Muncie FHA Loan Rates, Closing Costs & Stats

MUNCIE, 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.

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 6.96% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 7.15% and one month ago for the week of 2024-05-03, the average rate was 6.95%.

The average rate one year ago was 6.81%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.76%.

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
2024-04-01 $148,550 (10.1%) $187,516 (-4.8%) 0.00 151
2024-05-01 $152,400 (21.0%) $194,716 (1.2%) 0.00 142
Muncie's median listing price for 2024-05-01 was $152,400, a difference of $26,475 (21.0%) versus the prior year and $3,850 versus the prior month.

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

Muncie's average listing price for 2024-05-01 was $194,716, a difference of $2,226 (1.2%) versus the prior year and $7,200 versus the prior month.

For the 2024-05-01 period, Muncie had 142 MLS listings, a difference of -9 listings (-6%) versus the prior month and 48 listings (51%) 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
2024-04-01 0 days 1,640 sqft
2024-05-01 0 days 1,709 sqft
Muncie's median listing age (time on market) for 2024-05-01 was 0 days.

Muncie's median square footage for active listings during the 2024-05-01 period was 1,709 sqft. One year prior, the average listing was 1,588 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).