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 6.86% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.55% and one month ago for the week of 2024-03-15, the average rate was 6.41%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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

    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 (-4.0%) $116,730 (4.9%) 0.00 234
    2018-02-01 $79,700 (-8.2%) $113,958 (-1.6%) 0.00 247
    2018-03-01 $84,750 (-4.6%) $119,623 (1.5%) 0.00 265
    2018-04-01 $89,575 (1.2%) $124,121 (6.5%) 0.00 269
    2018-05-01 $94,000 (14.3%) $132,751 (14.5%) 0.00 280
    2018-06-01 $99,500 (19.4%) $132,983 (12.4%) 0.00 307
    2018-07-01 $94,925 (11.8%) $129,396 (4.5%) 0.00 321
    2018-08-01 $94,575 (9.1%) $129,825 (1.5%) 0.00 330
    2018-09-01 $89,900 (5.8%) $125,735 (0.2%) 0.00 328
    2018-10-01 $89,600 (9.1%) $124,384 (3.7%) 0.00 312
    2018-11-01 $89,900 (6.4%) $125,584 (3.6%) 0.00 303
    2018-12-01 $89,500 (11.9%) $123,326 (2.6%) 0.00 292
    2019-01-01 $89,250 (11.7%) $122,725 (5.1%) 0.00 291
    2019-02-01 $89,800 (12.7%) $124,599 (9.3%) 0.00 295
    2019-03-01 $89,729 (5.9%) $124,136 (3.8%) 0.00 278
    2019-04-01 $89,729 (0.2%) $122,482 (-1.3%) 0.00 261
    2019-05-01 $97,125 (3.3%) $128,486 (-3.2%) 0.00 254
    2019-06-01 $99,200 (-0.3%) $127,260 (-4.3%) 0.00 265
    2019-07-01 $100,950 (6.4%) $124,936 (-3.5%) 0.00 317
    2019-08-01 $103,227 (9.2%) $122,327 (-5.8%) 0.00 316
    2019-09-01 $105,068 (16.9%) $121,774 (-3.2%) 0.00 309
    2019-10-01 $106,295 (18.6%) $121,405 (-2.4%) 0.00 299
    2019-11-01 $98,700 (9.8%) $119,704 (-4.7%) 0.00 283
    2019-12-01 $89,900 (0.5%) $126,545 (2.6%) 0.00 268
    2020-01-01 $89,500 (0.3%) $127,790 (4.1%) 0.00 246
    2020-02-01 $89,625 (-0.2%) $127,090 (2.0%) 0.00 231
    2020-03-01 $101,250 (12.8%) $133,145 (7.3%) 0.00 220
    2020-04-01 $100,500 (12.0%) $135,376 (10.5%) 0.00 212
    2020-05-01 $94,900 (-2.3%) $134,823 (4.9%) 0.00 197
    2020-06-01 $95,975 (-3.3%) $134,386 (5.6%) 0.00 189
    2020-07-01 $93,000 (-7.9%) $121,199 (-3.0%) 0.00 189
    2020-08-01 $93,000 (-9.9%) $116,824 (-4.5%) 0.00 177
    2020-09-01 $89,500 (-14.8%) $110,969 (-8.9%) 0.00 156
    2020-10-01 $88,700 (-16.6%) $112,555 (-7.3%) 0.00 157
    2020-11-01 $85,350 (-13.5%) $106,797 (-10.8%) 0.00 161
    2020-12-01 $84,900 (-5.6%) $104,626 (-17.3%) 0.00 136
