Champaign FHA Loans

CHAMPAIGN-URBANA, 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.

Champaign's 61 lenders originated 522 FHA loans during 2021. The total origination value was $81,310,000, with an average FHA loan value of $155,766.

Champaign FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Champaign averaged 5.45% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.08% and one month ago for the week of 2022-04-08, the average rate was 4.75%.

The average rate one year ago was 3.26%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.1%.

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

Champaign FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Champaign level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FLAT BRANCH MORTGAGE, INC. 106 3.11% $5,232
QUICKEN LOANS, LLC 61 2.77% $5,717
PRIMELENDING, A PLAINSCAPITAL COMPANY 40 3.19% $5,606
GUARANTEED RATE, INC. 25 2.91% $6,145
Midland States Bank 19 3.01% $5,136
PNC Bank 18 2.85% $3,907
FIRST STATE MORTGAGE SERVICES, LLC 13 3.05% $5,474
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 3.01% $5,269
PENNYMAC LOAN SERVICES, LLC 13 3.10% $4,194
INB 12 2.48% $5,080
Mr. Cooper ( Nationstar Mortgage ) 11 3.55% $2,143
LAKEVIEW LOAN SERVICING, LLC 10 2.98% $4,240
VILLAGE CAPITAL & INVESTMENT LLC 9 3.02% $1,828
BROKER SOLUTIONS, INC. 9 3.46% $6,783
Carrington Mortgage Services, LLC 8 3.63% $6,760
UNITED WHOLESALE MORTGAGE, LLC 8 2.44% $6,170
HOME POINT FINANCIAL CORPORATION 8 2.84% $5,276
CROSSCOUNTRY MORTGAGE, LLC 7 3.25% $6,893
NEWREZ LLC 6 2.89% $4,290
FREEDOM MORTGAGE CORPORATION 6 3.23% $2,698
CIBM Bank 6 3.19% $5,140
CALIBER HOME LOANS, INC. 5 3.10% $4,621
UNION HOME MORTGAGE CORP. 5 2.85% $5,253
LOANDEPOT.COM, LLC 4 3.53% $7,494
Heartland Bank and Trust Company 3 2.92% $6,123
Regions Bank 3 3.04% $4,336
JPMorgan Chase Bank 3 3.25% $4,274
DRAPER AND KRAMER MORTGAGE CORP. 3 3.17% $4,552
ENDEAVOR CAPITAL, LLC. 3 2.92% $6,257
Barrington Bank & Trust Company, N.A. 2 3.88% $5,800
Servion, Inc. 2 3.50% $5,661
First Midwest Bank 2 3.44% $6,064
Flagstar Bank, FSB 2 2.65% $5,325
Town & Country Banc Mortgage Services, Inc. 2 3.00% $4,249
Mortgage Research Center, LLC 2 3.06% $4,914
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.25% $4,175
CHURCHILL MORTGAGE CORPORATION 2 3.06% $7,425
BNC National Bank 2 2.50% $6,394
Waterstone Mortgage Corporation 1 3.13% $7,477
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $5,023
AMERISAVE MORTGAGE CORPORATION 1 3.63% $5,087
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.50% $5,096
Citizens Bank 1 3.50% $3,718
ENVOY MORTGAGE, LTD 1 3.50% $7,532
First Financial Bank 1 2.88% $5,488
Flanagan State Bank 1 4.00% $4,285
INLAND BANK & TRUST 1 3.00% $5,607
InterContinental Capital Group, Inc 1 2.88% $4,633
Marine Bank 1 2.38% $5,506
Midwest Community Bank 1 2.25% $6,218
MORIA DEVELOPMENT, INC. 1 3.25% $4,679
Neighborhood Loans, Inc. 1 3.13% $7,451
Northpointe Bank 1 2.75% $5,802
OCMBC, INC. 1 3.24% $9,427
PLANET HOME LENDING, LLC 1 2.75% $5,385
RELIANCE FIRST CAPITAL, LLC 1 3.25% $6,195
The Federal Savings Bank 1 2.50% $6,406
The Huntington National Bank 1 2.38% $7,067
TOP FLITE FINANCIAL, INC. 1 3.25% $5,364
United Fidelity Funding Corp. 1 3.13% $7,236
ACADEMY MORTGAGE CORPORATION 1 3.75% $6,311

The top Champaign FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 106 FHA loans originated. Their average total fees are $5,232, which is $485 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Champaign FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,143), PNC Bank ($3,907), PENNYMAC LOAN SERVICES, LLC ($4,194), LAKEVIEW LOAN SERVICING, LLC ($4,240) and INB ($5,080).

