South Bend FHA Loan Rates, Closing Costs & Stats

SOUTH BEND-MISHAWAKA, IN-MI

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.

South Bend's 96 lenders originated 806 FHA loans during 2023. The total origination value was $139,110,000, with an average FHA loan value of $172,593.

South Bend FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in South Bend averaged 7.01% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

South Bend's average FHA mortgage closing costs are $5,747.

The average rate for the prior week (2024-04-05) was 6.83% and one month ago for the week of 2024-03-08, the average rate was 6.77%.

The average rate one year ago was 6.4%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.57%.

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

South Bend 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 South Bend level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
CARDINAL FINANCIAL 107 7.31% $8,347
QUICKEN LOANS, LLC 103 6.42% $8,416
HALLMARK HOME MORTGAGE, LLC 78 7.13% $8,586
RUOFF MORTGAGE COMPANY, INC. 76 7.06% $5,687
UNITED WHOLESALE MORTGAGE, LLC 27 6.65% $9,888
FREEDOM MORTGAGE CORPORATION 22 7.10% $10,834
Notre Dame Federal Credit Union Corporation 22 6.89% $5,790
LOANDEPOT.COM, LLC 17 6.60% $10,239
CROSSCOUNTRY MORTGAGE, LLC 14 6.87% $9,062
Mr. Cooper ( Nationstar Mortgage ) 13 6.22% $10,192
ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 6.91% $8,138
NEWREZ LLC 12 6.63% $8,279
PENNYMAC LOAN SERVICES, LLC 11 6.15% $11,203
The Huntington National Bank 10 6.93% $7,329
EVERETT FINANCIAL, INC. 10 6.93% $8,666
TEACHERS CREDIT UNION 10 6.59% $6,029
CHURCHILL MORTGAGE CORPORATION 9 6.72% $8,107
UNION HOME MORTGAGE CORP. 9 7.36% $9,800
JPMorgan Chase Bank 9 7.07% $3,669
BROKER SOLUTIONS, INC. 8 7.17% $8,247
GUARANTEED RATE, INC. 8 6.40% $8,730
LAKEVIEW LOAN SERVICING, LLC 7 6.63% $11,874
Mortgage Research Center, LLC 6 6.83% $4,927
Fifth Third Bank 6 6.94% $3,407
AMERISAVE MORTGAGE CORPORATION 6 6.56% $11,934
Carrington Mortgage Services, LLC 5 6.83% $8,930
MEMBER FIRST MORTGAGE, LLC 5 6.68% $8,012
KeyBank 4 6.50% $7,160
SUCCESS MORTGAGE PARTNERS, INC. 4 7.43% $12,538
AMERICAN FINANCIAL NETWORK, INC. 4 7.31% $9,629
UNITED 4 7.00% $6,228
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 4 6.97% $11,006
1st Source Bank 3 6.88% $6,486
Flagstar Bank, FSB 3 6.58% $8,896
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $9,017
RELIANCE FIRST CAPITAL, LLC 3 6.17% $12,113
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.38% $7,209
Neighborhood Loans, Inc. 2 7.56% $9,903
RANLIFE, INC. 2 6.13% $7,979
ZILLOW HOME LOANS, LLC 2 6.50% $8,933
Horizon Bank 2 6.25% $5,454
INTERCAP LENDING INC. 2 6.25% $9,626
ENDEAVOR CAPITAL, LLC. 2 6.69% $8,239
Northpointe Bank 2 6.94% $6,601
EMM LOANS LLC 2 5.88% $12,929
TOP FLITE FINANCIAL, INC. 2 6.69% $15,642
Ixonia Bank 2 7.25% $9,164
TUCKER MORTGAGE, LLC 2 6.56% $6,359
GUILD MORTGAGE COMPANY 2 6.69% $7,114
Wells Fargo Bank 2 6.75% $9,771
MYCUMORTGAGE, LLC 2 7.19% $12,146
VAN DYK MORTGAGE CORPORATION 2 7.38% $7,416
PHH Mortgage Corporation 2 6.31% $9,920
Nations Lending Corporation 2 7.06% $12,790
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.06% $5,265
COMPASS MORTGAGE, INC. 1 6.75% $16,757
NORTHERN MORTGAGE SERVICES, LLC 1 6.13% $3,713
Colonial Savings, F.A. 1 6.50% $6,578
OCEANSIDE MORTGAGE COMPANY 1 5.25% $7,147
ON Q FINANCIAL, INC. 1 7.13% $10,372
OPEN MORTGAGE, LLC 1 7.50% $8,465
Centier Bank 1 7.25% $9,090
PNC Bank 1 6.25% $5,491
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $5,360
BNC National Bank 1 5.25% $10,682
BAY EQUITY LLC 1 5.63% $7,192
AXIA FINANCIAL, LLC 1 5.88% $6,790
SUN WEST MORTGAGE COMPANY, INC. 1 6.10% $6,107
AmeriHome Mortgage Company, LLC 1 6.13% $4,763
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $7,939
TOWNE MORTGAGE COMPANY 1 6.25% $7,622
AMERICAN FINANCING CORPORATION 1 6.75% $8,260
AMCAP MORTGAGE, LTD. 1 7.25% $15,983
ALLIED MORTGAGE GROUP, INC. 1 7.25% $5,827
V.I.P. MORTGAGE, INC. 1 7.75% $11,028
Flanagan State Bank 1 6.25% $13,579
First Option Mortgage, LLC 1 7.00% $5,840
GSF Mortgage Corporation 1 5.88% $4,522
GVC MORTGAGE, INC. 1 7.63% $5,827
FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $10,107
HOMESIDE FINANCIAL, LLC 1 6.75% $8,331
Honor Credit Union 1 6.88% $5,350
Fidelity Bank 1 7.13% $5,962
Equity Prime Mortgage LLC 1 5.13% $8,741
LIBERTY HOME MORTGAGE CORPORATION 1 7.50% $12,265
MICHIGAN MUTUAL, INC. 1 7.13% $11,248
MILEND, INC. 1 7.38% $13,714
MJW Financial LLC 1 6.63% $8,383
MLB RESIDENTIAL LENDING, LLC 1 6.50% $4,873
MORTGAGE CENTER L.C 1 7.13% $9,493
EMBRACE HOME LOANS, INC. 1 6.49% $7,406
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.13% $21,553
CONTOUR MORTGAGE CORPORATION 1 7.25% $10,014
M&T Bank 1 6.25% $11,328
NATIONS RELIABLE LENDING, LLC 1 7.25% $10,845
NEW DAY FINANCIAL, LLC 1 7.50% $6,679