    2021-01-01 $81,500 (-8.9%) $104,053 (-18.6%) 0.00 127
    2021-02-01 $84,900 (-5.3%) $108,751 (-14.4%) 0.00 106
    2021-03-01 $84,925 (-16.1%) $117,430 (-11.8%) 0.00 100
    2021-04-01 $87,250 (-13.2%) $122,823 (-9.3%) 0.00 89
    2021-05-01 $80,000 (-15.7%) $122,839 (-8.9%) 0.00 74
    2021-06-01 $83,950 (-12.5%) $125,676 (-6.5%) 0.00 79
    2021-07-01 $84,950 (-8.7%) $126,770 (4.6%) 0.00 85
    2021-08-01 $81,750 (-12.1%) $118,604 (1.5%) 0.00 96
    2021-09-01 $81,000 (-9.5%) $120,091 (8.2%) 0.00 85
    2021-10-01 $85,000 (-4.2%) $142,176 (26.3%) 0.00 96
    2021-11-01 $85,000 (-0.4%) $143,057 (34.0%) 0.00 107
    2021-12-01 $85,700 (0.9%) $144,580 (38.2%) 0.00 87
    2022-01-01 $82,500 (1.2%) $136,371 (31.1%) 0.00 76
    2022-02-01 $77,425 (-8.8%) $127,170 (16.9%) 0.00 77
    2022-03-01 $73,175 (-13.8%) $135,500 (15.4%) 0.00 75
    2022-04-01 $79,900 (-8.4%) $144,175 (17.4%) 0.00 68
    2022-05-01 $86,675 (8.3%) $158,800 (29.3%) 0.00 69
    2022-06-01 $79,400 (-5.4%) $154,014 (22.6%) 0.00 61
    2022-07-01 $87,900 (3.5%) $145,207 (14.5%) 0.00 70
    2022-08-01 $88,450 (8.2%) $164,860 (39.0%) 0.00 74
    2022-09-01 $106,100 (31.0%) $178,219 (48.4%) 0.00 78
    2022-10-01 $112,400 (32.2%) $174,949 (23.1%) 0.00 88
    2022-11-01 $117,725 (38.5%) $180,675 (26.3%) 0.00 84
    2022-12-01 $116,400 (35.8%) $200,515 (38.7%) 0.00 82
    2023-01-01 $138,500 (67.9%) $222,337 (63.0%) 0.00 79
    2023-02-01 $132,700 (71.4%) $219,648 (72.7%) 0.00 73
    2023-03-01 $147,975 (102.2%) $231,640 (71.0%) 0.00 68
    2023-04-01 $143,450 (79.5%) $236,159 (63.8%) 0.00 59
    2023-05-01 $159,900 (84.5%) $237,349 (49.5%) 0.00 58
    2023-06-01 $175,000 (120.4%) $248,450 (61.3%) 0.00 50
    2023-07-01 $173,900 (97.8%) $230,892 (59.0%) 0.00 55
    2023-08-01 $177,750 (101.0%) $238,278 (44.5%) 0.00 61
    2023-09-01 $158,000 (48.9%) $206,786 (16.0%) 0.00 73
    2023-10-01 $149,900 (33.4%) $189,732 (8.5%) 0.00 79
    2023-11-01 $160,000 (35.9%) $191,397 (5.9%) 0.00 74
    2023-12-01 $159,900 (37.4%) $181,592 (-9.4%) 0.00 62
    2024-01-01 $136,175 (-1.7%) $174,617 (-21.5%) 0.00 45
    2024-02-01 $142,500 (7.4%) $171,503 (-21.9%) 0.00 48
    2024-03-01 $128,000 (-13.5%) $183,063 (-21.0%) 0.00 56
    Charleston's median listing price for 2024-03-01 was $128,000, a difference of $-19,975 (-13.5%) versus the prior year and $-14,500 versus the prior month.

