Chicago FHA Loan Rates, Closing Costs & Stats

Chicago-Naperville-Elgin, IL-IN-WI

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.

Chicago's 307 lenders originated 44,086 FHA loans during 2021. The total origination value was $10,368,410,000, with an average FHA loan value of $235,186.

Chicago FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Chicago averaged 6.11% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Chicago's average FHA mortgage closing costs are $7,939.

The average rate for the prior week (2023-01-20) was 5.98% and one month ago for the week of 2022-12-23, the average rate was 6.48%.

The average rate one year ago was 3.87%.

For refis of the same type during the week of 2023-01-27, the average rate was 6.14%.

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

Chicago 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 Chicago level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 2,757 2.72% $6,757
LOANDEPOT.COM, LLC 2,479 3.34% $9,875
GUARANTEED RATE, INC. 1,990 2.98% $9,409
CROSSCOUNTRY MORTGAGE, LLC 1,620 3.13% $9,981
CALIBER HOME LOANS, INC. 1,587 2.88% $8,369
FREEDOM MORTGAGE CORPORATION 1,536 2.83% $5,912
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1,377 3.24% $9,144
Mr. Cooper ( Nationstar Mortgage ) 1,248 3.20% $4,130
AMERICAN PACIFIC MORTGAGE CORPORATION 1,199 3.25% $9,620
UNITED WHOLESALE MORTGAGE, LLC 1,148 2.82% $8,934
Neighborhood Loans, Inc. 1,121 3.21% $9,734
FIRST CENTENNIAL MORTGAGE CORPORATION 1,037 2.94% $8,211
The Federal Savings Bank 877 3.00% $9,654
LAKEVIEW LOAN SERVICING, LLC 856 2.99% $5,160
PENNYMAC LOAN SERVICES, LLC 814 3.05% $4,817
COMPASS MORTGAGE, INC. 659 2.96% $8,526
HOME POINT FINANCIAL CORPORATION 607 2.81% $7,871
Barrington Bank & Trust Company, N.A. 537 3.17% $9,483
NEWREZ LLC 527 2.89% $5,924
LEADERONE FINANCIAL CORPORATION 492 3.43% $9,603
HOMEBRIDGE FINANCIAL SERVICES, INC. 424 2.84% $8,133
AMERICAN PORTFOLIO MORTGAGE CORPORATION 421 2.98% $8,665
Carrington Mortgage Services, LLC 382 3.35% $7,739
CELEBRITY HOME LOANS, LLC 380 3.21% $9,674
Lakeview Community Capital, LLC 328 2.99% $4,698
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 317 3.39% $8,258
Hometown Lenders, Inc. 313 3.36% $9,426
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 313 3.17% $9,810
Key Mortgage Services, Inc. 307 3.12% $9,809
AMERICAN FINANCIAL NETWORK, INC. 294 3.32% $13,018
VILLAGE CAPITAL MORTGAGE 291 2.89% $2,720
Paramount Residential Mortgage Group, Inc. 291 3.46% $10,124
BAY EQUITY LLC 280 2.96% $9,960
FINANCE OF AMERICA MORTGAGE LLC 273 3.17% $7,715
The Huntington National Bank 266 2.88% $9,357
GUARANTEED RATE AFFINITY, LLC 256 2.96% $9,857
PLAZA HOME MORTGAGE, INC. 245 3.11% $8,595
