Peru FHA Loan Rates, Closing Costs & Stats

Peru, 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.

    Peru's 35 lenders originated 82 FHA loans during 2024. The total origination value was $11,060,000, with an average FHA loan value of $134,878.

    Peru FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Peru averaged 7.14% for the week of 2025-05-16, compared to the national average (all FHA variants) of 6.541% for the same period.

    Peru's average FHA mortgage closing costs are $5,191.

    The average rate for the prior week (2025-05-09) was 6.78% and one month ago for the week of 2025-04-11, the average rate was 7.06%.

    The average rate one year ago was 6.98%.

    For refis of the same type during the week of 2025-05-16, the average rate was 6.74%.

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

    Peru 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 Peru level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 14 6.51% $8,259
    RUOFF MORTGAGE COMPANY, INC. 9 7.10% $3,408
    GVC MORTGAGE, INC. 4 6.97% $7,173
    STOCKTON MORTGAGE CORPORATION 4 7.00% $5,425
    MOVEMENT MORTGAGE, LLC 3 6.88% $8,368
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.04% $5,909
    PLAZA HOME MORTGAGE, INC. 3 7.25% $5,547
    BROKER SOLUTIONS, INC. 2 7.25% $7,454
    PENNYMAC LOAN SERVICES, LLC 2 5.87% $7,666
    HALLMARK HOME MORTGAGE, LLC 2 7.19% $7,769
    LOANDEPOT.COM, LLC 2 6.31% $10,816
    Flagstar Bank, FSB 2 6.88% $4,191
    American Mortgage & Equity Consultants, Inc. 2 7.63% $5,340
    UNITED WHOLESALE MORTGAGE, LLC 2 6.31% $6,164
    DIRECT MORTGAGE LOANS, LLC 2 6.50% $6,198
    Prosperity Home Mortgage, LLC 1 6.75% $5,397
    SUN WEST MORTGAGE COMPANY, INC. 1 7.38% $11,416
    The Huntington National Bank 1 6.25% $2,996
    UNION HOME MORTGAGE CORP. 1 6.75% $6,474
    AMERICAN FINANCING CORPORATION 1 5.75% $9,055
    Wolfe Financial, Inc 1 7.00% $5,911
    AmeriHome Mortgage Company, LLC 1 7.13% $3,757
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.25% $7,354
    CALCON MUTUAL MORTGAGE LLC 1 6.50% $9,176
    First Merchants Bank 1 7.00% $7,115
    FREEDOM MORTGAGE CORPORATION 1 6.63% $3,661
    GUARANTEED RATE, INC. 1 6.00% $10,766
    Horizon Bank 1 6.88% $3,522
    Ixonia Bank 1 7.13% $5,729
    Magnolia Bank 1 5.75% $6,794
    MJW Financial LLC 1 8.13% $7,695
    Mortgage Research Center, LLC 1 6.63% $2,484
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $10,374
    NORTHERN MORTGAGE SERVICES, LLC 1 6.75% $10,192
    PLANET HOME LENDING, LLC 1 6.38% $17,666

    The top Peru FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 14 FHA loans originated. Their average total fees are $8,259, which is $4,851 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Peru FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,259), .

    The lowest rate Peru FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.51%), .

