Davenport FHA Loan Rates, Closing Costs & Stats

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 87 lenders originated 941 FHA loans during 2022. The total origination value was $140,995,000, with an average FHA loan value of $149,835.

Davenport FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Davenport averaged -0.76% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

Davenport's average FHA mortgage closing costs are $5,168.

The average rate for the prior week (2023-11-17) was 6.73% and one month ago for the week of 2023-10-20, the average rate was 6.54%.

The average rate one year ago was 5.77%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.62%.

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

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
BROKER SOLUTIONS, INC. 100 5.30% $7,526
RUHL MORTGAGE, LLC 100 4.63% $4,249
QUICKEN LOANS, LLC 82 4.50% $7,030
CALIBER HOME LOANS, INC. 75 4.91% $5,570
HOMESIDE FINANCIAL, LLC 69 5.01% $7,516
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 53 5.57% $5,762
LOANDEPOT.COM, LLC 38 5.03% $6,917
CARDINAL FINANCIAL 36 4.81% $7,256
Servion, Inc. 27 4.25% $4,690
SUCCESS MORTGAGE PARTNERS, INC. 22 5.18% $7,587
PLAZA HOME MORTGAGE, INC. 21 4.86% $4,895
MOVEMENT MORTGAGE, LLC 21 4.53% $7,294
BNC National Bank 19 5.07% $6,038
American Bank and Trust Company 19 5.44% $6,035
HOME POINT FINANCIAL CORPORATION 18 5.15% $5,460
Flanagan State Bank 16 4.88% $6,419
UNITED WHOLESALE MORTGAGE, LLC 15 5.16% $6,490
U.S. Bank 12 5.07% $6,231
AMERISAVE MORTGAGE CORPORATION 11 5.11% $7,683
GUARANTEED RATE, INC. 9 5.00% $6,894
Mr. Cooper ( Nationstar Mortgage ) 9 5.78% $7,511
GERSHMAN INVESTMENT CORP. 8 5.64% $4,625
LAKEVIEW LOAN SERVICING, LLC 6 3.77% $4,463
CROSSCOUNTRY MORTGAGE, LLC 6 5.65% $6,937
FREEDOM MORTGAGE CORPORATION 6 5.48% $7,566
Carrington Mortgage Services, LLC 5 5.58% $6,041
Wells Fargo Bank 5 4.58% $4,121
SUN WEST MORTGAGE COMPANY, INC. 5 6.30% $6,720
PENNYMAC LOAN SERVICES, LLC 4 4.12% $6,944
Mortgage Research Center, LLC 4 5.38% $3,769
NEWREZ LLC 4 4.28% $5,978
EVERETT FINANCIAL, INC. 3 5.00% $5,328
Old National Bank 3 4.04% $4,500
VILLAGE CAPITAL MORTGAGE 3 3.13% $2,686
Plains Commerce Bank 3 5.50% $6,277
ZILLOW HOME LOANS, LLC 2 4.75% $9,208
Fortress Bank 2 4.56% $4,755
MICHIGAN MUTUAL, INC. 2 5.25% $4,019
MUTUAL OF OMAHA MORTGAGE, INC. 2 4.25% $9,696
Neighborhood Loans, Inc. 2 5.56% $5,405
SOUTHWEST FUNDING, LP 2 6.44% $7,880
The Central Trust Bank 2 4.00% $5,306
INLANTA MORTGAGE, INC. 1 4.50% $5,690
Ixonia Bank 1 6.25% $5,803
JPMorgan Chase Bank 1 4.50% $3,969
KELLER MORTGAGE, LLC 1 4.50% $7,103
Lakeview Community Capital, LLC 1 3.25% $3,192
Great Southern Bank 1 4.75% $8,860
LAND HOME FINANCIAL SERVICES, INC. 1 6.50% $7,664
LEADERONE FINANCIAL CORPORATION 1 5.63% $2,995
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 4.75% $7,186
Bank of England 1 4.25% $7,469
Midwest Community Bank 1 4.00% $4,392
MORIA DEVELOPMENT, INC. 1 5.50% $6,724
GENEVA FINANCIAL, LLC 1 5.63% $5,779
FLAT BRANCH MORTGAGE, INC. 1 5.75% $3,910
Flagstar Bank, FSB 1 4.75% $9,175
Armed Forces Bank 1 5.13% $4,953
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.75% $6,127
First Guaranty Mortgage Corporation 1 2.63% $9,413
FIRST CENTENNIAL MORTGAGE CORPORATION 1 3.88% $13,090
FINANCE OF AMERICA MORTGAGE LLC 1 5.25% $3,316
PHH Mortgage Corporation 1 5.13% $8,981
Equity Prime Mortgage LLC 1 5.25% $7,474
PLANET HOME LENDING, LLC 1 3.75% $3,441
ENVOY MORTGAGE, LTD 1 6.00% $6,762
POLARIS HOME FUNDING CORP. 1 6.13% $7,911
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $8,310
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.13% $4,631
Prosperity Home Mortgage, LLC 1 4.63% $6,080
EMBRACE HOME LOANS, INC. 1 3.63% $5,703
RESIDENTIAL MORTGAGE NETWORK, INC. 1 5.25% $4,452
ROYAL UNITED MORTGAGE LLC 1 4.63% $7,452
Colonial Savings, F.A. 1 3.75% $6,120
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.25% $6,707
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.25% $7,573
Citizens Bank 1 3.63% $3,967
CHERRY CREEK MORTGAGE, LLC 1 7.13% $650
AMERICAN FINANCING CORPORATION 1 4.88% $7,166
The Federal Savings Bank 1 5.75% $8,693
TOTAL MORTGAGE SERVICES, LLC 1 5.25% $5,617
UNION HOME MORTGAGE CORP. 1 6.38% $6,448
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.50% $4,443
GUILD MORTGAGE COMPANY 1 5.38% $5,963
HOMESITE MORTGAGE, LLC 1 4.13% $0
INB 1 5.00% $5,420
INLAND BANK & TRUST 1 3.63% $4,197

