Danville FHA Loan Rates, Closing Costs & Stats

DANVILLE, IL

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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.

    Danville's 34 lenders originated 150 FHA loans during 2023. The total origination value was $17,510,000, with an average FHA loan value of $116,733.

    Danville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Danville averaged 6.83% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Danville's average FHA mortgage closing costs are $4,983.

    The average rate for the prior week (2024-04-12) was 7.12% and one month ago for the week of 2024-03-15, the average rate was 6.89%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Danville 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 Danville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 37 6.98% $6,566
    FLAT BRANCH MORTGAGE, INC. 35 6.78% $5,340
    QUICKEN LOANS, LLC 21 6.69% $6,178
    Magnolia Bank 7 6.45% $4,551
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 5.75% $5,072
    FIRST STATE MORTGAGE SERVICES, LLC 3 6.92% $5,876
    UNITED WHOLESALE MORTGAGE, LLC 2 7.10% $5,365
    MEMBER FIRST MORTGAGE, LLC 2 7.06% $5,825
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.63% $6,843
    Mortgage Research Center, LLC 2 6.44% $4,237
    PENNYMAC LOAN SERVICES, LLC 2 5.94% $5,877
    POINT Mortgage 2 8.13% $8,135
    INB 2 6.13% $3,836
    LOANDEPOT.COM, LLC 2 7.19% $5,555
    NEWREZ LLC 1 6.88% $3,727
    North American Savings Bank, F.S.B. 1 6.25% $7,078
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $4,233
    ROYAL UNITED MORTGAGE LLC 1 7.13% $15,233
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $5,169
    United Community Bank 1 6.88% $3,833
    Wells Fargo Bank 1 6.63% $7,305
    BROKER SOLUTIONS, INC. 1 6.13% $10,422
    CALIBER HOME LOANS, INC. 1 6.25% $4,395
    CARDINAL FINANCIAL 1 7.75% $5,961
    Carrington Mortgage Services, LLC 1 6.50% $10,742
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.25% $6,946
    ENDEAVOR CAPITAL, LLC. 1 7.25% $8,997
    Equity Prime Mortgage LLC 1 7.75% $7,829
    First Financial Bank 1 7.13% $4,465
    FREEDOM MORTGAGE CORPORATION 1 6.75% $4,562
    FRONTIER FINANCIAL, INC. 1 7.13% $4,969
    HOMESIDE FINANCIAL, LLC 1 7.38% $7,916
    Ixonia Bank 1 6.99% $6,235
    Midland States Bank 1 7.63% $4,766

    The top Danville FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 37 FHA loans originated. Their average total fees are $6,566, which is $1,226 higher than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Danville FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($5,340), QUICKEN LOANS, LLC ($6,178), CROSSCOUNTRY MORTGAGE, LLC ($6,566), .

    The lowest rate Danville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.69%), FLAT BRANCH MORTGAGE, INC. (6.78%), CROSSCOUNTRY MORTGAGE, LLC (6.98%), .

