Bloomington FHA Loan Rates, Closing Costs & Stats

BLOOMINGTON, IL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Bloomington's 46 lenders originated 242 FHA loans during 2023. The total origination value was $52,620,000, with an average FHA loan value of $217,438.

    Bloomington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bloomington averaged -0.13% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Bloomington's average FHA mortgage closing costs are $5,837.

    The average rate for the prior week (2024-11-08) was 6.58% and one month ago for the week of 2024-10-11, the average rate was 5.88%.

    The average rate one year ago was 7.13%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Bloomington 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 Bloomington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FIRST STATE MORTGAGE SERVICES, LLC 72 6.63% $7,415
    QUICKEN LOANS, LLC 25 6.41% $8,240
    COMPASS MORTGAGE, INC. 17 6.60% $9,812
    Ixonia Bank 13 6.38% $7,700
    FLAT BRANCH MORTGAGE, INC. 13 6.75% $6,759
    AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.84% $7,820
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.18% $7,528
    UNITED WHOLESALE MORTGAGE, LLC 7 6.06% $9,602
    PENNYMAC LOAN SERVICES, LLC 4 6.78% $8,469
    Flagstar Bank, FSB 4 6.94% $6,664
    INB 3 6.79% $7,199
    Mortgage Research Center, LLC 3 7.17% $4,877
    Mr. Cooper ( Nationstar Mortgage ) 3 6.46% $10,853
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.58% $10,791
    CALIBER HOME LOANS, INC. 3 6.75% $7,461
    Flanagan State Bank 3 6.92% $7,145
    AMERISAVE MORTGAGE CORPORATION 2 6.13% $11,748
    JPMorgan Chase Bank 2 6.81% $7,259
    LOANDEPOT.COM, LLC 2 6.49% $10,220
    United Community Bank 2 6.75% $5,795
    LEADERONE FINANCIAL CORPORATION 2 6.75% $8,124
    AMERICAN FINANCIAL NETWORK, INC. 2 7.31% $8,757
    GUILD MORTGAGE COMPANY 2 6.81% $7,285
    NEWREZ LLC 2 6.75% $12,116
    U.S. Bank 1 7.25% $5,846
    AMERICAN FINANCING CORPORATION 1 6.38% $8,939
    Armed Forces Bank 1 7.00% $8,015
    Bank of England 1 6.75% $3,930
    BROKER SOLUTIONS, INC. 1 6.75% $4,786
    Byline Bank 1 6.63% $6,355
    CARDINAL FINANCIAL 1 5.75% $7,072
    Carrington Mortgage Services, LLC 1 7.13% $8,059
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $13,753
    CIBM Bank 1 6.75% $8,243
    DAS Acquisition Company, LLC 1 6.50% $5,864
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 5.75% $6,325
    First Savings Bank 1 7.63% $12,126
    MORTGAGE ACCESS CORP. 1 5.75% $7,463
    NBKC BANK 1 7.00% $6,624
    Paramount Residential Mortgage Group, Inc. 1 7.63% $6,258
    PLAZA HOME MORTGAGE, INC. 1 6.25% $10,591
    PNC Bank 1 6.63% $5,161
    Prosperity Home Mortgage, LLC 1 6.12% $6,744
    SUN WEST MORTGAGE COMPANY, INC. 1 5.25% $11,093
    The Huntington National Bank 1 6.88% $7,741
    TOWNE MORTGAGE COMPANY 1 7.00% $11,953

    The top Bloomington FHA lender as defined by loan originations is FIRST STATE MORTGAGE SERVICES, LLC, with 72 FHA loans originated. Their average total fees are $7,415, which is $825 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Bloomington FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($6,759), FIRST STATE MORTGAGE SERVICES, LLC ($7,415), Ixonia Bank ($7,700), AMERICAN PACIFIC MORTGAGE CORPORATION ($7,820) and QUICKEN LOANS, LLC ($8,240).

    The lowest rate Bloomington FHA lenders (with over 10 loans originated) are Ixonia Bank (6.38%), QUICKEN LOANS, LLC (6.41%), COMPASS MORTGAGE, INC. (6.60%), FIRST STATE MORTGAGE SERVICES, LLC (6.63%) and FLAT BRANCH MORTGAGE, INC. (6.75%).

