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 47 lenders originated 156 FHA loans during 2023. The total origination value was $23,790,000, with an average FHA loan value of $152,500.

    New Castle FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Castle averaged 6.4% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    New Castle's average FHA mortgage closing costs are $5,534.

    The average rate for the prior week (2024-12-06) was 6.67% and one month ago for the week of 2024-11-08, the average rate was 6.83%.

    The average rate one year ago was 7.04%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.48%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 22 7.13% $4,696
    QUICKEN LOANS, LLC 21 6.32% $8,098
    NEWREZ LLC 9 6.74% $6,962
    CALIBER HOME LOANS, INC. 9 6.39% $6,267
    Carrington Mortgage Services, LLC 7 6.43% $8,871
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 7.04% $5,586
    OPEN MORTGAGE, LLC 6 7.42% $8,641
    GVC MORTGAGE, INC. 5 7.30% $10,746
    UNION HOME MORTGAGE CORP. 5 7.10% $6,845
    CROSSCOUNTRY MORTGAGE, LLC 4 6.88% $7,948
    AMERISAVE MORTGAGE CORPORATION 4 6.00% $10,226
    Mr. Cooper ( Nationstar Mortgage ) 3 5.58% $11,582
    BROKER SOLUTIONS, INC. 3 6.71% $6,126
    ENDEAVOR CAPITAL, LLC. 3 6.91% $9,444
    First Merchants Bank 2 7.44% $5,601
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 7.00% $6,186
    UNITED WHOLESALE MORTGAGE, LLC 2 6.69% $8,966
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $12,651
    MJW Financial LLC 2 6.75% $7,644
    M&T Bank 2 6.75% $6,399
    T2 FINANCIAL LLC 1 7.00% $8,675
    The Huntington National Bank 1 5.75% $2,734
    TOTAL MORTGAGE SERVICES, LLC 1 5.63% $10,526
    TUCKER MORTGAGE, LLC 1 6.75% $6,034
    VILLAGE CAPITAL MORTGAGE 1 5.25% $9,383
    Wells Fargo Bank 1 7.13% $6,377
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.50% $5,512
    WesBanco 1 6.75% $6,007
    Centier Bank 1 7.88% $7,275
    DAS Acquisition Company, LLC 1 7.75% $4,877
    Fifth Third Bank 1 6.88% $4,464
    FIRST COMMUNITY MORTGAGE, INC. 1 8.13% $8,057
    First Option Mortgage, LLC 1 6.63% $13,724
    FREEDOM MORTGAGE CORPORATION 1 7.25% $9,934
    Gateway First Bank 1 7.63% $9,244
    GUARANTEED RATE, INC. 1 7.75% $12,163
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.63% $6,139
    Ixonia Bank 1 7.88% $10,732
    JLB CORPORATION 1 7.25% $7,323
    KeyBank 1 7.00% $7,114
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,256
    LOANDEPOT.COM, LLC 1 5.38% $8,652
    Nations Lending Corporation 1 6.50% $4,684
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $3,459
    Plains Commerce Bank 1 6.63% $7,888
    PLANET HOME LENDING, LLC 1 5.99% $10,211
    Regions Bank 1 6.63% $4,505

    The top New Castle FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 22 FHA loans originated. Their average total fees are $4,696, which is $3,402 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee New Castle FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($4,696), QUICKEN LOANS, LLC ($8,098), .

    The lowest rate New Castle FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.32%), RUOFF MORTGAGE COMPANY, INC. (7.13%), .

