Chicago FHA Loans

CHICAGO-NAPERVILLE-EVANSTON, IL

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 276 lenders originated 35,395 FHA loans during 2021. The total origination value was $8,622,405,000, with an average FHA loan value of $243,605.

Chicago FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Chicago averaged 4.47% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

The average rate for the prior week (2022-03-18) was 4.38% and one month ago for the week of 2022-02-18, the average rate was 4.31%.

The average rate one year ago was 3.05%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.5%.

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
LOANDEPOT.COM, LLC 2,238 3.34% $10,034
QUICKEN LOANS, LLC 2,027 2.72% $6,937
GUARANTEED RATE, INC. 1,699 2.98% $9,671
CROSSCOUNTRY MORTGAGE, LLC 1,377 3.11% $10,287
CALIBER HOME LOANS, INC. 1,376 2.88% $8,585
FREEDOM MORTGAGE CORPORATION 1,168 2.82% $6,117
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1,065 3.22% $9,749
Neighborhood Loans, Inc. 1,049 3.21% $9,785
Mr. Cooper ( Nationstar Mortgage ) 1,029 3.18% $4,216
AMERICAN PACIFIC MORTGAGE CORPORATION 1,027 3.25% $9,680
UNITED WHOLESALE MORTGAGE, LLC 1,001 2.82% $9,106
FIRST CENTENNIAL MORTGAGE CORPORATION 828 2.91% $8,538
The Federal Savings Bank 801 2.99% $9,802
PENNYMAC LOAN SERVICES, LLC 629 3.04% $4,882
COMPASS MORTGAGE, INC. 626 2.96% $8,576
LAKEVIEW LOAN SERVICING, LLC 617 2.97% $5,425
HOME POINT FINANCIAL CORPORATION 532 2.81% $8,168
Barrington Bank & Trust Company, N.A. 482 3.16% $9,641
NEWREZ LLC 434 2.87% $6,205
HOMEBRIDGE FINANCIAL SERVICES, INC. 351 2.85% $8,550
LEADERONE FINANCIAL CORPORATION 351 3.46% $10,353
AMERICAN PORTFOLIO MORTGAGE CORPORATION 320 2.97% $9,179
CELEBRITY HOME LOANS, LLC 316 3.21% $9,975
Carrington Mortgage Services, LLC 310 3.33% $7,794
Lakeview Community Capital, LLC 305 2.99% $4,725
Key Mortgage Services, Inc. 270 3.12% $9,856
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 248 3.17% $10,219
The Huntington National Bank 245 2.87% $9,562
GUARANTEED RATE AFFINITY, LLC 237 2.97% $10,084
Hometown Lenders, Inc. 234 3.33% $9,910
VILLAGE CAPITAL & INVESTMENT LLC 229 2.88% $2,824
BAY EQUITY LLC 226 2.94% $10,310
PLAZA HOME MORTGAGE, INC. 224 3.12% $8,754
AMERICAN FINANCIAL NETWORK, INC. 209 3.28% $14,125
DRAPER AND KRAMER MORTGAGE CORP. 202 3.03% $9,091
Paramount Residential Mortgage Group, Inc. 200 3.41% $10,826
CMG MORTGAGE, INC. 193 3.11% $9,987
United Fidelity Funding Corp. 191 3.11% $9,541
MOVEMENT MORTGAGE, LLC 185 3.19% $9,625
OCMBC, INC. 178 3.01% $9,107
First Guaranty Mortgage Corporation 175 3.00% $7,683
UNION HOME MORTGAGE CORP. 151 2.98% $10,068
HOMESIDE FINANCIAL, LLC 149 3.22% $9,297
CIBC Bank USA 148 3.12% $9,738
JPMorgan Chase Bank 143 2.98% $6,171
Equity Prime Mortgage LLC 141 3.61% $8,733
Flagstar Bank, FSB 138 2.91% $9,036
AMERISAVE MORTGAGE CORPORATION 136 3.11% $8,369
MUTUAL OF OMAHA MORTGAGE, INC. 133 3.00% $9,677
INLANTA MORTGAGE, INC. 127 3.24% $9,098
EAGLE HOME MORTGAGE, LLC 116 3.15% $9,371
