Madison FHA Loan Rates, Closing Costs & Stats

Madison, 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.

Madison's 28 lenders originated 92 FHA loans during 2023. The total origination value was $16,570,000, with an average FHA loan value of $180,109.

Madison FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Madison averaged 0.26% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Madison's average FHA mortgage closing costs are $5,950.

The average rate for the prior week (2024-11-22) was 6.45% and one month ago for the week of 2024-10-25, the average rate was 6.53%.

The average rate one year ago was 7.32%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.1%.

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

Madison 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 Madison level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
RUOFF MORTGAGE COMPANY, INC. 15 7.13% $5,174
GENEVA FINANCIAL, LLC 15 6.79% $8,794
QUICKEN LOANS, LLC 9 6.44% $7,653
UNITED WHOLESALE MORTGAGE, LLC 6 6.45% $8,618
FREEDOM MORTGAGE CORPORATION 5 6.80% $8,644
BROKER SOLUTIONS, INC. 4 6.72% $8,117
Wells Fargo Bank 2 6.63% $10,431
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $5,069
Equity Prime Mortgage LLC 2 6.56% $8,683
LOANDEPOT.COM, LLC 2 6.69% $11,890
Carrington Mortgage Services, LLC 2 5.81% $9,028
Mortgage Research Center, LLC 2 7.88% $3,905
First Financial Bank 2 6.38% $6,853
PENNYMAC LOAN SERVICES, LLC 2 6.69% $11,450
Willamette Valley Bank 1 6.25% $10,229
AMERISAVE MORTGAGE CORPORATION 1 5.25% $11,629
CARDINAL FINANCIAL 1 7.63% $6,921
Century Mortgage Company DBA Century Lending Company 1 6.25% $7,752
FAIR WAY LENDING LLC 1 6.99% $7,051
German American Bank 1 7.00% $6,114
GVC MORTGAGE, INC. 1 7.63% $7,756
HOMESIDE FINANCIAL, LLC 1 6.75% $11,359
LOANPAL, LLC 1 6.25% $2,910
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $6,914
NEWREZ LLC 1 7.25% $9,930
PLANET HOME LENDING, LLC 1 6.38% $8,746
Prosperity Home Mortgage, LLC 1 6.12% $7,166
AMERICAN FINANCING CORPORATION 1 6.75% $5,857

The top Madison FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 15 FHA loans originated. Their average total fees are $5,174, which is $3,620 lower than the next largest lender, GENEVA FINANCIAL, LLC.

The lowest fee Madison FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,174), GENEVA FINANCIAL, LLC ($8,794), .

The lowest rate Madison FHA lenders (with over 10 loans originated) are GENEVA FINANCIAL, LLC (6.79%), RUOFF MORTGAGE COMPANY, INC. (7.13%), .

