South Bend FHA Loan Rates, Closing Costs & Stats

SOUTH BEND-MISHAWAKA, IN-MI

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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.

    South Bend's 114 lenders originated 1,471 FHA loans during 2021. The total origination value was $232,805,000, with an average FHA loan value of $158,263.

    South Bend FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in South Bend averaged 6.02% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    South Bend's average FHA mortgage closing costs are $5,025.

    The average rate for the prior week (2023-01-20) was 6.29% and one month ago for the week of 2022-12-23, the average rate was 6.38%.

    The average rate one year ago was 3.67%.

    For refis of the same type during the week of 2023-01-27, the average rate was 6.05%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 218 2.81% $5,135
    HALLMARK HOME MORTGAGE, LLC 170 3.39% $6,542
    RUOFF MORTGAGE COMPANY, INC. 162 3.31% $4,305
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 125 3.60% $6,806
    FREEDOM MORTGAGE CORPORATION 55 3.06% $3,788
    Mr. Cooper ( Nationstar Mortgage ) 32 3.44% $2,621
    Notre Dame Federal Credit Union Corporation 25 2.81% $4,992
    GUARANTEED RATE, INC. 23 3.17% $6,038
    AMERIFIRST FINANCIAL CORPORATION 23 4.20% $7,163
    1st Source Bank 22 3.14% $4,256
    UNITED 21 2.93% $5,440
    UNITED WHOLESALE MORTGAGE, LLC 21 2.75% $5,093
    PENNYMAC LOAN SERVICES, LLC 19 3.20% $3,731
    CALIBER HOME LOANS, INC. 14 3.00% $4,251
    Horizon Bank 13 3.46% $5,841
    BROKER SOLUTIONS, INC. 13 3.32% $7,473
    NEWREZ LLC 13 3.03% $4,060
    Flagstar Bank, FSB 13 3.00% $5,528
    LAKEVIEW LOAN SERVICING, LLC 12 3.04% $4,046
    CROSSCOUNTRY MORTGAGE, LLC 12 3.47% $6,828
    AMERICAN FINANCIAL NETWORK, INC. 10 3.36% $7,411
    VAN DYK MORTGAGE CORPORATION 9 3.32% $5,757
    VILLAGE CAPITAL MORTGAGE 9 3.21% $1,997
    CELEBRITY HOME LOANS, LLC 9 3.40% $6,637
    Carrington Mortgage Services, LLC 7 3.88% $5,553
    PLANET HOME LENDING, LLC 7 2.77% $4,321
    AMERISAVE MORTGAGE CORPORATION 7 3.34% $6,825
    Bank of England 7 3.55% $6,778
    The Huntington National Bank 6 3.17% $4,988
    OCEANSIDE MORTGAGE COMPANY 6 2.95% $2,438
    EVERETT FINANCIAL, INC. 6 4.27% $4,467
    AmeriHome Mortgage Company, LLC 6 3.19% $3,274
    PLAZA HOME MORTGAGE, INC. 5 2.77% $5,601
    MEMBER FIRST MORTGAGE, LLC 5 3.00% $5,559
    Fifth Third Bank 5 3.13% $4,600
    SUCCESS MORTGAGE PARTNERS, INC. 5 3.48% $9,276
    First Option Mortgage, LLC 5 3.18% $6,416
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.60% $5,498
    UNION HOME MORTGAGE CORP. 5 3.15% $5,342
    JPMorgan Chase Bank 5 3.05% $4,225
    Centier Bank 5 3.23% $3,718
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 3.44% $6,917
    GVC MORTGAGE, INC. 4 3.22% $5,442
    Paramount Residential Mortgage Group, Inc. 4 3.31% $6,849
    ROYAL UNITED MORTGAGE LLC 4 3.44% $5,477
    MID AMERICA MORTGAGE, INC. 4 3.38% $5,222
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.19% $4,976
    LOANDEPOT.COM, LLC 3 3.54% $4,814
    Northwest Bank 3 3.17% $5,186
    FINANCE OF AMERICA MORTGAGE LLC 3 3.29% $8,809
    FIRST CENTENNIAL MORTGAGE CORPORATION 3 3.33% $5,975
    First Guaranty Mortgage Corporation 3 3.13% $3,681
