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 57 lenders originated 415 FHA loans during 2023. The total origination value was $58,615,000, with an average FHA loan value of $141,241.

Terre Haute FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Terre Haute averaged 7.19% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

Terre Haute's average FHA mortgage closing costs are $4,527.

The average rate for the prior week (2024-06-07) was 6.97% and one month ago for the week of 2024-05-10, the average rate was 6.96%.

The average rate one year ago was 7.01%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.85%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
RUOFF MORTGAGE COMPANY, INC. 87 7.02% $4,123
QUICKEN LOANS, LLC 55 6.54% $6,902
MOVEMENT MORTGAGE, LLC 42 7.27% $6,733
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 7.10% $4,648
First Financial Bank 15 7.10% $6,741
Wolfe Financial, Inc 14 7.13% $6,345
GVC MORTGAGE, INC. 13 7.19% $6,666
Fifth Third Bank 13 6.37% $4,986
FREEDOM MORTGAGE CORPORATION 13 6.88% $8,979
LOANDEPOT.COM, LLC 11 6.34% $11,264
BROKER SOLUTIONS, INC. 7 7.23% $8,369
CALIBER HOME LOANS, INC. 6 6.77% $8,719
AMERISAVE MORTGAGE CORPORATION 6 6.52% $9,401
Mortgage Research Center, LLC 4 7.00% $5,644
CROSSCOUNTRY MORTGAGE, LLC 4 6.81% $6,992
NEWREZ LLC 4 7.16% $6,751
First Option Mortgage, LLC 4 6.59% $7,746
Mr. Cooper ( Nationstar Mortgage ) 4 5.94% $12,067
UNITED WHOLESALE MORTGAGE, LLC 3 6.71% $6,325
CARDINAL FINANCIAL 3 6.75% $6,680
Regions Bank 3 6.38% $5,079
Carrington Mortgage Services, LLC 3 6.63% $7,475
The Huntington National Bank 2 6.81% $7,357
MJW Financial LLC 2 6.69% $6,831
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.81% $11,620
OPEN MORTGAGE, LLC 2 6.63% $7,845
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.00% $4,029
ROYAL UNITED MORTGAGE LLC 2 6.94% $9,694
STOCKTON MORTGAGE CORPORATION 2 6.63% $10,248
The Federal Savings Bank 2 7.44% $6,881
GUARANTEED RATE, INC. 1 7.63% $13,286
TOTAL MORTGAGE SERVICES, LLC 1 7.63% $7,863
MYCUMORTGAGE, LLC 1 7.13% $7,564
NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $6,350
EVERETT FINANCIAL, INC. 1 7.88% $7,264
OCEANSIDE MORTGAGE COMPANY 1 6.00% $6,393
Old National Bank 1 7.25% $6,599
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $15,163
PENNYMAC LOAN SERVICES, LLC 1 6.50% $4,936
PLAZA HOME MORTGAGE, INC. 1 7.25% $9,620
U.S. Bank 1 7.75% $4,917
CHURCHILL MORTGAGE CORPORATION 1 6.88% $8,607
BAYSHORE MORTGAGE FUNDING, LLC 1 6.63% $6,571
RELIANCE FIRST CAPITAL, LLC 1 6.00% $8,823
Wells Fargo Bank 1 6.63% $5,886
Armed Forces Bank 1 7.63% $4,984
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $6,741
TEACHERS CREDIT UNION 1 7.25% $6,295
ZILLOW HOME LOANS, LLC 1 5.75% $6,704
ACADEMY MORTGAGE CORPORATION 1 7.25% $3,699
LAKEVIEW LOAN SERVICING, LLC 1 6.63% $12,163
Loan Simple, Inc. 1 5.75% $12,932
MILESTONE HOME LENDING, LLC 1 6.63% $9,750
TOP FLITE FINANCIAL, INC. 1 6.63% $14,316
MORTGAGE MASTERS OF INDIANA, INC. 1 7.13% $5,008
HALLMARK HOME MORTGAGE, LLC 1 6.75% $10,922
GUILD MORTGAGE COMPANY 1 7.50% $2,868

The top Terre Haute FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 87 FHA loans originated. Their average total fees are $4,123, which is $2,779 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. ($4,123), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,648), Fifth Third Bank ($4,986), Wolfe Financial, Inc ($6,345) and GVC MORTGAGE, INC. ($6,666).

The lowest rate Terre Haute FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.34%), Fifth Third Bank (6.37%), QUICKEN LOANS, LLC (6.54%), FREEDOM MORTGAGE CORPORATION (6.88%) and RUOFF MORTGAGE COMPANY, INC. (7.02%).

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 (6.0%) 0.36 628
2018-11-01 $104,925 (23.8%) $143,753 (10.3%) 0.36 614
2018-12-01 $95,000 (18.9%) $139,082 (9.6%) 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%) $159,905 (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 $133,800 (15.3%) $201,236 (16.1%) 0.35 237
2021-07-01 $129,900 (-5.0%) $194,381 (4.6%) 0.34 274
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%) 0.32 233
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 (14.0%) $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
2023-11-01 $169,900 (4.9%) $227,020 (9.8%) 0.40 345
2023-12-01 $177,000 (10.7%) $230,203 (11.0%) 0.43 330
2024-01-01 $179,900 (15.0%) $235,977 (16.0%) 0.44 305
2024-02-01 $171,075 (11.9%) $229,619 (10.3%) 0.41 294
2024-03-01 $179,900 (10.0%) $241,885 (5.5%) 0.42 303
2024-04-01 $179,900 (9.0%) $255,650 (12.5%) 0.42 293
2024-05-01 $184,500 (2.5%) $265,683 (10.8%) 0.42 314
Terre Haute's median listing price for 2024-05-01 was $184,500, a difference of $4,550 (2.5%) versus the prior year and $4,600 versus the prior month.

Terre Haute's median listing price comes in at 42% of the national average.

Terre Haute's average listing price for 2024-05-01 was $265,683, a difference of $25,888 (10.8%) versus the prior year and $10,033 versus the prior month.

For the 2024-05-01 period, Terre Haute had 314 MLS listings, a difference of 21 listings (7%) versus the prior month and 103 listings (49%) 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 1,656 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 1,558 sqft
2020-04-01 70 days 1,569 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 1,596 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 1,659 sqft
2021-07-01 33 days 1,656 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
2023-11-01 48 days 1,817 sqft
2023-12-01 61 days 1,736 sqft
2024-01-01 70 days 1,758 sqft
2024-02-01 73 days 1,697 sqft
2024-03-01 53 days 1,733 sqft
2024-04-01 50 days 1,681 sqft
2024-05-01 48 days 1,682 sqft
Terre Haute's median listing age (time on market) for 2024-05-01 was 48 days. This is 26% longer than the same period one year ago.

Terre Haute's median square footage for active listings during the 2024-05-01 period was 1,682 sqft. One year prior, the average listing was 1,599 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).