Bloomington FHA Loan Rates, Closing Costs & Stats

BLOOMINGTON, IN

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 0.12% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.32% and one month ago for the week of 2024-10-25, the average rate was 6.29%.

The average rate one year ago was 6.88%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.15%.

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).