    SUN WEST MORTGAGE COMPANY, INC. 3 2.88% $4,060
    V.I.P. MORTGAGE, INC. 3 3.13% $6,842
    HOMESIDE FINANCIAL, LLC 3 3.42% $5,309
    Hometown Lenders, Inc. 3 3.33% $8,169
    INOVA FEDERAL CREDIT UNION 3 3.00% $4,558
    HOME POINT FINANCIAL CORPORATION 2 2.94% $4,452
    HANCOCK MORTGAGE PARTNERS, LLC 2 3.44% $8,907
    GUILD MORTGAGE COMPANY 2 3.31% $5,919
    LEADERONE FINANCIAL CORPORATION 2 2.94% $4,199
    ZILLOW HOME LOANS, LLC 2 3.56% $7,507
    SOUTHWEST FUNDING, LP 2 4.13% $5,507
    Magnolia Bank 2 3.06% $9,094
    RESIDENTIAL MORTGAGE SERVICES, INC. 2 3.00% $6,017
    RELIANCE FIRST CAPITAL, LLC 2 3.13% $7,667
    COMPASS MORTGAGE, INC. 2 3.63% $5,905
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.50% $5,133
    AMERICAN FINANCING CORPORATION 2 2.75% $8,921
    Nations Lending Corporation 2 2.63% $6,191
    M&T Bank 1 2.88% $5,558
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.00% $5,017
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.63% $5,631
    ANGEL OAK HOME LOANS LLC 1 3.38% $8,702
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.75% $7,235
    Bank of America 1 3.38% $4,665
    Barrington Bank & Trust Company, N.A. 1 3.25% $4,141
    BAYSHORE MORTGAGE FUNDING, LLC 1 4.75% $8,708
    BETTER MORTGAGE CORPORATION 1 3.25% $4,432
    BLUELEAF LENDING, LLC 1 2.50% $5,312
    CHURCHILL MORTGAGE CORPORATION 1 3.50% $5,218
    CityWorth Mortgage LLC 1 3.00% $7,494
    CONTOUR MORTGAGE CORPORATION 1 3.63% $6,276
    DIRECT MORTGAGE LOANS, LLC 1 3.25% $8,694
    EMBRACE HOME LOANS, INC. 1 3.25% $8,402
    EMM LOANS LLC 1 2.50% $14,174
    FAIR WAY LENDING LLC 1 3.38% $4,913
    First Federal Savings Bank 1 3.00% $7,009
    Florida Capital Bank 1 2.75% $10,496
    InterContinental Capital Group, Inc 1 2.75% $4,815
    KeyBank 1 2.75% $4,283
    LAKE MICHIGAN CREDIT UNION 1 2.75% $4,728
    Lakeview Community Capital, LLC 1 2.88% $3,609
    Loan Simple, Inc. 1 4.63% $6,526
    Midwest Mortgage Associates Corporation 1 3.38% $5,051
    MORTGAGE 1 INCORPORATED 1 3.25% $9,137
    Mortgage Research Center, LLC 1 3.25% $2,111
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $9,655
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $8,905
    NORTHERN MORTGAGE SERVICES, LLC 1 3.00% $1,397
    NORWICH COMMERCIAL GROUP, INC. 1 4.25% $4,228
    Old National Bank 1 3.38% $6,429
    OPEN MORTGAGE, LLC 1 2.75% $5,920
    PANORAMA MORTGAGE GROUP, LLC 1 4.25% $7,203
    Peoples Bank 1 3.75% $9,427
    PNC Bank 1 2.88% $4,337
    RANLIFE, INC. 1 2.75% $5,935
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $11,228
    TEACHERS CREDIT UNION 1 2.88% $4,367
    TOP FLITE FINANCIAL, INC. 1 3.75% $5,335
    Union Savings Bank 1 3.00% $6,547
    UNITED SECURITY FINANCIAL CORP 1 2.99% $3,816
    Waterstone Mortgage Corporation 1 3.38% $5,522
    Wyndham Capital Mortgage, Inc. 1 3.38% $3,712

    The top South Bend FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 218 FHA loans originated. Their average total fees are $5,135, which is $1,407 lower than the next largest lender, HALLMARK HOME MORTGAGE, LLC.

    The lowest fee South Bend FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,621), PENNYMAC LOAN SERVICES, LLC ($3,731), FREEDOM MORTGAGE CORPORATION ($3,788), LAKEVIEW LOAN SERVICING, LLC ($4,046) and NEWREZ LLC ($4,060).

