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%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Chicago level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 2,757 2.72% $6,757
LOANDEPOT.COM, LLC 2,479 3.34% $9,875
GUARANTEED RATE, INC. 1,990 2.98% $9,409
CROSSCOUNTRY MORTGAGE, LLC 1,620 3.13% $9,981
CALIBER HOME LOANS, INC. 1,587 2.88% $8,369
FREEDOM MORTGAGE CORPORATION 1,536 2.83% $5,912
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1,377 3.24% $9,144
Mr. Cooper ( Nationstar Mortgage ) 1,248 3.20% $4,130
AMERICAN PACIFIC MORTGAGE CORPORATION 1,199 3.25% $9,620
UNITED WHOLESALE MORTGAGE, LLC 1,148 2.82% $8,934
Neighborhood Loans, Inc. 1,121 3.21% $9,734
FIRST CENTENNIAL MORTGAGE CORPORATION 1,037 2.94% $8,211
The Federal Savings Bank 877 3.00% $9,654
LAKEVIEW LOAN SERVICING, LLC 856 2.99% $5,160
PENNYMAC LOAN SERVICES, LLC 814 3.05% $4,817
COMPASS MORTGAGE, INC. 659 2.96% $8,526
HOME POINT FINANCIAL CORPORATION 607 2.81% $7,871
Barrington Bank & Trust Company, N.A. 537 3.17% $9,483
NEWREZ LLC 527 2.89% $5,924
LEADERONE FINANCIAL CORPORATION 492 3.43% $9,603
HOMEBRIDGE FINANCIAL SERVICES, INC. 424 2.84% $8,133
AMERICAN PORTFOLIO MORTGAGE CORPORATION 421 2.98% $8,665
Carrington Mortgage Services, LLC 382 3.35% $7,739
CELEBRITY HOME LOANS, LLC 380 3.21% $9,674
Lakeview Community Capital, LLC 328 2.99% $4,698
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 317 3.39% $8,258
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 313 3.17% $9,810
Hometown Lenders, Inc. 313 3.36% $9,426
Key Mortgage Services, Inc. 307 3.12% $9,809
AMERICAN FINANCIAL NETWORK, INC. 294 3.32% $13,018
Paramount Residential Mortgage Group, Inc. 291 3.46% $10,124
VILLAGE CAPITAL & INVESTMENT LLC 291 2.89% $2,720
BAY EQUITY LLC 280 2.96% $9,960
FINANCE OF AMERICA MORTGAGE LLC 273 3.17% $7,715
The Huntington National Bank 266 2.88% $9,357
GUARANTEED RATE AFFINITY, LLC 256 2.96% $9,857
PLAZA HOME MORTGAGE, INC. 245 3.11% $8,595
DRAPER AND KRAMER MORTGAGE CORP. 235 3.05% $8,916
UNION HOME MORTGAGE CORP. 227 3.08% $9,221
United Fidelity Funding Corp. 213 3.10% $9,345
CMG MORTGAGE, INC. 213 3.12% $9,709
First Guaranty Mortgage Corporation 210 2.97% $7,444
DIRECT MORTGAGE LOANS, LLC 206 3.35% $9,144
MOVEMENT MORTGAGE, LLC 199 3.20% $9,398
OCMBC, INC. 191 3.01% $9,061
AMERISAVE MORTGAGE CORPORATION 177 3.07% $8,486
HOMESIDE FINANCIAL, LLC 173 3.25% $9,091
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 172 2.87% $6,902
JPMorgan Chase Bank 166 2.99% $6,010
Flagstar Bank, FSB 165 2.91% $9,003
MUTUAL OF OMAHA MORTGAGE, INC. 159 3.01% $9,515
Equity Prime Mortgage LLC 158 3.59% $8,372
AmeriHome Mortgage Company, LLC 155 2.98% $4,565
