Bloomington FHA Loan Rates, Closing Costs & Stats

BLOOMINGTON, 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.

    Bloomington's 58 lenders originated 250 FHA loans during 2023. The total origination value was $55,300,000, with an average FHA loan value of $221,200.

    Bloomington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bloomington averaged 6.45% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Bloomington's average FHA mortgage closing costs are $6,527.

    The average rate for the prior week (2024-11-01) was 6.42% and one month ago for the week of 2024-10-04, the average rate was 6.14%.

    The average rate one year ago was 7.39%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.37%.

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

    Bloomington 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 Bloomington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 50 6.86% $6,763
    QUICKEN LOANS, LLC 26 6.17% $9,212
    UNITED WHOLESALE MORTGAGE, LLC 16 6.52% $9,964
    MILESTONE HOME LENDING, LLC 10 6.81% $9,913
    FAIR WAY LENDING LLC 10 6.69% $14,465
    THRIVE MORTGAGE, LLC 9 6.74% $8,021
    FREEDOM MORTGAGE CORPORATION 8 6.89% $13,282
    GVC MORTGAGE, INC. 8 6.97% $10,613
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.02% $6,860
    CROSSCOUNTRY MORTGAGE, LLC 7 6.92% $9,038
    HALLMARK HOME MORTGAGE, LLC 6 6.58% $9,737
    Mr. Cooper ( Nationstar Mortgage ) 5 6.48% $12,008
    BROKER SOLUTIONS, INC. 3 6.50% $11,499
    FLAT BRANCH MORTGAGE, INC. 3 6.25% $7,138
    ENDEAVOR CAPITAL, LLC. 3 6.50% $9,487
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.08% $8,081
    Fifth Third Bank 3 7.08% $8,200
    FIRST COMMUNITY MORTGAGE, INC. 3 7.21% $9,427
    ZILLOW HOME LOANS, LLC 2 6.88% $9,487
    CHURCHILL MORTGAGE CORPORATION 2 7.06% $6,210
    MORTGAGE MASTERS OF INDIANA, INC. 2 6.13% $6,868
    MOVEMENT MORTGAGE, LLC 2 7.50% $7,247
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.94% $14,838
    NEWREZ LLC 2 7.44% $7,384
    CALIBER HOME LOANS, INC. 2 7.38% $11,211
    The Federal Savings Bank 2 7.25% $10,932
    TOP FLITE FINANCIAL, INC. 2 6.94% $12,587
    JPMorgan Chase Bank 2 6.25% $5,897
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $13,174
    STOCKTON MORTGAGE CORPORATION 1 8.13% $6,485
    ALLIED MORTGAGE GROUP, INC. 1 5.50% $8,737
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $14,563
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $10,357
    AXIA FINANCIAL, LLC 1 6.25% $7,695
    CARDINAL FINANCIAL 1 6.75% $7,241
    Carrington Mortgage Services, LLC 1 5.63% $9,205
    CMG MORTGAGE, INC. 1 7.38% $14,868
    ENVOY MORTGAGE, LTD 1 7.63% $9,933
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 7.13% $5,961
    EVERETT FINANCIAL, INC. 1 6.88% $14,765
    Flagstar Bank, FSB 1 6.25% $7,584
    Flanagan State Bank 1 6.13% $5,871
    Gateway First Bank 1 5.75% $13,162
    LEADERONE FINANCIAL CORPORATION 1 7.25% $10,025
    LOANDEPOT.COM, LLC 1 7.63% $5,809
    Loan Simple, Inc. 1 6.25% $14,654
    MJW Financial LLC 1 7.25% $8,092
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $32,951
    NBKC BANK 1 6.38% $6,729
    Northpointe Bank 1 6.25% $9,630
    OCEANSIDE MORTGAGE COMPANY 1 5.88% $3,628
    PENNYMAC LOAN SERVICES, LLC 1 6.38% $11,008
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.00% $10,638
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $20,039
    Regions Bank 1 6.25% $7,665
    1ST SIGNATURE LENDING, LLC 1 6.88% $16,582
    UNION HOME MORTGAGE CORP. 1 7.25% $14,244
    Wolfe Financial, Inc 1 7.50% $6,830

    The top Bloomington FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 50 FHA loans originated. Their average total fees are $6,763, which is $2,449 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Bloomington FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($6,763), QUICKEN LOANS, LLC ($9,212), MILESTONE HOME LENDING, LLC ($9,913), UNITED WHOLESALE MORTGAGE, LLC ($9,964) and FAIR WAY LENDING LLC ($14,465).