CHERRY CREEK MORTGAGE, LLC 110 3.36% $3,975
DHI MORTGAGE COMPANY, LTD. 109 2.87% $5,578
AmeriHome Mortgage Company, LLC 105 2.95% $4,807
FINANCE OF AMERICA MORTGAGE LLC 99 3.07% $8,179
BROKER SOLUTIONS, INC. 96 3.08% $8,241
SUN WEST MORTGAGE COMPANY, INC. 92 3.15% $10,019
Plains Commerce Bank 88 2.76% $9,676
BLUELEAF LENDING, LLC 87 2.76% $9,865
Midwest Community Bank 87 2.94% $9,350
PLANET HOME LENDING, LLC 83 2.83% $5,483
Bank of America 80 2.69% $5,801
Pacor Mortgage Corp 78 2.91% $8,761
U.S. Bank 78 3.10% $9,006
INLAND BANK & TRUST 76 3.12% $9,920
STEARNS LENDING, LLC 73 3.06% $9,600
First Midwest Bank 70 3.11% $8,150
NATIONS RELIABLE LENDING, LLC 68 3.28% $11,892
Hometown Equity Mortgage, LLC 66 3.24% $10,921
M/I FINANCIAL, LLC 66 2.95% $8,630
VAN DYK MORTGAGE CORPORATION 63 3.31% $8,932
InterContinental Capital Group, Inc 62 2.77% $7,398
Mutual Federal Bank 61 2.81% $9,433
NVR Mortgage Finance, Inc. 56 3.10% $10,830
CIBM Bank 55 3.12% $8,436
SUCCESS MORTGAGE PARTNERS, INC. 53 3.11% $10,828
AmRes Corporation 52 3.12% $10,090
PRIMELENDING, A PLAINSCAPITAL COMPANY 50 3.56% $10,076
Old Second National Bank 48 2.96% $8,034
T2 FINANCIAL LLC 47 3.30% $10,682
Platinum Home Mortgage Corporation 46 3.00% $11,265
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 45 2.91% $8,978
Ixonia Bank 43 3.48% $9,775
First National Bank of Omaha 43 2.97% $6,674
MID AMERICA MORTGAGE, INC. 42 2.95% $4,975
Allied First Bank,sb 42 2.74% $8,197
PNC Bank 42 2.78% $7,072
Fifth Third Bank 41 3.08% $7,879
FIRST STATE MORTGAGE SERVICES, LLC 40 2.96% $8,558
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 39 3.18% $10,529
SUMMIT FUNDING, INC. 39 3.36% $11,137
The Home Loan Expert LLC 38 2.88% $9,214
DAS Acquisition Company, LLC 35 3.31% $9,504
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 35 3.06% $10,930
PROPER RATE, LLC 35 2.91% $9,910
GMFS LLC 34 2.89% $7,398
Prosperity Home Mortgage, LLC 33 3.28% $10,646
GUILD MORTGAGE COMPANY 33 3.00% $8,807
CROWN MORTGAGE COMPANY 33 3.05% $8,097
Network Funding, L.P. 32 2.97% $10,894
THE ANDERSON FINANCIAL GROUP, INC. 32 2.83% $8,659
LAND HOME FINANCIAL SERVICES, INC. 30 3.45% $11,934
Nations Lending Corporation 30 3.05% $8,000
Waterstone Mortgage Corporation 29 3.13% $11,428
Marquette Bank 29 2.52% $7,870
Home State Bank 28 2.70% $7,664
DIRECT MORTGAGE LOANS, LLC 27 3.26% $11,325
OCEANSIDE MORTGAGE COMPANY 26 2.71% $3,567
PRIMARY RESIDENTIAL MORTGAGE, INC. 26 3.23% $8,768
Associated Bank 26 2.78% $8,410
Flanagan State Bank 25 3.05% $7,723
NATIONS DIRECT MORTGAGE, LLC 25 3.37% $11,378
Regions Bank 25 2.78% $7,630
Mortgage Research Center, LLC 25 3.03% $8,088
HOMESTAR FINANCIAL CORPORATION 24 3.08% $8,449
TOWNE MORTGAGE COMPANY 24 3.15% $9,600
UNITED HOME LOANS, INC. 24 2.81% $8,450
Servion, Inc. 22 3.05% $7,188
MORIA DEVELOPMENT, INC. 21 3.57% $10,246
CITYWIDE HOME LOANS, LLC 21 3.36% $10,357
ARK-LA-TEX FINANCIAL SERVICES, LLC. 20 3.04% $9,098
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 20 3.00% $9,597
Manufacturers and Traders Trust Company 20 3.16% $7,219
