South Bend FHA Loans

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 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 5.4% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.23% and one month ago for the week of 2022-04-08, the average rate was 4.89%.

The average rate one year ago was 3%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.02%.

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

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 (21.4%) $209,535 (7.9%) 0.48 979
2018-02-01 $133,200 (21.1%) $218,123 (8.6%) 0.48 906
2018-03-01 $139,900 (14.8%) $230,055 (5.1%) 0.48 849
2018-04-01 $157,400 (21.2%) $244,493 (4.4%) 0.53 840
2018-05-01 $169,950 (15.0%) $252,535 (3.8%) 0.57 888
2018-06-01 $169,900 (11.5%) $255,544 (7.1%) 0.57 963
2018-07-01 $176,950 (18.1%) $257,750 (12.3%) 0.59 1,053
2018-08-01 $175,000 (17.0%) $246,290 (9.2%) 0.58 1,107
2018-09-01 $167,000 (15.2%) $238,504 (6.5%) 0.56 1,147
2018-10-01 $159,950 (13.0%) $237,673 (5.2%) 0.53 1,121
2018-11-01 $155,825 (11.4%) $234,533 (6.7%) 0.52 1,009
2018-12-01 $154,777 (19.1%) $228,603 (9.2%) 0.53 949
2019-01-01 $153,450 (18.1%) $225,930 (7.8%) 0.53 846
2019-02-01 $162,400 (21.9%) $232,919 (6.8%) 0.54 818
2019-03-01 $184,800 (32.1%) $250,484 (8.9%) 0.60 784
2019-04-01 $210,000 (33.4%) $270,349 (10.6%) 0.66 755
2019-05-01 $229,000 (34.8%) $280,361 (11.0%) 0.71 784
2019-06-01 $220,900 (30.0%) $278,769 (9.1%) 0.68 891
2019-07-01 $222,200 (25.6%) $280,372 (8.8%) 0.69 954
2019-08-01 $204,814 (17.0%) $265,404 (7.8%) 0.64 1,095
2019-09-01 $189,900 (13.7%) $254,935 (6.9%) 0.60 1,113
2019-10-01 $184,950 (15.6%) $256,517 (7.9%) 0.59 1,021
2019-11-01 $179,000 (14.9%) $255,363 (8.9%) 0.58 925
2019-12-01 $172,400 (11.4%) $250,714 (9.7%) 0.57 853
2020-01-01 $179,700 (17.1%) $249,055 (10.2%) 0.60 750
2020-02-01 $214,900 (32.3%) $270,982 (16.3%) 0.69 672
2020-03-01 $222,500 (20.4%) $283,543 (13.2%) 0.70 654
2020-04-01 $221,950 (5.7%) $284,872 (5.4%) 0.69 673
2020-05-01 $239,900 (4.8%) $306,327 (9.3%) 0.73 652
2020-06-01 $252,450 (14.3%) $315,061 (13.0%) 0.74 583
2020-07-01 $244,950 (10.2%) $304,842 (8.7%) 0.70 576
2020-08-01 $247,400 (20.8%) $305,976 (15.3%) 0.71 575
2020-09-01 $249,450 (31.4%) $308,341 (21.0%) 0.71 523
2020-10-01 $224,500 (21.4%) $294,642 (14.9%) 0.64 543
2020-11-01 $192,400 (7.5%) $273,929 (7.3%) 0.55 528
2020-12-01 $182,450 (5.8%) $261,705 (4.4%) 0.54 494
2021-01-01 $175,000 (-2.6%) $258,257 (3.7%) 0.51 431
2021-02-01 $207,400 (-3.5%) $302,499 (11.6%) 0.60 323
2021-03-01 $230,000 (3.4%) $333,711 (17.7%) 0.64 285
2021-04-01 $234,500 (5.7%) $382,191 (34.2%) 0.63 262
2021-05-01 $225,000 (-6.2%) $352,475 (15.1%) 0.59 306
2021-06-01 $245,000 (-3.0%) $354,075 (12.4%) 0.64 359
2021-07-01 $239,950 (-2.0%) $354,140 (16.2%) 0.62 400
2021-08-01 $224,700 (-9.2%) $364,879 (19.3%) 0.59 434
2021-09-01 $221,950 (-11.0%) $360,665 (17.0%) 0.58 447
2021-10-01 $219,000 (-2.5%) $354,851 (20.4%) 0.58 428
2021-11-01 $222,400 (15.6%) $339,694 (24.0%) 0.59 376
2021-12-01 $223,500 (22.5%) $330,983 (26.5%) 0.60 312
2022-01-01 $249,900 (42.8%) $365,849 (41.7%) 0.67 245
2022-02-01 $287,000 (38.4%) $393,105 (30.0%) 0.73 223
2022-03-01 $249,900 (8.7%) $379,521 (13.7%) 0.62 240
2022-04-01 $269,500 (14.9%) $410,842 (7.5%) 0.63 256
South Bend's median listing price for 2022-04-01 was $269,500, a difference of $35,000 (14.9%) versus the prior year and $19,600 versus the prior month.