The top South Bend FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 107 FHA loans originated. Their average total fees are $8,347, which is $69 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee South Bend FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,687), Notre Dame Federal Credit Union Corporation ($5,790), TEACHERS CREDIT UNION ($6,029), The Huntington National Bank ($7,329) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($8,138).

The lowest rate South Bend FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.15%), Mr. Cooper ( Nationstar Mortgage ) (6.22%), QUICKEN LOANS, LLC (6.42%), TEACHERS CREDIT UNION (6.59%) and LOANDEPOT.COM, LLC (6.60%).

South Bend FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SOUTH BEND-MISHAWAKA, IN-MI ST. JOSEPH 2022 $420,680 $538,650 $651,050 $809,150
SOUTH BEND-MISHAWAKA, IN-MI CASS 2022 $420,680 $538,650 $651,050 $809,150
SOUTH BEND-MISHAWAKA, IN-MI ST. JOSEPH 2023 $472,030 $604,400 $730,525 $907,900
SOUTH BEND-MISHAWAKA, IN-MI CASS 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - South Bend (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 $129,900 (23.7%) $215,859 (11.0%) 0.48 963
2018-02-01 $135,000 (23.1%) $226,398 (11.9%) 0.49 885
2018-03-01 $139,500 (16.4%) $237,065 (7.7%) 0.49 827
2018-04-01 $159,900 (23.0%) $254,892 (7.2%) 0.54 810
2018-05-01 $169,900 (13.3%) $261,294 (6.4%) 0.57 855
2018-06-01 $170,000 (9.8%) $263,841 (8.2%) 0.57 936
2018-07-01 $175,725 (17.2%) $259,678 (10.3%) 0.59 1,027
2018-08-01 $174,700 (17.3%) $249,956 (8.4%) 0.59 1,084
2018-09-01 $169,000 (16.6%) $241,650 (5.2%) 0.57 1,119
2018-10-01 $165,000 (13.9%) $242,330 (4.8%) 0.56 1,104
2018-11-01 $159,900 (12.3%) $240,862 (6.4%) 0.54 993
2018-12-01 $151,450 (16.5%) $234,010 (7.9%) 0.52 937
2019-01-01 $154,900 (19.3%) $232,935 (7.9%) 0.54 830
2019-02-01 $162,400 (20.3%) $236,581 (4.5%) 0.55 798
2019-03-01 $184,757 (32.4%) $251,858 (6.2%) 0.60 764
2019-04-01 $209,900 (31.3%) $272,879 (7.1%) 0.67 743
2019-05-01 $223,450 (31.5%) $281,613 (7.8%) 0.70 771
2019-06-01 $220,000 (29.4%) $281,451 (6.7%) 0.69 872
2019-07-01 $218,950 (24.6%) $284,780 (9.7%) 0.69 927
2019-08-01 $206,791 (18.4%) $276,066 (10.5%) 0.65 995
2019-09-01 $194,477 (15.1%) $266,919 (10.5%) 0.62 1,014
2019-10-01 $184,900 (12.1%) $261,314 (7.8%) 0.60 1,018
2019-11-01 $179,900 (12.5%) $262,210 (8.9%) 0.59 921
2019-12-01 $174,900 (15.5%) $258,861 (10.6%) 0.58 849
2020-01-01 $177,450 (14.6%) $257,988 (10.8%) 0.59 744
2020-02-01 $202,450 (24.7%) $271,753 (14.9%) 0.66 667
2020-03-01 $224,800 (21.7%) $289,262 (14.9%) 0.70 663
2020-04-01 $222,875 (6.2%) $287,825 (5.5%) 0.70 678
