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 258 lenders originated 16,899 FHA loans during 2024. The total origination value was $4,731,615,000, with an average FHA loan value of $279,994.
Chicago FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Chicago
averaged
6.92%
for the week of 2025-05-23, compared to the national average (all FHA variants) of
6.612% for the same period.
Chicago's average FHA mortgage closing costs are $8,996.
The average rate for the prior week (2025-05-16) was
7.05% and
one month ago for the week of 2025-04-18, the
average rate was 6.57%.
The average rate one year ago was 7.15%.
For refis of the same type during the week of 2025-05-23, the average rate
was 6.79%.
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.
The top Chicago FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
1,272 FHA loans originated. Their average total fees are
$11,702, which is $1,818
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Chicago FHA lenders (with over 10 loans originated) are
JPMorgan Chase Bank ($6,128), RUOFF MORTGAGE COMPANY, INC. ($6,490), GATEWAY MORTGAGE CORPORATION ($6,647), Centier Bank ($6,766) and VILLAGE CAPITAL MORTGAGE ($6,923).
The lowest rate Chicago FHA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC (5.06%), FIRST ALLIANCE HOME MORTGAGE, LLC (5.32%), DHI MORTGAGE COMPANY, LTD. (5.37%), M/I FINANCIAL, LLC (5.60%) and AMERICAN FINANCING CORPORATION (5.73%).
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 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | COOK | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | DEKALB | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | DUPAGE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | GRUNDY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | KANE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | KENDALL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | LAKE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | MCHENRY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | WILL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | JASPER | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | LAKE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | NEWTON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | PORTER | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI | KENOSHA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
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 | $288,700 (6.0%) | $452,383 (4.3%) | 1.07 | 27,019 |
| 2018-02-01 | $304,500 (6.1%) | $471,391 (4.0%) | 1.11 | 27,524 |
| 2018-03-01 | $325,000 (8.4%) | $490,665 (4.9%) | 1.14 | 29,305 |
| 2018-04-01 | $334,900 (7.3%) | $494,784 (4.0%) | 1.14 | 31,116 |
| 2018-05-01 | $335,000 (4.7%) | $492,310 (3.1%) | 1.12 | 33,181 |
| 2018-06-01 | $333,995 (4.4%) | $484,353 (2.0%) | 1.11 | 35,804 |
| 2018-07-01 | $327,000 (2.9%) | $473,493 (0.9%) | 1.09 | 37,861 |