    Danville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DANVILLE, IL VERMILION 2022 $420,680 $538,650 $651,050 $809,150
    DANVILLE, IL VERMILION 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Danville (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 $69,900 (7.9%) $100,306 (12.9%) 0.00 286
    2018-02-01 $72,700 (12.0%) $101,759 (12.2%) 0.00 286
    2018-03-01 $73,500 (13.2%) $105,178 (12.5%) 0.00 296
    2018-04-01 $77,250 (19.0%) $109,535 (18.4%) 0.00 296
    2018-05-01 $83,750 (21.2%) $110,563 (9.9%) 0.00 307
    2018-06-01 $85,000 (25.2%) $110,115 (10.5%) 0.00 312
    2018-07-01 $84,900 (23.1%) $111,237 (8.1%) 0.00 322
    2018-08-01 $83,850 (17.7%) $110,002 (4.4%) 0.00 334
    2018-09-01 $79,945 (14.5%) $110,200 (8.2%) 0.00 327
    2018-10-01 $80,000 (15.9%) $109,042 (6.1%) 0.00 334
    2018-11-01 $82,125 (20.8%) $112,224 (9.4%) 0.00 317
    2018-12-01 $79,900 (14.3%) $112,647 (11.3%) 0.00 316
    2019-01-01 $77,125 (10.3%) $111,566 (11.2%) 0.00 310
    2019-02-01 $79,700 (9.6%) $115,476 (13.5%) 0.00 295
    2019-03-01 $82,900 (12.8%) $116,367 (10.6%) 0.00 288
    2019-04-01 $86,425 (11.9%) $117,184 (7.0%) 0.00 291
    2019-05-01 $84,900 (1.4%) $119,015 (7.6%) 0.00 297
    2019-06-01 $87,250 (2.7%) $120,180 (9.1%) 0.00 302
    2019-07-01 $88,300 (4.0%) $118,710 (6.7%) 0.00 300
    2019-08-01 $86,291 (2.9%) $117,505 (6.8%) 0.00 295
    2019-09-01 $83,877 (4.9%) $115,508 (4.8%) 0.00 290
    2019-10-01 $82,268 (2.8%) $114,177 (4.7%) 0.00 283
    2019-11-01 $84,400 (2.8%) $113,686 (1.3%) 0.00 273
    2019-12-01 $75,000 (-6.1%) $106,960 (-5.1%) 0.00 268
    2020-01-01 $79,000 (2.4%) $109,821 (-1.6%) 0.00 255
    2020-02-01 $79,900 (0.3%) $109,685 (-5.0%) 0.00 239
    2020-03-01 $78,750 (-5.0%) $112,082 (-3.7%) 0.00 207
    2020-04-01 $81,475 (-5.7%) $117,672 (0.4%) 0.00 200
    2020-05-01 $85,000 (0.1%) $119,176 (0.1%) 0.00 182
    2020-06-01 $91,225 (4.6%) $121,803 (1.4%) 0.00 172
    2020-07-01 $93,850 (6.3%) $119,751 (0.9%) 0.00 167
    2020-08-01 $93,750 (8.6%) $123,022 (4.7%) 0.00 171
    2020-09-01 $89,600 (6.8%) $120,035 (3.9%) 0.00 180
    2020-10-01 $89,000 (8.2%) $118,074 (3.4%) 0.00 181
    2020-11-01 $92,175 (9.2%) $124,041 (9.1%) 0.00 160
    2020-12-01 $87,875 (17.2%) $124,756 (16.6%) 0.00 140
    2021-01-01 $87,750 (11.1%) $127,536 (16.1%) 0.00 117
    2021-02-01 $86,625 (8.4%) $134,726 (22.8%) 0.00 100
    2021-03-01 $94,925 (20.5%) $134,907 (20.4%) 0.00 87
    2021-04-01 $84,125 (3.3%) $132,985 (13.0%) 0.00 72
    2021-05-01 $89,450 (5.2%) $133,873 (12.3%) 0.00 79
    2021-06-01 $97,375 (6.7%) $136,972 (12.5%) 0.00 98
    2021-07-01 $104,900 (11.8%) $135,734 (13.4%) 0.00 92
    2021-08-01 $99,050 (5.7%) $122,900 (-0.1%) 0.00 97
    2021-09-01 $99,900 (11.5%) $118,606 (-1.2%) 0.00 107
    2021-10-01 $109,000 (22.5%) $130,473 (10.5%) 0.00 102
    2021-11-01 $102,475 (11.2%) $128,280 (3.4%) 0.00 103
    2021-12-01 $92,200 (4.9%) $119,014 (-4.6%) 0.00 84
    2022-01-01 $85,000 (-3.1%) $114,150 (-10.5%) 0.00 72
    2022-02-01 $80,000 (-7.7%) $112,683 (-16.4%) 0.00 58
    2022-03-01 $79,900 (-15.8%) $128,861 (-4.5%) 0.00 59
    2022-04-01 $94,950 (12.9%) $140,690 (5.8%) 0.00 64
    2022-05-01 $117,500 (31.4%) $156,928 (17.2%) 0.00 65
    2022-06-01 $103,225 (6.0%) $167,534 (22.3%) 0.00 69
    2022-07-01 $110,000 (4.9%) $156,436 (15.3%) 0.00 90
    2022-08-01 $119,900 (21.1%) $167,529 (36.3%) 0.00 99
    2022-09-01 $100,975 (1.1%) $153,957 (29.8%) 0.00 116
    2022-10-01 $99,900 (-8.4%) $141,084 (8.1%) 0.00 121
    2022-11-01 $110,975 (8.3%) $124,913 (-2.6%) 0.00 133
    2022-12-01 $110,000 (19.3%) $126,200 (6.0%) 0.00 116
    2023-01-01 $99,900 (17.5%) $124,578 (9.1%) 0.00 103
    2023-02-01 $102,400 (28.0%) $128,283 (13.8%) 0.00 86
    2023-03-01 $109,850 (37.5%) $130,271 (1.1%) 0.00 81
    2023-04-01 $99,900 (5.2%) $129,754 (-7.8%) 0.00 83
    2023-05-01 $96,150 (-18.2%) $127,314 (-18.9%) 0.00 86
    2023-06-01 $99,900 (-3.2%) $133,468 (-20.3%) 0.00 87
    2023-07-01 $94,900 (-13.7%) $123,868 (-20.8%) 0.00 94
    2023-08-01 $97,450 (-18.7%) $124,961 (-25.4%) 0.00 89
    2023-09-01 $105,000 (4.0%) $142,400 (-7.5%) 0.00 106
    2023-10-01 $105,000 (5.1%) $137,730 (-2.4%) 0.00 119
    2023-11-01 $105,125 (-5.3%) $130,863 (4.8%) 0.00 121
    2023-12-01 $104,900 (-4.6%) $129,760 (2.8%) 0.00 115
    2024-01-01 $96,950 (-3.0%) $126,357 (1.4%) 0.00 107
    2024-02-01 $88,700 (-13.4%) $123,489 (-3.7%) 0.00 110
    2024-03-01 $89,450 (-18.6%) $117,855 (-9.5%) 0.00 107
    Danville's median listing price for 2024-03-01 was $89,450, a difference of $-20,400 (-18.6%) versus the prior year and $750 versus the prior month.

