North Vernon FHA Loan Rates, Closing Costs & Stats

North Vernon, 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.

North Vernon's 25 lenders originated 74 FHA loans during 2023. The total origination value was $12,910,000, with an average FHA loan value of $174,459.

North Vernon FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in North Vernon averaged 0.31% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

North Vernon's average FHA mortgage closing costs are $5,844.

The average rate for the prior week (2024-11-22) was 6.5% and one month ago for the week of 2024-10-25, the average rate was 6.48%.

The average rate one year ago was 7.47%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.1%.

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

North Vernon 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 North Vernon level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GVC MORTGAGE, INC. 13 7.25% $7,914
Wolfe Financial, Inc 9 6.76% $7,618
QUICKEN LOANS, LLC 8 6.25% $7,551
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 7.19% $8,128
German American Bank 4 6.63% $6,360
DIRECT MORTGAGE LOANS, LLC 4 7.16% $10,576
LOANDEPOT.COM, LLC 4 6.59% $6,338
Mr. Cooper ( Nationstar Mortgage ) 3 5.92% $9,486
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $5,807
GENEVA FINANCIAL, LLC 2 6.13% $11,191
CALIBER HOME LOANS, INC. 1 6.75% $13,736
1ST SIGNATURE LENDING, LLC 1 6.75% $8,544
BROKER SOLUTIONS, INC. 1 7.13% $9,325
JPMorgan Chase Bank 1 7.25% $4,304
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $11,280
PNC Bank 1 7.88% $6,508
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $6,739
RUOFF MORTGAGE COMPANY, INC. 1 7.50% $7,603
SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $13,014
UNION HOME MORTGAGE CORP. 1 7.13% $7,615
Carrington Mortgage Services, LLC 1 5.88% $9,967
UNITED WHOLESALE MORTGAGE, LLC 1 6.00% $5,837
CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $8,710
Equity Prime Mortgage LLC 1 7.75% $12,011
EVERETT FINANCIAL, INC. 1 8.13% $13,184

The top North Vernon FHA lender as defined by loan originations is GVC MORTGAGE, INC., with 13 FHA loans originated. Their average total fees are $7,914, which is $297 higher than the next largest lender, Wolfe Financial, Inc.

The lowest fee North Vernon FHA lenders (with over 10 loans originated) are GVC MORTGAGE, INC. ($7,914), .

The lowest rate North Vernon FHA lenders (with over 10 loans originated) are GVC MORTGAGE, INC. (7.25%), .

