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 6.87% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.76% and one month ago for the week of 2024-03-15, the average rate was 6.83%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Kendallville (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 $135,225 (11.6%) $187,922 (25.6%) 0.00 98
    2018-02-01 $131,450 (7.4%) $176,906 (16.7%) 0.00 103
    2018-03-01 $131,250 (-4.4%) $174,433 (7.4%) 0.00 95
    2018-04-01 $143,400 (6.2%) $198,548 (26.3%) 0.00 103
    2018-05-01 $139,900 (5.8%) $194,251 (21.1%) 0.00 113
    2018-06-01 $148,500 (12.8%) $206,714 (30.5%) 0.00 130
    2018-07-01 $139,200 (11.5%) $205,549 (33.7%) 0.00 135
    2018-08-01 $138,800 (13.2%) $227,618 (45.0%) 0.00 130
    2018-09-01 $149,900 (15.6%) $233,356 (39.3%) 0.00 114
    2018-10-01 $149,700 (7.3%) $231,710 (27.8%) 0.00 107
    2018-11-01 $149,900 (7.6%) $230,988 (27.1%) 0.00 104
    2018-12-01 $154,450 (18.9%) $235,503 (32.5%) 0.00 97
    2019-01-01 $139,050 (2.8%) $228,030 (21.3%) 0.00 97
    2019-02-01 $137,350 (4.5%) $244,028 (37.9%) 0.00 96
    2019-03-01 $155,100 (18.2%) $264,282 (51.5%) 0.00 92
    2019-04-01 $186,050 (29.7%) $284,185 (43.1%) 0.00 90
    2019-05-01 $199,675 (42.7%) $292,834 (50.8%) 0.00 90
    2019-06-01 $199,000 (34.0%) $278,993 (35.0%) 0.00 100
    2019-07-01 $186,450 (33.9%) $265,079 (29.0%) 0.00 105
    2019-08-01 $172,191 (24.1%) $247,488 (8.7%) 0.00 119
    2019-09-01 $165,052 (10.1%) $237,037 (1.6%) 0.00 136
    2019-10-01 $160,293 (7.1%) $230,070 (-0.7%) 0.00 144
    2019-11-01 $156,900 (4.7%) $235,327 (1.9%) 0.00 122
    2019-12-01 $150,650 (-2.5%) $222,949 (-5.3%) 0.00 99
    2020-01-01 $141,550 (1.8%) $237,260 (4.1%) 0.00 87
    2020-02-01 $159,900 (16.4%) $254,624 (4.3%) 0.00 93
    2020-03-01 $164,900 (6.3%) $233,500 (-11.7%) 0.00 77
    2020-04-01 $179,675 (-3.4%) $241,317 (-15.1%) 0.00 84
    2020-05-01 $169,900 (-14.9%) $246,909 (-15.7%) 0.00 59
    2020-06-01 $164,900 (-17.1%) $259,571 (-7.0%) 0.00 57
    2020-07-01 $175,600 (-5.8%) $268,011 (1.1%) 0.00 50
    2020-08-01 $181,450 (5.4%) $277,600 (12.2%) 0.00 48
    2020-09-01 $177,675 (7.7%) $260,586 (9.9%) 0.00 55
    2020-10-01 $182,400 (13.8%) $275,557 (19.8%) 0.00 54
    2020-11-01 $194,750 (24.1%) $297,576 (26.5%) 0.00 50
    2020-12-01 $195,564 (29.8%) $303,598 (36.2%) 0.00 44
    2021-01-01 $225,376 (59.2%) $304,986 (28.6%) 0.00 37
    2021-02-01 $232,924 (45.7%) $331,579 (30.2%) 0.00 27
    2021-03-01 $232,900 (41.2%) $339,684 (45.5%) 0.00 23
    2021-04-01 $253,625 (41.2%) $421,789 (74.8%) 0.00 19
    2021-05-01 $177,900 (4.7%) $300,791 (21.8%) 0.00 24
    2021-06-01 $219,700 (33.2%) $317,937 (22.5%) 0.00 26
    2021-07-01 $182,450 (3.9%) $301,870 (12.6%) 0.00 32
    2021-08-01 $214,900 (18.4%) $311,777 (12.3%) 0.00 44
    2021-09-01 $242,925 (36.7%) $351,854 (35.0%) 0.00 45
    2021-10-01 $249,900 (37.0%) $364,022 (32.1%) 0.00 48
    2021-11-01 $221,475 (13.7%) $365,632 (22.9%) 0.00 44
    2021-12-01 $219,825 (12.4%) $365,418 (20.4%) 0.00 36
    2022-01-01 $194,900 (-13.5%) $299,595 (-1.8%) 0.00 34
    2022-02-01 $194,325 (-16.6%) $336,335 (1.4%) 0.00 26
    2022-03-01 $165,450 (-29.0%) $264,907 (-22.0%) 0.00 26
    2022-04-01 $159,900 (-37.0%) $289,021 (-31.5%) 0.00 23
    2022-05-01 $162,250 (-8.8%) $259,775 (-13.6%) 0.00 25
    2022-06-01 $208,225 (-5.2%) $255,109 (-19.8%) 0.00 36
    2022-07-01 $215,900 (18.3%) $292,668 (-3.1%) 0.00 50
    2022-08-01 $228,475 (6.3%) $331,391 (6.3%) 0.00 52
    2022-09-01 $258,725 (6.5%) $376,229 (6.9%) 0.00 53
    2022-10-01 $244,900 (-2.0%) $383,120 (5.3%) 0.00 59
    2022-11-01 $251,450 (13.5%) $388,733 (6.3%) 0.00 71
    2022-12-01 $262,400 (19.4%) $388,925 (6.4%) 0.00 65
    2023-01-01 $274,949 (41.1%) $379,722 (26.8%) 0.00 51
    2023-02-01 $273,749 (40.9%) $367,038 (9.1%) 0.00 56
    2023-03-01 $291,925 (76.4%) $391,027 (47.6%) 0.00 47
    2023-04-01 $299,900 (87.6%) $417,593 (44.5%) 0.00 53
    2023-05-01 $301,463 (85.8%) $425,108 (63.6%) 0.00 54
    2023-06-01 $318,950 (53.2%) $422,948 (65.8%) 0.00 71
    2023-07-01 $315,900 (46.3%) $417,806 (42.8%) 0.00 69
    2023-08-01 $312,450 (36.8%) $394,942 (19.2%) 0.00 62
    2023-09-01 $306,400 (18.4%) $393,837 (4.7%) 0.00 62
    2023-10-01 $290,925 (18.8%) $361,201 (-5.7%) 0.00 66
    2023-11-01 $271,100 (7.8%) $338,410 (-13.0%) 0.00 70
    2023-12-01 $269,900 (2.9%) $338,445 (-13.0%) 0.00 76
    2024-01-01 $271,325 (-1.3%) $345,818 (-8.9%) 0.00 69
    2024-02-01 $299,900 (9.6%) $380,289 (3.6%) 0.00 49
    2024-03-01 $315,000 (7.9%) $397,326 (1.6%) 0.00 53
    Kendallville's median listing price for 2024-03-01 was $315,000, a difference of $23,075 (7.9%) versus the prior year and $15,100 versus the prior month.

