Centralia FHA Loan Rates, Closing Costs & Stats

Centralia, 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.

    Centralia's 25 lenders originated 82 FHA loans during 2023. The total origination value was $10,020,000, with an average FHA loan value of $122,195.

    Centralia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Centralia averaged 7.19% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Centralia's average FHA mortgage closing costs are $5,094.

    The average rate for the prior week (2024-04-12) was 6.98% and one month ago for the week of 2024-03-15, the average rate was 6.84%.

    The average rate one year ago was 6.37%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Centralia 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 Centralia level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 13 6.42% $7,096
    ENDEAVOR CAPITAL, LLC. 10 6.78% $7,222
    BROKER SOLUTIONS, INC. 10 6.57% $5,481
    DELMAR FINANCIAL COMPANY 7 6.38% $5,860
    United Community Bank 5 6.60% $5,017
    FirstTrust Home Loans, Inc. 4 7.19% $5,965
    U.S. Bank 3 6.21% $4,261
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.92% $6,974
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.50% $10,295
    FLAT BRANCH MORTGAGE, INC. 2 7.19% $6,177
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $7,426
    FREEDOM MORTGAGE CORPORATION 1 6.25% $9,425
    GERSHMAN INVESTMENT CORP. 1 7.25% $8,646
    GSF Mortgage Corporation 1 6.50% $5,187
    GUARANTEED RATE, INC. 1 6.25% $6,831
    LOANDEPOT.COM, LLC 1 5.75% $6,632
    Mortgage Research Center, LLC 1 6.25% $2,221
    NEWREZ LLC 1 6.75% $4,288
    NFM, INC. 1 7.25% $8,748
    Paramount Residential Mortgage Group, Inc. 1 7.75% $10,594
    PNC Bank 1 6.25% $6,823
    DAS Acquisition Company, LLC 1 8.25% $7,602
    STOCKTON MORTGAGE CORPORATION 1 7.13% $9,200
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $10,203
    Fifth Third Bank 1 6.38% $6,355

    The top Centralia FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 13 FHA loans originated. Their average total fees are $7,096, which is $126 lower than the next largest lender, ENDEAVOR CAPITAL, LLC..

    The lowest fee Centralia FHA lenders (with over 10 loans originated) are BROKER SOLUTIONS, INC. ($5,481), QUICKEN LOANS, LLC ($7,096), ENDEAVOR CAPITAL, LLC. ($7,222), .

    The lowest rate Centralia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.42%), BROKER SOLUTIONS, INC. (6.57%), ENDEAVOR CAPITAL, LLC. (6.78%), .

