Chicago FHA Loans
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
5.33%
for the week of 2022-08-05, compared to the national average (all FHA variants) of
5.305% for the same period.
The average rate for the prior week (2022-07-29) was
5.17% and
one month ago for the week of 2022-07-01, the
average rate was 5.66%.
The average rate one year ago was 2.86%.
For refis of the same type during the week of 2022-08-05, the average rate
was 5.06%.
Chicago FHA Loan Lenders by Rates & Fees
The below table looks at the average fees 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
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 & INVESTMENT LLC ($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 | $288,950 (6.8%) | $452,003 (5.0%) | 1.06 | 27,410 |
| 2018-02-01 | $304,500 (6.5%) | $470,283 (4.1%) | 1.10 | 27,874 |
| 2018-03-01 | $325,000 (8.5%) | $489,585 (5.5%) | 1.12 | 29,483 |
| 2018-04-01 | $335,000 (8.1%) | $494,077 (4.4%) | 1.12 | 31,497 |
| 2018-05-01 | $336,250 (5.2%) | $491,926 (3.4%) | 1.12 | 33,604 |
| 2018-06-01 | $334,900 (4.7%) | $483,070 (2.0%) | 1.12 | 36,277 |
| 2018-07-01 | $327,250 (3.9%) | $472,829 (1.4%) | 1.09 | 38,396 |
| 2018-08-01 | $319,950 (4.9%) | $460,744 (1.1%) | 1.07 | 39,499 |
| 2018-09-01 | $317,900 (6.0%) | $454,842 (0.4%) | 1.06 | 40,189 |
| 2018-10-01 | $312,000 (4.0%) | $449,152 (-0.7%) | 1.04 | 39,937 |
| 2018-11-01 | $302,000 (1.7%) | $446,276 (-0.6%) | 1.01 | 37,571 |
| 2018-12-01 | $297,000 (2.8%) | $437,462 (-1.2%) | 1.02 | 32,888 |
| 2019-01-01 | $297,788 (3.1%) | $442,555 (-2.1%) | 1.03 | 30,040 |
| 2019-02-01 | $312,400 (2.6%) | $462,775 (-1.6%) | 1.05 | 30,361 |
| 2019-03-01 | $327,957 (0.9%) | $476,932 (-2.6%) | 1.07 | 32,150 |
| 2019-04-01 | $339,900 (1.5%) | $485,549 (-1.7%) | 1.07 | 34,125 |
| 2019-05-01 | $339,900 (1.1%) | $482,555 (-1.9%) | 1.05 | 36,370 |
| 2019-06-01 | $339,000 (1.2%) | $477,893 (-1.1%) | 1.04 | 38,444 |
| 2019-07-01 | $332,450 (1.6%) | $470,215 (-0.6%) | 1.03 | 39,922 |
| 2019-08-01 | $326,315 (2.0%) | $460,792 (0.0%) | 1.03 | 40,311 |
| 2019-09-01 | $320,718 (0.9%) | $453,105 (-0.4%) | 1.02 | 40,478 |
| 2019-10-01 | $319,000 (2.2%) | $454,656 (1.2%) | 1.02 | 40,147 |
| 2019-11-01 | $309,900 (2.6%) | $448,844 (0.6%) | 1.00 | 36,884 |
| 2019-12-01 | $299,900 (1.0%) | $444,177 (1.5%) | 1.00 | 31,631 |
| 2020-01-01 | $299,900 (0.7%) | $445,683 (0.7%) | 1.00 | 28,727 |
| 2020-02-01 | $319,900 (2.4%) | $466,900 (0.9%) | 1.03 | 29,189 |
| 2020-03-01 | $328,950 (0.3%) | $475,504 (-0.3%) | 1.03 | 29,677 |
| 2020-04-01 | $324,950 (-4.4%) | $464,610 (-4.3%) | 1.01 | 28,345 |
| 2020-05-01 | $329,900 (-2.9%) | $477,698 (-1.0%) | 1.00 | 28,171 |
| 2020-06-01 | $339,900 (0.3%) | $490,505 (2.6%) | 0.99 | 28,064 |
| 2020-07-01 | $348,450 (4.8%) | $499,130 (6.2%) | 1.00 | 27,100 |
| 2020-08-01 | $349,000 (7.0%) | $501,220 (8.8%) | 1.00 | 26,680 |
| 2020-09-01 | $349,450 (9.0%) | $504,956 (11.4%) | 1.00 | 26,967 |
| 2020-10-01 | $344,900 (8.1%) | $500,068 (10.0%) | 0.99 | 27,016 |
| 2020-11-01 | $335,400 (8.2%) | $496,618 (10.6%) | 0.96 | 24,642 |
| 2020-12-01 | $326,340 (8.8%) | $493,986 (11.2%) | 0.96 | 20,938 |
| 2021-01-01 | $329,500 (9.9%) | $505,908 (13.5%) | 0.97 | 17,962 |
| 2021-02-01 | $342,995 (7.2%) | $545,150 (16.8%) | 0.99 | 15,887 |
| 2021-03-01 | $349,900 (6.4%) | $552,641 (16.2%) | 0.98 | 15,400 |
| 2021-04-01 | $350,000 (7.7%) | $553,431 (19.1%) | 0.94 | 16,064 |
| 2021-05-01 | $355,000 (7.6%) | $551,761 (15.5%) | 0.93 | 16,868 |
| 2021-06-01 | $355,000 (4.4%) | $538,278 (9.7%) | 0.92 | 19,112 |
| 2021-07-01 | $349,900 (0.4%) | $521,444 (4.5%) | 0.91 | 21,041 |
| 2021-08-01 | $341,214 (-2.2%) | $499,769 (-0.3%) | 0.90 | 22,155 |
| 2021-09-01 | $332,450 (-4.9%) | $490,671 (-2.8%) | 0.87 | 22,176 |
| 2021-10-01 | $329,900 (-4.4%) | $487,370 (-2.5%) | 0.87 | 21,533 |
| 2021-11-01 | $322,445 (-3.9%) | $484,174 (-2.5%) | 0.85 | 18,752 |
| 2021-12-01 | $312,500 (-4.2%) | $478,375 (-3.2%) | 0.83 | 15,437 |
| 2022-01-01 | $314,900 (-4.4%) | $494,700 (-2.2%) | 0.84 | 12,585 |
| 2022-02-01 | $326,950 (-4.7%) | $517,905 (-5.0%) | 0.83 | 11,448 |
| 2022-03-01 | $337,000 (-3.7%) | $528,104 (-4.4%) | 0.83 | 11,706 |
| 2022-04-01 | $350,000 (0.0%) | $533,333 (-3.6%) | 0.82 | 11,943 |
| 2022-05-01 | $359,950 (1.4%) | $537,549 (-2.6%) | 0.81 | 14,374 |
| 2022-06-01 | $365,000 (2.8%) | $533,964 (-0.8%) | 0.81 | 16,628 |
Chicago's median listing price comes in at 81% of the national average.
