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 262 lenders originated 18,074 FHA loans during 2023. The total origination value was $4,829,130,000, with an average FHA loan value of $267,187.
Chicago FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Chicago
averaged
6.73%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Chicago's average FHA mortgage closing costs are $8,722.
The average rate for the prior week (2024-04-12) was
6.62% and
one month ago for the week of 2024-03-15, the
average rate was 6.88%.
The average rate one year ago was 6.31%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.87%.
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
1,376 FHA loans originated. Their average total fees are
$11,023, which is $2,374
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Chicago FHA lenders (with over 10 loans originated) are
CHERRY CREEK MORTGAGE, LLC ($4,073), RUOFF MORTGAGE COMPANY, INC. ($5,524), Centier Bank ($6,218), JPMorgan Chase Bank ($6,465) and GATEWAY MORTGAGE CORPORATION ($6,963).
The lowest rate Chicago FHA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC (5.42%), DHI MORTGAGE COMPANY, LTD. (5.55%), Citibank (6.02%), University Bank (6.02%) and Regions Bank (6.03%).
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 | $287,250 (6.0%) | $450,198 (4.4%) | 1.06 | 27,462 |
| 2018-02-01 | $302,450 (6.1%) | $469,270 (4.1%) | 1.10 | 27,948 |
| 2018-03-01 | $325,000 (8.5%) | $488,491 (5.1%) | 1.14 | 29,774 |
| 2018-04-01 | $330,000 (6.8%) | $492,259 (4.2%) | 1.12 | 31,628 |
| 2018-05-01 | $334,400 (5.3%) | $489,942 (3.3%) | 1.12 | 33,742 |
| 2018-06-01 | $329,999 (3.9%) | $482,120 (2.3%) | 1.10 | 36,367 |
| 2018-07-01 | $324,950 (3.2%) | $471,211 (1.1%) | 1.09 | 38,489 |
| 2018-08-01 | $319,700 (6.2%) | $460,166 (1.2%) | 1.07 | 39,562 |
| 2018-09-01 | $315,000 (5.0%) | $453,664 (0.9%) | 1.06 | 40,227 |
| 2018-10-01 | $309,950 (3.4%) | $448,859 (-0.6%) | 1.05 | 39,897 |
| 2018-11-01 | $299,950 (1.8%) | $445,523 (-0.6%) | 1.02 | 37,550 |
| 2018-12-01 | $295,000 (2.3%) | $437,492 (-1.1%) | 1.02 | 32,861 |
| 2019-01-01 | $295,950 (3.0%) | $440,629 (-2.1%) | 1.02 | 29,958 |
| 2019-02-01 | $309,500 (2.3%) | $462,206 (-1.5%) | 1.05 | 30,301 |
| 2019-03-01 | $324,429 (-0.2%) | $476,331 (-2.5%) | 1.06 | 32,305 |
| 2019-04-01 | $338,000 (2.4%) | $485,274 (-1.4%) | 1.07 | 34,403 |
| 2019-05-01 | $339,250 (1.5%) | $480,555 (-1.9%) | 1.06 | 36,832 |
| 2019-06-01 | $335,000 (1.5%) | $475,597 (-1.4%) | 1.05 | 38,918 |
| 2019-07-01 | $329,950 (1.5%) | $468,106 (-0.7%) | 1.03 | 40,388 |
| 2019-08-01 | $324,413 (1.5%) | $459,228 (-0.2%) | 1.03 | 40,814 |
| 2019-09-01 | $318,556 (1.1%) | $452,742 (-0.2%) | 1.02 | 40,712 |
| 2019-10-01 | $314,250 (1.4%) | $448,126 (-0.2%) | 1.01 | 40,421 |
| 2019-11-01 | $304,900 (1.7%) | $442,261 (-0.7%) | 1.00 | 36,899 |
| 2019-12-01 | $299,000 (1.4%) | $438,810 (0.3%) | 1.00 | 31,661 |
| 2020-01-01 | $299,450 (1.2%) | $441,973 (0.3%) | 1.00 | 28,836 |
| 2020-02-01 | $315,000 (1.8%) | $464,365 (0.5%) | 1.03 | 29,381 |
| 2020-03-01 | $325,000 (0.2%) | $473,384 (-0.6%) | 1.02 | 29,997 |
| 2020-04-01 | $323,400 (-4.3%) | $463,299 (-4.5%) | 1.01 | 28,555 |
| 2020-05-01 | $329,000 (-3.0%) | $474,902 (-1.2%) | 1.00 | 28,624 |