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - New Castle (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 $70,650 (1.0%) $102,083 (0.5%) 0.00 156
    2018-02-01 $76,150 (13.7%) $100,343 (6.8%) 0.00 156
    2018-03-01 $79,000 (13.8%) $108,225 (12.2%) 0.00 156
    2018-04-01 $72,925 (2.4%) $115,215 (19.3%) 0.00 133
    2018-05-01 $69,900 (-6.7%) $111,794 (8.2%) 0.00 141
    2018-06-01 $75,000 (-6.1%) $137,448 (17.8%) 0.00 154
    2018-07-01 $84,975 (-3.3%) $130,427 (8.6%) 0.00 176
    2018-08-01 $91,900 (0.8%) $136,438 (9.8%) 0.00 165
    2018-09-01 $94,633 (5.3%) $137,177 (7.8%) 0.00 171
    2018-10-01 $91,767 (10.4%) $137,388 (13.1%) 0.00 155
    2018-11-01 $78,342 (-4.7%) $129,009 (7.0%) 0.00 147
    2018-12-01 $74,900 (7.2%) $117,149 (10.0%) 0.00 140
    2019-01-01 $79,900 (13.1%) $121,369 (18.9%) 0.00 129
    2019-02-01 $83,200 (9.3%) $116,825 (16.4%) 0.00 133
    2019-03-01 $73,571 (-6.9%) $109,341 (1.0%) 0.00 132
    2019-04-01 $73,071 (0.2%) $112,613 (-2.3%) 0.00 130
    2019-05-01 $80,400 (15.0%) $119,577 (7.0%) 0.00 120
    2019-06-01 $77,900 (3.9%) $115,126 (-16.2%) 0.00 119
    2019-07-01 $69,900 (-17.7%) $106,886 (-18.1%) 0.00 123
    2019-08-01 $75,109 (-18.3%) $110,817 (-18.8%) 0.00 131
    2019-09-01 $82,923 (-12.4%) $117,119 (-14.6%) 0.00 141
    2019-10-01 $89,000 (-3.0%) $122,928 (-10.5%) 0.00 152
    2019-11-01 $89,000 (13.6%) $125,946 (-2.4%) 0.00 164
    2019-12-01 $89,225 (19.1%) $126,367 (7.9%) 0.00 150
    2020-01-01 $89,900 (12.5%) $126,654 (4.4%) 0.00 139
    2020-02-01 $79,990 (-3.9%) $119,932 (2.7%) 0.00 119
    2020-03-01 $85,000 (15.5%) $128,391 (17.4%) 0.00 101
    2020-04-01 $75,175 (2.9%) $116,564 (3.5%) 0.00 86
    2020-05-01 $79,745 (-0.8%) $128,934 (7.8%) 0.00 67
    2020-06-01 $93,600 (20.2%) $131,312 (14.1%) 0.00 55
    2020-07-01 $98,800 (41.3%) $151,046 (41.3%) 0.00 62
    2020-08-01 $79,990 (6.5%) $141,502 (27.7%) 0.00 54
    2020-09-01 $107,175 (29.3%) $134,947 (15.2%) 0.00 57
    2020-10-01 $85,000 (-4.5%) $125,129 (1.8%) 0.00 79
    2020-11-01 $89,400 (0.5%) $120,902 (-4.0%) 0.00 75
    2020-12-01 $87,150 (-2.3%) $114,108 (-9.7%) 0.00 73
    2021-01-01 $79,000 (-12.1%) $115,692 (-8.7%) 0.00 73
    2021-02-01 $82,175 (2.7%) $117,137 (-2.3%) 0.00 63
    2021-03-01 $212,470 (150.0%) $188,787 (47.0%) 0.00 68
    2021-04-01 $224,420 (198.5%) $206,296 (77.0%) 0.00 66
    2021-05-01 $239,990 (201.0%) $226,376 (75.6%) 0.00 59
    2021-06-01 $247,648 (164.6%) $220,794 (68.1%) 0.00 65
