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 105 lenders originated 932 FHA loans during 2024. The total origination value was $177,070,000, with an average FHA loan value of $189,989.

    South Bend FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in South Bend averaged 0.19% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    South Bend's average FHA mortgage closing costs are $6,076.

    The average rate for the prior week (2025-06-13) was 6.77% and one month ago for the week of 2025-05-16, the average rate was 7.13%.

    The average rate one year ago was 7.28%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.54%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 110 6.84% $5,670
    QUICKEN LOANS, LLC 103 6.42% $9,135
    HALLMARK HOME MORTGAGE, LLC 101 6.85% $8,896
    CARDINAL FINANCIAL 64 7.28% $8,164
    FREEDOM MORTGAGE CORPORATION 43 6.53% $8,703
    UNITED WHOLESALE MORTGAGE, LLC 34 6.22% $10,555
    Notre Dame Federal Credit Union Corporation 31 6.68% $6,512
    TEACHERS CREDIT UNION 27 6.22% $6,593
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 19 6.49% $7,904
    LOANDEPOT.COM, LLC 18 6.26% $11,374
    UNION HOME MORTGAGE CORP. 13 7.12% $10,764
    Carrington Mortgage Services, LLC 12 6.44% $9,533
    Flagstar Bank, FSB 10 6.61% $7,898
    CHURCHILL MORTGAGE CORPORATION 9 6.93% $10,176
    1st Source Bank 9 6.92% $6,341
    BROKER SOLUTIONS, INC. 9 6.90% $10,248
    GVC MORTGAGE, INC. 9 6.60% $7,734
    MUTUAL OF OMAHA MORTGAGE, INC. 9 6.54% $10,745
    PENNYMAC LOAN SERVICES, LLC 8 6.23% $8,688
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.04% $6,830
    Prosperity Home Mortgage, LLC 7 6.36% $8,384
    Mr. Cooper ( Nationstar Mortgage ) 6 6.44% $10,529
    EVERETT FINANCIAL, INC. 6 7.27% $8,471
    CROSSCOUNTRY MORTGAGE, LLC 5 7.03% $7,223
    ENDEAVOR CAPITAL, LLC. 5 6.35% $9,111
    POLARIS HOME FUNDING CORP. 5 6.65% $11,684
    AMERICAN FINANCIAL NETWORK, INC. 5 6.40% $11,220
    GUARANTEED RATE, INC. 5 6.74% $11,994
    The Huntington National Bank 4 6.59% $9,112
    Equity Prime Mortgage LLC 4 7.38% $12,131
    Honor Credit Union 4 6.78% $7,435
    Horizon Bank 4 6.53% $5,397
    LAKEVIEW LOAN SERVICING, LLC 4 6.22% $7,278
    NEWREZ LLC 4 6.28% $8,119
    ON Q FINANCIAL, INC. 4 7.00% $6,571
    SOUTHWEST FUNDING, LP 4 7.16% $11,568
    AMERISAVE MORTGAGE CORPORATION 3 6.13% $19,351
    ROYAL UNITED MORTGAGE LLC 3 7.04% $6,992
    RELIANCE FIRST CAPITAL, LLC 3 6.46% $11,410
    Centier Bank 3 6.75% $5,186
    Mortgage Research Center, LLC 3 6.71% $4,812
    VAN DYK MORTGAGE CORPORATION 3 6.58% $9,589
    ZILLOW HOME LOANS, LLC 3 6.04% $6,704
    JPMorgan Chase Bank 3 6.00% $4,447
    Fifth Third Bank 3 6.04% $9,054
    LOANPAL, LLC 3 6.38% $8,878
    AmeriHome Mortgage Company, LLC 3 6.79% $5,671
    UNITED MORTGAGE CORP 2 6.75% $9,971
    Ixonia Bank 2 6.31% $9,294
    KeyBank 2 6.25% $7,158
    VILLAGE CAPITAL MORTGAGE 2 6.12% $5,310
    MEMBER FIRST MORTGAGE, LLC 2 7.13% $5,403
    Northpointe Bank 2 7.19% $10,876
    Paramount Residential Mortgage Group, Inc. 2 6.63% $8,349
