 42 days 2,231 sqft
2019-09-01 51 days 2,213 sqft
2019-10-01 45 days 2,162 sqft
2019-11-01 53 days 2,008 sqft
2019-12-01 63 days 1,987 sqft
2020-01-01 65 days 1,975 sqft
2020-02-01 39 days 2,092 sqft
2020-03-01 37 days 2,234 sqft
2020-04-01 40 days 2,133 sqft
2020-05-01 56 days 2,232 sqft
2020-06-01 48 days 2,354 sqft
2020-07-01 44 days 2,366 sqft
2020-08-01 39 days 2,332 sqft
2020-09-01 36 days 2,247 sqft
2020-10-01 35 days 2,128 sqft
2020-11-01 41 days 2,119 sqft
2020-12-01 46 days 2,244 sqft
2021-01-01 50 days 2,044 sqft
2021-02-01 47 days 2,100 sqft
2021-03-01 33 days 2,052 sqft
2021-04-01 20 days 2,203 sqft
2021-05-01 18 days 2,096 sqft
2021-06-01 20 days 1,970 sqft
2021-07-01 25 days 1,916 sqft
2021-08-01 30 days 1,869 sqft
2021-09-01 24 days 1,843 sqft
2021-10-01 28 days 1,806 sqft
2021-11-01 34 days 1,824 sqft
2021-12-01 45 days 1,844 sqft
2022-01-01 58 days 1,824 sqft
2022-02-01 53 days 1,850 sqft
2022-03-01 34 days 1,990 sqft
2022-04-01 28 days 2,178 sqft
Lafayette's median listing age (time on market) for 2022-04-01 was 28 days. This is 44% longer than the same period one year ago.

Lafayette's median square footage for active listings during the 2022-04-01 period was 2,178 sqft. One year prior, the average listing was 2,203 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).