Chicago FHA Loan Rates, Closing Costs & Stats

Chicago-Naperville-Elgin, IL-IN-WI

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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.

    Chicago's 309 lenders originated 25,438 FHA loans during 2022. The total origination value was $6,403,990,000, with an average FHA loan value of $251,749.

    Chicago FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Chicago averaged -0.16% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Chicago's average FHA mortgage closing costs are $8,356.

    The average rate for the prior week (2023-11-17) was 6.94% and one month ago for the week of 2023-10-20, the average rate was 6.94%.

    The average rate one year ago was 6.07%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.62%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    LOANDEPOT.COM, LLC 1,736 5.12% $11,660
    QUICKEN LOANS, LLC 1,628 4.56% $9,939
    GUARANTEED RATE, INC. 1,482 5.06% $11,007
    UNITED WHOLESALE MORTGAGE, LLC 1,153 4.97% $11,038
    CROSSCOUNTRY MORTGAGE, LLC 1,144 5.20% $11,990
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 979 5.29% $10,595
    CALIBER HOME LOANS, INC. 880 4.82% $10,575
    Neighborhood Loans, Inc. 863 5.28% $11,805
    FREEDOM MORTGAGE CORPORATION 595 4.78% $9,599
    FIRST CENTENNIAL MORTGAGE CORPORATION 589 5.08% $9,928
    AMERICAN PACIFIC MORTGAGE CORPORATION 582 5.17% $11,784
    The Federal Savings Bank 460 5.03% $11,614
    CARDINAL FINANCIAL 369 4.97% $11,937
    Mr. Cooper ( Nationstar Mortgage ) 368 4.33% $9,878
    HOME POINT FINANCIAL CORPORATION 334 4.45% $10,636
    Barrington Bank & Trust Company, N.A. 333 5.06% $10,863
    COMPASS MORTGAGE, INC. 322 5.03% $11,365
    Hometown Lenders, Inc. 301 5.26% $11,018
    PENNYMAC LOAN SERVICES, LLC 287 4.19% $8,633
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 254 4.78% $10,001
    AMERISAVE MORTGAGE CORPORATION 243 4.62% $10,940
    Flagstar Bank, FSB 237 5.03% $10,200
    JPMorgan Chase Bank 235 5.02% $6,316
    The Huntington National Bank 234 4.78% $10,340
    Carrington Mortgage Services, LLC 232 4.94% $10,566
    GUARANTEED RATE AFFINITY, LLC 231 5.05% $11,544
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 205 5.21% $9,930
    BAY EQUITY LLC 201 5.10% $12,389
    LEADERONE FINANCIAL CORPORATION 199 5.21% $10,964
    PLAZA HOME MORTGAGE, INC. 199 4.98% $11,176
    MOVEMENT MORTGAGE, LLC 191 4.88% $11,604
    Key Mortgage Services, Inc. 182 5.03% $10,985
    LAKEVIEW LOAN SERVICING, LLC 173 3.89% $6,148
    HOMEBRIDGE FINANCIAL SERVICES, INC. 164 4.85% $13,272
    NEWREZ LLC 155 4.80% $8,268
