Burlington FHA Loan Rates, Closing Costs & Stats

Burlington, IA-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.

    Burlington's 26 lenders originated 74 FHA loans during 2023. The total origination value was $8,880,000, with an average FHA loan value of $120,000.

    Burlington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Burlington averaged 6.38% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Burlington's average FHA mortgage closing costs are $5,044.

    The average rate for the prior week (2024-12-06) was 6.35% and one month ago for the week of 2024-11-08, the average rate was 6.61%.

    The average rate one year ago was 6.83%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.48%.

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

    Burlington 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 Burlington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Plains Commerce Bank 13 6.69% $4,682
    QUICKEN LOANS, LLC 11 6.63% $5,904
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.87% $7,458
    IOWA BANKERS MORTGAGE CORPORATION 5 7.10% $6,090
    RUHL MORTGAGE, LLC 4 6.38% $4,456
    AMERISAVE MORTGAGE CORPORATION 3 6.58% $9,811
    BNC National Bank 3 7.00% $5,278
    BROKER SOLUTIONS, INC. 2 7.13% $5,648
    SIRVA MORTGAGE, INC. 2 7.19% $3,910
    PLAZA HOME MORTGAGE, INC. 2 7.25% $3,606
    GREENSTATE CREDIT UNION 2 6.38% $4,671
    RESIDENTIAL MORTGAGE NETWORK, INC. 1 7.25% $4,618
    SUN WEST MORTGAGE COMPANY, INC. 1 6.75% $4,694
    U.S. Bank 1 6.75% $2,969
    AMCAP MORTGAGE, LTD. 1 6.75% $7,961
    Wells Fargo Bank 1 6.63% $5,678
    CALIBER HOME LOANS, INC. 1 5.63% $4,560
    Carrington Mortgage Services, LLC 1 6.13% $10,510
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.63% $8,856
    First Federal Bank 1 7.63% $5,523
    GUILD MORTGAGE COMPANY 1 6.25% $8,270
    LAND HOME FINANCIAL SERVICES, INC. 1 6.63% $5,777
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.50% $7,985
    PREMIA MORTGAGE, LLC 1 6.25% $2,027
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.25% $7,009
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.50% $8,567

    The top Burlington FHA lender as defined by loan originations is Plains Commerce Bank, with 13 FHA loans originated. Their average total fees are $4,682, which is $1,223 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Burlington FHA lenders (with over 10 loans originated) are Plains Commerce Bank ($4,682), QUICKEN LOANS, LLC ($5,904), .

    The lowest rate Burlington FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.63%), Plains Commerce Bank (6.69%), .

