Michigan City FHA Loan Rates, Closing Costs & Stats
MICHIGAN CITY-LA PORTE, 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.
Michigan City's 75 lenders originated 366 FHA
loans during 2023. The total origination value was $67,600,000, with an average FHA loan value of
$184,699.
Michigan City FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Michigan City
averaged
6.53%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Michigan City's average FHA mortgage closing costs are $6,087.
The average rate for the prior week (2024-10-18) was
6.62% and
one month ago for the week of 2024-09-20, the
average rate was 6.24%.
The average rate one year ago was 7.48%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.35%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Michigan City 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 Michigan City level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
QUICKEN LOANS, LLC
|
58
|
6.33%
|
$8,722
|
HALLMARK HOME MORTGAGE, LLC
|
19
|
7.03%
|
$8,662
|
Horizon Bank
|
14
|
6.57%
|
$5,153
|
Fifth Third Bank
|
13
|
6.19%
|
$4,908
|
INSPIRE HOME LOANS INC.
|
13
|
5.83%
|
$10,306
|
DIAMOND RESIDENTIAL MORTGAGE CORPORATION
|
12
|
7.15%
|
$9,182
|
LOANDEPOT.COM, LLC
|
12
|
6.50%
|
$9,842
|
FIRST CENTENNIAL MORTGAGE CORPORATION
|
9
|
7.36%
|
$8,157
|
FREEDOM MORTGAGE CORPORATION
|
8
|
7.03%
|
$9,401
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
8
|
7.16%
|
$6,440
|
RUOFF MORTGAGE COMPANY, INC.
|
8
|
7.14%
|
$6,712
|
NEWREZ LLC
|
8
|
6.67%
|
$7,137
|
GUARANTEED RATE, INC.
|
8
|
7.08%
|
$8,973
|
PENNYMAC LOAN SERVICES, LLC
|
7
|
6.18%
|
$8,796
|
Centier Bank
|
7
|
7.07%
|
$7,071
|
AMERISAVE MORTGAGE CORPORATION
|
7
|
5.91%
|
$10,525
|
UNION HOME MORTGAGE CORP.
|
6
|
6.81%
|
$7,817
|
Mr. Cooper ( Nationstar Mortgage )
|
6
|
6.17%
|
$12,840
|
MICHIGAN MUTUAL, INC.
|
5
|
6.83%
|
$8,750
|
BROKER SOLUTIONS, INC.
|
5
|
7.07%
|
$12,028
|
AMERICAN FINANCIAL NETWORK, INC.
|
5
|
7.65%
|
$9,116
|
TOP FLITE FINANCIAL, INC.
|
5
|
7.20%
|
$11,121
|
CARDINAL FINANCIAL
|
5
|
7.10%
|
$10,370
|
FIRST COMMUNITY MORTGAGE, INC.
|
4
|
7.34%
|
$8,134
|
Bank of England
|
4
|
6.50%
|
$9,689
|
Plains Commerce Bank
|
4
|
7.22%
|
$5,554
|
CROSSCOUNTRY MORTGAGE, LLC
|
4
|
7.06%
|
$8,465
|
UNITED WHOLESALE MORTGAGE, LLC
|
3
|
7.40%
|
$6,744
|
LEADERONE FINANCIAL CORPORATION
|
3
|
7.50%
|
$7,903
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
3
|
6.75%
|
$9,385
|
The Huntington National Bank
|
3
|
6.25%
|
$8,117
|
Equity Prime Mortgage LLC
|
3
|
6.71%
|
$6,437
|
1st Source Bank
|
3
|
7.13%
|
$7,012
|
GUILD MORTGAGE COMPANY
|
3
|
7.29%
|
$10,861
|
STOCKTON MORTGAGE CORPORATION
|
2
|
7.31%
|
$11,530
|
Servion, Inc.
