Bloomington FHA Loan Rates, Closing Costs & Stats

BLOOMINGTON, IL

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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.

    Bloomington's 47 lenders originated 253 FHA loans during 2024. The total origination value was $51,755,000, with an average FHA loan value of $204,565.

    Bloomington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bloomington averaged 0.35% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Bloomington's average FHA mortgage closing costs are $6,120.

    The average rate for the prior week (2025-06-13) was 6.73% and one month ago for the week of 2025-05-16, the average rate was 6.59%.

    The average rate one year ago was 6.95%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.15%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    FIRST STATE MORTGAGE SERVICES, LLC 38 6.56% $7,688
    QUICKEN LOANS, LLC 32 6.53% $8,878
    COMPASS MORTGAGE, INC. 23 6.91% $8,043
    PENNYMAC LOAN SERVICES, LLC 10 6.15% $8,377
    Ixonia Bank 9 7.01% $10,167
    FREEDOM MORTGAGE CORPORATION 8 6.45% $12,522
    AMERICAN PACIFIC MORTGAGE CORPORATION 8 6.98% $11,057
    FLAT BRANCH MORTGAGE, INC. 6 6.79% $7,416
    U.S. Bank 6 7.06% $6,664
    S1L, Inc. 5 6.78% $9,429
    NEWREZ LLC 5 6.37% $6,906
    LOANDEPOT.COM, LLC 5 6.07% $11,303
    Mr. Cooper ( Nationstar Mortgage ) 5 6.55% $9,906
    POINT Mortgage 4 6.44% $8,916
    GUILD MORTGAGE COMPANY 4 6.88% $9,213
    BROKER SOLUTIONS, INC. 4 6.94% $9,111
    VILLAGE CAPITAL MORTGAGE 3 6.29% $8,583
    Flagstar Bank, FSB 3 6.00% $8,819
    CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $9,350
    Mortgage Research Center, LLC 2 6.50% $7,249
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $6,348
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $9,225
    UNITED WHOLESALE MORTGAGE, LLC 2 6.00% $11,342
    INB 2 6.50% $7,805
    JPMorgan Chase Bank 2 6.44% $6,126
    LAKEVIEW LOAN SERVICING, LLC 2 6.00% $9,382
    Midland States Bank 2 6.81% $7,971
    EMM LOANS LLC 2 6.69% $11,266
    ZILLOW HOME LOANS, LLC 1 6.75% $8,962
    Barrington Bank & Trust Company, N.A. 1 6.25% $9,635
    Busey Bank 1 6.88% $6,392
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $8,196
    Carrington Mortgage Services, LLC 1 6.38% $9,465
    Flanagan State Bank 1 7.13% $6,720
    GERSHMAN INVESTMENT CORP. 1 6.25% $7,409
    GREENSTATE CREDIT UNION 1 6.63% $10,506
    MLB RESIDENTIAL LENDING, LLC 1 7.00% $10,576
    MLD MORTGAGE INC. 1 5.75% $4,957
    MORTGAGE ACCESS CORP. 1 6.00% $11,506
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $6,362
    Peoples Bank 1 5.75% $4,645
    Plains Commerce Bank 1 6.63% $10,980
    PLANET HOME LENDING, LLC 1 6.38% $4,623
    Regions Bank 1 6.75% $7,616
    TOWNE MORTGAGE COMPANY 1 4.88% $6,342
    Waterstone Mortgage Corporation 1 6.25% $13,851
    AMERICAN FINANCIAL NETWORK, INC. 1 5.63% $12,336

    The top Bloomington FHA lender as defined by loan originations is FIRST STATE MORTGAGE SERVICES, LLC, with 38 FHA loans originated. Their average total fees are $7,688, which is $1,190 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Bloomington FHA lenders (with over 10 loans originated) are FIRST STATE MORTGAGE SERVICES, LLC ($7,688), COMPASS MORTGAGE, INC. ($8,043), PENNYMAC LOAN SERVICES, LLC ($8,377), QUICKEN LOANS, LLC ($8,878) and .

    The lowest rate Bloomington FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.15%), QUICKEN LOANS, LLC (6.53%), FIRST STATE MORTGAGE SERVICES, LLC (6.56%), COMPASS MORTGAGE, INC. (6.91%) and .

    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

    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).