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 53 lenders originated 244 FHA loans during 2022. The total origination value was $34,520,000, with an average FHA loan value of $141,475.

Carbondale FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Carbondale averaged -0.46% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Carbondale's average FHA mortgage closing costs are $5,286.

The average rate for the prior week (2024-02-16) was 6.08% and one month ago for the week of 2024-01-19, the average rate was 5.92%.

The average rate one year ago was 6.18%.

For refis of the same type during the week of 2024-02-23, the average rate was -0.93%.

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

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.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 39 4.68% $6,524
GERSHMAN INVESTMENT CORP. 29 5.18% $6,241
U.S. Bank 23 4.80% $4,836
Regions Bank 13 5.11% $4,894
GUARANTEED RATE, INC. 13 4.83% $6,877
Flagstar Bank, FSB 10 5.44% $6,320
PENNYMAC LOAN SERVICES, LLC 9 5.17% $6,049
GUILD MORTGAGE COMPANY 8 5.44% $7,156
First Option Mortgage, LLC 7 4.77% $7,308
LOANDEPOT.COM, LLC 6 4.67% $6,238
Hometown Lenders, Inc. 5 6.28% $9,655
BROKER SOLUTIONS, INC. 5 5.00% $8,425
AMERISAVE MORTGAGE CORPORATION 5 5.00% $10,176
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 4.65% $4,939
DAS Acquisition Company, LLC 4 4.97% $6,478
CARDINAL FINANCIAL 3 4.63% $7,066
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 4.58% $6,330
UNITED WHOLESALE MORTGAGE, LLC 3 5.08% $5,428
FLAT BRANCH MORTGAGE, INC. 3 5.38% $6,890
Equity Prime Mortgage LLC 2 4.38% $4,847
Mortgage Research Center, LLC 2 4.56% $4,346
FAIR WAY LENDING LLC 2 6.19% $5,868
AMERICAN FINANCING CORPORATION 1 2.75% $6,758
Citizens Bank 1 4.25% $7,203
HOME POINT FINANCIAL CORPORATION 1 5.13% $4,200
HOMESIDE FINANCIAL, LLC 1 3.88% $7,359
INLAND BANK & TRUST 1 5.88% $4,917
JPMorgan Chase Bank 1 6.25% $1,799
LAKEVIEW LOAN SERVICING, LLC 1 2.99% $4,176
CALIBER HOME LOANS, INC. 1 3.55% $2,170
Magnolia Bank 1 4.50% $9,723
MICHIGAN MUTUAL, INC. 1 5.63% $4,412
MORIA DEVELOPMENT, INC. 1 5.63% $6,641
Mr. Cooper ( Nationstar Mortgage ) 1 4.38% $8,548
Nations Lending Corporation 1 5.75% $5,728
NFM, INC. 1 4.25% $8,738
Paramount Residential Mortgage Group, Inc. 1 7.25% $13,554
Barrington Bank & Trust Company, N.A. 1 5.75% $6,462
Peoples Bank 1 3.63% $6,819
Bank of England 1 5.63% $6,876
AMERICAN PACIFIC MORTGAGE CORPORATION 1 4.75% $7,497
ROYAL UNITED MORTGAGE LLC 1 4.63% $11,309
The Federal Savings Bank 1 6.50% $5,821
Truist 1 3.10% $4,862
United Community Bank 1 4.13% $3,922
FIRST CENTENNIAL MORTGAGE CORPORATION 1 5.25% $5,945
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.25% $7,823
First Community Bank 1 3.00% $8,216
FirstBank 1 5.13% $9,492
FirstTrust Home Loans, Inc. 1 6.88% $4,281
Flanagan State Bank 1 5.13% $8,533
FREEDOM MORTGAGE CORPORATION 1 3.13% $16,865
GENEVA FINANCIAL, LLC 1 5.13% $4,663

The top Carbondale FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 39 FHA loans originated. Their average total fees are $6,524, which is $283 higher than the next largest lender, GERSHMAN INVESTMENT CORP..

The lowest fee Carbondale FHA lenders (with over 10 loans originated) are U.S. Bank ($4,836), Regions Bank ($4,894), GERSHMAN INVESTMENT CORP. ($6,241), Flagstar Bank, FSB ($6,320) and QUICKEN LOANS, LLC ($6,524).

