Champaign FHA Loan Rates, Closing Costs & Stats

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 58 lenders originated 374 FHA loans during 2022. The total origination value was $60,880,000, with an average FHA loan value of $162,781.

Champaign FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Champaign averaged -0.56% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Champaign's average FHA mortgage closing costs are $5,379.

The average rate for the prior week (2024-02-16) was 6.08% and one month ago for the week of 2024-01-19, the average rate was 6.02%.

The average rate one year ago was 6.08%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.56%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FLAT BRANCH MORTGAGE, INC. 122 5.20% $5,825
QUICKEN LOANS, LLC 45 4.42% $7,034
PRIMELENDING, A PLAINSCAPITAL COMPANY 23 4.87% $5,183
UNITED WHOLESALE MORTGAGE, LLC 15 5.23% $5,940
Busey Bank 15 4.63% $5,339
Midland States Bank 13 5.01% $6,068
GUARANTEED RATE, INC. 13 4.08% $7,631
FINANCE OF AMERICA MORTGAGE LLC 9 4.81% $7,006
AMERICAN PACIFIC MORTGAGE CORPORATION 6 5.23% $9,242
Carrington Mortgage Services, LLC 6 4.31% $7,004
FIRST STATE MORTGAGE SERVICES, LLC 6 5.79% $6,657
HOME POINT FINANCIAL CORPORATION 6 4.29% $6,805
BROKER SOLUTIONS, INC. 5 6.05% $10,398
AMERISAVE MORTGAGE CORPORATION 4 4.81% $10,778
Mr. Cooper ( Nationstar Mortgage ) 4 4.97% $6,662
PENNYMAC LOAN SERVICES, LLC 4 4.75% $4,753
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 5.66% $5,572
LOANDEPOT.COM, LLC 3 4.67% $8,561
Flagstar Bank, FSB 3 5.42% $7,524
FREEDOM MORTGAGE CORPORATION 3 6.42% $7,365
Equity Prime Mortgage LLC 3 5.33% $4,944
INB 3 4.63% $5,165
LAKEVIEW LOAN SERVICING, LLC 2 5.19% $7,400
CROSSCOUNTRY MORTGAGE, LLC 2 5.12% $6,691
PNC Bank 2 4.06% $5,812
Regions Bank 2 5.56% $3,965
Heartland Bank and Trust Company 2 4.50% $5,015
CALIBER HOME LOANS, INC. 2 6.00% $7,015
Mortgage Research Center, LLC 1 3.99% $2,181
MOVEMENT MORTGAGE, LLC 1 5.50% $4,342
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $7,314
Nations Lending Corporation 1 6.75% $3,293
NBKC BANK 1 5.38% $6,930
Bank of America 1 5.88% $8,275
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.25% $4,729
Servion, Inc. 1 6.88% $6,494
U.S. Bank 1 3.50% $3,760
VILLAGE CAPITAL MORTGAGE 1 4.38% $1,508
Waterstone Mortgage Corporation 1 5.63% $17,157
CARDINAL FINANCIAL 1 5.50% $10,102
Willamette Valley Bank 1 4.63% $9,073
CHURCHILL MORTGAGE CORPORATION 1 3.25% $5,167
CHERRY CREEK MORTGAGE, LLC 1 5.75% $4,096
Citizens Bank 1 5.25% $5,595
DELMAR FINANCIAL COMPANY 1 5.38% $7,079
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 4.25% $5,681
DRAPER AND KRAMER MORTGAGE CORP. 1 7.13% $5,373
EVERETT FINANCIAL, INC. 1 7.13% $5,268
FAY SERVICING, LLC 1 5.75% $7,174
First Savings Bank 1 5.75% $7,534
Wyndham Capital Mortgage, Inc. 1 5.38% $6,152
GERSHMAN INVESTMENT CORP. 1 4.63% $5,651
BLUELEAF LENDING, LLC 1 4.63% $6,981
ZILLOW HOME LOANS, LLC 1 6.13% $7,425
HOMESIDE FINANCIAL, LLC 1 4.13% $5,295
JPMorgan Chase Bank 1 5.75% $3,826
Marine Bank 1 5.88% $7,618
BECKAM FUNDING CORP. 1 6.75% $9,091

