Washington FHA Loan Rates, Closing Costs & Stats

Washington, IN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Washington's 25 lenders originated 64 FHA loans during 2024. The total origination value was $11,710,000, with an average FHA loan value of $182,969.

    Washington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Washington averaged 6.87% for the week of 2025-04-25, compared to the national average (all FHA variants) of 6.532% for the same period.

    Washington's average FHA mortgage closing costs are $5,884.

    The average rate for the prior week (2025-04-18) was 6.6% and one month ago for the week of 2025-03-21, the average rate was 6.49%.

    The average rate one year ago was 6.9%.

    For refis of the same type during the week of 2025-04-25, the average rate was 6.63%.

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

    Washington 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 Washington level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 6 6.13% $12,174
    MORTGAGE MASTERS OF INDIANA, INC. 6 6.54% $6,988
    German American Bank 6 6.19% $8,787
    UNITED WHOLESALE MORTGAGE, LLC 4 6.26% $8,145
    Equity Prime Mortgage LLC 4 6.50% $6,578
    LOANDEPOT.COM, LLC 2 5.99% $9,688
    EVANSVILLE TEACHERS 2 6.56% $5,579
    Flagstar Bank, FSB 2 6.31% $5,429
    FREEDOM MORTGAGE CORPORATION 2 6.50% $9,045
    BROKER SOLUTIONS, INC. 2 7.75% $9,415
    Mr. Cooper ( Nationstar Mortgage ) 2 6.94% $11,374
    PENNYMAC LOAN SERVICES, LLC 2 6.25% $4,347
    Regions Bank 2 6.50% $6,731
    CHURCHILL MORTGAGE CORPORATION 1 6.50% $6,732
    RUOFF MORTGAGE COMPANY, INC. 1 6.25% $6,116
    Northpointe Bank 1 6.25% $5,640
    Paramount Residential Mortgage Group, Inc. 1 7.13% $4,592
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.25% $6,795
    PLAZA HOME MORTGAGE, INC. 1 6.75% $8,253
    PREMIA MORTGAGE, LLC 1 5.25% $7,008
    Carrington Mortgage Services, LLC 1 6.63% $7,753
    GUARANTEED RATE, INC. 1 7.13% $8,557
    HOMEXPRESS MORTGAGE CORP. 1 6.13% $8,622
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $6,968
    CARDINAL FINANCIAL 1 5.75% $8,547

    The top Washington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 6 FHA loans originated. Their average total fees are $12,174, which is $5,186 higher than the next largest lender, MORTGAGE MASTERS OF INDIANA, INC..

    The lowest fee Washington FHA lenders (with over 10 loans originated) are .

    The lowest rate Washington FHA lenders (with over 10 loans originated) are .