The top Davenport FHA lender as defined by loan originations is BROKER SOLUTIONS, INC., with 100 FHA loans originated. Their average total fees are $7,526, which is $3,277 higher than the next largest lender, RUHL MORTGAGE, LLC.

The lowest fee Davenport FHA lenders (with over 10 loans originated) are RUHL MORTGAGE, LLC ($4,249), Servion, Inc. ($4,690), PLAZA HOME MORTGAGE, INC. ($4,895), HOME POINT FINANCIAL CORPORATION ($5,460) and CALIBER HOME LOANS, INC. ($5,570).

The lowest rate Davenport FHA lenders (with over 10 loans originated) are Servion, Inc. (4.25%), QUICKEN LOANS, LLC (4.50%), MOVEMENT MORTGAGE, LLC (4.53%), RUHL MORTGAGE, LLC (4.63%) and CARDINAL FINANCIAL (4.81%).

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
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL SCOTT 2023 $472,030 $604,400 $730,525 $907,900
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL HENRY 2023 $472,030 $604,400 $730,525 $907,900
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL MERCER 2023 $472,030 $604,400 $730,525 $907,900
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL ROCK ISLAND 2023 $472,030 $604,400 $730,525 $907,900

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 $143,725 (6.5%) $206,931 (7.3%) 0.53 1,241
2018-02-01 $143,250 (0.6%) $206,833 (2.6%) 0.52 1,198
2018-03-01 $149,900 (3.8%) $210,557 (2.8%) 0.53 1,207
2018-04-01 $166,475 (18.3%) $229,432 (10.2%) 0.56 1,171
2018-05-01 $164,800 (10.3%) $225,915 (6.7%) 0.55 1,220
2018-06-01 $167,700 (11.8%) $226,153 (4.2%) 0.56 1,309
2018-07-01 $160,975 (7.4%) $221,520 (2.0%) 0.54 1,368
2018-08-01 $163,950 (9.4%) $223,513 (2.8%) 0.55 1,416
2018-09-01 $159,900 (6.7%) $220,091 (3.9%) 0.54 1,446
2018-10-01 $155,000 (3.4%) $214,588 (1.7%) 0.53 1,441
2018-11-01 $151,313 (0.9%) $211,468 (-0.5%) 0.51 1,423
2018-12-01 $149,900 (0.6%) $206,019 (-1.7%) 0.52 1,318
2019-01-01 $149,450 (4.0%) $206,392 (-0.3%) 0.52 1,195
2019-02-01 $148,950 (4.0%) $207,838 (0.5%) 0.50 1,154
2019-03-01 $146,114 (-2.5%) $210,625 (0.0%) 0.48 1,156
2019-04-01 $147,250 (-11.6%) $213,605 (-6.9%) 0.47 1,188
2019-05-01 $149,900 (-9.0%) $212,632 (-5.9%) 0.47 1,201
2019-06-01 $155,000 (-7.6%) $214,539 (-5.1%) 0.48 1,311
2019-07-01 $154,575 (-4.0%) $212,174 (-4.2%) 0.48 1,331
2019-08-01 $153,573 (-6.3%) $210,384 (-5.9%) 0.49 1,391
2019-09-01 $151,507 (-5.3%) $209,025 (-5.0%) 0.48 1,429
2019-10-01 $149,900 (-3.3%) $208,119 (-3.0%) 0.48 1,459
2019-11-01 $149,600 (-1.1%) $205,665 (-2.7%) 0.49 1,436
2019-12-01 $145,200 (-3.1%) $200,255 (-2.8%) 0.48 1,356
2020-01-01 $144,825 (-3.1%) $201,021 (-2.6%) 0.48 1,288
