Bloomington FHA Loan Rates, Closing Costs & Stats

BLOOMINGTON, IL

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 6.56% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

The average rate for the prior week (2024-07-12) was 6.72% and one month ago for the week of 2024-06-14, the average rate was 6.47%.

The average rate one year ago was 6.66%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.49%.

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 $375,000 (13.2%) $410,713 (17.3%) 0.84 205
Bloomington's median listing price for 2024-06-01 was $375,000, a difference of $43,775 (13.2%) versus the prior year and $-5,000 versus the prior month.

Bloomington's median listing price comes in at 84% of the national average.

Bloomington's average listing price for 2024-06-01 was $410,713, a difference of $60,555 (17.3%) versus the prior year and $2,569 versus the prior month.

For the 2024-06-01 period, Bloomington had 205 MLS listings, a difference of 31 listings (18%) versus the prior month and 19 listings (10%) 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 2,617 sqft
Bloomington's median listing age (time on market) for 2024-06-01 was 32 days. This is -38% shorter than the same period one year ago.

Bloomington's median square footage for active listings during the 2024-06-01 period was 2,617 sqft. One year prior, the average listing was 2,247 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).