ARC HOME LLC 19 3.20% $8,947
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 19 2.91% $11,378
PARKSIDE LENDING, LLC 18 2.88% $8,077
ENVOY MORTGAGE, LTD 17 3.31% $8,883
PANORAMA MORTGAGE GROUP, LLC 16 3.18% $11,479
First Option Mortgage, LLC 15 3.35% $10,646
First Savings Bank 14 3.05% $13,278
Citizens Bank 14 2.91% $8,249
Citibank 14 2.80% $7,373
First Federal Savings Bank 13 3.02% $6,351
First Home Bank 12 2.90% $11,396
BECKAM FUNDING CORP. 12 3.77% $14,603
EVERETT FINANCIAL, INC. 12 3.26% $7,552
GENEVA FINANCIAL, LLC 12 3.31% $10,077
Gold Coast Bank 11 2.90% $11,192
PHH Mortgage Corporation 10 3.35% $5,534
TCF National Bank 10 2.55% $8,119
Low VA Rates, LLC 10 2.94% $4,609
SOVEREIGN LENDING GROUP INCORPORATED 10 2.81% $8,204
AMERITRUST MORTGAGE CORPORATION 9 2.99% $7,028
BEST CAPITAL FUNDING 9 3.06% $10,887
MICHIGAN MUTUAL, INC. 9 3.24% $8,339
AMERICAN FINANCING CORPORATION 8 3.05% $8,590
Northpointe Bank 8 2.92% $11,103
Florida Capital Bank 8 2.77% $8,564
STOCKTON MORTGAGE CORPORATION 8 3.17% $13,690
MLD MORTGAGE INC. 7 3.02% $8,973
BMO Harris Bank 7 3.25% $10,047
GERSHMAN INVESTMENT CORP. 7 3.34% $9,001
PULTE MORTGAGE LLC 7 3.02% $8,300
ROYAL UNITED MORTGAGE LLC 7 3.05% $8,475
STARBOARD FINANCIAL MANAGEMENT, LLC 6 3.29% $10,802
Bank of England 6 3.21% $10,436
Residential Mortgage Solutions, Inc. 6 3.04% $9,861
HOMEOWNERS FINANCIAL GROUP USA, LLC 6 3.44% $10,014
FLAT BRANCH MORTGAGE, INC. 6 3.35% $11,020
GET A RATE LLC 6 3.42% $9,804
Century Mortgage Company DBA Century Lending Company 5 2.88% $9,042
AMERICAN FINANCIAL RESOURCES, INC. 5 3.13% $10,065
Wells Fargo Bank 5 3.13% $6,296
ENDEAVOR CAPITAL, LLC. 5 3.18% $7,537
MIDLAND MORTGAGE CORPORATION 5 3.50% $6,369
Midland States Bank 5 2.90% $9,206
LENDING 3, INC. 5 2.90% $11,281
Goldwater Bank, N.A. 5 2.95% $12,369
RUOFF MORTGAGE COMPANY, INC. 5 3.28% $6,405
ZILLOW HOME LOANS, LLC 5 3.08% $8,165
American Bank and Trust Company 4 2.94% $7,789
TOTAL MORTGAGE SERVICES, LLC 4 3.94% $9,343
ABSOLUTE HOME MORTGAGE CORPORATION 4 2.38% $7,407
BETTER MORTGAGE CORPORATION 4 3.19% $7,501
DATA MORTGAGE, INC. 4 4.13% $9,830
RESIDENTIAL BANCORP. 4 2.78% $10,144
Sierra Pacific Mortgage Company, Inc. 4 2.69% $8,713
CLEARPATH LENDING 4 2.91% $4,577
AMERIFIRST FINANCIAL CORPORATION 4 2.97% $9,586
EMM LOANS LLC 4 3.19% $13,842
First Merchants Bank 4 2.81% $10,750
LIBERTY HOME MORTGAGE CORPORATION 3 3.17% $9,864
Amerifirst Financial, Inc. 3 3.92% $7,722
FRONTIER FINANCIAL, INC. 3 2.83% $13,578
Colten Mortgage, LLC 3 2.83% $5,439
AMERICAN ADVISORS GROUP 3 2.58% $9,709
CANOPY MORTGAGE, LLC 3 3.42% $9,162
Ameris Bank 3 3.04% $9,354
DEVELOPER'S MORTGAGE COMPANY 3 3.25% $7,102
Princeton Mortgage Corporation 3 3.04% $11,824
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 3.13% $9,881
First Federal Bank 3 3.13% $8,851
ACADEMY MORTGAGE CORPORATION 3 3.25% $6,726
Paramount Bank 3 3.08% $7,683
FAY SERVICING, LLC 3 3.13% $6,765
KELLER MORTGAGE, LLC 2 2.81% $7,378
JAMES B. NUTTER & COMPANY 2 2.69% $6,400
Magnolia Bank 2 2.94% $12,127
