Indianapolis USDA Loan Rates, Closing Costs & Stats

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 6.51% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Indianapolis's average USDA mortgage closing costs are $3,945.

The average rate for the prior week (2022-11-25) was 6.55% and one month ago for the week of 2022-10-28, the average rate was 7.12%.

The average rate one year ago was 3.32%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.19%.

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/closing costs 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. Closing Costs
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 $229,950 (28.8%) $308,557 (16.1%) 0.85 4,676
2018-02-01 $247,450 (35.7%) $320,125 (15.7%) 0.90 4,220
2018-03-01 $259,900 (26.3%) $334,451 (13.4%) 0.91 4,142
2018-04-01 $278,445 (26.6%) $353,465 (16.5%) 0.94 4,343
2018-05-01 $284,950 (24.7%) $360,511 (15.4%) 0.95 4,762
2018-06-01 $279,900 (19.2%) $354,138 (11.1%) 0.93 5,324
2018-07-01 $272,400 (18.4%) $344,321 (9.0%) 0.91 5,892
2018-08-01 $261,912 (14.2%) $334,724 (7.3%) 0.88 6,155
2018-09-01 $254,900 (12.3%) $329,052 (6.3%) 0.86 6,417
2018-10-01 $243,825 (8.4%) $317,479 (4.0%) 0.82 6,687
2018-11-01 $239,900 (6.6%) $317,522 (3.9%) 0.81 6,403
2018-12-01 $239,700 (7.1%) $313,705 (3.8%) 0.83 5,731
2019-01-01 $242,400 (5.4%) $316,233 (2.5%) 0.84 5,184
2019-02-01 $256,945 (3.8%) $331,643 (3.6%) 0.87 4,840
2019-03-01 $267,923 (3.1%) $347,286 (3.8%) 0.88 4,754
2019-04-01 $277,450 (-0.4%) $356,370 (0.8%) 0.88 4,592
2019-05-01 $281,475 (-1.2%) $359,711 (-0.2%) 0.88 4,972
2019-06-01 $279,900 (0.0%) $354,332 (0.1%) 0.87 5,373
2019-07-01 $279,900 (2.8%) $364,928 (6.0%) 0.88 5,767
2019-08-01 $270,909 (3.4%) $351,140 (4.9%) 0.86 6,056
2019-09-01 $264,773 (3.9%) $340,387 (3.5%) 0.85 6,240
2019-10-01 $260,682 (6.9%) $333,219 (5.0%) 0.84 6,386
2019-11-01 $259,900 (8.3%) $328,325 (3.4%) 0.85 6,003
2019-12-01 $255,450 (6.6%) $326,301 (4.0%) 0.85 5,225
2020-01-01 $264,450 (9.1%) $347,679 (9.9%) 0.88 4,684
2020-02-01 $269,900 (5.0%) $338,978 (2.2%) 0.88 4,100
2020-03-01 $279,019 (4.1%) $345,181 (-0.6%) 0.87 3,874
2020-04-01 $282,670 (1.9%) $342,108 (-4.0%) 0.88 4,080
2020-05-01 $296,172 (5.2%) $360,980 (0.4%) 0.90 3,852
2020-06-01 $299,900 (7.2%) $373,322 (5.4%) 0.88 3,524
2020-07-01 $299,995 (7.2%) $379,220 (3.9%) 0.87 3,378
2020-08-01 $299,000 (10.4%) $373,441 (6.4%) 0.86 3,224
2020-09-01 $285,000 (7.6%) $366,194 (7.6%) 0.82 3,249
2020-10-01 $273,237 (4.8%) $351,932 (5.6%) 0.78 3,363
2020-11-01 $265,000 (2.0%) $341,476 (4.0%) 0.77 3,277
2020-12-01 $259,500 (1.6%) $328,473 (0.7%) 0.77 2,812
2021-01-01 $255,000 (-3.6%) $328,807 (-5.4%) 0.76 2,313
2021-02-01 $264,495 (-2.0%) $343,000 (1.2%) 0.77 1,792
2021-03-01 $269,500 (-3.4%) $353,252 (2.3%) 0.76 1,728
2021-04-01 $273,875 (-3.1%) $363,885 (6.4%) 0.74 1,711
2021-05-01 $275,000 (-7.2%) $368,207 (2.0%) 0.73 1,790
2021-06-01 $275,000 (-8.3%) $372,352 (-0.3%) 0.72 2,035
2021-07-01 $279,900 (-6.7%) $369,469 (-2.6%) 0.74 2,333
2021-08-01 $279,000 (-6.7%) $371,964 (-0.4%) 0.74 2,468
2021-09-01 $280,000 (-1.8%) $373,817 (2.1%) 0.75 2,514
2021-10-01 $275,000 (0.7%) $364,574 (3.6%) 0.73 2,529
2021-11-01 $269,075 (1.5%) $357,306 (4.6%) 0.72 2,335
2021-12-01 $274,950 (6.0%) $363,598 (10.7%) 0.75 1,983
2022-01-01 $275,000 (7.8%) $366,800 (11.6%) 0.74 1,651
2022-02-01 $289,425 (9.4%) $378,946 (10.5%) 0.75 1,402
2022-03-01 $297,000 (10.2%) $393,671 (11.4%) 0.74 1,396
2022-04-01 $299,900 (9.5%) $398,304 (9.5%) 0.72 1,468
2022-05-01 $314,950 (14.5%) $400,935 (8.9%) 0.72 1,996
2022-06-01 $319,450 (16.2%) $406,081 (9.1%) 0.71 2,468
2022-07-01 $324,900 (16.1%) $403,898 (9.3%) 0.74 3,194
2022-08-01 $309,750 (11.0%) $386,444 (3.9%) 0.72 3,427
2022-09-01 $299,996 (7.1%) $380,825 (1.9%) 0.70 3,621
2022-10-01 $299,900 (9.1%) $381,085 (4.5%) 0.71 3,831
2022-11-01 $295,000 (9.6%) $376,606 (5.4%) 0.71 3,886
Indianapolis's median listing price for 2022-11-01 was $295,000, a difference of $25,925 (9.6%) versus the prior year and $-4,900 versus the prior month.