DRAPER AND KRAMER MORTGAGE CORP. 235 3.05% $8,916
UNION HOME MORTGAGE CORP. 227 3.08% $9,221
CMG MORTGAGE, INC. 213 3.12% $9,709
United Fidelity Funding Corp. 213 3.10% $9,345
First Guaranty Mortgage Corporation 210 2.97% $7,444
DIRECT MORTGAGE LOANS, LLC 206 3.35% $9,144
MOVEMENT MORTGAGE, LLC 199 3.20% $9,398
OCMBC, INC. 191 3.01% $9,061
AMERISAVE MORTGAGE CORPORATION 177 3.07% $8,486
HOMESIDE FINANCIAL, LLC 173 3.25% $9,091
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 172 2.87% $6,902
JPMorgan Chase Bank 166 2.99% $6,010
Flagstar Bank, FSB 165 2.91% $9,003
MUTUAL OF OMAHA MORTGAGE, INC. 159 3.01% $9,515
Equity Prime Mortgage LLC 158 3.59% $8,372
AmeriHome Mortgage Company, LLC 155 2.98% $4,565
CIBC Bank USA 154 3.13% $9,668
BROKER SOLUTIONS, INC. 148 3.13% $8,054
EAGLE HOME MORTGAGE, LLC 139 3.14% $9,379
INLANTA MORTGAGE, INC. 134 3.24% $9,077
Plains Commerce Bank 127 2.77% $9,130
CHERRY CREEK MORTGAGE, LLC 118 3.37% $3,905
DHI MORTGAGE COMPANY, LTD. 117 2.87% $5,639
SUN WEST MORTGAGE COMPANY, INC. 114 3.07% $9,193
Midwest Community Bank 113 2.92% $9,123
First Midwest Bank 106 3.08% $7,976
BLUELEAF LENDING, LLC 96 2.75% $9,559
PLANET HOME LENDING, LLC 95 2.83% $5,285
Bank of America 91 2.69% $5,722
INLAND BANK & TRUST 91 3.13% $9,744
U.S. Bank 89 3.08% $8,795
PRIMELENDING, A PLAINSCAPITAL COMPANY 87 3.52% $8,921
STEARNS LENDING, LLC 83 3.04% $9,385
Pacor Mortgage Corp 83 2.90% $8,630
InterContinental Capital Group, Inc 76 2.76% $7,465
CIBM Bank 75 3.14% $8,133
Hometown Equity Mortgage, LLC 70 3.25% $10,877
NATIONS RELIABLE LENDING, LLC 70 3.28% $11,841
M/I FINANCIAL, LLC 66 2.95% $8,630
VAN DYK MORTGAGE CORPORATION 64 3.31% $8,894
Mutual Federal Bank 62 2.82% $9,459
RUOFF MORTGAGE COMPANY, INC. 62 3.22% $5,736
SUCCESS MORTGAGE PARTNERS, INC. 60 3.14% $10,564
NVR Mortgage Finance, Inc. 59 3.10% $10,740
AmRes Corporation 57 3.07% $9,798
PROPER RATE, LLC 56 2.94% $9,375
Platinum Home Mortgage Corporation 55 3.00% $11,013
Fifth Third Bank 54 3.06% $7,498
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 54 2.90% $8,656
PNC Bank 53 2.79% $6,928
Centier Bank 53 3.24% $6,125
GATEWAY MORTGAGE CORPORATION 52 2.92% $5,545
T2 FINANCIAL LLC 50 3.29% $10,454
Old Second National Bank 49 2.97% $7,971
LAND HOME FINANCIAL SERVICES, INC. 49 3.50% $11,027
UNIVERSITY LENDING GROUP, LLC 48 3.09% $7,481
FIRST STATE MORTGAGE SERVICES, LLC 47 2.93% $8,534
Ixonia Bank 45 3.50% $9,714
MID AMERICA MORTGAGE, INC. 45 2.97% $4,919
DAS Acquisition Company, LLC 44 3.35% $8,962
The Home Loan Expert LLC 43 2.87% $9,077
Nations Lending Corporation 43 3.07% $8,704
First National Bank of Omaha 43 2.97% $6,674
Bank of England 42 3.36% $8,902
Allied First Bank,sb 42 2.74% $8,197
PRIMARY RESIDENTIAL MORTGAGE, INC. 42 3.25% $8,699
SUMMIT FUNDING, INC. 41 3.37% $10,928
GUILD MORTGAGE COMPANY 41 3.03% $8,640
Waterstone Mortgage Corporation 40 3.20% $10,853
OCEANSIDE MORTGAGE COMPANY 39 2.71% $3,278
GMFS LLC 39 2.90% $7,281
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 35 3.06% $10,930
CROWN MORTGAGE COMPANY 35 3.06% $8,019
Associated Bank 35 2.80% $7,887
Network Funding, L.P. 35 2.95% $10,709
Prosperity Home Mortgage, LLC 35 3.25% $10,541
THE ANDERSON FINANCIAL GROUP, INC. 34 2.82% $8,683
GVC MORTGAGE, INC. 34 3.40% $7,004
Flanagan State Bank 33 3.03% $7,456
Home State Bank 32 2.70% $7,803
Mortgage Research Center, LLC 32 3.05% $7,407
TOWNE MORTGAGE COMPANY 31 3.10% $9,704
Regions Bank 30 2.79% $7,343
CITYWIDE HOME LOANS, LLC 29 3.40% $9,869
Marquette Bank 29 2.52% $7,870
ACADEMY MORTGAGE CORPORATION 28 3.20% $6,977
Bank Five Nine 28 3.21% $5,803
HOMESTAR FINANCIAL CORPORATION 27 3.08% $8,291
ARK-LA-TEX FINANCIAL SERVICES, LLC. 27 3.03% $8,755
Citizens Bank 26 2.89% $7,215
NATIONS DIRECT MORTGAGE, LLC 26 3.37% $11,150
EVERETT FINANCIAL, INC. 26 3.52% $6,227
CANOPY MORTGAGE, LLC 26 2.90% $7,452
UNITED HOME LOANS, INC. 26 2.85% $8,325
HALLMARK HOME MORTGAGE, LLC 25 3.38% $7,402
MORIA DEVELOPMENT, INC. 25 3.62% $10,198
LAKE MORTGAGE COMPANY INC 24 2.98% $6,534
Servion, Inc. 23 3.05% $7,136
M&T Bank 23 3.13% $7,213
PARKSIDE LENDING, LLC 23 2.91% $7,839
ARC HOME LLC 22 3.22% $8,512
RAPID MORTGAGE COMPANY 21 3.35% $8,271
PANORAMA MORTGAGE GROUP, LLC 21 3.26% $10,694
GENEVA FINANCIAL, LLC 20 3.33% $9,918
GERSHMAN INVESTMENT CORP. 20 3.26% $7,861
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 20 2.89% $11,845
ENVOY MORTGAGE, LTD 19 3.32% $8,679
Citibank 18 2.85% $7,310
First Option Mortgage, LLC 16 3.34% $10,589
SOVEREIGN LENDING GROUP INCORPORATED 15 2.83% $8,228
First Savings Bank 15 3.03% $12,945
PHH Mortgage Corporation 14 3.38% $5,319
First Home Bank 14 2.89% $10,875
First Federal Savings Bank 13 3.02% $6,351
TCF National Bank 12 2.57% $8,074
BECKAM FUNDING CORP. 12 3.77% $14,603
Gold Coast Bank 12 2.88% $10,574
AMERICAN FINANCING CORPORATION 12 2.93% $7,682
Sierra Pacific Mortgage Company, Inc. 12 2.86% $8,655
Horizon Bank 12 3.31% $5,340
Northpointe Bank 11 3.05% $10,448
ENDEAVOR CAPITAL, LLC. 11 3.02% $6,076
SECURITYNATIONAL MORTGAGE COMPANY 11 3.22% $6,634
ZILLOW HOME LOANS, LLC 10 3.08% $7,296
AMERICAN FINANCIAL RESOURCES, INC. 10 3.31% $9,185
Low VA Rates, LLC 10 2.94% $4,609
MICHIGAN MUTUAL, INC. 9 3.24% $8,339
BMO Harris Bank 9 3.24% $9,365
MYCUMORTGAGE, LLC 9 2.58% $9,765
ROYAL UNITED MORTGAGE LLC 9 3.06% $8,319
Florida Capital Bank 9 2.81% $8,218
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 9 2.90% $5,783
BEST CAPITAL FUNDING 9 3.06% $10,887
AMERITRUST MORTGAGE CORPORATION 9 2.99% $7,028