South Bend's median listing price comes in at 63% of the national average.

South Bend's average listing price for 2022-04-01 was $410,842, a difference of $28,651 (7.5%) versus the prior year and $31,321 versus the prior month.

For the 2022-04-01 period, South Bend had 256 MLS listings, a difference of 16 listings (7%) versus the prior month and -6 listings (-2%) 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 93 days 1,636 sqft
2018-02-01 94 days 1,622 sqft
2018-03-01 74 days 1,634 sqft
2018-04-01 59 days 1,702 sqft
2018-05-01 47 days 1,731 sqft
2018-06-01 44 days 1,760 sqft
2018-07-01 46 days 1,791 sqft
2018-08-01 50 days 1,763 sqft
2018-09-01 55 days 1,744 sqft
2018-10-01 64 days 1,737 sqft
2018-11-01 74 days 1,728 sqft
2018-12-01 78 days 1,700 sqft
2019-01-01 81 days 1,687 sqft
2019-02-01 80 days 1,711 sqft
2019-03-01 71 days 1,765 sqft
2019-04-01 56 days 1,817 sqft
2019-05-01 53 days 1,888 sqft
2019-06-01 50 days 1,912 sqft
2019-07-01 52 days 1,916 sqft
2019-08-01 53 days 1,879 sqft
2019-09-01 58 days 1,830 sqft
2019-10-01 62 days 1,773 sqft
2019-11-01 67 days 1,728 sqft
2019-12-01 80 days 1,718 sqft
2020-01-01 89 days 1,715 sqft
2020-02-01 92 days 1,806 sqft
2020-03-01 65 days 1,800 sqft
2020-04-01 58 days 1,792 sqft
2020-05-01 65 days 1,824 sqft
2020-06-01 70 days 1,924 sqft
2020-07-01 57 days 1,898 sqft
2020-08-01 53 days 1,900 sqft
2020-09-01 53 days 1,950 sqft
2020-10-01 44 days 1,870 sqft
2020-11-01 48 days 1,756 sqft
2020-12-01 53 days 1,622 sqft
2021-01-01 67 days 1,611 sqft
2021-02-01 75 days 1,636 sqft
2021-03-01 50 days 1,643 sqft
2021-04-01 43 days 1,736 sqft
2021-05-01 30 days 1,680 sqft
2021-06-01 30 days 1,802 sqft
2021-07-01 35 days 1,828 sqft
2021-08-01 37 days 1,764 sqft
2021-09-01 40 days 1,657 sqft
2021-10-01 43 days 1,656 sqft
2021-11-01 49 days 1,674 sqft
2021-12-01 61 days 1,675 sqft
2022-01-01 71 days 1,837 sqft
2022-02-01 49 days 1,829 sqft
2022-03-01 35 days 1,806 sqft
2022-04-01 30 days 1,850 sqft
South Bend's median listing age (time on market) for 2022-04-01 was 30 days. This is -29% shorter than the same period one year ago.

South Bend's median square footage for active listings during the 2022-04-01 period was 1,850 sqft. One year prior, the average listing was 1,736 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).