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 0.12% for the week of 2024-06-21, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-06-14) was 6.82% and one month ago for the week of 2024-05-17, the average rate was 6.76%.

The average rate one year ago was 6.65%.

For refis of the same type during the week of 2024-06-21, the average rate was 0.18%.

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).