Charleston FHA Loan Rates, Closing Costs & Stats

Charleston-Mattoon, 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.

    Charleston's 27 lenders originated 72 FHA loans during 2024. The total origination value was $10,650,000, with an average FHA loan value of $147,917.

    Charleston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Charleston averaged 6.6% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Charleston's average FHA mortgage closing costs are $5,336.

    The average rate for the prior week (2025-03-28) was 6.59% and one month ago for the week of 2025-02-28, the average rate was 6.48%.

    The average rate one year ago was 6.7%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.26%.

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

    Charleston 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 Charleston level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 9 7.17% $5,026
    QUICKEN LOANS, LLC 9 6.62% $6,984
    PENNYMAC LOAN SERVICES, LLC 5 6.17% $7,667
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.88% $8,615
    FREEDOM MORTGAGE CORPORATION 4 6.81% $7,896
    BROKER SOLUTIONS, INC. 4 7.13% $7,280
    UNITED WHOLESALE MORTGAGE, LLC 4 6.09% $7,314
    GERSHMAN INVESTMENT CORP. 3 7.21% $3,537
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.69% $9,853
    Mr. Cooper ( Nationstar Mortgage ) 2 7.25% $10,553
    Flanagan State Bank 2 6.19% $5,372
    CROSSCOUNTRY MORTGAGE, LLC 2 6.97% $4,637
    First Mid Bank & Trust 2 6.88% $6,915
    American Mortgage & Equity Consultants, Inc. 1 5.88% $10,435
    ZILLOW HOME LOANS, LLC 1 6.50% $7,300
    AXIA FINANCIAL, LLC 1 6.25% $10,264
    Busey Bank 1 6.38% $6,954
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.50% $4,234
    Heartland Bank and Trust Company 1 7.13% $7,877
    HOMESIDE FINANCIAL, LLC 1 6.63% $9,738
    Midland States Bank 1 6.63% $7,347
    Mortgage Research Center, LLC 1 6.63% $3,009
    PLANET HOME LENDING, LLC 1 6.25% $3,583
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $7,390
    Regions Bank 1 6.75% $6,241
    United Community Bank 1 6.38% $3,549
    Wells Fargo Bank 1 6.13% $6,476

    The top Charleston FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 9 FHA loans originated. Their average total fees are $5,026, which is $1,958 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Charleston FHA lenders (with over 10 loans originated) are .

    The lowest rate Charleston FHA lenders (with over 10 loans originated) are .