    The lowest rate Bloomington FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.17%), UNITED WHOLESALE MORTGAGE, LLC (6.52%), FAIR WAY LENDING LLC (6.69%), MILESTONE HOME LENDING, LLC (6.81%) and RUOFF MORTGAGE COMPANY, INC. (6.86%).

    Bloomington FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bloomington (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 $239,168 (11.1%) $310,126 (2.2%) 0.89 595
    2018-02-01 $254,950 (23.8%) $318,348 (4.7%) 0.93 620
    2018-03-01 $265,000 (17.9%) $325,850 (4.2%) 0.93 672
    2018-04-01 $266,725 (2.6%) $324,947 (-7.5%) 0.90 781
    2018-05-01 $268,225 (7.3%) $331,483 (-3.2%) 0.90 792
    2018-06-01 $266,350 (10.4%) $332,862 (2.2%) 0.89 775
    2018-07-01 $267,475 (19.1%) $336,712 (11.0%) 0.89 732
    2018-08-01 $257,700 (14.6%) $327,499 (4.5%) 0.86 702
    2018-09-01 $255,000 (11.2%) $328,311 (1.3%) 0.86 686
    2018-10-01 $262,400 (11.7%) $332,706 (1.4%) 0.89 704
    2018-11-01 $259,900 (13.1%) $327,518 (1.5%) 0.88 655
    2018-12-01 $259,900 (13.2%) $329,729 (8.8%) 0.90 582
    2019-01-01 $259,675 (8.6%) $341,550 (10.1%) 0.90 558
    2019-02-01 $261,000 (2.4%) $330,850 (3.9%) 0.88 599
    2019-03-01 $286,229 (8.0%) $354,941 (8.9%) 0.94 535
    2019-04-01 $308,500 (15.7%) $386,455 (18.9%) 0.98 430
    2019-05-01 $299,800 (11.8%) $377,331 (13.8%) 0.94 453
    2019-06-01 $300,000 (12.6%) $372,759 (12.0%) 0.94 453
    2019-07-01 $289,925 (8.4%) $363,036 (7.8%) 0.91 483
    2019-08-01 $284,255 (10.3%) $359,158 (9.7%) 0.90 486
    2019-09-01 $275,786 (8.2%) $352,646 (7.4%) 0.88 490
    2019-10-01 $273,041 (4.1%) $353,782 (6.3%) 0.88 473
    2019-11-01 $277,000 (6.6%) $366,484 (11.9%) 0.91 401
    2019-12-01 $291,000 (12.0%) $383,855 (16.4%) 0.97 338
    2020-01-01 $295,950 (14.0%) $389,472 (14.0%) 0.99 308
    2020-02-01 $309,000 (18.4%) $392,178 (18.5%) 1.01 322
    2020-03-01 $330,000 (15.3%) $411,374 (15.9%) 1.03 341
    2020-04-01 $324,975 (5.3%) $396,452 (2.6%) 1.02 367
    2020-05-01 $344,000 (14.7%) $405,108 (7.4%) 1.05 351
    2020-06-01 $339,350 (13.1%) $407,644 (9.4%) 1.00 342
    2020-07-01 $359,700 (24.1%) $422,895 (16.5%) 1.04 332
    2020-08-01 $359,700 (26.5%) $420,606 (17.1%) 1.03 318
    2020-09-01 $357,300 (29.6%) $409,844 (16.2%) 1.02 319
    2020-10-01 $320,000 (17.2%) $391,814 (10.8%) 0.92 316
    2020-11-01 $304,950 (10.1%) $393,800 (7.5%) 0.89 294
    2020-12-01 $299,950 (3.1%) $392,612 (2.3%) 0.89 236
    2021-01-01 $340,000 (14.9%) $420,459 (8.0%) 1.01 193
    2021-02-01 $367,000 (18.8%) $453,243 (15.6%) 1.07 157
    2021-03-01 $362,000 (9.7%) $445,688 (8.3%) 1.03 159
    2021-04-01 $345,250 (6.2%) $427,176 (7.8%) 0.93 168
    2021-05-01 $339,350 (-1.4%) $433,902 (7.1%) 0.90 158
    2021-06-01 $312,450 (-7.9%) $418,914 (2.8%) 0.82 209
