Indianapolis USDA Loans

INDIANAPOLIS-CARMEL-ANDERSON, IN

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

    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Indianapolis's 86 lenders originated 649 USDA loans during 2021. The total origination value was $112,485,000, with an average USDA loan value of $173,320.

    Indianapolis USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Indianapolis averaged 5.37% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

    The average rate for the prior week (2022-05-06) was 5.3% and one month ago for the week of 2022-04-08, the average rate was 5.07%.

    The average rate one year ago was 3.28%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.05%.

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

    Indianapolis USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Indianapolis level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    RUOFF MORTGAGE COMPANY, INC. 88 3.16% $3,188
    GVC MORTGAGE, INC. 86 3.44% $4,532
    CALIBER HOME LOANS, INC. 69 3.02% $4,082
    AMERIFIRST FINANCIAL CORPORATION 37 3.11% $5,294
    Wolfe Financial, Inc 27 3.01% $4,416
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 3.06% $4,179
    HALLMARK HOME MORTGAGE, LLC 19 3.35% $4,442
    PRIMARY RESIDENTIAL MORTGAGE, INC. 17 3.35% $5,122
    CROSSCOUNTRY MORTGAGE, LLC 16 3.31% $4,813
    VANDERBILT MORTGAGE AND FINANCE, INC. 16 2.99% $5,088
    UNION HOME MORTGAGE CORP. 13 2.96% $4,818
    NVR Mortgage Finance, Inc. 11 3.01% $5,992
    AMERICAN MORTGAGE SERVICE COMPANY 9 3.01% $4,403
    First Option Mortgage, LLC 9 3.22% $5,835
    Flagstar Bank, FSB 9 2.98% $4,492
    HOME POINT FINANCIAL CORPORATION 8 2.91% $3,087
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 3.61% $4,416
    EUSTIS AND AMERICAN MORTGAGE COMPANY 8 3.22% $4,200
    UNITED WHOLESALE MORTGAGE, LLC 8 2.91% $5,741
    PENNYMAC LOAN SERVICES, LLC 8 2.98% $4,618
    FINANCE OF AMERICA MORTGAGE LLC 8 3.58% $4,749
    MID AMERICA MORTGAGE, INC. 6 2.85% $3,309
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 3.25% $5,002
    Gateway First Bank 6 3.23% $3,740
    Elements Financial Federal Credit Union 5 2.75% $5,069
    First Merchants Bank 5 2.60% $3,294
    PLAZA HOME MORTGAGE, INC. 5 3.05% $3,163
    GUARANTEED RATE, INC. 5 3.20% $5,250
    Sierra Pacific Mortgage Company, Inc. 4 3.19% $5,050
    OPEN MORTGAGE, LLC 4 2.81% $4,979
    BROKER SOLUTIONS, INC. 4 2.87% $3,849
