South Bend FHA Loans

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 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).