| 2020-06-01 | $336,085 (0.3%) | $486,544 (2.3%) | 0.99 | 28,543 |
| 2020-07-01 | $339,997 (3.1%) | $494,375 (5.6%) | 0.99 | 27,611 |
| 2020-08-01 | $344,900 (6.3%) | $499,470 (8.8%) | 0.99 | 27,206 |
| 2020-09-01 | $343,533 (7.8%) | $502,320 (11.0%) | 0.98 | 27,378 |
| 2020-10-01 | $339,900 (8.2%) | $497,662 (11.1%) | 0.97 | 27,446 |
| 2020-11-01 | $331,995 (8.9%) | $494,847 (11.9%) | 0.97 | 24,897 |
| 2020-12-01 | $325,000 (8.7%) | $492,399 (12.2%) | 0.97 | 21,084 |
| 2021-01-01 | $325,000 (8.5%) | $502,827 (13.8%) | 0.97 | 18,121 |
| 2021-02-01 | $339,450 (7.8%) | $540,781 (16.5%) | 0.99 | 16,161 |
| 2021-03-01 | $349,000 (7.4%) | $548,858 (15.9%) | 0.99 | 15,877 |
| 2021-04-01 | $349,900 (8.2%) | $548,921 (18.5%) | 0.95 | 16,543 |
| 2021-05-01 | $350,000 (6.4%) | $545,338 (14.8%) | 0.93 | 17,476 |
| 2021-06-01 | $350,000 (4.1%) | $534,224 (9.8%) | 0.92 | 19,693 |
| 2021-07-01 | $349,000 (2.7%) | $518,631 (4.9%) | 0.92 | 21,816 |
| 2021-08-01 | $337,450 (-2.2%) | $497,342 (-0.4%) | 0.90 | 22,741 |
| 2021-09-01 | $329,900 (-4.0%) | $488,052 (-2.8%) | 0.88 | 22,674 |
| 2021-10-01 | $325,900 (-4.1%) | $484,835 (-2.6%) | 0.87 | 21,992 |
| 2021-11-01 | $319,950 (-3.6%) | $482,043 (-2.6%) | 0.86 | 19,187 |
| 2021-12-01 | $312,250 (-3.9%) | $476,999 (-3.1%) | 0.85 | 15,720 |
| 2022-01-01 | $310,000 (-4.6%) | $489,349 (-2.7%) | 0.84 | 12,838 |
| 2022-02-01 | $322,500 (-5.0%) | $513,937 (-5.0%) | 0.84 | 11,726 |
| 2022-03-01 | $332,450 (-4.7%) | $523,593 (-4.6%) | 0.83 | 12,152 |
| 2022-04-01 | $349,900 (0.0%) | $531,824 (-3.1%) | 0.83 | 12,382 |
| 2022-05-01 | $354,900 (1.4%) | $535,363 (-1.8%) | 0.81 | 14,846 |
| 2022-06-01 | $359,900 (2.8%) | $530,444 (-0.7%) | 0.80 | 17,050 |
| 2022-07-01 | $350,000 (0.3%) | $513,670 (-1.0%) | 0.79 | 19,719 |
| 2022-08-01 | $349,450 (3.6%) | $507,873 (2.1%) | 0.81 | 19,915 |
| 2022-09-01 | $340,000 (3.1%) | $502,164 (2.9%) | 0.79 | 19,797 |
| 2022-10-01 | $339,700 (4.2%) | $498,038 (2.7%) | 0.80 | 19,804 |
| 2022-11-01 | $329,950 (3.1%) | $490,600 (1.8%) | 0.79 | 19,018 |
| 2022-12-01 | $322,425 (3.3%) | $481,210 (0.9%) | 0.80 | 16,289 |
| 2023-01-01 | $327,450 (5.6%) | $492,894 (0.7%) | 0.81 | 14,258 |
| 2023-02-01 | $337,495 (4.7%) | $517,753 (0.7%) | 0.81 | 12,900 |
| 2023-03-01 | $352,400 (6.0%) | $544,425 (4.0%) | 0.83 | 12,275 |
| 2023-04-01 | $369,000 (5.5%) | $567,358 (6.7%) | 0.86 | 11,825 |
| 2023-05-01 | $376,238 (6.0%) | $591,637 (10.5%) | 0.85 | 12,109 |
| 2023-06-01 | $382,500 (6.3%) | $589,573 (11.2%) | 0.86 | 13,082 |
| 2023-07-01 | $389,000 (11.1%) | $586,899 (14.3%) | 0.88 | 13,965 |
| 2023-08-01 | $384,500 (10.0%) | $578,186 (13.8%) | 0.88 | 14,426 |
| 2023-09-01 | $375,000 (10.3%) | $565,520 (12.6%) | 0.87 | 14,996 |
| 2023-10-01 | $369,950 (8.9%) | $559,841 (12.4%) | 0.87 | 15,411 |
| 2023-11-01 | $360,000 (9.1%) | $548,387 (11.8%) | 0.86 | 15,247 |
| 2023-12-01 | $350,000 (8.6%) | $534,697 (11.1%) | 0.85 | 13,309 |
| 2024-01-01 | $350,448 (7.0%) | $547,765 (11.1%) | 0.86 | 11,660 |
| 2024-02-01 | $359,950 (6.7%) | $573,169 (10.7%) | 0.87 | 11,176 |
| 2024-03-01 | $374,900 (6.4%) | $593,109 (8.9%) | 0.88 | 11,333 |
Chicago's median listing price comes in at 88% of the national average.