| 2018-08-01 | $319,900 (4.0%) | $462,089 (1.0%) | 1.07 | 38,939 |
| 2018-09-01 | $317,000 (5.7%) | $455,361 (0.7%) | 1.07 | 39,631 |
| 2018-10-01 | $311,450 (3.8%) | $450,517 (-0.8%) | 1.05 | 39,337 |
| 2018-11-01 | $302,000 (1.7%) | $447,125 (-0.8%) | 1.02 | 37,019 |
| 2018-12-01 | $296,850 (2.4%) | $439,278 (-1.2%) | 1.02 | 32,322 |
| 2019-01-01 | $296,950 (2.9%) | $442,525 (-2.2%) | 1.03 | 29,475 |
| 2019-02-01 | $312,300 (2.6%) | $464,293 (-1.5%) | 1.06 | 29,818 |
| 2019-03-01 | $327,571 (0.8%) | $478,426 (-2.5%) | 1.07 | 31,821 |
| 2019-04-01 | $339,250 (1.3%) | $486,079 (-1.8%) | 1.08 | 33,866 |
| 2019-05-01 | $339,900 (1.5%) | $482,549 (-2.0%) | 1.06 | 36,232 |
| 2019-06-01 | $338,450 (1.3%) | $477,556 (-1.4%) | 1.06 | 38,296 |
| 2019-07-01 | $331,450 (1.4%) | $470,195 (-0.7%) | 1.04 | 39,704 |
| 2019-08-01 | $325,155 (1.6%) | $461,247 (-0.2%) | 1.03 | 40,118 |
| 2019-09-01 | $319,386 (0.8%) | $454,617 (-0.2%) | 1.02 | 40,033 |
| 2019-10-01 | $314,945 (1.1%) | $449,911 (-0.1%) | 1.02 | 39,754 |
| 2019-11-01 | $306,950 (1.6%) | $444,237 (-0.7%) | 1.01 | 36,265 |
| 2019-12-01 | $299,400 (0.9%) | $440,601 (0.3%) | 1.00 | 31,134 |
| 2020-01-01 | $299,450 (0.8%) | $443,832 (0.3%) | 1.00 | 28,367 |
| 2020-02-01 | $319,000 (2.2%) | $466,426 (0.5%) | 1.04 | 28,915 |
| 2020-03-01 | $326,550 (-0.3%) | $475,570 (-0.6%) | 1.02 | 29,490 |
| 2020-04-01 | $324,900 (-4.2%) | $465,809 (-4.2%) | 1.02 | 28,034 |
| 2020-05-01 | $329,900 (-2.9%) | $477,805 (-1.0%) | 1.00 | 28,100 |
| 2020-06-01 | $339,000 (0.2%) | $489,639 (2.5%) | 1.00 | 28,012 |
| 2020-07-01 | $344,000 (3.8%) | $497,445 (5.8%) | 1.00 | 27,048 |
| 2020-08-01 | $346,350 (6.5%) | $502,586 (9.0%) | 0.99 | 26,677 |
| 2020-09-01 | $347,000 (8.7%) | $505,515 (11.2%) | 0.99 | 26,852 |
| 2020-10-01 | $340,000 (8.0%) | $500,832 (11.3%) | 0.97 | 26,905 |
| 2020-11-01 | $334,500 (9.0%) | $498,102 (12.1%) | 0.98 | 24,409 |
| 2020-12-01 | $325,000 (8.6%) | $495,332 (12.4%) | 0.97 | 20,674 |
| 2021-01-01 | $325,000 (8.5%) | $505,448 (13.9%) | 0.97 | 17,802 |
| 2021-02-01 | $339,996 (6.6%) | $544,070 (16.7%) | 0.99 | 15,859 |
| 2021-03-01 | $349,900 (7.2%) | $552,140 (16.1%) | 0.99 | 15,575 |
| 2021-04-01 | $349,950 (7.7%) | $552,512 (18.6%) | 0.95 | 16,203 |
| 2021-05-01 | $350,000 (6.1%) | $549,011 (14.9%) | 0.93 | 17,076 |
| 2021-06-01 | $350,000 (3.2%) | $537,537 (9.8%) | 0.92 | 19,235 |
| 2021-07-01 | $349,900 (1.7%) | $521,806 (4.9%) | 0.92 | 21,317 |
| 2021-08-01 | $339,495 (-2.0%) | $500,342 (-0.5%) | 0.91 | 22,220 |
| 2021-09-01 | $330,000 (-4.9%) | $491,049 (-2.9%) | 0.88 | 22,144 |
| 2021-10-01 | $329,000 (-3.2%) | $487,604 (-2.6%) | 0.88 | 21,486 |
| 2021-11-01 | $322,400 (-3.6%) | $485,721 (-2.5%) | 0.86 | 18,712 |
| 2021-12-01 | $312,500 (-3.9%) | $480,195 (-3.1%) | 0.85 | 15,355 |
| 2022-01-01 | $314,500 (-3.2%) | $492,440 (-2.6%) | 0.85 | 12,564 |