    Charleston FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CHARLESTON-MATTOON, IL COLES 2022 $420,680 $538,650 $651,050 $809,150
    CHARLESTON-MATTOON, IL CUMBERLAND 2022 $420,680 $538,650 $651,050 $809,150
    CHARLESTON-MATTOON, IL COLES 2023 $472,030 $604,400 $730,525 $907,900
    CHARLESTON-MATTOON, IL CUMBERLAND 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Charleston (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 $79,900 (0.0%) $116,210 (9.2%) 0.00 211
    2018-02-01 $79,900 (-3.4%) $113,290 (0.8%) 0.00 226
    2018-03-01 $84,250 (-0.5%) $117,764 (3.9%) 0.00 243
    2018-04-01 $89,250 (6.6%) $122,585 (9.2%) 0.00 247
    2018-05-01 $90,550 (13.3%) $121,626 (9.3%) 0.00 254
    2018-06-01 $95,000 (17.3%) $121,778 (5.7%) 0.00 276
    2018-07-01 $93,900 (10.9%) $119,170 (-2.1%) 0.00 294
    2018-08-01 $92,850 (9.8%) $119,307 (-3.9%) 0.00 302
    2018-09-01 $89,900 (6.5%) $117,708 (-4.7%) 0.00 297
    2018-10-01 $86,150 (7.8%) $115,839 (-1.8%) 0.00 273
    2018-11-01 $89,800 (8.0%) $117,127 (-1.9%) 0.00 268
    2018-12-01 $85,000 (6.4%) $114,309 (-3.5%) 0.00 256
    2019-01-01 $83,650 (4.7%) $111,885 (-3.7%) 0.00 253
    2019-02-01 $83,900 (5.0%) $114,055 (0.7%) 0.00 257
    2019-03-01 $85,714 (1.7%) $118,112 (0.3%) 0.00 241
    2019-04-01 $86,250 (-3.4%) $120,833 (-1.4%) 0.00 222
    2019-05-01 $92,225 (1.9%) $126,545 (4.0%) 0.00 219
    2019-06-01 $94,000 (-1.1%) $124,049 (1.9%) 0.00 227
    2019-07-01 $99,125 (5.6%) $122,318 (2.6%) 0.00 269
    2019-08-01 $101,600 (9.4%) $120,754 (1.2%) 0.00 273
    2019-09-01 $104,750 (16.5%) $120,210 (2.1%) 0.00 270
    2019-10-01 $106,000 (23.0%) $119,717 (3.4%) 0.00 263
    2019-11-01 $96,750 (7.7%) $117,082 (0.0%) 0.00 241
    2019-12-01 $89,900 (5.8%) $114,294 (0.0%) 0.00 230
    2020-01-01 $89,500 (7.0%) $114,607 (2.4%) 0.00 214
    2020-02-01 $89,500 (6.7%) $112,168 (-1.7%) 0.00 202
    2020-03-01 $99,500 (16.1%) $119,981 (1.6%) 0.00 194
    2020-04-01 $95,450 (10.7%) $121,188 (0.3%) 0.00 189
    2020-05-01 $94,450 (2.4%) $123,930 (-2.1%) 0.00 175
    2020-06-01 $97,400 (3.6%) $122,054 (-1.6%) 0.00 165
    2020-07-01 $92,750 (-6.4%) $119,791 (-2.1%) 0.00 170
    2020-08-01 $92,250 (-9.2%) $116,050 (-3.9%) 0.00 163
    2020-09-01 $89,225 (-14.8%) $111,062 (-7.6%) 0.00 145
    2020-10-01 $87,000 (-17.9%) $113,473 (-5.2%) 0.00 147
    2020-11-01 $84,700 (-12.5%) $106,268 (-9.2%) 0.00 152
    2020-12-01 $80,175 (-10.8%) $101,426 (-11.3%) 0.00 126
    2021-01-01 $79,000 (-11.7%) $101,619 (-11.3%) 0.00 114
    2021-02-01 $83,800 (-6.4%) $108,978 (-2.8%) 0.00 98
    2021-03-01 $84,900 (-14.7%) $117,327 (-2.2%) 0.00 91
    2021-04-01 $87,925 (-7.9%) $124,159 (2.5%) 0.00 79
    2021-05-01 $84,900 (-10.1%) $127,318 (2.7%) 0.00 65
