Davenport FHA Loans

DAVENPORT-MOLINE-ROCK ISLAND, IA-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.

Davenport's 83 lenders originated 1,462 FHA loans during 2021. The total origination value was $210,850,000, with an average FHA loan value of $144,220.

Davenport FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Davenport averaged 5.33% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.16% and one month ago for the week of 2022-04-08, the average rate was 5.03%.

The average rate one year ago was 3.24%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.85%.

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

Davenport 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 Davenport level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
CALIBER HOME LOANS, INC. 183 2.94% $4,839
QUICKEN LOANS, LLC 139 2.80% $5,229
BROKER SOLUTIONS, INC. 113 3.49% $6,400
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 111 3.23% $5,118
HOMESIDE FINANCIAL, LLC 90 3.24% $5,796
RUHL MORTGAGE, LLC 85 2.67% $3,995
LOANDEPOT.COM, LLC 54 3.55% $5,679
American Bank and Trust Company 35 3.15% $5,347
Mr. Cooper ( Nationstar Mortgage ) 35 3.28% $2,964
BNC National Bank 34 2.87% $5,233
Servion, Inc. 30 2.90% $4,418
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 30 3.49% $6,252
SUCCESS MORTGAGE PARTNERS, INC. 29 3.52% $6,137
PENNYMAC LOAN SERVICES, LLC 28 3.20% $3,200
PLAZA HOME MORTGAGE, INC. 25 2.81% $4,079
Flanagan State Bank 20 3.43% $5,369
GUARANTEED RATE, INC. 20 3.09% $5,191
FREEDOM MORTGAGE CORPORATION 19 3.16% $3,872
LAKEVIEW LOAN SERVICING, LLC 19 3.03% $3,978
U.S. Bank 18 3.01% $4,422
VILLAGE CAPITAL & INVESTMENT LLC 14 3.13% $2,111
UNITED WHOLESALE MORTGAGE, LLC 13 2.79% $6,106
NEWREZ LLC 11 2.98% $3,353
GUILD MORTGAGE COMPANY 10 3.01% $5,073
Paramount Residential Mortgage Group, Inc. 9 3.17% $6,018
Carrington Mortgage Services, LLC 9 3.92% $5,757
CHERRY CREEK MORTGAGE, LLC 9 3.49% $2,576
UNION HOME MORTGAGE CORP. 9 3.58% $6,296
First Midwest Bank 8 3.22% $4,858
MICHIGAN MUTUAL, INC. 8 2.97% $5,685
HOME POINT FINANCIAL CORPORATION 7 3.07% $3,738
AMERICAN FINANCING CORPORATION 6 2.85% $5,489
GERSHMAN INVESTMENT CORP. 5 3.55% $4,965
OCEANSIDE MORTGAGE COMPANY 5 3.15% $1,979
CROSSCOUNTRY MORTGAGE, LLC 5 3.35% $6,407
Vibrant Credit Union 5 2.85% $4,692
KELLER MORTGAGE, LLC 4 3.16% $4,454
Barrington Bank & Trust Company, N.A. 4 3.25% $6,714
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.50% $4,422
AmeriHome Mortgage Company, LLC 3 2.79% $4,201
AMERISAVE MORTGAGE CORPORATION 3 3.00% $6,700
Flagstar Bank, FSB 3 3.04% $3,742
Mortgage Research Center, LLC 3 3.12% $3,529
Ixonia Bank 3 3.42% $6,629
GENEVA FINANCIAL, LLC 2 3.56% $4,612
ENVOY MORTGAGE, LTD 2 3.50% $4,284
EVERETT FINANCIAL, INC. 2 3.19% $4,504
First Guaranty Mortgage Corporation 2 3.25% $4,107
Fortress Bank 2 2.81% $7,150
Great Southern Bank 2 2.81% $4,558
INLANTA MORTGAGE, INC. 2 3.06% $5,128
INSPIRE HOME LOANS INC. 2 3.69% $7,377
Neighborhood Loans, Inc. 2 3.50% $5,143
ON Q FINANCIAL, INC. 2 4.19% $3,422
RESIDENTIAL MORTGAGE NETWORK, INC. 2 2.88% $4,251
NATIONS RELIABLE LENDING, LLC 1 3.25% $8,305
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.00% $4,850
Lincoln Savings Bank 1 2.63% $6,076
Key Mortgage Services, Inc. 1 3.50% $5,485
AMERICAN FINANCIAL NETWORK, INC. 1 4.25% $14,910
JPMorgan Chase Bank 1 3.13% $2,273
HOMESERVICES LENDING, LLC 1 2.38% $4,442
PHH Mortgage Corporation 1 3.00% $6,474
Plains Commerce Bank 1 3.25% $3,131
PLANET HOME LENDING, LLC 1 2.88% $2,005
FLAT BRANCH MORTGAGE, INC. 1 3.13% $5,267
PREMIA MORTGAGE, LLC 1 2.63% $6,609
First International Bank & Trust 1 3.13% $2,027
RANLIFE, INC. 1 3.25% $5,068
Wells Fargo Bank 1 3.63% $3,568
ROYAL UNITED MORTGAGE LLC 1 3.13% $6,165
FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.63% $4,862
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $6,579
SOUTHWEST FUNDING, LP 1 3.38% $6,656
STEARNS LENDING, LLC 1 2.75% $3,323
Fifth Third Bank 1 3.00% $4,344
The Federal Savings Bank 1 3.00% $7,343
ENDEAVOR CAPITAL, LLC. 1 3.00% $6,247
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.50% $6,117
Blackhawk Bank 1 3.25% $7,836
MOVEMENT MORTGAGE, LLC 1 3.25% $0
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $6,263
NATIONS DIRECT MORTGAGE, LLC 1 2.75% $4,748

