Plymouth FHA Loan Rates, Closing Costs & Stats

Plymouth, 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.

    Plymouth's 34 lenders originated 95 FHA loans during 2023. The total origination value was $18,435,000, with an average FHA loan value of $194,053.

    Plymouth FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Plymouth averaged 7.4% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Plymouth's average FHA mortgage closing costs are $6,023.

    The average rate for the prior week (2024-04-12) was 7.19% and one month ago for the week of 2024-03-15, the average rate was 6.96%.

    The average rate one year ago was 6.59%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Plymouth 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 Plymouth level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 22 6.80% $6,408
    QUICKEN LOANS, LLC 11 6.13% $8,008
    CARDINAL FINANCIAL 9 6.88% $9,970
    HALLMARK HOME MORTGAGE, LLC 7 7.39% $9,238
    UNION HOME MORTGAGE CORP. 3 7.54% $9,919
    LOANDEPOT.COM, LLC 2 6.81% $9,614
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $9,462
    CHURCHILL MORTGAGE CORPORATION 2 7.38% $8,446
    PENNYMAC LOAN SERVICES, LLC 2 6.38% $12,194
    PLAZA HOME MORTGAGE, INC. 2 6.44% $6,264
    FREEDOM MORTGAGE CORPORATION 2 7.00% $13,899
    Notre Dame Federal Credit Union Corporation 2 6.44% $5,516
    KeyBank 1 6.88% $6,956
    Loan Simple, Inc. 1 7.25% $10,899
    Mortgage Research Center, LLC 1 7.63% $4,308
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $9,388
    Prosperity Home Mortgage, LLC 1 5.75% $18,155
    STOCKTON MORTGAGE CORPORATION 1 7.88% $7,555
    SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $6,560
    TEACHERS CREDIT UNION 1 7.75% $3,603
    UNITED WHOLESALE MORTGAGE, LLC 1 5.13% $15,626
    1st Source Bank 1 6.88% $7,455
    V.I.P. MORTGAGE, INC. 1 6.25% $16,276
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $11,257
    AMERISAVE MORTGAGE CORPORATION 1 5.38% $17,501
    BROKER SOLUTIONS, INC. 1 6.25% $9,886
    Carrington Mortgage Services, LLC 1 6.88% $9,818
    DIRECT MORTGAGE LOANS, LLC 1 7.25% $7,616
    ENDEAVOR CAPITAL, LLC. 1 7.63% $7,290
    First Merchants Bank 1 7.50% $5,022
    GUARANTEED RATE, INC. 1 6.88% $12,812
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.00% $16,109
    HOMESTAR FINANCIAL CORPORATION 1 7.13% $6,578
    JPMorgan Chase Bank 1 7.25% $9,211

    The top Plymouth FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 22 FHA loans originated. Their average total fees are $6,408, which is $1,600 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Plymouth FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($6,408), QUICKEN LOANS, LLC ($8,008), .

    The lowest rate Plymouth FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.13%), RUOFF MORTGAGE COMPANY, INC. (6.80%), .