STOCKTON MORTGAGE CORPORATION 8 3.17% $13,690
EMBRACE HOME LOANS, INC. 8 3.23% $9,039
MEMBER FIRST MORTGAGE, LLC 8 3.13% $6,939
FLAT BRANCH MORTGAGE, INC. 8 3.30% $10,129
MIDLAND MORTGAGE CORPORATION 8 3.47% $6,118
STARBOARD FINANCIAL MANAGEMENT, LLC 7 3.21% $10,542
MLD MORTGAGE INC. 7 3.02% $8,973
Residential Mortgage Solutions, Inc. 7 3.00% $9,671
RELIANCE FIRST CAPITAL, LLC 7 3.09% $6,864
First Merchants Bank 7 2.82% $7,854
PULTE MORTGAGE LLC 7 3.02% $8,300
Midland States Bank 6 2.92% $9,399
POLARIS HOME FUNDING CORP. 6 3.21% $8,349
Wells Fargo Bank 6 3.10% $6,483
BETTER MORTGAGE CORPORATION 6 2.94% $7,320
GET A RATE LLC 6 3.42% $9,804
HOMEOWNERS FINANCIAL GROUP USA, LLC 6 3.44% $10,014
EMM LOANS LLC 5 3.08% $12,909
HANCOCK MORTGAGE PARTNERS, LLC 5 3.28% $9,532
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 3.38% $9,703
Century Mortgage Company DBA Century Lending Company 5 2.88% $9,042
Goldwater Bank, N.A. 5 2.95% $12,369
WISCONSIN MORTGAGE CORPORATION 5 2.65% $5,528
LENDING 3, INC. 5 2.90% $11,281
Blue Ridge Bank 5 3.18% $6,249
CLEARPATH LENDING 5 2.88% $4,662
TOTAL MORTGAGE SERVICES, LLC 4 3.94% $9,343
AMERICAN ADVISORS GROUP 4 2.78% $9,253
DATA MORTGAGE, INC. 4 4.13% $9,830
ABSOLUTE HOME MORTGAGE CORPORATION 4 2.38% $7,407
Peoples Bank 4 3.22% $10,543
AMERIFIRST FINANCIAL CORPORATION 4 2.97% $9,586
RESIDENTIAL BANCORP. 4 2.78% $10,144
Colten Mortgage, LLC 4 2.91% $5,205
First Federal Bank 4 3.03% $8,550
American Bank and Trust Company 4 2.94% $7,789
Ameris Bank 4 3.03% $10,354
Paramount Bank 4 3.22% $7,559
First Financial Bank 3 3.00% $5,799
FRONTIER FINANCIAL, INC. 3 2.83% $13,578
FAY SERVICING, LLC 3 3.13% $6,765
GSF Mortgage Corporation 3 2.75% $6,591
FAIR WAY LENDING LLC 3 2.83% $5,909
DEVELOPER'S MORTGAGE COMPANY 3 3.25% $7,102
JAMES B. NUTTER & COMPANY 3 2.83% $5,266
JLB CORPORATION 3 2.92% $7,408
LIBERTY HOME MORTGAGE CORPORATION 3 3.17% $9,864
Magnolia Bank 3 2.92% $12,138
CHURCHILL MORTGAGE CORPORATION 3 3.38% $7,894
MORTGAGE ACCESS CORP. 3 3.17% $11,889
Princeton Mortgage Corporation 3 3.04% $11,824
Amerifirst Financial, Inc. 3 3.92% $7,722
The Equitable Bank, S.S.B. 3 2.67% $6,983
TOP FLITE FINANCIAL, INC. 3 3.08% $10,996
UNITED SECURITY FINANCIAL CORP 3 2.75% $5,012
NATIONWIDE MORTGAGE BANKERS, INC. 2 2.88% $7,917
Strong Home Mortgage, LLC 2 2.31% $8,270
Home Mortgage Alliance Corp 2 3.13% $10,391
KELLER MORTGAGE, LLC 2 2.81% $7,378
NexBank 2 3.00% $9,581
UNITED 2 3.06% $6,404
Austin Capital Bank SSB 2 2.50% $11,283
NP, Inc. 2 3.19% $8,032
AMERICAN MORTGAGE SERVICE COMPANY 2 3.06% $6,047
TBI MORTGAGE COMPANY 2 2.75% $9,326
ALLIED MORTGAGE GROUP, INC. 2 3.50% $7,684
MORTGAGE CENTER L.C 2 2.94% $6,639
LENDUS, LLC 2 2.81% $11,649
BKCO MORTGAGE, LLC 2 2.87% $7,320
American Mortgage & Equity Consultants, Inc. 2 3.56% $7,448
SOUTHWEST FUNDING, LP 2 3.88% $10,883
Colonial Savings, F.A. 2 3.25% $7,552
The Union Bank Company 2 3.00% $8,854
FBC MORTGAGE, LLC 2 3.31% $8,084
BAYSHORE MORTGAGE FUNDING, LLC 2 2.94% $7,804
OPEN MORTGAGE, LLC 2 3.44% $8,693
Commerce Home Mortgage, Inc. 2 3.69% $10,202
Wyndham Capital Mortgage, Inc. 2 2.75% $7,667
Mortgage Assurance Inc. 2 2.88% $4,825
Marine Bank 1 2.63% $8,178
Luxury Mortgage Corp. 1 3.50% $10,361
SIWELL, INC. 1 2.75% $5,432
First Western Trust Bank 1 3.13% $5,401
Credence Funding Corporation 1 2.63% $9,088
1st Source Bank 1 3.63% $5,484
Sunflower Bank 1 2.99% $13,681
CRESCENT MORTGAGE COMPANY 1 2.63% $13,417
INTERSTATE HOME LOAN CENTER, INC. 1 3.13% $10,462
INTELLILOAN, INC. 1 2.88% $6,289
WRIGHT-PATT CREDIT UNION, INC. 1 3.13% $7,316
INSPIRE HOME LOANS INC. 1 3.50% $8,263
DELMAR FINANCIAL COMPANY 1 2.50% $7,888
THOMPSON KANE & COMPANY, LLC 1 2.50% $9,059
East Coast Capital Corp. 1 3.00% $7,236
HOMESITE MORTGAGE, LLC 1 2.75% $6,451
Truist 1 3.25% $11,155
HOME FUNDING CORPORATION 1 3.38% $5,007
Union Savings Bank 1 2.75% $4,834
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.00% $6,798
Heartland Bank and Trust Company 1 3.38% $7,796
Financial Funding Solutions, Inc. 1 2.55% $14,333
AMCAP MORTGAGE, LTD. 1 2.88% $16,546
Alerus Financial 1 2.75% $5,733
VANDERBILT MORTGAGE AND FINANCE, INC. 1 2.75% $6,586
FAMILY FINANCE MORTGAGE, LLC 1 2.63% $9,708
Vibrant Credit Union 1 2.25% $7,783
Gateway First Bank 1 3.13% $3,904
V.I.P. MORTGAGE, INC. 1 2.75% $5,471
F&B Acquisition Group LLC 1 3.13% $13,294
ON Q FINANCIAL, INC. 1 3.75% $8,382
Old National Bank 1 3.75% $5,079
PENTAGON FEDERAL CREDIT UNION 1 2.25% $9,358
AXIA FINANCIAL, LLC 1 3.50% $6,612
NOVA FINANCIAL & INVESTMENT CORPORATION 1 2.63% $8,268
Atlantic Union Bank 1 2.50% $11,290
Assurance Financial Group, L.L.C. 1 3.25% $8,640
NORWICH COMMERCIAL GROUP, INC. 1 2.88% $17,224
PLUS RELOCATION MORTGAGE, LLC 1 3.13% $10,849
Armed Forces Bank 1 3.50% $9,243
NORTHERN MORTGAGE SERVICES, LLC 1 3.25% $5,642
PREMIA MORTGAGE, LLC 1 2.50% $6,417
Preston Home Loans Inc 1 2.50% $6,447
North American Savings Bank, F.S.B. 1 2.50% $14,195
WESTERN EXPRESS LENDING 1 3.25% $9,157
ANGEL OAK HOME LOANS LLC 1 3.25% $9,222
NETWORK CAPITAL FUNDING CORPORATION 1 2.50% $10,263
Blackhawk Bank 1 3.00% $6,765
RANLIFE, INC. 1 3.13% $8,400
NBKC BANK 1 2.75% $8,430
BNC National Bank 1 2.75% $8,393
Republic Bank & Trust Company 1 3.38% $9,236
Chicago Financial Services, Inc. 1 3.13% $9,658
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 2.88% $6,585
Mid-Continent Funding, Inc. 1 3.50% $5,573
S1L, Inc. 1 2.99% $6,594
SeaTrust Mortgage Company 1 2.75% $8,022