The top Davenport FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 183 FHA loans originated. Their average total fees are $4,839, which is $391 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Davenport FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,111), Mr. Cooper ( Nationstar Mortgage ) ($2,964), PENNYMAC LOAN SERVICES, LLC ($3,200), NEWREZ LLC ($3,353) and FREEDOM MORTGAGE CORPORATION ($3,872).

The lowest rate Davenport FHA lenders (with over 10 loans originated) are RUHL MORTGAGE, LLC (2.67%), UNITED WHOLESALE MORTGAGE, LLC (2.79%), QUICKEN LOANS, LLC (2.80%), PLAZA HOME MORTGAGE, INC. (2.81%) and BNC National Bank (2.87%).

Davenport FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL SCOTT 2022 $420,680 $538,650 $651,050 $809,150
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL HENRY 2022 $420,680 $538,650 $651,050 $809,150
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL MERCER 2022 $420,680 $538,650 $651,050 $809,150
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL ROCK ISLAND 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Davenport (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 $142,000 (4.3%) $205,677 (6.7%) 0.52 1,275
2018-02-01 $139,950 (-1.7%) $204,834 (1.8%) 0.50 1,227
2018-03-01 $149,900 (5.2%) $207,989 (2.5%) 0.52 1,230
2018-04-01 $164,950 (17.8%) $229,724 (11.2%) 0.55 1,185
2018-05-01 $159,900 (9.9%) $225,308 (6.6%) 0.53 1,243
2018-06-01 $165,000 (10.1%) $225,921 (4.3%) 0.55 1,327
2018-07-01 $160,000 (6.7%) $222,679 (3.1%) 0.53 1,385
2018-08-01 $161,500 (7.7%) $220,823 (2.8%) 0.54 1,435
2018-09-01 $159,000 (7.4%) $217,922 (4.2%) 0.53 1,470
2018-10-01 $154,900 (3.7%) $212,846 (2.5%) 0.52 1,464
2018-11-01 $149,900 (0.5%) $209,054 (-0.1%) 0.50 1,443
2018-12-01 $149,000 (2.8%) $202,997 (-1.7%) 0.51 1,329
2019-01-01 $149,000 (4.9%) $206,086 (0.2%) 0.51 1,206
2019-02-01 $148,450 (6.1%) $205,794 (0.5%) 0.50 1,171
2019-03-01 $145,000 (-3.3%) $208,359 (0.2%) 0.47 1,176
2019-04-01 $145,000 (-12.1%) $210,989 (-8.2%) 0.46 1,213
2019-05-01 $148,450 (-7.2%) $209,494 (-7.0%) 0.46 1,235
2019-06-01 $154,900 (-6.1%) $213,006 (-5.7%) 0.48 1,352
2019-07-01 $151,000 (-5.6%) $209,586 (-5.9%) 0.47 1,354
2019-08-01 $152,000 (-5.9%) $208,076 (-5.8%) 0.48 1,396
2019-09-01 $152,000 (-4.4%) $207,702 (-4.7%) 0.48 1,430
2019-10-01 $149,900 (-3.2%) $205,510 (-3.5%) 0.48 1,478
2019-11-01 $147,500 (-1.6%) $203,385 (-2.7%) 0.48 1,451
2019-12-01 $142,400 (-4.4%) $197,916 (-2.5%) 0.47 1,362
2020-01-01 $142,000 (-4.7%) $198,858 (-3.5%) 0.47 1,294
2020-02-01 $141,900 (-4.4%) $199,507 (-3.1%) 0.46 1,200
2020-03-01 $142,900 (-1.5%) $205,130 (-1.6%) 0.45 1,106
2020-04-01 $151,450 (4.5%) $211,672 (0.3%) 0.47 1,074
2020-05-01 $160,000 (7.8%) $220,107 (5.1%) 0.48 1,023
2020-06-01 $176,200 (13.8%) $227,599 (6.9%) 0.51 942
2020-07-01 $178,990 (18.5%) $232,728 (11.0%) 0.51 903
2020-08-01 $167,500 (10.2%) $228,163 (9.7%) 0.48 875
2020-09-01 $172,450 (13.5%) $229,545 (10.5%) 0.49 834
2020-10-01 $149,500 (-0.3%) $215,355 (4.8%) 0.43 825
2020-11-01 $141,600 (-4.0%) $210,729 (3.6%) 0.41 817
2020-12-01 $139,900 (-1.8%) $209,605 (5.9%) 0.41 746
2021-01-01 $129,995 (-8.5%) $204,442 (2.8%) 0.38 637
2021-02-01 $129,900 (-8.5%) $213,494 (7.0%) 0.37 532
2021-03-01 $142,350 (-0.4%) $215,767 (5.2%) 0.40 504
2021-04-01 $157,450 (4.0%) $222,506 (5.1%) 0.42 465
2021-05-01 $162,500 (1.6%) $217,982 (-1.0%) 0.43 484
2021-06-01 $149,900 (-14.9%) $216,765 (-4.8%) 0.39 653
2021-07-01 $134,950 (-24.6%) $198,417 (-14.7%) 0.35 775
2021-08-01 $128,000 (-23.6%) $191,709 (-16.0%) 0.34 828
2021-09-01 $129,400 (-25.0%) $192,190 (-16.3%) 0.34 913
2021-10-01 $134,900 (-9.8%) $191,322 (-11.2%) 0.36 955
2021-11-01 $134,900 (-4.7%) $187,495 (-11.0%) 0.36 902
2021-12-01 $129,450 (-7.5%) $185,289 (-11.6%) 0.35 815
2022-01-01 $127,500 (-1.9%) $178,154 (-12.9%) 0.34 649
2022-02-01 $127,400 (-1.9%) $179,146 (-16.1%) 0.32 517
2022-03-01 $134,900 (-5.2%) $187,863 (-12.9%) 0.33 424
2022-04-01 $142,000 (-9.8%) $201,722 (-9.3%) 0.33 411
Davenport's median listing price for 2022-04-01 was $142,000, a difference of $-15,450 (-9.8%) versus the prior year and $7,100 versus the prior month.

