Terre Haute FHA Loans

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 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).