The top Chicago FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 2,757 FHA loans originated. Their average total fees are $6,757, which is $3,117 lower than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee Chicago FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,720), OCEANSIDE MORTGAGE COMPANY ($3,278), CHERRY CREEK MORTGAGE, LLC ($3,905), Mr. Cooper ( Nationstar Mortgage ) ($4,130) and AmeriHome Mortgage Company, LLC ($4,565).

The lowest rate Chicago FHA lenders (with over 10 loans originated) are Marquette Bank (2.52%), TCF National Bank (2.57%), Bank of America (2.69%), Home State Bank (2.70%) and OCEANSIDE MORTGAGE COMPANY (2.71%).

Chicago FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI COOK 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DEKALB 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DUPAGE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI GRUNDY 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KANE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENDALL 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI MCHENRY 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI WILL 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI JASPER 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI NEWTON 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI PORTER 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENOSHA 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Chicago (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 $287,450 (6.1%) $451,216 (4.6%) 1.07 27,341
2018-02-01 $303,778 (6.6%) $470,439 (4.4%) 1.10 27,803
2018-03-01 $325,000 (8.5%) $490,089 (5.5%) 1.14 29,569
2018-04-01 $334,450 (7.9%) $494,055 (4.3%) 1.13 31,397
2018-05-01 $335,000 (4.9%) $491,722 (3.3%) 1.12 33,480
2018-06-01 $332,000 (4.1%) $483,600 (2.2%) 1.11 36,158
2018-07-01 $326,450 (3.6%) $472,753 (1.1%) 1.09 38,247
2018-08-01 $319,900 (4.9%) $461,643 (1.3%) 1.07 39,310
2018-09-01 $315,000 (5.0%) $454,870 (0.8%) 1.06 40,023
2018-10-01 $310,445 (3.5%) $449,809 (-0.7%) 1.05 39,731
2018-11-01 $300,000 (1.3%) $446,369 (-0.6%) 1.02 37,416
2018-12-01 $295,490 (2.3%) $438,265 (-1.1%) 1.02 32,753
2019-01-01 $296,450 (3.1%) $441,426 (-2.2%) 1.02 29,848
2019-02-01 $309,570 (1.9%) $463,024 (-1.6%) 1.05 30,183
2019-03-01 $326,429 (0.4%) $476,721 (-2.7%) 1.07 32,136
2019-04-01 $339,000 (1.4%) $485,084 (-1.8%) 1.08 34,190
2019-05-01 $339,900 (1.5%) $481,892 (-2.0%) 1.06 36,593
2019-06-01 $337,000 (1.5%) $476,679 (-1.4%) 1.05 38,707
