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 6.46% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.68% and one month ago for the week of 2025-01-10, the average rate was 6.44%.

    The average rate one year ago was 6.27%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.62%.

    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 $149,950 (7.2%) $203,956 (8.8%) 0.60 997
    2018-02-01 $156,000 (12.1%) $206,217 (7.9%) 0.62 958
    2018-03-01 $159,900 (10.5%) $215,003 (8.9%) 0.63 942
    2018-04-01 $166,175 (7.3%) $218,451 (4.9%) 0.62 967
    2018-05-01 $172,400 (12.3%) $218,595 (4.1%) 0.63 982
    2018-06-01 $169,000 (8.7%) $214,354 (0.4%) 0.60 1,050
    2018-07-01 $165,000 (3.2%) $211,874 (-2.4%) 0.58 1,081
    2018-08-01 $167,350 (4.7%) $212,135 (-1.1%) 0.59 1,104
    2018-09-01 $168,250 (5.2%) $211,521 (-2.8%) 0.59 1,081
    2018-10-01 $169,900 (6.9%) $211,245 (-0.9%) 0.61 1,058
    2018-11-01 $168,750 (8.8%) $209,467 (1.2%) 0.61 1,040
    2018-12-01 $164,900 (7.9%) $203,131 (-0.3%) 0.60 1,008
    2019-01-01 $165,000 (10.0%) $205,241 (0.6%) 0.61 930
    2019-02-01 $165,000 (5.8%) $212,036 (2.8%) 0.60 946
    2019-03-01 $171,193 (7.1%) $220,801 (2.7%) 0.62 917
    2019-04-01 $181,175 (9.0%) $228,952 (4.8%) 0.65 885
    2019-05-01 $184,475 (7.0%) $229,677 (5.1%) 0.62 920
    2019-06-01 $182,900 (8.2%) $228,062 (6.4%) 0.61 963
    2019-07-01 $178,400 (8.1%) $223,145 (5.3%) 0.60 1,019
    2019-08-01 $170,773 (2.1%) $217,736 (2.6%) 0.58 1,036
    2019-09-01 $166,682 (-0.9%) $212,471 (0.5%) 0.57 1,040
    2019-10-01 $164,705 (-3.1%) $209,348 (-0.9%) 0.57 1,041
    2019-11-01 $162,500 (-3.7%) $208,005 (-0.7%) 0.57 1,009
    2019-12-01 $155,400 (-5.8%) $208,354 (2.6%) 0.57 928
    2020-01-01 $158,900 (-3.7%) $208,632 (1.7%) 0.58 864
    2020-02-01 $174,900 (6.0%) $222,903 (5.1%) 0.61 798
    2020-03-01 $180,900 (5.7%) $231,189 (4.7%) 0.61 788
    2020-04-01 $184,850 (2.0%) $232,582 (1.6%) 0.62 752
    2020-05-01 $189,900 (2.9%) $237,709 (3.5%) 0.64 658
    2020-06-01 $189,900 (3.8%) $239,763 (5.1%) 0.60 613
    2020-07-01 $199,700 (11.9%) $250,859 (12.4%) 0.65 591
    2020-08-01 $192,000 (12.4%) $246,258 (13.1%) 0.62 538
    2020-09-01 $189,900 (13.9%) $243,428 (14.6%) 0.61 536
    2020-10-01 $177,500 (7.8%) $236,532 (13.0%) 0.55 496
    2020-11-01 $169,900 (4.6%) $229,214 (10.2%) 0.54 476
    2020-12-01 $176,049 (13.3%) $231,047 (10.9%) 0.57 427
    2021-01-01 $167,500 (5.4%) $226,330 (8.5%) 0.57 370
    2021-02-01 $161,950 (-7.4%) $223,711 (0.4%) 0.52 310
    2021-03-01 $162,675 (-10.1%) $236,541 (2.3%) 0.51 282
    2021-04-01 $169,600 (-8.3%) $249,978 (7.5%) 0.50 256
    2021-05-01 $174,900 (-7.9%) $256,563 (7.9%) 0.49 267
