Warsaw FHA Loans

Warsaw, 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.

    Warsaw's 54 lenders originated 357 FHA loans during 2021. The total origination value was $61,035,000, with an average FHA loan value of $170,966.

    Warsaw FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Warsaw averaged 5.23% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

    The average rate for the prior week (2022-07-29) was 5.27% and one month ago for the week of 2022-07-01, the average rate was 5.86%.

    The average rate one year ago was 3.06%.

    For refis of the same type during the week of 2022-08-05, the average rate was 4.91%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Warsaw 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 Warsaw level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    RUOFF MORTGAGE COMPANY, INC. 93 3.35% $4,519
    QUICKEN LOANS, LLC 35 2.81% $5,829
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 21 3.53% $7,817
    CALIBER HOME LOANS, INC. 13 2.69% $5,484
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 11 3.81% $7,675
    UNITED WHOLESALE MORTGAGE, LLC 8 2.99% $5,132
    PENNYMAC LOAN SERVICES, LLC 8 3.09% $5,002
    HALLMARK HOME MORTGAGE, LLC 7 3.20% $5,671
    Mr. Cooper ( Nationstar Mortgage ) 7 3.16% $4,278
    LAKEVIEW LOAN SERVICING, LLC 6 2.88% $4,895
    FREEDOM MORTGAGE CORPORATION 6 3.13% $3,650
    NEWREZ LLC 6 2.98% $3,992
    1st Source Bank 5 3.08% $5,121
    VILLAGE CAPITAL & INVESTMENT LLC 4 3.19% $1,645
    BROKER SOLUTIONS, INC. 4 3.31% $6,196
    UNION HOME MORTGAGE CORP. 4 3.09% $5,599
    Flagstar Bank, FSB 3 2.88% $6,441
    GUARANTEED RATE, INC. 3 3.13% $7,595
    AMERICAN MORTGAGE SERVICE COMPANY 3 2.67% $5,803
    HOMESIDE FINANCIAL, LLC 2 3.50% $5,893
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.88% $5,499
    Barrington Bank & Trust Company, N.A. 2 3.50% $5,680
    Blue Ridge Bank 2 2.69% $4,557
    Carrington Mortgage Services, LLC 2 3.63% $7,026
    CELEBRITY HOME LOANS, LLC 2 3.44% $7,647
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.19% $6,029
    First Guaranty Mortgage Corporation 2 3.31% $4,819
    Northwest Bank 2 2.69% $5,180
    OCEANSIDE MORTGAGE COMPANY 2 2.68% $1,990
    RELIANCE FIRST CAPITAL, LLC 2 3.00% $13,957
    TEACHERS CREDIT UNION 2 3.13% $4,614
    V.I.P. MORTGAGE, INC. 2 3.50% $6,441
    MORTGAGE MASTERS OF INDIANA, INC. 1 3.63% $5,001
    GVC MORTGAGE, INC. 1 3.13% $7,355
    Nations Lending Corporation 1 3.75% $10,559
    Gateway First Bank 1 2.63% $4,051
    TOWNE MORTGAGE COMPANY 1 2.99% $3,896
    AmeriHome Mortgage Company, LLC 1 3.63% $3,050
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 4.88% $8,418
    PLANET HOME LENDING, LLC 1 2.75% $4,402
    PNC Bank 1 2.88% $4,966
    POLARIS HOME FUNDING CORP. 1 3.88% $5,375
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.63% $4,995
    COMPASS MORTGAGE, INC. 1 3.00% $5,820
    AMERICAN FINANCIAL NETWORK, INC. 1 3.75% $7,545
    AMERISAVE MORTGAGE CORPORATION 1 3.25% $6,020
    SOUTHWEST FUNDING, LP 1 3.63% $5,750
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.99% $7,974
    Allied First Bank,sb 1 3.00% $5,227
    HOME POINT FINANCIAL CORPORATION 1 2.25% $3,316
    InterContinental Capital Group, Inc 1 3.63% $6,023
    JPMorgan Chase Bank 1 2.99% $5,903
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $7,265
    MID AMERICA MORTGAGE, INC. 1 3.25% $1,825

    The top Warsaw FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 93 FHA loans originated. Their average total fees are $4,519, which is $1,311 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Warsaw FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($4,519), CALIBER HOME LOANS, INC. ($5,484), QUICKEN LOANS, LLC ($5,829), CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP ($7,675) and AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC ($7,817).

    The lowest rate Warsaw FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (2.69%), QUICKEN LOANS, LLC (2.81%), RUOFF MORTGAGE COMPANY, INC. (3.35%), AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC (3.53%) and CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP (3.81%).

    Warsaw FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WARSAW, IN KOSCIUSKO 2022 $420,680 $538,650 $651,050 $809,150

    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).