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

Indianapolis's average listing price for 2022-11-01 was $376,606, a difference of $19,300 (5.4%) versus the prior year and $-4,479 versus the prior month.

For the 2022-11-01 period, Indianapolis had 3,886 MLS listings, a difference of 55 listings (1%) versus the prior month and 1,551 listings (66%) 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 81 days 2,399 sqft
2018-02-01 75 days 2,437 sqft
2018-03-01 54 days 2,520 sqft
2018-04-01 46 days 2,604 sqft
2018-05-01 39 days 2,658 sqft
2018-06-01 40 days 2,636 sqft
2018-07-01 45 days 2,573 sqft
2018-08-01 48 days 2,521 sqft
2018-09-01 51 days 2,457 sqft
2018-10-01 54 days 2,404 sqft
2018-11-01 59 days 2,365 sqft
2018-12-01 72 days 2,336 sqft
2019-01-01 80 days 2,327 sqft
2019-02-01 82 days 2,395 sqft
2019-03-01 68 days 2,450 sqft
2019-04-01 51 days 2,493 sqft
2019-05-01 45 days 2,536 sqft
2019-06-01 46 days 2,537 sqft
2019-07-01 50 days 2,526 sqft
2019-08-01 51 days 2,461 sqft
2019-09-01 53 days 2,429 sqft
2019-10-01 56 days 2,408 sqft
2019-11-01 62 days 2,374 sqft
2019-12-01 73 days 2,336 sqft
2020-01-01 85 days 2,328 sqft
2020-02-01 86 days 2,318 sqft
2020-03-01 54 days 2,344 sqft
2020-04-01 51 days 2,362 sqft
2020-05-01 57 days 2,397 sqft
2020-06-01 51 days 2,405 sqft
2020-07-01 47 days 2,416 sqft
2020-08-01 47 days 2,385 sqft
2020-09-01 45 days 2,286 sqft
2020-10-01 44 days 2,238 sqft
2020-11-01 50 days 2,152 sqft
2020-12-01 57 days 2,083 sqft
2021-01-01 63 days 2,045 sqft
2021-02-01 61 days 2,032 sqft
2021-03-01 43 days 2,063 sqft
2021-04-01 38 days 2,058 sqft
2021-05-01 36 days 2,057 sqft
2021-06-01 33 days 2,069 sqft
2021-07-01 34 days 2,116 sqft
2021-08-01 35 days 2,108 sqft
2021-09-01 37 days 2,091 sqft
2021-10-01 38 days 2,100 sqft
2021-11-01 42 days 2,072 sqft
2021-12-01 46 days 2,054 sqft
2022-01-01 51 days 2,016 sqft
2022-02-01 39 days 1,999 sqft
2022-03-01 34 days 2,043 sqft
2022-04-01 30 days 2,061 sqft
2022-05-01 27 days 2,109 sqft
2022-06-01 28 days 2,165 sqft
2022-07-01 31 days 2,173 sqft
2022-08-01 37 days 2,122 sqft
2022-09-01 40 days 2,092 sqft
2022-10-01 42 days 2,086 sqft
2022-11-01 46 days 2,085 sqft
Indianapolis's median listing age (time on market) for 2022-11-01 was 46 days. This is 11% longer than the same period one year ago.

Indianapolis's median square footage for active listings during the 2022-11-01 period was 2,085 sqft. One year prior, the average listing was 2,072 sqft.