Terre Haute FHA Loan Rates, Closing Costs & Stats

TERRE HAUTE, IN

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.

Terre Haute's 70 lenders originated 542 FHA loans during 2022. The total origination value was $73,360,000, with an average FHA loan value of $135,351.

Terre Haute FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Terre Haute averaged 0.17% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

Terre Haute's average FHA mortgage closing costs are $4,233.

The average rate for the prior week (2023-11-17) was 7.06% and one month ago for the week of 2023-10-20, the average rate was 7.27%.

The average rate one year ago was 6.7%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.09%.

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

Terre Haute 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 Terre Haute level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
RUOFF MORTGAGE COMPANY, INC. 179 5.30% $3,862
QUICKEN LOANS, LLC 93 4.70% $6,580
First Financial Bank 17 5.28% $7,853
MOVEMENT MORTGAGE, LLC 16 6.48% $6,081
Fifth Third Bank 15 4.61% $4,046
FREEDOM MORTGAGE CORPORATION 13 4.96% $7,354
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 5.86% $5,612
GVC MORTGAGE, INC. 13 5.64% $6,831
CALIBER HOME LOANS, INC. 10 5.30% $5,893
Mr. Cooper ( Nationstar Mortgage ) 10 4.79% $6,453
First Option Mortgage, LLC 9 5.44% $6,188
Carrington Mortgage Services, LLC 7 5.57% $6,963
BROKER SOLUTIONS, INC. 7 5.98% $9,957
LOANDEPOT.COM, LLC 7 5.01% $7,017
AMERISAVE MORTGAGE CORPORATION 5 4.90% $8,446
CROSSCOUNTRY MORTGAGE, LLC 5 6.28% $7,797
PENNYMAC LOAN SERVICES, LLC 5 4.25% $6,390
Wolfe Financial, Inc 5 4.50% $5,729
HALLMARK HOME MORTGAGE, LLC 4 4.56% $7,691
Old National Bank 4 6.34% $4,727
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 4.79% $5,135
AMERICAN FINANCING CORPORATION 3 4.91% $6,419
ROYAL UNITED MORTGAGE LLC 3 5.50% $7,128
MYCUMORTGAGE, LLC 3 5.71% $5,394
MUTUAL OF OMAHA MORTGAGE, INC. 3 4.71% $7,387
Equity Prime Mortgage LLC 2 4.75% $8,042
Barrington Bank & Trust Company, N.A. 2 5.00% $7,030
Mortgage Research Center, LLC 2 5.44% $2,874
Blue Ridge Bank 2 4.69% $9,013
NEWREZ LLC 2 3.06% $3,552
Flagstar Bank, FSB 2 4.44% $6,725
CARDINAL FINANCIAL 2 5.50% $6,792
HOMESIDE FINANCIAL, LLC 2 5.44% $6,933
UNITED WHOLESALE MORTGAGE, LLC 2 5.38% $5,658
VILLAGE CAPITAL MORTGAGE 2 3.25% $2,115
WINTERWOOD MORTGAGE GROUP, LLC 2 4.62% $5,777
AMERICAN MORTGAGE SERVICE COMPANY 2 6.19% $5,596
ZILLOW HOME LOANS, LLC 1 5.75% $7,930
AMERIFIRST FINANCIAL CORPORATION 1 5.75% $5,802
Bank of England 1 4.25% $5,636
CityWorth Mortgage LLC 1 4.75% $9,567
DATA MORTGAGE, INC. 1 6.63% $4,834
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.13% $9,721
EVERETT FINANCIAL, INC. 1 5.13% $5,551
First Internet Bank of Indiana 1 4.25% $3,835
Flanagan State Bank 1 5.63% $10,587
GUARANTEED RATE, INC. 1 5.75% $8,419
HOME POINT FINANCIAL CORPORATION 1 4.99% $8,990
HOMEXPRESS MORTGAGE CORP. 1 6.13% $8,305
JLB CORPORATION 1 3.25% $16,687
JPMorgan Chase Bank 1 6.38% $2,435
LEADERONE FINANCIAL CORPORATION 1 3.63% $5,534
Loan Simple, Inc. 1 6.25% $7,168
MEMBER FIRST MORTGAGE, LLC 1 5.88% $8,329
Merchants Bank of Indiana 1 4.63% $3,096
MICHIGAN MUTUAL, INC. 1 6.63% $6,987
MJW Financial LLC 1 6.25% $5,685
MORIA DEVELOPMENT, INC. 1 4.25% $9,865
Nations Lending Corporation 1 7.25% $8,362
OPEN MORTGAGE, LLC 1 7.25% $6,969
Plains Commerce Bank 1 6.13% $12,169
PLANET HOME LENDING, LLC 1 4.75% $5,990
POLARIS HOME FUNDING CORP. 1 4.75% $10,610
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.75% $4,511
Regions Bank 1 3.88% $5,385
STOCKTON MORTGAGE CORPORATION 1 4.63% $6,287
The Home Loan Expert LLC 1 5.50% $7,732
The Huntington National Bank 1 3.88% $5,552
TOP FLITE FINANCIAL, INC. 1 6.13% $14,110
Advisors Mortgage Group, L.L.C. 1 4.13% $2,614

