Indianapolis USDA Loan Rates, Closing Costs & Stats

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 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.