    DHI MORTGAGE COMPANY, LTD. 154 4.06% $7,327
    MUTUAL OF OMAHA MORTGAGE, INC. 153 5.14% $11,723
    United Fidelity Funding Corp. 151 5.49% $10,815
    EAGLE HOME MORTGAGE, LLC 141 4.73% $10,969
    DIRECT MORTGAGE LOANS, LLC 135 5.14% $11,282
    BROKER SOLUTIONS, INC. 132 5.35% $11,130
    OCMBC, INC. 130 5.02% $11,987
    CMG MORTGAGE, INC. 122 4.73% $10,569
    Plains Commerce Bank 119 5.22% $12,118
    UNION HOME MORTGAGE CORP. 119 5.25% $10,579
    DRAPER AND KRAMER MORTGAGE CORP. 114 5.09% $10,175
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 109 4.96% $8,661
    CHERRY CREEK MORTGAGE, LLC 106 5.30% $4,734
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 97 4.73% $10,768
    Lakeview Community Capital, LLC 97 3.88% $5,954
    FINANCE OF AMERICA MORTGAGE LLC 94 4.67% $9,573
    Equity Prime Mortgage LLC 89 5.43% $10,517
    The Home Loan Expert LLC 87 4.93% $10,751
    Paramount Residential Mortgage Group, Inc. 87 4.86% $10,924
    CIBC Bank USA 86 4.82% $10,704
    PRIMELENDING, A PLAINSCAPITAL COMPANY 85 5.09% $10,495
    HOMESIDE FINANCIAL, LLC 82 5.00% $10,951
    Fifth Third Bank 76 5.12% $7,445
    U.S. Bank 74 4.78% $8,974
    Nations Lending Corporation 73 5.71% $10,378
    EVERETT FINANCIAL, INC. 68 5.23% $7,691
    PLANET HOME LENDING, LLC 68 4.51% $10,186
    INLANTA MORTGAGE, INC. 68 4.90% $11,177
    Bank of America 65 3.93% $6,815
    PROPER RATE, LLC 62 4.89% $10,443
    GENEVA FINANCIAL, LLC 60 5.23% $12,934
    NVR Mortgage Finance, Inc. 60 4.53% $11,501
    M/I FINANCIAL, LLC 60 4.49% $11,315
    AmRes Corporation 58 4.85% $11,656
    BMO Harris Bank 54 5.46% $9,478
    Pacor Mortgage Corp 51 4.82% $9,495
    T2 FINANCIAL LLC 50 4.76% $13,640
    Associated Bank 50 4.72% $8,595
    PNC Bank 50 4.50% $8,424
    First Guaranty Mortgage Corporation 48 3.64% $8,902
    Century Mortgage Company DBA Century Lending Company 47 5.15% $10,551
    VILLAGE CAPITAL MORTGAGE 47 3.63% $5,415
    RUOFF MORTGAGE COMPANY, INC. 45 5.41% $6,347
    Citizens Bank 45 4.53% $8,257
    SUN WEST MORTGAGE COMPANY, INC. 39 4.94% $10,850
    NATIONS RELIABLE LENDING, LLC 39 5.48% $13,148
    BLUELEAF LENDING, LLC 38 4.18% $9,902
    SUCCESS MORTGAGE PARTNERS, INC. 37 4.60% $11,194
    Mutual Federal Bank 37 4.72% $11,091
    INLAND BANK & TRUST 36 5.21% $10,723
    Centier Bank 36 5.24% $7,141
    ACADEMY MORTGAGE CORPORATION 35 5.63% $9,101
    THE ANDERSON FINANCIAL GROUP, INC. 35 5.38% $9,820
    Wells Fargo Bank 34 4.76% $6,829
    Waterstone Mortgage Corporation 34 5.26% $11,888
    DAS Acquisition Company, LLC 34 5.24% $12,207
