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 96 lenders originated 806 FHA loans during 2023. The total origination value was $139,110,000, with an average FHA loan value of $172,593.

    South Bend FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in South Bend averaged 6.92% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    South Bend's average FHA mortgage closing costs are $5,747.

    The average rate for the prior week (2024-04-12) was 6.81% and one month ago for the week of 2024-03-15, the average rate was 7.08%.

    The average rate one year ago was 6.51%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.68%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CARDINAL FINANCIAL 107 7.31% $8,347
    QUICKEN LOANS, LLC 103 6.42% $8,416
    HALLMARK HOME MORTGAGE, LLC 78 7.13% $8,586
    RUOFF MORTGAGE COMPANY, INC. 76 7.06% $5,687
    UNITED WHOLESALE MORTGAGE, LLC 27 6.65% $9,888
    FREEDOM MORTGAGE CORPORATION 22 7.10% $10,834
    Notre Dame Federal Credit Union Corporation 22 6.89% $5,790
    LOANDEPOT.COM, LLC 17 6.60% $10,239
    CROSSCOUNTRY MORTGAGE, LLC 14 6.87% $9,062
    Mr. Cooper ( Nationstar Mortgage ) 13 6.22% $10,192
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 6.91% $8,138
    NEWREZ LLC 12 6.63% $8,279
    PENNYMAC LOAN SERVICES, LLC 11 6.15% $11,203
    The Huntington National Bank 10 6.93% $7,329
    EVERETT FINANCIAL, INC. 10 6.93% $8,666
    TEACHERS CREDIT UNION 10 6.59% $6,029
    CHURCHILL MORTGAGE CORPORATION 9 6.72% $8,107
    UNION HOME MORTGAGE CORP. 9 7.36% $9,800
    JPMorgan Chase Bank 9 7.07% $3,669
    BROKER SOLUTIONS, INC. 8 7.17% $8,247
    GUARANTEED RATE, INC. 8 6.40% $8,730
    LAKEVIEW LOAN SERVICING, LLC 7 6.63% $11,874
    Mortgage Research Center, LLC 6 6.83% $4,927
    Fifth Third Bank 6 6.94% $3,407
    AMERISAVE MORTGAGE CORPORATION 6 6.56% $11,934
    Carrington Mortgage Services, LLC 5 6.83% $8,930
    MEMBER FIRST MORTGAGE, LLC 5 6.68% $8,012
    KeyBank 4 6.50% $7,160
    SUCCESS MORTGAGE PARTNERS, INC. 4 7.43% $12,538
    AMERICAN FINANCIAL NETWORK, INC. 4 7.31% $9,629
    UNITED 4 7.00% $6,228
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 4 6.97% $11,006
    1st Source Bank 3 6.88% $6,486
    Flagstar Bank, FSB 3 6.58% $8,896
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $9,017
    RELIANCE FIRST CAPITAL, LLC 3 6.17% $12,113
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.38% $7,209
    Neighborhood Loans, Inc. 2 7.56% $9,903