    The lowest rate South Bend FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.75%), Notre Dame Federal Credit Union Corporation (2.81%), QUICKEN LOANS, LLC (2.81%), UNITED (2.93%) and CALIBER HOME LOANS, INC. (3.00%).

    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

    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%) 0.58 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%) 0.53 830
    2019-02-01 $162,400 (20.3%) $236,581 (4.5%) 0.55 798
    2019-03-01 $184,757 (32.4%) $251,674 (6.2%) 0.60 765
    2019-04-01 $209,650 (31.1%) $272,573 (6.9%) 0.67 745
    2019-05-01 $222,925 (31.2%) $281,296 (7.7%) 0.70 775
    2019-06-01 $219,900 (29.4%) $280,981 (6.5%) 0.69 875
    2019-07-01 $218,550 (24.4%) $284,311 (9.5%) 0.68 930
    2019-08-01 $206,700 (18.3%) $275,700 (10.3%) 0.65 999
    2019-09-01 $194,325 (15.0%) $266,658 (10.4%) 0.62 1,017
    2019-10-01 $184,800 (12.0%) $261,126 (7.8%) 0.60 1,022
    2019-11-01 $179,700 (12.4%) $262,001 (8.8%) 0.59 925
    2019-12-01 $174,450 (15.2%) $258,659 (10.5%) 0.58 853
    2020-01-01 $176,575 (14.0%) $257,855 (10.7%) 0.59 748
    2020-02-01 $199,950 (23.1%) $271,417 (14.7%) 0.65 671
    2020-03-01 $224,575 (21.6%) $288,823 (14.8%) 0.70 667
    2020-04-01 $220,623 (5.2%) $287,396 (5.4%) 0.69 682
    2020-05-01 $239,900 (7.6%) $304,831 (8.4%) 0.73 660
    2020-06-01 $254,925 (15.9%) $316,719 (12.7%) 0.75 592
    2020-07-01 $246,225 (12.7%) $310,621 (9.3%) 0.71 590
    2020-08-01 $247,500 (19.7%) $311,474 (13.0%) 0.71 580
    2020-09-01 $248,400 (27.8%) $311,390 (16.8%) 0.71 532
    2020-10-01 $225,000 (21.8%) $297,082 (13.8%) 0.64 551
    2020-11-01 $189,900 (5.7%) $275,944 (5.3%) 0.55 525
    2020-12-01 $180,950 (3.7%) $262,342 (1.4%) 0.54 481
    2021-01-01 $174,900 (-1.0%) $256,174 (-0.7%) 0.52 420
    2021-02-01 $194,950 (-2.5%) $296,299 (9.2%) 0.57 316
    2021-03-01 $229,850 (2.4%) $333,188 (15.4%) 0.65 279
    2021-04-01 $241,000 (9.2%) $380,578 (32.4%) 0.65 263
    2021-05-01 $229,900 (-4.2%) $343,888 (12.8%) 0.61 306
    2021-06-01 $244,925 (-3.9%) $351,459 (11.0%) 0.64 360
    2021-07-01 $233,900 (-5.0%) $350,120 (12.7%) 0.62 409
    2021-08-01 $219,975 (-11.1%) $356,475 (14.5%) 0.59 437
    2021-09-01 $226,350 (-8.9%) $366,963 (17.9%) 0.60 442
    2021-10-01 $221,500 (-1.6%) $360,504 (21.4%) 0.59 436
    2021-11-01 $222,450 (17.1%) $338,715 (22.8%) 0.59 377
    2021-12-01 $223,950 (23.8%) $328,278 (25.1%) 0.61 314
    2022-01-01 $249,450 (42.6%) $358,241 (39.8%) 0.67 248
    2022-02-01 $283,425 (45.4%) $397,038 (34.0%) 0.74 227
    2022-03-01 $249,450 (8.5%) $384,575 (15.4%) 0.62 246
    2022-04-01 $271,200 (12.5%) $418,247 (9.9%) 0.65 263
    2022-05-01 $302,400 (31.5%) $424,666 (23.5%) 0.69 316
    2022-06-01 $282,450 (15.3%) $422,896 (20.3%) 0.63 385
    2022-07-01 $264,900 (13.3%) $390,819 (11.6%) 0.60 467
    2022-08-01 $271,750 (23.5%) $380,732 (6.8%) 0.63 481
    2022-09-01 $279,900 (23.7%) $396,879 (8.2%) 0.66 495
    2022-10-01 $275,000 (24.2%) $408,951 (13.4%) 0.65 518
    2022-11-01 $284,650 (28.0%) $422,325 (24.7%) 0.68 516
    2022-12-01 $274,900 (22.8%) $404,332 (23.2%) 0.69 490
    South Bend's median listing price for 2022-12-01 was $274,900, a difference of $50,950 (22.8%) versus the prior year and $-9,750 versus the prior month.

