Muncie FHA Loan Rates, Closing Costs & Stats

MUNCIE, IN

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    • 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.

    Muncie's 66 lenders originated 333 FHA loans during 2023. The total origination value was $52,005,000, with an average FHA loan value of $156,171.

    Muncie FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Muncie averaged 7.23% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Muncie's average FHA mortgage closing costs are $4,868.

    The average rate for the prior week (2024-04-12) was 7.12% and one month ago for the week of 2024-03-15, the average rate was 6.99%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.92%.

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

    Muncie 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 Muncie level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 53 7.09% $5,279
    QUICKEN LOANS, LLC 45 6.74% $7,108
    NEWREZ LLC 29 6.73% $6,617
    GVC MORTGAGE, INC. 26 7.19% $7,001
    CALIBER HOME LOANS, INC. 14 6.56% $6,724
    FREEDOM MORTGAGE CORPORATION 9 6.97% $12,497
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 7.19% $4,781
    AMERISAVE MORTGAGE CORPORATION 8 6.14% $10,073
    BROKER SOLUTIONS, INC. 8 7.03% $7,274
    CROSSCOUNTRY MORTGAGE, LLC 8 6.83% $9,414
    OPEN MORTGAGE, LLC 7 7.16% $7,904
    Carrington Mortgage Services, LLC 7 6.46% $7,737
    Old National Bank 6 6.50% $5,294
    The Huntington National Bank 4 6.75% $5,495
    ENDEAVOR CAPITAL, LLC. 4 6.56% $7,944
    LOANPAL, LLC 3 6.41% $6,921
    INSPIRE HOME LOANS INC. 3 5.00% $6,878
    POLARIS HOME FUNDING CORP. 3 6.79% $7,970
    Mr. Cooper ( Nationstar Mortgage ) 3 6.13% $8,507
    MJW Financial LLC 3 7.13% $6,707
    UNITED WHOLESALE MORTGAGE, LLC 2 5.94% $12,526
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.69% $8,085
    CARDINAL FINANCIAL 2 7.00% $6,972
    NFM, INC. 2 7.13% $6,050
    ZILLOW HOME LOANS, LLC 2 7.13% $8,765
    LOANDEPOT.COM, LLC 2 5.94% $9,743
    THRIVE MORTGAGE, LLC 2 6.81% $6,648
    Plains Commerce Bank 2 7.00% $4,995
    MID AMERICA MORTGAGE, INC. 2 7.69% $8,693
    TEACHERS CREDIT UNION 1 6.50% $3,343
    AMERICAN FINANCING CORPORATION 1 5.99% $7,572
    TUCKER MORTGAGE, LLC 1 7.75% $5,463
    UNION HOME MORTGAGE CORP. 1 7.13% $10,650
    UNITED 1 6.75% $13,777
    VAN DYK MORTGAGE CORPORATION 1 6.63% $2,228
    VILLAGE CAPITAL MORTGAGE 1 6.25% $9,283
    V.I.P. MORTGAGE, INC. 1 7.25% $11,864
    TOP FLITE FINANCIAL, INC. 1 7.63% $17,590
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $6,656
    Bank of England 1 7.25% $5,838
    Centier Bank 1 7.50% $4,536
    DIRECT MORTGAGE LOANS, LLC 1 7.75% $6,945
    EAGLE HOME MORTGAGE, LLC 1 7.25% $5,457
    Elements Financial Federal Credit Union 1 7.63% $4,290
    Equity Prime Mortgage LLC 1 6.38% $9,173
    Fifth Third Bank 1 6.25% $2,947
    FIRST COMMUNITY MORTGAGE, INC. 1 7.50% $5,985
    First Financial Bank 1 6.49% $4,030
    First Financial Bank 1 5.75% $4,527
    First Merchants Bank 1 7.13% $5,355
    INDIANA MEMBERS CREDIT UNION 1 5.88% $2,579
    JLB CORPORATION 1 6.75% $8,169
    JPMorgan Chase Bank 1 6.50% $4,141
    KeyBank 1 6.88% $8,822
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $6,983
    MEMBER FIRST MORTGAGE, LLC 1 7.63% $10,973
    Mortgage Research Center, LLC 1 7.13% $2,711
    MOVEMENT MORTGAGE, LLC 1 7.13% $7,446
    M&T Bank 1 6.25% $8,681
    Northwest Bank 1 6.50% $4,350
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.75% $6,781
    PENNYMAC LOAN SERVICES, LLC 1 7.25% $6,793
    PLAZA HOME MORTGAGE, INC. 1 7.50% $5,235
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $6,052
    Prosperity Home Mortgage, LLC 1 6.62% $7,629
    Strong Home Mortgage, LLC 1 6.50% $5,199