Chicago's average listing price for 2024-03-01 was $593,109, a difference of $48,684 (8.9%) versus the prior year and $19,940 versus the prior month.
For the 2024-03-01 period, Chicago had 11,333 MLS listings, a difference of 157 listings (1%) versus the prior month and -942 listings (-8%) 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 | 1,893 sqft |
| 2018-02-01 | 54 days | 1,951 sqft |
| 2018-03-01 | 43 days | 2,000 sqft |
| 2018-04-01 | 40 days | 2,015 sqft |
| 2018-05-01 | 40 days | 2,021 sqft |
| 2018-06-01 | 42 days | 2,016 sqft |
| 2018-07-01 | 44 days | 2,000 sqft |
| 2018-08-01 | 47 days | 1,980 sqft |
| 2018-09-01 | 49 days | 1,966 sqft |
| 2018-10-01 | 51 days | 1,934 sqft |
| 2018-11-01 | 56 days | 1,901 sqft |
| 2018-12-01 | 67 days | 1,865 sqft |
| 2019-01-01 | 73 days | 1,863 sqft |
| 2019-02-01 | 55 days | 1,903 sqft |
| 2019-03-01 | 43 days | 1,962 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 | 1,971 sqft |
| 2019-09-01 | 51 days | 1,939 sqft |
| 2019-10-01 | 54 days | 1,917 sqft |
| 2019-11-01 | 61 days | 1,900 sqft |
| 2019-12-01 | 74 days | 1,869 sqft |
| 2020-01-01 | 76 days | 1,861 sqft |
| 2020-02-01 | 45 days | 1,915 sqft |
| 2020-03-01 | 43 days | 1,955 sqft |
| 2020-04-01 | 51 days | 1,929 sqft |
| 2020-05-01 | 59 days | 1,950 sqft |
| 2020-06-01 | 45 days | 1,938 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 | 43 days | 1,791 sqft |
| 2020-11-01 | 50 days | 1,731 sqft |
| 2020-12-01 | 58 days | 1,700 sqft |
| 2021-01-01 | 64 days | 1,680 sqft |
| 2021-02-01 | 45 days | 1,679 sqft |
| 2021-03-01 | 40 days | 1,676 sqft |
| 2021-04-01 | 33 days | 1,692 sqft |
| 2021-05-01 | 33 days | 1,700 sqft |
| 2021-06-01 | 32 days | 1,726 sqft |
| 2021-07-01 | 33 days | 1,728 sqft |
| 2021-08-01 | 36 days | 1,702 sqft |
| 2021-09-01 | 38 days | 1,690 sqft |
| 2021-10-01 | 40 days | 1,670 sqft |
| 2021-11-01 | 45 days | 1,642 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 | 1,624 sqft |
| 2022-04-01 | 30 days | 1,656 sqft |
| 2022-05-01 | 29 days | 1,700 sqft |
| 2022-06-01 | 30 days | 1,725 sqft |
| 2022-07-01 | 32 days | 1,733 sqft |
| 2022-08-01 | 36 days | 1,725 sqft |
| 2022-09-01 | 40 days | 1,709 sqft |
| 2022-10-01 | 40 days | 1,710 sqft |
| 2022-11-01 | 44 days | 1,703 sqft |
| 2022-12-01 | 54 days | 1,700 sqft |
| 2023-01-01 | 60 days | 1,700 sqft |
| 2023-02-01 | 44 days | 1,703 sqft |
| 2023-03-01 | 40 days | 1,744 sqft |
| 2023-04-01 | 38 days | 1,782 sqft |
| 2023-05-01 | 34 days | 1,800 sqft |
| 2023-06-01 | 34 days | 1,801 sqft |
| 2023-07-01 | 36 days | 1,815 sqft |
| 2023-08-01 | 36 days | 1,801 sqft |
| 2023-09-01 | 37 days | 1,800 sqft |
| 2023-10-01 | 37 days | 1,794 sqft |
| 2023-11-01 | 41 days | 1,778 sqft |
| 2023-12-01 | 50 days | 1,758 sqft |
| 2024-01-01 | 56 days | 1,759 sqft |
| 2024-02-01 | 40 days | 1,763 sqft |
| 2024-03-01 | 33 days | 1,800 sqft |
Chicago's median square footage for active listings during the 2024-03-01 period was 1,800 sqft. One year prior, the average listing was 1,744 sqft.