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

    Kendallville's average listing price for 2024-03-01 was $397,326, a difference of $6,299 (1.6%) versus the prior year and $17,037 versus the prior month.

    For the 2024-03-01 period, Kendallville had 53 MLS listings, a difference of 4 listings (8%) versus the prior month and 6 listings (13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Kendallville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,585 sqft
    2018-02-01 0 days 1,543 sqft
    2018-03-01 0 days 1,477 sqft
    2018-04-01 0 days 1,456 sqft
    2018-05-01 0 days 1,523 sqft
    2018-06-01 0 days 1,535 sqft
    2018-07-01 0 days 1,523 sqft
    2018-08-01 0 days 1,608 sqft
    2018-09-01 0 days 1,733 sqft
    2018-10-01 0 days 1,700 sqft
    2018-11-01 0 days 1,598 sqft
    2018-12-01 0 days 1,604 sqft
    2019-01-01 0 days 1,574 sqft
    2019-02-01 0 days 1,695 sqft
    2019-03-01 0 days 1,756 sqft
    2019-04-01 0 days 1,787 sqft
    2019-05-01 0 days 1,881 sqft
    2019-06-01 0 days 1,683 sqft
    2019-07-01 0 days 1,675 sqft
    2019-08-01 0 days 1,640 sqft
    2019-09-01 0 days 1,617 sqft
    2019-10-01 0 days 1,606 sqft
    2019-11-01 0 days 1,640 sqft
    2019-12-01 0 days 1,599 sqft
    2020-01-01 0 days 1,588 sqft
    2020-02-01 0 days 1,600 sqft
    2020-03-01 0 days 1,649 sqft
    2020-04-01 0 days 1,726 sqft
    2020-05-01 0 days 1,558 sqft
    2020-06-01 0 days 1,636 sqft
    2020-07-01 0 days 1,781 sqft
    2020-08-01 0 days 1,741 sqft
    2020-09-01 0 days 1,681 sqft
    2020-10-01 0 days 1,688 sqft
    2020-11-01 0 days 1,628 sqft
    2020-12-01 0 days 1,636 sqft
    2021-01-01 0 days 1,697 sqft
    2021-02-01 0 days 1,702 sqft
    2021-03-01 0 days 1,784 sqft
    2021-04-01 0 days 1,909 sqft
    2021-05-01 0 days 1,616 sqft
    2021-06-01 0 days 1,836 sqft
    2021-07-01 0 days 1,747 sqft
    2021-08-01 0 days 1,651 sqft
    2021-09-01 0 days 1,752 sqft
    2021-10-01 0 days 1,739 sqft
    2021-11-01 0 days 1,738 sqft
    2021-12-01 0 days 1,618 sqft
    2022-01-01 0 days 1,660 sqft
    2022-02-01 0 days 1,676 sqft
    2022-03-01 0 days 1,617 sqft
    2022-04-01 0 days 1,720 sqft
    2022-05-01 0 days 1,602 sqft
    2022-06-01 0 days 1,641 sqft
    2022-07-01 0 days 1,584 sqft
    2022-08-01 0 days 1,725 sqft
    2022-09-01 0 days 1,835 sqft
    2022-10-01 0 days 1,795 sqft
    2022-11-01 0 days 1,759 sqft
    2022-12-01 0 days 1,736 sqft
    2023-01-01 0 days 1,691 sqft
    2023-02-01 0 days 1,673 sqft
    2023-03-01 0 days 1,753 sqft
    2023-04-01 0 days 1,761 sqft
    2023-05-01 0 days 1,772 sqft
    2023-06-01 0 days 1,894 sqft
    2023-07-01 0 days 2,078 sqft
    2023-08-01 0 days 2,202 sqft
    2023-09-01 0 days 2,020 sqft
    2023-10-01 0 days 1,898 sqft
    2023-11-01 0 days 1,852 sqft
    2023-12-01 0 days 1,888 sqft
    2024-01-01 0 days 1,844 sqft
    2024-02-01 0 days 1,851 sqft
    2024-03-01 0 days 1,761 sqft
    Kendallville's median listing age (time on market) for 2024-03-01 was 0 days.

    Kendallville's median square footage for active listings during the 2024-03-01 period was 1,761 sqft. One year prior, the average listing was 1,753 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).