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%.

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
Burlington's median listing price for 2024-10-01 was $148,950, a difference of $9,050 (6.5%) versus the prior year and $3,000 versus the prior month.

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. 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
Burlington's median listing age (time on market) for 2024-10-01 was 0 days.

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.

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).