Michigan City FHA Loan Rates, Closing Costs & Stats

MICHIGAN CITY-LA PORTE, 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.

    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 7.24% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Michigan City's average FHA mortgage closing costs are $6,087.

    The average rate for the prior week (2024-04-12) was 7.23% and one month ago for the week of 2024-03-15, the average rate was 6.79%.

    The average rate one year ago was 6.62%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Michigan City (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 $179,900 (37.4%) $285,635 (4.2%) 0.00 316
    2018-02-01 $181,200 (24.8%) $293,424 (2.8%) 0.00 290
    2018-03-01 $209,950 (22.1%) $314,589 (3.6%) 0.00 293
    2018-04-01 $231,450 (25.2%) $318,956 (2.6%) 0.00 297
    2018-05-01 $245,450 (5.4%) $323,876 (-3.8%) 0.00 334
    2018-06-01 $249,900 (6.4%) $343,073 (2.5%) 0.00 353
    2018-07-01 $239,450 (4.2%) $329,026 (-1.2%) 0.00 378
    2018-08-01 $237,300 (1.0%) $316,654 (-4.9%) 0.00 381
    2018-09-01 $234,900 (5.0%) $333,333 (2.7%) 0.00 384
    2018-10-01 $216,763 (3.3%) $320,587 (2.4%) 0.00 390
    2018-11-01 $209,725 (12.7%) $325,362 (8.9%) 0.00 384
    2018-12-01 $199,900 (16.0%) $325,333 (13.3%) 0.00 357
    2019-01-01 $206,425 (14.7%) $335,135 (17.3%) 0.00 318
    2019-02-01 $216,675 (19.6%) $359,656 (22.6%) 0.00 294
    2019-03-01 $219,186 (4.4%) $366,607 (16.5%) 0.00 292
    2019-04-01 $251,550 (8.7%) $373,919 (17.2%) 0.00 283
    2019-05-01 $262,675 (7.0%) $371,816 (14.8%) 0.00 293
    2019-06-01 $277,900 (11.2%) $367,416 (7.1%) 0.00 330
    2019-07-01 $271,375 (13.3%) $372,488 (13.2%) 0.00 346
    2019-08-01 $255,155 (7.5%) $343,514 (8.5%) 0.00 353
    2019-09-01 $249,386 (6.2%) $335,869 (0.8%) 0.00 353
    2019-10-01 $247,216 (14.1%) $332,195 (3.6%) 0.00 349
    2019-11-01 $224,900 (7.2%) $334,062 (2.7%) 0.00 330
    2019-12-01 $204,800 (2.5%) $314,634 (-3.3%) 0.00 313
    2020-01-01 $227,050 (10.0%) $327,416 (-2.3%) 0.00 288
    2020-02-01 $245,000 (13.1%) $339,543 (-5.6%) 0.00 252
    2020-03-01 $267,975 (22.3%) $367,218 (0.2%) 0.00 247
    2020-04-01 $288,975 (14.9%) $387,546 (3.6%) 0.00 235
    2020-05-01 $288,900 (10.0%) $378,959 (1.9%) 0.00 222
    2020-06-01 $288,975 (4.0%) $392,821 (6.9%) 0.00 200
    2020-07-01 $269,500 (-0.7%) $396,389 (6.4%) 0.00 197
    2020-08-01 $259,000 (1.5%) $414,608 (20.7%) 0.00 176
    2020-09-01 $264,225 (6.0%) $429,495 (27.9%) 0.00 167
    2020-10-01 $261,950 (6.0%) $430,142 (29.5%) 0.00 176
    2020-11-01 $259,175 (15.2%) $418,976 (25.4%) 0.00 161
    2020-12-01 $239,900 (17.1%) $403,883 (28.4%) 0.00 149
