Champaign FHA Loan Rates, Closing Costs & Stats

CHAMPAIGN-URBANA, 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.

    Champaign's 38 lenders originated 292 FHA loans during 2023. The total origination value was $50,430,000, with an average FHA loan value of $172,705.

    Champaign FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Champaign averaged 6.8% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Champaign's average FHA mortgage closing costs are $5,664.

    The average rate for the prior week (2024-04-12) was 6.69% and one month ago for the week of 2024-03-15, the average rate was 6.36%.

    The average rate one year ago was 6.39%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Champaign level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 93 6.82% $6,630
    QUICKEN LOANS, LLC 33 6.48% $7,876
    UNITED WHOLESALE MORTGAGE, LLC 22 6.18% $6,715
    AMERICAN PACIFIC MORTGAGE CORPORATION 15 6.67% $9,860
    PRIMELENDING, A PLAINSCAPITAL COMPANY 13 6.94% $7,651
    Midland States Bank 11 6.41% $7,018
    Busey Bank 11 6.16% $5,997
    LOANDEPOT.COM, LLC 8 6.53% $9,067
    PENNYMAC LOAN SERVICES, LLC 6 6.40% $9,997
    AMERISAVE MORTGAGE CORPORATION 5 6.15% $10,890
    Carrington Mortgage Services, LLC 5 6.75% $9,481
    FIRST STATE MORTGAGE SERVICES, LLC 5 6.90% $6,436
    FRONTIER FINANCIAL, INC. 4 7.19% $7,765
    Mr. Cooper ( Nationstar Mortgage ) 4 5.94% $10,919
    POINT Mortgage 3 6.63% $7,907
    Flagstar Bank, FSB 3 6.79% $7,924
    NEWREZ LLC 3 7.04% $9,219
    GUARANTEED RATE, INC. 3 7.00% $8,167
    FREEDOM MORTGAGE CORPORATION 2 6.50% $13,799
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $6,726
    Mortgage Research Center, LLC 2 7.00% $6,474
    INB 2 6.56% $5,436
    LAKEVIEW LOAN SERVICING, LLC 2 6.50% $8,742
    BROKER SOLUTIONS, INC. 2 6.44% $9,648
    Marine Bank 2 6.38% $8,031
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.25% $5,451
    CARDINAL FINANCIAL 1 5.63% $6,248
    Flanagan State Bank 1 6.00% $6,873
    JPMorgan Chase Bank 1 6.25% $8,767
    Equity Prime Mortgage LLC 1 5.88% $7,499
    First Financial Bank 1 7.13% $5,770
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $8,050
    CROSSCOUNTRY MORTGAGE, LLC 1 5.63% $7,981
    PNC Bank 1 6.50% $5,305
    CIBM Bank 1 7.63% $10,849
    Prosperity Home Mortgage, LLC 1 5.75% $7,996
    Bank of Springfield 1 7.13% $7,329
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $7,914

    The top Champaign FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 93 FHA loans originated. Their average total fees are $6,630, which is $1,246 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Champaign FHA lenders (with over 10 loans originated) are Busey Bank ($5,997), FLAT BRANCH MORTGAGE, INC. ($6,630), UNITED WHOLESALE MORTGAGE, LLC ($6,715), Midland States Bank ($7,018) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($7,651).

    The lowest rate Champaign FHA lenders (with over 10 loans originated) are Busey Bank (6.16%), UNITED WHOLESALE MORTGAGE, LLC (6.18%), Midland States Bank (6.41%), QUICKEN LOANS, LLC (6.48%) and AMERICAN PACIFIC MORTGAGE CORPORATION (6.67%).