Madison FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Madison (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 $159,900 (24.0%) $196,344 (33.3%) 0.00 113
2018-02-01 $161,150 (24.1%) $197,215 (33.7%) 0.00 117
2018-03-01 $159,900 (19.1%) $196,045 (23.3%) 0.00 122
2018-04-01 $162,925 (19.6%) $203,340 (20.8%) 0.00 115
2018-05-01 $161,425 (17.3%) $199,518 (15.0%) 0.00 112
2018-06-01 $163,000 (13.6%) $203,012 (13.3%) 0.00 112
2018-07-01 $161,150 (11.2%) $213,341 (17.5%) 0.00 118
2018-08-01 $161,150 (7.5%) $215,007 (20.5%) 0.00 122
2018-09-01 $162,400 (1.6%) $221,093 (18.1%) 0.00 130
2018-10-01 $159,900 (0.3%) $222,465 (16.1%) 0.00 126
2018-11-01 $158,400 (3.9%) $217,549 (15.1%) 0.00 114
2018-12-01 $162,000 (8.1%) $216,510 (16.0%) 0.00 108
2019-01-01 $177,400 (10.9%) $221,628 (12.9%) 0.00 110
2019-02-01 $175,550 (8.9%) $225,116 (14.2%) 0.00 96
2019-03-01 $177,171 (10.8%) $229,040 (16.8%) 0.00 98
2019-04-01 $191,050 (17.3%) $233,133 (14.7%) 0.00 98
2019-05-01 $194,500 (20.5%) $228,110 (14.3%) 0.00 106
2019-06-01 $195,000 (19.6%) $224,883 (10.8%) 0.00 104
2019-07-01 $189,000 (17.3%) $231,701 (8.6%) 0.00 109
2019-08-01 $179,545 (11.4%) $222,253 (3.4%) 0.00 119
2019-09-01 $173,614 (6.9%) $215,512 (-2.5%) 0.00 134
2019-10-01 $169,000 (5.7%) $210,311 (-5.5%) 0.00 142
2019-11-01 $165,000 (4.2%) $214,366 (-1.5%) 0.00 125
2019-12-01 $159,700 (-1.4%) $218,712 (1.0%) 0.00 122
2020-01-01 $154,900 (-12.7%) $191,526 (-13.6%) 0.00 117
2020-02-01 $149,900 (-14.6%) $187,540 (-16.7%) 0.00 114
2020-03-01 $164,000 (-7.4%) $192,862 (-15.8%) 0.00 108
2020-04-01 $165,000 (-13.6%) $191,808 (-17.7%) 0.00 99
2020-05-01 $177,500 (-8.7%) $197,710 (-13.3%) 0.00 97
2020-06-01 $182,450 (-6.4%) $205,423 (-8.7%) 0.00 89
2020-07-01 $183,125 (-3.1%) $213,709 (-7.8%) 0.00 78
2020-08-01 $185,400 (3.3%) $224,649 (1.1%) 0.00 74
2020-09-01 $184,900 (6.5%) $221,608 (2.8%) 0.00 56
2020-10-01 $164,900 (-2.4%) $211,398 (0.5%) 0.00 47
2020-11-01 $167,325 (1.4%) $207,704 (-3.1%) 0.00 54
2020-12-01 $179,450 (12.4%) $209,776 (-4.1%) 0.00 51
2021-01-01 $169,900 (9.7%) $206,793 (8.0%) 0.00 44
2021-02-01 $158,050 (5.4%) $204,200 (8.9%) 0.00 31
2021-03-01 $174,900 (6.7%) $217,720 (12.9%) 0.00 36
2021-04-01 $168,700 (2.2%) $219,270 (14.3%) 0.00 32
2021-05-01 $184,900 (4.2%) $231,321 (17.0%) 0.00 31
2021-06-01 $181,800 (-0.4%) $229,273 (11.6%) 0.00 43
2021-07-01 $189,450 (3.5%) $232,528 (8.8%) 0.00 56
2021-08-01 $184,900 (-0.3%) $232,816 (3.6%) 0.00 73
2021-09-01 $207,000 (12.0%) $256,591 (15.8%) 0.00 73
2021-10-01 $207,000 (25.5%) $257,087 (21.6%) 0.00 66
2021-11-01 $209,900 (25.4%) $276,168 (33.0%) 0.00 47
2021-12-01 $234,900 (30.9%) $293,204 (39.8%) 0.00 50
2022-01-01 $209,900 (23.5%) $272,508 (31.8%) 0.00 58
2022-02-01 $202,475 (28.1%) $251,114 (23.0%) 0.00 51
2022-03-01 $223,925 (28.0%) $262,252 (20.5%) 0.00 49
2022-04-01 $229,000 (35.7%) $290,745 (32.6%) 0.00 40
2022-05-01 $257,200 (39.1%) $293,652 (27.0%) 0.00 42
2022-06-01 $239,900 (32.0%) $267,498 (16.7%) 0.00 47
2022-07-01 $253,400 (33.8%) $280,789 (20.8%) 0.00 66
2022-08-01 $243,725 (31.8%) $277,265 (19.1%) 0.00 73
2022-09-01 $252,250 (21.9%) $285,543 (11.3%) 0.00 71
2022-10-01 $247,000 (19.3%) $299,200 (16.4%) 0.00 78
2022-11-01 $219,900 (4.8%) $283,762 (2.8%) 0.00 70
2022-12-01 $254,950 (8.5%) $314,466 (7.3%) 0.00 53
2023-01-01 $244,700 (16.6%) $326,691 (19.9%) 0.00 54
2023-02-01 $266,150 (31.5%) $334,543 (33.2%) 0.00 48
2023-03-01 $265,150 (18.4%) $316,411 (20.7%) 0.00 52
2023-04-01 $254,900 (11.3%) $319,635 (9.9%) 0.00 50
2023-05-01 $259,950 (1.1%) $332,078 (13.1%) 0.00 52
2023-06-01 $283,050 (18.0%) $333,732 (24.8%) 0.00 50
2023-07-01 $259,500 (2.4%) $325,551 (15.9%) 0.00 57
2023-08-01 $271,225 (11.3%) $331,568 (19.6%) 0.00 61
2023-09-01 $289,900 (14.9%) $349,666 (22.5%) 0.00 66
2023-10-01 $284,900 (15.3%) $357,293 (19.4%) 0.00 70
2023-11-01 $303,450 (38.0%) $362,693 (27.8%) 0.00 72
2023-12-01 $294,900 (15.7%) $355,911 (13.2%) 0.00 74
2024-01-01 $296,150 (21.0%) $341,553 (4.6%) 0.00 60
2024-02-01 $273,700 (2.8%) $327,508 (-2.1%) 0.00 53
2024-03-01 $258,500 (-2.5%) $303,567 (-4.1%) 0.00 51
2024-04-01 $253,700 (-0.5%) $306,672 (-4.1%) 0.00 47
2024-05-01 $324,900 (25.0%) $332,285 (0.1%) 0.00 52
2024-06-01 $299,000 (5.6%) $338,673 (1.5%) 0.00 59
2024-07-01 $286,375 (10.4%) $339,063 (4.2%) 0.00 77
2024-08-01 $270,000 (-0.5%) $321,854 (-2.9%) 0.00 97
2024-09-01 $263,725 (-9.0%) $320,327 (-8.4%) 0.00 92
2024-10-01 $266,850 (-6.3%) $312,038 (-12.7%) 0.00 82
Madison's median listing price for 2024-10-01 was $266,850, a difference of $-18,050 (-6.3%) versus the prior year and $3,125 versus the prior month.