The lowest rate Champaign FHA lenders (with over 10 loans originated) are INB (2.48%), QUICKEN LOANS, LLC (2.77%), PNC Bank (2.85%), GUARANTEED RATE, INC. (2.91%) and LAKEVIEW LOAN SERVICING, LLC (2.98%).

Champaign FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CHAMPAIGN-URBANA, IL CHAMPAIGN 2022 $420,680 $538,650 $651,050 $809,150
CHAMPAIGN-URBANA, IL PIATT 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Champaign (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 $152,950 (7.8%) $206,242 (7.7%) 0.56 990
2018-02-01 $157,950 (12.9%) $208,977 (7.4%) 0.57 949
2018-03-01 $160,000 (8.5%) $215,772 (8.2%) 0.55 938
2018-04-01 $170,700 (10.2%) $220,423 (5.4%) 0.57 961
2018-05-01 $174,950 (12.9%) $219,769 (4.2%) 0.58 976
2018-06-01 $169,900 (6.9%) $215,560 (0.4%) 0.57 1,045
2018-07-01 $167,200 (4.5%) $213,429 (-2.1%) 0.56 1,079
2018-08-01 $168,450 (5.4%) $212,874 (-1.5%) 0.56 1,100
2018-09-01 $169,900 (6.2%) $212,660 (-2.9%) 0.57 1,081
2018-10-01 $169,900 (6.3%) $212,752 (-1.0%) 0.57 1,054
2018-11-01 $169,900 (7.9%) $210,528 (0.9%) 0.57 1,037
2018-12-01 $164,900 (6.5%) $204,339 (-0.1%) 0.56 1,003
2019-01-01 $165,000 (7.9%) $206,717 (0.2%) 0.57 929
2019-02-01 $165,000 (4.5%) $212,754 (1.8%) 0.55 946
2019-03-01 $171,386 (7.1%) $222,054 (2.9%) 0.56 912
2019-04-01 $182,400 (6.9%) $230,494 (4.6%) 0.57 874
2019-05-01 $187,250 (7.0%) $231,285 (5.2%) 0.58 906
2019-06-01 $185,000 (8.9%) $229,626 (6.5%) 0.57 952
2019-07-01 $182,450 (9.1%) $225,205 (5.5%) 0.57 1,001
2019-08-01 $172,757 (2.6%) $218,764 (2.8%) 0.54 1,028
2019-09-01 $167,450 (-1.4%) $212,828 (0.1%) 0.53 1,048
2019-10-01 $165,250 (-2.7%) $211,500 (-0.6%) 0.53 1,030
2019-11-01 $165,000 (-2.9%) $211,854 (0.6%) 0.53 1,011
2019-12-01 $158,200 (-4.1%) $210,280 (2.9%) 0.53 925
2020-01-01 $158,900 (-3.7%) $210,141 (1.7%) 0.53 861
2020-02-01 $175,000 (6.1%) $223,638 (5.1%) 0.56 790
2020-03-01 $182,950 (6.8%) $231,192 (4.1%) 0.57 781
2020-04-01 $184,950 (1.4%) $232,807 (1.0%) 0.58 746
2020-05-01 $190,000 (1.5%) $238,095 (2.9%) 0.58 651
2020-06-01 $193,900 (4.8%) $243,106 (5.9%) 0.57 604
2020-07-01 $199,900 (9.6%) $252,916 (12.3%) 0.57 583
2020-08-01 $195,000 (12.9%) $248,722 (13.7%) 0.56 533
2020-09-01 $193,200 (15.4%) $247,603 (16.3%) 0.55 526
2020-10-01 $179,900 (8.9%) $240,291 (13.6%) 0.51 492
2020-11-01 $171,200 (3.8%) $233,534 (10.2%) 0.49 475
2020-12-01 $180,950 (14.4%) $232,917 (10.8%) 0.53 414
2021-01-01 $169,900 (6.9%) $228,180 (8.6%) 0.50 359
2021-02-01 $164,950 (-5.7%) $225,941 (1.0%) 0.47 303
2021-03-01 $162,450 (-11.2%) $236,863 (2.5%) 0.46 276
2021-04-01 $173,700 (-6.1%) $253,762 (9.0%) 0.47 248
2021-05-01 $174,900 (-8.0%) $258,854 (8.7%) 0.46 253
2021-06-01 $187,400 (-3.4%) $264,184 (8.7%) 0.49 282
2021-07-01 $179,450 (-10.2%) $257,168 (1.7%) 0.47 340
2021-08-01 $171,200 (-12.2%) $244,434 (-1.7%) 0.45 362
2021-09-01 $164,950 (-14.6%) $246,735 (-0.4%) 0.43 345
2021-10-01 $159,900 (-11.1%) $243,325 (1.3%) 0.42 364
2021-11-01 $152,400 (-11.0%) $251,433 (7.7%) 0.40 329
2021-12-01 $149,900 (-17.2%) $247,837 (6.4%) 0.40 282
2022-01-01 $139,900 (-17.7%) $249,046 (9.1%) 0.37 240
2022-02-01 $147,000 (-10.9%) $259,455 (14.8%) 0.37 213
2022-03-01 $164,900 (1.5%) $254,325 (7.4%) 0.41 189
2022-04-01 $165,000 (-5.0%) $250,968 (-1.1%) 0.39 198
Champaign's median listing price for 2022-04-01 was $165,000, a difference of $-8,700 (-5.0%) versus the prior year and $100 versus the prior month.