    RANLIFE, INC. 2 6.13% $7,979
    ZILLOW HOME LOANS, LLC 2 6.50% $8,933
    Horizon Bank 2 6.25% $5,454
    INTERCAP LENDING INC. 2 6.25% $9,626
    ENDEAVOR CAPITAL, LLC. 2 6.69% $8,239
    Northpointe Bank 2 6.94% $6,601
    EMM LOANS LLC 2 5.88% $12,929
    TOP FLITE FINANCIAL, INC. 2 6.69% $15,642
    Ixonia Bank 2 7.25% $9,164
    TUCKER MORTGAGE, LLC 2 6.56% $6,359
    GUILD MORTGAGE COMPANY 2 6.69% $7,114
    Wells Fargo Bank 2 6.75% $9,771
    MYCUMORTGAGE, LLC 2 7.19% $12,146
    VAN DYK MORTGAGE CORPORATION 2 7.38% $7,416
    PHH Mortgage Corporation 2 6.31% $9,920
    Nations Lending Corporation 2 7.06% $12,790
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.06% $5,265
    COMPASS MORTGAGE, INC. 1 6.75% $16,757
    NORTHERN MORTGAGE SERVICES, LLC 1 6.13% $3,713
    Colonial Savings, F.A. 1 6.50% $6,578
    OCEANSIDE MORTGAGE COMPANY 1 5.25% $7,147
    ON Q FINANCIAL, INC. 1 7.13% $10,372
    OPEN MORTGAGE, LLC 1 7.50% $8,465
    Centier Bank 1 7.25% $9,090
    PNC Bank 1 6.25% $5,491
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $5,360
    BNC National Bank 1 5.25% $10,682
    BAY EQUITY LLC 1 5.63% $7,192
    AXIA FINANCIAL, LLC 1 5.88% $6,790
    SUN WEST MORTGAGE COMPANY, INC. 1 6.10% $6,107
    AmeriHome Mortgage Company, LLC 1 6.13% $4,763
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $7,939
    TOWNE MORTGAGE COMPANY 1 6.25% $7,622
    AMERICAN FINANCING CORPORATION 1 6.75% $8,260
    AMCAP MORTGAGE, LTD. 1 7.25% $15,983
    ALLIED MORTGAGE GROUP, INC. 1 7.25% $5,827
    V.I.P. MORTGAGE, INC. 1 7.75% $11,028
    Flanagan State Bank 1 6.25% $13,579
    First Option Mortgage, LLC 1 7.00% $5,840
    GSF Mortgage Corporation 1 5.88% $4,522
    GVC MORTGAGE, INC. 1 7.63% $5,827
    FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $10,107
    HOMESIDE FINANCIAL, LLC 1 6.75% $8,331
    Honor Credit Union 1 6.88% $5,350
    Fidelity Bank 1 7.13% $5,962
    Equity Prime Mortgage LLC 1 5.13% $8,741
    LIBERTY HOME MORTGAGE CORPORATION 1 7.50% $12,265
    MICHIGAN MUTUAL, INC. 1 7.13% $11,248
    MILEND, INC. 1 7.38% $13,714
    MJW Financial LLC 1 6.63% $8,383
    MLB RESIDENTIAL LENDING, LLC 1 6.50% $4,873
    MORTGAGE CENTER L.C 1 7.13% $9,493
    EMBRACE HOME LOANS, INC. 1 6.49% $7,406
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.13% $21,553
    CONTOUR MORTGAGE CORPORATION 1 7.25% $10,014
    M&T Bank 1 6.25% $11,328
    NATIONS RELIABLE LENDING, LLC 1 7.25% $10,845
    NEW DAY FINANCIAL, LLC 1 7.50% $6,679