    2021-01-01 $217,000 (-4.4%) $367,492 (12.2%) 0.00 159
    2021-02-01 $208,450 (-14.9%) $413,293 (21.7%) 0.00 84
    2021-03-01 $237,200 (-11.5%) $447,474 (21.9%) 0.00 87
    2021-04-01 $214,900 (-25.6%) $409,252 (5.6%) 0.00 97
    2021-05-01 $166,950 (-42.2%) $349,013 (-7.9%) 0.00 113
    2021-06-01 $177,450 (-38.6%) $347,546 (-11.5%) 0.00 147
    2021-07-01 $199,900 (-25.8%) $391,854 (-1.1%) 0.00 157
    2021-08-01 $186,375 (-28.0%) $373,027 (-10.0%) 0.00 174
    2021-09-01 $199,000 (-24.7%) $386,831 (-9.9%) 0.00 196
    2021-10-01 $217,400 (-17.0%) $390,296 (-9.3%) 0.00 196
    2021-11-01 $212,500 (-18.0%) $383,201 (-8.5%) 0.00 184
    2021-12-01 $210,000 (-12.5%) $387,449 (-4.1%) 0.00 154
    2022-01-01 $184,950 (-14.8%) $345,723 (-5.9%) 0.00 126
    2022-02-01 $188,500 (-9.6%) $364,269 (-11.9%) 0.00 107
    2022-03-01 $236,475 (-0.3%) $408,194 (-8.8%) 0.00 92
    2022-04-01 $294,450 (37.0%) $482,428 (17.9%) 0.00 80
    2022-05-01 $278,475 (66.8%) $463,201 (32.7%) 0.00 116
    2022-06-01 $324,950 (83.1%) $475,443 (36.8%) 0.00 131
    2022-07-01 $324,950 (62.6%) $513,238 (31.0%) 0.00 163
    2022-08-01 $283,700 (52.2%) $462,423 (24.0%) 0.00 199
    2022-09-01 $288,000 (44.7%) $476,561 (23.2%) 0.00 208
    2022-10-01 $289,900 (33.4%) $474,792 (21.7%) 0.00 206
    2022-11-01 $267,000 (25.7%) $425,900 (11.1%) 0.00 221
    2022-12-01 $277,000 (31.9%) $431,698 (11.4%) 0.00 192
    2023-01-01 $257,722 (39.4%) $431,014 (24.7%) 0.00 165
    2023-02-01 $271,950 (44.3%) $433,692 (19.1%) 0.00 157
    2023-03-01 $284,450 (20.3%) $430,264 (5.4%) 0.00 151
    2023-04-01 $302,400 (2.7%) $479,579 (-0.6%) 0.00 123
    2023-05-01 $288,175 (3.5%) $430,454 (-7.1%) 0.00 146
    2023-06-01 $275,575 (-15.2%) $407,444 (-14.3%) 0.00 170
    2023-07-01 $294,950 (-9.2%) $426,669 (-16.9%) 0.00 188
    2023-08-01 $299,450 (5.6%) $468,313 (1.3%) 0.00 206
    2023-09-01 $322,495 (12.0%) $475,026 (-0.3%) 0.00 201
    2023-10-01 $290,000 (0.0%) $466,162 (-1.8%) 0.00 205
    2023-11-01 $269,675 (1.0%) $450,223 (5.7%) 0.00 222
    2023-12-01 $253,490 (-8.5%) $430,190 (-0.4%) 0.00 218
    2024-01-01 $250,995 (-2.6%) $407,383 (-5.5%) 0.00 196
    2024-02-01 $249,490 (-8.3%) $411,452 (-5.1%) 0.00 185
    2024-03-01 $250,000 (-12.1%) $425,879 (-1.0%) 0.00 203
    Michigan City's median listing price for 2024-03-01 was $250,000, a difference of $-34,450 (-12.1%) versus the prior year and $510 versus the prior month.

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

    Michigan City's average listing price for 2024-03-01 was $425,879, a difference of $-4,385 (-1.0%) versus the prior year and $14,427 versus the prior month.