Davenport's median listing price comes in at 33% of the national average.

Davenport's average listing price for 2022-04-01 was $201,722, a difference of $-20,784 (-9.3%) versus the prior year and $13,859 versus the prior month.

For the 2022-04-01 period, Davenport had 411 MLS listings, a difference of -13 listings (-3%) versus the prior month and -54 listings (-12%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Davenport (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 74 days 1,514 sqft
2018-02-01 71 days 1,506 sqft
2018-03-01 61 days 1,544 sqft
2018-04-01 52 days 1,572 sqft
2018-05-01 47 days 1,550 sqft
2018-06-01 50 days 1,550 sqft
2018-07-01 52 days 1,541 sqft
2018-08-01 52 days 1,518 sqft
2018-09-01 57 days 1,512 sqft
2018-10-01 59 days 1,480 sqft
2018-11-01 61 days 1,474 sqft
2018-12-01 66 days 1,474 sqft
2019-01-01 72 days 1,474 sqft
2019-02-01 74 days 1,474 sqft
2019-03-01 64 days 1,474 sqft
2019-04-01 40 days 1,474 sqft
2019-05-01 36 days 1,478 sqft
2019-06-01 39 days 1,524 sqft
2019-07-01 29 days 1,715 sqft
2019-08-01 53 days 1,735 sqft
2019-09-01 58 days 1,732 sqft
2019-10-01 63 days 1,734 sqft
2019-11-01 65 days 1,681 sqft
2019-12-01 74 days 1,642 sqft
2020-01-01 83 days 1,632 sqft
2020-02-01 88 days 1,606 sqft
2020-03-01 75 days 1,606 sqft
2020-04-01 70 days 1,633 sqft
2020-05-01 66 days 1,643 sqft
2020-06-01 62 days 1,717 sqft
2020-07-01 57 days 1,725 sqft
2020-08-01 50 days 1,723 sqft
2020-09-01 53 days 1,723 sqft
2020-10-01 50 days 1,629 sqft
2020-11-01 54 days 1,606 sqft
2020-12-01 60 days 1,580 sqft
2021-01-01 70 days 1,555 sqft
2021-02-01 68 days 1,563 sqft
2021-03-01 60 days 1,562 sqft
2021-04-01 49 days 1,554 sqft
2021-05-01 40 days 1,554 sqft
2021-06-01 30 days 1,517 sqft
2021-07-01 36 days 1,486 sqft
2021-08-01 42 days 1,474 sqft
2021-09-01 48 days 1,484 sqft
2021-10-01 49 days 1,494 sqft
2021-11-01 57 days 1,509 sqft
2021-12-01 65 days 1,474 sqft
2022-01-01 77 days 1,451 sqft
2022-02-01 79 days 1,431 sqft
2022-03-01 52 days 1,468 sqft
2022-04-01 42 days 1,474 sqft
Davenport's median listing age (time on market) for 2022-04-01 was 42 days. This is -13% shorter than the same period one year ago.

Davenport's median square footage for active listings during the 2022-04-01 period was 1,474 sqft. One year prior, the average listing was 1,554 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).