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 6.99% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.6% and one month ago for the week of 2025-01-10, the average rate was 6.86%.

    The average rate one year ago was 6.79%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.75%.

    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 $77,750 (-4.8%) $125,551 (4.2%) 0.30 500
    2018-02-01 $76,800 (-3.9%) $131,651 (9.4%) 0.29 477
    2018-03-01 $79,900 (-5.7%) $139,613 (12.3%) 0.28 435
    2018-04-01 $86,900 (-0.1%) $147,646 (15.8%) 0.31 454
    2018-05-01 $89,900 (0.0%) $140,432 (3.7%) 0.32 449
    2018-06-01 $99,900 (5.8%) $148,249 (6.4%) 0.37 488
    2018-07-01 $100,150 (11.4%) $145,599 (4.4%) 0.37 503
    2018-08-01 $109,675 (22.0%) $145,394 (3.7%) 0.37 500
    2018-09-01 $105,000 (16.8%) $141,309 (0.1%) 0.37 555
    2018-10-01 $100,650 (14.4%) $142,161 (6.1%) 0.36 573
    2018-11-01 $99,900 (25.7%) $139,558 (10.5%) 0.36 564
    2018-12-01 $92,750 (16.7%) $135,600 (8.9%) 0.33 542
    2019-01-01 $89,900 (15.6%) $131,529 (4.8%) 0.32 526
    2019-02-01 $89,900 (17.1%) $134,234 (2.0%) 0.31 480
    2019-03-01 $88,657 (11.0%) $136,337 (-2.4%) 0.30 443
    2019-04-01 $88,657 (2.0%) $141,584 (-4.1%) 0.30 418
    2019-05-01 $87,075 (-3.1%) $143,088 (1.9%) 0.30 418
    2019-06-01 $89,000 (-10.9%) $143,276 (-3.4%) 0.30 474
    2019-07-01 $94,950 (-5.2%) $148,252 (1.8%) 0.33 492
    2019-08-01 $96,486 (-12.0%) $146,368 (0.7%) 0.33 506
    2019-09-01 $98,041 (-6.6%) $144,540 (2.3%) 0.33 524
    2019-10-01 $96,902 (-3.7%) $141,661 (-0.4%) 0.32 537
    2019-11-01 $89,900 (-10.0%) $135,377 (-3.0%) 0.31 504
    2019-12-01 $87,975 (-5.2%) $131,255 (-3.2%) 0.30 471
    2020-01-01 $90,075 (0.2%) $137,215 (4.3%) 0.32 480
    2020-02-01 $95,000 (5.7%) $139,628 (4.0%) 0.33 516
    2020-03-01 $94,425 (6.5%) $142,949 (4.9%) 0.31 435
    2020-04-01 $94,200 (6.3%) $144,612 (2.1%) 0.31 401
    2020-05-01 $99,900 (14.7%) $161,097 (12.6%) 0.33 359
    2020-06-01 $109,250 (22.8%) $163,408 (14.1%) 0.34 352
    2020-07-01 $129,900 (36.8%) $176,727 (19.2%) 0.40 334
    2020-08-01 $114,900 (19.1%) $174,841 (19.5%) 0.35 338
    2020-09-01 $115,950 (18.3%) $169,506 (17.3%) 0.34 333
    2020-10-01 $117,450 (21.2%) $172,887 (22.0%) 0.34 291
    2020-11-01 $100,450 (11.7%) $172,478 (27.4%) 0.32 295
    2020-12-01 $99,700 (13.3%) $168,054 (28.0%) 0.30 277
    2021-01-01 $98,000 (8.8%) $167,679 (22.2%) 0.30 247
    2021-02-01 $100,000 (5.3%) $165,832 (18.8%) 0.34 207
    2021-03-01 $100,000 (5.9%) $165,912 (16.1%) 0.34 191
    2021-04-01 $132,475 (40.6%) $185,720 (28.4%) 0.37 171
    2021-05-01 $134,900 (35.0%) $193,366 (20.0%) 0.40 181