2020-02-01 $143,750 (-3.5%) $201,586 (-3.0%) 0.47 1,198
2020-03-01 $144,975 (-0.8%) $207,763 (-1.4%) 0.45 1,103
2020-04-01 $156,175 (6.1%) $215,209 (0.8%) 0.49 1,067
2020-05-01 $165,000 (10.1%) $223,799 (5.3%) 0.50 1,011
2020-06-01 $179,495 (15.8%) $231,759 (8.0%) 0.53 932
2020-07-01 $181,923 (17.7%) $236,031 (11.2%) 0.53 892
2020-08-01 $170,000 (10.7%) $231,493 (10.0%) 0.49 864
2020-09-01 $176,800 (16.7%) $232,897 (11.4%) 0.51 832
2020-10-01 $149,900 (0.0%) $218,282 (4.9%) 0.43 823
2020-11-01 $142,500 (-4.8%) $213,129 (3.6%) 0.42 812
2020-12-01 $141,225 (-2.7%) $212,768 (6.3%) 0.42 737
2021-01-01 $131,950 (-8.9%) $208,295 (3.6%) 0.39 623
2021-02-01 $130,975 (-8.9%) $218,215 (8.3%) 0.38 523
2021-03-01 $142,450 (-1.7%) $220,476 (6.1%) 0.40 493
2021-04-01 $165,125 (5.7%) $231,232 (7.5%) 0.45 464
2021-05-01 $165,000 (0.0%) $225,612 (0.8%) 0.44 486
2021-06-01 $151,125 (-15.8%) $221,475 (-4.4%) 0.40 649
2021-07-01 $130,000 (-28.5%) $197,664 (-16.3%) 0.34 800
2021-08-01 $128,725 (-24.3%) $195,044 (-15.8%) 0.34 823
2021-09-01 $129,950 (-26.5%) $195,123 (-16.2%) 0.35 900
2021-10-01 $135,000 (-9.9%) $194,639 (-10.8%) 0.36 948
2021-11-01 $134,925 (-5.3%) $189,684 (-11.0%) 0.36 895
2021-12-01 $129,500 (-8.3%) $187,429 (-11.9%) 0.35 806
2022-01-01 $124,950 (-5.3%) $180,338 (-13.4%) 0.34 640
2022-02-01 $126,000 (-3.8%) $180,566 (-17.3%) 0.33 503
2022-03-01 $134,900 (-5.3%) $190,461 (-13.6%) 0.34 413
2022-04-01 $142,500 (-13.7%) $204,230 (-11.7%) 0.34 407
2022-05-01 $167,000 (1.2%) $234,189 (3.8%) 0.38 465
2022-06-01 $177,450 (17.4%) $238,591 (7.7%) 0.40 538
2022-07-01 $189,999 (46.2%) $246,381 (24.7%) 0.43 558
2022-08-01 $192,450 (49.5%) $255,442 (31.0%) 0.44 567
2022-09-01 $215,225 (65.6%) $266,708 (36.7%) 0.50 572
2022-10-01 $195,500 (44.8%) $254,477 (30.7%) 0.46 625
2022-11-01 $182,500 (35.3%) $247,380 (30.4%) 0.44 684
2022-12-01 $189,900 (46.6%) $247,772 (32.2%) 0.47 625
2023-01-01 $190,000 (52.1%) $250,106 (38.7%) 0.47 552
2023-02-01 $201,975 (60.3%) $248,341 (37.5%) 0.49 533
2023-03-01 $209,900 (55.6%) $254,134 (33.4%) 0.50 490
2023-04-01 $219,950 (54.4%) $263,259 (28.9%) 0.51 495
2023-05-01 $222,450 (33.2%) $269,602 (15.1%) 0.50 477
2023-06-01 $234,950 (32.4%) $275,343 (15.4%) 0.53 514
2023-07-01 $250,000 (31.6%) $293,496 (19.1%) 0.57 534
2023-08-01 $240,450 (24.9%) $292,502 (14.5%) 0.55 560
2023-09-01 $237,098 (10.2%) $292,868 (9.8%) 0.55 568
2023-10-01 $238,000 (21.7%) $288,442 (13.4%) 0.56 604
Davenport's median listing price for 2023-10-01 was $238,000, a difference of $42,500 (21.7%) versus the prior year and $902 versus the prior month.