North Vernon FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - North Vernon (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 $99,475 (7.0%) $116,076 (-9.7%) 0.00 37
2018-02-01 $99,900 (11.4%) $120,717 (-0.3%) 0.00 35
2018-03-01 $104,750 (23.4%) $122,652 (3.1%) 0.00 34
2018-04-01 $104,550 (24.1%) $127,434 (5.0%) 0.00 35
2018-05-01 $109,950 (31.3%) $131,320 (6.3%) 0.00 42
2018-06-01 $129,900 (46.0%) $140,812 (6.0%) 0.00 43
2018-07-01 $116,750 (23.0%) $139,819 (9.3%) 0.00 39
2018-08-01 $119,825 (21.1%) $136,117 (3.5%) 0.00 43
2018-09-01 $124,700 (26.1%) $146,158 (13.2%) 0.00 46
2018-10-01 $123,250 (25.5%) $146,607 (19.2%) 0.00 46
2018-11-01 $124,700 (30.3%) $150,319 (24.4%) 0.00 41
2018-12-01 $132,200 (33.6%) $154,611 (21.4%) 0.00 35
2019-01-01 $142,175 (42.9%) $165,532 (42.6%) 0.00 32
2019-02-01 $141,150 (41.3%) $173,291 (43.6%) 0.00 31
2019-03-01 $133,850 (27.8%) $168,606 (37.5%) 0.00 34
2019-04-01 $132,400 (26.6%) $162,763 (27.7%) 0.00 40
2019-05-01 $138,975 (26.4%) $160,922 (22.5%) 0.00 47
2019-06-01 $156,950 (20.8%) $159,231 (13.1%) 0.00 49
2019-07-01 $143,475 (22.9%) $168,686 (20.7%) 0.00 46
2019-08-01 $158,991 (32.7%) $170,465 (25.2%) 0.00 52
2019-09-01 $142,627 (14.4%) $165,054 (12.9%) 0.00 59
2019-10-01 $134,193 (8.9%) $166,493 (13.6%) 0.00 59
2019-11-01 $139,900 (12.2%) $173,619 (15.5%) 0.00 46
2019-12-01 $152,425 (15.3%) $176,329 (14.1%) 0.00 43
2020-01-01 $129,675 (-8.8%) $169,788 (2.6%) 0.00 39
2020-02-01 $151,000 (7.0%) $177,271 (2.3%) 0.00 34
2020-03-01 $126,125 (-5.8%) $160,706 (-4.7%) 0.00 34
2020-04-01 $133,650 (0.9%) $167,374 (2.8%) 0.00 31
2020-05-01 $129,900 (-6.5%) $179,962 (11.8%) 0.00 23
2020-06-01 $122,925 (-21.7%) $184,393 (15.8%) 0.00 24
2020-07-01 $166,400 (16.0%) $259,758 (54.0%) 0.00 22
2020-08-01 $169,000 (6.3%) $256,975 (50.8%) 0.00 24
2020-09-01 $171,425 (20.2%) $258,183 (56.4%) 0.00 28
2020-10-01 $194,900 (45.2%) $251,651 (51.2%) 0.00 29
2020-11-01 $194,900 (39.3%) $199,104 (14.7%) 0.00 30
2020-12-01 $168,000 (10.2%) $182,725 (3.6%) 0.00 27
2021-01-01 $160,000 (23.4%) $183,627 (8.2%) 0.00 25
2021-02-01 $139,325 (-7.7%) $167,849 (-5.3%) 0.00 21
2021-03-01 $159,875 (26.8%) $173,987 (8.3%) 0.00 17
2021-04-01 $134,750 (0.8%) $162,219 (-3.1%) 0.00 16
2021-05-01 $126,250 (-2.8%) $161,345 (-10.3%) 0.00 15
2021-06-01 $145,350 (18.2%) $186,956 (1.4%) 0.00 15
2021-07-01 $162,500 (-2.3%) $215,306 (-17.1%) 0.00 15
2021-08-01 $184,950 (9.4%) $231,614 (-9.9%) 0.00 22
2021-09-01 $177,400 (3.5%) $220,158 (-14.7%) 0.00 27
2021-10-01 $169,900 (-12.8%) $201,439 (-20.0%) 0.00 25
2021-11-01 $148,150 (-24.0%) $189,139 (-5.0%) 0.00 27
2021-12-01 $154,900 (-7.8%) $193,599 (6.0%) 0.00 25
2022-01-01 $179,900 (12.4%) $187,615 (2.2%) 0.00 22
2022-02-01 $169,900 (22.0%) $205,140 (22.2%) 0.00 18
2022-03-01 $156,400 (-2.2%) $201,808 (16.0%) 0.00 14
2022-04-01 $124,900 (-7.3%) $165,017 (1.7%) 0.00 13
2022-05-01 $203,725 (61.4%) $215,940 (33.8%) 0.00 15
2022-06-01 $239,000 (64.4%) $241,448 (29.2%) 0.00 22
2022-07-01 $229,900 (41.5%) $245,678 (14.1%) 0.00 27
2022-08-01 $238,150 (28.8%) $276,409 (19.3%) 0.00 30
2022-09-01 $266,213 (50.1%) $285,980 (29.9%) 0.00 29
2022-10-01 $259,900 (53.0%) $267,766 (32.9%) 0.00 28
2022-11-01 $247,450 (67.0%) $295,014 (56.0%) 0.00 27
2022-12-01 $247,500 (59.8%) $303,207 (56.6%) 0.00 22
2023-01-01 $200,000 (11.2%) $265,360 (41.4%) 0.00 22
2023-02-01 $205,000 (20.7%) $269,435 (31.3%) 0.00 18
2023-03-01 $207,400 (32.6%) $277,088 (37.3%) 0.00 15
2023-04-01 $207,450 (66.1%) $286,561 (73.7%) 0.00 13
2023-05-01 $206,225 (1.2%) $253,220 (17.3%) 0.00 20
2023-06-01 $189,925 (-20.5%) $229,736 (-4.9%) 0.00 21
2023-07-01 $179,900 (-21.8%) $225,915 (-8.0%) 0.00 15
2023-08-01 $189,950 (-20.2%) $220,685 (-20.2%) 0.00 21
2023-09-01 $194,450 (-27.0%) $236,824 (-17.2%) 0.00 34
2023-10-01 $194,950 (-25.0%) $260,669 (-2.7%) 0.00 42
2023-11-01 $211,175 (-14.7%) $279,947 (-5.1%) 0.00 30
2023-12-01 $219,900 (-11.2%) $289,490 (-4.5%) 0.00 35
2024-01-01 $207,425 (3.7%) $281,418 (6.1%) 0.00 33
2024-02-01 $235,500 (14.9%) $290,174 (7.7%) 0.00 31
2024-03-01 $224,500 (8.2%) $293,932 (6.1%) 0.00 32
2024-04-01 $259,150 (24.9%) $310,639 (8.4%) 0.00 25
2024-05-01 $277,400 (34.5%) $329,435 (30.1%) 0.00 29
2024-06-01 $274,900 (44.7%) $332,197 (44.6%) 0.00 38
2024-07-01 $266,175 (48.0%) $308,247 (36.4%) 0.00 45
2024-08-01 $254,900 (34.2%) $264,727 (20.0%) 0.00 43
2024-09-01 $226,700 (16.6%) $250,357 (5.7%) 0.00 42
2024-10-01 $258,025 (32.4%) $264,680 (1.5%) 0.00 50
North Vernon's median listing price for 2024-10-01 was $258,025, a difference of $63,075 (32.4%) versus the prior year and $31,325 versus the prior month.

