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 71 lenders originated 748 FHA loans during 2023. The total origination value was $119,040,000, with an average FHA loan value of $159,144.

Davenport FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Davenport averaged 6.72% for the week of 2024-07-05, compared to the national average (all FHA variants) of 6.724% for the same period.

Davenport's average FHA mortgage closing costs are $5,404.

The average rate for the prior week (2024-06-28) was 6.38% and one month ago for the week of 2024-05-31, the average rate was 6.87%.

The average rate one year ago was 6.54%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.69%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
BROKER SOLUTIONS, INC. 88 6.62% $8,329
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 67 6.79% $6,710
QUICKEN LOANS, LLC 62 6.31% $7,948
RUHL MORTGAGE, LLC 47 6.16% $4,993
HOMESIDE FINANCIAL, LLC 44 6.92% $8,289
GREENSTATE CREDIT UNION 35 6.01% $5,139
PLAZA HOME MORTGAGE, INC. 33 6.82% $6,458
CALIBER HOME LOANS, INC. 29 6.48% $6,096
CROSSCOUNTRY MORTGAGE, LLC 21 7.00% $8,288
UNITED WHOLESALE MORTGAGE, LLC 18 6.81% $8,296
LOANDEPOT.COM, LLC 17 6.67% $6,873
Flanagan State Bank 16 6.59% $8,855
SUCCESS MORTGAGE PARTNERS, INC. 15 6.88% $8,564
SUN WEST MORTGAGE COMPANY, INC. 15 6.83% $8,797
CARDINAL FINANCIAL 13 6.82% $7,999
American Bank and Trust Company 11 6.59% $5,849
Servion, Inc. 11 6.56% $5,274
NEWREZ LLC 9 6.93% $6,400
PENNYMAC LOAN SERVICES, LLC 8 6.39% $7,345
GERSHMAN INVESTMENT CORP. 8 7.31% $5,339
Mr. Cooper ( Nationstar Mortgage ) 7 5.93% $10,004
BNC National Bank 7 6.29% $5,986
U.S. Bank 7 6.70% $5,776
Mortgage Research Center, LLC 6 7.25% $3,743
Plains Commerce Bank 6 6.63% $6,650
MOVEMENT MORTGAGE, LLC 6 7.38% $5,777
OPEN MORTGAGE, LLC 5 7.35% $6,184
NATIONWIDE MORTGAGE BANKERS, INC. 5 7.00% $7,482
AMERISAVE MORTGAGE CORPORATION 5 6.15% $8,611
First Federal Bank 5 6.93% $7,322
Fortress Bank 5 7.03% $4,805
Old National Bank 5 6.95% $5,385
Carrington Mortgage Services, LLC 4 6.56% $9,918
GUARANTEED RATE, INC. 4 7.19% $7,932
FREEDOM MORTGAGE CORPORATION 4 7.13% $9,836
LAKEVIEW LOAN SERVICING, LLC 3 6.88% $8,826
GUILD MORTGAGE COMPANY 3 7.04% $5,889
MICHIGAN MUTUAL, INC. 3 6.79% $4,970
FLAT BRANCH MORTGAGE, INC. 3 6.63% $5,981
GENEVA FINANCIAL, LLC 2 7.69% $8,836
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.81% $5,497
ENDEAVOR CAPITAL, LLC. 2 6.13% $7,365
INB 2 6.56% $5,220
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $6,095
NFM, INC. 2 7.25% $6,729
OCMBC, INC. 2 7.00% $8,564
TruHome Solutions, LLC 2 6.81% $5,171
M&T Bank 1 6.50% $10,382
AMERICAN FINANCING CORPORATION 1 5.50% $10,657
Northpointe Bank 1 6.50% $8,813
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $5,260
Magnolia Bank 1 6.13% $13,463
Flagstar Bank, FSB 1 6.19% $5,068
FIRST STATE MORTGAGE SERVICES, LLC 1 7.75% $4,991
PHH Mortgage Corporation 1 7.13% $6,072
FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.75% $13,088
EVERETT FINANCIAL, INC. 1 6.63% $3,666
POLARIS HOME FUNDING CORP. 1 6.75% $11,944
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.99% $15,659
Equity Prime Mortgage LLC 1 5.13% $6,241
RESIDENTIAL MORTGAGE NETWORK, INC. 1 6.75% $5,871
ROYAL UNITED MORTGAGE LLC 1 6.75% $9,990
EMBRACE HOME LOANS, INC. 1 6.75% $5,118
DIGNIFIED HOME LOANS, LLC 1 6.63% $9,034
AmRes Corporation 1 6.25% $5,421
American Mortgage & Equity Consultants, Inc. 1 6.49% $4,681
ZILLOW HOME LOANS, LLC 1 7.13% $6,667
UNION HOME MORTGAGE CORP. 1 6.88% $16,304
Nations Lending Corporation 1 7.25% $10,673
Neighborhood Loans, Inc. 1 7.25% $7,213
NETWORK CAPITAL FUNDING CORPORATION 1 6.63% $11,688

The top Davenport FHA lender as defined by loan originations is BROKER SOLUTIONS, INC., with 88 FHA loans originated. Their average total fees are $8,329, which is $1,618 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Davenport FHA lenders (with over 10 loans originated) are RUHL MORTGAGE, LLC ($4,993), GREENSTATE CREDIT UNION ($5,139), Servion, Inc. ($5,274), American Bank and Trust Company ($5,849) and CALIBER HOME LOANS, INC. ($6,096).