    2021-07-01 $306,950 (-14.7%) $404,792 (-4.3%) 0.81 253
    2021-08-01 $306,950 (-14.7%) $409,119 (-2.7%) 0.82 269
    2021-09-01 $315,000 (-11.8%) $408,913 (-0.2%) 0.84 252
    2021-10-01 $335,000 (4.7%) $420,064 (7.2%) 0.89 269
    2021-11-01 $334,900 (9.8%) $431,701 (9.6%) 0.90 236
    2021-12-01 $344,950 (15.0%) $447,330 (13.9%) 0.93 214
    2022-01-01 $352,450 (3.7%) $463,108 (10.1%) 0.95 186
    2022-02-01 $352,400 (-4.0%) $476,896 (5.2%) 0.92 170
    2022-03-01 $362,450 (0.1%) $478,585 (7.4%) 0.91 183
    2022-04-01 $365,000 (5.7%) $481,704 (12.8%) 0.87 195
    2022-05-01 $352,000 (3.7%) $466,817 (7.6%) 0.80 233
    2022-06-01 $354,175 (13.4%) $452,596 (8.0%) 0.79 291
    2022-07-01 $339,450 (10.6%) $429,546 (6.1%) 0.76 342
    2022-08-01 $349,950 (14.0%) $434,338 (6.2%) 0.81 347
    2022-09-01 $357,450 (13.5%) $436,886 (6.8%) 0.84 360
    2022-10-01 $334,500 (-0.2%) $418,987 (-0.3%) 0.79 389
    2022-11-01 $319,950 (-4.5%) $388,607 (-10.0%) 0.77 369
    2022-12-01 $315,000 (-8.7%) $382,617 (-14.5%) 0.78 288
    2023-01-01 $319,900 (-9.2%) $385,712 (-16.7%) 0.79 230
    2023-02-01 $332,950 (-5.5%) $400,809 (-16.0%) 0.80 226
    2023-03-01 $344,500 (-5.0%) $406,923 (-15.0%) 0.81 230
    2023-04-01 $372,450 (2.0%) $434,084 (-9.9%) 0.87 236
    2023-05-01 $391,200 (11.1%) $460,056 (-1.5%) 0.89 286
    2023-06-01 $392,000 (10.7%) $467,159 (3.2%) 0.88 303
    2023-07-01 $399,000 (17.5%) $477,342 (11.1%) 0.91 298
    2023-08-01 $392,450 (12.1%) $475,571 (9.5%) 0.90 301
    2023-09-01 $389,900 (9.1%) $473,591 (8.4%) 0.91 321
    2023-10-01 $394,000 (17.8%) $460,899 (10.0%) 0.93 336
    2023-11-01 $396,000 (23.8%) $457,696 (17.8%) 0.94 337
    2023-12-01 $395,000 (25.4%) $445,946 (16.6%) 0.96 311
    2024-01-01 $389,900 (21.9%) $441,125 (14.4%) 0.95 263
    2024-02-01 $414,700 (24.6%) $482,590 (20.4%) 1.00 233
    2024-03-01 $424,900 (23.3%) $510,369 (25.4%) 1.00 243
    2024-04-01 $400,950 (7.7%) $496,911 (14.5%) 0.93 295
    2024-05-01 $399,900 (2.2%) $492,582 (7.1%) 0.90 330
    2024-06-01 $400,000 (2.0%) $494,481 (5.9%) 0.90 387
    2024-07-01 $389,950 (-2.3%) $474,079 (-0.7%) 0.89 425
    2024-08-01 $365,000 (-7.0%) $451,204 (-5.1%) 0.85 451
    2024-09-01 $362,225 (-7.1%) $435,982 (-7.9%) 0.85 459
    2024-10-01 $347,450 (-11.8%) $421,811 (-8.5%) 0.82 475
    Bloomington's median listing price for 2024-10-01 was $347,450, a difference of $-46,550 (-11.8%) versus the prior year and $-14,775 versus the prior month.

    Bloomington's median listing price comes in at 82% of the national average.

    Bloomington's average listing price for 2024-10-01 was $421,811, a difference of $-39,088 (-8.5%) versus the prior year and $-14,171 versus the prior month.

