North Vernon FHA Loan Rates, Closing Costs & Stats

North Vernon, 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.

    North Vernon's 31 lenders originated 86 FHA loans during 2024. The total origination value was $15,340,000, with an average FHA loan value of $178,372.

    North Vernon FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in North Vernon averaged 0.36% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    North Vernon's average FHA mortgage closing costs are $6,207.

    The average rate for the prior week (2025-06-13) was 7.04% and one month ago for the week of 2025-05-16, the average rate was 7.1%.

    The average rate one year ago was 6.96%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    GVC MORTGAGE, INC. 15 6.74% $8,951
    QUICKEN LOANS, LLC 10 6.60% $8,511
    RUOFF MORTGAGE COMPANY, INC. 6 6.90% $5,122
    GENEVA FINANCIAL, LLC 5 7.58% $7,427
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.08% $7,744
    HALLMARK HOME MORTGAGE, LLC 4 7.50% $8,021
    DIRECT MORTGAGE LOANS, LLC 4 6.59% $13,546
    First Financial Bank 3 6.54% $7,544
    NEWREZ LLC 3 6.63% $6,363
    FIRST COMMUNITY MORTGAGE, INC. 2 6.06% $6,207
    UNITED WHOLESALE MORTGAGE, LLC 2 7.00% $9,358
    CMG MORTGAGE, INC. 2 6.69% $10,220
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $6,936
    LOANDEPOT.COM, LLC 1 6.50% $12,848
    MILEND, INC. 1 5.75% $10,216
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $13,436
    PLANET HOME LENDING, LLC 1 6.38% $2,616
    PLAZA HOME MORTGAGE, INC. 1 6.88% $10,893
    AMERICAN FINANCIAL NETWORK, INC. 1 6.50% $9,040
    Wolfe Financial, Inc 1 7.00% $9,661
    AmeriHome Mortgage Company, LLC 1 6.13% $5,098
    AMERISAVE MORTGAGE CORPORATION 1 6.63% $8,405
    BROKER SOLUTIONS, INC. 1 7.13% $6,766
    Carrington Mortgage Services, LLC 1 5.63% $10,010
    ENDEAVOR CAPITAL, LLC. 1 6.25% $8,105
    Equity Prime Mortgage LLC 1 7.75% $7,990
    FREEDOM MORTGAGE CORPORATION 1 6.75% $11,241
    Gateway First Bank 1 7.25% $7,360
    German American Bank 1 6.25% $6,449
    GUILD MORTGAGE COMPANY 1 7.25% $9,736
    HOMESIDE FINANCIAL, LLC 1 6.25% $6,203

    The top North Vernon FHA lender as defined by loan originations is GVC MORTGAGE, INC., with 15 FHA loans originated. Their average total fees are $8,951, which is $440 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee North Vernon FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,511), GVC MORTGAGE, INC. ($8,951), .

    The lowest rate North Vernon FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.60%), GVC MORTGAGE, INC. (6.74%), .

    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

    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).