    For the 2024-03-01 period, Michigan City had 203 MLS listings, a difference of 18 listings (10%) versus the prior month and 52 listings (34%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Michigan City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,862 sqft
    2018-02-01 0 days 1,808 sqft
    2018-03-01 0 days 1,885 sqft
    2018-04-01 0 days 1,900 sqft
    2018-05-01 0 days 1,952 sqft
    2018-06-01 0 days 2,010 sqft
    2018-07-01 0 days 2,025 sqft
    2018-08-01 0 days 1,953 sqft
    2018-09-01 0 days 1,969 sqft
    2018-10-01 0 days 1,962 sqft
    2018-11-01 0 days 1,958 sqft
    2018-12-01 0 days 1,901 sqft
    2019-01-01 0 days 1,934 sqft
    2019-02-01 0 days 1,868 sqft
    2019-03-01 0 days 1,864 sqft
    2019-04-01 0 days 1,882 sqft
    2019-05-01 0 days 1,927 sqft
    2019-06-01 0 days 1,983 sqft
    2019-07-01 0 days 1,993 sqft
    2019-08-01 0 days 1,944 sqft
    2019-09-01 0 days 1,921 sqft
    2019-10-01 0 days 1,913 sqft
    2019-11-01 0 days 1,862 sqft
    2019-12-01 0 days 1,806 sqft
    2020-01-01 0 days 1,868 sqft
    2020-02-01 0 days 1,886 sqft
    2020-03-01 0 days 1,909 sqft
    2020-04-01 0 days 1,998 sqft
    2020-05-01 0 days 1,860 sqft
    2020-06-01 0 days 1,860 sqft
    2020-07-01 0 days 1,851 sqft
    2020-08-01 0 days 1,936 sqft
    2020-09-01 0 days 1,896 sqft
    2020-10-01 0 days 1,880 sqft
    2020-11-01 0 days 1,806 sqft
    2020-12-01 0 days 1,761 sqft
    2021-01-01 0 days 1,782 sqft
    2021-02-01 0 days 1,768 sqft
    2021-03-01 0 days 1,790 sqft
    2021-04-01 0 days 1,781 sqft
    2021-05-01 0 days 1,705 sqft
    2021-06-01 0 days 1,763 sqft
    2021-07-01 0 days 1,808 sqft
    2021-08-01 0 days 1,780 sqft
    2021-09-01 0 days 1,835 sqft
    2021-10-01 0 days 1,839 sqft
    2021-11-01 0 days 1,806 sqft
    2021-12-01 0 days 1,793 sqft
    2022-01-01 0 days 1,746 sqft
    2022-02-01 0 days 1,697 sqft
    2022-03-01 0 days 1,768 sqft
    2022-04-01 0 days 1,934 sqft
    2022-05-01 0 days 1,894 sqft
    2022-06-01 0 days 1,916 sqft
    2022-07-01 0 days 1,928 sqft
    2022-08-01 0 days 1,916 sqft
    2022-09-01 0 days 2,021 sqft
    2022-10-01 0 days 2,006 sqft
    2022-11-01 0 days 1,955 sqft
    2022-12-01 0 days 1,979 sqft
    2023-01-01 0 days 1,938 sqft
    2023-02-01 0 days 2,015 sqft
    2023-03-01 0 days 2,014 sqft
    2023-04-01 0 days 2,014 sqft
    2023-05-01 0 days 2,015 sqft
    2023-06-01 0 days 1,992 sqft
    2023-07-01 0 days 2,011 sqft
    2023-08-01 0 days 2,055 sqft
    2023-09-01 0 days 2,110 sqft
    2023-10-01 0 days 2,018 sqft
    2023-11-01 0 days 1,956 sqft
    2023-12-01 0 days 1,838 sqft
    2024-01-01 0 days 1,774 sqft
    2024-02-01 0 days 1,767 sqft
    2024-03-01 0 days 1,774 sqft
    Michigan City's median listing age (time on market) for 2024-03-01 was 0 days.

    Michigan City's median square footage for active listings during the 2024-03-01 period was 1,774 sqft. One year prior, the average listing was 2,014 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).