MEMBER FIRST MORTGAGE, LLC 2 3.25% $8,296
Home Mortgage Alliance Corp 2 3.13% $10,391
GSF Mortgage Corporation 2 2.63% $7,211
MYCUMORTGAGE, LLC 2 2.63% $10,392
NATIONWIDE MORTGAGE BANKERS, INC. 2 2.88% $7,917
NexBank 2 3.00% $9,581
NP, Inc. 2 3.19% $8,032
FBC MORTGAGE, LLC 2 3.31% $8,084
EMBRACE HOME LOANS, INC. 2 3.50% $9,747
Peoples Bank 2 3.00% $13,156
Commerce Home Mortgage, Inc. 2 3.69% $10,202
Colonial Savings, F.A. 2 3.25% $7,552
Wyndham Capital Mortgage, Inc. 2 2.75% $7,667
BKCO MORTGAGE, LLC 2 2.87% $7,320
Strong Home Mortgage, LLC 2 2.31% $8,270
TBI MORTGAGE COMPANY 2 2.75% $9,326
Austin Capital Bank SSB 2 2.50% $11,283
The Union Bank Company 2 3.00% $8,854
ALLIED MORTGAGE GROUP, INC. 2 3.50% $7,684
Preston Home Loans Inc 1 2.50% $6,447
Alerus Financial 1 2.75% $5,733
NOVA FINANCIAL & INVESTMENT CORPORATION 1 2.63% $8,268
NORWICH COMMERCIAL GROUP, INC. 1 2.88% $17,224
CHURCHILL MORTGAGE CORPORATION 1 3.88% $9,778
Chicago Financial Services, Inc. 1 3.13% $9,658
V.I.P. MORTGAGE, INC. 1 2.75% $5,471
Financial Funding Solutions, Inc. 1 2.55% $14,333
RANLIFE, INC. 1 3.13% $8,400
NORTHERN MORTGAGE SERVICES, LLC 1 3.25% $5,642
Republic Bank & Trust Company 1 3.38% $9,236
North American Savings Bank, F.S.B. 1 2.50% $14,195
NETWORK CAPITAL FUNDING CORPORATION 1 2.50% $10,263
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 2.88% $6,585
First Western Trust Bank 1 3.13% $5,401
NBKC BANK 1 2.75% $8,430
SeaTrust Mortgage Company 1 2.75% $8,022
SECURITYNATIONAL MORTGAGE COMPANY 1 2.63% $8,887
BNC National Bank 1 2.75% $8,393
GATEWAY MORTGAGE CORPORATION 1 3.00% $7,254
SIWELL, INC. 1 2.75% $5,432
SOUTHWEST FUNDING, LP 1 3.63% $15,001
Blue Ridge Bank 1 3.25% $8,140
HANCOCK MORTGAGE PARTNERS, LLC 1 3.25% $10,874
Blackhawk Bank 1 3.00% $6,765
Luxury Mortgage Corp. 1 3.50% $10,361
JLB CORPORATION 1 2.75% $5,536
Heartland Bank and Trust Company 1 3.38% $7,796
BAYSHORE MORTGAGE FUNDING, LLC 1 2.88% $10,269
Sunflower Bank 1 2.99% $13,681
MORTGAGE CENTER L.C 1 2.88% $9,719
Bank Five Nine 1 2.75% $6,336
WESTERN EXPRESS LENDING 1 3.25% $9,157
WRIGHT-PATT CREDIT UNION, INC. 1 3.13% $7,316
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
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.00% $6,798
LAKE MORTGAGE COMPANY INC 1 3.00% $6,562
THOMPSON KANE & COMPANY, LLC 1 2.50% $9,059
HOME FUNDING CORPORATION 1 3.38% $5,007
Mid-Continent Funding, Inc. 1 3.50% $5,573
Truist Bank 1 3.25% $11,155
HOMESITE MORTGAGE, LLC 1 2.75% $6,451
INTELLILOAN, INC. 1 2.88% $6,289
Marine Bank 1 2.63% $8,178
INTERSTATE HOME LOAN CENTER, INC. 1 3.13% $10,462
UNIVERSITY LENDING GROUP, LLC 1 2.75% $7,247
AMCAP MORTGAGE, LTD. 1 2.88% $16,546
East Coast Capital Corp. 1 3.00% $7,236
ON Q FINANCIAL, INC. 1 3.75% $8,382
PENTAGON FEDERAL CREDIT UNION 1 2.25% $9,358
LENDUS, LLC 1 2.75% $14,645
DELMAR FINANCIAL COMPANY 1 2.50% $7,888
FAMILY FINANCE MORTGAGE, LLC 1 2.63% $9,708
CRESCENT MORTGAGE COMPANY 1 2.63% $13,417
Credence Funding Corporation 1 2.63% $9,088
Vibrant Credit Union 1 2.25% $7,783
F&B Acquisition Group LLC 1 3.13% $13,294

