Davenport FHA Loan Rates, Closing Costs & Stats

DAVENPORT-MOLINE-ROCK ISLAND, IA-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.

    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 6.65% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.44% and one month ago for the week of 2024-03-15, the average rate was 6.61%.

    The average rate one year ago was 6.24%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.52%.

    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
    Davenport's median listing price for 2024-03-01 was $212,450, a difference of $2,550 (1.2%) versus the prior year and $1,250 versus the prior month.

    Davenport's median listing price comes in at 50% of the national average.

    Davenport's average listing price for 2024-03-01 was $291,368, a difference of $37,234 (14.7%) versus the prior year and $10,445 versus the prior month.

    For the 2024-03-01 period, Davenport had 516 MLS listings, a difference of -1 listings (0%) versus the prior month and 26 listings (5%) 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 1,621 sqft
    2024-03-01 40 days 1,612 sqft
    Davenport's median listing age (time on market) for 2024-03-01 was 40 days. This is -15% shorter than the same period one year ago.

    Davenport's median square footage for active listings during the 2024-03-01 period was 1,612 sqft. One year prior, the average listing was 1,499 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).