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 6.9% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.48% and one month ago for the week of 2024-10-04, the average rate was 6.1%.

    The average rate one year ago was 7.74%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.17%.

    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

    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).