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 26 lenders originated 78 FHA loans during 2023. The total origination value was $10,730,000, with an average FHA loan value of $137,564.

    Charleston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Charleston averaged 6.53% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Charleston's average FHA mortgage closing costs are $5,104.

    The average rate for the prior week (2024-11-01) was 6.6% and one month ago for the week of 2024-10-04, the average rate was 5.92%.

    The average rate one year ago was 7.46%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 18 6.84% $6,459
    QUICKEN LOANS, LLC 13 6.70% $6,788
    GERSHMAN INVESTMENT CORP. 4 7.78% $4,756
    United Community Bank 4 6.56% $4,145
    CROSSCOUNTRY MORTGAGE, LLC 4 6.75% $8,082
    Carrington Mortgage Services, LLC 3 5.92% $8,192
    AMERISAVE MORTGAGE CORPORATION 2 6.50% $7,815
    BROKER SOLUTIONS, INC. 2 6.18% $5,722
    Citizens Bank 2 6.00% $6,659
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.94% $3,757
    PENNYMAC LOAN SERVICES, LLC 2 5.44% $9,259
    RUOFF MORTGAGE COMPANY, INC. 2 7.25% $3,060
    Mortgage Research Center, LLC 1 6.75% $4,194
    Nations Lending Corporation 1 7.75% $2,811
    NATIONS RELIABLE LENDING, LLC 1 7.75% $6,947
    NBKC BANK 1 5.38% $7,520
    Neighborhood Loans, Inc. 1 5.63% $6,348
    ON Q FINANCIAL, INC. 1 6.63% $9,281
    OPEN MORTGAGE, LLC 1 7.50% $7,338
    The Huntington National Bank 1 6.25% $3,534
    PNC Bank 1 7.13% $6,222
    DELMAR FINANCIAL COMPANY 1 5.88% $4,770
    Barrington Bank & Trust Company, N.A. 1 6.25% $12,194
    SUN WEST MORTGAGE COMPANY, INC. 1 7.25% $11,350
    FCB Banks 1 6.63% $4,994
    Midland States Bank 1 7.13% $3,770

    The top Charleston FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 18 FHA loans originated. Their average total fees are $6,459, which is $330 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Charleston FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($6,459), QUICKEN LOANS, LLC ($6,788), .

    The lowest rate Charleston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.70%), FLAT BRANCH MORTGAGE, INC. (6.84%), .

    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

    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).