    Mortgage Research Center, LLC 33 5.19% $8,686
    Midwest Community Bank 33 3.51% $8,833
    BECKAM FUNDING CORP. 32 6.11% $17,942
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 32 5.22% $11,886
    CROWN MORTGAGE COMPANY 32 5.20% $12,382
    Marquette Bank 30 4.62% $7,975
    Old National Bank 30 5.11% $8,323
    Servion, Inc. 29 4.90% $8,356
    MLB RESIDENTIAL LENDING, LLC 28 5.04% $13,698
    Bank of England 28 5.42% $11,837
    First National Bank of Omaha 27 4.98% $7,559
    VAN DYK MORTGAGE CORPORATION 26 4.97% $9,902
    M&T Bank 26 4.40% $8,256
    NATIONS DIRECT MORTGAGE, LLC 26 5.05% $11,317
    CIBM Bank 26 4.95% $9,466
    Home State Bank 26 4.57% $9,056
    Platinum Home Mortgage Corporation 25 4.94% $13,702
    UNIVERSITY LENDING GROUP, LLC 24 4.41% $8,988
    GATEWAY MORTGAGE CORPORATION 24 4.75% $5,634
    PRIMARY RESIDENTIAL MORTGAGE, INC. 23 5.15% $10,411
    Prosperity Home Mortgage, LLC 23 5.09% $11,171
    FIRST COMMUNITY MORTGAGE, INC. 22 6.56% $9,595
    GMFS LLC 22 5.02% $6,853
    Allied First Bank,sb 20 5.11% $10,651
    Bank Five Nine 20 5.18% $8,553
    Paramount Bank 20 5.40% $10,176
    MID AMERICA MORTGAGE, INC. 19 5.78% $10,018
    MLD MORTGAGE INC. 19 5.73% $10,859
    AmeriHome Mortgage Company, LLC 19 4.87% $8,971
    AMERICAN FINANCING CORPORATION 18 4.52% $9,859
    HOMESTAR FINANCIAL CORPORATION 18 4.53% $9,235
    RAPID MORTGAGE COMPANY 18 5.19% $11,975
    Regions Bank 18 4.51% $10,779
    FIRST STATE MORTGAGE SERVICES, LLC 17 4.48% $10,062
    ZILLOW HOME LOANS, LLC 17 5.34% $11,734
    TOWNE MORTGAGE COMPANY 17 4.96% $13,443
    GREENSTATE CREDIT UNION 17 6.09% $10,357
    MORIA DEVELOPMENT, INC. 16 4.63% $11,951
    STOCKTON MORTGAGE CORPORATION 16 4.40% $17,722
    NATIONWIDE MORTGAGE BANKERS, INC. 15 5.08% $11,542
    UNITED HOME LOANS, INC. 15 4.66% $10,923
    MICHIGAN MUTUAL, INC. 15 5.17% $10,169
    LAND HOME FINANCIAL SERVICES, INC. 15 5.36% $10,415
    Hometown Equity Mortgage, LLC 15 4.45% $13,070
    ARC HOME LLC 15 4.72% $11,408
    TOP FLITE FINANCIAL, INC. 14 5.76% $14,909
    MEMBER FIRST MORTGAGE, LLC 14 5.38% $10,317
    Ixonia Bank 14 4.60% $12,212
    Flanagan State Bank 14 5.09% $9,887
    PHH Mortgage Corporation 14 4.59% $9,300
    Old Second National Bank 13 4.48% $8,854
    Chicago Financial Services, Inc. 13 5.48% $9,963
    AMERICAN FINANCIAL RESOURCES, INC. 13 5.59% $10,770
    First Option Mortgage, LLC 12 5.21% $12,925
    ROYAL UNITED MORTGAGE LLC 12 4.97% $9,414
    NETWORK CAPITAL FUNDING CORPORATION 12 5.07% $10,278
    SUMMIT FUNDING, INC. 11 4.33% $13,336
    NBKC BANK 11 4.88% $10,381