CIBC Bank USA 154 3.13% $9,668
BROKER SOLUTIONS, INC. 148 3.13% $8,054
EAGLE HOME MORTGAGE, LLC 139 3.14% $9,379
INLANTA MORTGAGE, INC. 134 3.24% $9,077
Plains Commerce Bank 127 2.77% $9,130
CHERRY CREEK MORTGAGE, LLC 118 3.37% $3,905
DHI MORTGAGE COMPANY, LTD. 117 2.87% $5,639
SUN WEST MORTGAGE COMPANY, INC. 114 3.07% $9,193
Midwest Community Bank 113 2.92% $9,123
First Midwest Bank 106 3.08% $7,976
BLUELEAF LENDING, LLC 96 2.75% $9,559
PLANET HOME LENDING, LLC 95 2.83% $5,285
INLAND BANK & TRUST 91 3.13% $9,744
Bank of America 91 2.69% $5,722
U.S. Bank 89 3.08% $8,795
PRIMELENDING, A PLAINSCAPITAL COMPANY 87 3.52% $8,921
Pacor Mortgage Corp 83 2.90% $8,630
STEARNS LENDING, LLC 83 3.04% $9,385
InterContinental Capital Group, Inc 76 2.76% $7,465
CIBM Bank 75 3.14% $8,133
NATIONS RELIABLE LENDING, LLC 70 3.28% $11,841
Hometown Equity Mortgage, LLC 70 3.25% $10,877
M/I FINANCIAL, LLC 66 2.95% $8,630
VAN DYK MORTGAGE CORPORATION 64 3.31% $8,894
Mutual Federal Bank 62 2.82% $9,459
RUOFF MORTGAGE COMPANY, INC. 62 3.22% $5,736
SUCCESS MORTGAGE PARTNERS, INC. 60 3.14% $10,564
NVR Mortgage Finance, Inc. 59 3.10% $10,740
AmRes Corporation 57 3.07% $9,798
PROPER RATE, LLC 56 2.94% $9,375
Platinum Home Mortgage Corporation 55 3.00% $11,013
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 54 2.90% $8,656
Fifth Third Bank 54 3.06% $7,498
PNC Bank 53 2.79% $6,928
Centier Bank 53 3.24% $6,125
GATEWAY MORTGAGE CORPORATION 52 2.92% $5,545
T2 FINANCIAL LLC 50 3.29% $10,454
LAND HOME FINANCIAL SERVICES, INC. 49 3.50% $11,027
Old Second National Bank 49 2.97% $7,971
UNIVERSITY LENDING GROUP, LLC 48 3.09% $7,481
FIRST STATE MORTGAGE SERVICES, LLC 47 2.93% $8,534
MID AMERICA MORTGAGE, INC. 45 2.97% $4,919
Ixonia Bank 45 3.50% $9,714
DAS Acquisition Company, LLC 44 3.35% $8,962
The Home Loan Expert LLC 43 2.87% $9,077
Nations Lending Corporation 43 3.07% $8,704
First National Bank of Omaha 43 2.97% $6,674
PRIMARY RESIDENTIAL MORTGAGE, INC. 42 3.25% $8,699
Allied First Bank,sb 42 2.74% $8,197
Bank of England 42 3.36% $8,902
GUILD MORTGAGE COMPANY 41 3.03% $8,640
SUMMIT FUNDING, INC. 41 3.37% $10,928
Waterstone Mortgage Corporation 40 3.20% $10,853
GMFS LLC 39 2.90% $7,281
OCEANSIDE MORTGAGE COMPANY 39 2.71% $3,278
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 35 3.06% $10,930
CROWN MORTGAGE COMPANY 35 3.06% $8,019
Network Funding, L.P. 35 2.95% $10,709
Prosperity Home Mortgage, LLC 35 3.25% $10,541
Associated Bank 35 2.80% $7,887
THE ANDERSON FINANCIAL GROUP, INC. 34 2.82% $8,683
GVC MORTGAGE, INC. 34 3.40% $7,004
Flanagan State Bank 33 3.03% $7,456
Home State Bank 32 2.70% $7,803
Mortgage Research Center, LLC 32 3.05% $7,407