|
2
|
6.56%
|
$6,607
|
RAPID MORTGAGE COMPANY
|
2
|
6.88%
|
$11,157
|
JPMorgan Chase Bank
|
2
|
6.62%
|
$3,131
|
Carrington Mortgage Services, LLC
|
2
|
6.38%
|
$7,854
|
OCEANSIDE MORTGAGE COMPANY
|
2
|
6.69%
|
$3,625
|
Ixonia Bank
|
2
|
7.00%
|
$9,092
|
Wells Fargo Bank
|
1
|
6.63%
|
$6,250
|
ACADEMY MORTGAGE CORPORATION
|
1
|
6.75%
|
$8,265
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
7.25%
|
$5,811
|
American Mortgage & Equity Consultants, Inc.
|
1
|
7.75%
|
$5,766
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
1
|
6.75%
|
$9,566
|
AmeriHome Mortgage Company, LLC
|
1
|
7.00%
|
$7,684
|
Barrington Bank & Trust Company, N.A.
|
1
|
6.75%
|
$7,972
|
DIRECT MORTGAGE LOANS, LLC
|
1
|
6.99%
|
$8,953
|
East Coast Capital Corp.
|
1
|
6.63%
|
$9,515
|
ENDEAVOR CAPITAL, LLC.
|
1
|
7.12%
|
$6,641
|
EVERETT FINANCIAL, INC.
|
1
|
6.88%
|
$11,504
|
First Financial Bank
|
1
|
7.13%
|
$9,880
|
Flagstar Bank, FSB
|
1
|
6.75%
|
$9,393
|
Flanagan State Bank
|
1
|
6.50%
|
$6,926
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
1
|
7.63%
|
$8,620
|
GVC MORTGAGE, INC.
|
1
|
7.13%
|
$5,173
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
1
|
6.50%
|
$7,134
|
HOMESIDE FINANCIAL, LLC
|
1
|
6.63%
|
$7,563
|
Mortgage Research Center, LLC
|
1
|
6.63%
|
$6,107
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
1
|
6.75%
|
$7,376
|
Nations Lending Corporation
|
1
|
6.63%
|
$13,275
|
ON Q FINANCIAL, INC.
|
1
|
6.75%
|
$14,213
|
Pacor Mortgage Corp
|
1
|
7.13%
|
$12,832
|
PENTAGON FEDERAL CREDIT UNION
|
1
|
5.38%
|
$12,105
|
PHH Mortgage Corporation
|
1
|
5.88%
|
$7,231
|
PLANET HOME LENDING, LLC
|
1
|
5.75%
|
$5,439
|
PREMIA MORTGAGE, LLC
|
1
|
7.25%
|
$5,983
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
6.75%
|
$10,350
|
Prosperity Home Mortgage, LLC
|
1
|
6.62%
|
$14,228
|
ROYAL UNITED MORTGAGE LLC
|
1
|
7.00%
|
$5,787
|
TEACHERS CREDIT UNION
|
1
|
6.63%
|
$5,626
|
TEXAS TECH
|
1
|
7.63%
|
$8,703
|
THE ANDERSON FINANCIAL GROUP, INC.
|
1
|
7.25%
|
$5,831
|
U.S. Bank
|
1
|
6.63%
|
$6,903
|
The top Michigan City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
58 FHA loans originated. Their average total fees are
$8,722, which is $60
higher than the next largest lender,
HALLMARK HOME MORTGAGE, LLC.
The lowest fee Michigan City FHA lenders (with over 10 loans originated) are
Fifth Third Bank ($4,908), Horizon Bank ($5,153), HALLMARK HOME MORTGAGE, LLC ($8,662), QUICKEN LOANS, LLC ($8,722) and DIAMOND RESIDENTIAL MORTGAGE CORPORATION ($9,182).
The lowest rate Michigan City FHA lenders (with over 10 loans originated) are
INSPIRE HOME LOANS INC. (5.83%), Fifth Third Bank (6.19%), QUICKEN LOANS, LLC (6.33%), LOANDEPOT.COM, LLC (6.50%) and Horizon Bank (6.57%).
Michigan City FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
MICHIGAN CITY-LA PORTE, IN |
LAPORTE |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
MICHIGAN CITY-LA PORTE, IN |
LAPORTE |
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).