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 70 lenders originated 508 FHA loans during 2024. The total origination value was $108,230,000, with an average FHA loan value of $213,051.

Elkhart FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Elkhart averaged 6.45% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

Elkhart's average FHA mortgage closing costs are $6,311.

The average rate for the prior week (2025-03-28) was 6.65% and one month ago for the week of 2025-02-28, the average rate was 6.53%.

The average rate one year ago was 7.15%.

For refis of the same type during the week of 2025-04-04, the average rate was 6.59%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
CARDINAL FINANCIAL 84 7.19% $9,445
QUICKEN LOANS, LLC 61 6.41% $9,917
RUOFF MORTGAGE COMPANY, INC. 35 6.79% $6,714
FREEDOM MORTGAGE CORPORATION 29 6.45% $8,770
HALLMARK HOME MORTGAGE, LLC 25 6.86% $8,891
UNITED WHOLESALE MORTGAGE, LLC 21 6.24% $11,327
CHURCHILL MORTGAGE CORPORATION 18 6.89% $7,788
EVERETT FINANCIAL, INC. 18 6.93% $7,552
Notre Dame Federal Credit Union Corporation 15 6.57% $6,530
ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 6.32% $7,651
GUARANTEED RATE, INC. 10 6.66% $9,094
TEACHERS CREDIT UNION 10 6.19% $6,472
LOANDEPOT.COM, LLC 7 6.07% $11,665
PENNYMAC LOAN SERVICES, LLC 7 6.05% $9,056
Fifth Third Bank 6 6.46% $5,362
NEWREZ LLC 5 6.53% $6,090
UNION HOME MORTGAGE CORP. 5 5.80% $11,485
GVC MORTGAGE, INC. 4 6.56% $11,856
STOCKTON MORTGAGE CORPORATION 4 6.59% $8,676
AMERISAVE MORTGAGE CORPORATION 4 6.09% $9,773
BROKER SOLUTIONS, INC. 4 6.97% $10,999
Carrington Mortgage Services, LLC 3 6.00% $11,659
LAKEVIEW LOAN SERVICING, LLC 3 6.21% $8,438
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 7.04% $7,100
GENEVA FINANCIAL, LLC 3 6.88% $8,993
Centier Bank 3 6.21% $8,257
Prosperity Home Mortgage, LLC 2 6.00% $8,671
AMERICAN FINANCING CORPORATION 2 5.81% $10,561
American Mortgage & Equity Consultants, Inc. 2 6.63% $14,205
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.49% $11,115
Ixonia Bank 2 6.94% $10,184
JPMorgan Chase Bank 2 7.19% $6,495
LOANPAL, LLC 2 6.12% $9,881
Loan Simple, Inc. 2 6.13% $10,821
MID AMERICA MORTGAGE, INC. 2 6.81% $3,717
Mortgage Research Center, LLC 2 7.00% $6,662
Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $11,140
Northpointe Bank 2 6.63% $7,003
Plains Commerce Bank 2 7.19% $9,356
1st Source Bank 2 6.81% $7,385
RELIANCE FIRST CAPITAL, LLC 2 6.63% $15,708
TOP FLITE FINANCIAL, INC. 2 6.88% $15,724
ZILLOW HOME LOANS, LLC 2 7.00% $9,117
Union Savings Bank 1 6.00% $4,707
Northwest Bank 1 6.00% $5,390
Horizon Bank 1 6.13% $7,815
Old National Bank 1 6.50% $4,805
Flagstar Bank, FSB 1 6.75% $9,225
AMERICAN FINANCIAL NETWORK, INC. 1 6.50% $11,983
PLANET HOME LENDING, LLC 1 6.75% $4,316
PLAZA HOME MORTGAGE, INC. 1 5.99% $7,641
POLARIS HOME FUNDING CORP. 1 6.25% $9,093
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $4,203
U.S. Bank 1 6.75% $6,532
Equity Prime Mortgage LLC 1 7.75% $14,643
VERITAS FUNDING, LLC 1 6.25% $14,960
ROYAL UNITED MORTGAGE LLC 1 7.25% $9,302
EMM LOANS LLC 1 5.75% $13,827
SECURITYNATIONAL MORTGAGE COMPANY 1 6.25% $11,685
CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $5,738
AmRes Corporation 1 6.13% $8,126
MEMBER FIRST MORTGAGE, LLC 1 6.88% $8,103
MICHIGAN MUTUAL, INC. 1 6.13% $9,426
The Federal Savings Bank 1 6.63% $10,522
MILEND, INC. 1 6.63% $10,006
V.I.P. MORTGAGE, INC. 1 6.63% $10,385
MOVEMENT MORTGAGE, LLC 1 6.50% $8,290
AmeriHome Mortgage Company, LLC 1 6.50% $5,032
Nations Lending Corporation 1 7.75% $17,838
KeyBank 1 5.75% $12,641

The top Elkhart FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 84 FHA loans originated. Their average total fees are $9,445, which is $472 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Elkhart FHA lenders (with over 10 loans originated) are TEACHERS CREDIT UNION ($6,472), Notre Dame Federal Credit Union Corporation ($6,530), RUOFF MORTGAGE COMPANY, INC. ($6,714), EVERETT FINANCIAL, INC. ($7,552) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,651).

The lowest rate Elkhart FHA lenders (with over 10 loans originated) are TEACHERS CREDIT UNION (6.19%), UNITED WHOLESALE MORTGAGE, LLC (6.24%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.32%), QUICKEN LOANS, LLC (6.41%) and FREEDOM MORTGAGE CORPORATION (6.45%).

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
2025-03-01 $288,000 (-2.4%) $361,908 (-1.7%) 0.00 210
Elkhart's median listing price for 2025-03-01 was $288,000, a difference of $-7,200 (-2.4%) versus the prior year and $7,000 versus the prior month.

Elkhart's median listing price comes in at 0% of the national average.

Elkhart's average listing price for 2025-03-01 was $361,908, a difference of $-6,173 (-1.7%) versus the prior year and $23,985 versus the prior month.

For the 2025-03-01 period, Elkhart had 210 MLS listings, a difference of -14 listings (-6%) versus the prior month and 38 listings (22%) 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
2025-03-01 0 days 1,904 sqft
Elkhart's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

Elkhart's median square footage for active listings during the 2025-03-01 period was 1,904 sqft. One year prior, the average listing was 1,911 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).