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 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 6.87% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 7.03%.

    The average rate one year ago was 6.35%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

    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
    North Vernon's median listing price for 2024-03-01 was $224,500, a difference of $17,100 (8.2%) versus the prior year and $-11,000 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 2024-03-01 was $293,932, a difference of $16,844 (6.1%) versus the prior year and $3,758 versus the prior month.

    For the 2024-03-01 period, North Vernon had 32 MLS listings, a difference of 1 listings (3%) versus the prior month and 17 listings (113%) 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 2,222 sqft
    2024-03-01 0 days 1,836 sqft
    North Vernon's median listing age (time on market) for 2024-03-01 was 0 days.

    North Vernon's median square footage for active listings during the 2024-03-01 period was 1,836 sqft. One year prior, the average listing was 1,500 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).