    LAKE MORTGAGE COMPANY INC 10 4.78% $7,355
    SECURITYNATIONAL MORTGAGE COMPANY 10 4.63% $7,166
    Cornerstone First Mortgage, Inc 10 4.75% $10,942
    Gold Coast Bank 10 4.67% $10,462
    First Midwest Bank 10 3.05% $8,259
    University Bank 10 5.83% $10,018
    Citibank 10 5.03% $9,665
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 10 4.89% $13,999
    HALLMARK HOME MORTGAGE, LLC 9 4.96% $8,291
    RESIDENTIAL BANCORP 9 5.00% $11,886
    Mortgage Assurance Inc. 9 5.07% $7,416
    GSF Mortgage Corporation 9 5.68% $10,502
    INSPIRE HOME LOANS INC. 9 5.46% $9,009
    Princeton Mortgage Corporation 9 5.08% $14,139
    Wyndham Capital Mortgage, Inc. 8 5.19% $8,825
    Midland States Bank 8 5.28% $10,154
    EMM LOANS LLC 8 4.56% $13,873
    RELIANCE FIRST CAPITAL, LLC 8 5.38% $10,245
    GVC MORTGAGE, INC. 8 5.13% $8,548
    MIDLAND MORTGAGE CORPORATION 8 4.83% $11,546
    SOVEREIGN LENDING GROUP INCORPORATED 7 3.70% $13,818
    MYCUMORTGAGE, LLC 7 3.95% $11,940
    Residential Mortgage Solutions, Inc. 7 4.59% $11,264
    GERSHMAN INVESTMENT CORP. 7 4.88% $9,934
    PULTE MORTGAGE LLC 7 4.93% $12,419
    ENVOY MORTGAGE, LTD 7 5.55% $12,057
    GUILD MORTGAGE COMPANY 7 4.20% $14,129
    First Savings Bank 7 5.20% $13,029
    JLB CORPORATION 6 4.65% $8,221
    NFM, INC. 6 6.00% $11,085
    Peoples Bank 6 5.08% $12,447
    Ameris Bank 6 4.77% $10,155
    Horizon Bank 6 4.54% $6,853
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 6 5.58% $8,041
    AMERIFIRST FINANCIAL CORPORATION 6 5.85% $11,298
    First Merchants Bank 6 5.02% $8,279
    DEVELOPER'S MORTGAGE COMPANY 6 4.98% $8,040
    EMBRACE HOME LOANS, INC. 6 5.79% $9,789
    MORTGAGE SOLUTIONS OF COLORADO, LLC 6 5.38% $14,198
    OCEANSIDE MORTGAGE COMPANY 6 3.92% $4,250
    LIBERTY HOME MORTGAGE CORPORATION 6 6.15% $14,753
    Strong Home Mortgage, LLC 5 4.03% $6,401
    CITYWIDE HOME LOANS, LLC 5 5.65% $10,156
    BETTER MORTGAGE CORPORATION 5 3.63% $10,239
    First Federal Bank 5 4.38% $11,360
    POLARIS HOME FUNDING CORP. 5 4.43% $14,031
    Amerifirst Financial, Inc. 5 4.45% $7,592
    LOANPAL, LLC 4 4.19% $10,660
    First Federal Savings Bank 4 4.66% $7,897
    North American Savings Bank, F.S.B. 4 4.13% $10,134
    Northpointe Bank 4 5.06% $10,765
    First Home Bank 4 4.16% $12,704
    Busey Bank 3 5.67% $8,508
    CHURCHILL MORTGAGE CORPORATION 3 5.17% $11,706
    LADERA LENDING, INC. 3 4.54% $8,640
    Sierra Pacific Mortgage Company, Inc. 3 5.17% $10,850
    TruHome Solutions, LLC 3 3.92% $10,774
    UNITED MORTGAGE CORP 3 5.08% $9,680
    FAY SERVICING, LLC 3 4.71% $10,645
