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 6.37% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.15% and one month ago for the week of 2024-10-04, the average rate was 5.77%.

    The average rate one year ago was 7.51%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

    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

    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).