    The top Muncie FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 53 FHA loans originated. Their average total fees are $5,279, which is $1,828 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Muncie FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,279), NEWREZ LLC ($6,617), CALIBER HOME LOANS, INC. ($6,724), GVC MORTGAGE, INC. ($7,001) and QUICKEN LOANS, LLC ($7,108).

    The lowest rate Muncie FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (6.56%), NEWREZ LLC (6.73%), QUICKEN LOANS, LLC (6.74%), RUOFF MORTGAGE COMPANY, INC. (7.09%) and GVC MORTGAGE, INC. (7.19%).

    Muncie FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Muncie (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 $74,900 (1.0%) $112,806 (-1.1%) 0.00 363
    2018-02-01 $74,900 (7.2%) $117,880 (1.5%) 0.00 348
    2018-03-01 $74,900 (4.7%) $126,601 (8.0%) 0.00 330
    2018-04-01 $77,444 (6.2%) $142,299 (22.0%) 0.00 313
    2018-05-01 $89,925 (23.3%) $146,861 (23.3%) 0.00 346
    2018-06-01 $88,194 (11.7%) $143,176 (12.7%) 0.00 369
    2018-07-01 $89,900 (11.1%) $141,504 (8.4%) 0.00 387
    2018-08-01 $87,322 (4.5%) $142,802 (-1.8%) 0.00 405
    2018-09-01 $85,000 (-0.5%) $138,709 (-12.3%) 0.00 435
    2018-10-01 $87,925 (4.6%) $140,051 (-11.2%) 0.00 416
    2018-11-01 $85,175 (5.7%) $140,101 (-11.1%) 0.00 405
    2018-12-01 $79,900 (6.7%) $136,042 (13.8%) 0.00 387
    2019-01-01 $79,900 (6.7%) $133,094 (18.0%) 0.00 368
    2019-02-01 $79,900 (6.7%) $127,795 (8.4%) 0.00 352
    2019-03-01 $82,686 (10.4%) $134,346 (6.1%) 0.00 345
    2019-04-01 $87,150 (12.5%) $142,940 (0.5%) 0.00 345
    2019-05-01 $98,675 (9.7%) $149,283 (1.7%) 0.00 343
    2019-06-01 $105,000 (19.1%) $153,534 (7.2%) 0.00 350
    2019-07-01 $107,400 (19.5%) $163,182 (15.3%) 0.00 355
    2019-08-01 $118,536 (35.8%) $162,873 (14.1%) 0.00 371
    2019-09-01 $116,491 (37.1%) $158,220 (14.1%) 0.00 379
    2019-10-01 $113,450 (29.0%) $152,810 (9.1%) 0.00 378
    2019-11-01 $109,900 (29.0%) $144,891 (3.4%) 0.00 375
    2019-12-01 $99,900 (25.0%) $140,825 (3.5%) 0.00 336
    2020-01-01 $100,723 (26.1%) $141,730 (6.5%) 0.00 302
    2020-02-01 $94,400 (18.2%) $140,808 (10.2%) 0.00 267
    2020-03-01 $90,438 (9.4%) $140,663 (4.7%) 0.00 246
    2020-04-01 $81,400 (-6.6%) $137,777 (-3.6%) 0.00 237
    2020-05-01 $88,000 (-10.8%) $159,458 (6.8%) 0.00 193
    2020-06-01 $81,175 (-22.7%) $159,972 (4.2%) 0.00 161
    2020-07-01 $111,425 (3.8%) $178,876 (9.6%) 0.00 146
    2020-08-01 $110,000 (-7.2%) $175,809 (7.9%) 0.00 158
    2020-09-01 $112,400 (-3.5%) $166,349 (5.1%) 0.00 200
