Bedford FHA Loan Rates, Closing Costs & Stats

Bedford, IN

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    • 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.

    Bedford's 41 lenders originated 188 FHA loans during 2024. The total origination value was $34,180,000, with an average FHA loan value of $181,809.

    Bedford FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bedford averaged 0.12% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Bedford's average FHA mortgage closing costs are $5,834.

    The average rate for the prior week (2025-06-13) was 6.9% and one month ago for the week of 2025-05-16, the average rate was 6.86%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.06%.

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

    Bedford 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 Bedford level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CMG MORTGAGE, INC. 33 7.36% $8,284
    RUOFF MORTGAGE COMPANY, INC. 30 6.75% $4,758
    QUICKEN LOANS, LLC 18 6.54% $8,543
    Paramount Residential Mortgage Group, Inc. 13 7.10% $8,819
    FREEDOM MORTGAGE CORPORATION 7 6.54% $10,609
    Fifth Third Bank 5 6.45% $7,318
    FIRST COMMUNITY MORTGAGE, INC. 5 6.65% $7,060
    LOANDEPOT.COM, LLC 5 6.60% $10,597
    PENNYMAC LOAN SERVICES, LLC 5 6.25% $9,691
    Mr. Cooper ( Nationstar Mortgage ) 4 6.41% $11,268
    Flanagan State Bank 4 6.53% $6,994
    BROKER SOLUTIONS, INC. 4 6.90% $7,554
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.50% $11,723
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.17% $6,890
    STOCKTON MORTGAGE CORPORATION 3 6.88% $8,397
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.96% $10,538
    Plains Commerce Bank 2 7.56% $5,446
    UNITED WHOLESALE MORTGAGE, LLC 2 6.50% $18,182
    German American Bank 2 6.75% $5,073
    LOANPAL, LLC 2 5.93% $10,806
    TJC Mortgage, Inc. 1 6.63% $8,185
    MORTGAGE MASTERS OF INDIANA, INC. 1 7.00% $7,293
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.00% $7,699
    AMERICAN FINANCING CORPORATION 1 4.75% $18,179
    AmeriHome Mortgage Company, LLC 1 6.63% $5,508
    Barrington Bank & Trust Company, N.A. 1 5.75% $9,975
    CARDINAL FINANCIAL 1 6.75% $9,391
    Carrington Mortgage Services, LLC 1 5.63% $10,504
    CROSSCOUNTRY MORTGAGE, LLC 1 7.19% $7,747
    Equity Prime Mortgage LLC 1 7.50% $3,847
    FAIR WAY LENDING LLC 1 7.13% $7,022
    FLAT BRANCH MORTGAGE, INC. 1 7.13% $11,201
    GENEVA FINANCIAL, LLC 1 7.63% $6,849
    GUARANTEED RATE, INC. 1 6.88% $6,198
    INTERLINC MORTGAGE SERVICES, LLC 1 6.75% $3,032
    JPMorgan Chase Bank 1 7.25% $6,502
    AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $11,429
    Mortgage Research Center, LLC 1 7.75% $4,487
    MOVEMENT MORTGAGE, LLC 1 7.13% $9,432
    Prosperity Home Mortgage, LLC 1 6.25% $5,544
    ROYAL UNITED MORTGAGE LLC 1 7.13% $10,586

    The top Bedford FHA lender as defined by loan originations is CMG MORTGAGE, INC., with 33 FHA loans originated. Their average total fees are $8,284, which is $3,526 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Bedford FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($4,758), CMG MORTGAGE, INC. ($8,284), QUICKEN LOANS, LLC ($8,543), Paramount Residential Mortgage Group, Inc. ($8,819) and .

    The lowest rate Bedford FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.54%), RUOFF MORTGAGE COMPANY, INC. (6.75%), Paramount Residential Mortgage Group, Inc. (7.10%), CMG MORTGAGE, INC. (7.36%) and .

    Bedford FHA Loan Limits

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

    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).