    Washington FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WASHINGTON, IN DAVIESS 2022 $420,680 $538,650 $651,050 $809,150
    WASHINGTON, IN DAVIESS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Washington (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 $139,450 (32.3%) $172,068 (32.2%) 0.00 72
    2018-02-01 $139,450 (36.5%) $170,614 (31.6%) 0.00 75
    2018-03-01 $144,900 (36.9%) $177,701 (30.5%) 0.00 74
    2018-04-01 $148,500 (41.6%) $172,929 (29.5%) 0.00 80
    2018-05-01 $149,900 (36.3%) $180,759 (37.5%) 0.00 80
    2018-06-01 $144,700 (25.4%) $174,201 (35.5%) 0.00 81
    2018-07-01 $142,650 (14.2%) $177,567 (24.4%) 0.00 77
    2018-08-01 $147,500 (21.1%) $185,360 (31.2%) 0.00 77
    2018-09-01 $150,800 (20.7%) $187,684 (29.0%) 0.00 78
    2018-10-01 $157,000 (22.2%) $179,773 (11.5%) 0.00 81
    2018-11-01 $161,150 (19.4%) $184,612 (10.1%) 0.00 75
    2018-12-01 $154,900 (11.4%) $193,839 (17.0%) 0.00 70
    2019-01-01 $149,225 (7.0%) $188,646 (9.6%) 0.00 69
    2019-02-01 $146,475 (5.0%) $186,899 (9.5%) 0.00 59
    2019-03-01 $155,257 (7.2%) $198,935 (12.0%) 0.00 53
    2019-04-01 $163,782 (10.3%) $205,876 (19.1%) 0.00 51
    2019-05-01 $142,475 (-5.0%) $183,565 (1.6%) 0.00 55
    2019-06-01 $145,000 (0.2%) $171,557 (-1.5%) 0.00 62
    2019-07-01 $148,900 (4.4%) $163,665 (-7.8%) 0.00 61
    2019-08-01 $144,223 (-2.2%) $164,431 (-11.3%) 0.00 60
    2019-09-01 $141,707 (-6.0%) $168,154 (-10.4%) 0.00 60
    2019-10-01 $139,625 (-11.1%) $174,562 (-2.9%) 0.00 62
    2019-11-01 $122,200 (-24.2%) $179,370 (-2.8%) 0.00 60
    2019-12-01 $129,900 (-16.1%) $181,404 (-6.4%) 0.00 56
    2020-01-01 $124,925 (-16.3%) $180,582 (-4.3%) 0.00 56
    2020-02-01 $129,450 (-11.6%) $185,626 (-0.7%) 0.00 52
    2020-03-01 $165,750 (6.8%) $224,736 (13.0%) 0.00 51
    2020-04-01 $179,900 (9.8%) $230,045 (11.7%) 0.00 49
    2020-05-01 $168,000 (17.9%) $223,731 (21.9%) 0.00 45
    2020-06-01 $157,475 (8.6%) $235,176 (37.1%) 0.00 39
    2020-07-01 $161,300 (8.3%) $256,598 (56.8%) 0.00 36
    2020-08-01 $162,500 (12.7%) $237,964 (44.7%) 0.00 43
    2020-09-01 $163,400 (15.3%) $220,762 (31.3%) 0.00 43
    2020-10-01 $179,900 (28.9%) $213,507 (22.3%) 0.00 51
    2020-11-01 $189,500 (55.1%) $216,047 (20.5%) 0.00 48
    2020-12-01 $168,650 (29.8%) $204,968 (13.0%) 0.00 42
    2021-01-01 $179,900 (44.0%) $206,685 (14.5%) 0.00 36
    2021-02-01 $168,725 (30.3%) $212,241 (14.3%) 0.00 37
    2021-03-01 $148,250 (-10.6%) $197,397 (-12.2%) 0.00 33
    2021-04-01 $143,575 (-20.2%) $200,452 (-12.9%) 0.00 23
    2021-05-01 $145,900 (-13.2%) $212,165 (-5.2%) 0.00 18
    2021-06-01 $179,900 (14.2%) $224,654 (-4.5%) 0.00 26