    Peru FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Peru (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 $69,900 (-0.8%) $97,000 (19.7%) 0.00 102
    2018-02-01 $69,900 (7.7%) $99,266 (29.6%) 0.00 94
    2018-03-01 $79,900 (12.6%) $110,841 (30.1%) 0.00 90
    2018-04-01 $85,075 (16.9%) $113,468 (29.6%) 0.00 93
    2018-05-01 $83,558 (21.6%) $135,062 (49.4%) 0.00 87
    2018-06-01 $81,000 (8.9%) $151,068 (59.2%) 0.00 86
    2018-07-01 $80,800 (7.9%) $145,180 (54.0%) 0.00 102
    2018-08-01 $87,475 (10.4%) $140,764 (33.0%) 0.00 110
    2018-09-01 $76,900 (2.5%) $134,837 (19.7%) 0.00 107
    2018-10-01 $85,650 (14.3%) $138,300 (24.6%) 0.00 108
    2018-11-01 $82,400 (15.8%) $138,313 (27.6%) 0.00 107
    2018-12-01 $82,400 (17.9%) $134,955 (43.7%) 0.00 101
    2019-01-01 $83,075 (18.9%) $133,295 (37.4%) 0.00 95
    2019-02-01 $84,700 (21.2%) $130,780 (31.8%) 0.00 100
    2019-03-01 $81,600 (2.1%) $146,253 (32.0%) 0.00 84
    2019-04-01 $77,750 (-8.6%) $133,453 (17.6%) 0.00 70
    2019-05-01 $74,075 (-11.4%) $105,528 (-21.9%) 0.00 66
    2019-06-01 $84,900 (4.8%) $111,522 (-26.2%) 0.00 71
    2019-07-01 $87,700 (8.5%) $108,166 (-25.5%) 0.00 70
    2019-08-01 $88,491 (1.2%) $108,635 (-22.8%) 0.00 76
    2019-09-01 $88,327 (14.9%) $111,117 (-17.6%) 0.00 81
    2019-10-01 $88,493 (3.3%) $111,853 (-19.1%) 0.00 85
    2019-11-01 $79,000 (-4.1%) $108,303 (-21.7%) 0.00 85
    2019-12-01 $79,450 (-3.6%) $109,689 (-18.7%) 0.00 77
    2020-01-01 $86,950 (4.7%) $112,538 (-15.6%) 0.00 80
    2020-02-01 $89,900 (6.1%) $109,767 (-16.1%) 0.00 74
    2020-03-01 $89,900 (10.2%) $109,046 (-25.4%) 0.00 64
    2020-04-01 $88,425 (13.7%) $105,015 (-21.3%) 0.00 53
    2020-05-01 $89,450 (20.8%) $134,796 (27.7%) 0.00 49
    2020-06-01 $76,200 (-10.3%) $119,275 (7.0%) 0.00 39
    2020-07-01 $74,900 (-14.6%) $113,198 (4.7%) 0.00 39
    2020-08-01 $87,200 (-1.5%) $117,308 (8.0%) 0.00 39
    2020-09-01 $96,975 (9.8%) $122,553 (10.3%) 0.00 41
    2020-10-01 $99,900 (12.9%) $138,336 (23.7%) 0.00 48
    2020-11-01 $112,900 (42.9%) $139,693 (29.0%) 0.00 44
    2020-12-01 $111,400 (40.2%) $151,500 (38.1%) 0.00 43
    2021-01-01 $112,900 (29.8%) $145,977 (29.7%) 0.00 38
    2021-02-01 $134,900 (50.1%) $171,092 (55.9%) 0.00 33
    2021-03-01 $131,150 (45.9%) $174,998 (60.5%) 0.00 28
    2021-04-01 $122,400 (38.4%) $184,968 (76.1%) 0.00 24
    2021-05-01 $122,400 (36.8%) $203,345 (50.9%) 0.00 19
    2021-06-01 $124,900 (63.9%) $198,785 (66.7%) 0.00 20
    2021-07-01 $108,950 (45.5%) $156,922 (38.6%) 0.00 36
    2021-08-01 $112,450 (29.0%) $154,742 (31.9%) 0.00 34
    2021-09-01 $112,400 (15.9%) $146,002 (19.1%) 0.00 36
