Logansport FHA Loan Rates, Closing Costs & Stats

Logansport, 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.

Logansport's 31 lenders originated 97 FHA loans during 2023. The total origination value was $12,775,000, with an average FHA loan value of $131,701.

Logansport FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Logansport averaged 6.82% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Logansport's average FHA mortgage closing costs are $4,751.

The average rate for the prior week (2024-03-15) was 6.94% and one month ago for the week of 2024-02-16, the average rate was 6.96%.

The average rate one year ago was 6.75%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.9%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Logansport 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 Logansport level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
MOVEMENT MORTGAGE, LLC 19 7.05% $7,600
RUOFF MORTGAGE COMPANY, INC. 16 7.03% $3,647
QUICKEN LOANS, LLC 8 6.51% $8,320
PLAZA HOME MORTGAGE, INC. 7 6.89% $4,347
Horizon Bank 4 6.94% $4,908
NEWREZ LLC 3 6.92% $5,747
UNITED WHOLESALE MORTGAGE, LLC 3 6.63% $7,597
FREEDOM MORTGAGE CORPORATION 3 6.92% $8,396
LOANDEPOT.COM, LLC 2 5.88% $8,170
BROKER SOLUTIONS, INC. 2 6.94% $6,819
PENNYMAC LOAN SERVICES, LLC 2 6.62% $7,957
First Merchants Bank 2 6.88% $4,573
Regions Bank 2 6.50% $5,383
STOCKTON MORTGAGE CORPORATION 2 7.56% $7,452
GVC MORTGAGE, INC. 2 6.81% $7,300
The Huntington National Bank 1 6.13% $8,832
Mr. Cooper ( Nationstar Mortgage ) 1 7.50% $7,366
Bank of England 1 5.63% $11,912
CARDINAL FINANCIAL 1 7.13% $8,257
CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $9,553
GUILD MORTGAGE COMPANY 1 6.38% $5,361
HALLMARK HOME MORTGAGE, LLC 1 6.63% $7,265
Ixonia Bank 1 7.50% $6,309
LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $6,371
AMERISAVE MORTGAGE CORPORATION 1 6.25% $9,095
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $11,350
Notre Dame Federal Credit Union Corporation 1 6.50% $3,364
OPEN MORTGAGE, LLC 1 6.13% $4,946
PANORAMA MORTGAGE GROUP, LLC 1 7.13% $14,533
Prosperity Home Mortgage, LLC 1 7.63% $5,211
ROYAL UNITED MORTGAGE LLC 1 5.88% $15,668

The top Logansport FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 19 FHA loans originated. Their average total fees are $7,600, which is $3,953 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

The lowest fee Logansport FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($3,647), MOVEMENT MORTGAGE, LLC ($7,600), .

The lowest rate Logansport FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. (7.03%), MOVEMENT MORTGAGE, LLC (7.05%), .