    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
    CHAMPAIGN-URBANA, IL CHAMPAIGN 2023 $472,030 $604,400 $730,525 $907,900
    CHAMPAIGN-URBANA, IL PIATT 2023 $472,030 $604,400 $730,525 $907,900

    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 $161,075 (8.0%) $213,404 (8.3%) 0.60 913
    2018-02-01 $169,900 (16.0%) $216,965 (8.7%) 0.62 867
    2018-03-01 $179,900 (14.3%) $227,353 (10.1%) 0.63 846
    2018-04-01 $182,450 (12.3%) $230,719 (6.2%) 0.62 869
    2018-05-01 $189,900 (16.9%) $229,921 (4.6%) 0.63 890
    2018-06-01 $179,900 (9.1%) $224,275 (0.4%) 0.60 951
    2018-07-01 $175,000 (3.0%) $222,682 (-1.6%) 0.58 977
    2018-08-01 $177,250 (4.2%) $222,468 (-0.7%) 0.59 1,000
    2018-09-01 $175,750 (3.4%) $222,799 (-1.8%) 0.59 990
    2018-10-01 $179,800 (8.0%) $221,632 (0.0%) 0.61 965
    2018-11-01 $178,575 (9.9%) $219,700 (2.0%) 0.61 947
    2018-12-01 $175,000 (9.4%) $213,694 (0.6%) 0.60 910
    2019-01-01 $177,000 (9.9%) $217,221 (1.8%) 0.61 828
    2019-02-01 $177,950 (4.7%) $225,021 (3.7%) 0.60 846
    2019-03-01 $188,471 (4.8%) $233,677 (2.8%) 0.62 823
    2019-04-01 $204,900 (12.3%) $241,521 (4.7%) 0.65 801
    2019-05-01 $199,400 (5.0%) $240,457 (4.6%) 0.62 841
    2019-06-01 $195,000 (8.4%) $239,200 (6.7%) 0.61 883
    2019-07-01 $191,400 (9.4%) $233,847 (5.0%) 0.60 933
    2019-08-01 $182,245 (2.8%) $227,226 (2.1%) 0.58 953
    2019-09-01 $178,114 (1.3%) $221,285 (-0.7%) 0.57 960
    2019-10-01 $175,909 (-2.2%) $217,866 (-1.7%) 0.57 963
    2019-11-01 $174,900 (-2.1%) $216,571 (-1.4%) 0.57 926
    2019-12-01 $169,675 (-3.0%) $218,550 (2.3%) 0.57 843
    2020-01-01 $173,700 (-1.9%) $217,755 (0.3%) 0.58 791
    2020-02-01 $185,900 (4.5%) $233,138 (3.6%) 0.61 730
    2020-03-01 $194,900 (3.4%) $241,694 (3.4%) 0.61 722
    2020-04-01 $197,675 (-3.5%) $243,735 (0.9%) 0.62 689
    2020-05-01 $209,000 (4.8%) $247,751 (3.0%) 0.64 602
    2020-06-01 $203,425 (4.3%) $251,729 (5.2%) 0.60 555
    2020-07-01 $223,650 (16.9%) $263,742 (12.8%) 0.65 532
    2020-08-01 $216,200 (18.6%) $258,680 (13.8%) 0.62 485
    2020-09-01 $212,400 (19.3%) $256,440 (15.9%) 0.61 481
    2020-10-01 $192,900 (9.7%) $247,854 (13.8%) 0.55 446
    2020-11-01 $185,625 (6.1%) $240,906 (11.2%) 0.54 426
    2020-12-01 $189,975 (12.0%) $241,779 (10.6%) 0.57 383
    2021-01-01 $189,900 (9.3%) $240,242 (10.3%) 0.57 328
