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 -0.15% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.64% and one month ago for the week of 2024-10-25, the average rate was 6.12%.

The average rate one year ago was 7.01%.

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.

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

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 $123,200 (4.0%) $156,992 (1.8%) 0.00 804
2018-02-01 $124,400 (3.7%) $160,139 (2.0%) 0.00 805
2018-03-01 $124,450 (3.8%) $157,953 (0.1%) 0.00 843
2018-04-01 $125,750 (-2.5%) $160,042 (-3.2%) 0.00 857
2018-05-01 $125,750 (-2.8%) $162,141 (-2.2%) 0.00 860
2018-06-01 $126,000 (-2.4%) $161,727 (-2.1%) 0.00 866
2018-07-01 $124,900 (-3.9%) $160,050 (-3.8%) 0.00 868
2018-08-01 $123,250 (-5.1%) $157,140 (-5.1%) 0.00 868
2018-09-01 $124,500 (-4.2%) $158,124 (-4.7%) 0.00 879
2018-10-01 $119,950 (-7.7%) $156,407 (-5.2%) 0.00 875
2018-11-01 $119,700 (-7.5%) $154,555 (-5.2%) 0.00 849
2018-12-01 $119,900 (-3.3%) $153,953 (-2.8%) 0.00 823
2019-01-01 $116,100 (-5.8%) $152,044 (-3.2%) 0.00 783
2019-02-01 $116,750 (-6.2%) $152,233 (-4.9%) 0.00 772
2019-03-01 $119,143 (-4.3%) $155,624 (-1.5%) 0.00 768
2019-04-01 $119,900 (-4.7%) $157,857 (-1.4%) 0.00 773
2019-05-01 $119,700 (-4.8%) $159,023 (-1.9%) 0.00 793
2019-06-01 $119,900 (-4.8%) $157,188 (-2.8%) 0.00 811
2019-07-01 $119,961 (-4.0%) $155,936 (-2.6%) 0.00 838
2019-08-01 $119,927 (-2.7%) $154,351 (-1.8%) 0.00 828
2019-09-01 $119,968 (-3.6%) $153,264 (-3.1%) 0.00 819
2019-10-01 $121,500 (1.3%) $152,756 (-2.3%) 0.00 809
2019-11-01 $124,900 (4.3%) $152,525 (-1.3%) 0.00 783
2019-12-01 $118,950 (-0.8%) $148,368 (-3.6%) 0.00 744
2020-01-01 $115,250 (-0.7%) $149,076 (-2.0%) 0.00 703
2020-02-01 $117,400 (0.6%) $148,284 (-2.6%) 0.00 719
2020-03-01 $118,950 (-0.2%) $152,852 (-1.8%) 0.00 718
2020-04-01 $118,200 (-1.4%) $150,218 (-4.8%) 0.00 711
2020-05-01 $119,900 (0.2%) $154,721 (-2.7%) 0.00 672
2020-06-01 $116,725 (-2.7%) $148,199 (-5.7%) 0.00 624
2020-07-01 $119,250 (-0.6%) $152,145 (-2.4%) 0.00 567
2020-08-01 $114,900 (-4.2%) $150,892 (-2.2%) 0.00 543
2020-09-01 $114,700 (-4.4%) $155,961 (1.8%) 0.00 517
2020-10-01 $115,000 (-5.4%) $156,797 (2.7%) 0.00 478
2020-11-01 $116,575 (-6.7%) $155,591 (2.0%) 0.00 451
2020-12-01 $110,975 (-6.7%) $152,755 (3.0%) 0.00 431
2021-01-01 $110,000 (-4.6%) $155,848 (4.5%) 0.00 392
2021-02-01 $107,338 (-8.6%) $160,548 (8.3%) 0.00 321
2021-03-01 $116,300 (-2.2%) $167,891 (9.8%) 0.00 297