The top Terre Haute FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 179 FHA loans originated. Their average total fees are $3,862, which is $2,718 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Terre Haute FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($3,862), Fifth Third Bank ($4,046), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,612), CALIBER HOME LOANS, INC. ($5,893) and MOVEMENT MORTGAGE, LLC ($6,081).

The lowest rate Terre Haute FHA lenders (with over 10 loans originated) are Fifth Third Bank (4.61%), QUICKEN LOANS, LLC (4.70%), Mr. Cooper ( Nationstar Mortgage ) (4.79%), FREEDOM MORTGAGE CORPORATION (4.96%) and First Financial Bank (5.28%).

Terre Haute FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
TERRE HAUTE, IN CLAY 2022 $420,680 $538,650 $651,050 $809,150
TERRE HAUTE, IN PARKE 2022 $420,680 $538,650 $651,050 $809,150
TERRE HAUTE, IN SULLIVAN 2022 $420,680 $538,650 $651,050 $809,150
TERRE HAUTE, IN VERMILLION 2022 $420,680 $538,650 $651,050 $809,150
TERRE HAUTE, IN VIGO 2022 $420,680 $538,650 $651,050 $809,150
TERRE HAUTE, IN CLAY 2023 $472,030 $604,400 $730,525 $907,900
TERRE HAUTE, IN PARKE 2023 $472,030 $604,400 $730,525 $907,900
TERRE HAUTE, IN SULLIVAN 2023 $472,030 $604,400 $730,525 $907,900
TERRE HAUTE, IN VERMILLION 2023 $472,030 $604,400 $730,525 $907,900
TERRE HAUTE, IN VIGO 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Terre Haute (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 $79,800 (-4.7%) $126,051 (2.6%) 0.30 554
2018-02-01 $79,900 (-1.8%) $132,013 (7.6%) 0.29 526
2018-03-01 $79,900 (-8.3%) $140,259 (9.9%) 0.28 480
2018-04-01 $91,750 (2.1%) $148,714 (13.2%) 0.31 498
2018-05-01 $94,850 (4.9%) $142,239 (2.9%) 0.32 499
2018-06-01 $109,900 (13.3%) $149,697 (5.8%) 0.37 533
2018-07-01 $110,975 (16.8%) $149,879 (5.0%) 0.37 553
2018-08-01 $111,600 (17.6%) $148,076 (3.1%) 0.37 551
2018-09-01 $109,700 (21.9%) $144,448 (0.6%) 0.37 605
2018-10-01 $105,575 (16.7%) $145,668 (6.1%) 0.36 628
2018-11-01 $104,925 (24.7%) $143,753 (10.4%) 0.36 614
2018-12-01 $95,000 (18.9%) $139,082 (9.8%) 0.33 583
2019-01-01 $92,925 (16.5%) $134,505 (6.7%) 0.32 564
2019-02-01 $90,725 (13.6%) $137,631 (4.3%) 0.31 521
2019-03-01 $91,929 (15.1%) $140,597 (0.2%) 0.30 487
2019-04-01 $95,914 (4.5%) $146,261 (-1.7%) 0.30 472
2019-05-01 $94,975 (0.1%) $151,676 (6.6%) 0.30 474
2019-06-01 $94,900 (-13.7%) $153,392 (2.5%) 0.30 527
2019-07-01 $105,675 (-4.8%) $159,942 (6.7%) 0.33 545
2019-08-01 $103,936 (-6.9%) $157,494 (6.4%) 0.33 562
2019-09-01 $101,666 (-7.3%) $154,748 (7.1%) 0.33 585
2019-10-01 $99,900 (-5.4%) $152,152 (4.5%) 0.32 599
2019-11-01 $94,900 (-9.6%) $147,804 (2.8%) 0.31 560