2019-07-01 $330,280 (1.2%) $469,287 (-0.7%) 1.03 40,169
2019-08-01 $325,155 (1.6%) $460,369 (-0.3%) 1.03 40,608
2019-09-01 $319,386 (1.4%) $453,724 (-0.3%) 1.02 40,530
2019-10-01 $314,900 (1.4%) $448,999 (-0.2%) 1.02 40,263
2019-11-01 $305,000 (1.7%) $443,109 (-0.7%) 1.00 36,764
2019-12-01 $299,000 (1.2%) $439,507 (0.3%) 1.00 31,590
2020-01-01 $299,450 (1.0%) $442,723 (0.3%) 1.00 28,764
2020-02-01 $317,555 (2.6%) $465,590 (0.6%) 1.04 29,279
2020-03-01 $326,250 (-0.1%) $474,850 (-0.4%) 1.02 29,829
2020-04-01 $324,775 (-4.2%) $464,781 (-4.2%) 1.02 28,394
2020-05-01 $329,711 (-3.0%) $476,691 (-1.1%) 1.00 28,421
2020-06-01 $339,000 (0.6%) $488,663 (2.5%) 1.00 28,321
2020-07-01 $342,950 (3.8%) $496,947 (5.9%) 0.99 27,320
2020-08-01 $345,000 (6.1%) $501,870 (9.0%) 0.99 26,954
2020-09-01 $346,237 (8.4%) $504,425 (11.2%) 0.99 27,152
2020-10-01 $339,900 (7.9%) $499,892 (11.3%) 0.97 27,214
2020-11-01 $332,500 (9.0%) $496,971 (12.2%) 0.97 24,710
2020-12-01 $325,000 (8.7%) $494,310 (12.5%) 0.97 20,942
2021-01-01 $325,000 (8.5%) $504,887 (14.0%) 0.97 18,030
2021-02-01 $339,949 (7.1%) $543,649 (16.8%) 0.99 16,022
2021-03-01 $349,900 (7.3%) $551,664 (16.2%) 0.99 15,726
2021-04-01 $349,948 (7.8%) $552,117 (18.8%) 0.95 16,354
2021-05-01 $350,000 (6.2%) $548,889 (15.2%) 0.93 17,237
2021-06-01 $350,000 (3.2%) $536,882 (9.9%) 0.92 19,438
2021-07-01 $349,900 (2.0%) $521,193 (4.9%) 0.92 21,538
2021-08-01 $339,450 (-1.6%) $499,584 (-0.5%) 0.91 22,483
2021-09-01 $329,950 (-4.7%) $490,228 (-2.8%) 0.88 22,423
2021-10-01 $329,000 (-3.2%) $486,830 (-2.6%) 0.88 21,766
2021-11-01 $321,950 (-3.2%) $484,354 (-2.5%) 0.86 18,985
2021-12-01 $312,500 (-3.9%) $479,025 (-3.1%) 0.85 15,585
2022-01-01 $314,000 (-3.4%) $491,909 (-2.6%) 0.85 12,739
2022-02-01 $324,487 (-4.6%) $517,368 (-4.8%) 0.84 11,603
2022-03-01 $333,995 (-4.6%) $527,017 (-4.5%) 0.84 11,998
2022-04-01 $349,900 (0.0%) $534,851 (-3.1%) 0.84 12,227
2022-05-01 $356,425 (1.8%) $538,143 (-2.0%) 0.81 14,673
2022-06-01 $359,950 (2.8%) $532,801 (-0.8%) 0.80 16,891
2022-07-01 $350,000 (0.0%) $515,514 (-1.1%) 0.79 19,573
2022-08-01 $349,900 (3.1%) $509,682 (2.0%) 0.81 19,770
2022-09-01 $340,000 (3.1%) $504,062 (2.8%) 0.80 19,661
2022-10-01 $339,900 (3.3%) $499,482 (2.6%) 0.80 19,685
2022-11-01 $330,975 (2.8%) $492,099 (1.6%) 0.80 18,939
2022-12-01 $320,000 (2.4%) $480,215 (0.3%) 0.80 16,401
Chicago's median listing price for 2022-12-01 was $320,000, a difference of $7,500 (2.4%) versus the prior year and $-10,975 versus the prior month.