    Centralia FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CENTRALIA, IL MARION 2022 $420,680 $538,650 $651,050 $809,150
    CENTRALIA, IL MARION 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Centralia (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 $94,750 (17.7%) $121,480 (-0.1%) 0.00 153
    2018-02-01 $95,975 (13.3%) $128,087 (2.3%) 0.00 157
    2018-03-01 $96,950 (14.2%) $125,283 (1.2%) 0.00 151
    2018-04-01 $96,450 (7.3%) $127,023 (-0.5%) 0.00 158
    2018-05-01 $103,200 (10.7%) $136,066 (3.8%) 0.00 157
    2018-06-01 $99,000 (8.4%) $133,937 (4.2%) 0.00 160
    2018-07-01 $125,475 (34.9%) $140,347 (9.7%) 0.00 164
    2018-08-01 $120,500 (45.3%) $141,548 (19.0%) 0.00 173
    2018-09-01 $119,900 (38.0%) $143,249 (19.7%) 0.00 161
    2018-10-01 $108,950 (21.2%) $141,393 (15.8%) 0.00 165
    2018-11-01 $107,900 (18.8%) $142,181 (18.4%) 0.00 160
    2018-12-01 $105,500 (14.7%) $141,470 (19.6%) 0.00 162
    2019-01-01 $109,350 (15.4%) $141,309 (16.3%) 0.00 160
    2019-02-01 $105,600 (10.0%) $140,233 (9.5%) 0.00 155
    2019-03-01 $107,743 (11.1%) $138,848 (10.8%) 0.00 153
    2019-04-01 $115,425 (19.7%) $140,829 (10.9%) 0.00 148
    2019-05-01 $122,400 (18.6%) $145,877 (7.2%) 0.00 149
    2019-06-01 $124,900 (26.2%) $146,720 (9.5%) 0.00 155
    2019-07-01 $122,925 (-2.0%) $146,158 (4.1%) 0.00 154
    2019-08-01 $123,391 (2.4%) $146,248 (3.3%) 0.00 147
    2019-09-01 $127,052 (6.0%) $148,683 (3.8%) 0.00 141
    2019-10-01 $129,493 (18.9%) $150,612 (6.5%) 0.00 140
    2019-11-01 $127,500 (18.2%) $155,210 (9.2%) 0.00 142
    2019-12-01 $129,000 (22.3%) $158,562 (12.1%) 0.00 138
    2020-01-01 $129,450 (18.4%) $162,545 (15.0%) 0.00 125
    2020-02-01 $111,950 (6.0%) $156,693 (11.7%) 0.00 122
    2020-03-01 $107,750 (0.0%) $148,135 (6.7%) 0.00 127
    2020-04-01 $104,700 (-9.3%) $143,454 (1.9%) 0.00 127
    2020-05-01 $111,950 (-8.5%) $147,711 (1.3%) 0.00 111
    2020-06-01 $119,450 (-4.4%) $152,588 (4.0%) 0.00 95
    2020-07-01 $111,750 (-9.1%) $153,449 (5.0%) 0.00 94
    2020-08-01 $119,000 (-3.6%) $164,924 (12.8%) 0.00 97
    2020-09-01 $97,700 (-23.1%) $153,786 (3.4%) 0.00 97
    2020-10-01 $92,500 (-28.6%) $140,016 (-7.0%) 0.00 104
    2020-11-01 $70,125 (-45.0%) $129,523 (-16.6%) 0.00 108
    2020-12-01 $69,950 (-45.8%) $130,574 (-17.7%) 0.00 100
    2021-01-01 $79,500 (-38.6%) $144,185 (-11.3%) 0.00 90
    2021-02-01 $83,975 (-25.0%) $164,826 (5.2%) 0.00 87
    2021-03-01 $96,975 (-10.0%) $167,857 (13.3%) 0.00 79
    2021-04-01 $87,625 (-16.3%) $172,705 (20.4%) 0.00 62
    2021-05-01 $94,900 (-15.2%) $181,993 (23.2%) 0.00 56
    2021-06-01 $124,450 (4.2%) $211,678 (38.7%) 0.00 67
    2021-07-01 $127,400 (14.0%) $224,576 (46.4%) 0.00 67
    2021-08-01 $137,400 (15.5%) $222,839 (35.1%) 0.00 73
    2021-09-01 $157,200 (60.9%) $235,655 (53.2%) 0.00 64
    2021-10-01 $154,000 (66.5%) $244,850 (74.9%) 0.00 54
    2021-11-01 $159,925 (128.1%) $253,283 (95.6%) 0.00 59
    2021-12-01 $149,900 (114.3%) $253,388 (94.1%) 0.00 58
    2022-01-01 $145,450 (83.0%) $253,659 (75.9%) 0.00 51
    2022-02-01 $149,000 (77.4%) $279,339 (69.5%) 0.00 44
    2022-03-01 $133,675 (37.8%) $261,109 (55.6%) 0.00 42
    2022-04-01 $111,950 (27.8%) $213,922 (23.9%) 0.00 53
    2022-05-01 $99,925 (5.3%) $202,426 (11.2%) 0.00 56
    2022-06-01 $107,450 (-13.7%) $197,816 (-6.6%) 0.00 67
    2022-07-01 $124,900 (-2.0%) $197,628 (-12.0%) 0.00 70
    2022-08-01 $125,925 (-8.4%) $200,035 (-10.2%) 0.00 67
    2022-09-01 $138,700 (-11.8%) $198,546 (-15.8%) 0.00 83
    2022-10-01 $139,900 (-9.2%) $183,471 (-25.1%) 0.00 81
    2022-11-01 $127,000 (-20.6%) $176,290 (-30.4%) 0.00 75
    2022-12-01 $110,000 (-26.6%) $163,934 (-35.3%) 0.00 70
    2023-01-01 $131,175 (-9.8%) $176,574 (-30.4%) 0.00 69
    2023-02-01 $127,450 (-14.5%) $171,882 (-38.5%) 0.00 79
    2023-03-01 $135,000 (1.0%) $173,228 (-33.7%) 0.00 86
    2023-04-01 $129,750 (15.9%) $162,535 (-24.0%) 0.00 84
    2023-05-01 $128,125 (28.2%) $177,540 (-12.3%) 0.00 74
    2023-06-01 $130,950 (21.9%) $173,796 (-12.1%) 0.00 71
    2023-07-01 $129,900 (4.0%) $162,966 (-17.5%) 0.00 66
    2023-08-01 $115,975 (-7.9%) $152,662 (-23.7%) 0.00 57
    2023-09-01 $112,000 (-19.3%) $142,501 (-28.2%) 0.00 64
    2023-10-01 $124,950 (-10.7%) $139,910 (-23.7%) 0.00 58
    2023-11-01 $138,250 (8.9%) $149,097 (-15.4%) 0.00 62
    2023-12-01 $135,000 (22.7%) $143,253 (-12.6%) 0.00 61
    2024-01-01 $127,200 (-3.0%) $144,528 (-18.2%) 0.00 56
    2024-02-01 $119,500 (-6.2%) $147,306 (-14.3%) 0.00 56
    2024-03-01 $129,950 (-3.7%) $164,523 (-5.0%) 0.00 50
    Centralia's median listing price for 2024-03-01 was $129,950, a difference of $-5,050 (-3.7%) versus the prior year and $10,450 versus the prior month.