    PHH Mortgage Corporation 2 6.31% $11,700
    PLANET HOME LENDING, LLC 2 6.50% $4,339
    PLAZA HOME MORTGAGE, INC. 2 6.31% $12,238
    POINT Mortgage 2 6.44% $6,680
    STOCKTON MORTGAGE CORPORATION 2 6.44% $11,805
    SUN WEST MORTGAGE COMPANY, INC. 2 5.94% $9,345
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.88% $14,984
    UNITED 2 5.88% $12,199
    FIRST COMMUNITY MORTGAGE, INC. 2 6.81% $8,018
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.88% $7,919
    OCEANSIDE MORTGAGE COMPANY 1 6.13% $5,263
    Old National Bank 1 6.25% $5,780
    Wells Fargo Bank 1 6.88% $13,985
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.63% $5,585
    Citizens Bank 1 5.13% $13,951
    INOVA FEDERAL CREDIT UNION 1 7.13% $2,317
    ALAMEDA MORTGAGE CORPORATION 1 5.88% $6,923
    U.S. Bank 1 6.75% $4,916
    GUARANTEED RATE AFFINITY, LLC 1 7.13% $7,465
    MILEND, INC. 1 6.50% $15,377
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.25% $6,651
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $18,062
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.63% $6,679
    BETTER MORTGAGE CORPORATION 1 5.75% $11,820
    Barrington Bank & Trust Company, N.A. 1 6.25% $6,180
    Regions Bank 1 6.63% $6,284
    MID AMERICA MORTGAGE, INC. 1 5.75% $2,944
    MICHIGAN MUTUAL, INC. 1 6.75% $12,442
    Mercantile Bank of Michigan 1 7.25% $5,876
    SOUTH CENTRAL BANK, INC. 1 6.50% $7,199
    LAKE MICHIGAN CREDIT UNION 1 6.13% $10,817
    STAUNTON FINANCIAL, INC. 1 6.63% $5,563
    GENEVA FINANCIAL, LLC 1 7.75% $3,581
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $9,962
    JLB CORPORATION 1 5.99% $7,141
    T2 FINANCIAL LLC 1 6.25% $9,961
    J. VIRGIL, INC. 1 7.13% $9,309
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $5,785
    The Loan Store, Inc. 1 5.75% $15,485
    TOWNE MORTGAGE COMPANY 1 7.63% $9,586
    MJW Financial LLC 1 6.49% $6,570
    MOVEMENT MORTGAGE, LLC 1 6.99% $7,672
    EMM LOANS LLC 1 6.25% $16,589
    DIRECT MORTGAGE LOANS, LLC 1 6.63% $14,743
    Nations Lending Corporation 1 5.13% $22,459
    NATIONS RELIABLE LENDING, LLC 1 7.25% $11,325
    NBKC BANK 1 6.13% $9,366
    NETWORK CAPITAL FUNDING CORPORATION 1 7.25% $7,687
    V.I.P. MORTGAGE, INC. 1 6.75% $5,882
    AMERICAN FINANCING CORPORATION 1 5.75% $10,324
    Northwest Bank 1 6.38% $6,808

    The top South Bend FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 110 FHA loans originated. Their average total fees are $5,670, which is $3,465 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. ($5,670), Notre Dame Federal Credit Union Corporation ($6,512), TEACHERS CREDIT UNION ($6,593), Flagstar Bank, FSB ($7,898) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,904).

    The lowest rate South Bend FHA lenders (with over 10 loans originated) are TEACHERS CREDIT UNION (6.22%), UNITED WHOLESALE MORTGAGE, LLC (6.22%), LOANDEPOT.COM, LLC (6.26%), QUICKEN LOANS, LLC (6.42%) and Carrington Mortgage Services, LLC (6.44%).

    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

    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).