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 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).