    Carrington Mortgage Services, LLC 3 2.75% $5,854
    Blue Ridge Bank 3 3.17% $4,072
    1ST SIGNATURE LENDING, LLC 3 3.04% $8,067
    CELEBRITY HOME LOANS, LLC 3 3.08% $5,114
    FAIR WAY LENDING LLC 3 2.96% $4,614
    MICHIGAN MUTUAL, INC. 3 2.88% $6,594
    NEWREZ LLC 3 3.25% $4,500
    PNC Bank 3 2.88% $3,116
    SUCCESS MORTGAGE PARTNERS, INC. 3 3.29% $7,097
    TUCKER MORTGAGE, LLC 3 3.04% $4,744
    UNIVERSITY LENDING GROUP, LLC 3 3.00% $4,164
    Nations Lending Corporation 2 3.25% $1,597
    M/I FINANCIAL, LLC 2 2.88% $6,252
    MILESTONE HOME LENDING, LLC 2 3.25% $4,683
    MORTGAGE MASTERS OF INDIANA, INC. 2 2.94% $4,896
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.50% $4,405
    LOANDEPOT.COM, LLC 2 3.25% $5,537
    Northpointe Bank 2 3.06% $4,542
    Paramount Residential Mortgage Group, Inc. 2 2.88% $6,824
    Fifth Third Bank 2 2.81% $3,723
    EAGLE HOME MORTGAGE, LLC 2 3.06% $6,979
    U.S. Bank 2 3.13% $5,870
    Colten Mortgage, LLC 2 3.06% $3,645
    STEARNS LENDING, LLC 2 3.06% $5,025
    GUARANTY HOME MORTGAGE CORPORATION 2 3.25% $4,157
    HOMESIDE FINANCIAL, LLC 2 3.25% $4,709
    Ixonia Bank 2 3.63% $4,025
    PANORAMA MORTGAGE GROUP, LLC 1 3.75% $5,245
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $7,605
    Union Savings Bank 1 2.25% $2,289
    United Fidelity Funding Corp. 1 3.25% $5,493
    KELLER MORTGAGE, LLC 1 2.38% $3,558
    POLARIS HOME FUNDING CORP. 1 2.75% $3,871
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.00% $5,438
    Citizens Bank 1 2.88% $3,985
    CHURCHILL MORTGAGE CORPORATION 1 3.88% $3,660
    SECURITYNATIONAL MORTGAGE COMPANY 1 2.63% $5,144
    Centier Bank 1 3.13% $2,469
    SOUTHWEST FUNDING, LP 1 4.50% $5,884
    German American Bank 1 2.38% $4,188
    Magnolia Bank 1 2.63% $6,744
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.63% $6,254
    FREEDOM MORTGAGE CORPORATION 1 2.75% $3,926
    STOCKTON MORTGAGE CORPORATION 1 3.25% $5,167
    AMCAP MORTGAGE, LTD. 1 2.50% $3,493
    The Federal Savings Bank 1 2.88% $4,825
    Mortgage Research Center, LLC 1 2.50% $1,153
    The Huntington National Bank 1 3.00% $3,115
    MYCUMORTGAGE, LLC 1 2.75% $4,257
    The State Bank and Trust Company 1 2.75% $4,080
    Advisors Mortgage Group, L.L.C. 1 2.75% $2,575
    VICTORY MORTGAGE, L.L.C. 1 2.88% $4,823
    FLAT BRANCH MORTGAGE, INC. 1 3.38% $3,825
    First Home Bank 1 3.75% $6,699
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 2.88% $3,980