    2021-06-01 $184,675 (-2.8%) $260,926 (8.8%) 0.51 293
    2021-07-01 $175,000 (-12.4%) $254,059 (1.3%) 0.49 360
    2021-08-01 $169,900 (-11.5%) $243,461 (-1.1%) 0.47 373
    2021-09-01 $159,950 (-15.8%) $246,393 (1.2%) 0.44 358
    2021-10-01 $157,900 (-11.0%) $242,596 (2.6%) 0.43 376
    2021-11-01 $148,000 (-12.9%) $247,425 (7.9%) 0.41 342
    2021-12-01 $144,950 (-17.7%) $244,768 (5.9%) 0.41 290
    2022-01-01 $134,900 (-19.5%) $244,556 (8.1%) 0.38 247
    2022-02-01 $140,600 (-13.2%) $253,029 (13.1%) 0.40 220
    2022-03-01 $156,075 (-4.1%) $245,344 (3.7%) 0.42 197
    2022-04-01 $155,500 (-8.3%) $244,318 (-2.3%) 0.39 212
    2022-05-01 $165,875 (-5.2%) $239,116 (-6.8%) 0.40 241
    2022-06-01 $179,450 (-2.8%) $252,345 (-3.3%) 0.41 279
    2022-07-01 $179,900 (2.8%) $244,483 (-3.8%) 0.42 355
    2022-08-01 $182,450 (7.4%) $242,652 (-0.3%) 0.44 370
    2022-09-01 $182,450 (14.1%) $249,318 (1.2%) 0.47 364
    2022-10-01 $189,900 (20.3%) $253,393 (4.5%) 0.47 358
    2022-11-01 $194,500 (31.4%) $249,603 (0.9%) 0.49 333
    2022-12-01 $197,000 (35.9%) $251,078 (2.6%) 0.50 295
    2023-01-01 $191,150 (41.7%) $261,065 (6.8%) 0.51 251
    2023-02-01 $206,200 (46.7%) $286,521 (13.2%) 0.54 212
    2023-03-01 $239,825 (53.7%) $316,631 (29.1%) 0.61 192
    2023-04-01 $239,900 (54.3%) $326,877 (33.8%) 0.64 202
    2023-05-01 $257,500 (55.2%) $337,575 (41.2%) 0.67 197
    2023-06-01 $260,450 (45.1%) $329,330 (30.5%) 0.63 230
    2023-07-01 $269,400 (49.8%) $336,743 (37.7%) 0.65 234
    2023-08-01 $256,225 (40.4%) $332,737 (37.1%) 0.64 269
    2023-09-01 $256,000 (40.3%) $333,015 (33.6%) 0.64 309
    2023-10-01 $245,900 (29.5%) $318,844 (25.8%) 0.60 308
    2023-11-01 $239,500 (23.1%) $307,014 (23.0%) 0.59 315
    2023-12-01 $227,400 (15.4%) $298,862 (19.0%) 0.58 305
    2024-01-01 $226,912 (18.7%) $306,427 (17.4%) 0.59 271
    2024-02-01 $254,925 (23.6%) $324,857 (13.4%) 0.67 235
    2024-03-01 $270,000 (12.6%) $349,685 (10.4%) 0.69 212
    2024-04-01 $308,725 (28.7%) $372,560 (14.0%) 0.76 212
    2024-05-01 $302,400 (17.4%) $373,525 (10.7%) 0.75 240
    2024-06-01 $296,750 (13.9%) $349,255 (6.1%) 0.73 274
    2024-07-01 $294,900 (9.5%) $358,968 (6.6%) 0.70 286
    2024-08-01 $279,900 (9.2%) $352,995 (6.1%) 0.66 305
    2024-09-01 $258,450 (1.0%) $337,181 (1.3%) 0.62 325
    2024-10-01 $259,450 (5.5%) $340,707 (6.9%) 0.64 304
    2024-11-01 $265,000 (10.7%) $339,520 (10.6%) 0.67 311
    2024-12-01 $246,225 (8.3%) $323,743 (8.3%) 0.63 267
    2025-01-01 $246,400 (8.6%) $319,674 (4.3%) 0.00 238
    Champaign's median listing price for 2025-01-01 was $246,400, a difference of $19,488 (8.6%) versus the prior year and $175 versus the prior month.

