New Castle FHA Loan Rates, Closing Costs & Stats

New Castle, 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.

    New Castle's 62 lenders originated 187 FHA loans during 2024. The total origination value was $30,185,000, with an average FHA loan value of $161,417.

    New Castle FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Castle averaged 0.21% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    New Castle's average FHA mortgage closing costs are $5,807.

    The average rate for the prior week (2025-06-13) was 7.2% and one month ago for the week of 2025-05-16, the average rate was 6.76%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.36%.

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

    New Castle 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 New Castle level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 21 6.46% $7,797
    RUOFF MORTGAGE COMPANY, INC. 17 6.75% $4,803
    NEWREZ LLC 9 6.50% $7,175
    UNITED WHOLESALE MORTGAGE, LLC 8 6.61% $10,198
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.54% $5,683
    MJW Financial LLC 5 6.85% $8,136
    PENNYMAC LOAN SERVICES, LLC 5 6.05% $5,813
    UNION HOME MORTGAGE CORP. 5 6.90% $8,186
    CALCON MUTUAL MORTGAGE LLC 4 6.84% $6,773
    CROSSCOUNTRY MORTGAGE, LLC 4 7.16% $7,793
    FREEDOM MORTGAGE CORPORATION 4 6.44% $9,649
    AMERISAVE MORTGAGE CORPORATION 4 6.38% $7,895
    GVC MORTGAGE, INC. 4 6.94% $7,917
    Mr. Cooper ( Nationstar Mortgage ) 4 6.56% $9,384
    BROKER SOLUTIONS, INC. 4 7.25% $8,097
    Carrington Mortgage Services, LLC 4 6.41% $7,524
    GENEVA FINANCIAL, LLC 3 7.63% $8,566
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 6.56% $7,552
    Equity Prime Mortgage LLC 2 7.69% $4,785
    CMG MORTGAGE, INC. 2 7.19% $9,832
    CARDINAL FINANCIAL 2 6.75% $8,811
    ENDEAVOR CAPITAL, LLC. 2 6.31% $7,700
    First Merchants Bank 2 6.75% $6,926
    MYCUMORTGAGE, LLC 2 6.75% $6,918
    VILLAGE CAPITAL MORTGAGE 2 7.00% $2,746
    PLAZA HOME MORTGAGE, INC. 2 7.31% $12,119
    ROYAL UNITED MORTGAGE LLC 1 7.25% $8,964
    SOUTHWEST FUNDING, LP 1 6.13% $5,714
    STOCKTON MORTGAGE CORPORATION 1 6.00% $8,956
    TEACHERS CREDIT UNION 1 7.00% $7,933
    The Huntington National Bank 1 6.88% $3,624
    The State Bank and Trust Company 1 5.63% $8,778
    TOP FLITE FINANCIAL, INC. 1 6.88% $7,306
    TOWNE MORTGAGE COMPANY 1 6.25% $7,104
    Union Savings Bank 1 6.13% $4,991
    1ST SIGNATURE LENDING, LLC 1 6.63% $7,718
    ZILLOW HOME LOANS, LLC 1 6.75% $8,992
    AMERICAN FINANCING CORPORATION 1 5.50% $7,789
    American Mortgage Bank, LLC 1 6.63% $7,528
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $4,082
    DAS Acquisition Company, LLC 1 6.99% $11,886
    DIRECT MORTGAGE LOANS, LLC 1 6.75% $9,600
    EVERETT FINANCIAL, INC. 1 7.38% $3,071
    FIRST COMMUNITY MORTGAGE, INC. 1 7.63% $8,048
    First Option Mortgage, LLC 1 6.75% $7,128
    Flagstar Bank, FSB 1 6.63% $4,807
    GUARANTEED RATE, INC. 1 6.23% $10,009
    GUILD MORTGAGE COMPANY 1 7.25% $10,437
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.63% $7,125
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.00% $6,172
    INTERLINC MORTGAGE SERVICES, LLC 1 6.75% $1,685
    KeyBank 1 6.38% $4,639
    LOANPAL, LLC 1 5.75% $11,600
    Loan Simple, Inc. 1 8.13% $8,680
    Merchants Bank of Indiana 1 7.25% $6,505
    MILEND, INC. 1 5.75% $15,932
    Mortgage Research Center, LLC 1 6.50% $3,234
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $8,348
    OPEN MORTGAGE, LLC 1 7.50% $6,439
    Plains Commerce Bank 1 7.13% $6,608
    PLANET HOME LENDING, LLC 1 6.25% $8,517
    Regions Bank 1 6.63% $7,809

    The top New Castle FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 21 FHA loans originated. Their average total fees are $7,797, which is $2,994 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee New Castle FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($4,803), QUICKEN LOANS, LLC ($7,797), .

    The lowest rate New Castle FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.46%), RUOFF MORTGAGE COMPANY, INC. (6.75%), .

    New Castle FHA Loan Limits

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

    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).