Carbondale FHA Loan Rates, Closing Costs & Stats
CARBONDALE-MARION, 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.
Carbondale's 46 lenders originated 204 FHA loans during 2023. The total origination value was $26,900,000, with an average FHA loan value of $131,863.
Carbondale FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Carbondale
averaged
6.64%
for the week of 2024-07-19, compared to the national average (all FHA variants) of
6.59% for the same period.
Carbondale's average FHA mortgage closing costs are $5,494.
The average rate for the prior week (2024-07-12) was
6.6% and
one month ago for the week of 2024-06-14, the
average rate was 6.55%.
The average rate one year ago was 6.64%.
For refis of the same type during the week of 2024-07-19, the average rate
was 6.59%.
Carbondale 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 Carbondale level.
The top Carbondale FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
29 FHA loans originated. Their average total fees are
$5,945, which is $389
lower than the next largest lender,
GUILD MORTGAGE COMPANY.
The lowest fee Carbondale FHA lenders (with over 10 loans originated) are
FirstTrust Home Loans, Inc. ($5,397), U.S. Bank ($5,733), QUICKEN LOANS, LLC ($5,945), FLAT BRANCH MORTGAGE, INC. ($5,965) and GUILD MORTGAGE COMPANY ($6,334).
The lowest rate Carbondale FHA lenders (with over 10 loans originated) are
FLAT BRANCH MORTGAGE, INC. (6.40%), QUICKEN LOANS, LLC (6.61%), U.S. Bank (6.71%), GUILD MORTGAGE COMPANY (6.74%) and FirstTrust Home Loans, Inc. (6.90%).
Carbondale FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| CARBONDALE-MARION, IL | JACKSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CARBONDALE-MARION, IL | JOHNSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CARBONDALE-MARION, IL | WILLIAMSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CARBONDALE-MARION, IL | JACKSON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CARBONDALE-MARION, IL | JOHNSON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CARBONDALE-MARION, IL | WILLIAMSON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |