Decatur FHA Loan Rates, Closing Costs & Stats

DECATUR, 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.

    Decatur's 45 lenders originated 271 FHA loans during 2023. The total origination value was $35,315,000, with an average FHA loan value of $130,314.

    Decatur FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Decatur averaged 7.03% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Decatur's average FHA mortgage closing costs are $4,942.

    The average rate for the prior week (2024-04-12) was 6.72% and one month ago for the week of 2024-03-15, the average rate was 6.49%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Decatur 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 Decatur level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 45 7.04% $6,047
    QUICKEN LOANS, LLC 24 6.51% $6,590
    Regions Bank 23 6.58% $5,196
    DRAPER AND KRAMER MORTGAGE CORP. 17 6.73% $5,787
    CROSSCOUNTRY MORTGAGE, LLC 17 7.08% $6,931
    Heartland Bank and Trust Company 15 6.38% $4,726
    FIRST STATE MORTGAGE SERVICES, LLC 10 6.85% $5,892
    PNC Bank 9 6.79% $5,483
    Busey Bank 9 6.67% $4,623
    MYCUMORTGAGE, LLC 7 7.02% $4,797
    BROKER SOLUTIONS, INC. 6 6.56% $6,652
    UNITED WHOLESALE MORTGAGE, LLC 6 6.23% $7,609
    PENNYMAC LOAN SERVICES, LLC 4 6.50% $7,330
    CALIBER HOME LOANS, INC. 4 5.91% $7,212
    CIBM Bank 4 7.03% $5,201
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.28% $12,267
    Flagstar Bank, FSB 4 6.47% $6,482
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.58% $4,924
    LOANDEPOT.COM, LLC 3 6.50% $9,408
    FREEDOM MORTGAGE CORPORATION 3 6.63% $11,502
    MOVEMENT MORTGAGE, LLC 3 6.46% $10,174
    AMERICAN FINANCING CORPORATION 2 6.44% $3,189
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.50% $8,635
    AMERISAVE MORTGAGE CORPORATION 2 5.94% $12,981
    ENDEAVOR CAPITAL, LLC. 2 6.06% $7,221
    Mortgage Research Center, LLC 2 5.94% $12,924
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.69% $7,051
    NEWREZ LLC 2 7.00% $7,748
    ROYAL UNITED MORTGAGE LLC 2 7.06% $7,698
    Wells Fargo Bank 2 7.38% $5,222
    Ixonia Bank 1 5.88% $7,969
    U.S. Bank 1 6.88% $7,038
    NFM, INC. 1 6.75% $8,112
    GUARANTEED RATE, INC. 1 7.63% $5,870
    PLAZA HOME MORTGAGE, INC. 1 7.25% $6,950
    Fortress Bank 1 7.75% $4,929
    CARDINAL FINANCIAL 1 7.25% $8,690
    Associated Bank 1 5.75% $4,870
    ZILLOW HOME LOANS, LLC 1 6.13% $6,620
    Servion, Inc. 1 7.25% $5,251
    MORIA DEVELOPMENT, INC. 1 7.13% $7,911
    The Federal Savings Bank 1 5.63% $7,978
    LAKEVIEW LOAN SERVICING, LLC 1 7.13% $7,468
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $9,828
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $3,859

    The top Decatur FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 45 FHA loans originated. Their average total fees are $6,047, which is $543 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Decatur FHA lenders (with over 10 loans originated) are Heartland Bank and Trust Company ($4,726), Regions Bank ($5,196), DRAPER AND KRAMER MORTGAGE CORP. ($5,787), FIRST STATE MORTGAGE SERVICES, LLC ($5,892) and FLAT BRANCH MORTGAGE, INC. ($6,047).

    The lowest rate Decatur FHA lenders (with over 10 loans originated) are Heartland Bank and Trust Company (6.38%), QUICKEN LOANS, LLC (6.51%), Regions Bank (6.58%), DRAPER AND KRAMER MORTGAGE CORP. (6.73%) and FIRST STATE MORTGAGE SERVICES, LLC (6.85%).