Champaign's median listing price comes in at 39% of the national average.

Champaign's average listing price for 2022-04-01 was $250,968, a difference of $-2,794 (-1.1%) versus the prior year and $-3,357 versus the prior month.

For the 2022-04-01 period, Champaign had 198 MLS listings, a difference of 9 listings (5%) versus the prior month and -50 listings (-20%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Champaign (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 120 days 1,648 sqft
2018-02-01 118 days 1,649 sqft
2018-03-01 94 days 1,676 sqft
2018-04-01 66 days 1,719 sqft
2018-05-01 69 days 1,755 sqft
2018-06-01 68 days 1,750 sqft
2018-07-01 69 days 1,744 sqft
2018-08-01 74 days 1,754 sqft
2018-09-01 79 days 1,745 sqft
2018-10-01 85 days 1,745 sqft
2018-11-01 94 days 1,731 sqft
2018-12-01 107 days 1,714 sqft
2019-01-01 121 days 1,677 sqft
2019-02-01 116 days 1,680 sqft
2019-03-01 114 days 1,710 sqft
2019-04-01 78 days 1,772 sqft
2019-05-01 67 days 1,790 sqft
2019-06-01 72 days 1,782 sqft
2019-07-01 72 days 1,790 sqft
2019-08-01 72 days 1,742 sqft
2019-09-01 74 days 1,719 sqft
2019-10-01 79 days 1,722 sqft
2019-11-01 92 days 1,735 sqft
2019-12-01 103 days 1,716 sqft
2020-01-01 116 days 1,712 sqft
2020-02-01 117 days 1,746 sqft
2020-03-01 95 days 1,787 sqft
2020-04-01 84 days 1,796 sqft
2020-05-01 87 days 1,800 sqft
2020-06-01 86 days 1,825 sqft
2020-07-01 71 days 1,851 sqft
2020-08-01 64 days 1,819 sqft
2020-09-01 65 days 1,786 sqft
2020-10-01 71 days 1,736 sqft
2020-11-01 69 days 1,712 sqft
2020-12-01 80 days 1,741 sqft
2021-01-01 91 days 1,685 sqft
2021-02-01 83 days 1,567 sqft
2021-03-01 68 days 1,589 sqft
2021-04-01 59 days 1,630 sqft
2021-05-01 48 days 1,660 sqft
2021-06-01 44 days 1,689 sqft
2021-07-01 43 days 1,676 sqft
2021-08-01 45 days 1,597 sqft
2021-09-01 50 days 1,549 sqft
2021-10-01 50 days 1,523 sqft
2021-11-01 56 days 1,513 sqft
2021-12-01 62 days 1,484 sqft
2022-01-01 78 days 1,450 sqft
2022-02-01 71 days 1,500 sqft
2022-03-01 50 days 1,577 sqft
2022-04-01 41 days 1,544 sqft
Champaign's median listing age (time on market) for 2022-04-01 was 41 days. This is -31% shorter than the same period one year ago.

Champaign's median square footage for active listings during the 2022-04-01 period was 1,544 sqft. One year prior, the average listing was 1,630 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).