The lowest rate Carbondale FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.68%), U.S. Bank (4.80%), GUARANTEED RATE, INC. (4.83%), Regions Bank (5.11%) and GERSHMAN INVESTMENT CORP. (5.18%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Carbondale (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 $109,975 (4.0%) $151,270 (1.8%) 0.00 804
2018-02-01 $109,450 (3.7%) $150,672 (2.0%) 0.00 805
2018-03-01 $112,000 (3.8%) $149,767 (0.1%) 0.00 843
2018-04-01 $112,475 (-3.1%) $152,764 (-3.3%) 0.00 856
2018-05-01 $110,000 (-2.8%) $151,299 (-2.3%) 0.00 860
2018-06-01 $109,900 (-2.2%) $148,568 (-2.1%) 0.00 866
2018-07-01 $109,900 (-3.9%) $149,690 (-3.8%) 0.00 868
2018-08-01 $108,725 (-5.1%) $148,596 (-5.1%) 0.00 868
2018-09-01 $107,000 (-4.2%) $148,208 (-4.7%) 0.00 879
2018-10-01 $104,950 (-7.7%) $144,867 (-5.2%) 0.00 875
2018-11-01 $99,999 (-7.5%) $143,332 (-5.2%) 0.00 849
2018-12-01 $99,900 (-3.3%) $144,418 (-2.8%) 0.00 823
2019-01-01 $99,450 (-5.8%) $143,337 (-3.2%) 0.00 783
2019-02-01 $99,975 (-6.2%) $148,847 (-4.9%) 0.00 772
2019-03-01 $102,957 (-4.3%) $150,538 (-1.5%) 0.00 768
2019-04-01 $99,450 (-4.1%) $148,447 (-1.3%) 0.00 773
2019-05-01 $98,750 (-4.8%) $146,898 (-1.9%) 0.00 793
2019-06-01 $96,900 (-5.0%) $146,263 (-2.8%) 0.00 811
2019-07-01 $97,625 (-4.0%) $145,107 (-2.6%) 0.00 838
2019-08-01 $96,245 (-2.7%) $142,917 (-1.8%) 0.00 828
2019-09-01 $95,489 (-3.6%) $141,459 (-3.1%) 0.00 819
2019-10-01 $94,924 (1.3%) $140,487 (-2.3%) 0.00 809
2019-11-01 $95,250 (3.6%) $139,841 (-1.5%) 0.00 782
2019-12-01 $89,950 (-0.8%) $134,307 (-3.6%) 0.00 744
2020-01-01 $89,999 (-0.7%) $137,023 (-2.0%) 0.00 703
2020-02-01 $94,000 (0.6%) $132,622 (-2.6%) 0.00 719
2020-03-01 $95,749 (-0.2%) $137,152 (-1.8%) 0.00 718
2020-04-01 $94,874 (-1.4%) $135,747 (-4.8%) 0.00 711
2020-05-01 $99,000 (0.2%) $138,610 (-2.7%) 0.00 672
2020-06-01 $94,499 (-2.7%) $134,297 (-5.7%) 0.00 624
2020-07-01 $95,750 (-0.6%) $136,284 (-2.4%) 0.00 567
2020-08-01 $93,000 (-4.2%) $137,900 (-2.2%) 0.00 543
2020-09-01 $94,750 (-4.4%) $139,071 (1.8%) 0.00 517
2020-10-01 $98,500 (-5.4%) $138,968 (2.7%) 0.00 478
2020-11-01 $103,525 (-6.1%) $138,054 (2.1%) 0.00 452
2020-12-01 $100,425 (-6.7%) $137,741 (3.0%) 0.00 431
2021-01-01 $100,950 (-4.6%) $141,000 (4.5%) 0.00 392
2021-02-01 $106,175 (-8.6%) $150,188 (8.3%) 0.00 321
2021-03-01 $107,400 (-2.2%) $156,674 (9.8%) 0.00 297
2021-04-01 $111,000 (1.1%) $165,455 (17.6%) 0.00 273
2021-05-01 $99,000 (-4.2%) $151,293 (12.4%) 0.00 274
2021-06-01 $109,950 (-1.0%) $159,375 (22.8%) 0.00 279
2021-07-01 $93,450 (-7.8%) $146,742 (18.1%) 0.00 290
2021-08-01 $89,225 (-12.4%) $146,155 (21.4%) 0.00 281
2021-09-01 $91,200 (-2.5%) $153,562 (24.9%) 0.00 299
2021-10-01 $99,900 (2.2%) $155,147 (31.4%) 0.00 293
2021-11-01 $77,438 (-20.1%) $143,363 (28.9%) 0.00 280
2021-12-01 $74,925 (-10.6%) $138,542 (25.2%) 0.00 291
2022-01-01 $69,000 (-17.3%) $117,471 (13.5%) 0.00 290
2022-02-01 $54,725 (-30.2%) $94,029 (0.4%) 0.00 314
2022-03-01 $68,225 (-17.8%) $106,304 (15.2%) 0.00 229
2022-04-01 $79,900 (0.4%) $131,134 (25.4%) 0.00 225
2022-05-01 $92,625 (6.6%) $152,900 (30.4%) 0.00 227
2022-06-01 $111,000 (7.7%) $158,427 (22.1%) 0.00 246
2022-07-01 $104,900 (19.6%) $157,425 (21.8%) 0.00 286
2022-08-01 $113,000 (28.8%) $161,280 (14.9%) 0.00 301
2022-09-01 $115,000 (16.1%) $184,693 (10.1%) 0.00 294
2022-10-01 $109,800 (6.3%) $178,108 (-4.8%) 0.00 315
2022-11-01 $111,981 (35.4%) $179,749 (0.5%) 0.00 332
2022-12-01 $111,963 (23.9%) $187,024 (9.2%) 0.00 302
2023-01-01 $114,925 (42.4%) $187,058 (21.8%) 0.00 283
2023-02-01 $114,725 (73.4%) $184,560 (39.5%) 0.00 240
2023-03-01 $114,900 (35.9%) $195,247 (17.8%) 0.00 216
2023-04-01 $112,000 (12.6%) $188,886 (8.9%) 0.00 218
2023-05-01 $105,950 (6.7%) $183,449 (7.8%) 0.00 224
2023-06-01 $96,850 (22.5%) $184,667 (18.2%) 0.00 225
2023-07-01 $108,000 (28.6%) $202,761 (23.1%) 0.00 241
2023-08-01 $99,925 (17.9%) $189,887 (18.1%) 0.00 253
2023-09-01 $107,000 (21.3%) $193,057 (14.1%) 0.00 273
2023-10-01 $108,750 (20.0%) $179,220 (22.1%) 0.00 277
2023-11-01 $124,725 (25.3%) $190,382 (17.9%) 0.00 275
2023-12-01 $110,000 (0.0%) $175,290 (0.0%) 0.00 0
Carbondale's median listing price for 2023-12-01 was $110,000, a difference of $-1,963 (0.0%) versus the prior year and $-14,725 versus the prior month.