2019-12-01 $89,900 (-5.4%) $144,461 (3.9%) 0.30 522
2020-01-01 $96,200 (3.5%) $148,288 (10.3%) 0.32 529
2020-02-01 $99,500 (9.7%) $147,828 (7.4%) 0.33 558
2020-03-01 $99,800 (8.6%) $151,643 (7.9%) 0.31 480
2020-04-01 $99,900 (4.2%) $153,479 (4.9%) 0.31 447
2020-05-01 $109,900 (15.7%) $168,431 (11.1%) 0.33 400
2020-06-01 $116,100 (22.3%) $173,360 (13.0%) 0.34 392
2020-07-01 $136,725 (29.4%) $185,834 (16.2%) 0.40 366
2020-08-01 $122,000 (17.4%) $185,212 (17.6%) 0.35 369
2020-09-01 $120,000 (18.0%) $178,844 (15.6%) 0.34 363
2020-10-01 $119,950 (20.1%) $183,591 (20.7%) 0.34 321
2020-11-01 $109,925 (15.8%) $184,979 (25.2%) 0.32 320
2020-12-01 $102,450 (14.0%) $181,832 (25.9%) 0.30 299
2021-01-01 $99,900 (3.9%) $179,885 (21.3%) 0.30 262
2021-02-01 $117,450 (18.0%) $179,146 (21.2%) 0.34 227
2021-03-01 $118,600 (18.8%) $179,358 (18.3%) 0.34 211
2021-04-01 $137,450 (37.6%) $194,737 (26.9%) 0.37 187
2021-05-01 $149,800 (36.3%) $204,432 (21.4%) 0.40 201
2021-06-01 $133,900 (15.3%) $201,192 (16.1%) 0.35 237
2021-07-01 $129,900 (-5.0%) $194,364 (4.6%) 0.34 275
2021-08-01 $147,200 (20.7%) $210,891 (13.9%) 0.39 283
2021-09-01 $136,925 (14.1%) $202,768 (13.4%) 0.37 319
2021-10-01 $134,950 (12.5%) $210,077 (14.4%) 0.36 300
2021-11-01 $129,950 (18.2%) $209,060 (13.0%) 0.35 269
2021-12-01 $119,950 (17.1%) $209,110 (15.0%) 0.33 233
2022-01-01 $117,900 (18.0%) $197,614 (9.9%) 0.32 208
2022-02-01 $113,475 (-3.4%) $186,082 (3.9%) 0.30 183
2022-03-01 $127,400 (7.4%) $187,802 (4.7%) 0.32 170
2022-04-01 $135,450 (-1.5%) $198,758 (2.1%) 0.32 175
2022-05-01 $139,675 (-6.8%) $193,229 (-5.5%) 0.32 203
2022-06-01 $152,500 (13.9%) $215,016 (6.9%) 0.34 232
2022-07-01 $159,450 (22.8%) $209,875 (8.0%) 0.36 280
2022-08-01 $149,450 (1.5%) $207,178 (-1.8%) 0.35 310
2022-09-01 $154,250 (12.7%) $200,272 (-1.2%) 0.36 318
2022-10-01 $152,000 (12.6%) $205,106 (-2.4%) 0.36 330
2022-11-01 $161,975 (24.6%) $206,700 (-1.1%) 0.39 333
2022-12-01 $159,900 (33.3%) $207,370 (-0.8%) 0.39 296
2023-01-01 $156,425 (32.7%) $203,465 (3.0%) 0.39 286
2023-02-01 $152,950 (34.8%) $208,139 (11.9%) 0.37 253
2023-03-01 $163,500 (28.3%) $229,274 (22.1%) 0.39 235
2023-04-01 $165,000 (21.8%) $227,332 (14.4%) 0.38 219
2023-05-01 $179,950 (28.8%) $239,795 (24.1%) 0.41 211
2023-06-01 $175,913 (15.4%) $236,436 (10.0%) 0.40 229
2023-07-01 $175,000 (9.8%) $237,313 (13.1%) 0.40 245
2023-08-01 $168,200 (12.6%) $229,431 (10.7%) 0.39 278
2023-09-01 $159,900 (3.7%) $227,499 (13.6%) 0.37 293
2023-10-01 $159,850 (5.2%) $223,992 (9.2%) 0.38 328
Terre Haute's median listing price for 2023-10-01 was $159,850, a difference of $7,850 (5.2%) versus the prior year and $-50 versus the prior month.

