Elkhart FHA Loan Rates, Closing Costs & Stats

ELKHART-GOSHEN, 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.

    Elkhart's 64 lenders originated 500 FHA loans during 2023. The total origination value was $97,640,000, with an average FHA loan value of $195,280.

    Elkhart FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Elkhart averaged 6.62% for the week of 2025-03-14, compared to the national average (all FHA variants) of 6.345% for the same period.

    Elkhart's average FHA mortgage closing costs are $6,020.

    The average rate for the prior week (2025-03-07) was 6.69% and one month ago for the week of 2025-02-07, the average rate was 6.71%.

    The average rate one year ago was 6.88%.

    For refis of the same type during the week of 2025-03-14, the average rate was 7.19%.

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

    Elkhart 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 Elkhart level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CARDINAL FINANCIAL 97 7.27% $9,244
    QUICKEN LOANS, LLC 61 6.24% $9,308
    RUOFF MORTGAGE COMPANY, INC. 46 7.02% $6,719
    CHURCHILL MORTGAGE CORPORATION 31 7.02% $8,250
    HALLMARK HOME MORTGAGE, LLC 28 6.99% $10,303
    GUARANTEED RATE, INC. 19 6.87% $8,600
    EVERETT FINANCIAL, INC. 15 7.25% $8,177
    TEACHERS CREDIT UNION 12 6.51% $6,405
    LOANDEPOT.COM, LLC 11 6.41% $9,778
    Notre Dame Federal Credit Union Corporation 10 6.99% $6,614
    UNITED WHOLESALE MORTGAGE, LLC 10 6.40% $10,708
    Mr. Cooper ( Nationstar Mortgage ) 8 6.05% $11,752
    GENEVA FINANCIAL, LLC 6 6.81% $10,857
    FREEDOM MORTGAGE CORPORATION 6 7.08% $13,790
    PENNYMAC LOAN SERVICES, LLC 5 6.55% $11,917
    KeyBank 5 6.35% $7,453
    LAKEVIEW LOAN SERVICING, LLC 5 6.25% $10,067
    Fifth Third Bank 5 6.25% $4,105
    CROSSCOUNTRY MORTGAGE, LLC 4 7.11% $9,272
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 4 7.15% $9,567
    ON Q FINANCIAL, INC. 4 7.19% $6,352
    Carrington Mortgage Services, LLC 3 6.29% $9,319
    JPMorgan Chase Bank 3 6.83% $6,135
    OCEANSIDE MORTGAGE COMPANY 3 6.25% $4,905
    BROKER SOLUTIONS, INC. 3 6.54% $10,487
    Equity Prime Mortgage LLC 3 6.79% $8,283
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.88% $6,714
    NEWREZ LLC 3 6.92% $8,017
    AMERISAVE MORTGAGE CORPORATION 2 5.63% $13,644
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.69% $12,971
    V.I.P. MORTGAGE, INC. 2 7.00% $12,051
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $7,448
    MYCUMORTGAGE, LLC 2 7.06% $11,790
    Mortgage Research Center, LLC 2 6.94% $7,186
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.19% $5,796
    ZILLOW HOME LOANS, LLC 1 6.75% $10,158
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $14,548
    Arvest Bank 1 6.75% $7,432
    AXIA FINANCIAL, LLC 1 7.88% $3,095
    CRESCENT MORTGAGE COMPANY 1 7.00% $8,019
    FirstBank 1 6.13% $11,049
    Flagstar Bank, FSB 1 7.63% $8,768
    GVC MORTGAGE, INC. 1 6.88% $16,120
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $9,482
    Horizon Bank 1 7.50% $5,299
    INOVA FEDERAL CREDIT UNION 1 6.50% $6,068
    LAKE MICHIGAN CREDIT UNION 1 6.25% $5,292
    Loan Simple, Inc. 1 7.25% $16,302
    MEMBER FIRST MORTGAGE, LLC 1 6.63% $6,335
    Mortgage Assurance Inc. 1 6.13% $6,177
    MOVEMENT MORTGAGE, LLC 1 7.50% $7,709
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.75% $11,605
    Nations Lending Corporation 1 6.50% $26,295
    Northpointe Bank 1 6.25% $10,401
    OCMBC, INC. 1 7.25% $11,625
    PLAZA HOME MORTGAGE, INC. 1 6.63% $10,237
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.63% $6,692
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $10,122
    The Federal Savings Bank 1 5.75% $13,832
    TOP FLITE FINANCIAL, INC. 1 6.75% $9,498
    UNION HOME MORTGAGE CORP. 1 7.00% $6,362
    VAN DYK MORTGAGE CORPORATION 1 6.88% $3,378
    Wells Fargo Bank 1 6.63% $10,910
    1st Source Bank 1 6.13% $6,127

    The top Elkhart FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 97 FHA loans originated. Their average total fees are $9,244, which is $64 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Elkhart FHA lenders (with over 10 loans originated) are TEACHERS CREDIT UNION ($6,405), Notre Dame Federal Credit Union Corporation ($6,614), RUOFF MORTGAGE COMPANY, INC. ($6,719), EVERETT FINANCIAL, INC. ($8,177) and CHURCHILL MORTGAGE CORPORATION ($8,250).