The top Chicago FHA lender as defined by loan originations is LOANDEPOT.COM, LLC, with 2,238 FHA loans originated. Their average total fees are $10,034, which is $3,097 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Chicago FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,824), OCEANSIDE MORTGAGE COMPANY ($3,567), CHERRY CREEK MORTGAGE, LLC ($3,975), Mr. Cooper ( Nationstar Mortgage ) ($4,216) and Low VA Rates, LLC ($4,609).

The lowest rate Chicago FHA lenders (with over 10 loans originated) are Marquette Bank (2.52%), TCF National Bank (2.55%), Bank of America (2.69%), Home State Bank (2.70%) and OCEANSIDE MORTGAGE COMPANY (2.71%).


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
Chicago's median listing price for 2022-01-01 was $314,900, a difference of $-14,600 (-4.4%) versus the prior year and $2,400 versus the prior month.

Chicago's median listing price comes in at 84% of the national average.

Chicago's average listing price for 2022-01-01 was $494,700, a difference of $-11,208 (-2.2%) versus the prior year and $16,325 versus the prior month.

For the 2022-01-01 period, Chicago had 12,585 MLS listings, a difference of -2,852 listings (-18%) versus the prior month and -5,377 listings (-30%) 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
Chicago's median listing age (time on market) for 2022-01-01 was 60 days. This is -6% shorter than the same period one year ago.

Chicago's median square footage for active listings during the 2022-01-01 period was 1,600 sqft. One year prior, the average listing was 1,700 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).