    2021-02-01 $177,500 (-4.5%) $239,952 (2.9%) 0.52 271
    2021-03-01 $179,425 (-7.9%) $251,307 (4.0%) 0.51 247
    2021-04-01 $185,000 (-6.4%) $262,669 (7.8%) 0.50 231
    2021-05-01 $184,900 (-11.5%) $268,471 (8.4%) 0.49 245
    2021-06-01 $192,450 (-5.4%) $272,198 (8.1%) 0.51 267
    2021-07-01 $185,000 (-17.3%) $263,952 (0.1%) 0.49 330
    2021-08-01 $174,450 (-19.3%) $250,983 (-3.0%) 0.47 338
    2021-09-01 $164,300 (-22.7%) $250,038 (-2.5%) 0.44 328
    2021-10-01 $159,900 (-17.1%) $247,501 (-0.1%) 0.43 341
    2021-11-01 $152,225 (-18.0%) $256,465 (6.5%) 0.41 305
    2021-12-01 $151,950 (-20.0%) $253,663 (4.9%) 0.41 254
    2022-01-01 $140,950 (-25.8%) $252,576 (5.1%) 0.38 216
    2022-02-01 $152,050 (-14.3%) $265,756 (10.8%) 0.40 190
    2022-03-01 $167,450 (-6.7%) $258,720 (3.0%) 0.42 172
    2022-04-01 $165,000 (-10.8%) $261,718 (-0.4%) 0.39 190
    2022-05-01 $175,000 (-5.4%) $246,611 (-8.1%) 0.40 222
    2022-06-01 $184,450 (-4.2%) $260,409 (-4.3%) 0.41 254
    2022-07-01 $187,500 (1.4%) $253,339 (-4.0%) 0.42 328
    2022-08-01 $188,500 (8.1%) $250,786 (-0.1%) 0.44 338
    2022-09-01 $199,450 (21.4%) $260,273 (4.1%) 0.47 337
    2022-10-01 $199,900 (25.0%) $264,649 (6.9%) 0.47 328
    2022-11-01 $202,450 (33.0%) $260,188 (1.5%) 0.49 307
    2022-12-01 $203,500 (33.9%) $263,769 (4.0%) 0.50 268
    2023-01-01 $204,325 (45.0%) $272,906 (8.1%) 0.51 229
    2023-02-01 $224,450 (47.6%) $300,491 (13.1%) 0.54 194
    2023-03-01 $256,875 (53.4%) $332,133 (28.4%) 0.61 175
    2023-04-01 $274,900 (66.6%) $344,734 (31.7%) 0.64 184
    2023-05-01 $293,450 (67.7%) $352,714 (43.0%) 0.67 184
    2023-06-01 $281,175 (52.4%) $345,006 (32.5%) 0.63 214
    2023-07-01 $284,900 (52.0%) $349,833 (38.1%) 0.65 219
    2023-08-01 $278,725 (47.9%) $353,589 (41.0%) 0.64 242
    2023-09-01 $275,000 (37.9%) $351,061 (34.9%) 0.64 278
    2023-10-01 $256,225 (28.2%) $336,731 (27.2%) 0.60 279
    2023-11-01 $248,925 (23.0%) $323,231 (24.2%) 0.59 286
    2023-12-01 $237,900 (16.9%) $312,523 (18.5%) 0.58 277
    2024-01-01 $239,675 (17.3%) $320,228 (17.3%) 0.59 248
    2024-02-01 $279,900 (24.7%) $341,213 (13.6%) 0.67 215
    2024-03-01 $294,900 (14.8%) $369,535 (11.3%) 0.69 196
    Champaign's median listing price for 2024-03-01 was $294,900, a difference of $38,025 (14.8%) versus the prior year and $15,000 versus the prior month.