    Decatur FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DECATUR, IL MACON 2022 $420,680 $538,650 $651,050 $809,150
    DECATUR, IL MACON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Decatur (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 $89,950 (-0.5%) $117,494 (-9.5%) 0.00 601
    2018-02-01 $90,825 (1.0%) $122,312 (-4.9%) 0.00 577
    2018-03-01 $89,900 (0.0%) $122,802 (-5.1%) 0.00 566
    2018-04-01 $97,025 (2.5%) $128,191 (-3.8%) 0.00 563
    2018-05-01 $98,050 (0.2%) $130,039 (-6.4%) 0.00 569
    2018-06-01 $97,200 (-2.7%) $131,640 (-5.9%) 0.00 559
    2018-07-01 $97,000 (-1.9%) $131,579 (0.1%) 0.00 600
    2018-08-01 $97,200 (-2.4%) $138,199 (3.9%) 0.00 614
    2018-09-01 $89,900 (-8.9%) $133,747 (2.3%) 0.00 602
    2018-10-01 $90,750 (0.1%) $135,114 (8.7%) 0.00 580
    2018-11-01 $94,800 (1.5%) $134,431 (8.1%) 0.00 558
    2018-12-01 $93,500 (4.0%) $134,187 (12.5%) 0.00 512
    2019-01-01 $94,200 (4.7%) $135,809 (15.6%) 0.00 471
    2019-02-01 $104,675 (15.3%) $144,057 (17.8%) 0.00 432
    2019-03-01 $104,657 (16.4%) $143,316 (16.7%) 0.00 429
    2019-04-01 $112,949 (16.4%) $148,093 (15.5%) 0.00 428
    2019-05-01 $114,599 (16.9%) $157,527 (21.1%) 0.00 441
    2019-06-01 $112,500 (15.7%) $156,023 (18.5%) 0.00 472
    2019-07-01 $109,950 (13.4%) $150,792 (14.6%) 0.00 549
    2019-08-01 $109,740 (12.9%) $147,694 (6.9%) 0.00 549
    2019-09-01 $109,577 (21.9%) $146,502 (9.5%) 0.00 532
    2019-10-01 $107,225 (18.2%) $145,708 (7.8%) 0.00 519
    2019-11-01 $99,900 (5.4%) $139,844 (4.0%) 0.00 478
    2019-12-01 $99,375 (6.3%) $138,903 (3.5%) 0.00 418
    2020-01-01 $94,925 (0.8%) $131,532 (-3.2%) 0.00 380
    2020-02-01 $98,900 (-5.5%) $132,871 (-7.8%) 0.00 342
    2020-03-01 $108,625 (3.8%) $140,171 (-2.2%) 0.00 340
    2020-04-01 $106,725 (-5.5%) $139,147 (-6.0%) 0.00 321
    2020-05-01 $112,500 (-1.8%) $147,561 (-6.3%) 0.00 293
    2020-06-01 $116,700 (3.7%) $158,407 (1.5%) 0.00 255
    2020-07-01 $110,650 (0.6%) $150,328 (-0.3%) 0.00 284
    2020-08-01 $102,000 (-7.1%) $147,649 (0.0%) 0.00 267
    2020-09-01 $104,700 (-4.5%) $145,028 (-1.0%) 0.00 248
    2020-10-01 $100,000 (-6.7%) $143,406 (-1.6%) 0.00 226
    2020-11-01 $96,225 (-3.7%) $135,716 (-3.0%) 0.00 238
    2020-12-01 $89,900 (-9.5%) $129,456 (-6.8%) 0.00 230
    2021-01-01 $89,900 (-5.3%) $128,739 (-2.1%) 0.00 210
