Richmond FHA Loan Rates, Closing Costs & Stats

Richmond, IN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Richmond's 43 lenders originated 200 FHA loans during 2023. The total origination value was $26,950,000, with an average FHA loan value of $134,750.

    Richmond FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Richmond averaged 6.59% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Richmond's average FHA mortgage closing costs are $4,873.

    The average rate for the prior week (2024-11-01) was 6.37% and one month ago for the week of 2024-10-04, the average rate was 6.09%.

    The average rate one year ago was 7.33%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Richmond 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 Richmond level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    NEWREZ LLC 35 6.81% $5,206
    QUICKEN LOANS, LLC 26 6.27% $7,268
    PRIMELENDING, A PLAINSCAPITAL COMPANY 17 7.09% $7,587
    DAS Acquisition Company, LLC 16 7.17% $7,556
    FREEDOM MORTGAGE CORPORATION 8 6.75% $9,718
    The Huntington National Bank 8 6.38% $5,747
    THRIVE MORTGAGE, LLC 6 7.13% $4,702
    First Financial Bank 6 6.63% $5,490
    LOANDEPOT.COM, LLC 5 5.95% $8,253
    RUOFF MORTGAGE COMPANY, INC. 4 7.00% $3,324
    U.S. Bank 4 7.09% $5,059
    BROKER SOLUTIONS, INC. 3 6.92% $9,201
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.92% $6,613
    Blue Ridge Bank 3 6.83% $5,951
    AMERICAN FINANCIAL RESOURCES, INC. 3 7.25% $6,749
    Century Mortgage Company DBA Century Lending Company 2 6.25% $8,209
    AMERISAVE MORTGAGE CORPORATION 2 6.88% $9,716
    CARDINAL FINANCIAL 2 7.00% $7,383
    Carrington Mortgage Services, LLC 2 6.81% $6,639
    JPMorgan Chase Bank 2 7.38% $4,548
    Merchants Bank of Indiana 2 6.50% $6,142
    MID AMERICA MORTGAGE, INC. 2 8.25% $4,530
    Mortgage Research Center, LLC 2 7.00% $3,980
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $9,006
    MYCUMORTGAGE, LLC 2 7.63% $5,809
    POLARIS HOME FUNDING CORP. 2 6.56% $5,406
    ZILLOW HOME LOANS, LLC 2 6.94% $7,424
    MJW Financial LLC 1 6.75% $11,073
    AmeriHome Mortgage Company, LLC 1 6.63% $9,084
    Union Savings Bank 1 7.13% $3,316
    UNITED WHOLESALE MORTGAGE, LLC 1 7.63% $6,346
    Fifth Third Bank 1 7.00% $3,917
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $8,397
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $7,343
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.63% $6,697
    HOMESIDE FINANCIAL, LLC 1 7.13% $6,595
    INSPIRE HOME LOANS INC. 1 4.75% $9,460
    DIRECT MORTGAGE LOANS, LLC 1 7.63% $5,630
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $6,650
    First Federal Bank 1 6.50% $9,053
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $6,953
    Bank of England 1 7.63% $4,095
    MILESTONE HOME LENDING, LLC 1 7.50% $6,698

    The top Richmond FHA lender as defined by loan originations is NEWREZ LLC, with 35 FHA loans originated. Their average total fees are $5,206, which is $2,062 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Richmond FHA lenders (with over 10 loans originated) are NEWREZ LLC ($5,206), QUICKEN LOANS, LLC ($7,268), DAS Acquisition Company, LLC ($7,556), PRIMELENDING, A PLAINSCAPITAL COMPANY ($7,587) and .

    The lowest rate Richmond FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.27%), NEWREZ LLC (6.81%), PRIMELENDING, A PLAINSCAPITAL COMPANY (7.09%), DAS Acquisition Company, LLC (7.17%) and .

    Richmond FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    RICHMOND, IN WAYNE 2022 $420,680 $538,650 $651,050 $809,150
    RICHMOND, IN WAYNE 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).