TOWNE MORTGAGE COMPANY 31 3.10% $9,704
Regions Bank 30 2.79% $7,343
CITYWIDE HOME LOANS, LLC 29 3.40% $9,869
Marquette Bank 29 2.52% $7,870
ACADEMY MORTGAGE CORPORATION 28 3.20% $6,977
Bank Five Nine 28 3.21% $5,803
HOMESTAR FINANCIAL CORPORATION 27 3.08% $8,291
ARK-LA-TEX FINANCIAL SERVICES, LLC. 27 3.03% $8,755
NATIONS DIRECT MORTGAGE, LLC 26 3.37% $11,150
EVERETT FINANCIAL, INC. 26 3.52% $6,227
CANOPY MORTGAGE, LLC 26 2.90% $7,452
UNITED HOME LOANS, INC. 26 2.85% $8,325
Citizens Bank 26 2.89% $7,215
MORIA DEVELOPMENT, INC. 25 3.62% $10,198
HALLMARK HOME MORTGAGE, LLC 25 3.38% $7,402
LAKE MORTGAGE COMPANY INC 24 2.98% $6,534
PARKSIDE LENDING, LLC 23 2.91% $7,839
Manufacturers and Traders Trust Company 23 3.13% $7,213
Servion, Inc. 23 3.05% $7,136
ARC HOME LLC 22 3.22% $8,512
PANORAMA MORTGAGE GROUP, LLC 21 3.26% $10,694
RAPID MORTGAGE COMPANY 21 3.35% $8,271
GERSHMAN INVESTMENT CORP. 20 3.26% $7,861
GENEVA FINANCIAL, LLC 20 3.33% $9,918
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 20 2.89% $11,845
ENVOY MORTGAGE, LTD 19 3.32% $8,679
Citibank 18 2.85% $7,310
First Option Mortgage, LLC 16 3.34% $10,589
First Savings Bank 15 3.03% $12,945
SOVEREIGN LENDING GROUP INCORPORATED 15 2.83% $8,228
First Home Bank 14 2.89% $10,875
PHH Mortgage Corporation 14 3.38% $5,319
First Federal Savings Bank 13 3.02% $6,351
TCF National Bank 12 2.57% $8,074
Gold Coast Bank 12 2.88% $10,574
BECKAM FUNDING CORP. 12 3.77% $14,603
Sierra Pacific Mortgage Company, Inc. 12 2.86% $8,655
Horizon Bank 12 3.31% $5,340
AMERICAN FINANCING CORPORATION 12 2.93% $7,682
SECURITYNATIONAL MORTGAGE COMPANY 11 3.22% $6,634
ENDEAVOR CAPITAL, LLC. 11 3.02% $6,076
Northpointe Bank 11 3.05% $10,448
Low VA Rates, LLC 10 2.94% $4,609
ZILLOW HOME LOANS, LLC 10 3.08% $7,296
AMERICAN FINANCIAL RESOURCES, INC. 10 3.31% $9,185
MYCUMORTGAGE, LLC 9 2.58% $9,765
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 9 2.90% $5,783
AMERITRUST MORTGAGE CORPORATION 9 2.99% $7,028
MICHIGAN MUTUAL, INC. 9 3.24% $8,339
BMO Harris Bank 9 3.24% $9,365
Florida Capital Bank 9 2.81% $8,218
BEST CAPITAL FUNDING 9 3.06% $10,887
ROYAL UNITED MORTGAGE LLC 9 3.06% $8,319
FLAT BRANCH MORTGAGE, INC. 8 3.30% $10,129
EMBRACE HOME LOANS, INC. 8 3.23% $9,039
MEMBER FIRST MORTGAGE, LLC 8 3.13% $6,939
MIDLAND MORTGAGE CORPORATION 8 3.47% $6,118
STOCKTON MORTGAGE CORPORATION 8 3.17% $13,690
PULTE MORTGAGE LLC 7 3.02% $8,300
STARBOARD FINANCIAL MANAGEMENT, LLC 7 3.21% $10,542
RELIANCE FIRST CAPITAL, LLC 7 3.09% $6,864
First Merchants Bank 7 2.82% $7,854
MLD MORTGAGE INC. 7 3.02% $8,973
Residential Mortgage Solutions, Inc. 7 3.00% $9,671
BETTER MORTGAGE CORPORATION 6 2.94% $7,320
HOMEOWNERS FINANCIAL GROUP USA, LLC 6 3.44% $10,014
