Elkhart FHA Loan Rates, Closing Costs & Stats
ELKHART-GOSHEN, 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.
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
0.28%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Elkhart's average FHA mortgage closing costs are $6,020.
The average rate for the prior week (2024-11-22) was
6.57% and
one month ago for the week of 2024-10-25, the
average rate was 6.35%.
The average rate one year ago was 7.54%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.74%.
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.
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. LouisDate | 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 | $265,900 (20.9%) | $311,584 (12.3%) | 0.78 | 216 |
2020-07-01 | $262,400 (20.2%) | $319,563 (14.1%) | 0.76 | 204 |
2020-08-01 | $244,900 (18.2%) | $319,841 (20.8%) | 0.70 | 211 |
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 (-4.8%) | $324,076 (1.4%) | 0.66 | 124 |
2021-08-01 | $229,600 (-6.3%) | $315,770 (-1.3%) | 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 | $295,000 (7.4%) | $368,081 (4.9%) | 0.69 | 172 |
2024-04-01 | $309,900 (3.3%) | $395,421 (6.3%) | 0.72 | 173 |
2024-05-01 | $321,250 (13.7%) | $414,934 (6.3%) | 0.73 | 176 |
2024-06-01 | $320,000 (12.3%) | $393,752 (-0.3%) | 0.72 | 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 |
Elkhart's median listing price comes in at 69% of the national average.
Elkhart's average listing price for 2024-10-01 was $360,846, a difference of $16,263 (4.7%) versus the prior year and $-11,406 versus the prior month.
For the 2024-10-01 period, Elkhart had 283 MLS listings, a difference of 38 listings (16%) versus the prior month and 30 listings (12%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Elkhart (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 | 2,323 sqft |
2020-07-01 | 40 days | 2,275 sqft |
2020-08-01 | 30 days | 2,244 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 | 30 days | 2,081 sqft |
2024-06-01 | 30 days | 2,060 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 |
Elkhart's median square footage for active listings during the 2024-10-01 period was 2,003 sqft. One year prior, the average listing was 1,938 sqft.