    2021-07-01 $183,700 (13.9%) $230,573 (-10.1%) 0.00 30
    2021-08-01 $169,900 (4.6%) $221,869 (-6.8%) 0.00 42
    2021-09-01 $163,700 (0.2%) $247,319 (12.0%) 0.00 41
    2021-10-01 $191,100 (6.2%) $260,153 (21.9%) 0.00 36
    2021-11-01 $198,825 (4.9%) $251,834 (16.6%) 0.00 41
    2021-12-01 $199,000 (18.0%) $249,145 (21.6%) 0.00 45
    2022-01-01 $174,900 (-2.8%) $240,815 (16.5%) 0.00 40
    2022-02-01 $167,450 (-0.8%) $208,926 (-1.6%) 0.00 33
    2022-03-01 $166,200 (12.1%) $222,321 (12.6%) 0.00 31
    2022-04-01 $184,900 (28.8%) $221,789 (10.6%) 0.00 34
    2022-05-01 $191,825 (31.5%) $237,978 (12.2%) 0.00 34
    2022-06-01 $169,900 (-5.6%) $213,482 (-5.0%) 0.00 38
    2022-07-01 $169,900 (-7.5%) $217,643 (-5.6%) 0.00 37
    2022-08-01 $181,000 (6.5%) $233,122 (5.1%) 0.00 37
    2022-09-01 $208,725 (27.5%) $247,746 (0.2%) 0.00 29
    2022-10-01 $239,900 (25.5%) $260,131 (0.0%) 0.00 34
    2022-11-01 $239,900 (20.7%) $247,653 (-1.7%) 0.00 36
    2022-12-01 $227,900 (14.5%) $246,109 (-1.2%) 0.00 35
    2023-01-01 $238,650 (36.5%) $269,823 (12.1%) 0.00 33
    2023-02-01 $239,900 (43.3%) $271,056 (29.7%) 0.00 31
    2023-03-01 $233,550 (40.5%) $266,734 (20.0%) 0.00 31
    2023-04-01 $229,000 (23.9%) $270,412 (21.9%) 0.00 32
    2023-05-01 $229,000 (19.4%) $255,692 (7.4%) 0.00 35
    2023-06-01 $227,875 (34.1%) $258,444 (21.1%) 0.00 38
    2023-07-01 $231,950 (36.5%) $256,363 (17.8%) 0.00 41
    2023-08-01 $232,400 (28.4%) $250,647 (7.5%) 0.00 39
    2023-09-01 $234,900 (12.5%) $256,796 (3.7%) 0.00 38
    2023-10-01 $222,650 (-7.2%) $237,903 (-8.6%) 0.00 44
    2023-11-01 $229,900 (-4.2%) $244,445 (-1.3%) 0.00 43
    2023-12-01 $227,450 (-0.2%) $238,782 (-3.0%) 0.00 45
    2024-01-01 $236,050 (-1.1%) $235,407 (-12.8%) 0.00 45
    2024-02-01 $242,400 (1.0%) $243,722 (-10.1%) 0.00 47
    2024-03-01 $244,900 (4.9%) $257,457 (-3.5%) 0.00 47
    2024-04-01 $249,900 (9.1%) $282,738 (4.6%) 0.00 43
    2024-05-01 $250,000 (9.2%) $287,552 (12.5%) 0.00 56
    2024-06-01 $249,950 (9.7%) $262,440 (1.6%) 0.00 50
    2024-07-01 $237,425 (2.4%) $264,979 (3.4%) 0.00 58
    2024-08-01 $232,500 (0.0%) $262,962 (4.9%) 0.00 63
    2024-09-01 $229,950 (-2.1%) $260,149 (1.3%) 0.00 59
    2024-10-01 $234,450 (5.3%) $246,061 (3.4%) 0.00 60
    2024-11-01 $229,000 (-0.4%) $240,342 (-1.7%) 0.00 60
    2024-12-01 $233,225 (2.5%) $238,286 (-0.2%) 0.00 63
    2025-01-01 $226,950 (-3.9%) $232,677 (-1.2%) 0.00 64
    2025-02-01 $228,675 (-5.7%) $232,395 (-4.7%) 0.00 62
    2025-03-01 $259,700 (6.0%) $252,193 (-2.0%) 0.00 57
    Washington's median listing price for 2025-03-01 was $259,700, a difference of $14,800 (6.0%) versus the prior year and $31,025 versus the prior month.