    Burlington FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BURLINGTON, IA-IL DES MOINES 2022 $420,680 $538,650 $651,050 $809,150
    BURLINGTON, IA-IL HENDERSON 2022 $420,680 $538,650 $651,050 $809,150
    BURLINGTON, IA-IL DES MOINES 2023 $472,030 $604,400 $730,525 $907,900
    BURLINGTON, IA-IL HENDERSON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Burlington (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 $109,450 (-17.4%) $146,841 (-16.8%) 0.00 250
    2018-02-01 $116,125 (-10.6%) $153,291 (-13.5%) 0.00 231
    2018-03-01 $119,500 (-5.4%) $154,531 (-7.5%) 0.00 236
    2018-04-01 $119,000 (-8.4%) $154,465 (-8.0%) 0.00 241
    2018-05-01 $117,500 (-6.0%) $154,546 (-8.2%) 0.00 252
    2018-06-01 $119,000 (-1.4%) $159,485 (-3.8%) 0.00 259
    2018-07-01 $118,900 (-0.1%) $163,325 (-0.4%) 0.00 274
    2018-08-01 $115,000 (1.1%) $160,939 (-0.5%) 0.00 270
    2018-09-01 $109,900 (-4.0%) $156,231 (-0.1%) 0.00 282
    2018-10-01 $112,450 (-2.2%) $158,365 (1.5%) 0.00 293
    2018-11-01 $115,000 (-3.9%) $156,368 (-3.2%) 0.00 302
    2018-12-01 $114,999 (4.6%) $160,570 (4.0%) 0.00 294
    2019-01-01 $116,462 (6.4%) $161,639 (10.1%) 0.00 268
    2019-02-01 $119,825 (3.2%) $165,998 (8.3%) 0.00 262
    2019-03-01 $118,400 (-0.9%) $165,706 (7.2%) 0.00 254
    2019-04-01 $117,125 (-1.6%) $167,131 (8.2%) 0.00 252
    2019-05-01 $119,825 (2.0%) $165,421 (7.0%) 0.00 254
    2019-06-01 $119,750 (0.6%) $165,914 (4.0%) 0.00 252
    2019-07-01 $125,125 (5.2%) $164,647 (0.8%) 0.00 259
    2019-08-01 $125,455 (9.1%) $159,265 (-1.0%) 0.00 272
    2019-09-01 $125,761 (14.4%) $159,367 (2.0%) 0.00 287
    2019-10-01 $127,950 (13.8%) $159,329 (0.6%) 0.00 293
    2019-11-01 $129,900 (13.0%) $156,345 (0.0%) 0.00 282
    2019-12-01 $129,900 (13.0%) $157,430 (-2.0%) 0.00 277
    2020-01-01 $122,450 (5.1%) $158,064 (-2.2%) 0.00 290
    2020-02-01 $119,950 (0.1%) $155,040 (-6.6%) 0.00 288
    2020-03-01 $119,950 (1.3%) $158,846 (-4.1%) 0.00 299
    2020-04-01 $124,900 (6.6%) $160,178 (-4.2%) 0.00 286
    2020-05-01 $125,900 (5.1%) $165,414 (0.0%) 0.00 266
    2020-06-01 $133,950 (11.9%) $171,841 (3.6%) 0.00 263
    2020-07-01 $136,950 (9.5%) $175,261 (6.5%) 0.00 279
    2020-08-01 $137,500 (9.6%) $175,653 (10.3%) 0.00 280
    2020-09-01 $129,900 (3.3%) $172,106 (8.0%) 0.00 267
    2020-10-01 $129,900 (1.5%) $167,314 (5.0%) 0.00 260
    2020-11-01 $125,875 (-3.1%) $166,536 (6.5%) 0.00 248
    2020-12-01 $122,200 (-5.9%) $164,770 (4.7%) 0.00 224
    2021-01-01 $110,500 (-9.8%) $153,496 (-2.9%) 0.00 199
    2021-02-01 $108,450 (-9.6%) $152,009 (-2.0%) 0.00 173
    2021-03-01 $115,925 (-3.4%) $159,547 (0.4%) 0.00 170
