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 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).