Wells Fargo Bank 6 3.10% $6,483
GET A RATE LLC 6 3.42% $9,804
Midland States Bank 6 2.92% $9,399
POLARIS HOME FUNDING CORP. 6 3.21% $8,349
CLEARPATH LENDING 5 2.88% $4,662
LENDING 3, INC. 5 2.90% $11,281
HANCOCK MORTGAGE PARTNERS, LLC 5 3.28% $9,532
Goldwater Bank, N.A. 5 2.95% $12,369
EMM LOANS LLC 5 3.08% $12,909
Century Mortgage Company DBA Century Lending Company 5 2.88% $9,042
WISCONSIN MORTGAGE CORPORATION 5 2.65% $5,528
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 3.38% $9,703
Blue Ridge Bank 5 3.18% $6,249
TOTAL MORTGAGE SERVICES, LLC 4 3.94% $9,343
Peoples Bank 4 3.22% $10,543
Colten Mortgage, LLC 4 2.91% $5,205
DATA MORTGAGE, INC. 4 4.13% $9,830
AMERICAN ADVISORS GROUP 4 2.78% $9,253
American Bank and Trust Company 4 2.94% $7,789
AMERIFIRST FINANCIAL CORPORATION 4 2.97% $9,586
Ameris Bank 4 3.03% $10,354
RESIDENTIAL BANCORP. 4 2.78% $10,144
ABSOLUTE HOME MORTGAGE CORPORATION 4 2.38% $7,407
Paramount Bank 4 3.22% $7,559
First Federal Bank 4 3.03% $8,550
GSF Mortgage Corporation 3 2.75% $6,591
TOP FLITE FINANCIAL, INC. 3 3.08% $10,996
MORTGAGE ACCESS CORP. 3 3.17% $11,889
Amerifirst Financial, Inc. 3 3.92% $7,722
UNITED SECURITY FINANCIAL CORP 3 2.75% $5,012
FRONTIER FINANCIAL, INC. 3 2.83% $13,578
Magnolia Bank 3 2.92% $12,138
DEVELOPER'S MORTGAGE COMPANY 3 3.25% $7,102
CHURCHILL MORTGAGE CORPORATION 3 3.38% $7,894
Princeton Mortgage Corporation 3 3.04% $11,824
JAMES B. NUTTER & COMPANY 3 2.83% $5,266
FAIR WAY LENDING LLC 3 2.83% $5,909
First Financial Bank 3 3.00% $5,799
FAY SERVICING, LLC 3 3.13% $6,765
JLB CORPORATION 3 2.92% $7,408
The Equitable Bank, S.S.B. 3 2.67% $6,983
LIBERTY HOME MORTGAGE CORPORATION 3 3.17% $9,864
Austin Capital Bank SSB 2 2.50% $11,283
LENDUS, LLC 2 2.81% $11,649
Wyndham Capital Mortgage, Inc. 2 2.75% $7,667
KELLER MORTGAGE, LLC 2 2.81% $7,378
Mortgage Assurance Inc. 2 2.88% $4,825
MORTGAGE CENTER L.C 2 2.94% $6,639
Home Mortgage Alliance Corp 2 3.13% $10,391
NATIONWIDE MORTGAGE BANKERS, INC. 2 2.88% $7,917
NexBank 2 3.00% $9,581
NP, Inc. 2 3.19% $8,032
OPEN MORTGAGE, LLC 2 3.44% $8,693
FBC MORTGAGE, LLC 2 3.31% $8,084
Commerce Home Mortgage, Inc. 2 3.69% $10,202
Colonial Savings, F.A. 2 3.25% $7,552
SOUTHWEST FUNDING, LP 2 3.88% $10,883
Strong Home Mortgage, LLC 2 2.31% $8,270
BKCO MORTGAGE, LLC 2 2.87% $7,320
BAYSHORE MORTGAGE FUNDING, LLC 2 2.94% $7,804
TBI MORTGAGE COMPANY 2 2.75% $9,326
The Union Bank Company 2 3.00% $8,854
UNITED 2 3.06% $6,404
AMERICAN MORTGAGE SERVICE COMPANY 2 3.06% $6,047
American Mortgage & Equity Consultants, Inc. 2 3.56% $7,448
ALLIED MORTGAGE GROUP, INC. 2 3.50% $7,684
PENTAGON FEDERAL CREDIT UNION 1 2.25% $9,358
Financial Funding Solutions, Inc. 1 2.55% $14,333