    For the 2024-10-01 period, Bloomington had 475 MLS listings, a difference of 16 listings (3%) versus the prior month and 139 listings (41%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bloomington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 75 days 1,958 sqft
    2018-02-01 70 days 2,021 sqft
    2018-03-01 55 days 2,104 sqft
    2018-04-01 47 days 2,088 sqft
    2018-05-01 49 days 2,073 sqft
    2018-06-01 50 days 2,113 sqft
    2018-07-01 52 days 2,138 sqft
    2018-08-01 57 days 2,078 sqft
    2018-09-01 65 days 2,034 sqft
    2018-10-01 65 days 2,045 sqft
    2018-11-01 70 days 2,041 sqft
    2018-12-01 78 days 2,032 sqft
    2019-01-01 84 days 2,016 sqft
    2019-02-01 68 days 2,016 sqft
    2019-03-01 57 days 2,105 sqft
    2019-04-01 51 days 2,210 sqft
    2019-05-01 47 days 2,121 sqft
    2019-06-01 51 days 2,106 sqft
    2019-07-01 56 days 2,095 sqft
    2019-08-01 58 days 2,097 sqft
    2019-09-01 56 days 2,052 sqft
    2019-10-01 55 days 2,023 sqft
    2019-11-01 64 days 1,954 sqft
    2019-12-01 83 days 1,970 sqft
    2020-01-01 94 days 1,893 sqft
    2020-02-01 43 days 1,917 sqft
    2020-03-01 48 days 2,064 sqft
    2020-04-01 54 days 2,025 sqft
    2020-05-01 66 days 2,187 sqft
    2020-06-01 62 days 2,170 sqft
    2020-07-01 59 days 2,190 sqft
    2020-08-01 66 days 2,235 sqft
    2020-09-01 63 days 2,181 sqft
    2020-10-01 54 days 2,061 sqft
    2020-11-01 61 days 2,010 sqft
    2020-12-01 71 days 1,909 sqft
    2021-01-01 73 days 2,010 sqft
    2021-02-01 66 days 2,028 sqft
    2021-03-01 51 days 1,956 sqft
    2021-04-01 38 days 1,909 sqft
    2021-05-01 38 days 1,884 sqft
    2021-06-01 29 days 1,839 sqft
    2021-07-01 33 days 1,880 sqft
    2021-08-01 39 days 1,829 sqft
    2021-09-01 38 days 1,871 sqft
    2021-10-01 45 days 1,901 sqft
    2021-11-01 55 days 1,873 sqft
    2021-12-01 60 days 1,890 sqft
    2022-01-01 63 days 1,900 sqft
    2022-02-01 46 days 1,925 sqft
    2022-03-01 38 days 1,920 sqft
    2022-04-01 34 days 1,940 sqft
    2022-05-01 31 days 1,829 sqft
    2022-06-01 32 days 1,888 sqft
    2022-07-01 36 days 1,840 sqft
    2022-08-01 44 days 1,879 sqft
    2022-09-01 47 days 1,951 sqft
    2022-10-01 50 days 1,924 sqft
    2022-11-01 60 days 1,837 sqft
    2022-12-01 74 days 1,798 sqft
    2023-01-01 80 days 1,787 sqft
    2023-02-01 43 days 1,799 sqft
    2023-03-01 42 days 1,832 sqft
    2023-04-01 40 days 1,894 sqft
    2023-05-01 38 days 1,948 sqft
    2023-06-01 44 days 2,017 sqft
    2023-07-01 51 days 2,097 sqft
    2023-08-01 54 days 2,074 sqft
    2023-09-01 47 days 2,046 sqft
    2023-10-01 51 days 2,050 sqft
    2023-11-01 59 days 2,069 sqft
    2023-12-01 72 days 2,052 sqft
    2024-01-01 78 days 2,052 sqft
    2024-02-01 56 days 2,077 sqft
    2024-03-01 40 days 2,107 sqft
    2024-04-01 37 days 1,995 sqft
    2024-05-01 33 days 1,958 sqft
    2024-06-01 39 days 1,961 sqft
    2024-07-01 47 days 1,915 sqft
    2024-08-01 56 days 1,865 sqft
    2024-09-01 59 days 1,833 sqft
    2024-10-01 58 days 1,822 sqft
    Bloomington's median listing age (time on market) for 2024-10-01 was 58 days. This is 14% longer than the same period one year ago.

    Bloomington's median square footage for active listings during the 2024-10-01 period was 1,822 sqft. One year prior, the average listing was 2,050 sqft.

    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).