2020-05-01 $239,950 (7.4%) $305,377 (8.4%) 0.73 656
2020-06-01 $257,425 (17.0%) $317,503 (12.8%) 0.76 589
2020-07-01 $246,250 (12.5%) $311,270 (9.3%) 0.71 586
2020-08-01 $247,900 (19.9%) $312,145 (13.1%) 0.71 576
2020-09-01 $249,450 (28.3%) $310,970 (16.5%) 0.71 528
2020-10-01 $225,000 (21.7%) $297,683 (13.9%) 0.64 547
2020-11-01 $189,925 (5.6%) $276,437 (5.4%) 0.56 521
2020-12-01 $183,169 (4.7%) $262,739 (1.5%) 0.54 477
2021-01-01 $175,000 (-1.4%) $256,681 (-0.5%) 0.52 416
2021-02-01 $195,950 (-3.2%) $297,303 (9.4%) 0.57 312
2021-03-01 $232,350 (3.4%) $334,831 (15.8%) 0.66 275
2021-04-01 $248,475 (11.5%) $383,009 (33.1%) 0.67 259
2021-05-01 $229,950 (-4.2%) $345,499 (13.1%) 0.61 302
2021-06-01 $244,950 (-4.9%) $352,913 (11.2%) 0.64 356
2021-07-01 $234,000 (-5.0%) $351,458 (12.9%) 0.62 405
2021-08-01 $220,000 (-11.3%) $357,719 (14.6%) 0.59 433
2021-09-01 $228,250 (-8.5%) $368,275 (18.4%) 0.61 438
2021-10-01 $223,950 (-0.5%) $361,805 (21.5%) 0.60 432
2021-11-01 $222,500 (17.2%) $340,035 (23.0%) 0.59 373
2021-12-01 $224,450 (22.5%) $329,626 (25.5%) 0.61 310
2022-01-01 $249,900 (42.8%) $360,616 (40.5%) 0.68 244
2022-02-01 $287,000 (46.5%) $400,143 (34.6%) 0.75 223
2022-03-01 $249,900 (7.6%) $386,805 (15.5%) 0.63 242
2022-04-01 $274,900 (10.6%) $421,405 (10.0%) 0.66 259
2022-05-01 $304,925 (32.6%) $427,389 (23.7%) 0.70 312
2022-06-01 $283,450 (15.7%) $424,586 (20.3%) 0.63 382
2022-07-01 $264,900 (13.2%) $392,242 (11.6%) 0.60 463
2022-08-01 $273,225 (24.2%) $382,054 (6.8%) 0.63 477
2022-09-01 $279,900 (22.6%) $397,724 (8.0%) 0.65 491
2022-10-01 $275,000 (22.8%) $410,430 (13.4%) 0.65 514
2022-11-01 $284,900 (28.0%) $423,804 (24.6%) 0.68 512
2022-12-01 $277,450 (23.6%) $412,621 (25.2%) 0.69 476
2023-01-01 $299,738 (19.9%) $414,787 (15.0%) 0.74 415
2023-02-01 $294,425 (2.6%) $422,711 (5.6%) 0.71 371
2023-03-01 $319,950 (28.0%) $445,710 (15.2%) 0.75 346
2023-04-01 $299,950 (9.1%) $446,537 (6.0%) 0.70 340
2023-05-01 $323,450 (6.1%) $457,011 (6.9%) 0.73 386
2023-06-01 $292,450 (3.2%) $434,202 (2.3%) 0.66 417
2023-07-01 $289,900 (9.4%) $429,712 (9.6%) 0.66 417
2023-08-01 $271,750 (-0.5%) $398,801 (4.4%) 0.62 454
2023-09-01 $259,900 (-7.2%) $376,159 (-5.4%) 0.61 520
2023-10-01 $252,475 (-8.2%) $368,878 (-10.1%) 0.59 583
2023-11-01 $234,900 (-17.6%) $353,830 (-16.5%) 0.56 593
2023-12-01 $220,000 (-20.7%) $344,957 (-16.4%) 0.54 551
2024-01-01 $212,425 (-29.1%) $343,894 (-17.1%) 0.52 501
2024-02-01 $225,000 (-23.6%) $361,435 (-14.5%) 0.54 469
2024-03-01 $239,000 (-25.3%) $367,545 (-17.5%) 0.56 462
South Bend's median listing price for 2024-03-01 was $239,000, a difference of $-80,950 (-25.3%) versus the prior year and $14,000 versus the prior month.