    Bloomington FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BLOOMINGTON, IL MCLEAN 2022 $420,680 $538,650 $651,050 $809,150
    BLOOMINGTON, IL MCLEAN 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bloomington (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 $171,950 (16.9%) $202,938 (3.7%) 0.64 716
    2018-02-01 $179,950 (19.2%) $213,189 (4.2%) 0.65 774
    2018-03-01 $184,900 (12.1%) $218,065 (2.4%) 0.65 855
    2018-04-01 $189,000 (8.0%) $221,125 (2.1%) 0.64 934
    2018-05-01 $188,050 (7.5%) $216,847 (1.9%) 0.63 963
    2018-06-01 $186,000 (6.7%) $215,032 (1.6%) 0.62 975
    2018-07-01 $182,450 (5.5%) $212,242 (1.0%) 0.61 997
    2018-08-01 $179,900 (8.6%) $209,457 (2.0%) 0.60 945
    2018-09-01 $174,900 (3.5%) $209,431 (1.3%) 0.59 900
    2018-10-01 $168,000 (-1.2%) $205,573 (-1.4%) 0.57 847
    2018-11-01 $162,400 (-3.4%) $204,031 (0.2%) 0.55 790
    2018-12-01 $157,250 (-4.7%) $193,801 (-3.9%) 0.54 680
    2019-01-01 $159,900 (-7.0%) $193,588 (-4.6%) 0.55 609
    2019-02-01 $163,700 (-9.0%) $197,782 (-7.2%) 0.55 553
    2019-03-01 $169,900 (-8.1%) $205,736 (-5.7%) 0.56 598
    2019-04-01 $169,900 (-10.1%) $204,835 (-7.4%) 0.54 657
    2019-05-01 $165,750 (-11.9%) $202,511 (-6.6%) 0.52 714
    2019-06-01 $167,250 (-10.1%) $203,448 (-5.4%) 0.52 736
    2019-07-01 $169,900 (-6.9%) $207,415 (-2.3%) 0.53 747
    2019-08-01 $167,173 (-7.1%) $206,131 (-1.6%) 0.53 718
    2019-09-01 $163,082 (-6.8%) $202,413 (-3.4%) 0.52 680
    2019-10-01 $159,900 (-4.8%) $200,411 (-2.5%) 0.52 654
    2019-11-01 $158,250 (-2.6%) $200,081 (-1.9%) 0.52 558
    2019-12-01 $149,950 (-4.6%) $197,303 (1.8%) 0.50 495
    2020-01-01 $149,950 (-6.2%) $199,928 (3.3%) 0.50 455
    2020-02-01 $159,250 (-2.7%) $199,223 (0.7%) 0.52 444
    2020-03-01 $166,625 (-1.9%) $212,557 (3.3%) 0.52 468
    2020-04-01 $173,675 (2.2%) $218,319 (6.6%) 0.54 430
    2020-05-01 $165,000 (-0.5%) $218,905 (8.1%) 0.50 401
    2020-06-01 $168,242 (0.6%) $217,022 (6.7%) 0.50 372
    2020-07-01 $170,600 (0.4%) $225,341 (8.6%) 0.49 349
    2020-08-01 $159,900 (-4.4%) $217,269 (5.4%) 0.46 335
    2020-09-01 $150,975 (-7.4%) $206,863 (2.2%) 0.43 320
    2020-10-01 $139,900 (-12.5%) $198,948 (-0.7%) 0.40 288
    2020-11-01 $142,750 (-9.8%) $198,205 (-0.9%) 0.42 273
    2020-12-01 $137,450 (-8.3%) $191,519 (-2.9%) 0.41 234
    2021-01-01 $135,000 (-10.0%) $186,380 (-6.8%) 0.40 199
    2021-02-01 $141,000 (-11.5%) $204,275 (2.5%) 0.41 170
    2021-03-01 $147,500 (-11.5%) $219,262 (3.2%) 0.42 152
    2021-04-01 $164,900 (-5.1%) $238,622 (9.3%) 0.45 148