    2021-02-01 $91,750 (-7.2%) $133,378 (0.4%) 0.00 180
    2021-03-01 $97,425 (-10.3%) $140,546 (0.3%) 0.00 153
    2021-04-01 $86,125 (-19.3%) $142,293 (2.3%) 0.00 137
    2021-05-01 $99,899 (-11.2%) $168,052 (13.9%) 0.00 145
    2021-06-01 $99,650 (-14.6%) $178,860 (12.9%) 0.00 142
    2021-07-01 $87,000 (-21.4%) $171,271 (13.9%) 0.00 155
    2021-08-01 $89,900 (-11.9%) $169,423 (14.8%) 0.00 170
    2021-09-01 $99,900 (-4.6%) $176,105 (21.4%) 0.00 188
    2021-10-01 $109,900 (9.9%) $163,645 (14.1%) 0.00 182
    2021-11-01 $102,974 (7.0%) $155,653 (14.7%) 0.00 168
    2021-12-01 $98,897 (10.0%) $153,655 (18.7%) 0.00 166
    2022-01-01 $89,900 (0.0%) $140,101 (8.8%) 0.00 147
    2022-02-01 $89,900 (-2.0%) $144,897 (8.6%) 0.00 139
    2022-03-01 $87,225 (-10.5%) $148,165 (5.4%) 0.00 128
    2022-04-01 $89,897 (4.4%) $167,609 (17.8%) 0.00 140
    2022-05-01 $115,450 (15.6%) $181,056 (7.7%) 0.00 142
    2022-06-01 $124,925 (25.4%) $187,877 (5.0%) 0.00 146
    2022-07-01 $125,000 (43.7%) $183,767 (7.3%) 0.00 169
    2022-08-01 $126,550 (40.8%) $176,048 (3.9%) 0.00 174
    2022-09-01 $125,900 (26.0%) $174,441 (-0.9%) 0.00 184
    2022-10-01 $126,000 (14.7%) $176,076 (7.6%) 0.00 187
    2022-11-01 $127,450 (23.8%) $175,228 (12.6%) 0.00 173
    2022-12-01 $119,900 (21.2%) $168,424 (9.6%) 0.00 146
    2023-01-01 $118,675 (32.0%) $177,173 (26.5%) 0.00 136
    2023-02-01 $117,200 (30.4%) $189,880 (31.0%) 0.00 122
    2023-03-01 $123,700 (41.8%) $198,324 (33.9%) 0.00 104
    2023-04-01 $125,000 (39.1%) $209,976 (25.3%) 0.00 100
    2023-05-01 $160,675 (39.2%) $230,434 (27.3%) 0.00 105
    2023-06-01 $149,899 (20.0%) $224,173 (19.3%) 0.00 122
    2023-07-01 $144,897 (15.9%) $222,627 (21.2%) 0.00 125
    2023-08-01 $147,725 (16.7%) $213,318 (21.2%) 0.00 151
    2023-09-01 $156,950 (24.7%) $219,353 (25.8%) 0.00 147
    2023-10-01 $155,950 (23.8%) $221,671 (25.9%) 0.00 169
    2023-11-01 $164,225 (28.9%) $224,376 (28.1%) 0.00 166
    2023-12-01 $144,700 (20.7%) $206,609 (22.7%) 0.00 162
    2024-01-01 $146,075 (23.1%) $210,558 (18.8%) 0.00 154
    2024-02-01 $154,950 (32.2%) $210,614 (10.9%) 0.00 153
    2024-03-01 $149,900 (21.2%) $231,841 (16.9%) 0.00 125
    Decatur's median listing price for 2024-03-01 was $149,900, a difference of $26,200 (21.2%) versus the prior year and $-5,050 versus the prior month.

