Burlington FHA Loan Rates, Closing Costs & Stats
Burlington, IA-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.
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
0.01%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Burlington's average FHA mortgage closing costs are $5,044.
The average rate for the prior week (2024-11-22) was
6.4% and
one month ago for the week of 2024-10-25, the
average rate was 6.08%.
The average rate one year ago was 6.87%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.2%.
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.
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. LouisDate | 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 |
Burlington's median listing price comes in at 0% of the national average.
Burlington's average listing price for 2024-10-01 was $193,839, a difference of $17,015 (9.6%) versus the prior year and $4,186 versus the prior month.
For the 2024-10-01 period, Burlington had 157 MLS listings, a difference of 28 listings (22%) versus the prior month and 43 listings (38%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
Burlington's median square footage for active listings during the 2024-10-01 period was 1,479 sqft. One year prior, the average listing was 1,432 sqft.