Kendallville FHA Loan Rates, Closing Costs & Stats

Kendallville, 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.

    Kendallville's 38 lenders originated 114 FHA loans during 2023. The total origination value was $19,900,000, with an average FHA loan value of $174,561.

    Kendallville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kendallville averaged 6.54% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Kendallville's average FHA mortgage closing costs are $5,433.

    The average rate for the prior week (2024-11-01) was 6.41% and one month ago for the week of 2024-10-04, the average rate was 6.13%.

    The average rate one year ago was 7.48%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Kendallville 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 Kendallville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 18 6.42% $8,800
    RUOFF MORTGAGE COMPANY, INC. 13 7.00% $5,087
    VAN DYK MORTGAGE CORPORATION 12 7.03% $5,467
    GVC MORTGAGE, INC. 11 7.31% $9,047
    CARDINAL FINANCIAL 5 6.98% $7,116
    UNION HOME MORTGAGE CORP. 4 7.34% $8,773
    Carrington Mortgage Services, LLC 3 6.04% $9,896
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.92% $7,244
    FREEDOM MORTGAGE CORPORATION 3 6.33% $9,170
    HALLMARK HOME MORTGAGE, LLC 3 7.17% $8,788
    PENNYMAC LOAN SERVICES, LLC 2 5.81% $9,052
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 7.44% $8,440
    Nations Lending Corporation 2 7.25% $7,496
    Mr. Cooper ( Nationstar Mortgage ) 2 5.94% $17,043
    POLARIS HOME FUNDING CORP. 2 6.69% $11,386
    PHH Mortgage Corporation 1 7.13% $7,145
    ROYAL UNITED MORTGAGE LLC 1 7.75% $8,008
    TEACHERS CREDIT UNION 1 6.75% $5,305
    The Federal Savings Bank 1 5.50% $23,976
    Union Savings Bank 1 6.63% $4,531
    UNITED SECURITY FINANCIAL CORP 1 7.50% $9,977
    UNITED WHOLESALE MORTGAGE, LLC 1 6.63% $5,433
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $10,311
    V.I.P. MORTGAGE, INC. 1 7.13% $12,316
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $11,413
    AmRes Corporation 1 6.00% $11,841
    BROKER SOLUTIONS, INC. 1 6.75% $6,838
    CALIBER HOME LOANS, INC. 1 6.75% $7,645
    CHURCHILL MORTGAGE CORPORATION 1 7.50% $8,295
    EMM LOANS LLC 1 5.38% $9,133
    EVERETT FINANCIAL, INC. 1 7.50% $6,126
    GENEVA FINANCIAL, LLC 1 6.75% $9,452
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.50% $4,476
    Horizon Bank 1 7.13% $4,539
    MICHIGAN MUTUAL, INC. 1 6.13% $7,732
    Mortgage Research Center, LLC 1 7.25% $5,841
    MOVEMENT MORTGAGE, LLC 1 7.25% $6,016
    M&T Bank 1 6.75% $6,349

    The top Kendallville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 18 FHA loans originated. Their average total fees are $8,800, which is $3,713 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Kendallville FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,087), VAN DYK MORTGAGE CORPORATION ($5,467), QUICKEN LOANS, LLC ($8,800), GVC MORTGAGE, INC. ($9,047) and .

    The lowest rate Kendallville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.42%), RUOFF MORTGAGE COMPANY, INC. (7.00%), VAN DYK MORTGAGE CORPORATION (7.03%), GVC MORTGAGE, INC. (7.31%) and .

    Kendallville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    KENDALLVILLE, IN NOBLE 2022 $420,680 $538,650 $651,050 $809,150
    KENDALLVILLE, IN NOBLE 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).