    2021-05-01 $179,900 (9.0%) $253,087 (15.6%) 0.48 149
    2021-06-01 $177,425 (5.5%) $257,306 (18.6%) 0.47 157
    2021-07-01 $175,000 (2.6%) $256,729 (13.9%) 0.46 168
    2021-08-01 $164,825 (3.1%) $238,062 (9.6%) 0.44 186
    2021-09-01 $164,975 (9.3%) $237,430 (14.8%) 0.44 179
    2021-10-01 $149,750 (7.0%) $208,996 (5.1%) 0.40 167
    2021-11-01 $150,250 (5.3%) $222,718 (12.4%) 0.40 151
    2021-12-01 $147,450 (7.3%) $234,114 (22.2%) 0.40 130
    2022-01-01 $148,500 (10.0%) $237,873 (27.6%) 0.40 101
    2022-02-01 $152,425 (8.1%) $239,794 (17.4%) 0.40 87
    2022-03-01 $202,450 (37.3%) $276,655 (26.2%) 0.51 77
    2022-04-01 $220,000 (33.4%) $310,561 (30.2%) 0.52 89
    2022-05-01 $239,950 (33.4%) $314,133 (24.1%) 0.55 114
    2022-06-01 $247,450 (39.5%) $308,392 (19.9%) 0.55 143
    2022-07-01 $250,000 (42.9%) $307,374 (19.7%) 0.56 145
    2022-08-01 $211,075 (28.1%) $294,031 (23.5%) 0.49 149
    2022-09-01 $256,125 (55.3%) $309,728 (30.5%) 0.60 155
    2022-10-01 $280,000 (87.0%) $321,025 (53.6%) 0.66 180
    2022-11-01 $301,825 (100.9%) $329,794 (48.1%) 0.73 177
    2022-12-01 $304,900 (106.8%) $331,855 (41.8%) 0.75 163
    2023-01-01 $328,150 (121.0%) $352,816 (48.3%) 0.81 145
    2023-02-01 $354,225 (132.4%) $367,769 (53.4%) 0.85 138
    2023-03-01 $337,450 (66.7%) $348,626 (26.0%) 0.80 142
    2023-04-01 $339,900 (54.5%) $351,329 (13.1%) 0.79 172
    2023-05-01 $325,000 (35.4%) $351,689 (12.0%) 0.74 186
    2023-06-01 $331,225 (33.9%) $350,158 (13.5%) 0.74 186
    2023-07-01 $329,900 (32.0%) $366,500 (19.2%) 0.75 198
    2023-08-01 $347,400 (64.6%) $373,280 (27.0%) 0.80 208
    2023-09-01 $334,750 (30.7%) $392,663 (26.8%) 0.78 207
    2023-10-01 $311,225 (11.2%) $372,583 (16.1%) 0.73 218
    2023-11-01 $310,000 (2.7%) $364,776 (10.6%) 0.74 218
    2023-12-01 $324,900 (6.6%) $387,688 (16.8%) 0.79 169
    2024-01-01 $352,450 (7.4%) $408,884 (15.9%) 0.86 142
    2024-02-01 $344,900 (-2.6%) $397,749 (8.2%) 0.83 147
    2024-03-01 $355,000 (5.2%) $400,338 (14.8%) 0.84 158
    2024-04-01 $353,675 (4.1%) $399,147 (13.6%) 0.82 164
    2024-05-01 $380,000 (16.9%) $408,144 (16.1%) 0.86 174
    2024-06-01 $369,900 (11.7%) $402,196 (14.9%) 0.83 205
    2024-07-01 $353,675 (7.2%) $386,734 (5.5%) 0.81 214
    2024-08-01 $332,000 (-4.4%) $354,233 (-5.1%) 0.77 197
    2024-09-01 $305,950 (-8.6%) $329,109 (-16.2%) 0.72 206
    2024-10-01 $288,575 (-7.3%) $323,052 (-13.3%) 0.68 204
    Bloomington's median listing price for 2024-10-01 was $288,575, a difference of $-22,650 (-7.3%) versus the prior year and $-17,375 versus the prior month.

