Compare Bloomington, IN mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Bloomington.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Bloomington. Plus, shopping lenders is free and there is no obligation.
January 24, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Bloomington. Understand how much you need to earn to afford a home in Bloomington, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Bloomington fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Bloomington is right for you.
The median home value for Bloomington, IN (Monroe County) is $246,107
Based on current mortgage rates and a 10% down payment, you need to make $40,324 per year to buy the median priced home in Bloomington
With this income, you could qualify for a $221,496 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Bloomington is $934
The median household income for Bloomington, IN (Monroe County) is $56,695
Based on this income, you can afford a home valued at approximately $346,026
The home price you can afford to buy based on household income in Bloomington is 141% of the median home value which means housing prices are average. Bloomington (Monroe County) ranks 92 out of 92 counties in Indiana and 2,705 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Bloomington, IN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Bloomington (Monroe County) below.
Conforming loan limits for Bloomington, IN
FHA loan limits for Bloomington, IN
VA loan limits for Bloomington, IN