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

North Vernon's average listing price for 2024-10-01 was $264,680, a difference of $4,011 (1.5%) versus the prior year and $14,323 versus the prior month.

For the 2024-10-01 period, North Vernon had 50 MLS listings, a difference of 8 listings (19%) versus the prior month and 8 listings (19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - North Vernon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,873 sqft
2018-02-01 0 days 1,898 sqft
2018-03-01 0 days 1,944 sqft
2018-04-01 0 days 1,752 sqft
2018-05-01 0 days 1,754 sqft
2018-06-01 0 days 1,782 sqft
2018-07-01 0 days 1,852 sqft
2018-08-01 0 days 1,886 sqft
2018-09-01 0 days 1,863 sqft
2018-10-01 0 days 1,770 sqft
2018-11-01 0 days 1,803 sqft
2018-12-01 0 days 1,896 sqft
2019-01-01 0 days 1,957 sqft
2019-02-01 0 days 1,892 sqft
2019-03-01 0 days 1,915 sqft
2019-04-01 0 days 1,941 sqft
2019-05-01 0 days 1,872 sqft
2019-06-01 0 days 1,886 sqft
2019-07-01 0 days 1,924 sqft
2019-08-01 0 days 1,925 sqft
2019-09-01 0 days 1,916 sqft
2019-10-01 0 days 1,904 sqft
2019-11-01 0 days 1,852 sqft
2019-12-01 0 days 1,920 sqft
2020-01-01 0 days 1,845 sqft
2020-02-01 0 days 1,884 sqft
2020-03-01 0 days 1,768 sqft
2020-04-01 0 days 1,732 sqft
2020-05-01 0 days 1,748 sqft
2020-06-01 0 days 1,841 sqft
2020-07-01 0 days 1,991 sqft
2020-08-01 0 days 1,903 sqft
2020-09-01 0 days 1,839 sqft
2020-10-01 0 days 1,840 sqft
2020-11-01 0 days 1,755 sqft
2020-12-01 0 days 1,829 sqft
2021-01-01 0 days 1,998 sqft
2021-02-01 0 days 1,967 sqft
2021-03-01 0 days 1,690 sqft
2021-04-01 0 days 1,736 sqft
2021-05-01 0 days 1,632 sqft
2021-06-01 0 days 1,685 sqft
2021-07-01 0 days 1,900 sqft
2021-08-01 0 days 1,804 sqft
2021-09-01 0 days 1,849 sqft
2021-10-01 0 days 1,702 sqft
2021-11-01 0 days 1,477 sqft
2021-12-01 0 days 1,536 sqft
2022-01-01 0 days 1,548 sqft
2022-02-01 0 days 1,561 sqft
2022-03-01 0 days 1,716 sqft
2022-04-01 0 days 1,554 sqft
2022-05-01 0 days 1,583 sqft
2022-06-01 0 days 1,741 sqft
2022-07-01 0 days 1,676 sqft
2022-08-01 0 days 1,866 sqft
2022-09-01 0 days 1,946 sqft
2022-10-01 0 days 1,833 sqft
2022-11-01 0 days 1,835 sqft
2022-12-01 0 days 1,812 sqft
2023-01-01 0 days 1,583 sqft
2023-02-01 0 days 1,518 sqft
2023-03-01 0 days 1,500 sqft
2023-04-01 0 days 1,628 sqft
2023-05-01 0 days 1,549 sqft
2023-06-01 0 days 1,507 sqft
2023-07-01 0 days 1,506 sqft
2023-08-01 0 days 1,520 sqft
2023-09-01 0 days 1,486 sqft
2023-10-01 0 days 1,496 sqft
2023-11-01 0 days 1,622 sqft
2023-12-01 0 days 1,792 sqft
2024-01-01 0 days 1,897 sqft
2024-02-01 0 days 2,221 sqft
2024-03-01 0 days 1,836 sqft
2024-04-01 0 days 2,093 sqft
2024-05-01 0 days 2,157 sqft
2024-06-01 0 days 2,218 sqft
2024-07-01 0 days 1,753 sqft
2024-08-01 0 days 1,582 sqft
2024-09-01 0 days 1,551 sqft
2024-10-01 0 days 1,586 sqft
North Vernon's median listing age (time on market) for 2024-10-01 was 0 days.

North Vernon's median square footage for active listings during the 2024-10-01 period was 1,586 sqft. One year prior, the average listing was 1,496 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).