Logansport FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
LOGANSPORT, IN CASS 2022 $420,680 $538,650 $651,050 $809,150
LOGANSPORT, IN CASS 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Logansport (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 $75,000 (21.0%) $94,082 (21.3%) 0.00 114
2018-02-01 $75,475 (18.3%) $94,000 (18.0%) 0.00 115
2018-03-01 $75,000 (11.1%) $94,911 (13.3%) 0.00 93
2018-04-01 $83,000 (20.3%) $98,780 (12.7%) 0.00 105
2018-05-01 $83,950 (16.0%) $102,621 (13.4%) 0.00 110
2018-06-01 $87,700 (16.2%) $108,295 (14.1%) 0.00 116
2018-07-01 $86,500 (10.3%) $114,658 (14.9%) 0.00 120
2018-08-01 $84,950 (5.0%) $116,056 (9.8%) 0.00 120
2018-09-01 $84,950 (0.1%) $113,914 (1.6%) 0.00 123
2018-10-01 $80,900 (-0.1%) $116,009 (7.1%) 0.00 108
2018-11-01 $79,000 (5.3%) $107,467 (5.9%) 0.00 110
2018-12-01 $79,900 (3.9%) $123,900 (27.3%) 0.00 103
2019-01-01 $83,725 (11.6%) $121,536 (29.2%) 0.00 99
2019-02-01 $86,175 (14.2%) $127,099 (35.2%) 0.00 92
2019-03-01 $95,857 (27.8%) $138,893 (46.3%) 0.00 86
2019-04-01 $109,950 (32.5%) $150,260 (52.1%) 0.00 81
2019-05-01 $106,475 (26.8%) $146,455 (42.7%) 0.00 80
2019-06-01 $109,450 (24.8%) $143,308 (32.3%) 0.00 67
2019-07-01 $109,000 (26.0%) $137,543 (20.0%) 0.00 81
2019-08-01 $108,455 (27.7%) $135,649 (16.9%) 0.00 83
2019-09-01 $107,636 (26.7%) $129,846 (14.0%) 0.00 93
2019-10-01 $107,091 (32.4%) $126,491 (9.0%) 0.00 101
2019-11-01 $97,000 (22.8%) $121,650 (13.2%) 0.00 101
2019-12-01 $94,975 (18.9%) $119,435 (-3.6%) 0.00 95
2020-01-01 $90,450 (8.0%) $113,639 (-6.5%) 0.00 91
2020-02-01 $84,400 (-2.1%) $108,062 (-15.0%) 0.00 80
2020-03-01 $85,950 (-10.3%) $112,287 (-19.2%) 0.00 78
2020-04-01 $87,000 (-20.9%) $115,466 (-23.2%) 0.00 71
2020-05-01 $88,900 (-16.5%) $112,532 (-23.2%) 0.00 48
2020-06-01 $82,325 (-24.8%) $117,010 (-18.4%) 0.00 49
2020-07-01 $107,950 (-1.0%) $132,291 (-3.8%) 0.00 49
2020-08-01 $125,000 (15.3%) $139,054 (2.5%) 0.00 47
2020-09-01 $123,700 (14.9%) $142,985 (10.1%) 0.00 45
2020-10-01 $125,000 (16.7%) $145,869 (15.3%) 0.00 43
2020-11-01 $152,650 (57.4%) $161,343 (32.6%) 0.00 45
2020-12-01 $140,000 (47.4%) $159,522 (33.6%) 0.00 42
2021-01-01 $112,000 (23.8%) $141,269 (24.3%) 0.00 38
2021-02-01 $96,400 (14.2%) $129,516 (19.9%) 0.00 31
2021-03-01 $81,150 (-5.6%) $117,003 (4.2%) 0.00 32
2021-04-01 $92,450 (6.3%) $140,746 (21.9%) 0.00 31
2021-05-01 $119,000 (33.9%) $167,017 (48.4%) 0.00 31
2021-06-01 $107,475 (30.6%) $155,857 (33.2%) 0.00 34
2021-07-01 $89,900 (-16.7%) $122,764 (-7.2%) 0.00 54
2021-08-01 $81,250 (-35.0%) $104,188 (-25.1%) 0.00 57
2021-09-01 $79,900 (-35.4%) $109,139 (-23.7%) 0.00 55
2021-10-01 $82,500 (-34.0%) $108,873 (-25.4%) 0.00 54
2021-11-01 $113,675 (-25.5%) $124,854 (-22.6%) 0.00 43
2021-12-01 $112,425 (-19.7%) $127,581 (-20.0%) 0.00 35
2022-01-01 $119,900 (7.1%) $138,166 (-2.2%) 0.00 32
2022-02-01 $129,000 (33.8%) $161,234 (24.5%) 0.00 31
2022-03-01 $138,175 (70.3%) $177,221 (51.5%) 0.00 23
2022-04-01 $145,000 (56.8%) $198,774 (41.2%) 0.00 18
2022-05-01 $140,375 (18.0%) $199,213 (19.3%) 0.00 27
2022-06-01 $144,375 (34.3%) $193,485 (24.1%) 0.00 31
2022-07-01 $142,900 (59.0%) $182,974 (49.1%) 0.00 50
2022-08-01 $148,000 (82.2%) $187,554 (80.0%) 0.00 60
2022-09-01 $154,900 (93.9%) $178,912 (63.9%) 0.00 50
2022-10-01 $148,000 (79.4%) $166,437 (52.9%) 0.00 49
2022-11-01 $129,950 (14.3%) $149,787 (20.0%) 0.00 51
2022-12-01 $134,900 (20.0%) $152,269 (19.4%) 0.00 44
2023-01-01 $139,950 (16.7%) $164,176 (18.8%) 0.00 34
2023-02-01 $154,450 (19.7%) $177,665 (10.2%) 0.00 29
2023-03-01 $217,425 (57.4%) $226,251 (27.7%) 0.00 16
2023-04-01 $179,900 (24.1%) $218,268 (9.8%) 0.00 20
2023-05-01 $157,450 (12.2%) $192,667 (-3.3%) 0.00 27
2023-06-01 $184,500 (27.8%) $198,109 (2.4%) 0.00 32
2023-07-01 $175,000 (22.5%) $200,997 (9.9%) 0.00 35
2023-08-01 $171,249 (15.7%) $195,824 (4.4%) 0.00 42
2023-09-01 $159,950 (3.3%) $210,604 (17.7%) 0.00 43
2023-10-01 $177,475 (19.9%) $215,264 (29.3%) 0.00 42
2023-11-01 $194,600 (49.8%) $219,559 (46.6%) 0.00 42
2023-12-01 $189,000 (40.1%) $221,107 (45.2%) 0.00 39
2024-01-01 $189,225 (35.2%) $204,092 (24.3%) 0.00 42
2024-02-01 $198,875 (28.8%) $204,724 (15.2%) 0.00 33
Logansport's median listing price for 2024-02-01 was $198,875, a difference of $44,425 (28.8%) versus the prior year and $9,650 versus the prior month.

