Warsaw FHA Loan Rates, Closing Costs & Stats

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 47 lenders originated 171 FHA loans during 2023. The total origination value was $32,595,000, with an average FHA loan value of $190,614.

    Warsaw FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Warsaw averaged 6.55% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Warsaw's average FHA mortgage closing costs are $5,943.

    The average rate for the prior week (2024-12-06) was 6.82% and one month ago for the week of 2024-11-08, the average rate was 6.58%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-12-13, the average rate was 7.38%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Warsaw level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 35 7.02% $6,596
    QUICKEN LOANS, LLC 18 6.40% $9,514
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 14 6.94% $9,587
    GENEVA FINANCIAL, LLC 11 7.01% $9,334
    CARDINAL FINANCIAL 8 7.19% $8,872
    UNITED WHOLESALE MORTGAGE, LLC 6 6.61% $8,918
    NEWREZ LLC 5 6.70% $7,685
    FREEDOM MORTGAGE CORPORATION 5 7.08% $12,946
    LOANDEPOT.COM, LLC 4 6.77% $7,193
    Carrington Mortgage Services, LLC 3 6.08% $11,121
    HALLMARK HOME MORTGAGE, LLC 3 7.38% $9,515
    ENDEAVOR CAPITAL, LLC. 3 6.54% $9,815
    CROSSCOUNTRY MORTGAGE, LLC 2 7.50% $10,159
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.13% $6,378
    AMERICAN FINANCING CORPORATION 2 6.12% $7,839
    AMERISAVE MORTGAGE CORPORATION 2 6.13% $11,407
    GVC MORTGAGE, INC. 2 7.63% $9,125
    LAKEVIEW LOAN SERVICING, LLC 2 5.75% $6,532
    OCEANSIDE MORTGAGE COMPANY 2 6.38% $4,681
    ON Q FINANCIAL, INC. 2 7.19% $8,124
    PENNYMAC LOAN SERVICES, LLC 2 5.88% $10,289
    POLARIS HOME FUNDING CORP. 2 6.13% $11,537
    ROYAL UNITED MORTGAGE LLC 2 7.00% $10,335
    Town Square Mortgage & Investments, Inc. 2 7.19% $6,143
    UNION HOME MORTGAGE CORP. 2 7.19% $7,592
    VAN DYK MORTGAGE CORPORATION 2 6.88% $8,980
    Nations Lending Corporation 1 6.75% $11,453
    ACADEMY MORTGAGE CORPORATION 1 6.75% $7,456
    THRIVE MORTGAGE, LLC 1 7.75% $5,620
    TOP FLITE FINANCIAL, INC. 1 6.75% $18,404
    Paramount Residential Mortgage Group, Inc. 1 7.25% $8,180
    ALLIED MORTGAGE GROUP, INC. 1 6.00% $9,081
    PNC Bank 1 7.25% $5,854
    Truist 1 6.10% $5,910
    CHURCHILL MORTGAGE CORPORATION 1 6.50% $7,692
    RELIANCE FIRST CAPITAL, LLC 1 6.13% $20,810
    V.I.P. MORTGAGE, INC. 1 6.75% $13,626
    BROKER SOLUTIONS, INC. 1 6.13% $9,012
    GUARANTEED RATE, INC. 1 7.75% $4,744
    Horizon Bank 1 6.50% $3,504
    JPMorgan Chase Bank 1 6.63% $5,812
    TEACHERS CREDIT UNION 1 5.99% $6,379
    LEADERONE FINANCIAL CORPORATION 1 7.13% $7,940
    EMM LOANS LLC 1 5.75% $12,142
    MICHIGAN MUTUAL, INC. 1 7.50% $6,628
    MOVEMENT MORTGAGE, LLC 1 6.63% $12,323
    M&T Bank 1 7.25% $7,378

    The top Warsaw FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 35 FHA loans originated. Their average total fees are $6,596, which is $2,917 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. ($6,596), GENEVA FINANCIAL, LLC ($9,334), QUICKEN LOANS, LLC ($9,514), AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC ($9,587) and .

    The lowest rate Warsaw FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.40%), AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC (6.94%), GENEVA FINANCIAL, LLC (7.01%), RUOFF MORTGAGE COMPANY, INC. (7.02%) and .

