Effingham FHA Loan Rates, Closing Costs & Stats

Effingham, 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.

    Effingham's 13 lenders originated 33 FHA loans during 2023. The total origination value was $5,425,000, with an average FHA loan value of $164,394.

    Effingham FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Effingham averaged 6.63% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Effingham's average FHA mortgage closing costs are $6,051.

    The average rate for the prior week (2024-04-12) was 6.42% and one month ago for the week of 2024-03-15, the average rate was 6.49%.

    The average rate one year ago was 6.22%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Effingham 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 Effingham level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.78% $6,747
    QUICKEN LOANS, LLC 4 6.50% $8,505
    PENNYMAC LOAN SERVICES, LLC 3 5.88% $10,864
    BROKER SOLUTIONS, INC. 3 6.67% $6,761
    LOANDEPOT.COM, LLC 2 6.62% $8,281
    GERSHMAN INVESTMENT CORP. 2 7.25% $6,046
    CROSSCOUNTRY MORTGAGE, LLC 2 6.06% $7,194
    United Community Bank 1 7.00% $3,745
    AmRes Corporation 1 7.00% $10,965
    Heartland Bank and Trust Company 1 7.13% $6,984
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $2,591
    Paramount Residential Mortgage Group, Inc. 1 6.25% $19,013
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $17,389

    The top Effingham FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 4 FHA loans originated. Their average total fees are $6,747, which is $1,759 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Effingham FHA lenders (with over 10 loans originated) are .

    The lowest rate Effingham FHA lenders (with over 10 loans originated) are .