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

    Centralia's average listing price for 2024-03-01 was $164,523, a difference of $-8,705 (-5.0%) versus the prior year and $17,217 versus the prior month.

    For the 2024-03-01 period, Centralia had 50 MLS listings, a difference of -6 listings (-11%) versus the prior month and -36 listings (-42%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Centralia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,600 sqft
    2018-02-01 0 days 1,649 sqft
    2018-03-01 0 days 1,634 sqft
    2018-04-01 0 days 1,675 sqft
    2018-05-01 0 days 1,717 sqft
    2018-06-01 0 days 1,701 sqft
    2018-07-01 0 days 1,753 sqft
    2018-08-01 0 days 1,773 sqft
    2018-09-01 0 days 1,808 sqft
    2018-10-01 0 days 1,797 sqft
    2018-11-01 0 days 1,821 sqft
    2018-12-01 0 days 1,821 sqft
    2019-01-01 0 days 1,807 sqft
    2019-02-01 0 days 1,774 sqft
    2019-03-01 0 days 1,722 sqft
    2019-04-01 0 days 1,733 sqft
    2019-05-01 0 days 1,772 sqft
    2019-06-01 0 days 1,800 sqft
    2019-07-01 0 days 1,736 sqft
    2019-08-01 0 days 1,783 sqft
    2019-09-01 0 days 1,894 sqft
    2019-10-01 0 days 1,986 sqft
    2019-11-01 0 days 1,864 sqft
    2019-12-01 0 days 1,804 sqft
    2020-01-01 0 days 1,966 sqft
    2020-02-01 0 days 1,804 sqft
    2020-03-01 0 days 1,731 sqft
    2020-04-01 0 days 1,728 sqft
    2020-05-01 0 days 1,734 sqft
    2020-06-01 0 days 1,772 sqft
    2020-07-01 0 days 1,711 sqft
    2020-08-01 0 days 1,796 sqft
    2020-09-01 0 days 1,706 sqft
    2020-10-01 0 days 1,481 sqft
    2020-11-01 0 days 1,434 sqft
    2020-12-01 0 days 1,440 sqft
    2021-01-01 0 days 1,500 sqft
    2021-02-01 0 days 1,541 sqft
    2021-03-01 0 days 1,591 sqft
    2021-04-01 0 days 1,441 sqft
    2021-05-01 0 days 1,562 sqft
    2021-06-01 0 days 1,914 sqft
    2021-07-01 0 days 1,848 sqft
    2021-08-01 0 days 1,941 sqft
    2021-09-01 0 days 1,871 sqft
    2021-10-01 0 days 1,875 sqft
    2021-11-01 0 days 1,947 sqft
    2021-12-01 0 days 1,748 sqft
    2022-01-01 0 days 1,712 sqft
    2022-02-01 0 days 1,621 sqft
    2022-03-01 0 days 1,510 sqft
    2022-04-01 0 days 1,451 sqft
    2022-05-01 0 days 1,413 sqft
    2022-06-01 0 days 1,424 sqft
    2022-07-01 0 days 1,482 sqft
    2022-08-01 0 days 1,482 sqft
    2022-09-01 0 days 1,559 sqft
    2022-10-01 0 days 1,500 sqft
    2022-11-01 0 days 1,420 sqft
    2022-12-01 0 days 1,387 sqft
    2023-01-01 0 days 1,430 sqft
    2023-02-01 0 days 1,454 sqft
    2023-03-01 0 days 1,569 sqft
    2023-04-01 0 days 1,527 sqft
    2023-05-01 0 days 1,480 sqft
    2023-06-01 0 days 1,597 sqft
    2023-07-01 0 days 1,560 sqft
    2023-08-01 0 days 1,546 sqft
    2023-09-01 0 days 1,468 sqft
    2023-10-01 0 days 1,430 sqft
    2023-11-01 0 days 1,500 sqft
    2023-12-01 0 days 1,417 sqft
    2024-01-01 0 days 1,464 sqft
    2024-02-01 0 days 1,438 sqft
    2024-03-01 0 days 1,478 sqft
    Centralia's median listing age (time on market) for 2024-03-01 was 0 days.

    Centralia's median square footage for active listings during the 2024-03-01 period was 1,478 sqft. One year prior, the average listing was 1,569 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).