    The top South Bend FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 107 FHA loans originated. Their average total fees are $8,347, which is $69 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. ($5,687), Notre Dame Federal Credit Union Corporation ($5,790), TEACHERS CREDIT UNION ($6,029), The Huntington National Bank ($7,329) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($8,138).

    The lowest rate South Bend FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.15%), Mr. Cooper ( Nationstar Mortgage ) (6.22%), QUICKEN LOANS, LLC (6.42%), TEACHERS CREDIT UNION (6.59%) and LOANDEPOT.COM, LLC (6.60%).

    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

    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%) 0.59 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%) 0.54 830
    2019-02-01 $162,400 (20.3%) $236,581 (4.5%) 0.55 798
    2019-03-01 $184,757 (32.4%) $251,858 (6.2%) 0.60 764
    2019-04-01 $209,900 (31.3%) $272,879 (7.1%) 0.67 743
    2019-05-01 $223,450 (31.5%) $281,613 (7.8%) 0.70 771
    2019-06-01 $220,000 (29.4%) $281,451 (6.7%) 0.69 872
    2019-07-01 $218,950 (24.6%) $284,780 (9.7%) 0.69 927
    2019-08-01 $206,791 (18.4%) $276,066 (10.5%) 0.65 995
    2019-09-01 $194,477 (15.1%) $266,919 (10.5%) 0.62 1,014
    2019-10-01 $184,900 (12.1%) $261,314 (7.8%) 0.60 1,018
    2019-11-01 $179,900 (12.5%) $262,210 (8.9%) 0.59 921
    2019-12-01 $174,900 (15.5%) $258,861 (10.6%) 0.58 849
    2020-01-01 $177,450 (14.6%) $257,988 (10.8%) 0.59 744
    2020-02-01 $202,450 (24.7%) $271,753 (14.9%) 0.66 667
    2020-03-01 $224,800 (21.7%) $289,262 (14.9%) 0.70 663
    2020-04-01 $222,875 (6.2%) $287,825 (5.5%) 0.70 678
    2020-05-01 $239,950 (7.4%) $305,377 (8.4%) 0.73 656
    2020-06-01 $257,425 (17.0%) $317,503 (12.8%) 0.76 589
    2020-07-01 $246,250 (12.5%) $311,270 (9.3%) 0.71 586
    2020-08-01 $247,900 (19.9%) $312,145 (13.1%) 0.71 576
    2020-09-01 $249,450 (28.3%) $310,970 (16.5%) 0.71 528
    2020-10-01 $225,000 (21.7%) $297,683 (13.9%) 0.64 547
    2020-11-01 $189,925 (5.6%) $276,437 (5.4%) 0.56 521
    2020-12-01 $183,169 (4.7%) $262,739 (1.5%) 0.54 477
    2021-01-01 $175,000 (-1.4%) $256,681 (-0.5%) 0.52 416
    2021-02-01 $195,950 (-3.2%) $297,303 (9.4%) 0.57 312
    2021-03-01 $232,350 (3.4%) $334,831 (15.8%) 0.66 275
    2021-04-01 $248,475 (11.5%) $383,009 (33.1%) 0.67 259
    2021-05-01 $229,950 (-4.2%) $345,499 (13.1%) 0.61 302
    2021-06-01 $244,950 (-4.9%) $352,913 (11.2%) 0.64 356
    2021-07-01 $234,000 (-5.0%) $351,458 (12.9%) 0.62 405
    2021-08-01 $220,000 (-11.3%) $357,719 (14.6%) 0.59 433
    2021-09-01 $228,250 (-8.5%) $368,275 (18.4%) 0.61 438
    2021-10-01 $223,950 (-0.5%) $361,805 (21.5%) 0.60 432
    2021-11-01 $222,500 (17.2%) $340,035 (23.0%) 0.59 373
    2021-12-01 $224,450 (22.5%) $329,626 (25.5%) 0.61 310
    2022-01-01 $249,900 (42.8%) $360,616 (40.5%) 0.68 244
    2022-02-01 $287,000 (46.5%) $400,143 (34.6%) 0.75 223
    2022-03-01 $249,900 (7.6%) $386,805 (15.5%) 0.63 242
    2022-04-01 $274,900 (10.6%) $421,405 (10.0%) 0.66 259
    2022-05-01 $304,925 (32.6%) $427,389 (23.7%) 0.70 312
    2022-06-01 $283,450 (15.7%) $424,586 (20.3%) 0.63 382
    2022-07-01 $264,900 (13.2%) $392,242 (11.6%) 0.60 463
    2022-08-01 $273,225 (24.2%) $382,054 (6.8%) 0.63 477
    2022-09-01 $279,900 (22.6%) $397,724 (8.0%) 0.65 491
    2022-10-01 $275,000 (22.8%) $410,430 (13.4%) 0.65 514
    2022-11-01 $284,900 (28.0%) $423,804 (24.6%) 0.68 512
    2022-12-01 $277,450 (23.6%) $412,621 (25.2%) 0.69 476
    2023-01-01 $299,738 (19.9%) $414,787 (15.0%) 0.74 415
    2023-02-01 $294,425 (2.6%) $422,711 (5.6%) 0.71 371
    2023-03-01 $319,950 (28.0%) $445,710 (15.2%) 0.75 346
    2023-04-01 $299,950 (9.1%) $446,537 (6.0%) 0.70 340
    2023-05-01 $323,450 (6.1%) $457,011 (6.9%) 0.73 386
    2023-06-01 $292,450 (3.2%) $434,202 (2.3%) 0.66 417
    2023-07-01 $289,900 (9.4%) $429,712 (9.6%) 0.66 417
    2023-08-01 $271,750 (-0.5%) $398,801 (4.4%) 0.62 454
    2023-09-01 $259,900 (-7.2%) $376,159 (-5.4%) 0.61 520
    2023-10-01 $252,475 (-8.2%) $368,878 (-10.1%) 0.59 583
    2023-11-01 $234,900 (-17.6%) $353,830 (-16.5%) 0.56 593
    2023-12-01 $220,000 (-20.7%) $344,957 (-16.4%) 0.54 551
    2024-01-01 $212,425 (-29.1%) $343,894 (-17.1%) 0.52 501
    2024-02-01 $225,000 (-23.6%) $361,435 (-14.5%) 0.54 469
    2024-03-01 $239,000 (-25.3%) $367,545 (-17.5%) 0.56 462
    South Bend's median listing price for 2024-03-01 was $239,000, a difference of $-80,950 (-25.3%) versus the prior year and $14,000 versus the prior month.