    South Bend's median listing price comes in at 69% of the national average.

    South Bend's average listing price for 2022-12-01 was $404,332, a difference of $76,054 (23.2%) versus the prior year and $-17,993 versus the prior month.

    For the 2022-12-01 period, South Bend had 490 MLS listings, a difference of -26 listings (-5%) versus the prior month and 176 listings (56%) 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 92 days 1,632 sqft
    2018-02-01 95 days 1,615 sqft
    2018-03-01 73 days 1,636 sqft
    2018-04-01 59 days 1,706 sqft
    2018-05-01 46 days 1,730 sqft
    2018-06-01 44 days 1,772 sqft
    2018-07-01 46 days 1,794 sqft
    2018-08-01 50 days 1,783 sqft
    2018-09-01 54 days 1,750 sqft
    2018-10-01 63 days 1,746 sqft
    2018-11-01 72 days 1,738 sqft
    2018-12-01 78 days 1,700 sqft
    2019-01-01 82 days 1,696 sqft
    2019-02-01 82 days 1,721 sqft
    2019-03-01 69 days 1,771 sqft
    2019-04-01 54 days 1,825 sqft
    2019-05-01 51 days 1,900 sqft
    2019-06-01 48 days 1,931 sqft
    2019-07-01 51 days 1,919 sqft
    2019-08-01 52 days 1,884 sqft
    2019-09-01 56 days 1,837 sqft
    2019-10-01 59 days 1,800 sqft
    2019-11-01 67 days 1,729 sqft
    2019-12-01 80 days 1,727 sqft
    2020-01-01 90 days 1,713 sqft
    2020-02-01 92 days 1,804 sqft
    2020-03-01 66 days 1,814 sqft
    2020-04-01 60 days 1,789 sqft
    2020-05-01 66 days 1,830 sqft
    2020-06-01 67 days 1,937 sqft
    2020-07-01 56 days 1,900 sqft
    2020-08-01 54 days 1,920 sqft
    2020-09-01 53 days 1,970 sqft
    2020-10-01 44 days 1,868 sqft
    2020-11-01 49 days 1,737 sqft
    2020-12-01 56 days 1,624 sqft
    2021-01-01 67 days 1,620 sqft
    2021-02-01 72 days 1,632 sqft
    2021-03-01 45 days 1,648 sqft
    2021-04-01 37 days 1,725 sqft
    2021-05-01 28 days 1,663 sqft
    2021-06-01 25 days 1,788 sqft
    2021-07-01 32 days 1,800 sqft
    2021-08-01 35 days 1,722 sqft
    2021-09-01 38 days 1,663 sqft
    2021-10-01 39 days 1,654 sqft
    2021-11-01 48 days 1,641 sqft
    2021-12-01 62 days 1,649 sqft
    2022-01-01 64 days 1,821 sqft
    2022-02-01 45 days 1,835 sqft
    2022-03-01 32 days 1,800 sqft
    2022-04-01 30 days 1,826 sqft
    2022-05-01 22 days 1,872 sqft
    2022-06-01 25 days 1,903 sqft
    2022-07-01 28 days 1,905 sqft
    2022-08-01 33 days 1,862 sqft
    2022-09-01 37 days 1,838 sqft
    2022-10-01 37 days 1,847 sqft
    2022-11-01 44 days 1,811 sqft
    2022-12-01 58 days 1,793 sqft
    South Bend's median listing age (time on market) for 2022-12-01 was 58 days. This is -6% shorter than the same period one year ago.

    South Bend's median square footage for active listings during the 2022-12-01 period was 1,793 sqft. One year prior, the average listing was 1,649 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).