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

Madison's average listing price for 2024-10-01 was $312,038, a difference of $-45,255 (-12.7%) versus the prior year and $-8,289 versus the prior month.

For the 2024-10-01 period, Madison had 82 MLS listings, a difference of -10 listings (-11%) versus the prior month and 12 listings (17%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Madison (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,913 sqft
2018-02-01 0 days 1,902 sqft
2018-03-01 0 days 1,920 sqft
2018-04-01 0 days 1,926 sqft
2018-05-01 0 days 1,922 sqft
2018-06-01 0 days 1,950 sqft
2018-07-01 0 days 1,946 sqft
2018-08-01 0 days 1,939 sqft
2018-09-01 0 days 1,974 sqft
2018-10-01 0 days 1,994 sqft
2018-11-01 0 days 2,044 sqft
2018-12-01 0 days 1,930 sqft
2019-01-01 0 days 1,875 sqft
2019-02-01 0 days 1,840 sqft
2019-03-01 0 days 1,829 sqft
2019-04-01 0 days 1,884 sqft
2019-05-01 0 days 1,971 sqft
2019-06-01 0 days 1,878 sqft
2019-07-01 0 days 1,868 sqft
2019-08-01 0 days 1,822 sqft
2019-09-01 0 days 1,760 sqft
2019-10-01 0 days 1,701 sqft
2019-11-01 0 days 1,705 sqft
2019-12-01 0 days 1,690 sqft
2020-01-01 0 days 1,683 sqft
2020-02-01 0 days 1,680 sqft
2020-03-01 0 days 1,690 sqft
2020-04-01 0 days 1,603 sqft
2020-05-01 0 days 1,750 sqft
2020-06-01 0 days 1,750 sqft
2020-07-01 0 days 1,753 sqft
2020-08-01 0 days 1,768 sqft
2020-09-01 0 days 1,824 sqft
2020-10-01 0 days 1,663 sqft
2020-11-01 0 days 1,751 sqft
2020-12-01 0 days 1,607 sqft
2021-01-01 0 days 1,560 sqft
2021-02-01 0 days 1,392 sqft
2021-03-01 0 days 1,443 sqft
2021-04-01 0 days 1,496 sqft
2021-05-01 0 days 1,624 sqft
2021-06-01 0 days 1,443 sqft
2021-07-01 0 days 1,462 sqft
2021-08-01 0 days 1,463 sqft
2021-09-01 0 days 1,445 sqft
2021-10-01 0 days 1,514 sqft
2021-11-01 0 days 1,835 sqft
2021-12-01 0 days 1,818 sqft
2022-01-01 0 days 1,792 sqft
2022-02-01 0 days 1,775 sqft
2022-03-01 0 days 1,772 sqft
2022-04-01 0 days 1,788 sqft
2022-05-01 0 days 1,798 sqft
2022-06-01 0 days 1,793 sqft
2022-07-01 0 days 1,800 sqft
2022-08-01 0 days 1,886 sqft
2022-09-01 0 days 1,863 sqft
2022-10-01 0 days 1,856 sqft
2022-11-01 0 days 1,740 sqft
2022-12-01 0 days 1,784 sqft
2023-01-01 0 days 1,703 sqft
2023-02-01 0 days 1,745 sqft
2023-03-01 0 days 1,724 sqft
2023-04-01 0 days 1,792 sqft
2023-05-01 0 days 1,817 sqft
2023-06-01 0 days 1,900 sqft
2023-07-01 0 days 1,836 sqft
2023-08-01 0 days 1,749 sqft
2023-09-01 0 days 1,874 sqft
2023-10-01 0 days 1,789 sqft
2023-11-01 0 days 1,900 sqft
2023-12-01 0 days 1,900 sqft
2024-01-01 0 days 1,845 sqft
2024-02-01 0 days 1,809 sqft
2024-03-01 0 days 1,782 sqft
2024-04-01 0 days 1,788 sqft
2024-05-01 0 days 1,872 sqft
2024-06-01 0 days 1,827 sqft
2024-07-01 0 days 1,879 sqft
2024-08-01 0 days 1,814 sqft
2024-09-01 0 days 1,816 sqft
2024-10-01 0 days 1,812 sqft
Madison's median listing age (time on market) for 2024-10-01 was 0 days.

Madison's median square footage for active listings during the 2024-10-01 period was 1,812 sqft. One year prior, the average listing was 1,789 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).