Terre Haute FHA Loans

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 70 lenders originated 739 FHA loans during 2021. The total origination value was $88,965,000, with an average FHA loan value of $120,386.

    Terre Haute FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Terre Haute averaged 5.49% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.42% and one month ago for the week of 2022-04-08, the average rate was 5.28%.

    The average rate one year ago was 3.19%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.03%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Terre Haute level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    RUOFF MORTGAGE COMPANY, INC. 237 3.34% $3,228
    QUICKEN LOANS, LLC 127 2.87% $4,938
    FREEDOM MORTGAGE CORPORATION 24 3.12% $3,563
    Wolfe Financial, Inc 21 3.33% $5,271
    Mr. Cooper ( Nationstar Mortgage ) 14 3.59% $2,785
    First Financial Bank 14 3.03% $4,901
    CALIBER HOME LOANS, INC. 14 2.87% $5,178
    PENNYMAC LOAN SERVICES, LLC 11 3.25% $2,690
    Old National Bank 11 3.32% $4,362
    GVC MORTGAGE, INC. 9 3.31% $5,737
    Fifth Third Bank 9 2.97% $4,338
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 3.55% $4,533
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 3.80% $4,978
    AMERIFIRST FINANCIAL CORPORATION 6 4.10% $7,877
    NEWREZ LLC 6 2.96% $3,177
    Carrington Mortgage Services, LLC 6 3.90% $5,194
    BROKER SOLUTIONS, INC. 5 3.60% $7,069
    VILLAGE CAPITAL & INVESTMENT LLC 4 3.16% $1,402
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.69% $6,433
    Mortgage Research Center, LLC 3 3.08% $3,200
    Barrington Bank & Trust Company, N.A. 3 2.97% $6,471
    Blue Ridge Bank 3 2.79% $3,957
    OPEN MORTGAGE, LLC 3 2.96% $4,636
    FLAT BRANCH MORTGAGE, INC. 2 3.50% $6,442
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.38% $6,515
    MJW Financial LLC 2 2.88% $4,903
    Gateway First Bank 2 4.13% $4,167
    GUARANTEED RATE, INC. 2 2.81% $5,882
    SOUTHWEST FUNDING, LP 2 3.94% $7,749
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.50% $4,617
    LAKEVIEW LOAN SERVICING, LLC 2 3.31% $3,468
    Citizens Bank 2 3.25% $3,632
    CROSSCOUNTRY MORTGAGE, LLC 2 3.38% $5,860
    MID AMERICA MORTGAGE, INC. 2 3.00% $2,703
    UNITED 1 2.88% $4,760
    UNITED WHOLESALE MORTGAGE, LLC 1 2.48% $4,031
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $5,475
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.88% $6,299
    AMERICAN MORTGAGE SERVICE COMPANY 1 3.25% $3,402
    AmeriHome Mortgage Company, LLC 1 3.13% $2,938
    Bank of England 1 4.25% $9,883
    Chickasaw Community Bank 1 2.88% $5,049
    CHURCHILL MORTGAGE CORPORATION 1 2.88% $8,453
    Elements Financial Federal Credit Union 1 2.75% $4,402
    FAIR WAY LENDING LLC 1 2.88% $5,210
    First Guaranty Mortgage Corporation 1 3.88% $3,714
    Flagstar Bank, FSB 1 2.88% $3,870
    HOME POINT FINANCIAL CORPORATION 1 3.25% $5,172
    JLB CORPORATION 1 3.25% $3,666
    LIBERTY HOME MORTGAGE CORPORATION 1 3.50% $2,080
    LOANDEPOT.COM, LLC 1 4.38% $4,524
    Low VA Rates, LLC 1 3.25% $3,155
    MORIA DEVELOPMENT, INC. 1 3.63% $5,273
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $4,261
    Nations Lending Corporation 1 3.63% $9,065
    PANORAMA MORTGAGE GROUP, LLC 1 3.75% $5,126
    Peoples Bank 1 3.63% $9,089
    PLAZA HOME MORTGAGE, INC. 1 3.13% $2,713
    PNC Bank 1 2.50% $5,970
    Regions Bank 1 2.75% $3,191
    RELIANCE FIRST CAPITAL, LLC 1 3.63% $4,237
    RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.75% $4,521
    ROYAL UNITED MORTGAGE LLC 1 3.50% $5,514
    SOUTHWEST STAGE FUNDING, LLC 1 2.75% $4,163
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.88% $6,026
    1ST SIGNATURE LENDING, LLC 1 3.13% $6,473
    TEACHERS CREDIT UNION 1 2.75% $3,070
    The Federal Savings Bank 1 3.00% $6,690
    The Home Loan Expert LLC 1 3.25% $5,378
    The Huntington National Bank 1 2.88% $4,680

    The top Terre Haute FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 237 FHA loans originated. Their average total fees are $3,228, which is $1,710 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Terre Haute FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($2,690), Mr. Cooper ( Nationstar Mortgage ) ($2,785), RUOFF MORTGAGE COMPANY, INC. ($3,228), FREEDOM MORTGAGE CORPORATION ($3,563) and Old National Bank ($4,362).