    Plymouth FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Plymouth (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 $179,900 (0.5%) $269,590 (4.5%) 0.00 161
    2018-02-01 $199,250 (11.3%) $279,629 (8.2%) 0.00 150
    2018-03-01 $199,000 (8.8%) $284,904 (9.2%) 0.00 162
    2018-04-01 $212,500 (8.5%) $278,873 (0.2%) 0.00 185
    2018-05-01 $211,375 (9.2%) $273,799 (-1.6%) 0.00 207
    2018-06-01 $199,900 (12.0%) $274,626 (4.2%) 0.00 208
    2018-07-01 $187,950 (2.4%) $273,329 (5.9%) 0.00 213
    2018-08-01 $182,975 (0.0%) $266,470 (5.0%) 0.00 218
    2018-09-01 $176,500 (-1.7%) $260,945 (2.6%) 0.00 214
    2018-10-01 $175,000 (-1.2%) $256,046 (-4.9%) 0.00 198
    2018-11-01 $177,975 (1.7%) $262,323 (-4.3%) 0.00 179
    2018-12-01 $182,450 (1.4%) $267,387 (-6.9%) 0.00 159
    2019-01-01 $179,900 (0.0%) $255,881 (-5.1%) 0.00 152
    2019-02-01 $182,450 (-8.4%) $263,874 (-5.6%) 0.00 160
    2019-03-01 $197,814 (-0.6%) $282,656 (-0.8%) 0.00 160
    2019-04-01 $217,400 (2.3%) $298,454 (7.0%) 0.00 160
    2019-05-01 $235,500 (11.4%) $317,774 (16.1%) 0.00 160
    2019-06-01 $225,000 (12.6%) $331,525 (20.7%) 0.00 182
    2019-07-01 $225,975 (20.2%) $321,919 (17.8%) 0.00 179
    2019-08-01 $218,082 (19.2%) $313,440 (17.6%) 0.00 177
    2019-09-01 $207,855 (17.8%) $303,960 (16.5%) 0.00 175
    2019-10-01 $194,900 (11.4%) $287,796 (12.4%) 0.00 172
    2019-11-01 $194,200 (9.1%) $281,239 (7.2%) 0.00 169
    2019-12-01 $198,925 (9.0%) $284,659 (6.5%) 0.00 164
    2020-01-01 $188,450 (4.8%) $277,839 (8.6%) 0.00 149
    2020-02-01 $179,500 (-1.6%) $277,838 (5.3%) 0.00 127
    2020-03-01 $189,500 (-4.2%) $283,671 (0.4%) 0.00 123
    2020-04-01 $191,325 (-12.0%) $283,625 (-5.0%) 0.00 129
    2020-05-01 $216,750 (-8.0%) $312,949 (-1.5%) 0.00 109
    2020-06-01 $242,400 (7.7%) $377,877 (14.0%) 0.00 100
    2020-07-01 $247,450 (9.5%) $357,048 (10.9%) 0.00 77
    2020-08-01 $221,500 (1.6%) $366,530 (16.9%) 0.00 73
    2020-09-01 $206,696 (-0.6%) $329,564 (8.4%) 0.00 77
    2020-10-01 $205,000 (5.2%) $317,959 (10.5%) 0.00 83
    2020-11-01 $205,000 (5.6%) $318,680 (13.3%) 0.00 72
    2020-12-01 $197,575 (-0.7%) $313,432 (10.1%) 0.00 71
    2021-01-01 $192,450 (2.1%) $594,771 (114.1%) 0.00 61
    2021-02-01 $215,617 (20.1%) $731,035 (163.1%) 0.00 48
    2021-03-01 $246,725 (30.2%) $864,150 (204.6%) 0.00 40
    2021-04-01 $242,175 (26.6%) $814,389 (187.1%) 0.00 40
    2021-05-01 $242,000 (11.7%) $802,364 (156.4%) 0.00 41
    2021-06-01 $246,000 (1.5%) $726,530 (92.3%) 0.00 51
    2021-07-01 $270,000 (9.1%) $631,966 (77.0%) 0.00 64
    2021-08-01 $267,500 (20.8%) $648,307 (76.9%) 0.00 65
    2021-09-01 $248,500 (20.2%) $652,749 (98.1%) 0.00 65
    2021-10-01 $234,500 (14.4%) $657,198 (106.7%) 0.00 61
    2021-11-01 $237,225 (15.7%) $638,480 (100.4%) 0.00 69
    2021-12-01 $238,000 (20.5%) $663,629 (111.7%) 0.00 66
    2022-01-01 $242,250 (25.9%) $786,383 (32.2%) 0.00 51
    2022-02-01 $290,000 (34.5%) $1,004,048 (37.4%) 0.00 41
    2022-03-01 $276,000 (11.9%) $869,959 (0.7%) 0.00 46
    2022-04-01 $292,450 (20.8%) $876,482 (7.6%) 0.00 41
    2022-05-01 $297,250 (22.8%) $721,202 (-10.1%) 0.00 57
    2022-06-01 $379,850 (54.4%) $762,111 (4.9%) 0.00 63
    2022-07-01 $299,700 (11.0%) $648,346 (2.6%) 0.00 74
    2022-08-01 $301,425 (12.7%) $636,703 (-1.8%) 0.00 70
    2022-09-01 $299,500 (20.5%) $607,819 (-6.9%) 0.00 77
    2022-10-01 $294,900 (25.8%) $588,024 (-10.5%) 0.00 79
    2022-11-01 $289,250 (21.9%) $589,729 (-7.6%) 0.00 77
    2022-12-01 $289,000 (21.4%) $628,631 (-5.3%) 0.00 69
    2023-01-01 $276,150 (14.0%) $378,076 (-51.9%) 0.00 58
    2023-02-01 $256,225 (-11.7%) $377,178 (-62.4%) 0.00 50
    2023-03-01 $270,925 (-1.8%) $462,748 (-46.8%) 0.00 58
    2023-04-01 $269,900 (-7.7%) $440,603 (-49.7%) 0.00 55
    2023-05-01 $329,900 (11.0%) $530,198 (-26.5%) 0.00 52
    2023-06-01 $281,800 (-25.8%) $463,253 (-39.2%) 0.00 66
    2023-07-01 $332,450 (10.9%) $421,501 (-35.0%) 0.00 66
    2023-08-01 $288,450 (-4.3%) $392,682 (-38.3%) 0.00 72
    2023-09-01 $299,700 (0.1%) $404,613 (-33.4%) 0.00 83
    2023-10-01 $321,250 (8.9%) $407,421 (-30.7%) 0.00 89
    2023-11-01 $324,950 (12.3%) $384,956 (-34.7%) 0.00 84
    2023-12-01 $310,000 (7.3%) $368,501 (-41.4%) 0.00 77
    2024-01-01 $299,600 (8.5%) $359,622 (-4.9%) 0.00 74
    2024-02-01 $299,500 (16.9%) $357,517 (-5.2%) 0.00 76
    2024-03-01 $299,900 (10.7%) $362,519 (-21.7%) 0.00 70
    Plymouth's median listing price for 2024-03-01 was $299,900, a difference of $28,975 (10.7%) versus the prior year and $400 versus the prior month.