The top Champaign FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 122 FHA loans originated. Their average total fees are $5,825, which is $1,210 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Champaign FHA lenders (with over 10 loans originated) are PRIMELENDING, A PLAINSCAPITAL COMPANY ($5,183), Busey Bank ($5,339), FLAT BRANCH MORTGAGE, INC. ($5,825), UNITED WHOLESALE MORTGAGE, LLC ($5,940) and Midland States Bank ($6,068).

The lowest rate Champaign FHA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. (4.08%), QUICKEN LOANS, LLC (4.42%), Busey Bank (4.63%), PRIMELENDING, A PLAINSCAPITAL COMPANY (4.87%) and Midland States Bank (5.01%).

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 $149,950 (7.2%) $203,856 (8.3%) 0.56 997
2018-02-01 $156,375 (12.4%) $206,268 (8.6%) 0.57 957
2018-03-01 $159,900 (10.6%) $215,003 (10.1%) 0.56 942
2018-04-01 $166,175 (7.3%) $218,451 (6.2%) 0.56 967
2018-05-01 $172,400 (12.2%) $218,261 (4.7%) 0.58 982
2018-06-01 $169,000 (8.7%) $214,354 (0.4%) 0.56 1,050
2018-07-01 $165,000 (3.2%) $211,874 (-2.1%) 0.55 1,081
2018-08-01 $167,350 (4.7%) $212,135 (-1.2%) 0.56 1,104
2018-09-01 $168,250 (5.2%) $211,521 (-2.4%) 0.57 1,081
2018-10-01 $169,900 (6.9%) $211,304 (-0.7%) 0.58 1,057
2018-11-01 $168,750 (8.9%) $209,585 (1.8%) 0.57 1,039
2018-12-01 $164,900 (7.9%) $203,251 (0.0%) 0.57 1,007
2019-01-01 $165,000 (10.0%) $205,371 (1.7%) 0.57 929
2019-02-01 $165,000 (5.5%) $212,104 (3.7%) 0.56 946
2019-03-01 $171,193 (7.1%) $220,801 (2.8%) 0.56 917
2019-04-01 $181,175 (9.0%) $228,952 (4.7%) 0.58 885
2019-05-01 $184,475 (7.0%) $229,677 (4.4%) 0.58 920
2019-06-01 $182,900 (8.2%) $228,062 (6.7%) 0.57 963
2019-07-01 $178,400 (8.1%) $223,145 (5.0%) 0.56 1,019
2019-08-01 $170,773 (2.1%) $217,736 (2.1%) 0.54 1,036
2019-09-01 $166,682 (-0.9%) $212,471 (-0.7%) 0.53 1,040
2019-10-01 $164,705 (-3.1%) $209,415 (-1.7%) 0.53 1,042
2019-11-01 $163,200 (-3.3%) $208,138 (-1.4%) 0.54 1,010
2019-12-01 $155,875 (-5.5%) $208,501 (2.3%) 0.52 929
2020-01-01 $159,400 (-3.4%) $208,784 (0.3%) 0.53 865
2020-02-01 $174,900 (6.0%) $223,056 (3.6%) 0.57 799
2020-03-01 $180,925 (5.7%) $231,312 (3.4%) 0.57 789
2020-04-01 $184,950 (2.1%) $232,704 (0.9%) 0.58 753
2020-05-01 $189,900 (2.9%) $237,821 (3.0%) 0.58 659
2020-06-01 $189,900 (3.8%) $239,822 (5.2%) 0.56 613
2020-07-01 $199,700 (11.9%) $250,859 (12.8%) 0.58 591
2020-08-01 $192,000 (12.4%) $246,258 (13.8%) 0.55 538