    Danville's median listing price comes in at 0% of the national average.

    Danville's average listing price for 2024-03-01 was $117,855, a difference of $-12,416 (-9.5%) versus the prior year and $-5,634 versus the prior month.

    For the 2024-03-01 period, Danville had 107 MLS listings, a difference of -3 listings (-3%) versus the prior month and 26 listings (32%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Danville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,477 sqft
    2018-02-01 0 days 1,465 sqft
    2018-03-01 0 days 1,531 sqft
    2018-04-01 0 days 1,571 sqft
    2018-05-01 0 days 1,591 sqft
    2018-06-01 0 days 1,600 sqft
    2018-07-01 0 days 1,594 sqft
    2018-08-01 0 days 1,600 sqft
    2018-09-01 0 days 1,554 sqft
    2018-10-01 0 days 1,572 sqft
    2018-11-01 0 days 1,590 sqft
    2018-12-01 0 days 1,580 sqft
    2019-01-01 0 days 1,571 sqft
    2019-02-01 0 days 1,561 sqft
    2019-03-01 0 days 1,565 sqft
    2019-04-01 0 days 1,600 sqft
    2019-05-01 0 days 1,600 sqft
    2019-06-01 0 days 1,610 sqft
    2019-07-01 0 days 1,635 sqft
    2019-08-01 0 days 1,621 sqft
    2019-09-01 0 days 1,593 sqft
    2019-10-01 0 days 1,577 sqft
    2019-11-01 0 days 1,600 sqft
    2019-12-01 0 days 1,560 sqft
    2020-01-01 0 days 1,622 sqft
    2020-02-01 0 days 1,611 sqft
    2020-03-01 0 days 1,603 sqft
    2020-04-01 0 days 1,689 sqft
    2020-05-01 0 days 1,688 sqft
    2020-06-01 0 days 1,650 sqft
    2020-07-01 0 days 1,603 sqft
    2020-08-01 0 days 1,624 sqft
    2020-09-01 0 days 1,557 sqft
    2020-10-01 0 days 1,580 sqft
    2020-11-01 0 days 1,649 sqft
    2020-12-01 0 days 1,600 sqft
    2021-01-01 0 days 1,657 sqft
    2021-02-01 0 days 1,600 sqft
    2021-03-01 0 days 1,716 sqft
    2021-04-01 0 days 1,642 sqft
    2021-05-01 0 days 1,558 sqft
    2021-06-01 0 days 1,565 sqft
    2021-07-01 0 days 1,620 sqft
    2021-08-01 0 days 1,522 sqft
    2021-09-01 0 days 1,532 sqft
    2021-10-01 0 days 1,611 sqft
    2021-11-01 0 days 1,529 sqft
    2021-12-01 0 days 1,465 sqft
    2022-01-01 0 days 1,451 sqft
    2022-02-01 0 days 1,440 sqft
    2022-03-01 0 days 1,383 sqft
    2022-04-01 0 days 1,390 sqft
    2022-05-01 0 days 1,509 sqft
    2022-06-01 0 days 1,432 sqft
    2022-07-01 0 days 1,500 sqft
    2022-08-01 0 days 1,643 sqft
    2022-09-01 0 days 1,785 sqft
    2022-10-01 0 days 1,800 sqft
    2022-11-01 0 days 1,573 sqft
    2022-12-01 0 days 1,556 sqft
    2023-01-01 0 days 1,549 sqft
    2023-02-01 0 days 1,589 sqft
    2023-03-01 0 days 1,671 sqft
    2023-04-01 0 days 1,612 sqft
    2023-05-01 0 days 1,580 sqft
    2023-06-01 0 days 1,619 sqft
    2023-07-01 0 days 1,620 sqft
    2023-08-01 0 days 1,632 sqft
    2023-09-01 0 days 1,620 sqft
    2023-10-01 0 days 1,598 sqft
    2023-11-01 0 days 1,535 sqft
    2023-12-01 0 days 1,498 sqft
    2024-01-01 0 days 1,521 sqft
    2024-02-01 0 days 1,531 sqft
    2024-03-01 0 days 1,584 sqft
    Danville's median listing age (time on market) for 2024-03-01 was 0 days.

    Danville's median square footage for active listings during the 2024-03-01 period was 1,584 sqft. One year prior, the average listing was 1,671 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).