The lowest rate Davenport FHA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION (6.01%), RUHL MORTGAGE, LLC (6.16%), QUICKEN LOANS, LLC (6.31%), CALIBER HOME LOANS, INC. (6.48%) and Servion, Inc. (6.56%).

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%) $206,746 (0.0%) 0.50 1,153
2019-03-01 $145,857 (-2.7%) $209,980 (-0.3%) 0.48 1,155
2019-04-01 $147,250 (-11.6%) $213,524 (-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%) $214,857 (-5.0%) 0.48 1,311
2019-07-01 $154,750 (-3.9%) $212,242 (-4.2%) 0.48 1,330
2019-08-01 $153,609 (-6.3%) $210,524 (-5.8%) 0.49 1,390
2019-09-01 $151,523 (-5.2%) $209,278 (-4.9%) 0.48 1,429
2019-10-01 $149,900 (-3.3%) $208,447 (-2.9%) 0.48 1,459
2019-11-01 $149,900 (-0.9%) $205,948 (-2.6%) 0.49 1,437
2019-12-01 $145,500 (-2.9%) $200,538 (-2.7%) 0.49 1,357
2020-01-01 $144,825 (-3.1%) $201,284 (-2.5%) 0.48 1,290
2020-02-01 $144,000 (-3.3%) $201,898 (-2.3%) 0.47 1,198
2020-03-01 $144,975 (-0.6%) $207,763 (-1.1%) 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 (7.9%) 0.53 932
2020-07-01 $181,923 (17.6%) $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 (11.3%) 0.51 832
2020-10-01 $149,900 (0.0%) $218,282 (4.7%) 0.43 823
2020-11-01 $142,500 (-4.9%) $213,129 (3.5%) 0.42 812
2020-12-01 $141,225 (-2.9%) $212,768 (6.1%) 0.42 737
2021-01-01 $131,950 (-8.9%) $208,295 (3.5%) 0.39 623
2021-02-01 $130,975 (-9.1%) $218,215 (8.1%) 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 $165,000 (0.0%) $232,357 (3.0%) 0.38 459
2022-06-01 $175,000 (15.8%) $237,207 (7.1%) 0.39 532
2022-07-01 $189,900 (46.1%) $245,153 (24.0%) 0.43 552
2022-08-01 $192,000 (49.2%) $254,836 (30.7%) 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 (34.8%) $269,602 (16.0%) 0.50 477
2023-06-01 $234,950 (34.3%) $275,343 (16.1%) 0.53 514
2023-07-01 $250,000 (31.7%) $293,496 (19.7%) 0.57 534
2023-08-01 $240,450 (25.2%) $292,502 (14.8%) 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
2023-11-01 $234,125 (28.3%) $288,170 (16.5%) 0.56 627
2023-12-01 $224,900 (18.4%) $281,567 (13.6%) 0.55 597
2024-01-01 $217,950 (14.7%) $278,923 (11.5%) 0.53 539
2024-02-01 $211,200 (4.6%) $280,923 (13.1%) 0.51 517
2024-03-01 $212,450 (1.2%) $291,368 (14.7%) 0.50 516
2024-04-01 $226,597 (3.0%) $302,148 (14.8%) 0.53 540
2024-05-01 $255,900 (15.0%) $318,327 (18.1%) 0.58 547
2024-06-01 $245,000 (4.3%) $316,131 (14.8%) 0.55 578
Davenport's median listing price for 2024-06-01 was $245,000, a difference of $10,050 (4.3%) versus the prior year and $-10,900 versus the prior month.

Davenport's median listing price comes in at 55% of the national average.

Davenport's average listing price for 2024-06-01 was $316,131, a difference of $40,788 (14.8%) versus the prior year and $-2,196 versus the prior month.

For the 2024-06-01 period, Davenport had 578 MLS listings, a difference of 31 listings (6%) versus the prior month and 64 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 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 1,564 sqft
2018-05-01 45 days 1,543 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 1,489 sqft
2018-11-01 59 days 1,475 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 1,715 sqft
2019-08-01 54 days 1,749 sqft
2019-09-01 59 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 1,593 sqft
2021-01-01 66 days 1,566 sqft
2021-02-01 63 days 1,593 sqft
2021-03-01 53 days 1,591 sqft
2021-04-01 41 days 1,591 sqft
2021-05-01 34 days 1,597 sqft
2021-06-01 28 days 1,544 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 1,496 sqft
2021-11-01 56 days 1,515 sqft
2021-12-01 65 days 1,480 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 1,579 sqft
2022-06-01 37 days 1,588 sqft
2022-07-01 38 days 1,625 sqft
2022-08-01 43 days 1,617 sqft
2022-09-01 42 days 1,604 sqft
2022-10-01 43 days 1,570 sqft
2022-11-01 48 days 1,556 sqft
2022-12-01 59 days 1,546 sqft
2023-01-01 71 days 1,549 sqft
2023-02-01 62 days 1,505 sqft
2023-03-01 47 days 1,499 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 1,677 sqft
2023-10-01 41 days 1,686 sqft
2023-11-01 43 days 1,690 sqft
2023-12-01 51 days 1,658 sqft
2024-01-01 64 days 1,622 sqft
2024-02-01 61 days 1,620 sqft
2024-03-01 40 days 1,612 sqft
2024-04-01 43 days 1,660 sqft
2024-05-01 37 days 1,673 sqft
2024-06-01 34 days 1,684 sqft
Davenport's median listing age (time on market) for 2024-06-01 was 34 days. This is -24% shorter than the same period one year ago.

Davenport's median square footage for active listings during the 2024-06-01 period was 1,684 sqft. One year prior, the average listing was 1,609 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).