Carbondale FHA Loan Rates, Closing Costs & Stats

CARBONDALE-MARION, 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.

    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 6.68% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Carbondale's average FHA mortgage closing costs are $5,494.

    The average rate for the prior week (2024-11-01) was 6.25% and one month ago for the week of 2024-10-04, the average rate was 6.07%.

    The average rate one year ago was 7.22%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 29 6.61% $5,945
    GUILD MORTGAGE COMPANY 25 6.74% $6,334
    U.S. Bank 14 6.71% $5,733
    FLAT BRANCH MORTGAGE, INC. 13 6.40% $5,965
    FirstTrust Home Loans, Inc. 11 6.90% $5,397
    GERSHMAN INVESTMENT CORP. 7 6.64% $5,825
    Regions Bank 6 6.48% $4,832
    PENNYMAC LOAN SERVICES, LLC 6 6.52% $6,504
    UNITED WHOLESALE MORTGAGE, LLC 5 6.83% $9,661
    Flagstar Bank, FSB 5 6.96% $5,200
    GUARANTEED RATE, INC. 4 6.76% $6,486
    Mortgage Research Center, LLC 4 6.97% $3,005
    BROKER SOLUTIONS, INC. 4 6.63% $7,779
    LOANDEPOT.COM, LLC 4 6.16% $9,794
    MUTUAL OF OMAHA MORTGAGE, INC. 3 7.42% $8,189
    ENDEAVOR CAPITAL, LLC. 3 6.88% $9,219
    AMERISAVE MORTGAGE CORPORATION 3 6.58% $6,794
    The Federal Savings Bank 3 6.79% $12,297
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.21% $4,638
    CROSSCOUNTRY MORTGAGE, LLC 3 7.00% $8,394
    CARDINAL FINANCIAL 2 5.69% $7,553
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.31% $5,959
    NEWREZ LLC 2 7.00% $8,279
    AMERICAN FINANCIAL NETWORK, INC. 2 7.69% $11,281
    EVERETT FINANCIAL, INC. 2 6.88% $6,577
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.81% $12,878
    ZILLOW HOME LOANS, LLC 1 5.88% $14,788
    AmeriHome Mortgage Company, LLC 1 6.63% $4,379
    Bank of America 1 7.50% $3,229
    Barrington Bank & Trust Company, N.A. 1 6.75% $5,824
    Carrington Mortgage Services, LLC 1 6.63% $8,987
    DAS Acquisition Company, LLC 1 6.88% $7,538
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.25% $5,235
    Equity Prime Mortgage LLC 1 5.50% $7,363
    EVANSVILLE TEACHERS 1 6.75% $4,207
    FAIR WAY LENDING LLC 1 6.75% $7,871
    FAMILY FINANCE MORTGAGE, LLC 1 7.25% $7,658
    FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 6.13% $5,258
    First United Bank and Trust Company 1 6.38% $10,289
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $11,118
    NBKC BANK 1 5.63% $8,062
    Neighborhood Loans, Inc. 1 6.63% $6,640
    NFM, INC. 1 6.13% $10,269
    Paramount Residential Mortgage Group, Inc. 1 7.25% $6,515
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $10,113
    United Community Bank 1 6.63% $10,494

    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

    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).