    Decatur's median listing price comes in at 0% of the national average.

    Decatur's average listing price for 2024-03-01 was $231,841, a difference of $33,517 (16.9%) versus the prior year and $21,227 versus the prior month.

    For the 2024-03-01 period, Decatur had 125 MLS listings, a difference of -28 listings (-18%) versus the prior month and 21 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Decatur (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,612 sqft
    2018-02-01 0 days 1,638 sqft
    2018-03-01 0 days 1,649 sqft
    2018-04-01 0 days 1,720 sqft
    2018-05-01 0 days 1,692 sqft
    2018-06-01 0 days 1,717 sqft
    2018-07-01 0 days 1,665 sqft
    2018-08-01 0 days 1,665 sqft
    2018-09-01 0 days 1,656 sqft
    2018-10-01 0 days 1,663 sqft
    2018-11-01 0 days 1,655 sqft
    2018-12-01 0 days 1,636 sqft
    2019-01-01 0 days 1,639 sqft
    2019-02-01 0 days 1,742 sqft
    2019-03-01 0 days 1,751 sqft
    2019-04-01 0 days 1,788 sqft
    2019-05-01 0 days 1,795 sqft
    2019-06-01 0 days 1,795 sqft
    2019-07-01 0 days 1,767 sqft
    2019-08-01 0 days 1,763 sqft
    2019-09-01 0 days 1,766 sqft
    2019-10-01 0 days 1,765 sqft
    2019-11-01 0 days 1,728 sqft
    2019-12-01 0 days 1,696 sqft
    2020-01-01 0 days 1,665 sqft
    2020-02-01 0 days 1,691 sqft
    2020-03-01 0 days 1,790 sqft
    2020-04-01 0 days 1,739 sqft
    2020-05-01 0 days 1,777 sqft
    2020-06-01 0 days 1,847 sqft
    2020-07-01 0 days 1,757 sqft
    2020-08-01 0 days 1,760 sqft
    2020-09-01 0 days 1,799 sqft
    2020-10-01 0 days 1,797 sqft
    2020-11-01 0 days 1,714 sqft
    2020-12-01 0 days 1,634 sqft
    2021-01-01 0 days 1,561 sqft
    2021-02-01 0 days 1,594 sqft
    2021-03-01 0 days 1,628 sqft
    2021-04-01 0 days 1,623 sqft
    2021-05-01 0 days 1,709 sqft
    2021-06-01 0 days 1,674 sqft
    2021-07-01 0 days 1,661 sqft
    2021-08-01 0 days 1,654 sqft
    2021-09-01 0 days 1,628 sqft
    2021-10-01 0 days 1,633 sqft
    2021-11-01 0 days 1,513 sqft
    2021-12-01 0 days 1,595 sqft
    2022-01-01 0 days 1,488 sqft
    2022-02-01 0 days 1,443 sqft
    2022-03-01 0 days 1,427 sqft
    2022-04-01 0 days 1,316 sqft
    2022-05-01 0 days 1,530 sqft
    2022-06-01 0 days 1,780 sqft
    2022-07-01 0 days 1,758 sqft
    2022-08-01 0 days 1,874 sqft
    2022-09-01 0 days 2,125 sqft
    2022-10-01 0 days 2,082 sqft
    2022-11-01 0 days 1,735 sqft
    2022-12-01 0 days 1,712 sqft
    2023-01-01 0 days 1,634 sqft
    2023-02-01 0 days 1,605 sqft
    2023-03-01 0 days 1,573 sqft
    2023-04-01 0 days 1,648 sqft
    2023-05-01 0 days 1,847 sqft
    2023-06-01 0 days 1,781 sqft
    2023-07-01 0 days 1,740 sqft
    2023-08-01 0 days 1,710 sqft
    2023-09-01 0 days 1,740 sqft
    2023-10-01 0 days 1,828 sqft
    2023-11-01 0 days 1,866 sqft
    2023-12-01 0 days 1,680 sqft
    2024-01-01 0 days 1,749 sqft
    2024-02-01 0 days 1,739 sqft
    2024-03-01 0 days 1,745 sqft
    Decatur's median listing age (time on market) for 2024-03-01 was 0 days.

    Decatur's median square footage for active listings during the 2024-03-01 period was 1,745 sqft. One year prior, the average listing was 1,573 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).