Terre Haute FHA Loan Rates, Closing Costs & Stats

TERRE HAUTE, 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.

    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 7.03% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 7.02% and one month ago for the week of 2024-03-15, the average rate was 6.69%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.29%.

    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
    Terre Haute's median listing price for 2024-03-01 was $179,900, a difference of $16,400 (10.0%) versus the prior year and $8,825 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 2024-03-01 was $241,885, a difference of $12,611 (5.5%) versus the prior year and $12,266 versus the prior month.

    For the 2024-03-01 period, Terre Haute had 303 MLS listings, a difference of 9 listings (3%) versus the prior month and 68 listings (29%) 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 1,709 sqft
    2024-03-01 53 days 1,736 sqft
    Terre Haute's median listing age (time on market) for 2024-03-01 was 53 days. This is -9% shorter than the same period one year ago.

    Terre Haute's median square footage for active listings during the 2024-03-01 period was 1,736 sqft. One year prior, the average listing was 1,654 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).