    The lowest rate Terre Haute FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (2.87%), QUICKEN LOANS, LLC (2.87%), First Financial Bank (3.03%), FREEDOM MORTGAGE CORPORATION (3.12%) and PENNYMAC LOAN SERVICES, LLC (3.25%).

    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

    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 $79,900 (-5.9%) $133,624 (9.1%) 0.29 553
    2018-02-01 $79,900 (-1.8%) $137,929 (13.8%) 0.29 523
    2018-03-01 $82,000 (-3.4%) $146,134 (18.1%) 0.28 461
    2018-04-01 $89,700 (2.5%) $147,878 (16.5%) 0.30 488
    2018-05-01 $91,700 (2.0%) $140,448 (3.4%) 0.31 481
    2018-06-01 $99,900 (10.5%) $147,274 (6.6%) 0.33 534
    2018-07-01 $109,900 (22.3%) $147,032 (4.5%) 0.37 533
    2018-08-01 $113,900 (26.7%) $147,923 (3.8%) 0.38 528
    2018-09-01 $109,900 (22.3%) $143,764 (-0.2%) 0.37 587
    2018-10-01 $104,950 (17.3%) $142,509 (2.9%) 0.35 592
    2018-11-01 $105,000 (25.1%) $140,940 (7.5%) 0.35 570
    2018-12-01 $96,500 (12.2%) $136,973 (2.7%) 0.33 541
    2019-01-01 $94,950 (18.8%) $133,350 (-0.2%) 0.33 531
    2019-02-01 $90,500 (13.3%) $135,757 (-1.6%) 0.30 486
    2019-03-01 $88,929 (8.5%) $136,519 (-6.6%) 0.29 452
    2019-04-01 $88,879 (-0.9%) $142,216 (-3.8%) 0.28 422
    2019-05-01 $87,400 (-4.7%) $143,807 (2.4%) 0.27 427
    2019-06-01 $88,900 (-11.0%) $147,419 (0.1%) 0.27 476
    2019-07-01 $95,000 (-13.6%) $149,934 (2.0%) 0.30 493
    2019-08-01 $96,714 (-15.1%) $149,264 (0.9%) 0.30 507
    2019-09-01 $96,664 (-12.0%) $147,501 (2.6%) 0.31 523
    2019-10-01 $95,400 (-9.1%) $142,689 (0.1%) 0.30 546
    2019-11-01 $89,900 (-14.4%) $138,782 (-1.5%) 0.29 515
    2019-12-01 $88,000 (-8.8%) $134,097 (-2.1%) 0.29 484
    2020-01-01 $90,075 (-5.1%) $139,413 (4.6%) 0.30 493
    2020-02-01 $94,900 (4.9%) $138,796 (2.2%) 0.31 527
    2020-03-01 $91,900 (3.3%) $141,745 (3.8%) 0.29 447
    2020-04-01 $93,700 (5.4%) $143,530 (0.9%) 0.29 415
    2020-05-01 $100,000 (14.4%) $161,088 (12.0%) 0.30 369
    2020-06-01 $112,200 (26.2%) $164,857 (11.8%) 0.33 355
    2020-07-01 $132,450 (39.4%) $180,362 (20.3%) 0.38 334
    2020-08-01 $114,900 (18.8%) $180,574 (21.0%) 0.33 345
    2020-09-01 $119,900 (24.0%) $173,223 (17.4%) 0.34 337
    2020-10-01 $119,900 (25.7%) $175,089 (22.7%) 0.34 302
    2020-11-01 $99,500 (10.7%) $170,306 (22.7%) 0.28 330
    2020-12-01 $98,250 (11.7%) $168,237 (25.5%) 0.29 307
    2021-01-01 $89,900 (-0.2%) $165,927 (19.0%) 0.26 267
    2021-02-01 $97,500 (2.7%) $168,096 (21.1%) 0.28 218
    2021-03-01 $99,250 (8.0%) $162,316 (14.5%) 0.28 212
    2021-04-01 $124,200 (32.6%) $180,429 (25.7%) 0.33 187
    2021-05-01 $129,900 (29.9%) $190,178 (18.1%) 0.34 199
    2021-06-01 $127,400 (13.6%) $185,924 (12.8%) 0.33 245
    2021-07-01 $121,500 (-8.3%) $180,005 (-0.2%) 0.32 270
    2021-08-01 $134,900 (17.4%) $196,268 (8.7%) 0.35 289
    2021-09-01 $127,200 (6.1%) $192,433 (11.1%) 0.33 325
    2021-10-01 $129,900 (8.3%) $194,078 (10.9%) 0.34 305
    2021-11-01 $127,900 (28.5%) $194,906 (14.4%) 0.34 268
    2021-12-01 $117,450 (19.5%) $192,078 (14.2%) 0.31 227
    2022-01-01 $109,900 (22.3%) $175,794 (6.0%) 0.29 199
    2022-02-01 $104,900 (7.6%) $162,829 (-3.1%) 0.27 174
    2022-03-01 $127,150 (28.1%) $156,155 (-3.8%) 0.31 172
    2022-04-01 $119,000 (-4.2%) $160,723 (-10.9%) 0.28 171
    Terre Haute's median listing price for 2022-04-01 was $119,000, a difference of $-5,200 (-4.2%) versus the prior year and $-8,150 versus the prior month.