South Bend's median listing price comes in at 56% of the national average.

South Bend's average listing price for 2024-03-01 was $367,545, a difference of $-78,165 (-17.5%) versus the prior year and $6,110 versus the prior month.

For the 2024-03-01 period, South Bend had 462 MLS listings, a difference of -7 listings (-1%) versus the prior month and 116 listings (34%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - South Bend (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 87 days 1,632 sqft
2018-02-01 90 days 1,615 sqft
2018-03-01 66 days 1,636 sqft
2018-04-01 55 days 1,706 sqft
2018-05-01 43 days 1,730 sqft
2018-06-01 40 days 1,772 sqft
2018-07-01 44 days 1,794 sqft
2018-08-01 46 days 1,783 sqft
2018-09-01 51 days 1,750 sqft
2018-10-01 60 days 1,746 sqft
2018-11-01 70 days 1,738 sqft
2018-12-01 74 days 1,700 sqft
2019-01-01 80 days 1,696 sqft
2019-02-01 76 days 1,721 sqft
2019-03-01 65 days 1,771 sqft
2019-04-01 51 days 1,824 sqft
2019-05-01 47 days 1,900 sqft
2019-06-01 45 days 1,938 sqft
2019-07-01 48 days 1,920 sqft
2019-08-01 50 days 1,886 sqft
2019-09-01 55 days 1,838 sqft
2019-10-01 57 days 1,800 sqft
2019-11-01 65 days 1,729 sqft
2019-12-01 76 days 1,725 sqft
2020-01-01 84 days 1,711 sqft
2020-02-01 81 days 1,804 sqft
2020-03-01 57 days 1,814 sqft
2020-04-01 56 days 1,789 sqft
2020-05-01 61 days 1,830 sqft
2020-06-01 58 days 1,941 sqft
2020-07-01 47 days 1,900 sqft
2020-08-01 47 days 1,920 sqft
2020-09-01 47 days 1,980 sqft
2020-10-01 41 days 1,868 sqft
2020-11-01 45 days 1,737 sqft
2020-12-01 51 days 1,624 sqft
2021-01-01 61 days 1,620 sqft
2021-02-01 66 days 1,632 sqft
2021-03-01 40 days 1,648 sqft
2021-04-01 33 days 1,725 sqft
2021-05-01 25 days 1,663 sqft
2021-06-01 24 days 1,788 sqft
2021-07-01 30 days 1,800 sqft
2021-08-01 32 days 1,722 sqft
2021-09-01 36 days 1,663 sqft
2021-10-01 38 days 1,656 sqft
2021-11-01 47 days 1,646 sqft
2021-12-01 58 days 1,654 sqft
2022-01-01 58 days 1,820 sqft
2022-02-01 39 days 1,835 sqft
2022-03-01 30 days 1,800 sqft
2022-04-01 26 days 1,826 sqft
2022-05-01 19 days 1,872 sqft
2022-06-01 24 days 1,898 sqft
2022-07-01 25 days 1,900 sqft
2022-08-01 32 days 1,859 sqft
2022-09-01 36 days 1,838 sqft
2022-10-01 36 days 1,847 sqft
2022-11-01 43 days 1,811 sqft
2022-12-01 52 days 1,800 sqft
2023-01-01 65 days 1,806 sqft
2023-02-01 63 days 1,767 sqft
2023-03-01 53 days 1,833 sqft
2023-04-01 36 days 1,800 sqft
2023-05-01 30 days 1,833 sqft
2023-06-01 32 days 1,808 sqft
2023-07-01 37 days 1,833 sqft
2023-08-01 35 days 1,764 sqft
2023-09-01 37 days 1,691 sqft
2023-10-01 37 days 1,725 sqft
2023-11-01 45 days 1,684 sqft
2023-12-01 57 days 1,621 sqft
2024-01-01 60 days 1,595 sqft
2024-02-01 59 days 1,600 sqft
2024-03-01 45 days 1,624 sqft
South Bend's median listing age (time on market) for 2024-03-01 was 45 days. This is -15% shorter than the same period one year ago.

South Bend's median square footage for active listings during the 2024-03-01 period was 1,624 sqft. One year prior, the average listing was 1,833 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).