    2021-06-01 $124,900 (14.3%) $190,003 (16.3%) 0.35 218
    2021-07-01 $124,900 (-3.9%) $184,134 (4.2%) 0.34 246
    2021-08-01 $139,900 (21.8%) $200,680 (14.8%) 0.39 252
    2021-09-01 $131,300 (13.2%) $194,175 (14.6%) 0.37 286
    2021-10-01 $130,000 (10.7%) $196,787 (13.8%) 0.36 267
    2021-11-01 $127,450 (26.9%) $191,353 (10.9%) 0.35 235
    2021-12-01 $117,925 (18.3%) $189,751 (12.9%) 0.32 202
    2022-01-01 $109,900 (12.1%) $175,144 (4.5%) 0.32 181
    2022-02-01 $104,950 (5.0%) $158,022 (-4.7%) 0.30 156
    2022-03-01 $120,000 (20.0%) $154,648 (-6.8%) 0.32 151
    2022-04-01 $125,000 (-5.6%) $165,196 (-11.1%) 0.32 154
    2022-05-01 $132,400 (-1.9%) $179,072 (-7.4%) 0.32 181
    2022-06-01 $148,475 (18.9%) $200,237 (5.4%) 0.34 205
    2022-07-01 $149,900 (20.0%) $196,192 (6.6%) 0.36 246
    2022-08-01 $139,900 (0.0%) $189,162 (-5.7%) 0.35 271
    2022-09-01 $145,000 (10.4%) $181,463 (-6.6%) 0.36 284
    2022-10-01 $146,250 (12.5%) $190,101 (-3.4%) 0.36 290
    2022-11-01 $153,950 (20.8%) $191,735 (0.2%) 0.39 299
    2022-12-01 $142,450 (20.8%) $190,529 (0.4%) 0.39 266
    2023-01-01 $146,950 (33.7%) $190,099 (8.5%) 0.39 259
    2023-02-01 $143,825 (37.0%) $195,938 (24.0%) 0.37 226
    2023-03-01 $149,900 (24.9%) $214,091 (38.4%) 0.39 207
    2023-04-01 $149,900 (19.9%) $205,058 (24.1%) 0.38 194
    2023-05-01 $158,750 (19.9%) $216,244 (20.8%) 0.41 177
    2023-06-01 $154,950 (4.4%) $218,318 (9.0%) 0.40 194
    2023-07-01 $169,900 (13.3%) $221,360 (12.8%) 0.40 215
    2023-08-01 $159,925 (14.3%) $207,765 (9.8%) 0.39 251
    2023-09-01 $158,999 (9.7%) $206,813 (14.0%) 0.37 262
    2023-10-01 $154,950 (6.0%) $204,644 (7.7%) 0.38 299
    2023-11-01 $161,500 (4.9%) $210,148 (9.6%) 0.40 318
    2023-12-01 $165,000 (15.8%) $212,467 (11.5%) 0.43 298
    2024-01-01 $169,900 (15.6%) $217,082 (14.2%) 0.44 272
    2024-02-01 $162,000 (12.6%) $208,865 (6.6%) 0.41 260
    2024-03-01 $174,950 (16.7%) $225,940 (5.5%) 0.42 273
    2024-04-01 $177,450 (18.4%) $238,579 (16.4%) 0.42 263
    2024-05-01 $179,900 (13.3%) $244,603 (13.1%) 0.42 282
    2024-06-01 $179,900 (16.1%) $247,933 (13.6%) 0.43 294
    2024-07-01 $174,450 (2.7%) $231,794 (4.7%) 0.41 323
    2024-08-01 $174,900 (9.4%) $225,933 (8.7%) 0.42 364
    2024-09-01 $174,950 (10.0%) $228,710 (10.6%) 0.42 366
    2024-10-01 $171,625 (10.8%) $223,089 (9.0%) 0.42 368
    2024-11-01 $169,900 (5.2%) $220,168 (4.8%) 0.42 360
    2024-12-01 $174,925 (6.0%) $221,366 (4.2%) 0.44 335
    2025-01-01 $177,250 (4.3%) $224,870 (3.6%) 0.00 300
    Terre Haute's median listing price for 2025-01-01 was $177,250, a difference of $7,350 (4.3%) versus the prior year and $2,325 versus the prior month.

