Indianapolis USDA Loans

INDIANAPOLIS-CARMEL-ANDERSON, IN

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.