    Champaign's median listing price comes in at 69% of the national average.

    Champaign's average listing price for 2024-03-01 was $369,535, a difference of $37,402 (11.3%) versus the prior year and $28,322 versus the prior month.

    For the 2024-03-01 period, Champaign had 196 MLS listings, a difference of -19 listings (-9%) versus the prior month and 21 listings (12%) 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
    2018-01-01 109 days 1,654 sqft
    2018-02-01 108 days 1,666 sqft
    2018-03-01 78 days 1,715 sqft
    2018-04-01 59 days 1,760 sqft
    2018-05-01 61 days 1,800 sqft
    2018-06-01 62 days 1,782 sqft
    2018-07-01 65 days 1,768 sqft
    2018-08-01 68 days 1,781 sqft
    2018-09-01 72 days 1,764 sqft
    2018-10-01 80 days 1,770 sqft
    2018-11-01 88 days 1,757 sqft
    2018-12-01 100 days 1,736 sqft
    2019-01-01 113 days 1,712 sqft
    2019-02-01 107 days 1,717 sqft
    2019-03-01 90 days 1,743 sqft
    2019-04-01 67 days 1,802 sqft
    2019-05-01 59 days 1,822 sqft
    2019-06-01 65 days 1,800 sqft
    2019-07-01 67 days 1,824 sqft
    2019-08-01 68 days 1,776 sqft
    2019-09-01 72 days 1,751 sqft
    2019-10-01 77 days 1,746 sqft
    2019-11-01 92 days 1,744 sqft
    2019-12-01 104 days 1,744 sqft
    2020-01-01 110 days 1,742 sqft
    2020-02-01 113 days 1,783 sqft
    2020-03-01 75 days 1,833 sqft
    2020-04-01 74 days 1,861 sqft
    2020-05-01 78 days 1,835 sqft
    2020-06-01 74 days 1,851 sqft
    2020-07-01 61 days 1,888 sqft
    2020-08-01 58 days 1,842 sqft
    2020-09-01 61 days 1,845 sqft
    2020-10-01 64 days 1,776 sqft
    2020-11-01 60 days 1,749 sqft
    2020-12-01 72 days 1,762 sqft
    2021-01-01 78 days 1,704 sqft
    2021-02-01 68 days 1,676 sqft
    2021-03-01 58 days 1,670 sqft
    2021-04-01 47 days 1,700 sqft
    2021-05-01 41 days 1,700 sqft
    2021-06-01 41 days 1,708 sqft
    2021-07-01 43 days 1,678 sqft
    2021-08-01 45 days 1,581 sqft
    2021-09-01 46 days 1,533 sqft
    2021-10-01 46 days 1,517 sqft
    2021-11-01 57 days 1,498 sqft
    2021-12-01 64 days 1,467 sqft
    2022-01-01 74 days 1,442 sqft
    2022-02-01 62 days 1,495 sqft
    2022-03-01 43 days 1,591 sqft
    2022-04-01 38 days 1,549 sqft
    2022-05-01 34 days 1,533 sqft
    2022-06-01 35 days 1,603 sqft
    2022-07-01 37 days 1,636 sqft
    2022-08-01 40 days 1,665 sqft
    2022-09-01 48 days 1,729 sqft
    2022-10-01 51 days 1,713 sqft
    2022-11-01 59 days 1,728 sqft
    2022-12-01 71 days 1,711 sqft
    2023-01-01 77 days 1,728 sqft
    2023-02-01 68 days 1,770 sqft
    2023-03-01 55 days 1,867 sqft
    2023-04-01 38 days 1,862 sqft
    2023-05-01 39 days 1,867 sqft
    2023-06-01 43 days 1,812 sqft
    2023-07-01 43 days 1,813 sqft
    2023-08-01 44 days 1,806 sqft
    2023-09-01 44 days 1,818 sqft
    2023-10-01 48 days 1,797 sqft
    2023-11-01 50 days 1,789 sqft
    2023-12-01 57 days 1,745 sqft
    2024-01-01 67 days 1,739 sqft
    2024-02-01 58 days 1,783 sqft
    2024-03-01 46 days 1,827 sqft
    Champaign's median listing age (time on market) for 2024-03-01 was 46 days. This is -17% shorter than the same period one year ago.

    Champaign's median square footage for active listings during the 2024-03-01 period was 1,827 sqft. One year prior, the average listing was 1,867 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).