2020-09-01 $189,900 (13.9%) $243,428 (15.9%) 0.54 536
2020-10-01 $177,500 (7.8%) $236,532 (13.8%) 0.51 496
2020-11-01 $169,900 (4.1%) $228,513 (11.6%) 0.50 476
2020-12-01 $175,200 (12.4%) $229,997 (11.0%) 0.52 426
2021-01-01 $167,500 (5.1%) $226,330 (10.4%) 0.50 370
2021-02-01 $161,950 (-7.4%) $223,711 (3.0%) 0.47 310
2021-03-01 $162,450 (-10.2%) $236,633 (4.0%) 0.46 281
2021-04-01 $169,225 (-8.5%) $250,119 (7.7%) 0.46 255
2021-05-01 $174,900 (-7.9%) $256,738 (8.3%) 0.46 266
2021-06-01 $184,450 (-2.9%) $261,089 (8.1%) 0.49 292
2021-07-01 $175,000 (-12.4%) $254,187 (0.0%) 0.46 359
2021-08-01 $169,900 (-11.5%) $243,562 (-3.0%) 0.45 372
2021-09-01 $159,900 (-15.8%) $245,410 (-2.1%) 0.43 356
2021-10-01 $156,900 (-11.6%) $241,658 (0.3%) 0.42 376
2021-11-01 $148,000 (-12.9%) $247,425 (6.2%) 0.40 342
2021-12-01 $144,950 (-17.3%) $244,768 (4.6%) 0.39 290
2022-01-01 $134,900 (-19.5%) $244,556 (5.1%) 0.36 247
2022-02-01 $140,600 (-13.2%) $253,029 (10.8%) 0.37 220
2022-03-01 $156,075 (-3.9%) $245,344 (3.0%) 0.39 197
2022-04-01 $155,500 (-8.1%) $244,318 (-0.3%) 0.37 212
2022-05-01 $165,875 (-5.2%) $239,116 (-8.1%) 0.38 241
2022-06-01 $179,450 (-2.7%) $252,345 (-4.3%) 0.40 279
2022-07-01 $179,900 (2.8%) $244,483 (-4.0%) 0.41 355
2022-08-01 $182,450 (7.4%) $242,652 (0.0%) 0.42 370
2022-09-01 $182,450 (14.1%) $249,318 (3.7%) 0.43 364
2022-10-01 $189,900 (21.0%) $253,393 (6.5%) 0.45 358
2022-11-01 $196,925 (33.1%) $250,541 (1.0%) 0.47 333
2022-12-01 $197,000 (35.9%) $251,078 (4.0%) 0.49 295
2023-01-01 $191,150 (41.7%) $261,065 (8.1%) 0.47 251
2023-02-01 $206,200 (46.7%) $286,521 (13.1%) 0.50 212
2023-03-01 $239,825 (53.7%) $316,631 (28.4%) 0.57 192
2023-04-01 $239,900 (54.3%) $326,877 (31.7%) 0.56 202
2023-05-01 $257,500 (55.2%) $337,575 (43.0%) 0.58 197
2023-06-01 $260,450 (45.1%) $329,330 (32.5%) 0.59 230
2023-07-01 $269,400 (49.8%) $336,743 (38.1%) 0.61 234
2023-08-01 $256,225 (40.4%) $332,737 (41.0%) 0.59 269
2023-09-01 $256,000 (40.3%) $333,015 (34.9%) 0.60 309
2023-10-01 $245,900 (29.5%) $318,844 (27.2%) 0.58 308
2023-11-01 $239,500 (21.6%) $307,014 (24.8%) 0.57 315
2023-12-01 $227,400 (15.4%) $298,862 (0.0%) 0.55 305
Champaign's median listing price for 2023-12-01 was $227,400, a difference of $30,400 (15.4%) versus the prior year and $-12,100 versus the prior month.

Champaign's median listing price comes in at 55% of the national average.