    2021-04-01 $122,925 (-1.6%) $160,005 (-0.1%) 0.00 171
    2021-05-01 $139,900 (11.1%) $167,560 (1.3%) 0.00 165
    2021-06-01 $136,925 (2.2%) $167,936 (-2.3%) 0.00 169
    2021-07-01 $139,950 (2.2%) $169,371 (-3.4%) 0.00 164
    2021-08-01 $134,900 (-1.9%) $161,265 (-8.2%) 0.00 163
    2021-09-01 $132,675 (2.1%) $155,465 (-9.7%) 0.00 166
    2021-10-01 $122,900 (-5.4%) $147,449 (-11.9%) 0.00 183
    2021-11-01 $124,900 (-0.8%) $152,145 (-8.6%) 0.00 165
    2021-12-01 $130,050 (6.4%) $152,130 (-7.7%) 0.00 124
    2022-01-01 $138,400 (25.3%) $152,262 (-0.8%) 0.00 121
    2022-02-01 $127,500 (17.6%) $153,042 (0.7%) 0.00 112
    2022-03-01 $133,675 (15.3%) $153,352 (-3.9%) 0.00 93
    2022-04-01 $135,000 (9.8%) $157,131 (-1.8%) 0.00 77
    2022-05-01 $137,000 (-2.1%) $151,736 (-9.4%) 0.00 88
    2022-06-01 $140,000 (2.3%) $154,914 (-7.8%) 0.00 111
    2022-07-01 $139,950 (0.0%) $158,465 (-6.4%) 0.00 123
    2022-08-01 $139,500 (3.4%) $167,641 (4.0%) 0.00 100
    2022-09-01 $150,000 (13.1%) $175,917 (13.2%) 0.00 99
    2022-10-01 $158,950 (29.3%) $187,337 (27.1%) 0.00 97
    2022-11-01 $146,450 (17.3%) $169,351 (11.3%) 0.00 115
    2022-12-01 $149,000 (14.6%) $168,357 (10.7%) 0.00 107
    2023-01-01 $157,900 (14.1%) $170,426 (11.9%) 0.00 94
    2023-02-01 $151,150 (18.6%) $165,714 (8.3%) 0.00 81
    2023-03-01 $142,450 (6.6%) $163,204 (6.4%) 0.00 71
    2023-04-01 $139,900 (3.6%) $169,011 (7.6%) 0.00 75
    2023-05-01 $160,000 (16.8%) $189,559 (24.9%) 0.00 89
    2023-06-01 $159,900 (14.2%) $186,956 (20.7%) 0.00 95
    2023-07-01 $159,450 (13.9%) $189,146 (19.4%) 0.00 91
    2023-08-01 $164,675 (18.1%) $187,598 (11.9%) 0.00 101
    2023-09-01 $136,000 (-9.3%) $169,152 (-3.9%) 0.00 108
    2023-10-01 $139,900 (-12.0%) $176,824 (-5.6%) 0.00 114
    2023-11-01 $131,875 (-10.0%) $174,702 (3.2%) 0.00 109
    2023-12-01 $129,950 (-12.8%) $170,475 (1.3%) 0.00 94
    2024-01-01 $123,675 (-21.7%) $167,649 (-1.6%) 0.00 83
    2024-02-01 $131,475 (-13.0%) $180,734 (9.1%) 0.00 74
    2024-03-01 $154,900 (8.7%) $193,536 (18.6%) 0.00 87
    2024-04-01 $147,450 (5.4%) $187,173 (10.8%) 0.00 102
    2024-05-01 $152,450 (-4.7%) $187,866 (-0.9%) 0.00 107
    2024-06-01 $160,000 (0.1%) $186,244 (-0.4%) 0.00 118
    2024-07-01 $159,450 (0.0%) $188,228 (-0.5%) 0.00 123
    2024-08-01 $149,900 (-9.0%) $186,121 (-0.8%) 0.00 125
    2024-09-01 $145,950 (7.3%) $189,653 (12.1%) 0.00 129
    2024-10-01 $148,950 (6.5%) $193,839 (9.6%) 0.00 157
    2024-11-01 $139,000 (5.4%) $179,841 (2.9%) 0.00 149
    Burlington's median listing price for 2024-11-01 was $139,000, a difference of $7,125 (5.4%) versus the prior year and $-9,950 versus the prior month.