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

Carbondale's average listing price for 2023-12-01 was $175,290, a difference of $-11,734 (0.0%) versus the prior year and $-15,092 versus the prior month.

For the 2023-12-01 period, Carbondale had 0 MLS listings, a difference of -275 listings (-100%) versus the prior month and -302 listings (-100%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Carbondale (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,636 sqft
2018-02-01 0 days 1,608 sqft
2018-03-01 0 days 1,612 sqft
2018-04-01 0 days 1,652 sqft
2018-05-01 0 days 1,653 sqft
2018-06-01 0 days 1,628 sqft
2018-07-01 0 days 1,622 sqft
2018-08-01 0 days 1,653 sqft
2018-09-01 0 days 1,679 sqft
2018-10-01 0 days 1,616 sqft
2018-11-01 0 days 1,619 sqft
2018-12-01 0 days 1,615 sqft
2019-01-01 0 days 1,595 sqft
2019-02-01 0 days 1,602 sqft
2019-03-01 0 days 1,627 sqft
2019-04-01 0 days 1,641 sqft
2019-05-01 0 days 1,612 sqft
2019-06-01 0 days 1,600 sqft
2019-07-01 0 days 1,602 sqft
2019-08-01 0 days 1,596 sqft
2019-09-01 0 days 1,598 sqft
2019-10-01 0 days 1,600 sqft
2019-11-01 0 days 1,578 sqft
2019-12-01 0 days 1,505 sqft
2020-01-01 0 days 1,521 sqft
2020-02-01 0 days 1,500 sqft
2020-03-01 0 days 1,578 sqft
2020-04-01 0 days 1,528 sqft
2020-05-01 0 days 1,547 sqft
2020-06-01 0 days 1,580 sqft
2020-07-01 0 days 1,588 sqft
2020-08-01 0 days 1,489 sqft
2020-09-01 0 days 1,467 sqft
2020-10-01 0 days 1,465 sqft
2020-11-01 0 days 1,506 sqft
2020-12-01 0 days 1,449 sqft
2021-01-01 0 days 1,450 sqft
2021-02-01 0 days 1,478 sqft
2021-03-01 0 days 1,477 sqft
2021-04-01 0 days 1,474 sqft
2021-05-01 0 days 1,501 sqft
2021-06-01 0 days 1,532 sqft
2021-07-01 0 days 1,450 sqft
2021-08-01 0 days 1,430 sqft
2021-09-01 0 days 1,402 sqft
2021-10-01 0 days 1,411 sqft
2021-11-01 0 days 1,245 sqft
2021-12-01 0 days 1,231 sqft
2022-01-01 0 days 1,208 sqft
2022-02-01 0 days 1,152 sqft
2022-03-01 0 days 1,206 sqft
2022-04-01 0 days 1,325 sqft
2022-05-01 0 days 1,317 sqft
2022-06-01 0 days 1,414 sqft
2022-07-01 0 days 1,530 sqft
2022-08-01 0 days 1,574 sqft
2022-09-01 0 days 1,592 sqft
2022-10-01 0 days 1,600 sqft
2022-11-01 0 days 1,621 sqft
2022-12-01 0 days 1,613 sqft
2023-01-01 0 days 1,616 sqft
2023-02-01 0 days 1,616 sqft
2023-03-01 0 days 1,580 sqft
2023-04-01 0 days 1,605 sqft
2023-05-01 0 days 1,628 sqft
2023-06-01 0 days 1,613 sqft
2023-07-01 0 days 1,633 sqft
2023-08-01 0 days 1,656 sqft
2023-09-01 0 days 1,633 sqft
2023-10-01 0 days 1,559 sqft
2023-11-01 0 days 1,659 sqft
2023-12-01 0 days 1,649 sqft
Carbondale's median listing age (time on market) for 2023-12-01 was 0 days.

Carbondale's median square footage for active listings during the 2023-12-01 period was 1,649 sqft. One year prior, the average listing was 1,613 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).