    Terre Haute's median listing price comes in at 0% of the national average.

    Terre Haute's average listing price for 2025-01-01 was $224,870, a difference of $7,788 (3.6%) versus the prior year and $3,504 versus the prior month.

    For the 2025-01-01 period, Terre Haute had 300 MLS listings, a difference of -35 listings (-10%) versus the prior month and 28 listings (10%) 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 1,526 sqft
    2018-02-01 83 days 1,527 sqft
    2018-03-01 74 days 1,571 sqft
    2018-04-01 56 days 1,720 sqft
    2018-05-01 60 days 1,683 sqft
    2018-06-01 55 days 1,701 sqft
    2018-07-01 58 days 1,673 sqft
    2018-08-01 60 days 1,726 sqft
    2018-09-01 54 days 1,728 sqft
    2018-10-01 63 days 1,743 sqft
    2018-11-01 67 days 1,681 sqft
    2018-12-01 74 days 1,653 sqft
    2019-01-01 85 days 1,599 sqft
    2019-02-01 88 days 1,576 sqft
    2019-03-01 73 days 1,604 sqft
    2019-04-01 55 days 1,626 sqft
    2019-05-01 57 days 1,598 sqft
    2019-06-01 54 days 1,599 sqft
    2019-07-01 60 days 1,599 sqft
    2019-08-01 66 days 1,599 sqft
    2019-09-01 69 days 1,599 sqft
    2019-10-01 72 days 1,599 sqft
    2019-11-01 74 days 1,561 sqft
    2019-12-01 87 days 1,550 sqft
    2020-01-01 88 days 1,561 sqft
    2020-02-01 88 days 1,534 sqft
    2020-03-01 67 days 1,490 sqft
    2020-04-01 70 days 1,513 sqft
    2020-05-01 81 days 1,587 sqft
    2020-06-01 76 days 1,599 sqft
    2020-07-01 58 days 1,599 sqft
    2020-08-01 57 days 1,575 sqft
    2020-09-01 51 days 1,567 sqft
    2020-10-01 52 days 1,597 sqft
    2020-11-01 57 days 1,599 sqft
    2020-12-01 64 days 1,584 sqft
    2021-01-01 74 days 1,512 sqft
    2021-02-01 67 days 1,513 sqft
    2021-03-01 54 days 1,508 sqft
    2021-04-01 49 days 1,598 sqft
    2021-05-01 31 days 1,599 sqft
    2021-06-01 28 days 1,600 sqft
    2021-07-01 33 days 1,599 sqft
    2021-08-01 39 days 1,725 sqft
    2021-09-01 40 days 1,634 sqft
    2021-10-01 44 days 1,599 sqft
    2021-11-01 47 days 1,492 sqft
    2021-12-01 60 days 1,498 sqft
    2022-01-01 57 days 1,487 sqft
    2022-02-01 63 days 1,493 sqft
    2022-03-01 39 days 1,459 sqft
    2022-04-01 37 days 1,559 sqft
    2022-05-01 28 days 1,582 sqft
    2022-06-01 35 days 1,607 sqft
    2022-07-01 33 days 1,632 sqft
    2022-08-01 39 days 1,599 sqft
    2022-09-01 45 days 1,690 sqft
    2022-10-01 52 days 1,680 sqft
    2022-11-01 53 days 1,757 sqft
    2022-12-01 62 days 1,599 sqft
    2023-01-01 71 days 1,599 sqft
    2023-02-01 67 days 1,599 sqft
    2023-03-01 58 days 1,599 sqft
    2023-04-01 52 days 1,599 sqft
    2023-05-01 38 days 1,599 sqft
    2023-06-01 39 days 1,599 sqft
    2023-07-01 40 days 1,702 sqft
    2023-08-01 39 days 1,729 sqft
    2023-09-01 46 days 1,739 sqft
    2023-10-01 45 days 1,712 sqft
    2023-11-01 48 days 1,709 sqft
    2023-12-01 61 days 1,616 sqft
    2024-01-01 70 days 1,621 sqft
    2024-02-01 73 days 1,606 sqft
    2024-03-01 53 days 1,620 sqft
    2024-04-01 50 days 1,622 sqft
    2024-05-01 48 days 1,601 sqft
    2024-06-01 45 days 1,656 sqft
    2024-07-01 47 days 1,682 sqft
    2024-08-01 46 days 1,736 sqft
    2024-09-01 51 days 1,777 sqft
    2024-10-01 54 days 1,731 sqft
    2024-11-01 57 days 1,662 sqft
    2024-12-01 66 days 1,611 sqft
    2025-01-01 0 days 1,599 sqft
    Terre Haute's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Terre Haute's median square footage for active listings during the 2025-01-01 period was 1,599 sqft. One year prior, the average listing was 1,621 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).