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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.