Chicago's median listing price comes in at 80% of the national average.

Chicago's average listing price for 2022-12-01 was $480,215, a difference of $1,190 (0.3%) versus the prior year and $-11,884 versus the prior month.

For the 2022-12-01 period, Chicago had 16,401 MLS listings, a difference of -2,538 listings (-13%) versus the prior month and 816 listings (5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Chicago (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 77 days 1,895 sqft
2018-02-01 59 days 1,955 sqft
2018-03-01 44 days 2,000 sqft
2018-04-01 43 days 2,023 sqft
2018-05-01 43 days 2,029 sqft
2018-06-01 44 days 2,020 sqft
2018-07-01 46 days 2,000 sqft
2018-08-01 49 days 1,989 sqft
2018-09-01 51 days 1,973 sqft
2018-10-01 52 days 1,940 sqft
2018-11-01 58 days 1,906 sqft
2018-12-01 68 days 1,872 sqft
2019-01-01 75 days 1,867 sqft
2019-02-01 61 days 1,908 sqft
2019-03-01 44 days 1,965 sqft
2019-04-01 40 days 2,000 sqft
2019-05-01 42 days 2,000 sqft
2019-06-01 44 days 2,000 sqft
2019-07-01 46 days 2,000 sqft
2019-08-01 49 days 1,977 sqft
2019-09-01 52 days 1,945 sqft
2019-10-01 56 days 1,922 sqft
2019-11-01 64 days 1,900 sqft
2019-12-01 76 days 1,873 sqft
2020-01-01 78 days 1,864 sqft
2020-02-01 46 days 1,920 sqft
2020-03-01 44 days 1,966 sqft
2020-04-01 53 days 1,940 sqft
2020-05-01 61 days 1,964 sqft
2020-06-01 47 days 1,948 sqft
2020-07-01 43 days 1,916 sqft
2020-08-01 43 days 1,877 sqft
2020-09-01 43 days 1,811 sqft
2020-10-01 44 days 1,800 sqft
2020-11-01 51 days 1,737 sqft
2020-12-01 60 days 1,700 sqft
2021-01-01 66 days 1,682 sqft
2021-02-01 48 days 1,680 sqft
2021-03-01 43 days 1,679 sqft
2021-04-01 37 days 1,695 sqft
2021-05-01 37 days 1,707 sqft
2021-06-01 34 days 1,729 sqft
2021-07-01 35 days 1,730 sqft
2021-08-01 37 days 1,705 sqft
2021-09-01 39 days 1,694 sqft
2021-10-01 42 days 1,672 sqft
2021-11-01 46 days 1,642 sqft
2021-12-01 55 days 1,606 sqft
2022-01-01 61 days 1,600 sqft
2022-02-01 41 days 1,600 sqft
2022-03-01 36 days 1,621 sqft
2022-04-01 32 days 1,654 sqft
2022-05-01 30 days 1,700 sqft
2022-06-01 31 days 1,722 sqft
2022-07-01 32 days 1,732 sqft
2022-08-01 37 days 1,724 sqft
2022-09-01 41 days 1,708 sqft
2022-10-01 40 days 1,714 sqft
2022-11-01 45 days 1,706 sqft
2022-12-01 57 days 1,696 sqft
Chicago's median listing age (time on market) for 2022-12-01 was 57 days. This is 5% longer than the same period one year ago.

Chicago's median square footage for active listings during the 2022-12-01 period was 1,696 sqft. One year prior, the average listing was 1,606 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).