Davenport FHA Loans

DAVENPORT-MOLINE-ROCK ISLAND, IA-IL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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).