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%.
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
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 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 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.