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
0.47%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
South Bend's average FHA mortgage closing costs are $5,747.
The average rate for the prior week (2024-11-22) was
6.56% and
one month ago for the week of 2024-10-25, the
average rate was 6.34%.
The average rate one year ago was 7.53%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.17%.
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.
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. LouisDate | 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 |
2024-04-01 | $269,450 (-10.2%) | $388,301 (-13.0%) | 0.63 | 472 |
2024-05-01 | $299,500 (-7.4%) | $413,451 (-9.5%) | 0.68 | 472 |
2024-06-01 | $319,900 (9.4%) | $427,433 (-1.6%) | 0.72 | 514 |
2024-07-01 | $281,750 (-2.8%) | $386,647 (-10.0%) | 0.64 | 609 |
2024-08-01 | $265,900 (-2.2%) | $368,583 (-7.6%) | 0.62 | 717 |
2024-09-01 | $263,725 (1.5%) | $364,718 (-3.0%) | 0.62 | 752 |
2024-10-01 | $263,125 (4.2%) | $355,919 (-3.5%) | 0.62 | 779 |
South Bend's median listing price comes in at 62% of the national average.
South Bend's average listing price for 2024-10-01 was $355,919, a difference of $-12,959 (-3.5%) versus the prior year and $-8,799 versus the prior month.
For the 2024-10-01 period, South Bend had 779 MLS listings, a difference of 27 listings (4%) versus the prior month and 196 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. LouisDate | 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 | 1,620 sqft |
2024-04-01 | 38 days | 1,691 sqft |
2024-05-01 | 36 days | 1,733 sqft |
2024-06-01 | 37 days | 1,818 sqft |
2024-07-01 | 36 days | 1,738 sqft |
2024-08-01 | 36 days | 1,728 sqft |
2024-09-01 | 43 days | 1,728 sqft |
2024-10-01 | 46 days | 1,717 sqft |
South Bend's median square footage for active listings during the 2024-10-01 period was 1,717 sqft. One year prior, the average listing was 1,725 sqft.