    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
    WARSAW, IN KOSCIUSKO 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Warsaw (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 $230,925 (17.9%) $357,713 (17.9%) 0.00 298
    2018-02-01 $225,950 (6.8%) $352,718 (4.7%) 0.00 301
    2018-03-01 $249,900 (11.1%) $367,955 (3.9%) 0.00 312
    2018-04-01 $269,375 (11.7%) $386,852 (-0.8%) 0.00 336
    2018-05-01 $258,850 (6.8%) $388,138 (-2.9%) 0.00 382
    2018-06-01 $247,900 (3.3%) $383,682 (0.6%) 0.00 402
    2018-07-01 $244,223 (2.2%) $368,648 (2.8%) 0.00 395
    2018-08-01 $234,900 (4.8%) $354,374 (2.6%) 0.00 389
    2018-09-01 $229,900 (2.2%) $343,820 (0.2%) 0.00 367
    2018-10-01 $219,900 (0.0%) $328,106 (-2.5%) 0.00 342
    2018-11-01 $221,200 (-4.8%) $312,583 (-10.1%) 0.00 280
    2018-12-01 $214,900 (-8.6%) $310,159 (-11.2%) 0.00 247
    2019-01-01 $210,645 (-8.8%) $291,740 (-18.4%) 0.00 241
    2019-02-01 $223,750 (-1.0%) $307,379 (-12.9%) 0.00 239
    2019-03-01 $241,514 (-3.4%) $353,055 (-4.1%) 0.00 232
    2019-04-01 $258,450 (-4.1%) $395,773 (2.3%) 0.00 232
    2019-05-01 $257,425 (-0.6%) $395,800 (2.0%) 0.00 263
    2019-06-01 $277,000 (11.7%) $404,068 (5.3%) 0.00 256
    2019-07-01 $261,625 (7.1%) $407,919 (10.7%) 0.00 262
    2019-08-01 $249,900 (6.4%) $406,581 (14.7%) 0.00 259
    2019-09-01 $249,900 (8.7%) $399,337 (16.2%) 0.00 262
    2019-10-01 $249,900 (13.6%) $394,508 (20.2%) 0.00 263
    2019-11-01 $240,000 (8.5%) $375,726 (20.2%) 0.00 244
    2019-12-01 $240,125 (11.7%) $352,269 (13.6%) 0.00 210
    2020-01-01 $247,475 (17.5%) $377,750 (29.5%) 0.00 185
    2020-02-01 $256,450 (14.6%) $394,689 (28.4%) 0.00 174
    2020-03-01 $284,900 (18.0%) $413,122 (17.0%) 0.00 171
    2020-04-01 $284,450 (10.1%) $395,393 (-0.1%) 0.00 178
    2020-05-01 $279,900 (8.7%) $394,406 (-0.4%) 0.00 173
    2020-06-01 $297,875 (7.5%) $461,366 (14.2%) 0.00 156
    2020-07-01 $270,975 (3.6%) $451,123 (10.6%) 0.00 129
    2020-08-01 $264,900 (6.0%) $418,455 (2.9%) 0.00 107
    2020-09-01 $263,125 (5.3%) $396,411 (-0.7%) 0.00 110
    2020-10-01 $241,950 (-3.2%) $383,223 (-2.9%) 0.00 113
    2020-11-01 $236,625 (-1.4%) $375,226 (-0.1%) 0.00 118
    2020-12-01 $238,000 (-0.9%) $330,231 (-6.3%) 0.00 95
    2021-01-01 $254,900 (3.0%) $396,608 (5.0%) 0.00 77
    2021-02-01 $299,900 (16.9%) $466,499 (18.2%) 0.00 68
    2021-03-01 $304,900 (7.0%) $482,994 (16.9%) 0.00 60
    2021-04-01 $303,900 (6.8%) $527,826 (33.5%) 0.00 63
    2021-05-01 $294,900 (5.4%) $515,156 (30.6%) 0.00 62