Terre Haute's median listing price comes in at 38% of the national average.

Terre Haute's average listing price for 2023-10-01 was $223,992, a difference of $18,886 (9.2%) versus the prior year and $-3,507 versus the prior month.

For the 2023-10-01 period, Terre Haute had 328 MLS listings, a difference of 35 listings (12%) versus the prior month and -2 listings (-1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Terre Haute (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 82 days 1,534 sqft
2018-02-01 83 days 1,533 sqft
2018-03-01 74 days 1,616 sqft
2018-04-01 56 days 1,723 sqft
2018-05-01 60 days 1,704 sqft
2018-06-01 55 days 1,701 sqft
2018-07-01 58 days 1,698 sqft
2018-08-01 60 days 1,726 sqft
2018-09-01 54 days 1,728 sqft
2018-10-01 63 days 1,740 sqft
2018-11-01 67 days 1,688 sqft
2018-12-01 74 days 1,659 sqft
2019-01-01 85 days 1,619 sqft
2019-02-01 88 days 1,599 sqft
2019-03-01 73 days 1,627 sqft
2019-04-01 55 days 1,659 sqft
2019-05-01 57 days 1,647 sqft
2019-06-01 54 days 1,637 sqft
2019-07-01 60 days 1,655 sqft
2019-08-01 66 days 1,620 sqft
2019-09-01 69 days 1,620 sqft
2019-10-01 72 days 1,620 sqft
2019-11-01 74 days 1,599 sqft
2019-12-01 87 days 1,599 sqft
2020-01-01 88 days 1,599 sqft
2020-02-01 88 days 1,575 sqft
2020-03-01 67 days 1,555 sqft
2020-04-01 70 days 1,565 sqft
2020-05-01 81 days 1,599 sqft
2020-06-01 76 days 1,599 sqft
2020-07-01 58 days 1,599 sqft
2020-08-01 57 days 1,599 sqft
2020-09-01 51 days 1,599 sqft
2020-10-01 52 days 1,599 sqft
2020-11-01 57 days 1,599 sqft
2020-12-01 64 days 1,599 sqft
2021-01-01 74 days 1,593 sqft
2021-02-01 67 days 1,599 sqft
2021-03-01 54 days 1,576 sqft
2021-04-01 49 days 1,599 sqft
2021-05-01 31 days 1,599 sqft
2021-06-01 28 days 1,665 sqft
2021-07-01 33 days 1,657 sqft
2021-08-01 39 days 1,755 sqft
2021-09-01 40 days 1,702 sqft
2021-10-01 44 days 1,632 sqft
2021-11-01 47 days 1,574 sqft
2021-12-01 60 days 1,548 sqft
2022-01-01 57 days 1,536 sqft
2022-02-01 63 days 1,553 sqft
2022-03-01 39 days 1,532 sqft
2022-04-01 37 days 1,584 sqft
2022-05-01 28 days 1,570 sqft
2022-06-01 35 days 1,632 sqft
2022-07-01 33 days 1,664 sqft
2022-08-01 39 days 1,637 sqft
2022-09-01 45 days 1,693 sqft
2022-10-01 52 days 1,704 sqft
2022-11-01 53 days 1,797 sqft
2022-12-01 62 days 1,626 sqft
2023-01-01 71 days 1,600 sqft
2023-02-01 67 days 1,602 sqft
2023-03-01 58 days 1,654 sqft
2023-04-01 52 days 1,600 sqft
2023-05-01 38 days 1,599 sqft
2023-06-01 39 days 1,602 sqft
2023-07-01 40 days 1,707 sqft
2023-08-01 39 days 1,779 sqft
2023-09-01 46 days 1,820 sqft
2023-10-01 45 days 1,765 sqft
Terre Haute's median listing age (time on market) for 2023-10-01 was 45 days. This is -14% shorter than the same period one year ago.

Terre Haute's median square footage for active listings during the 2023-10-01 period was 1,765 sqft. One year prior, the average listing was 1,704 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).