    ABSOLUTE HOME MORTGAGE CORPORATION 3 3.00% $10,825
    WISCONSIN MORTGAGE CORPORATION 3 4.21% $7,169
    Magnolia Bank 3 5.50% $13,443
    FLAT BRANCH MORTGAGE, INC. 3 4.92% $10,969
    BNC National Bank 3 3.83% $10,537
    NORWICH COMMERCIAL GROUP, INC. 2 4.75% $8,891
    Notre Dame Federal Credit Union Corporation 2 5.13% $4,892
    Evolve Bank & Trust 2 5.13% $11,170
    NP, Inc. 2 3.94% $7,304
    ENDEAVOR CAPITAL, LLC. 2 5.38% $8,211
    HANCOCK MORTGAGE PARTNERS, LLC 2 5.25% $7,195
    1st Source Bank 2 4.88% $6,002
    FBC MORTGAGE, LLC 2 4.25% $9,105
    Financial Funding Solutions, Inc. 2 3.50% $6,611
    AMERICAN FEDERAL MORTGAGE CORPORATION 2 4.63% $9,140
    Loan Simple, Inc. 2 6.31% $8,950
    OPEN MORTGAGE, LLC 2 4.94% $7,432
    STEARNS LENDING, LLC 2 3.18% $10,537
    PANORAMA MORTGAGE GROUP, LLC 2 5.44% $12,318
    American Mortgage & Equity Consultants, Inc. 2 6.00% $9,924
    DATA MORTGAGE, INC. 2 4.63% $7,334
    GOLDEN WEST ALLIANCE, INC. 2 6.88% $9,585
    PENTAGON FEDERAL CREDIT UNION 2 5.50% $10,197
    The Union Bank Company 2 4.31% $8,690
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 5.94% $10,553
    AXIA FINANCIAL, LLC 2 5.75% $11,047
    Texana Bank 2 3.56% $7,626
    CONTOUR MORTGAGE CORPORATION 2 6.19% $9,761
    KELLER MORTGAGE, LLC 2 6.44% $11,580
    Colonial Savings, F.A. 2 5.13% $14,396
    TEACHERS CREDIT UNION 2 6.44% $8,358
    TBI MORTGAGE COMPANY 2 3.56% $13,017
    BAYSHORE MORTGAGE FUNDING, LLC 2 6.88% $11,755
    1ST SIGNATURE LENDING, LLC 2 4.75% $9,908
    Blackhawk Bank 2 4.50% $8,620
    S1L, Inc. 2 3.87% $10,737
    LENOX FINANCIAL MORTGAGE CORPORATION 2 3.69% $8,362
    Florida Capital Bank 2 5.31% $7,412
    V.I.P. MORTGAGE, INC. 2 5.69% $13,744
    RANLIFE, INC. 1 5.38% $7,797
    HOMESPIRE MORTGAGE CORPORATION 1 3.75% $16,246
    HOMESITE MORTGAGE, LLC 1 3.75% $0
    JAMES B. NUTTER & COMPANY 1 5.13% $11,310
    JMAC LENDING, INC. 1 6.88% $10,806
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 4.63% $13,234
    KINECTA 1 4.75% $13,447
    GUARANTY HOME MORTGAGE CORPORATION 1 5.25% $6,448
    Lend Smart Mortgage, LLC 1 5.50% $9,985
    Goldwater Bank, N.A. 1 6.75% $12,314
    FRONTIER FINANCIAL, INC. 1 5.25% $12,560
    Midwest Mortgage Associates Corporation 1 5.25% $4,176
    First Mortgage Solutions, LLC 1 3.25% $20,830
    MORTGAGE 1 INCORPORATED 1 6.63% $16,809
    MORTGAGE MASTERS OF INDIANA, INC. 1 4.63% $9,419
    First Internet Bank of Indiana 1 6.13% $8,588
    First Financial Bank 1 7.25% $8,114
    FirstBank 1 3.13% $9,060
    FAIR WAY LENDING LLC 1 3.75% $6,416