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 2.88% $6,585
AMCAP MORTGAGE, LTD. 1 2.88% $16,546
ON Q FINANCIAL, INC. 1 3.75% $8,382
S1L, Inc. 1 2.99% $6,594
SeaTrust Mortgage Company 1 2.75% $8,022
First Western Trust Bank 1 3.13% $5,401
Chicago Financial Services, Inc. 1 3.13% $9,658
Old National Bank 1 3.75% $5,079
SIWELL, INC. 1 2.75% $5,432
Vibrant Credit Union 1 2.25% $7,783
BNC National Bank 1 2.75% $8,393
1st Source Bank 1 3.63% $5,484
Gateway First Bank 1 3.13% $3,904
NOVA FINANCIAL & INVESTMENT CORPORATION 1 2.63% $8,268
Marine Bank 1 2.63% $8,178
Blackhawk Bank 1 3.00% $6,765
V.I.P. MORTGAGE, INC. 1 2.75% $5,471
Sunflower Bank 1 2.99% $13,681
NORWICH COMMERCIAL GROUP, INC. 1 2.88% $17,224
Alerus Financial 1 2.75% $5,733
INTERSTATE HOME LOAN CENTER, INC. 1 3.13% $10,462
AXIA FINANCIAL, LLC 1 3.50% $6,612
NORTHERN MORTGAGE SERVICES, LLC 1 3.25% $5,642
North American Savings Bank, F.S.B. 1 2.50% $14,195
Atlantic Union Bank 1 2.50% $11,290
Assurance Financial Group, L.L.C. 1 3.25% $8,640
Armed Forces Bank 1 3.50% $9,243
WESTERN EXPRESS LENDING 1 3.25% $9,157
THOMPSON KANE & COMPANY, LLC 1 2.50% $9,059
NETWORK CAPITAL FUNDING CORPORATION 1 2.50% $10,263
NBKC BANK 1 2.75% $8,430
ANGEL OAK HOME LOANS LLC 1 3.25% $9,222
Truist Bank 1 3.25% $11,155
Heartland Bank and Trust Company 1 3.38% $7,796
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.00% $6,798
Union Savings Bank 1 2.75% $4,834
Mid-Continent Funding, Inc. 1 3.50% $5,573
HOME FUNDING CORPORATION 1 3.38% $5,007
WRIGHT-PATT CREDIT UNION, INC. 1 3.13% $7,316
HOMESITE MORTGAGE, LLC 1 2.75% $6,451
Luxury Mortgage Corp. 1 3.50% $10,361
INSPIRE HOME LOANS INC. 1 3.50% $8,263
INTELLILOAN, INC. 1 2.88% $6,289
Preston Home Loans Inc 1 2.50% $6,447
DELMAR FINANCIAL COMPANY 1 2.50% $7,888
PREMIA MORTGAGE, LLC 1 2.50% $6,417
East Coast Capital Corp. 1 3.00% $7,236
CRESCENT MORTGAGE COMPANY 1 2.63% $13,417
PLUS RELOCATION MORTGAGE, LLC 1 3.13% $10,849
Credence Funding Corporation 1 2.63% $9,088
RANLIFE, INC. 1 3.13% $8,400
VANDERBILT MORTGAGE AND FINANCE, INC. 1 2.75% $6,586
FAMILY FINANCE MORTGAGE, LLC 1 2.63% $9,708
F&B Acquisition Group LLC 1 3.13% $13,294
Republic Bank & Trust Company 1 3.38% $9,236

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 for 2022-06-01 was $365,000, a difference of $10,000 (2.8%) versus the prior year and $5,050 versus the prior month.

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 listing age (time on market) for 2022-06-01 was 30 days. This is -11% shorter than the same period one year ago.

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.

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).