2021-04-01 $119,438 (1.1%) $176,612 (17.6%) 0.00 273
2021-05-01 $114,900 (-4.2%) $173,943 (12.4%) 0.00 274
2021-06-01 $115,600 (-1.0%) $181,918 (22.8%) 0.00 280
2021-07-01 $109,950 (-7.8%) $179,621 (18.1%) 0.00 291
2021-08-01 $102,650 (-10.7%) $183,159 (21.4%) 0.00 282
2021-09-01 $111,950 (-2.4%) $194,770 (24.9%) 0.00 299
2021-10-01 $117,500 (2.2%) $205,965 (31.4%) 0.00 293
2021-11-01 $93,000 (-20.2%) $200,383 (28.8%) 0.00 280
2021-12-01 $99,250 (-10.6%) $191,241 (25.2%) 0.00 291
2022-01-01 $91,000 (-17.3%) $176,813 (13.5%) 0.00 290
2022-02-01 $74,900 (-30.2%) $161,139 (0.4%) 0.00 314
2022-03-01 $95,625 (-17.8%) $193,472 (15.2%) 0.00 229
2022-04-01 $119,900 (0.4%) $221,434 (25.4%) 0.00 225
2022-05-01 $122,475 (6.6%) $226,793 (30.4%) 0.00 227
2022-06-01 $124,450 (7.7%) $222,220 (22.2%) 0.00 246
2022-07-01 $131,450 (19.6%) $218,733 (21.8%) 0.00 286
2022-08-01 $129,600 (26.3%) $210,562 (15.0%) 0.00 301
2022-09-01 $129,900 (16.0%) $214,514 (10.1%) 0.00 294
2022-10-01 $124,900 (6.3%) $196,136 (-4.8%) 0.00 315
2022-11-01 $125,875 (35.4%) $201,447 (0.5%) 0.00 332
2022-12-01 $123,000 (23.9%) $208,841 (9.2%) 0.00 302
2023-01-01 $129,600 (42.4%) $215,286 (21.8%) 0.00 283
2023-02-01 $129,900 (73.4%) $224,804 (39.5%) 0.00 240
2023-03-01 $129,925 (35.9%) $227,854 (17.8%) 0.00 216
2023-04-01 $135,000 (12.6%) $241,054 (8.9%) 0.00 218
2023-05-01 $130,700 (6.7%) $244,516 (7.8%) 0.00 224
2023-06-01 $152,450 (22.5%) $262,759 (18.2%) 0.00 225
2023-07-01 $169,000 (28.6%) $269,247 (23.1%) 0.00 241
2023-08-01 $152,825 (17.9%) $248,580 (18.1%) 0.00 253
2023-09-01 $157,500 (21.3%) $244,725 (14.1%) 0.00 273
2023-10-01 $149,900 (20.0%) $239,489 (22.1%) 0.00 277
2023-11-01 $157,750 (25.3%) $237,504 (17.9%) 0.00 275
2023-12-01 $148,000 (20.3%) $222,529 (6.6%) 0.00 276
2024-01-01 $139,000 (7.3%) $217,630 (1.1%) 0.00 276
2024-02-01 $137,750 (6.0%) $216,800 (-3.6%) 0.00 295
2024-03-01 $132,450 (1.9%) $216,537 (-5.0%) 0.00 281
2024-04-01 $137,975 (2.2%) $222,906 (-7.5%) 0.00 293
2024-05-01 $147,100 (12.6%) $225,214 (-7.9%) 0.00 293
2024-06-01 $145,500 (-4.6%) $224,956 (-14.4%) 0.00 309
2024-07-01 $162,450 (-3.9%) $233,373 (-13.3%) 0.00 330
2024-08-01 $180,000 (17.8%) $245,275 (-1.3%) 0.00 334
2024-09-01 $189,475 (20.3%) $252,644 (3.2%) 0.00 317
2024-10-01 $194,250 (29.6%) $257,691 (7.6%) 0.00 337
Carbondale's median listing price for 2024-10-01 was $194,250, a difference of $44,350 (29.6%) versus the prior year and $4,775 versus the prior month.