    Bloomington's median listing price comes in at 68% of the national average.

    Bloomington's average listing price for 2024-10-01 was $323,052, a difference of $-49,531 (-13.3%) versus the prior year and $-6,057 versus the prior month.

    For the 2024-10-01 period, Bloomington had 204 MLS listings, a difference of -2 listings (-1%) versus the prior month and -14 listings (-6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bloomington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 2,695 sqft
    2018-02-01 82 days 2,827 sqft
    2018-03-01 53 days 2,862 sqft
    2018-04-01 56 days 2,878 sqft
    2018-05-01 59 days 2,871 sqft
    2018-06-01 58 days 2,856 sqft
    2018-07-01 62 days 2,811 sqft
    2018-08-01 66 days 2,799 sqft
    2018-09-01 71 days 2,784 sqft
    2018-10-01 72 days 2,757 sqft
    2018-11-01 77 days 2,685 sqft
    2018-12-01 86 days 2,606 sqft
    2019-01-01 92 days 2,555 sqft
    2019-02-01 85 days 1,682 sqft
    2019-03-01 62 days 1,747 sqft
    2019-04-01 50 days 1,748 sqft
    2019-05-01 53 days 1,767 sqft
    2019-06-01 58 days 1,826 sqft
    2019-07-01 59 days 1,880 sqft
    2019-08-01 62 days 1,872 sqft
    2019-09-01 67 days 1,853 sqft
    2019-10-01 71 days 1,840 sqft
    2019-11-01 80 days 1,872 sqft
    2019-12-01 87 days 1,827 sqft
    2020-01-01 90 days 1,826 sqft
    2020-02-01 76 days 1,838 sqft
    2020-03-01 52 days 1,956 sqft
    2020-04-01 59 days 1,950 sqft
    2020-05-01 65 days 2,020 sqft
    2020-06-01 59 days 2,140 sqft
    2020-07-01 46 days 2,108 sqft
    2020-08-01 45 days 2,038 sqft
    2020-09-01 49 days 1,922 sqft
    2020-10-01 50 days 1,904 sqft
    2020-11-01 57 days 1,908 sqft
    2020-12-01 63 days 1,764 sqft
    2021-01-01 60 days 1,768 sqft
    2021-02-01 57 days 1,876 sqft
    2021-03-01 46 days 1,960 sqft
    2021-04-01 34 days 1,963 sqft
    2021-05-01 33 days 2,129 sqft
    2021-06-01 41 days 2,121 sqft
    2021-07-01 39 days 2,151 sqft
    2021-08-01 38 days 2,087 sqft
    2021-09-01 45 days 2,105 sqft
    2021-10-01 50 days 1,872 sqft
    2021-11-01 49 days 1,903 sqft
    2021-12-01 48 days 1,878 sqft
    2022-01-01 57 days 1,780 sqft
    2022-02-01 50 days 1,729 sqft
    2022-03-01 42 days 2,091 sqft
    2022-04-01 31 days 2,199 sqft
    2022-05-01 31 days 2,170 sqft
    2022-06-01 35 days 2,290 sqft
    2022-07-01 37 days 2,313 sqft
    2022-08-01 39 days 2,128 sqft
    2022-09-01 38 days 2,227 sqft
    2022-10-01 38 days 2,336 sqft
    2022-11-01 47 days 2,303 sqft
    2022-12-01 54 days 2,314 sqft
    2023-01-01 63 days 2,327 sqft
    2023-02-01 61 days 2,274 sqft
    2023-03-01 49 days 2,186 sqft
    2023-04-01 42 days 2,208 sqft
    2023-05-01 42 days 2,211 sqft
    2023-06-01 52 days 2,247 sqft
    2023-07-01 48 days 2,408 sqft
    2023-08-01 49 days 2,505 sqft
    2023-09-01 50 days 2,568 sqft
    2023-10-01 51 days 2,506 sqft
    2023-11-01 48 days 2,509 sqft
    2023-12-01 65 days 2,512 sqft
    2024-01-01 81 days 2,605 sqft
    2024-02-01 64 days 2,512 sqft
    2024-03-01 44 days 2,678 sqft
    2024-04-01 43 days 2,570 sqft
    2024-05-01 28 days 2,512 sqft
    2024-06-01 32 days 2,582 sqft
    2024-07-01 45 days 2,520 sqft
    2024-08-01 45 days 2,362 sqft
    2024-09-01 41 days 2,281 sqft
    2024-10-01 43 days 2,223 sqft
    Bloomington's median listing age (time on market) for 2024-10-01 was 43 days. This is -15% shorter than the same period one year ago.

    Bloomington's median square footage for active listings during the 2024-10-01 period was 2,223 sqft. One year prior, the average listing was 2,506 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).