    2021-10-01 $129,000 (29.1%) $172,430 (24.7%) 0.00 44
    2021-11-01 $111,900 (-0.9%) $164,738 (17.9%) 0.00 47
    2021-12-01 $114,675 (2.9%) $167,311 (10.4%) 0.00 45
    2022-01-01 $99,500 (-11.9%) $153,232 (5.0%) 0.00 42
    2022-02-01 $124,950 (-7.4%) $172,815 (1.0%) 0.00 43
    2022-03-01 $127,675 (-2.7%) $181,802 (3.9%) 0.00 31
    2022-04-01 $118,950 (-2.8%) $167,802 (-9.3%) 0.00 34
    2022-05-01 $130,725 (6.8%) $184,548 (-9.2%) 0.00 39
    2022-06-01 $135,050 (8.1%) $186,488 (-6.2%) 0.00 38
    2022-07-01 $143,450 (31.7%) $183,570 (17.0%) 0.00 55
    2022-08-01 $140,075 (24.6%) $161,942 (4.7%) 0.00 55
    2022-09-01 $129,350 (15.1%) $150,809 (3.3%) 0.00 60
    2022-10-01 $119,900 (-7.1%) $139,238 (-19.3%) 0.00 60
    2022-11-01 $122,925 (9.9%) $133,729 (-18.8%) 0.00 50
    2022-12-01 $119,900 (4.6%) $137,485 (-17.8%) 0.00 51
    2023-01-01 $121,150 (21.8%) $146,218 (-4.6%) 0.00 46
    2023-02-01 $118,175 (-5.4%) $148,079 (-14.3%) 0.00 36
    2023-03-01 $126,250 (-1.1%) $154,502 (-15.0%) 0.00 31
    2023-04-01 $135,900 (14.3%) $179,527 (7.0%) 0.00 27
    2023-05-01 $178,200 (36.3%) $198,530 (7.6%) 0.00 28
    2023-06-01 $183,675 (36.0%) $206,321 (10.6%) 0.00 29
    2023-07-01 $164,900 (15.0%) $205,908 (12.2%) 0.00 35
    2023-08-01 $141,150 (0.8%) $188,145 (16.2%) 0.00 38
    2023-09-01 $149,000 (15.2%) $180,835 (19.9%) 0.00 40
    2023-10-01 $144,450 (20.5%) $177,918 (27.8%) 0.00 49
    2023-11-01 $137,600 (11.9%) $166,105 (24.2%) 0.00 52
    2023-12-01 $129,900 (8.3%) $166,227 (20.9%) 0.00 48
    2024-01-01 $138,675 (14.5%) $165,774 (13.4%) 0.00 43
    2024-02-01 $135,950 (15.0%) $163,532 (10.4%) 0.00 41
    2024-03-01 $144,900 (14.8%) $174,307 (12.8%) 0.00 38
    2024-04-01 $136,200 (0.2%) $161,666 (-10.0%) 0.00 31
    2024-05-01 $144,900 (-18.7%) $170,600 (-14.1%) 0.00 29
    2024-06-01 $157,000 (-14.5%) $182,515 (-11.5%) 0.00 30
    2024-07-01 $177,200 (7.5%) $190,417 (-7.5%) 0.00 37
    2024-08-01 $175,000 (24.0%) $230,183 (22.3%) 0.00 38
    2024-09-01 $179,925 (20.8%) $231,291 (27.9%) 0.00 44
    2024-10-01 $174,650 (20.9%) $220,637 (24.0%) 0.00 60
    2024-11-01 $164,900 (19.8%) $218,090 (31.3%) 0.00 57
    2024-12-01 $174,450 (34.3%) $226,135 (36.0%) 0.00 53
    2025-01-01 $188,675 (36.1%) $263,277 (58.8%) 0.00 54
    2025-02-01 $182,475 (34.2%) $269,497 (64.8%) 0.00 51
    2025-03-01 $169,900 (17.3%) $258,474 (48.3%) 0.00 48
    2025-04-01 $164,950 (21.1%) $267,644 (65.6%) 0.00 56
    Peru's median listing price for 2025-04-01 was $164,950, a difference of $28,750 (21.1%) versus the prior year and $-4,950 versus the prior month.