    Burlington's median listing price comes in at 0% of the national average.

    Burlington's average listing price for 2024-11-01 was $179,841, a difference of $5,139 (2.9%) versus the prior year and $-13,998 versus the prior month.

    For the 2024-11-01 period, Burlington had 149 MLS listings, a difference of -8 listings (-5%) versus the prior month and 40 listings (37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,484 sqft
    2018-02-01 0 days 1,513 sqft
    2018-03-01 0 days 1,500 sqft
    2018-04-01 0 days 1,523 sqft
    2018-05-01 0 days 1,548 sqft
    2018-06-01 0 days 1,600 sqft
    2018-07-01 0 days 1,594 sqft
    2018-08-01 0 days 1,561 sqft
    2018-09-01 0 days 1,536 sqft
    2018-10-01 0 days 1,518 sqft
    2018-11-01 0 days 1,535 sqft
    2018-12-01 0 days 1,500 sqft
    2019-01-01 0 days 1,463 sqft
    2019-02-01 0 days 1,484 sqft
    2019-03-01 0 days 1,478 sqft
    2019-04-01 0 days 1,505 sqft
    2019-05-01 0 days 1,551 sqft
    2019-06-01 0 days 1,598 sqft
    2019-07-01 0 days 1,592 sqft
    2019-08-01 0 days 1,587 sqft
    2019-09-01 0 days 1,589 sqft
    2019-10-01 0 days 1,594 sqft
    2019-11-01 0 days 1,574 sqft
    2019-12-01 0 days 1,500 sqft
    2020-01-01 0 days 1,679 sqft
    2020-02-01 0 days 1,473 sqft
    2020-03-01 0 days 1,473 sqft
    2020-04-01 0 days 1,487 sqft
    2020-05-01 0 days 1,500 sqft
    2020-06-01 0 days 1,561 sqft
    2020-07-01 0 days 1,574 sqft
    2020-08-01 0 days 1,590 sqft
    2020-09-01 0 days 1,593 sqft
    2020-10-01 0 days 1,585 sqft
    2020-11-01 0 days 1,578 sqft
    2020-12-01 0 days 1,491 sqft
    2021-01-01 0 days 1,482 sqft
    2021-02-01 0 days 1,484 sqft
    2021-03-01 0 days 1,500 sqft
    2021-04-01 0 days 1,500 sqft
    2021-05-01 0 days 1,497 sqft
    2021-06-01 0 days 1,487 sqft
    2021-07-01 0 days 1,460 sqft
    2021-08-01 0 days 1,407 sqft
    2021-09-01 0 days 1,426 sqft
    2021-10-01 0 days 1,406 sqft
    2021-11-01 0 days 1,388 sqft
    2021-12-01 0 days 1,395 sqft
    2022-01-01 0 days 1,393 sqft
    2022-02-01 0 days 1,450 sqft
    2022-03-01 0 days 1,460 sqft
    2022-04-01 0 days 1,440 sqft
    2022-05-01 0 days 1,360 sqft
    2022-06-01 0 days 1,336 sqft
    2022-07-01 0 days 1,341 sqft
    2022-08-01 0 days 1,434 sqft
    2022-09-01 0 days 1,452 sqft
    2022-10-01 0 days 1,470 sqft
    2022-11-01 0 days 1,448 sqft
    2022-12-01 0 days 1,486 sqft
    2023-01-01 0 days 1,539 sqft
    2023-02-01 0 days 1,524 sqft
    2023-03-01 0 days 1,461 sqft
    2023-04-01 0 days 1,486 sqft
    2023-05-01 0 days 1,501 sqft
    2023-06-01 0 days 1,481 sqft
    2023-07-01 0 days 1,439 sqft
    2023-08-01 0 days 1,441 sqft
    2023-09-01 0 days 1,407 sqft
    2023-10-01 0 days 1,432 sqft
    2023-11-01 0 days 1,401 sqft
    2023-12-01 0 days 1,438 sqft
    2024-01-01 0 days 1,467 sqft
    2024-02-01 0 days 1,512 sqft
    2024-03-01 0 days 1,460 sqft
    2024-04-01 0 days 1,484 sqft
    2024-05-01 0 days 1,436 sqft
    2024-06-01 0 days 1,444 sqft
    2024-07-01 0 days 1,435 sqft
    2024-08-01 0 days 1,488 sqft
    2024-09-01 0 days 1,475 sqft
    2024-10-01 0 days 1,479 sqft
    2024-11-01 0 days 1,428 sqft
    Burlington's median listing age (time on market) for 2024-11-01 was 0 days.

    Burlington's median square footage for active listings during the 2024-11-01 period was 1,428 sqft. One year prior, the average listing was 1,401 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).