    2020-10-01 $103,900 (-8.4%) $157,104 (2.8%) 0.00 236
    2020-11-01 $95,525 (-13.1%) $153,051 (5.6%) 0.00 237
    2020-12-01 $78,838 (-21.1%) $140,566 (-0.2%) 0.00 205
    2021-01-01 $68,950 (-31.5%) $136,035 (-4.0%) 0.00 187
    2021-02-01 $63,900 (-32.3%) $139,396 (-1.0%) 0.00 139
    2021-03-01 $59,900 (-33.8%) $137,791 (-2.0%) 0.00 115
    2021-04-01 $63,475 (-22.0%) $127,887 (-7.2%) 0.00 108
    2021-05-01 $67,000 (-23.9%) $132,118 (-17.2%) 0.00 116
    2021-06-01 $89,150 (9.8%) $158,170 (-1.1%) 0.00 134
    2021-07-01 $115,900 (4.0%) $173,918 (-2.8%) 0.00 169
    2021-08-01 $122,450 (11.3%) $172,663 (-1.8%) 0.00 168
    2021-09-01 $124,900 (11.1%) $166,224 (-0.1%) 0.00 170
    2021-10-01 $119,900 (15.4%) $154,827 (-1.5%) 0.00 163
    2021-11-01 $123,700 (29.5%) $153,934 (0.6%) 0.00 144
    2021-12-01 $129,900 (64.8%) $163,246 (16.1%) 0.00 135
    2022-01-01 $132,900 (92.8%) $153,079 (12.5%) 0.00 115
    2022-02-01 $107,500 (68.2%) $145,211 (4.2%) 0.00 74
    2022-03-01 $119,450 (99.4%) $161,852 (17.5%) 0.00 82
    2022-04-01 $111,250 (75.3%) $163,836 (28.1%) 0.00 91
    2022-05-01 $131,250 (95.9%) $180,972 (37.0%) 0.00 108
    2022-06-01 $128,900 (44.6%) $192,920 (22.0%) 0.00 133
    2022-07-01 $130,000 (12.2%) $202,990 (16.7%) 0.00 149
    2022-08-01 $135,000 (10.3%) $202,583 (17.3%) 0.00 157
    2022-09-01 $136,975 (9.7%) $191,759 (15.4%) 0.00 170
    2022-10-01 $165,375 (37.9%) $195,021 (26.0%) 0.00 182
    2022-11-01 $172,450 (39.4%) $199,577 (29.7%) 0.00 186
    2022-12-01 $174,250 (34.1%) $198,491 (21.6%) 0.00 152
    2023-01-01 $167,400 (26.0%) $188,741 (23.3%) 0.00 122
    2023-02-01 $149,500 (39.1%) $191,549 (31.9%) 0.00 103
    2023-03-01 $139,975 (17.2%) $196,106 (21.2%) 0.00 89
    2023-04-01 $134,950 (21.3%) $196,927 (20.2%) 0.00 91
    2023-05-01 $125,925 (-4.1%) $192,490 (6.4%) 0.00 94
    2023-06-01 $129,400 (0.4%) $194,018 (0.6%) 0.00 111
    2023-07-01 $134,900 (3.8%) $186,569 (-8.1%) 0.00 138
    2023-08-01 $152,500 (13.0%) $200,226 (-1.2%) 0.00 151
    2023-09-01 $154,950 (13.1%) $189,193 (-1.3%) 0.00 171
    2023-10-01 $152,450 (-7.8%) $187,034 (-4.1%) 0.00 182
    2023-11-01 $158,975 (-7.8%) $188,300 (-5.7%) 0.00 201
    2023-12-01 $152,450 (-12.5%) $189,758 (-4.4%) 0.00 218
    2024-01-01 $163,450 (-2.4%) $199,008 (5.4%) 0.00 200
    2024-02-01 $161,200 (7.8%) $195,946 (2.3%) 0.00 185
    2024-03-01 $163,450 (16.8%) $193,472 (-1.3%) 0.00 168
    Muncie's median listing price for 2024-03-01 was $163,450, a difference of $23,475 (16.8%) versus the prior year and $2,250 versus the prior month.