    2021-06-01 $311,175 (4.5%) $557,536 (20.8%) 0.00 67
    2021-07-01 $304,900 (12.5%) $471,252 (4.5%) 0.00 97
    2021-08-01 $288,225 (8.8%) $441,460 (5.5%) 0.00 87
    2021-09-01 $279,900 (6.4%) $435,636 (9.9%) 0.00 97
    2021-10-01 $269,250 (11.3%) $428,695 (11.9%) 0.00 95
    2021-11-01 $274,900 (16.2%) $434,692 (15.9%) 0.00 90
    2021-12-01 $283,200 (19.0%) $465,628 (41.0%) 0.00 77
    2022-01-01 $285,900 (12.2%) $499,978 (26.1%) 0.00 66
    2022-02-01 $310,175 (3.4%) $547,481 (17.4%) 0.00 59
    2022-03-01 $312,900 (2.6%) $509,728 (5.5%) 0.00 64
    2022-04-01 $339,900 (11.9%) $571,152 (8.2%) 0.00 64
    2022-05-01 $319,800 (8.4%) $534,163 (3.7%) 0.00 87
    2022-06-01 $338,450 (8.8%) $512,453 (-8.1%) 0.00 95
    2022-07-01 $319,000 (4.6%) $442,508 (-6.1%) 0.00 125
    2022-08-01 $317,475 (10.2%) $429,114 (-2.8%) 0.00 118
    2022-09-01 $349,475 (24.9%) $437,260 (0.4%) 0.00 120
    2022-10-01 $330,000 (22.6%) $428,237 (-0.1%) 0.00 132
    2022-11-01 $325,000 (18.2%) $498,163 (14.6%) 0.00 121
    2022-12-01 $337,000 (19.0%) $497,074 (6.8%) 0.00 90
    2023-01-01 $333,725 (16.7%) $474,438 (-5.1%) 0.00 86
    2023-02-01 $337,250 (8.7%) $482,969 (-11.8%) 0.00 90
    2023-03-01 $351,450 (12.3%) $573,533 (12.5%) 0.00 87
    2023-04-01 $350,400 (3.1%) $542,075 (-5.1%) 0.00 96
    2023-05-01 $362,200 (13.3%) $557,824 (4.4%) 0.00 99
    2023-06-01 $350,650 (3.6%) $531,011 (3.6%) 0.00 109
    2023-07-01 $350,900 (10.0%) $458,783 (3.7%) 0.00 126
    2023-08-01 $335,750 (5.8%) $430,325 (0.3%) 0.00 130
    2023-09-01 $319,900 (-8.5%) $415,551 (-5.0%) 0.00 147
    2023-10-01 $299,900 (-9.1%) $407,161 (-4.9%) 0.00 152
    2023-11-01 $299,700 (-7.8%) $402,060 (-19.3%) 0.00 158
    2023-12-01 $299,950 (-11.0%) $425,786 (-14.3%) 0.00 134
    2024-01-01 $305,022 (-8.6%) $405,223 (-14.6%) 0.00 106
    2024-02-01 $322,850 (-4.3%) $433,498 (-10.2%) 0.00 109
    2024-03-01 $344,950 (-1.9%) $439,747 (-23.3%) 0.00 124
    2024-04-01 $362,100 (3.3%) $485,029 (-10.5%) 0.00 147
    2024-05-01 $353,800 (-2.3%) $495,025 (-11.3%) 0.00 166
    2024-06-01 $361,500 (3.1%) $486,984 (-8.3%) 0.00 184
    2024-07-01 $325,000 (-7.4%) $442,681 (-3.5%) 0.00 210
    2024-08-01 $329,000 (-2.0%) $449,678 (4.5%) 0.00 201
    2024-09-01 $329,675 (3.1%) $429,954 (3.5%) 0.00 209
    2024-10-01 $332,000 (10.7%) $410,138 (0.7%) 0.00 210
    2024-11-01 $319,950 (6.8%) $406,203 (1.0%) 0.00 202
    Warsaw's median listing price for 2024-11-01 was $319,950, a difference of $20,250 (6.8%) versus the prior year and $-12,050 versus the prior month.