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

Carbondale's average listing price for 2024-10-01 was $257,691, a difference of $18,202 (7.6%) versus the prior year and $5,047 versus the prior month.

For the 2024-10-01 period, Carbondale had 337 MLS listings, a difference of 20 listings (6%) versus the prior month and 60 listings (22%) 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 1,696 sqft
2018-02-01 0 days 1,690 sqft
2018-03-01 0 days 1,700 sqft
2018-04-01 0 days 1,717 sqft
2018-05-01 0 days 1,728 sqft
2018-06-01 0 days 1,728 sqft
2018-07-01 0 days 1,700 sqft
2018-08-01 0 days 1,677 sqft
2018-09-01 0 days 1,700 sqft
2018-10-01 0 days 1,683 sqft
2018-11-01 0 days 1,699 sqft
2018-12-01 0 days 1,673 sqft
2019-01-01 0 days 1,651 sqft
2019-02-01 0 days 1,632 sqft
2019-03-01 0 days 1,653 sqft
2019-04-01 0 days 1,680 sqft
2019-05-01 0 days 1,685 sqft
2019-06-01 0 days 1,664 sqft
2019-07-01 0 days 1,667 sqft
2019-08-01 0 days 1,642 sqft
2019-09-01 0 days 1,630 sqft
2019-10-01 0 days 1,621 sqft
2019-11-01 0 days 1,617 sqft
2019-12-01 0 days 1,600 sqft
2020-01-01 0 days 1,599 sqft
2020-02-01 0 days 1,570 sqft
2020-03-01 0 days 1,600 sqft
2020-04-01 0 days 1,594 sqft
2020-05-01 0 days 1,600 sqft
2020-06-01 0 days 1,591 sqft
2020-07-01 0 days 1,603 sqft
2020-08-01 0 days 1,540 sqft
2020-09-01 0 days 1,557 sqft
2020-10-01 0 days 1,550 sqft
2020-11-01 0 days 1,565 sqft
2020-12-01 0 days 1,500 sqft
2021-01-01 0 days 1,498 sqft
2021-02-01 0 days 1,491 sqft
2021-03-01 0 days 1,501 sqft
2021-04-01 0 days 1,548 sqft
2021-05-01 0 days 1,550 sqft
2021-06-01 0 days 1,559 sqft
2021-07-01 0 days 1,509 sqft
2021-08-01 0 days 1,517 sqft
2021-09-01 0 days 1,503 sqft
2021-10-01 0 days 1,545 sqft
2021-11-01 0 days 1,413 sqft
2021-12-01 0 days 1,418 sqft
2022-01-01 0 days 1,402 sqft
2022-02-01 0 days 1,263 sqft
2022-03-01 0 days 1,360 sqft
2022-04-01 0 days 1,524 sqft
2022-05-01 0 days 1,500 sqft
2022-06-01 0 days 1,482 sqft
2022-07-01 0 days 1,568 sqft
2022-08-01 0 days 1,570 sqft
2022-09-01 0 days 1,551 sqft
2022-10-01 0 days 1,520 sqft
2022-11-01 0 days 1,544 sqft
2022-12-01 0 days 1,522 sqft
2023-01-01 0 days 1,546 sqft
2023-02-01 0 days 1,536 sqft
2023-03-01 0 days 1,536 sqft
2023-04-01 0 days 1,555 sqft
2023-05-01 0 days 1,578 sqft
2023-06-01 0 days 1,626 sqft
2023-07-01 0 days 1,656 sqft
2023-08-01 0 days 1,670 sqft
2023-09-01 0 days 1,640 sqft
2023-10-01 0 days 1,626 sqft
2023-11-01 0 days 1,611 sqft
2023-12-01 0 days 1,588 sqft
2024-01-01 0 days 1,588 sqft
2024-02-01 0 days 1,592 sqft
2024-03-01 0 days 1,608 sqft
2024-04-01 0 days 1,599 sqft
2024-05-01 0 days 1,672 sqft
2024-06-01 0 days 1,639 sqft
2024-07-01 0 days 1,674 sqft
2024-08-01 0 days 1,664 sqft
2024-09-01 0 days 1,676 sqft
2024-10-01 0 days 1,685 sqft
Carbondale's median listing age (time on market) for 2024-10-01 was 0 days.

Carbondale's median square footage for active listings during the 2024-10-01 period was 1,685 sqft. One year prior, the average listing was 1,626 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).