    Network Funding, L.P. 1 5.75% $12,415
    NEXERA HOLDING LLC 1 4.00% $14,789
    NMSI, INC. 1 5.75% $13,163
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 5.63% $9,738
    OAKTREE FUNDING CORP. 1 5.75% $17,649
    East Coast Capital Corp. 1 3.75% $9,689
    ON Q FINANCIAL, INC. 1 3.25% $9,357
    DIRECT MORTGAGE, CORP. 1 4.50% $15,589
    CRESCENT MORTGAGE COMPANY 1 5.38% $11,540
    Peoples Bank 1 6.25% $10,107
    CORNERSTONE HOME LENDING, INC. 1 3.75% $10,632
    Commerce Home Mortgage, Inc. 1 3.63% $8,462
    PLUS RELOCATION MORTGAGE, LLC 1 6.25% $13,013
    PREMIA MORTGAGE, LLC 1 6.75% $7,144
    Chickasaw Community Bank 1 5.00% $19,405
    CASTLE & COOKE MORTGAGE, LLC 1 3.75% $8,685
    Carrollton Bank 1 5.13% $10,904
    HOMEXPRESS MORTGAGE CORP. 1 6.13% $16,856
    CANOPY MORTGAGE, LLC 1 4.13% $26,180
    CALCON MUTUAL MORTGAGE LLC 1 2.88% $5,383
    SCOTT CREDIT UNION 1 6.25% $11,726
    SOUTHWEST FUNDING, LP 1 3.99% $7,201
    SOUTHWEST STAGE FUNDING, LLC 1 5.25% $11,300
    Stillman Bank 1 5.25% $11,548
    BKCO MORTGAGE, LLC 1 3.38% $7,001
    BEST CAPITAL FUNDING 1 3.25% $11,693
    Atlantic Union Bank 1 5.25% $16,262
    Assurance Financial Group, L.L.C. 1 5.25% $16,224
    A + MORTGAGE SERVICES, INC. 1 4.88% $6,516
    AMERITRUST MORTGAGE CORPORATION 1 5.50% $17,025
    TOTAL MORTGAGE SERVICES, LLC 1 4.75% $9,505
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 5.50% $25,193
    AMERICAN ADVISORS GROUP 1 5.63% $10,423
    US MORTGAGE CORPORATION 1 6.75% $23,638
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.75% $7,520
    AMCAP MORTGAGE, LTD. 1 4.25% $10,822
    VERITAS FUNDING, LLC 1 5.25% $9,797
    AHL FUNDING 1 5.63% $11,493
    A&D Mortgage LLC 1 6.63% $24,423
    West Town Bank & Trust 1 5.25% $10,767
    Willamette Valley Bank 1 6.13% $14,142
    WINTERWOOD MORTGAGE GROUP, LLC 1 6.75% $95,517
    HOMESTEAD FUNDING CORP. 1 4.50% $11,983

    The top Chicago FHA lender as defined by loan originations is LOANDEPOT.COM, LLC, with 1,736 FHA loans originated. Their average total fees are $11,660, which is $1,721 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Chicago FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($4,734), VILLAGE CAPITAL MORTGAGE ($5,415), GATEWAY MORTGAGE CORPORATION ($5,634), Lakeview Community Capital, LLC ($5,954) and LAKEVIEW LOAN SERVICING, LLC ($6,148).

    The lowest rate Chicago FHA lenders (with over 10 loans originated) are First Midwest Bank (3.05%), Midwest Community Bank (3.51%), VILLAGE CAPITAL MORTGAGE (3.63%), First Guaranty Mortgage Corporation (3.64%) and Lakeview Community Capital, LLC (3.88%).