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

    Muncie's average listing price for 2024-03-01 was $193,472, a difference of $-2,634 (-1.3%) versus the prior year and $-2,474 versus the prior month.

    For the 2024-03-01 period, Muncie had 168 MLS listings, a difference of -17 listings (-9%) versus the prior month and 79 listings (89%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Muncie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,522 sqft
    2018-02-01 0 days 1,525 sqft
    2018-03-01 0 days 1,537 sqft
    2018-04-01 0 days 1,580 sqft
    2018-05-01 0 days 1,735 sqft
    2018-06-01 0 days 1,735 sqft
    2018-07-01 0 days 1,722 sqft
    2018-08-01 0 days 1,665 sqft
    2018-09-01 0 days 1,609 sqft
    2018-10-01 0 days 1,612 sqft
    2018-11-01 0 days 1,612 sqft
    2018-12-01 0 days 1,617 sqft
    2019-01-01 0 days 1,527 sqft
    2019-02-01 0 days 1,497 sqft
    2019-03-01 0 days 1,492 sqft
    2019-04-01 0 days 1,527 sqft
    2019-05-01 0 days 1,547 sqft
    2019-06-01 0 days 1,579 sqft
    2019-07-01 0 days 1,611 sqft
    2019-08-01 0 days 1,623 sqft
    2019-09-01 0 days 1,616 sqft
    2019-10-01 0 days 1,610 sqft
    2019-11-01 0 days 1,599 sqft
    2019-12-01 0 days 1,588 sqft
    2020-01-01 0 days 1,569 sqft
    2020-02-01 0 days 1,560 sqft
    2020-03-01 0 days 1,487 sqft
    2020-04-01 0 days 1,458 sqft
    2020-05-01 0 days 1,464 sqft
    2020-06-01 0 days 1,464 sqft
    2020-07-01 0 days 1,584 sqft
    2020-08-01 0 days 1,658 sqft
    2020-09-01 0 days 1,617 sqft
    2020-10-01 0 days 1,567 sqft
    2020-11-01 0 days 1,503 sqft
    2020-12-01 0 days 1,465 sqft
    2021-01-01 0 days 1,407 sqft
    2021-02-01 0 days 1,400 sqft
    2021-03-01 0 days 1,298 sqft
    2021-04-01 0 days 1,357 sqft
    2021-05-01 0 days 1,393 sqft
    2021-06-01 0 days 1,551 sqft
    2021-07-01 0 days 1,632 sqft
    2021-08-01 0 days 1,602 sqft
    2021-09-01 0 days 1,604 sqft
    2021-10-01 0 days 1,594 sqft
    2021-11-01 0 days 1,581 sqft
    2021-12-01 0 days 1,538 sqft
    2022-01-01 0 days 1,584 sqft
    2022-02-01 0 days 1,576 sqft
    2022-03-01 0 days 1,603 sqft
    2022-04-01 0 days 1,694 sqft
    2022-05-01 0 days 1,756 sqft
    2022-06-01 0 days 1,687 sqft
    2022-07-01 0 days 1,680 sqft
    2022-08-01 0 days 1,794 sqft
    2022-09-01 0 days 1,761 sqft
    2022-10-01 0 days 1,733 sqft
    2022-11-01 0 days 1,771 sqft
    2022-12-01 0 days 1,684 sqft
    2023-01-01 0 days 1,609 sqft
    2023-02-01 0 days 1,642 sqft
    2023-03-01 0 days 1,609 sqft
    2023-04-01 0 days 1,728 sqft
    2023-05-01 0 days 1,588 sqft
    2023-06-01 0 days 1,662 sqft
    2023-07-01 0 days 1,580 sqft
    2023-08-01 0 days 1,793 sqft
    2023-09-01 0 days 1,758 sqft
    2023-10-01 0 days 1,798 sqft
    2023-11-01 0 days 1,742 sqft
    2023-12-01 0 days 1,741 sqft
    2024-01-01 0 days 1,802 sqft
    2024-02-01 0 days 1,750 sqft
    2024-03-01 0 days 1,695 sqft
    Muncie's median listing age (time on market) for 2024-03-01 was 0 days.

    Muncie's median square footage for active listings during the 2024-03-01 period was 1,695 sqft. One year prior, the average listing was 1,609 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).