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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.