    The lowest rate Elkhart FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.24%), UNITED WHOLESALE MORTGAGE, LLC (6.40%), LOANDEPOT.COM, LLC (6.41%), TEACHERS CREDIT UNION (6.51%) and GUARANTEED RATE, INC. (6.87%).

    Elkhart FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Elkhart (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 $157,225 (-0.9%) $218,363 (1.7%) 0.58 377
    2018-02-01 $159,500 (0.0%) $224,745 (4.8%) 0.58 325
    2018-03-01 $175,875 (10.6%) $231,866 (4.7%) 0.62 299
    2018-04-01 $178,075 (-1.0%) $234,011 (-2.8%) 0.60 282
    2018-05-01 $187,425 (0.3%) $246,515 (0.8%) 0.63 308
    2018-06-01 $199,900 (10.4%) $263,904 (11.4%) 0.67 363
    2018-07-01 $201,200 (15.0%) $267,147 (13.5%) 0.67 407
    2018-08-01 $202,450 (16.1%) $259,895 (14.0%) 0.68 432
    2018-09-01 $196,900 (12.6%) $252,904 (7.9%) 0.66 447
    2018-10-01 $186,200 (9.6%) $248,630 (5.9%) 0.63 442
    2018-11-01 $189,075 (11.4%) $249,892 (8.7%) 0.64 443
    2018-12-01 $190,900 (19.4%) $244,766 (10.1%) 0.66 410
    2019-01-01 $189,325 (20.4%) $241,491 (10.6%) 0.65 368
    2019-02-01 $197,000 (23.5%) $247,863 (10.3%) 0.67 347
    2019-03-01 $207,957 (18.2%) $268,130 (15.6%) 0.68 309
    2019-04-01 $219,900 (23.5%) $287,754 (23.0%) 0.70 269
    2019-05-01 $219,900 (17.3%) $280,583 (13.8%) 0.69 270
    2019-06-01 $219,975 (10.0%) $277,445 (5.1%) 0.69 295
    2019-07-01 $218,225 (8.5%) $280,206 (4.9%) 0.68 319
    2019-08-01 $207,245 (2.4%) $264,702 (1.9%) 0.66 357
    2019-09-01 $203,114 (3.2%) $255,604 (1.1%) 0.65 380
    2019-10-01 $194,925 (4.7%) $247,521 (-0.5%) 0.63 395
    2019-11-01 $189,500 (0.2%) $239,778 (-4.1%) 0.62 382
    2019-12-01 $184,975 (-3.1%) $233,559 (-4.6%) 0.62 343
    2020-01-01 $189,900 (0.3%) $240,378 (-0.5%) 0.63 309
    2020-02-01 $199,900 (1.5%) $244,567 (-1.3%) 0.65 275
    2020-03-01 $216,425 (4.1%) $271,390 (1.2%) 0.68 239
    2020-04-01 $216,450 (-1.6%) $274,086 (-4.8%) 0.68 240
    2020-05-01 $248,900 (13.2%) $300,822 (7.2%) 0.76 229
    2020-06-01 $265,775 (20.8%) $311,584 (12.3%) 0.78 216
    2020-07-01 $261,150 (19.7%) $319,108 (13.9%) 0.76 205
    2020-08-01 $244,900 (18.2%) $319,349 (20.6%) 0.70 212
    2020-09-01 $225,950 (11.2%) $312,289 (22.2%) 0.65 194
    2020-10-01 $219,900 (12.8%) $297,961 (20.4%) 0.63 209
    2020-11-01 $210,925 (11.3%) $284,886 (18.8%) 0.62 187
    2020-12-01 $200,850 (8.6%) $290,003 (24.2%) 0.60 158
    2021-01-01 $189,900 (0.0%) $285,457 (18.8%) 0.57 126
    2021-02-01 $181,150 (-9.4%) $292,907 (19.8%) 0.53 90
    2021-03-01 $173,700 (-19.7%) $275,318 (1.5%) 0.49 98
    2021-04-01 $149,975 (-30.7%) $260,376 (-5.0%) 0.41 106
    2021-05-01 $139,950 (-43.8%) $264,117 (-12.2%) 0.37 109
    2021-06-01 $237,675 (-10.6%) $307,073 (-1.5%) 0.63 119
    2021-07-01 $249,900 (-4.3%) $324,076 (1.6%) 0.66 124