    Terre Haute's median listing price comes in at 28% of the national average.

    Terre Haute's average listing price for 2022-04-01 was $160,723, a difference of $-19,706 (-10.9%) versus the prior year and $4,568 versus the prior month.

    For the 2022-04-01 period, Terre Haute had 171 MLS listings, a difference of -1 listings (-1%) versus the prior month and -16 listings (-9%) 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 84 days 1,542 sqft
    2018-02-01 88 days 1,532 sqft
    2018-03-01 86 days 1,567 sqft
    2018-04-01 60 days 1,693 sqft
    2018-05-01 61 days 1,672 sqft
    2018-06-01 57 days 1,672 sqft
    2018-07-01 58 days 1,673 sqft
    2018-08-01 62 days 1,726 sqft
    2018-09-01 57 days 1,726 sqft
    2018-10-01 64 days 1,756 sqft
    2018-11-01 69 days 1,705 sqft
    2018-12-01 75 days 1,668 sqft
    2019-01-01 84 days 1,653 sqft
    2019-02-01 88 days 1,619 sqft
    2019-03-01 69 days 1,634 sqft
    2019-04-01 55 days 1,661 sqft
    2019-05-01 57 days 1,624 sqft
    2019-06-01 52 days 1,599 sqft
    2019-07-01 56 days 1,599 sqft
    2019-08-01 64 days 1,599 sqft
    2019-09-01 64 days 1,599 sqft
    2019-10-01 66 days 1,592 sqft
    2019-11-01 71 days 1,568 sqft
    2019-12-01 81 days 1,542 sqft
    2020-01-01 81 days 1,554 sqft
    2020-02-01 80 days 1,524 sqft
    2020-03-01 60 days 1,488 sqft
    2020-04-01 67 days 1,493 sqft
    2020-05-01 81 days 1,562 sqft
    2020-06-01 83 days 1,599 sqft
    2020-07-01 64 days 1,599 sqft
    2020-08-01 59 days 1,598 sqft
    2020-09-01 53 days 1,578 sqft
    2020-10-01 59 days 1,593 sqft
    2020-11-01 55 days 1,599 sqft
    2020-12-01 60 days 1,584 sqft
    2021-01-01 79 days 1,512 sqft
    2021-02-01 89 days 1,539 sqft
    2021-03-01 78 days 1,500 sqft
    2021-04-01 68 days 1,599 sqft
    2021-05-01 49 days 1,599 sqft
    2021-06-01 34 days 1,601 sqft
    2021-07-01 38 days 1,607 sqft
    2021-08-01 44 days 1,686 sqft
    2021-09-01 45 days 1,664 sqft
    2021-10-01 50 days 1,599 sqft
    2021-11-01 52 days 1,512 sqft
    2021-12-01 64 days 1,511 sqft
    2022-01-01 69 days 1,488 sqft
    2022-02-01 72 days 1,522 sqft
    2022-03-01 44 days 1,484 sqft
    2022-04-01 43 days 1,536 sqft
    Terre Haute's median listing age (time on market) for 2022-04-01 was 43 days. This is -37% shorter than the same period one year ago.

    Terre Haute's median square footage for active listings during the 2022-04-01 period was 1,536 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).