    2021-06-01 $84,900 (-12.8%) $130,020 (6.5%) 0.00 73
    2021-07-01 $84,900 (-8.5%) $125,271 (4.6%) 0.00 78
    2021-08-01 $79,975 (-13.3%) $113,839 (-1.9%) 0.00 85
    2021-09-01 $79,500 (-10.9%) $114,198 (2.8%) 0.00 77
    2021-10-01 $82,000 (-5.8%) $138,755 (22.3%) 0.00 87
    2021-11-01 $84,925 (0.3%) $139,116 (30.9%) 0.00 96
    2021-12-01 $84,425 (5.3%) $138,395 (36.5%) 0.00 75
    2022-01-01 $81,000 (2.5%) $134,567 (32.4%) 0.00 71
    2022-02-01 $74,925 (-10.6%) $125,657 (15.3%) 0.00 73
    2022-03-01 $70,675 (-16.8%) $131,671 (12.2%) 0.00 71
    2022-04-01 $77,000 (-12.4%) $142,902 (15.1%) 0.00 64
    2022-05-01 $84,925 (0.0%) $151,963 (19.4%) 0.00 62
    2022-06-01 $75,750 (-10.8%) $149,386 (14.9%) 0.00 56
    2022-07-01 $84,700 (-0.2%) $137,184 (9.5%) 0.00 64
    2022-08-01 $84,925 (6.2%) $162,116 (42.4%) 0.00 67
    2022-09-01 $89,675 (12.8%) $179,438 (57.1%) 0.00 71
    2022-10-01 $107,450 (31.0%) $177,352 (27.8%) 0.00 81
    2022-11-01 $109,500 (28.9%) $172,543 (24.0%) 0.00 74
    2022-12-01 $114,900 (36.1%) $190,147 (37.4%) 0.00 72
    2023-01-01 $121,800 (50.4%) $215,348 (60.0%) 0.00 69
    2023-02-01 $113,650 (51.7%) $218,230 (73.7%) 0.00 55
    2023-03-01 $134,725 (90.6%) $237,550 (80.4%) 0.00 53
    2023-04-01 $130,000 (68.8%) $239,387 (67.5%) 0.00 46
    2023-05-01 $139,950 (64.8%) $227,906 (50.0%) 0.00 44
    2023-06-01 $158,250 (108.9%) $239,989 (60.7%) 0.00 38
    2023-07-01 $155,000 (83.0%) $219,743 (60.2%) 0.00 44
    2023-08-01 $162,225 (91.0%) $232,431 (43.4%) 0.00 50
    2023-09-01 $144,500 (61.1%) $192,844 (7.5%) 0.00 61
    2023-10-01 $134,925 (25.6%) $171,180 (-3.5%) 0.00 64
    2023-11-01 $152,400 (39.2%) $172,971 (0.3%) 0.00 60
    2023-12-01 $136,500 (18.8%) $164,474 (-13.5%) 0.00 48
    2024-01-01 $109,250 (-10.3%) $154,647 (-28.2%) 0.00 33
    2024-02-01 $128,750 (13.3%) $163,386 (-25.1%) 0.00 37
    2024-03-01 $109,000 (-19.1%) $158,070 (-33.5%) 0.00 45
    2024-04-01 $105,000 (-19.2%) $136,267 (-43.1%) 0.00 41
    2024-05-01 $114,900 (-17.9%) $150,524 (-34.0%) 0.00 34
    2024-06-01 $124,900 (-21.1%) $162,113 (-32.5%) 0.00 41
    2024-07-01 $129,600 (-16.4%) $159,214 (-27.6%) 0.00 45
    2024-08-01 $131,250 (-19.1%) $154,961 (-33.3%) 0.00 46
    2024-09-01 $129,600 (-10.3%) $162,599 (-15.7%) 0.00 54
    2024-10-01 $142,700 (5.8%) $175,146 (2.3%) 0.00 55
    2024-11-01 $144,900 (-4.9%) $188,229 (8.8%) 0.00 65
    2024-12-01 $145,000 (6.2%) $192,905 (17.3%) 0.00 62
    2025-01-01 $144,400 (32.2%) $188,777 (22.1%) 0.00 60
    2025-02-01 $134,750 (4.7%) $196,311 (20.2%) 0.00 73
    2025-03-01 $145,900 (33.9%) $212,802 (34.6%) 0.00 53
    Charleston's median listing price for 2025-03-01 was $145,900, a difference of $36,900 (33.9%) versus the prior year and $11,150 versus the prior month.