| 2022-02-01 | $324,500 (-4.6%) | $517,338 (-4.9%) | 0.84 | 11,457 |
| 2022-03-01 | $332,500 (-5.0%) | $526,309 (-4.7%) | 0.83 | 11,868 |
| 2022-04-01 | $349,900 (0.0%) | $534,868 (-3.2%) | 0.83 | 12,067 |
| 2022-05-01 | $355,375 (1.5%) | $538,395 (-1.9%) | 0.81 | 14,480 |
| 2022-06-01 | $359,950 (2.8%) | $532,521 (-0.9%) | 0.80 | 16,656 |
| 2022-07-01 | $350,000 (0.0%) | $515,494 (-1.2%) | 0.79 | 19,291 |
| 2022-08-01 | $349,875 (3.1%) | $509,289 (1.8%) | 0.81 | 19,478 |
| 2022-09-01 | $340,000 (3.0%) | $503,762 (2.6%) | 0.79 | 19,384 |
| 2022-10-01 | $339,900 (3.3%) | $499,744 (2.5%) | 0.80 | 19,411 |
| 2022-11-01 | $329,950 (2.3%) | $492,242 (1.3%) | 0.79 | 18,653 |
| 2022-12-01 | $322,938 (3.3%) | $482,288 (0.4%) | 0.80 | 15,983 |
| 2023-01-01 | $327,450 (4.1%) | $493,642 (0.2%) | 0.81 | 14,035 |
| 2023-02-01 | $337,500 (4.0%) | $519,123 (0.4%) | 0.81 | 12,692 |
| 2023-03-01 | $352,450 (6.0%) | $546,041 (3.8%) | 0.83 | 12,065 |
| 2023-04-01 | $369,000 (5.5%) | $569,789 (6.5%) | 0.86 | 11,604 |
| 2023-05-01 | $377,150 (6.1%) | $594,429 (10.4%) | 0.86 | 11,885 |
| 2023-06-01 | $382,500 (6.3%) | $592,009 (11.2%) | 0.86 | 12,817 |
| 2023-07-01 | $389,000 (11.1%) | $590,305 (14.5%) | 0.88 | 13,667 |
| 2023-08-01 | $384,950 (10.0%) | $581,283 (14.1%) | 0.88 | 14,106 |
| 2023-09-01 | $377,000 (10.9%) | $568,437 (12.8%) | 0.88 | 14,689 |
| 2023-10-01 | $371,950 (9.4%) | $562,710 (12.6%) | 0.88 | 15,119 |
| 2023-11-01 | $360,000 (9.1%) | $550,718 (11.9%) | 0.86 | 14,971 |
| 2023-12-01 | $350,000 (8.4%) | $536,637 (11.3%) | 0.85 | 13,067 |
| 2024-01-01 | $351,190 (7.3%) | $549,940 (11.4%) | 0.86 | 11,461 |
| 2024-02-01 | $359,950 (6.7%) | $575,673 (10.9%) | 0.87 | 10,969 |
| 2024-03-01 | $374,990 (6.4%) | $596,249 (9.2%) | 0.88 | 11,106 |
| 2024-04-01 | $389,450 (5.5%) | $609,529 (7.0%) | 0.91 | 11,593 |
| 2024-05-01 | $394,950 (4.7%) | $623,747 (4.9%) | 0.90 | 12,295 |
| 2024-06-01 | $395,000 (3.3%) | $603,861 (2.0%) | 0.90 | 13,522 |
| 2024-07-01 | $394,500 (1.4%) | $585,038 (-0.9%) | 0.90 | 14,906 |
| 2024-08-01 | $385,000 (0.0%) | $567,463 (-2.4%) | 0.90 | 15,706 |
| 2024-09-01 | $379,900 (0.8%) | $554,881 (-2.4%) | 0.89 | 16,735 |
| 2024-10-01 | $371,500 (-0.1%) | $542,967 (-3.5%) | 0.87 | 17,050 |
| 2024-11-01 | $359,900 (0.0%) | $530,896 (-3.6%) | 0.86 | 16,518 |
| 2024-12-01 | $347,450 (-0.7%) | $517,358 (-3.6%) | 0.86 | 13,880 |
| 2025-01-01 | $343,498 (-2.2%) | $519,117 (-5.6%) | 0.86 | 12,423 |
| 2025-02-01 | $349,450 (-2.9%) | $539,603 (-6.3%) | 0.85 | 11,960 |
| 2025-03-01 | $360,000 (-4.0%) | $549,178 (-7.9%) | 0.85 | 12,282 |
| 2025-04-01 | $372,450 (-4.4%) | $559,903 (-8.1%) | 0.86 | 12,919 |
Chicago's median listing price comes in at 86% of the national average.
Chicago's average listing price for 2025-04-01 was $559,903, a difference of $-49,626 (-8.1%) versus the prior year and $10,725 versus the prior month.