    South Bend's median listing price comes in at 56% of the national average.

    South Bend's average listing price for 2024-03-01 was $367,545, a difference of $-78,165 (-17.5%) versus the prior year and $6,110 versus the prior month.

    For the 2024-03-01 period, South Bend had 462 MLS listings, a difference of -7 listings (-1%) versus the prior month and 116 listings (34%) 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 87 days 1,632 sqft
    2018-02-01 90 days 1,615 sqft
    2018-03-01 66 days 1,636 sqft
    2018-04-01 55 days 1,706 sqft
    2018-05-01 43 days 1,730 sqft
    2018-06-01 40 days 1,772 sqft
    2018-07-01 44 days 1,794 sqft
    2018-08-01 46 days 1,783 sqft
    2018-09-01 51 days 1,750 sqft
    2018-10-01 60 days 1,746 sqft
    2018-11-01 70 days 1,738 sqft
    2018-12-01 74 days 1,700 sqft
    2019-01-01 80 days 1,696 sqft
    2019-02-01 76 days 1,721 sqft
    2019-03-01 65 days 1,771 sqft
    2019-04-01 51 days 1,824 sqft
    2019-05-01 47 days 1,900 sqft
    2019-06-01 45 days 1,938 sqft
    2019-07-01 48 days 1,920 sqft
    2019-08-01 50 days 1,886 sqft
    2019-09-01 55 days 1,838 sqft
    2019-10-01 57 days 1,800 sqft
    2019-11-01 65 days 1,729 sqft
    2019-12-01 76 days 1,725 sqft
    2020-01-01 84 days 1,711 sqft
    2020-02-01 81 days 1,804 sqft
    2020-03-01 57 days 1,814 sqft
    2020-04-01 56 days 1,789 sqft
    2020-05-01 61 days 1,830 sqft
    2020-06-01 58 days 1,941 sqft
    2020-07-01 47 days 1,900 sqft
    2020-08-01 47 days 1,920 sqft
    2020-09-01 47 days 1,980 sqft
    2020-10-01 41 days 1,868 sqft
    2020-11-01 45 days 1,737 sqft
    2020-12-01 51 days 1,624 sqft
    2021-01-01 61 days 1,620 sqft
    2021-02-01 66 days 1,632 sqft
    2021-03-01 40 days 1,648 sqft
    2021-04-01 33 days 1,725 sqft
    2021-05-01 25 days 1,663 sqft
    2021-06-01 24 days 1,788 sqft
    2021-07-01 30 days 1,800 sqft
    2021-08-01 32 days 1,722 sqft
    2021-09-01 36 days 1,663 sqft
    2021-10-01 38 days 1,656 sqft
    2021-11-01 47 days 1,646 sqft
    2021-12-01 58 days 1,654 sqft
    2022-01-01 58 days 1,820 sqft
    2022-02-01 39 days 1,835 sqft
    2022-03-01 30 days 1,800 sqft
    2022-04-01 26 days 1,826 sqft
    2022-05-01 19 days 1,872 sqft
    2022-06-01 24 days 1,898 sqft
    2022-07-01 25 days 1,900 sqft
    2022-08-01 32 days 1,859 sqft
    2022-09-01 36 days 1,838 sqft
    2022-10-01 36 days 1,847 sqft
    2022-11-01 43 days 1,811 sqft
    2022-12-01 52 days 1,800 sqft
    2023-01-01 65 days 1,806 sqft
    2023-02-01 63 days 1,767 sqft
    2023-03-01 53 days 1,833 sqft
    2023-04-01 36 days 1,800 sqft
    2023-05-01 30 days 1,833 sqft
    2023-06-01 32 days 1,808 sqft
    2023-07-01 37 days 1,833 sqft
    2023-08-01 35 days 1,764 sqft
    2023-09-01 37 days 1,691 sqft
    2023-10-01 37 days 1,725 sqft
    2023-11-01 45 days 1,684 sqft
    2023-12-01 57 days 1,621 sqft
    2024-01-01 60 days 1,595 sqft
    2024-02-01 59 days 1,600 sqft
    2024-03-01 45 days 1,624 sqft
    South Bend's median listing age (time on market) for 2024-03-01 was 45 days. This is -15% shorter than the same period one year ago.

    South Bend's median square footage for active listings during the 2024-03-01 period was 1,624 sqft. One year prior, the average listing was 1,833 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).