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

    Peru's average listing price for 2025-04-01 was $267,644, a difference of $105,978 (65.6%) versus the prior year and $9,170 versus the prior month.

    For the 2025-04-01 period, Peru had 56 MLS listings, a difference of 8 listings (17%) versus the prior month and 25 listings (81%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Peru (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,565 sqft
    2018-02-01 0 days 1,579 sqft
    2018-03-01 0 days 1,620 sqft
    2018-04-01 0 days 1,665 sqft
    2018-05-01 0 days 1,612 sqft
    2018-06-01 0 days 1,654 sqft
    2018-07-01 0 days 1,628 sqft
    2018-08-01 0 days 1,632 sqft
    2018-09-01 0 days 1,608 sqft
    2018-10-01 0 days 1,742 sqft
    2018-11-01 0 days 1,723 sqft
    2018-12-01 0 days 1,672 sqft
    2019-01-01 0 days 1,672 sqft
    2019-02-01 0 days 1,630 sqft
    2019-03-01 0 days 1,583 sqft
    2019-04-01 0 days 1,482 sqft
    2019-05-01 0 days 1,479 sqft
    2019-06-01 0 days 1,495 sqft
    2019-07-01 0 days 1,470 sqft
    2019-08-01 0 days 1,488 sqft
    2019-09-01 0 days 1,508 sqft
    2019-10-01 0 days 1,522 sqft
    2019-11-01 0 days 1,533 sqft
    2019-12-01 0 days 1,530 sqft
    2020-01-01 0 days 1,568 sqft
    2020-02-01 0 days 1,549 sqft
    2020-03-01 0 days 1,476 sqft
    2020-04-01 0 days 1,487 sqft
    2020-05-01 0 days 1,490 sqft
    2020-06-01 0 days 1,504 sqft
    2020-07-01 0 days 1,478 sqft
    2020-08-01 0 days 1,520 sqft
    2020-09-01 0 days 1,480 sqft
    2020-10-01 0 days 1,638 sqft
    2020-11-01 0 days 1,748 sqft
    2020-12-01 0 days 1,714 sqft
    2021-01-01 0 days 1,660 sqft
    2021-02-01 0 days 1,773 sqft
    2021-03-01 0 days 1,770 sqft
    2021-04-01 0 days 1,694 sqft
    2021-05-01 0 days 1,756 sqft
    2021-06-01 0 days 1,747 sqft
    2021-07-01 0 days 1,628 sqft
    2021-08-01 0 days 1,675 sqft
    2021-09-01 0 days 1,678 sqft
    2021-10-01 0 days 1,756 sqft
    2021-11-01 0 days 1,597 sqft
    2021-12-01 0 days 1,496 sqft
    2022-01-01 0 days 1,432 sqft
    2022-02-01 0 days 1,502 sqft
    2022-03-01 0 days 1,502 sqft
    2022-04-01 0 days 1,500 sqft
    2022-05-01 0 days 1,478 sqft
    2022-06-01 0 days 1,608 sqft
    2022-07-01 0 days 1,796 sqft
    2022-08-01 0 days 1,717 sqft
    2022-09-01 0 days 1,726 sqft
    2022-10-01 0 days 1,664 sqft
    2022-11-01 0 days 1,672 sqft
    2022-12-01 0 days 1,708 sqft
    2023-01-01 0 days 1,717 sqft
    2023-02-01 0 days 1,709 sqft
    2023-03-01 0 days 1,702 sqft
    2023-04-01 0 days 1,493 sqft
    2023-05-01 0 days 1,727 sqft
    2023-06-01 0 days 1,850 sqft
    2023-07-01 0 days 1,806 sqft
    2023-08-01 0 days 1,645 sqft
    2023-09-01 0 days 1,684 sqft
    2023-10-01 0 days 1,606 sqft
    2023-11-01 0 days 1,570 sqft
    2023-12-01 0 days 1,546 sqft
    2024-01-01 0 days 1,574 sqft
    2024-02-01 0 days 1,514 sqft
    2024-03-01 0 days 1,472 sqft
    2024-04-01 0 days 1,454 sqft
    2024-05-01 0 days 1,522 sqft
    2024-06-01 0 days 1,618 sqft
    2024-07-01 0 days 1,671 sqft
    2024-08-01 0 days 1,703 sqft
    2024-09-01 0 days 1,735 sqft
    2024-10-01 0 days 1,752 sqft
    2024-11-01 0 days 1,764 sqft
    2024-12-01 0 days 1,786 sqft
    2025-01-01 0 days 1,813 sqft
    2025-02-01 0 days 1,727 sqft
    2025-03-01 0 days 1,554 sqft
    2025-04-01 0 days 1,704 sqft
    Peru's median listing age (time on market) for 2025-04-01 was 0 days.

    Peru's median square footage for active listings during the 2025-04-01 period was 1,704 sqft. One year prior, the average listing was 1,454 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).