Chicago's average listing price for 2022-06-01 was $533,964, a difference of $-4,314 (-0.8%) versus the prior year and $-3,585 versus the prior month.
For the 2022-06-01 period, Chicago had 16,628 MLS listings, a difference of 2,254 listings (16%) versus the prior month and -2,484 listings (-13%) 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 | 1,918 sqft |
| 2018-02-01 | 56 days | 1,980 sqft |
| 2018-03-01 | 43 days | 2,008 sqft |
| 2018-04-01 | 41 days | 2,044 sqft |
| 2018-05-01 | 41 days | 2,048 sqft |
| 2018-06-01 | 42 days | 2,039 sqft |
| 2018-07-01 | 44 days | 2,007 sqft |
| 2018-08-01 | 47 days | 2,000 sqft |
| 2018-09-01 | 49 days | 1,988 sqft |
| 2018-10-01 | 51 days | 1,948 sqft |
| 2018-11-01 | 56 days | 1,922 sqft |
| 2018-12-01 | 68 days | 1,880 sqft |
| 2019-01-01 | 73 days | 1,880 sqft |
| 2019-02-01 | 56 days | 1,921 sqft |
| 2019-03-01 | 43 days | 1,974 sqft |
| 2019-04-01 | 39 days | 2,003 sqft |
| 2019-05-01 | 41 days | 2,022 sqft |
| 2019-06-01 | 43 days | 2,015 sqft |
| 2019-07-01 | 44 days | 2,001 sqft |
| 2019-08-01 | 47 days | 1,981 sqft |
| 2019-09-01 | 49 days | 1,949 sqft |
| 2019-10-01 | 49 days | 1,952 sqft |
| 2019-11-01 | 56 days | 1,922 sqft |
| 2019-12-01 | 68 days | 1,900 sqft |
| 2020-01-01 | 73 days | 1,887 sqft |
| 2020-02-01 | 45 days | 1,938 sqft |
| 2020-03-01 | 43 days | 1,981 sqft |
| 2020-04-01 | 52 days | 1,952 sqft |
| 2020-05-01 | 60 days | 1,985 sqft |
| 2020-06-01 | 46 days | 1,971 sqft |
| 2020-07-01 | 42 days | 1,936 sqft |
| 2020-08-01 | 42 days | 1,900 sqft |
| 2020-09-01 | 42 days | 1,833 sqft |
| 2020-10-01 | 43 days | 1,800 sqft |
| 2020-11-01 | 50 days | 1,753 sqft |
| 2020-12-01 | 59 days | 1,718 sqft |
| 2021-01-01 | 64 days | 1,700 sqft |
| 2021-02-01 | 47 days | 1,698 sqft |
| 2021-03-01 | 43 days | 1,694 sqft |
| 2021-04-01 | 36 days | 1,700 sqft |
| 2021-05-01 | 36 days | 1,726 sqft |
| 2021-06-01 | 33 days | 1,748 sqft |
| 2021-07-01 | 36 days | 1,745 sqft |
| 2021-08-01 | 36 days | 1,717 sqft |
| 2021-09-01 | 38 days | 1,700 sqft |
| 2021-10-01 | 41 days | 1,680 sqft |
| 2021-11-01 | 45 days | 1,649 sqft |
| 2021-12-01 | 54 days | 1,615 sqft |
| 2022-01-01 | 60 days | 1,600 sqft |
| 2022-02-01 | 41 days | 1,600 sqft |
| 2022-03-01 | 35 days | 1,635 sqft |
| 2022-04-01 | 32 days | 1,664 sqft |
| 2022-05-01 | 30 days | 1,704 sqft |
| 2022-06-01 | 30 days | 1,746 sqft |
Chicago's median square footage for active listings during the 2022-06-01 period was 1,746 sqft. One year prior, the average listing was 1,748 sqft.