    The top Indianapolis USDA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 88 USDA loans originated. Their average total fees are $3,188, which is $1,344 lower than the next largest lender, GVC MORTGAGE, INC..

    The lowest fee Indianapolis USDA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($3,188), CALIBER HOME LOANS, INC. ($4,082), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,179), Wolfe Financial, Inc ($4,416) and HALLMARK HOME MORTGAGE, LLC ($4,442).

    The lowest rate Indianapolis USDA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. (2.96%), VANDERBILT MORTGAGE AND FINANCE, INC. (2.99%), NVR Mortgage Finance, Inc. (3.01%), Wolfe Financial, Inc (3.01%) and CALIBER HOME LOANS, INC. (3.02%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Indianapolis (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 $229,750 (28.7%) $308,648 (16.2%) 0.85 4,744
    2018-02-01 $247,325 (35.6%) $319,899 (15.7%) 0.89 4,271
    2018-03-01 $259,900 (26.8%) $334,910 (13.5%) 0.90 4,205
    2018-04-01 $267,948 (21.9%) $345,320 (13.6%) 0.90 4,463
    2018-05-01 $272,450 (19.0%) $348,856 (11.5%) 0.91 4,890
    2018-06-01 $269,900 (15.4%) $345,447 (8.3%) 0.90 5,453
    2018-07-01 $264,500 (15.0%) $338,191 (6.7%) 0.88 6,014
    2018-08-01 $252,945 (10.2%) $328,446 (5.2%) 0.85 6,291
    2018-09-01 $249,900 (10.1%) $324,252 (4.4%) 0.84 6,537
    2018-10-01 $239,900 (7.1%) $313,063 (2.3%) 0.80 6,809
    2018-11-01 $239,900 (6.7%) $316,177 (3.4%) 0.80 6,544
    2018-12-01 $237,500 (8.0%) $312,682 (3.6%) 0.81 5,829
    2019-01-01 $239,950 (4.4%) $314,762 (2.0%) 0.83 5,291
    2019-02-01 $254,500 (2.9%) $329,758 (3.1%) 0.85 4,937
    2019-03-01 $266,425 (2.5%) $345,105 (3.0%) 0.87 4,791
    2019-04-01 $277,450 (3.6%) $355,258 (2.9%) 0.87 4,556
    2019-05-01 $280,790 (3.1%) $358,568 (2.8%) 0.87 4,961
    2019-06-01 $279,900 (3.7%) $354,124 (2.5%) 0.86 5,351
    2019-07-01 $279,900 (5.8%) $364,423 (7.8%) 0.87 5,756
    2019-08-01 $262,100 (3.6%) $342,675 (4.3%) 0.82 6,802
    2019-09-01 $249,600 (-0.1%) $324,535 (0.1%) 0.79 7,111
    2019-10-01 $260,000 (8.4%) $331,393 (5.9%) 0.83 6,371
    2019-11-01 $259,900 (8.3%) $328,956 (4.0%) 0.84 5,995
    2019-12-01 $257,450 (8.4%) $327,432 (4.7%) 0.86 5,245
    2020-01-01 $264,950 (10.4%) $348,358 (10.7%) 0.88 4,693
    2020-02-01 $274,900 (8.0%) $339,974 (3.1%) 0.89 4,113
    2020-03-01 $279,750 (5.0%) $345,934 (0.2%) 0.87 3,850
    2020-04-01 $283,582 (2.2%) $343,096 (-3.4%) 0.88 4,074
    2020-05-01 $297,990 (6.1%) $362,318 (1.1%) 0.90 3,834
    2020-06-01 $299,900 (7.2%) $374,709 (5.8%) 0.88 3,492
    2020-07-01 $302,495 (8.1%) $381,977 (4.8%) 0.87 3,347
    2020-08-01 $299,000 (14.1%) $375,469 (9.6%) 0.85 3,169
    2020-09-01 $288,498 (15.6%) $370,156 (14.1%) 0.82 3,215
    2020-10-01 $275,000 (5.8%) $355,286 (7.2%) 0.79 3,334
    2020-11-01 $273,344 (5.2%) $348,253 (5.9%) 0.78 3,245
    2020-12-01 $262,500 (2.0%) $330,934 (1.1%) 0.77 2,806
    2021-01-01 $259,500 (-2.1%) $328,332 (-5.8%) 0.76 2,295
    2021-02-01 $264,950 (-3.6%) $342,483 (0.7%) 0.76 1,780
    2021-03-01 $271,750 (-2.9%) $352,190 (1.8%) 0.76 1,688
    2021-04-01 $274,309 (-3.3%) $364,858 (6.3%) 0.74 1,668
    2021-05-01 $275,000 (-7.7%) $369,154 (1.9%) 0.72 1,722
    2021-06-01 $277,000 (-7.6%) $372,081 (-0.7%) 0.72 1,986
    2021-07-01 $279,900 (-7.5%) $371,011 (-2.9%) 0.73 2,275
    2021-08-01 $279,000 (-6.7%) $371,217 (-1.1%) 0.73 2,439
    2021-09-01 $279,950 (-3.0%) $373,484 (0.9%) 0.74 2,486
    2021-10-01 $275,000 (0.0%) $365,239 (2.8%) 0.72 2,507
    2021-11-01 $269,950 (-1.2%) $360,352 (3.5%) 0.71 2,314
    2021-12-01 $276,250 (5.2%) $366,277 (10.7%) 0.74 1,968
    2022-01-01 $275,000 (6.0%) $369,709 (12.6%) 0.73 1,648
    2022-02-01 $287,450 (8.5%) $382,394 (11.7%) 0.73 1,377
    2022-03-01 $299,000 (10.0%) $397,951 (13.0%) 0.74 1,371
    2022-04-01 $300,000 (9.4%) $401,097 (9.9%) 0.71 1,442
    Indianapolis's median listing price for 2022-04-01 was $300,000, a difference of $25,691 (9.4%) versus the prior year and $1,000 versus the prior month.