    2021-08-01 $229,600 (-6.3%) $315,770 (-1.1%) 0.61 132
    2021-09-01 $232,313 (2.8%) $324,153 (3.8%) 0.62 134
    2021-10-01 $224,700 (2.2%) $298,920 (0.3%) 0.60 126
    2021-11-01 $224,750 (6.6%) $299,709 (5.2%) 0.60 118
    2021-12-01 $207,325 (3.2%) $285,781 (-1.5%) 0.56 112
    2022-01-01 $205,000 (8.0%) $292,599 (2.5%) 0.55 86
    2022-02-01 $197,400 (9.0%) $289,353 (-1.2%) 0.51 67
    2022-03-01 $228,300 (31.4%) $295,306 (7.3%) 0.57 72
    2022-04-01 $249,900 (66.6%) $331,466 (27.3%) 0.60 92
    2022-05-01 $259,925 (85.7%) $349,048 (32.2%) 0.59 100
    2022-06-01 $280,825 (18.2%) $357,669 (16.5%) 0.63 142
    2022-07-01 $264,900 (6.0%) $346,773 (7.0%) 0.60 178
    2022-08-01 $255,450 (11.3%) $333,928 (5.8%) 0.59 198
    2022-09-01 $257,425 (10.8%) $335,251 (3.4%) 0.60 196
    2022-10-01 $259,900 (15.7%) $352,497 (17.9%) 0.61 205
    2022-11-01 $266,150 (18.4%) $350,499 (17.0%) 0.64 215
    2022-12-01 $257,900 (24.4%) $335,857 (17.5%) 0.64 191
    2023-01-01 $252,950 (23.4%) $341,954 (16.9%) 0.63 153
    2023-02-01 $260,175 (31.8%) $350,316 (21.1%) 0.63 143
    2023-03-01 $274,700 (20.3%) $350,962 (18.9%) 0.65 157
    2023-04-01 $299,900 (20.0%) $371,857 (12.2%) 0.70 140
    2023-05-01 $282,450 (8.7%) $390,329 (11.8%) 0.64 161
    2023-06-01 $284,950 (1.5%) $394,902 (10.4%) 0.64 182
    2023-07-01 $295,000 (11.4%) $401,194 (15.7%) 0.67 195
    2023-08-01 $284,900 (11.5%) $384,105 (15.0%) 0.65 192
    2023-09-01 $279,900 (8.7%) $363,976 (8.6%) 0.65 241
    2023-10-01 $268,725 (3.4%) $344,583 (-2.3%) 0.63 253
    2023-11-01 $264,500 (-0.6%) $329,879 (-5.9%) 0.63 266
    2023-12-01 $260,000 (0.8%) $315,791 (-6.0%) 0.63 258
    2024-01-01 $262,400 (3.7%) $336,922 (-1.5%) 0.64 246
    2024-02-01 $275,825 (6.0%) $351,115 (0.2%) 0.66 180
    2024-03-01 $295,200 (7.5%) $368,081 (4.9%) 0.69 172
    2024-04-01 $312,400 (4.2%) $395,421 (6.3%) 0.73 173
    2024-05-01 $313,725 (11.1%) $406,291 (4.1%) 0.71 176
    2024-06-01 $306,950 (7.7%) $382,009 (-3.3%) 0.70 199
    2024-07-01 $305,925 (3.7%) $381,001 (-5.0%) 0.70 218
    2024-08-01 $302,400 (6.1%) $368,069 (-4.2%) 0.70 229
    2024-09-01 $298,125 (6.5%) $372,252 (2.3%) 0.70 245
    2024-10-01 $291,450 (8.5%) $360,846 (4.7%) 0.69 283
    2024-11-01 $279,900 (5.8%) $350,009 (6.1%) 0.67 321
    2024-12-01 $275,875 (6.1%) $340,112 (7.7%) 0.69 287
    2025-01-01 $276,000 (5.2%) $323,343 (-4.0%) 0.69 268
    2025-02-01 $281,000 (1.9%) $337,923 (-3.8%) 0.68 224
    Elkhart's median listing price for 2025-02-01 was $281,000, a difference of $5,175 (1.9%) versus the prior year and $5,000 versus the prior month.

    Elkhart's median listing price comes in at 68% of the national average.

    Elkhart's average listing price for 2025-02-01 was $337,923, a difference of $-13,192 (-3.8%) versus the prior year and $14,580 versus the prior month.