For the 2025-04-01 period, Chicago had 12,919 MLS listings, a difference of 637 listings (5%) versus the prior month and 1,326 listings (11%) 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 | 75 days | 1,898 sqft |
| 2018-02-01 | 54 days | 1,955 sqft |
| 2018-03-01 | 43 days | 2,000 sqft |
| 2018-04-01 | 40 days | 2,022 sqft |
| 2018-05-01 | 40 days | 2,027 sqft |
| 2018-06-01 | 42 days | 2,021 sqft |
| 2018-07-01 | 45 days | 2,000 sqft |
| 2018-08-01 | 47 days | 1,986 sqft |
| 2018-09-01 | 50 days | 1,971 sqft |
| 2018-10-01 | 51 days | 1,938 sqft |
| 2018-11-01 | 56 days | 1,904 sqft |
| 2018-12-01 | 67 days | 1,870 sqft |
| 2019-01-01 | 73 days | 1,866 sqft |
| 2019-02-01 | 55 days | 1,908 sqft |
| 2019-03-01 | 43 days | 1,966 sqft |
| 2019-04-01 | 39 days | 2,000 sqft |
| 2019-05-01 | 40 days | 2,000 sqft |
| 2019-06-01 | 43 days | 2,000 sqft |
| 2019-07-01 | 45 days | 2,000 sqft |
| 2019-08-01 | 48 days | 1,972 sqft |
| 2019-09-01 | 51 days | 1,941 sqft |
| 2019-10-01 | 54 days | 1,918 sqft |
| 2019-11-01 | 61 days | 1,900 sqft |
| 2019-12-01 | 74 days | 1,870 sqft |
| 2020-01-01 | 76 days | 1,863 sqft |
| 2020-02-01 | 45 days | 1,918 sqft |
| 2020-03-01 | 43 days | 1,959 sqft |
| 2020-04-01 | 52 days | 1,929 sqft |
| 2020-05-01 | 60 days | 1,950 sqft |
| 2020-06-01 | 45 days | 1,939 sqft |
| 2020-07-01 | 41 days | 1,906 sqft |
| 2020-08-01 | 40 days | 1,872 sqft |
| 2020-09-01 | 40 days | 1,807 sqft |
| 2020-10-01 | 44 days | 1,792 sqft |
| 2020-11-01 | 50 days | 1,731 sqft |
| 2020-12-01 | 59 days | 1,700 sqft |
| 2021-01-01 | 64 days | 1,682 sqft |
| 2021-02-01 | 45 days | 1,680 sqft |
| 2021-03-01 | 40 days | 1,676 sqft |
| 2021-04-01 | 33 days | 1,693 sqft |
| 2021-05-01 | 33 days | 1,702 sqft |
| 2021-06-01 | 32 days | 1,728 sqft |
| 2021-07-01 | 34 days | 1,728 sqft |
| 2021-08-01 | 36 days | 1,703 sqft |
| 2021-09-01 | 38 days | 1,690 sqft |
| 2021-10-01 | 40 days | 1,669 sqft |
| 2021-11-01 | 45 days | 1,641 sqft |
| 2021-12-01 | 53 days | 1,602 sqft |
| 2022-01-01 | 59 days | 1,600 sqft |
| 2022-02-01 | 39 days | 1,600 sqft |
| 2022-03-01 | 34 days | 1,620 sqft |
| 2022-04-01 | 31 days | 1,653 sqft |
| 2022-05-01 | 29 days | 1,700 sqft |
| 2022-06-01 | 30 days | 1,718 sqft |
| 2022-07-01 | 32 days | 1,728 sqft |
| 2022-08-01 | 36 days | 1,717 sqft |
| 2022-09-01 | 40 days | 1,703 sqft |
| 2022-10-01 | 40 days | 1,705 sqft |
| 2022-11-01 | 44 days | 1,702 sqft |
| 2022-12-01 | 54 days | 1,694 sqft |
| 2023-01-01 | 60 days | 1,700 sqft |
| 2023-02-01 | 44 days | 1,702 sqft |
| 2023-03-01 | 40 days | 1,743 sqft |
| 2023-04-01 | 38 days | 1,782 sqft |
| 2023-05-01 | 34 days | 1,800 sqft |
| 2023-06-01 | 35 days | 1,800 sqft |
| 2023-07-01 | 36 days | 1,813 sqft |
| 2023-08-01 | 36 days | 1,802 sqft |
| 2023-09-01 | 37 days | 1,800 sqft |
| 2023-10-01 | 37 days | 1,794 sqft |
| 2023-11-01 | 42 days | 1,779 sqft |
| 2023-12-01 | 51 days | 1,759 sqft |
| 2024-01-01 | 56 days | 1,759 sqft |
| 2024-02-01 | 40 days | 1,765 sqft |
| 2024-03-01 | 34 days | 1,800 sqft |
| 2024-04-01 | 34 days | 1,800 sqft |
| 2024-05-01 | 29 days | 1,840 sqft |
| 2024-06-01 | 32 days | 1,825 sqft |
| 2024-07-01 | 33 days | 1,824 sqft |
| 2024-08-01 | 36 days | 1,800 sqft |
| 2024-09-01 | 36 days | 1,794 sqft |
| 2024-10-01 | 37 days | 1,772 sqft |
| 2024-11-01 | 43 days | 1,750 sqft |
| 2024-12-01 | 51 days | 1,713 sqft |
| 2025-01-01 | 57 days | 1,698 sqft |
| 2025-02-01 | 43 days | 1,705 sqft |
| 2025-03-01 | 36 days | 1,711 sqft |
| 2025-04-01 | 33 days | 1,734 sqft |
Chicago's median square footage for active listings during the 2025-04-01 period was 1,734 sqft. One year prior, the average listing was 1,800 sqft.