    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%) $450,243 (4.4%) 1.07 27,462
    2018-02-01 $302,450 (6.1%) $469,283 (4.1%) 1.10 27,948
    2018-03-01 $325,000 (8.5%) $488,512 (5.1%) 1.14 29,775
    2018-04-01 $330,125 (6.8%) $492,279 (4.2%) 1.12 31,629
    2018-05-01 $334,425 (5.3%) $489,964 (3.3%) 1.12 33,742
    2018-06-01 $329,999 (3.9%) $482,144 (2.3%) 1.10 36,367
    2018-07-01 $324,950 (3.2%) $471,234 (1.1%) 1.09 38,489
    2018-08-01 $319,700 (6.2%) $460,191 (1.2%) 1.07 39,562
    2018-09-01 $315,000 (5.0%) $453,688 (0.9%) 1.06 40,227
    2018-10-01 $309,950 (3.4%) $448,876 (-0.6%) 1.05 39,896
    2018-11-01 $299,950 (1.8%) $445,533 (-0.6%) 1.02 37,549
    2018-12-01 $295,000 (2.3%) $437,503 (-1.1%) 1.02 32,860
    2019-01-01 $295,950 (3.0%) $440,642 (-2.1%) 1.02 29,957
    2019-02-01 $309,500 (2.3%) $462,219 (-1.5%) 1.05 30,300
    2019-03-01 $324,429 (-0.2%) $476,348 (-2.5%) 1.06 32,303
    2019-04-01 $338,000 (2.4%) $485,310 (-1.4%) 1.07 34,401
    2019-05-01 $339,250 (1.4%) $480,573 (-1.9%) 1.06 36,833
    2019-06-01 $335,000 (1.5%) $475,608 (-1.4%) 1.05 38,919
    2019-07-01 $329,950 (1.5%) $468,106 (-0.7%) 1.03 40,389
    2019-08-01 $324,413 (1.5%) $459,230 (-0.2%) 1.03 40,814
    2019-09-01 $318,556 (1.1%) $452,746 (-0.2%) 1.02 40,712
    2019-10-01 $314,250 (1.4%) $448,132 (-0.2%) 1.01 40,420
    2019-11-01 $304,900 (1.7%) $442,260 (-0.7%) 1.00 36,900
    2019-12-01 $299,000 (1.4%) $438,806 (0.3%) 1.00 31,663
    2020-01-01 $299,450 (1.2%) $441,961 (0.3%) 1.00 28,838
    2020-02-01 $315,000 (1.8%) $464,351 (0.5%) 1.03 29,383
    2020-03-01 $325,000 (0.2%) $473,373 (-0.6%) 1.02 29,999
    2020-04-01 $323,400 (-4.3%) $463,289 (-4.5%) 1.01 28,557
    2020-05-01 $329,000 (-3.0%) $474,893 (-1.2%) 1.00 28,625
    2020-06-01 $336,220 (0.4%) $486,541 (2.3%) 0.99 28,544
    2020-07-01 $339,997 (3.1%) $494,367 (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%) $497,728 (11.1%) 0.97 27,446
    2020-11-01 $331,995 (8.9%) $494,908 (11.9%) 0.97 24,898
    2020-12-01 $325,000 (8.7%) $492,461 (12.2%) 0.97 21,084
    2021-01-01 $325,000 (8.5%) $502,912 (13.8%) 0.97 18,122
    2021-02-01 $339,450 (7.8%) $540,880 (16.5%) 0.99 16,163
    2021-03-01 $349,000 (7.4%) $548,964 (16.0%) 0.99 15,878
    2021-04-01 $349,900 (8.2%) $549,022 (18.5%) 0.95 16,544
    2021-05-01 $350,000 (6.4%) $545,431 (14.9%) 0.93 17,477
    2021-06-01 $350,000 (4.1%) $534,307 (9.8%) 0.92 19,694
    2021-07-01 $349,000 (2.7%) $518,714 (4.9%) 0.92 21,816
    2021-08-01 $337,450 (-2.2%) $497,393 (-0.4%) 0.90 22,741
    2021-09-01 $329,900 (-4.0%) $488,040 (-2.8%) 0.88 22,673
    2021-10-01 $325,900 (-4.1%) $484,824 (-2.6%) 0.87 21,991
    2021-11-01 $319,950 (-3.6%) $482,040 (-2.6%) 0.86 19,186
    2021-12-01 $312,200 (-3.9%) $476,994 (-3.1%) 0.85 15,719
    2022-01-01 $310,000 (-4.6%) $489,343 (-2.7%) 0.84 12,837
    2022-02-01 $322,500 (-5.0%) $513,933 (-5.0%) 0.84 11,725
    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 (-1.9%) 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%) $502,182 (2.9%) 0.79 19,798
    2022-10-01 $339,700 (4.2%) $498,038 (2.7%) 0.80 19,805
    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%) 0.82 12,900
    2023-03-01 $352,400 (6.0%) $544,425 (4.0%) 0.83 12,275
    2023-04-01 $369,000 (5.5%) $567,393 (6.7%) 0.86 11,824
    2023-05-01 $376,000 (6.0%) $591,727 (10.5%) 0.85 12,097
    2023-06-01 $382,500 (6.3%) $589,718 (11.2%) 0.86 13,059
    2023-07-01 $389,000 (11.1%) $586,937 (14.3%) 0.88 13,966
    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
    Chicago's median listing price for 2023-10-01 was $369,950, a difference of $30,250 (8.9%) versus the prior year and $-5,050 versus the prior month.