    For the 2025-02-01 period, Elkhart had 224 MLS listings, a difference of -44 listings (-16%) versus the prior month and 44 listings (24%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Elkhart (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 83 days 1,791 sqft
    2018-02-01 89 days 1,787 sqft
    2018-03-01 59 days 1,848 sqft
    2018-04-01 42 days 1,913 sqft
    2018-05-01 33 days 1,948 sqft
    2018-06-01 32 days 2,066 sqft
    2018-07-01 39 days 2,071 sqft
    2018-08-01 42 days 2,037 sqft
    2018-09-01 42 days 2,041 sqft
    2018-10-01 51 days 2,011 sqft
    2018-11-01 54 days 2,054 sqft
    2018-12-01 63 days 2,075 sqft
    2019-01-01 75 days 2,048 sqft
    2019-02-01 71 days 2,069 sqft
    2019-03-01 58 days 2,205 sqft
    2019-04-01 47 days 2,370 sqft
    2019-05-01 39 days 2,296 sqft
    2019-06-01 37 days 2,342 sqft
    2019-07-01 40 days 2,333 sqft
    2019-08-01 42 days 2,222 sqft
    2019-09-01 47 days 2,115 sqft
    2019-10-01 50 days 2,016 sqft
    2019-11-01 52 days 1,951 sqft
    2019-12-01 64 days 1,860 sqft
    2020-01-01 75 days 1,856 sqft
    2020-02-01 69 days 1,888 sqft
    2020-03-01 49 days 2,048 sqft
    2020-04-01 55 days 1,994 sqft
    2020-05-01 57 days 2,334 sqft
    2020-06-01 40 days 2,319 sqft
    2020-07-01 39 days 2,272 sqft
    2020-08-01 31 days 2,242 sqft
    2020-09-01 37 days 2,108 sqft
    2020-10-01 32 days 2,077 sqft
    2020-11-01 39 days 1,820 sqft
    2020-12-01 52 days 1,801 sqft
    2021-01-01 59 days 1,737 sqft
    2021-02-01 55 days 1,895 sqft
    2021-03-01 25 days 1,746 sqft
    2021-04-01 15 days 1,610 sqft
    2021-05-01 19 days 1,612 sqft
    2021-06-01 13 days 2,166 sqft
    2021-07-01 17 days 2,163 sqft
    2021-08-01 24 days 1,840 sqft
    2021-09-01 24 days 1,887 sqft
    2021-10-01 26 days 1,660 sqft
    2021-11-01 26 days 1,821 sqft
    2021-12-01 43 days 1,650 sqft
    2022-01-01 53 days 1,660 sqft
    2022-02-01 37 days 1,606 sqft
    2022-03-01 30 days 1,684 sqft
    2022-04-01 11 days 1,958 sqft
    2022-05-01 16 days 1,912 sqft
    2022-06-01 17 days 2,043 sqft
    2022-07-01 24 days 1,984 sqft
    2022-08-01 30 days 1,930 sqft
    2022-09-01 31 days 1,900 sqft
    2022-10-01 32 days 1,928 sqft
    2022-11-01 39 days 1,923 sqft
    2022-12-01 47 days 1,820 sqft
    2023-01-01 59 days 1,755 sqft
    2023-02-01 45 days 1,737 sqft
    2023-03-01 37 days 1,767 sqft
    2023-04-01 37 days 1,895 sqft
    2023-05-01 30 days 1,837 sqft
    2023-06-01 26 days 1,950 sqft
    2023-07-01 33 days 1,971 sqft
    2023-08-01 36 days 1,885 sqft
    2023-09-01 35 days 1,995 sqft
    2023-10-01 37 days 1,938 sqft
    2023-11-01 45 days 1,819 sqft
    2023-12-01 50 days 1,799 sqft
    2024-01-01 59 days 1,816 sqft
    2024-02-01 58 days 1,860 sqft
    2024-03-01 39 days 1,911 sqft
    2024-04-01 39 days 1,988 sqft
    2024-05-01 32 days 2,069 sqft
    2024-06-01 36 days 2,042 sqft
    2024-07-01 35 days 2,050 sqft
    2024-08-01 39 days 2,046 sqft
    2024-09-01 39 days 2,090 sqft
    2024-10-01 36 days 2,003 sqft
    2024-11-01 43 days 1,851 sqft
    2024-12-01 55 days 1,830 sqft
    2025-01-01 69 days 1,821 sqft
    2025-02-01 76 days 1,866 sqft
    Elkhart's median listing age (time on market) for 2025-02-01 was 76 days. This is 31% longer than the same period one year ago.

    Elkhart's median square footage for active listings during the 2025-02-01 period was 1,866 sqft. One year prior, the average listing was 1,860 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).