Davenport's median listing price comes in at 56% of the national average.

Davenport's average listing price for 2023-10-01 was $288,442, a difference of $33,965 (13.4%) versus the prior year and $-4,426 versus the prior month.

For the 2023-10-01 period, Davenport had 604 MLS listings, a difference of 36 listings (6%) versus the prior month and -21 listings (-3%) 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 73 days 1,509 sqft
2018-02-01 68 days 1,506 sqft
2018-03-01 60 days 1,540 sqft
2018-04-01 51 days 1,565 sqft
2018-05-01 45 days 1,546 sqft
2018-06-01 47 days 1,546 sqft
2018-07-01 50 days 1,530 sqft
2018-08-01 51 days 1,518 sqft
2018-09-01 54 days 1,513 sqft
2018-10-01 58 days 1,488 sqft
2018-11-01 59 days 1,474 sqft
2018-12-01 65 days 1,474 sqft
2019-01-01 71 days 1,474 sqft
2019-02-01 73 days 1,474 sqft
2019-03-01 59 days 1,474 sqft
2019-04-01 40 days 1,474 sqft
2019-05-01 37 days 1,477 sqft
2019-06-01 44 days 1,520 sqft
2019-07-01 50 days 1,717 sqft
2019-08-01 54 days 1,749 sqft
2019-09-01 58 days 1,753 sqft
2019-10-01 61 days 1,756 sqft
2019-11-01 63 days 1,700 sqft
2019-12-01 72 days 1,656 sqft
2020-01-01 80 days 1,638 sqft
2020-02-01 82 days 1,609 sqft
2020-03-01 73 days 1,611 sqft
2020-04-01 72 days 1,665 sqft
2020-05-01 61 days 1,699 sqft
2020-06-01 54 days 1,753 sqft
2020-07-01 52 days 1,741 sqft
2020-08-01 45 days 1,723 sqft
2020-09-01 49 days 1,723 sqft
2020-10-01 47 days 1,633 sqft
2020-11-01 52 days 1,611 sqft
2020-12-01 60 days 1,592 sqft
2021-01-01 66 days 1,565 sqft
2021-02-01 63 days 1,592 sqft
2021-03-01 53 days 1,589 sqft
2021-04-01 41 days 1,591 sqft
2021-05-01 34 days 1,596 sqft
2021-06-01 28 days 1,541 sqft
2021-07-01 36 days 1,474 sqft
2021-08-01 41 days 1,474 sqft
2021-09-01 47 days 1,490 sqft
2021-10-01 48 days 1,498 sqft
2021-11-01 56 days 1,515 sqft
2021-12-01 65 days 1,481 sqft
2022-01-01 76 days 1,463 sqft
2022-02-01 77 days 1,442 sqft
2022-03-01 45 days 1,468 sqft
2022-04-01 38 days 1,474 sqft
2022-05-01 34 days 1,571 sqft
2022-06-01 37 days 1,584 sqft
2022-07-01 38 days 1,622 sqft
2022-08-01 43 days 1,616 sqft
2022-09-01 42 days 1,603 sqft
2022-10-01 43 days 1,570 sqft
2022-11-01 48 days 1,557 sqft
2022-12-01 59 days 1,545 sqft
2023-01-01 71 days 1,550 sqft
2023-02-01 62 days 1,506 sqft
2023-03-01 47 days 1,500 sqft
2023-04-01 47 days 1,546 sqft
2023-05-01 46 days 1,549 sqft
2023-06-01 44 days 1,609 sqft
2023-07-01 40 days 1,667 sqft
2023-08-01 40 days 1,665 sqft
2023-09-01 40 days 1,679 sqft
2023-10-01 41 days 1,686 sqft
Davenport's median listing age (time on market) for 2023-10-01 was 41 days. This is -5% shorter than the same period one year ago.

Davenport's median square footage for active listings during the 2023-10-01 period was 1,686 sqft. One year prior, the average listing was 1,570 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).