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

    Champaign's average listing price for 2025-01-01 was $319,674, a difference of $13,247 (4.3%) versus the prior year and $-4,069 versus the prior month.

    For the 2025-01-01 period, Champaign had 238 MLS listings, a difference of -29 listings (-11%) versus the prior month and -33 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 1,640 sqft
    2018-02-01 108 days 1,641 sqft
    2018-03-01 78 days 1,666 sqft
    2018-04-01 59 days 1,708 sqft
    2018-05-01 61 days 1,745 sqft
    2018-06-01 62 days 1,749 sqft
    2018-07-01 65 days 1,739 sqft
    2018-08-01 68 days 1,746 sqft
    2018-09-01 72 days 1,737 sqft
    2018-10-01 80 days 1,740 sqft
    2018-11-01 88 days 1,728 sqft
    2018-12-01 100 days 1,708 sqft
    2019-01-01 113 days 1,672 sqft
    2019-02-01 107 days 1,681 sqft
    2019-03-01 90 days 1,710 sqft
    2019-04-01 67 days 1,767 sqft
    2019-05-01 59 days 1,779 sqft
    2019-06-01 65 days 1,768 sqft
    2019-07-01 67 days 1,782 sqft
    2019-08-01 68 days 1,736 sqft
    2019-09-01 72 days 1,715 sqft
    2019-10-01 77 days 1,712 sqft
    2019-11-01 92 days 1,715 sqft
    2019-12-01 104 days 1,712 sqft
    2020-01-01 110 days 1,700 sqft
    2020-02-01 113 days 1,742 sqft
    2020-03-01 75 days 1,784 sqft
    2020-04-01 74 days 1,790 sqft
    2020-05-01 78 days 1,780 sqft
    2020-06-01 74 days 1,810 sqft
    2020-07-01 61 days 1,840 sqft
    2020-08-01 58 days 1,784 sqft
    2020-09-01 61 days 1,776 sqft
    2020-10-01 64 days 1,728 sqft
    2020-11-01 60 days 1,706 sqft
    2020-12-01 72 days 1,728 sqft
    2021-01-01 78 days 1,639 sqft
    2021-02-01 68 days 1,581 sqft
    2021-03-01 58 days 1,594 sqft
    2021-04-01 47 days 1,613 sqft
    2021-05-01 41 days 1,653 sqft
    2021-06-01 41 days 1,706 sqft
    2021-07-01 43 days 1,672 sqft
    2021-08-01 45 days 1,589 sqft
    2021-09-01 46 days 1,549 sqft
    2021-10-01 46 days 1,519 sqft
    2021-11-01 57 days 1,500 sqft
    2021-12-01 64 days 1,475 sqft
    2022-01-01 74 days 1,445 sqft
    2022-02-01 62 days 1,484 sqft
    2022-03-01 43 days 1,566 sqft
    2022-04-01 38 days 1,536 sqft
    2022-05-01 34 days 1,533 sqft
    2022-06-01 35 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 51 days 1,700 sqft
    2022-11-01 59 days 1,713 sqft
    2022-12-01 71 days 1,700 sqft
    2023-01-01 77 days 1,708 sqft
    2023-02-01 68 days 1,726 sqft
    2023-03-01 55 days 1,843 sqft
    2023-04-01 38 days 1,832 sqft
    2023-05-01 39 days 1,854 sqft
    2023-06-01 43 days 1,781 sqft
    2023-07-01 43 days 1,798 sqft
    2023-08-01 44 days 1,779 sqft
    2023-09-01 44 days 1,800 sqft
    2023-10-01 48 days 1,787 sqft
    2023-11-01 50 days 1,782 sqft
    2023-12-01 57 days 1,747 sqft
    2024-01-01 67 days 1,728 sqft
    2024-02-01 58 days 1,769 sqft
    2024-03-01 46 days 1,788 sqft
    2024-04-01 40 days 1,889 sqft
    2024-05-01 30 days 1,891 sqft
    2024-06-01 37 days 1,823 sqft
    2024-07-01 43 days 1,854 sqft
    2024-08-01 46 days 1,806 sqft
    2024-09-01 44 days 1,777 sqft
    2024-10-01 50 days 1,787 sqft
    2024-11-01 51 days 1,830 sqft
    2024-12-01 66 days 1,796 sqft
    2025-01-01 0 days 1,784 sqft
    Champaign's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Champaign's median square footage for active listings during the 2025-01-01 period was 1,784 sqft. One year prior, the average listing was 1,728 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).