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

    Plymouth's average listing price for 2024-03-01 was $362,519, a difference of $-100,229 (-21.7%) versus the prior year and $5,002 versus the prior month.

    For the 2024-03-01 period, Plymouth had 70 MLS listings, a difference of -6 listings (-8%) versus the prior month and 12 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Plymouth (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,881 sqft
    2018-02-01 0 days 1,955 sqft
    2018-03-01 0 days 1,954 sqft
    2018-04-01 0 days 1,950 sqft
    2018-05-01 0 days 1,957 sqft
    2018-06-01 0 days 2,010 sqft
    2018-07-01 0 days 1,957 sqft
    2018-08-01 0 days 1,881 sqft
    2018-09-01 0 days 1,846 sqft
    2018-10-01 0 days 1,802 sqft
    2018-11-01 0 days 1,805 sqft
    2018-12-01 0 days 1,816 sqft
    2019-01-01 0 days 1,841 sqft
    2019-02-01 0 days 1,836 sqft
    2019-03-01 0 days 1,833 sqft
    2019-04-01 0 days 1,843 sqft
    2019-05-01 0 days 1,901 sqft
    2019-06-01 0 days 1,994 sqft
    2019-07-01 0 days 1,987 sqft
    2019-08-01 0 days 1,989 sqft
    2019-09-01 0 days 1,908 sqft
    2019-10-01 0 days 1,847 sqft
    2019-11-01 0 days 1,812 sqft
    2019-12-01 0 days 1,795 sqft
    2020-01-01 0 days 1,794 sqft
    2020-02-01 0 days 1,788 sqft
    2020-03-01 0 days 1,763 sqft
    2020-04-01 0 days 1,752 sqft
    2020-05-01 0 days 1,847 sqft
    2020-06-01 0 days 2,002 sqft
    2020-07-01 0 days 2,013 sqft
    2020-08-01 0 days 1,869 sqft
    2020-09-01 0 days 1,972 sqft
    2020-10-01 0 days 2,078 sqft
    2020-11-01 0 days 2,042 sqft
    2020-12-01 0 days 1,950 sqft
    2021-01-01 0 days 1,843 sqft
    2021-02-01 0 days 1,931 sqft
    2021-03-01 0 days 1,915 sqft
    2021-04-01 0 days 1,887 sqft
    2021-05-01 0 days 1,708 sqft
    2021-06-01 0 days 1,888 sqft
    2021-07-01 0 days 1,919 sqft
    2021-08-01 0 days 1,935 sqft
    2021-09-01 0 days 1,935 sqft
    2021-10-01 0 days 1,848 sqft
    2021-11-01 0 days 1,796 sqft
    2021-12-01 0 days 1,833 sqft
    2022-01-01 0 days 1,938 sqft
    2022-02-01 0 days 2,023 sqft
    2022-03-01 0 days 2,051 sqft
    2022-04-01 0 days 2,136 sqft
    2022-05-01 0 days 1,953 sqft
    2022-06-01 0 days 2,226 sqft
    2022-07-01 0 days 2,034 sqft
    2022-08-01 0 days 1,998 sqft
    2022-09-01 0 days 1,940 sqft
    2022-10-01 0 days 2,070 sqft
    2022-11-01 0 days 2,069 sqft
    2022-12-01 0 days 2,108 sqft
    2023-01-01 0 days 2,157 sqft
    2023-02-01 0 days 2,088 sqft
    2023-03-01 0 days 2,158 sqft
    2023-04-01 0 days 2,040 sqft
    2023-05-01 0 days 2,042 sqft
    2023-06-01 0 days 2,124 sqft
    2023-07-01 0 days 2,388 sqft
    2023-08-01 0 days 1,906 sqft
    2023-09-01 0 days 1,872 sqft
    2023-10-01 0 days 1,938 sqft
    2023-11-01 0 days 2,018 sqft
    2023-12-01 0 days 1,951 sqft
    2024-01-01 0 days 1,763 sqft
    2024-02-01 0 days 1,714 sqft
    2024-03-01 0 days 1,731 sqft
    Plymouth's median listing age (time on market) for 2024-03-01 was 0 days.

    Plymouth's median square footage for active listings during the 2024-03-01 period was 1,731 sqft. One year prior, the average listing was 2,158 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).