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

    Charleston's average listing price for 2025-03-01 was $212,802, a difference of $54,732 (34.6%) versus the prior year and $16,491 versus the prior month.

    For the 2025-03-01 period, Charleston had 53 MLS listings, a difference of -20 listings (-27%) versus the prior month and 8 listings (18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Charleston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,566 sqft
    2018-02-01 0 days 1,561 sqft
    2018-03-01 0 days 1,550 sqft
    2018-04-01 0 days 1,599 sqft
    2018-05-01 0 days 1,629 sqft
    2018-06-01 0 days 1,660 sqft
    2018-07-01 0 days 1,650 sqft
    2018-08-01 0 days 1,662 sqft
    2018-09-01 0 days 1,656 sqft
    2018-10-01 0 days 1,602 sqft
    2018-11-01 0 days 1,592 sqft
    2018-12-01 0 days 1,564 sqft
    2019-01-01 0 days 1,562 sqft
    2019-02-01 0 days 1,576 sqft
    2019-03-01 0 days 1,578 sqft
    2019-04-01 0 days 1,564 sqft
    2019-05-01 0 days 1,608 sqft
    2019-06-01 0 days 1,587 sqft
    2019-07-01 0 days 1,609 sqft
    2019-08-01 0 days 1,580 sqft
    2019-09-01 0 days 1,588 sqft
    2019-10-01 0 days 1,609 sqft
    2019-11-01 0 days 1,625 sqft
    2019-12-01 0 days 1,624 sqft
    2020-01-01 0 days 1,628 sqft
    2020-02-01 0 days 1,614 sqft
    2020-03-01 0 days 1,658 sqft
    2020-04-01 0 days 1,668 sqft
    2020-05-01 0 days 1,670 sqft
    2020-06-01 0 days 1,705 sqft
    2020-07-01 0 days 1,684 sqft
    2020-08-01 0 days 1,626 sqft
    2020-09-01 0 days 1,573 sqft
    2020-10-01 0 days 1,558 sqft
    2020-11-01 0 days 1,453 sqft
    2020-12-01 0 days 1,468 sqft
    2021-01-01 0 days 1,427 sqft
    2021-02-01 0 days 1,525 sqft
    2021-03-01 0 days 1,568 sqft
    2021-04-01 0 days 1,663 sqft
    2021-05-01 0 days 1,622 sqft
    2021-06-01 0 days 1,490 sqft
    2021-07-01 0 days 1,450 sqft
    2021-08-01 0 days 1,374 sqft
    2021-09-01 0 days 1,430 sqft
    2021-10-01 0 days 1,376 sqft
    2021-11-01 0 days 1,421 sqft
    2021-12-01 0 days 1,394 sqft
    2022-01-01 0 days 1,285 sqft
    2022-02-01 0 days 1,248 sqft
    2022-03-01 0 days 1,214 sqft
    2022-04-01 0 days 1,245 sqft
    2022-05-01 0 days 1,407 sqft
    2022-06-01 0 days 1,443 sqft
    2022-07-01 0 days 1,452 sqft
    2022-08-01 0 days 1,721 sqft
    2022-09-01 0 days 2,002 sqft
    2022-10-01 0 days 1,894 sqft
    2022-11-01 0 days 1,491 sqft
    2022-12-01 0 days 1,632 sqft
    2023-01-01 0 days 1,660 sqft
    2023-02-01 0 days 1,660 sqft
    2023-03-01 0 days 1,680 sqft
    2023-04-01 0 days 1,696 sqft
    2023-05-01 0 days 1,668 sqft
    2023-06-01 0 days 1,743 sqft
    2023-07-01 0 days 2,005 sqft
    2023-08-01 0 days 1,721 sqft
    2023-09-01 0 days 1,728 sqft
    2023-10-01 0 days 1,564 sqft
    2023-11-01 0 days 1,576 sqft
    2023-12-01 0 days 1,536 sqft
    2024-01-01 0 days 1,523 sqft
    2024-02-01 0 days 1,935 sqft
    2024-03-01 0 days 1,645 sqft
    2024-04-01 0 days 1,561 sqft
    2024-05-01 0 days 1,536 sqft
    2024-06-01 0 days 1,566 sqft
    2024-07-01 0 days 1,638 sqft
    2024-08-01 0 days 1,600 sqft
    2024-09-01 0 days 1,610 sqft
    2024-10-01 0 days 1,788 sqft
    2024-11-01 0 days 1,694 sqft
    2024-12-01 0 days 1,629 sqft
    2025-01-01 0 days 1,586 sqft
    2025-02-01 0 days 1,584 sqft
    2025-03-01 0 days 1,656 sqft
    Charleston's median listing age (time on market) for 2025-03-01 was 0 days.

    Charleston's median square footage for active listings during the 2025-03-01 period was 1,656 sqft. One year prior, the average listing was 1,645 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).