    Indianapolis's median listing price comes in at 71% of the national average.

    Indianapolis's average listing price for 2022-04-01 was $401,097, a difference of $36,239 (9.9%) versus the prior year and $3,146 versus the prior month.

    For the 2022-04-01 period, Indianapolis had 1,442 MLS listings, a difference of 71 listings (5%) versus the prior month and -226 listings (-14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Indianapolis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 80 days 2,392 sqft
    2018-02-01 75 days 2,430 sqft
    2018-03-01 54 days 2,520 sqft
    2018-04-01 47 days 2,547 sqft
    2018-05-01 42 days 2,575 sqft
    2018-06-01 43 days 2,572 sqft
    2018-07-01 45 days 2,525 sqft
    2018-08-01 47 days 2,472 sqft
    2018-09-01 51 days 2,428 sqft
    2018-10-01 54 days 2,371 sqft
    2018-11-01 58 days 2,356 sqft
    2018-12-01 72 days 2,323 sqft
    2019-01-01 80 days 2,322 sqft
    2019-02-01 82 days 2,387 sqft
    2019-03-01 63 days 2,451 sqft
    2019-04-01 52 days 2,502 sqft
    2019-05-01 45 days 2,539 sqft
    2019-06-01 45 days 2,541 sqft
    2019-07-01 49 days 2,533 sqft
    2019-08-01 49 days 2,413 sqft
    2019-09-01 55 days 2,347 sqft
    2019-10-01 56 days 2,400 sqft
    2019-11-01 59 days 2,385 sqft
    2019-12-01 71 days 2,344 sqft
    2020-01-01 81 days 2,334 sqft
    2020-02-01 82 days 2,322 sqft
    2020-03-01 55 days 2,345 sqft
    2020-04-01 52 days 2,362 sqft
    2020-05-01 58 days 2,400 sqft
    2020-06-01 52 days 2,408 sqft
    2020-07-01 49 days 2,423 sqft
    2020-08-01 47 days 2,388 sqft
    2020-09-01 46 days 2,292 sqft
    2020-10-01 43 days 2,250 sqft
    2020-11-01 46 days 2,175 sqft
    2020-12-01 54 days 2,086 sqft
    2021-01-01 64 days 2,050 sqft
    2021-02-01 64 days 2,030 sqft
    2021-03-01 46 days 2,057 sqft
    2021-04-01 40 days 2,062 sqft
    2021-05-01 37 days 2,053 sqft
    2021-06-01 35 days 2,072 sqft
    2021-07-01 36 days 2,112 sqft
    2021-08-01 36 days 2,103 sqft
    2021-09-01 38 days 2,084 sqft
    2021-10-01 39 days 2,100 sqft
    2021-11-01 41 days 2,081 sqft
    2021-12-01 45 days 2,056 sqft
    2022-01-01 51 days 2,020 sqft
    2022-02-01 43 days 2,000 sqft
    2022-03-01 37 days 2,050 sqft
    2022-04-01 33 days 2,061 sqft
    Indianapolis's median listing age (time on market) for 2022-04-01 was 33 days. This is -18% shorter than the same period one year ago.

    Indianapolis's median square footage for active listings during the 2022-04-01 period was 2,061 sqft. One year prior, the average listing was 2,062 sqft.