Champaign's average listing price for 2023-12-01 was $298,862, a difference of $47,784 (0.0%) versus the prior year and $-8,152 versus the prior month.

For the 2023-12-01 period, Champaign had 305 MLS listings, a difference of -10 listings (-3%) versus the prior month and 10 listings (3%) 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
2018-01-01 111 days 1,640 sqft
2018-02-01 109 days 1,641 sqft
2018-03-01 80 days 1,666 sqft
2018-04-01 61 days 1,708 sqft
2018-05-01 64 days 1,745 sqft
2018-06-01 64 days 1,748 sqft
2018-07-01 65 days 1,739 sqft
2018-08-01 69 days 1,746 sqft
2018-09-01 73 days 1,737 sqft
2018-10-01 80 days 1,740 sqft
2018-11-01 88 days 1,729 sqft
2018-12-01 100 days 1,708 sqft
2019-01-01 113 days 1,673 sqft
2019-02-01 108 days 1,681 sqft
2019-03-01 92 days 1,710 sqft
2019-04-01 71 days 1,767 sqft
2019-05-01 61 days 1,779 sqft
2019-06-01 66 days 1,768 sqft
2019-07-01 67 days 1,782 sqft
2019-08-01 69 days 1,736 sqft
2019-09-01 73 days 1,715 sqft
2019-10-01 78 days 1,712 sqft
2019-11-01 93 days 1,715 sqft
2019-12-01 105 days 1,713 sqft
2020-01-01 110 days 1,700 sqft
2020-02-01 110 days 1,742 sqft
2020-03-01 83 days 1,785 sqft
2020-04-01 77 days 1,791 sqft
2020-05-01 78 days 1,780 sqft
2020-06-01 76 days 1,810 sqft
2020-07-01 62 days 1,840 sqft
2020-08-01 58 days 1,784 sqft
2020-09-01 61 days 1,776 sqft
2020-10-01 65 days 1,728 sqft
2020-11-01 63 days 1,706 sqft
2020-12-01 74 days 1,727 sqft
2021-01-01 85 days 1,639 sqft
2021-02-01 74 days 1,581 sqft
2021-03-01 60 days 1,590 sqft
2021-04-01 49 days 1,608 sqft
2021-05-01 41 days 1,648 sqft
2021-06-01 40 days 1,702 sqft
2021-07-01 42 days 1,672 sqft
2021-08-01 45 days 1,586 sqft
2021-09-01 48 days 1,538 sqft
2021-10-01 48 days 1,518 sqft
2021-11-01 56 days 1,500 sqft
2021-12-01 63 days 1,475 sqft
2022-01-01 74 days 1,445 sqft
2022-02-01 65 days 1,484 sqft
2022-03-01 48 days 1,566 sqft
2022-04-01 39 days 1,536 sqft
2022-05-01 36 days 1,533 sqft
2022-06-01 36 days 1,613 sqft
2022-07-01 37 days 1,623 sqft
2022-08-01 40 days 1,653 sqft
2022-09-01 48 days 1,698 sqft
2022-10-01 52 days 1,700 sqft
2022-11-01 59 days 1,713 sqft
2022-12-01 71 days 1,700 sqft
2023-01-01 79 days 1,708 sqft
2023-02-01 71 days 1,726 sqft
2023-03-01 57 days 1,843 sqft
2023-04-01 39 days 1,832 sqft
2023-05-01 39 days 1,854 sqft
2023-06-01 42 days 1,781 sqft
2023-07-01 43 days 1,798 sqft
2023-08-01 42 days 1,779 sqft
2023-09-01 41 days 1,800 sqft
2023-10-01 48 days 1,787 sqft
2023-11-01 49 days 1,782 sqft
2023-12-01 59 days 1,747 sqft
Champaign's median listing age (time on market) for 2023-12-01 was 59 days. This is -17% shorter than the same period one year ago.

Champaign's median square footage for active listings during the 2023-12-01 period was 1,747 sqft. One year prior, the average listing was 1,700 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).