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 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).