    2021-07-01 $248,990 (152.0%) $226,958 (50.3%) 0.00 70
    2021-08-01 $194,450 (143.1%) $216,598 (53.1%) 0.00 88
    2021-09-01 $205,000 (91.3%) $227,684 (68.7%) 0.00 90
    2021-10-01 $179,900 (111.7%) $209,378 (67.3%) 0.00 101
    2021-11-01 $173,723 (94.3%) $202,331 (67.4%) 0.00 97
    2021-12-01 $180,725 (107.4%) $212,164 (85.9%) 0.00 85
    2022-01-01 $154,950 (96.1%) $205,699 (77.8%) 0.00 73
    2022-02-01 $163,725 (99.2%) $217,369 (85.6%) 0.00 65
    2022-03-01 $209,725 (-1.3%) $222,455 (17.8%) 0.00 63
    2022-04-01 $220,000 (-2.0%) $241,417 (17.0%) 0.00 63
    2022-05-01 $301,500 (25.6%) $254,786 (12.6%) 0.00 64
    2022-06-01 $263,409 (6.4%) $248,332 (12.5%) 0.00 71
    2022-07-01 $239,900 (-3.7%) $241,066 (6.2%) 0.00 78
    2022-08-01 $220,000 (13.1%) $247,444 (14.2%) 0.00 82
    2022-09-01 $243,675 (18.9%) $249,208 (9.5%) 0.00 89
    2022-10-01 $220,450 (22.5%) $246,148 (17.6%) 0.00 90
    2022-11-01 $213,700 (23.0%) $240,734 (19.0%) 0.00 83
    2022-12-01 $250,000 (38.3%) $241,811 (14.0%) 0.00 71
    2023-01-01 $236,725 (52.8%) $723,315 (251.6%) 0.00 68
    2023-02-01 $236,725 (44.6%) $253,183 (16.5%) 0.00 66
    2023-03-01 $239,675 (14.3%) $258,082 (16.0%) 0.00 70
    2023-04-01 $257,450 (17.0%) $257,402 (6.6%) 0.00 59
    2023-05-01 $293,650 (-2.6%) $276,840 (8.7%) 0.00 67
    2023-06-01 $291,974 (10.8%) $264,487 (6.5%) 0.00 64
    2023-07-01 $264,000 (10.1%) $254,487 (5.6%) 0.00 68
    2023-08-01 $224,675 (2.1%) $248,708 (0.5%) 0.00 85
    2023-09-01 $248,450 (2.0%) $247,327 (-0.8%) 0.00 91
    2023-10-01 $242,475 (10.0%) $248,928 (1.1%) 0.00 89
    2023-11-01 $260,975 (22.1%) $259,803 (7.9%) 0.00 99
    2023-12-01 $249,900 (0.0%) $266,781 (10.3%) 0.00 107
    2024-01-01 $259,900 (9.8%) $276,170 (-61.8%) 0.00 99
    2024-02-01 $281,800 (19.0%) $285,722 (12.9%) 0.00 97
    2024-03-01 $296,846 (23.9%) $290,269 (12.5%) 0.00 84
    2024-04-01 $305,873 (18.8%) $301,938 (17.3%) 0.00 74
    2024-05-01 $311,633 (6.1%) $304,550 (10.0%) 0.00 69
    2024-06-01 $289,900 (-0.7%) $295,045 (11.6%) 0.00 78
    2024-07-01 $262,025 (-0.8%) $286,371 (12.5%) 0.00 87
    2024-08-01 $239,900 (6.8%) $279,483 (12.4%) 0.00 106
    2024-09-01 $232,450 (-6.4%) $278,583 (12.6%) 0.00 110
    2024-10-01 $229,900 (-5.2%) $267,017 (7.3%) 0.00 118
    2024-11-01 $197,900 (-24.2%) $237,599 (-8.6%) 0.00 118
    New Castle's median listing price for 2024-11-01 was $197,900, a difference of $-63,075 (-24.2%) versus the prior year and $-32,000 versus the prior month.