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

    Charleston's average listing price for 2024-03-01 was $183,063, a difference of $-48,577 (-21.0%) versus the prior year and $11,560 versus the prior month.

    For the 2024-03-01 period, Charleston had 56 MLS listings, a difference of 8 listings (17%) versus the prior month and -12 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 1,564 sqft
    2018-02-01 0 days 1,561 sqft
    2018-03-01 0 days 1,564 sqft
    2018-04-01 0 days 1,597 sqft
    2018-05-01 0 days 1,622 sqft
    2018-06-01 0 days 1,660 sqft
    2018-07-01 0 days 1,650 sqft
    2018-08-01 0 days 1,676 sqft
    2018-09-01 0 days 1,646 sqft
    2018-10-01 0 days 1,602 sqft
    2018-11-01 0 days 1,595 sqft
    2018-12-01 0 days 1,592 sqft
    2019-01-01 0 days 1,570 sqft
    2019-02-01 0 days 1,570 sqft
    2019-03-01 0 days 1,537 sqft
    2019-04-01 0 days 1,501 sqft
    2019-05-01 0 days 1,593 sqft
    2019-06-01 0 days 1,574 sqft
    2019-07-01 0 days 1,580 sqft
    2019-08-01 0 days 1,572 sqft
    2019-09-01 0 days 1,588 sqft
    2019-10-01 0 days 1,607 sqft
    2019-11-01 0 days 1,620 sqft
    2019-12-01 0 days 1,618 sqft
    2020-01-01 0 days 1,618 sqft
    2020-02-01 0 days 1,610 sqft
    2020-03-01 0 days 1,658 sqft
    2020-04-01 0 days 1,668 sqft
    2020-05-01 0 days 1,664 sqft
    2020-06-01 0 days 1,673 sqft
    2020-07-01 0 days 1,641 sqft
    2020-08-01 0 days 1,614 sqft
    2020-09-01 0 days 1,568 sqft
    2020-10-01 0 days 1,558 sqft
    2020-11-01 0 days 1,467 sqft
    2020-12-01 0 days 1,492 sqft
    2021-01-01 0 days 1,427 sqft
    2021-02-01 0 days 1,464 sqft
    2021-03-01 0 days 1,541 sqft
    2021-04-01 0 days 1,617 sqft
    2021-05-01 0 days 1,582 sqft
    2021-06-01 0 days 1,457 sqft
    2021-07-01 0 days 1,443 sqft
    2021-08-01 0 days 1,386 sqft
    2021-09-01 0 days 1,420 sqft
    2021-10-01 0 days 1,392 sqft
    2021-11-01 0 days 1,449 sqft
    2021-12-01 0 days 1,438 sqft
    2022-01-01 0 days 1,342 sqft
    2022-02-01 0 days 1,279 sqft
    2022-03-01 0 days 1,246 sqft
    2022-04-01 0 days 1,272 sqft
    2022-05-01 0 days 1,437 sqft
    2022-06-01 0 days 1,452 sqft
    2022-07-01 0 days 1,452 sqft
    2022-08-01 0 days 1,715 sqft
    2022-09-01 0 days 1,921 sqft
    2022-10-01 0 days 1,894 sqft
    2022-11-01 0 days 1,484 sqft
    2022-12-01 0 days 1,626 sqft
    2023-01-01 0 days 1,637 sqft
    2023-02-01 0 days 1,636 sqft
    2023-03-01 0 days 1,640 sqft
    2023-04-01 0 days 1,696 sqft
    2023-05-01 0 days 1,654 sqft
    2023-06-01 0 days 1,756 sqft
    2023-07-01 0 days 1,766 sqft
    2023-08-01 0 days 1,728 sqft
    2023-09-01 0 days 1,760 sqft
    2023-10-01 0 days 1,581 sqft
    2023-11-01 0 days 1,603 sqft
    2023-12-01 0 days 1,540 sqft
    2024-01-01 0 days 1,537 sqft
    2024-02-01 0 days 1,803 sqft
    2024-03-01 0 days 1,604 sqft
    Charleston's median listing age (time on market) for 2024-03-01 was 0 days.

    Charleston's median square footage for active listings during the 2024-03-01 period was 1,604 sqft. One year prior, the average listing was 1,640 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).