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

Logansport's average listing price for 2024-02-01 was $204,724, a difference of $27,059 (15.2%) versus the prior year and $632 versus the prior month.

For the 2024-02-01 period, Logansport had 33 MLS listings, a difference of -9 listings (-21%) versus the prior month and 4 listings (14%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Logansport (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,536 sqft
2018-02-01 0 days 1,530 sqft
2018-03-01 0 days 1,560 sqft
2018-04-01 0 days 1,556 sqft
2018-05-01 0 days 1,606 sqft
2018-06-01 0 days 1,632 sqft
2018-07-01 0 days 1,608 sqft
2018-08-01 0 days 1,642 sqft
2018-09-01 0 days 1,744 sqft
2018-10-01 0 days 1,735 sqft
2018-11-01 0 days 1,624 sqft
2018-12-01 0 days 1,697 sqft
2019-01-01 0 days 1,697 sqft
2019-02-01 0 days 1,672 sqft
2019-03-01 0 days 1,722 sqft
2019-04-01 0 days 1,772 sqft
2019-05-01 0 days 1,761 sqft
2019-06-01 0 days 1,668 sqft
2019-07-01 0 days 1,665 sqft
2019-08-01 0 days 1,647 sqft
2019-09-01 0 days 1,620 sqft
2019-10-01 0 days 1,619 sqft
2019-11-01 0 days 1,645 sqft
2019-12-01 0 days 1,606 sqft
2020-01-01 0 days 1,626 sqft
2020-02-01 0 days 1,560 sqft
2020-03-01 0 days 1,654 sqft
2020-04-01 0 days 1,659 sqft
2020-05-01 0 days 1,669 sqft
2020-06-01 0 days 1,728 sqft
2020-07-01 0 days 1,757 sqft
2020-08-01 0 days 1,768 sqft
2020-09-01 0 days 2,021 sqft
2020-10-01 0 days 1,952 sqft
2020-11-01 0 days 1,848 sqft
2020-12-01 0 days 1,741 sqft
2021-01-01 0 days 1,688 sqft
2021-02-01 0 days 1,686 sqft
2021-03-01 0 days 1,532 sqft
2021-04-01 0 days 1,617 sqft
2021-05-01 0 days 1,528 sqft
2021-06-01 0 days 1,586 sqft
2021-07-01 0 days 1,620 sqft
2021-08-01 0 days 1,383 sqft
2021-09-01 0 days 1,391 sqft
2021-10-01 0 days 1,382 sqft
2021-11-01 0 days 1,490 sqft
2021-12-01 0 days 1,572 sqft
2022-01-01 0 days 1,568 sqft
2022-02-01 0 days 1,564 sqft
2022-03-01 0 days 1,493 sqft
2022-04-01 0 days 1,613 sqft
2022-05-01 0 days 1,635 sqft
2022-06-01 0 days 1,566 sqft
2022-07-01 0 days 1,634 sqft
2022-08-01 0 days 1,566 sqft
2022-09-01 0 days 1,608 sqft
2022-10-01 0 days 1,540 sqft
2022-11-01 0 days 1,577 sqft
2022-12-01 0 days 1,619 sqft
2023-01-01 0 days 1,640 sqft
2023-02-01 0 days 1,581 sqft
2023-03-01 0 days 1,809 sqft
2023-04-01 0 days 1,928 sqft
2023-05-01 0 days 1,706 sqft
2023-06-01 0 days 1,785 sqft
2023-07-01 0 days 1,674 sqft
2023-08-01 0 days 1,787 sqft
2023-09-01 0 days 1,796 sqft
2023-10-01 0 days 1,859 sqft
2023-11-01 0 days 1,922 sqft
2023-12-01 0 days 1,873 sqft
2024-01-01 0 days 1,907 sqft
2024-02-01 0 days 1,880 sqft
Logansport's median listing age (time on market) for 2024-02-01 was 0 days.

Logansport's median square footage for active listings during the 2024-02-01 period was 1,880 sqft. One year prior, the average listing was 1,581 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).