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

    Warsaw's average listing price for 2024-11-01 was $406,203, a difference of $4,143 (1.0%) versus the prior year and $-3,935 versus the prior month.

    For the 2024-11-01 period, Warsaw had 202 MLS listings, a difference of -8 listings (-4%) versus the prior month and 44 listings (28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Warsaw (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,914 sqft
    2018-02-01 0 days 1,898 sqft
    2018-03-01 0 days 1,891 sqft
    2018-04-01 0 days 1,917 sqft
    2018-05-01 0 days 1,897 sqft
    2018-06-01 0 days 1,891 sqft
    2018-07-01 0 days 1,812 sqft
    2018-08-01 0 days 1,799 sqft
    2018-09-01 0 days 1,834 sqft
    2018-10-01 0 days 1,800 sqft
    2018-11-01 0 days 1,822 sqft
    2018-12-01 0 days 1,809 sqft
    2019-01-01 0 days 1,772 sqft
    2019-02-01 0 days 1,835 sqft
    2019-03-01 0 days 1,889 sqft
    2019-04-01 0 days 1,925 sqft
    2019-05-01 0 days 1,899 sqft
    2019-06-01 0 days 1,863 sqft
    2019-07-01 0 days 1,842 sqft
    2019-08-01 0 days 1,872 sqft
    2019-09-01 0 days 1,907 sqft
    2019-10-01 0 days 1,945 sqft
    2019-11-01 0 days 1,886 sqft
    2019-12-01 0 days 1,897 sqft
    2020-01-01 0 days 1,936 sqft
    2020-02-01 0 days 1,867 sqft
    2020-03-01 0 days 1,898 sqft
    2020-04-01 0 days 1,911 sqft
    2020-05-01 0 days 1,956 sqft
    2020-06-01 0 days 2,100 sqft
    2020-07-01 0 days 1,941 sqft
    2020-08-01 0 days 1,996 sqft
    2020-09-01 0 days 2,010 sqft
    2020-10-01 0 days 1,966 sqft
    2020-11-01 0 days 1,910 sqft
    2020-12-01 0 days 1,883 sqft
    2021-01-01 0 days 1,779 sqft
    2021-02-01 0 days 1,870 sqft
    2021-03-01 0 days 1,885 sqft
    2021-04-01 0 days 1,939 sqft
    2021-05-01 0 days 1,870 sqft
    2021-06-01 0 days 1,906 sqft
    2021-07-01 0 days 1,846 sqft
    2021-08-01 0 days 1,854 sqft
    2021-09-01 0 days 1,767 sqft
    2021-10-01 0 days 1,780 sqft
    2021-11-01 0 days 1,757 sqft
    2021-12-01 0 days 1,760 sqft
    2022-01-01 0 days 1,772 sqft
    2022-02-01 0 days 1,643 sqft
    2022-03-01 0 days 1,659 sqft
    2022-04-01 0 days 1,776 sqft
    2022-05-01 0 days 1,785 sqft
    2022-06-01 0 days 1,851 sqft
    2022-07-01 0 days 1,939 sqft
    2022-08-01 0 days 1,884 sqft
    2022-09-01 0 days 1,866 sqft
    2022-10-01 0 days 1,826 sqft
    2022-11-01 0 days 1,956 sqft
    2022-12-01 0 days 1,950 sqft
    2023-01-01 0 days 1,890 sqft
    2023-02-01 0 days 1,857 sqft
    2023-03-01 0 days 2,060 sqft
    2023-04-01 0 days 2,092 sqft
    2023-05-01 0 days 2,116 sqft
    2023-06-01 0 days 2,048 sqft
    2023-07-01 0 days 2,011 sqft
    2023-08-01 0 days 1,904 sqft
    2023-09-01 0 days 1,914 sqft
    2023-10-01 0 days 1,867 sqft
    2023-11-01 0 days 1,778 sqft
    2023-12-01 0 days 1,760 sqft
    2024-01-01 0 days 1,794 sqft
    2024-02-01 0 days 1,846 sqft
    2024-03-01 0 days 1,932 sqft
    2024-04-01 0 days 1,997 sqft
    2024-05-01 0 days 2,002 sqft
    2024-06-01 0 days 1,796 sqft
    2024-07-01 0 days 1,769 sqft
    2024-08-01 0 days 1,804 sqft
    2024-09-01 0 days 1,792 sqft
    2024-10-01 0 days 1,725 sqft
    2024-11-01 0 days 1,727 sqft
    Warsaw's median listing age (time on market) for 2024-11-01 was 0 days.

    Warsaw's median square footage for active listings during the 2024-11-01 period was 1,727 sqft. One year prior, the average listing was 1,778 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).