    Chicago's median listing price comes in at 87% of the national average.

    Chicago's average listing price for 2023-10-01 was $559,841, a difference of $61,803 (12.4%) versus the prior year and $-5,679 versus the prior month.

    For the 2023-10-01 period, Chicago had 15,411 MLS listings, a difference of 415 listings (3%) versus the prior month and -4,394 listings (-22%) 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 1,950 sqft
    2018-03-01 43 days 2,000 sqft
    2018-04-01 40 days 2,017 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 1,967 sqft
    2018-10-01 51 days 1,935 sqft
    2018-11-01 56 days 1,902 sqft
    2018-12-01 67 days 1,868 sqft
    2019-01-01 73 days 1,865 sqft
    2019-02-01 55 days 1,906 sqft
    2019-03-01 43 days 1,963 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 1,871 sqft
    2020-01-01 76 days 1,864 sqft
    2020-02-01 45 days 1,920 sqft
    2020-03-01 43 days 1,961 sqft
    2020-04-01 51 days 1,935 sqft
    2020-05-01 59 days 1,958 sqft
    2020-06-01 45 days 1,943 sqft
    2020-07-01 41 days 1,911 sqft
    2020-08-01 40 days 1,875 sqft
    2020-09-01 40 days 1,810 sqft
    2020-10-01 43 days 1,794 sqft
    2020-11-01 50 days 1,734 sqft
    2020-12-01 58 days 1,700 sqft
    2021-01-01 64 days 1,680 sqft
    2021-02-01 45 days 1,677 sqft
    2021-03-01 40 days 1,676 sqft
    2021-04-01 33 days 1,697 sqft
    2021-05-01 33 days 1,703 sqft
    2021-06-01 32 days 1,728 sqft
    2021-07-01 33 days 1,728 sqft
    2021-08-01 36 days 1,704 sqft
    2021-09-01 38 days 1,692 sqft
    2021-10-01 40 days 1,672 sqft
    2021-11-01 45 days 1,643 sqft
    2021-12-01 53 days 1,603 sqft
    2022-01-01 59 days 1,600 sqft
    2022-02-01 39 days 1,600 sqft
    2022-03-01 34 days 1,621 sqft
    2022-04-01 30 days 1,654 sqft
    2022-05-01 29 days 1,700 sqft
    2022-06-01 30 days 1,721 sqft
    2022-07-01 32 days 1,730 sqft
    2022-08-01 36 days 1,723 sqft
    2022-09-01 40 days 1,707 sqft
    2022-10-01 40 days 1,709 sqft
    2022-11-01 44 days 1,703 sqft
    2022-12-01 54 days 1,698 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 1,784 sqft
    2023-05-01 34 days 1,800 sqft
    2023-06-01 34 days 1,802 sqft
    2023-07-01 36 days 1,815 sqft
    2023-08-01 36 days 1,803 sqft
    2023-09-01 37 days 1,800 sqft
    2023-10-01 37 days 1,799 sqft
    Chicago's median listing age (time on market) for 2023-10-01 was 37 days. This is -9% shorter than the same period one year ago.

    Chicago's median square footage for active listings during the 2023-10-01 period was 1,799 sqft. One year prior, the average listing was 1,709 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).