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

    New Castle's average listing price for 2024-11-01 was $237,599, a difference of $-22,204 (-8.6%) versus the prior year and $-29,418 versus the prior month.

    For the 2024-11-01 period, New Castle had 118 MLS listings, a difference of 0 listings (0%) versus the prior month and 19 listings (19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - New Castle (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,817 sqft
    2018-02-01 0 days 1,755 sqft
    2018-03-01 0 days 1,757 sqft
    2018-04-01 0 days 1,723 sqft
    2018-05-01 0 days 1,754 sqft
    2018-06-01 0 days 1,823 sqft
    2018-07-01 0 days 1,898 sqft
    2018-08-01 0 days 1,923 sqft
    2018-09-01 0 days 1,970 sqft
    2018-10-01 0 days 1,900 sqft
    2018-11-01 0 days 1,873 sqft
    2018-12-01 0 days 1,866 sqft
    2019-01-01 0 days 1,802 sqft
    2019-02-01 0 days 1,730 sqft
    2019-03-01 0 days 1,668 sqft
    2019-04-01 0 days 1,648 sqft
    2019-05-01 0 days 1,617 sqft
    2019-06-01 0 days 1,659 sqft
    2019-07-01 0 days 1,561 sqft
    2019-08-01 0 days 1,638 sqft
    2019-09-01 0 days 1,614 sqft
    2019-10-01 0 days 1,604 sqft
    2019-11-01 0 days 1,648 sqft
    2019-12-01 0 days 1,643 sqft
    2020-01-01 0 days 1,625 sqft
    2020-02-01 0 days 1,652 sqft
    2020-03-01 0 days 1,655 sqft
    2020-04-01 0 days 1,674 sqft
    2020-05-01 0 days 1,810 sqft
    2020-06-01 0 days 1,920 sqft
    2020-07-01 0 days 2,046 sqft
    2020-08-01 0 days 1,987 sqft
    2020-09-01 0 days 1,979 sqft
    2020-10-01 0 days 1,632 sqft
    2020-11-01 0 days 1,607 sqft
    2020-12-01 0 days 1,603 sqft
    2021-01-01 0 days 1,582 sqft
    2021-02-01 0 days 1,594 sqft
    2021-03-01 0 days 1,752 sqft
    2021-04-01 0 days 1,761 sqft
    2021-05-01 0 days 1,761 sqft
    2021-06-01 0 days 1,775 sqft
    2021-07-01 0 days 1,842 sqft
    2021-08-01 0 days 1,973 sqft
    2021-09-01 0 days 1,830 sqft
    2021-10-01 0 days 1,817 sqft
    2021-11-01 0 days 1,783 sqft
    2021-12-01 0 days 1,775 sqft
    2022-01-01 0 days 1,775 sqft
    2022-02-01 0 days 1,775 sqft
    2022-03-01 0 days 1,815 sqft
    2022-04-01 0 days 1,775 sqft
    2022-05-01 0 days 2,051 sqft
    2022-06-01 0 days 1,906 sqft
    2022-07-01 0 days 1,944 sqft
    2022-08-01 0 days 1,775 sqft
    2022-09-01 0 days 1,831 sqft
    2022-10-01 0 days 1,775 sqft
    2022-11-01 0 days 1,775 sqft
    2022-12-01 0 days 1,869 sqft
    2023-01-01 0 days 1,775 sqft
    2023-02-01 0 days 1,785 sqft
    2023-03-01 0 days 1,876 sqft
    2023-04-01 0 days 1,775 sqft
    2023-05-01 0 days 1,882 sqft
    2023-06-01 0 days 1,888 sqft
    2023-07-01 0 days 1,775 sqft
    2023-08-01 0 days 1,775 sqft
    2023-09-01 0 days 1,792 sqft
    2023-10-01 0 days 1,812 sqft
    2023-11-01 0 days 1,862 sqft
    2023-12-01 0 days 1,880 sqft
    2024-01-01 0 days 1,935 sqft
    2024-02-01 0 days 2,074 sqft
    2024-03-01 0 days 2,100 sqft
    2024-04-01 0 days 2,120 sqft
    2024-05-01 0 days 2,155 sqft
    2024-06-01 0 days 2,170 sqft
    2024-07-01 0 days 1,936 sqft
    2024-08-01 0 days 1,850 sqft
    2024-09-01 0 days 1,858 sqft
    2024-10-01 0 days 1,884 sqft
    2024-11-01 0 days 1,794 sqft
    New Castle's median listing age (time on market) for 2024-11-01 was 0 days.

    New Castle's median square footage for active listings during the 2024-11-01 period was 1,794 sqft. One year prior, the average listing was 1,862 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).