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

    Washington's average listing price for 2025-03-01 was $252,193, a difference of $-5,264 (-2.0%) versus the prior year and $19,798 versus the prior month.

    For the 2025-03-01 period, Washington had 57 MLS listings, a difference of -5 listings (-8%) versus the prior month and 10 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Washington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,659 sqft
    2018-02-01 0 days 1,652 sqft
    2018-03-01 0 days 1,726 sqft
    2018-04-01 0 days 1,799 sqft
    2018-05-01 0 days 1,833 sqft
    2018-06-01 0 days 1,780 sqft
    2018-07-01 0 days 1,790 sqft
    2018-08-01 0 days 1,798 sqft
    2018-09-01 0 days 1,805 sqft
    2018-10-01 0 days 1,800 sqft
    2018-11-01 0 days 1,800 sqft
    2018-12-01 0 days 1,886 sqft
    2019-01-01 0 days 1,874 sqft
    2019-02-01 0 days 1,821 sqft
    2019-03-01 0 days 1,871 sqft
    2019-04-01 0 days 1,896 sqft
    2019-05-01 0 days 1,800 sqft
    2019-06-01 0 days 1,665 sqft
    2019-07-01 0 days 1,708 sqft
    2019-08-01 0 days 1,717 sqft
    2019-09-01 0 days 1,718 sqft
    2019-10-01 0 days 1,718 sqft
    2019-11-01 0 days 1,665 sqft
    2019-12-01 0 days 1,683 sqft
    2020-01-01 0 days 1,740 sqft
    2020-02-01 0 days 1,779 sqft
    2020-03-01 0 days 1,916 sqft
    2020-04-01 0 days 1,943 sqft
    2020-05-01 0 days 1,884 sqft
    2020-06-01 0 days 1,773 sqft
    2020-07-01 0 days 1,836 sqft
    2020-08-01 0 days 1,857 sqft
    2020-09-01 0 days 1,769 sqft
    2020-10-01 0 days 1,743 sqft
    2020-11-01 0 days 1,764 sqft
    2020-12-01 0 days 1,681 sqft
    2021-01-01 0 days 1,711 sqft
    2021-02-01 0 days 1,656 sqft
    2021-03-01 0 days 1,760 sqft
    2021-04-01 0 days 1,750 sqft
    2021-05-01 0 days 1,706 sqft
    2021-06-01 0 days 1,753 sqft
    2021-07-01 0 days 1,840 sqft
    2021-08-01 0 days 1,663 sqft
    2021-09-01 0 days 1,688 sqft
    2021-10-01 0 days 1,864 sqft
    2021-11-01 0 days 1,741 sqft
    2021-12-01 0 days 1,711 sqft
    2022-01-01 0 days 1,665 sqft
    2022-02-01 0 days 1,715 sqft
    2022-03-01 0 days 1,676 sqft
    2022-04-01 0 days 1,727 sqft
    2022-05-01 0 days 1,727 sqft
    2022-06-01 0 days 1,332 sqft
    2022-07-01 0 days 1,313 sqft
    2022-08-01 0 days 1,560 sqft
    2022-09-01 0 days 1,715 sqft
    2022-10-01 0 days 1,903 sqft
    2022-11-01 0 days 1,909 sqft
    2022-12-01 0 days 1,844 sqft
    2023-01-01 0 days 1,935 sqft
    2023-02-01 0 days 1,846 sqft
    2023-03-01 0 days 1,855 sqft
    2023-04-01 0 days 1,767 sqft
    2023-05-01 0 days 1,654 sqft
    2023-06-01 0 days 1,704 sqft
    2023-07-01 0 days 1,708 sqft
    2023-08-01 0 days 1,652 sqft
    2023-09-01 0 days 1,569 sqft
    2023-10-01 0 days 1,458 sqft
    2023-11-01 0 days 1,473 sqft
    2023-12-01 0 days 1,470 sqft
    2024-01-01 0 days 1,548 sqft
    2024-02-01 0 days 1,595 sqft
    2024-03-01 0 days 1,650 sqft
    2024-04-01 0 days 1,588 sqft
    2024-05-01 0 days 1,746 sqft
    2024-06-01 0 days 1,669 sqft
    2024-07-01 0 days 1,734 sqft
    2024-08-01 0 days 1,734 sqft
    2024-09-01 0 days 1,751 sqft
    2024-10-01 0 days 1,682 sqft
    2024-11-01 0 days 1,722 sqft
    2024-12-01 0 days 1,691 sqft
    2025-01-01 0 days 1,621 sqft
    2025-02-01 0 days 1,592 sqft
    2025-03-01 0 days 1,708 sqft
    Washington's median listing age (time on market) for 2025-03-01 was 0 days.

    Washington's median square footage for active listings during the 2025-03-01 period was 1,708 sqft. One year prior, the average listing was 1,650 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).