    Effingham FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Effingham (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 $185,300 (12.9%) $239,462 (1.4%) 0.00 79
    2018-02-01 $166,150 (-2.2%) $228,282 (-7.7%) 0.00 84
    2018-03-01 $199,900 (7.9%) $238,183 (-6.2%) 0.00 102
    2018-04-01 $199,900 (8.1%) $241,687 (-5.1%) 0.00 115
    2018-05-01 $199,450 (6.1%) $238,552 (-8.3%) 0.00 126
    2018-06-01 $199,900 (9.7%) $220,654 (-10.0%) 0.00 128
    2018-07-01 $199,900 (8.1%) $219,956 (-11.7%) 0.00 128
    2018-08-01 $198,700 (10.0%) $210,187 (-15.3%) 0.00 124
    2018-09-01 $189,950 (7.4%) $208,527 (-9.0%) 0.00 128
    2018-10-01 $173,700 (-1.8%) $206,431 (-11.5%) 0.00 128
    2018-11-01 $175,725 (-1.8%) $203,560 (-15.6%) 0.00 121
    2018-12-01 $164,950 (-13.7%) $193,387 (-19.2%) 0.00 107
    2019-01-01 $149,900 (-19.1%) $189,407 (-20.9%) 0.00 103
    2019-02-01 $156,225 (-6.0%) $202,345 (-11.4%) 0.00 103
    2019-03-01 $162,714 (-18.6%) $217,097 (-8.9%) 0.00 101
    2019-04-01 $167,689 (-16.1%) $222,849 (-7.8%) 0.00 102
    2019-05-01 $174,575 (-12.5%) $237,703 (-0.4%) 0.00 108
    2019-06-01 $168,950 (-15.5%) $231,487 (4.9%) 0.00 117
    2019-07-01 $168,475 (-15.7%) $226,479 (3.0%) 0.00 124
    2019-08-01 $168,136 (-15.4%) $227,972 (8.5%) 0.00 126
    2019-09-01 $168,341 (-11.4%) $229,892 (10.3%) 0.00 131
    2019-10-01 $170,500 (-1.8%) $231,838 (12.3%) 0.00 136
    2019-11-01 $158,500 (-9.8%) $226,329 (11.2%) 0.00 140
    2019-12-01 $139,900 (-15.2%) $222,436 (15.0%) 0.00 123
    2020-01-01 $154,900 (3.3%) $217,902 (15.0%) 0.00 122
    2020-02-01 $152,400 (-2.5%) $224,540 (11.0%) 0.00 112
    2020-03-01 $169,950 (4.5%) $245,518 (13.1%) 0.00 121
    2020-04-01 $176,500 (5.3%) $246,700 (10.7%) 0.00 123
    2020-05-01 $198,750 (13.9%) $252,683 (6.3%) 0.00 113
    2020-06-01 $207,000 (22.5%) $281,999 (21.8%) 0.00 97
    2020-07-01 $207,700 (23.3%) $289,058 (27.6%) 0.00 94
    2020-08-01 $218,950 (30.2%) $295,080 (29.4%) 0.00 84
    2020-09-01 $222,000 (31.9%) $299,424 (30.3%) 0.00 85
    2020-10-01 $224,900 (31.9%) $295,877 (27.6%) 0.00 82
    2020-11-01 $182,425 (15.1%) $286,836 (26.7%) 0.00 84
    2020-12-01 $169,900 (21.4%) $274,512 (23.4%) 0.00 79
    2021-01-01 $176,450 (13.9%) $281,539 (29.2%) 0.00 61
    2021-02-01 $208,750 (37.0%) $318,895 (42.0%) 0.00 54
    2021-03-01 $209,500 (23.3%) $329,139 (34.1%) 0.00 58
    2021-04-01 $220,755 (25.1%) $350,933 (42.3%) 0.00 57
    2021-05-01 $142,500 (-28.3%) $306,687 (21.4%) 0.00 58
    2021-06-01 $187,000 (-9.7%) $320,583 (13.7%) 0.00 60
    2021-07-01 $194,950 (-6.1%) $324,875 (12.4%) 0.00 56
    2021-08-01 $187,725 (-14.3%) $307,856 (4.3%) 0.00 49
    2021-09-01 $186,500 (-16.0%) $283,295 (-5.4%) 0.00 51
    2021-10-01 $186,000 (-17.3%) $278,440 (-5.9%) 0.00 47
    2021-11-01 $189,250 (3.7%) $264,874 (-7.7%) 0.00 49
    2021-12-01 $164,900 (-2.9%) $234,643 (-14.5%) 0.00 41
    2022-01-01 $139,900 (-20.7%) $220,988 (-21.5%) 0.00 36
    2022-02-01 $164,925 (-21.0%) $252,108 (-20.9%) 0.00 29
    2022-03-01 $161,975 (-22.7%) $289,084 (-12.2%) 0.00 33
    2022-04-01 $170,000 (-23.0%) $272,287 (-22.4%) 0.00 33
    2022-05-01 $228,200 (60.1%) $313,923 (2.4%) 0.00 28
    2022-06-01 $263,725 (41.0%) $333,793 (4.1%) 0.00 24
    2022-07-01 $235,000 (20.5%) $327,731 (0.9%) 0.00 27
    2022-08-01 $147,500 (-21.4%) $239,656 (-22.2%) 0.00 38
    2022-09-01 $173,225 (-7.1%) $266,134 (-6.1%) 0.00 45
    2022-10-01 $159,900 (-14.0%) $251,539 (-9.7%) 0.00 45
    2022-11-01 $163,175 (-13.8%) $290,547 (9.7%) 0.00 45
    2022-12-01 $179,900 (9.1%) $299,513 (27.7%) 0.00 39
    2023-01-01 $226,975 (62.2%) $333,138 (50.8%) 0.00 34
    2023-02-01 $228,675 (38.7%) $344,499 (36.7%) 0.00 28
    2023-03-01 $219,625 (35.6%) $364,102 (26.0%) 0.00 27
    2023-04-01 $239,000 (40.6%) $399,037 (46.6%) 0.00 29
    2023-05-01 $321,825 (41.0%) $415,592 (32.4%) 0.00 30
    2023-06-01 $327,475 (24.2%) $445,135 (33.4%) 0.00 32
    2023-07-01 $305,000 (29.8%) $474,041 (44.6%) 0.00 39
    2023-08-01 $287,450 (94.9%) $479,314 (100.0%) 0.00 45
    2023-09-01 $325,000 (87.6%) $502,683 (88.9%) 0.00 46
    2023-10-01 $276,950 (73.2%) $475,163 (88.9%) 0.00 54
    2023-11-01 $285,700 (75.1%) $468,862 (61.4%) 0.00 54
    2023-12-01 $299,900 (66.7%) $426,504 (42.4%) 0.00 58
    2024-01-01 $323,725 (42.6%) $420,612 (26.3%) 0.00 57
    2024-02-01 $324,975 (42.1%) $415,823 (20.7%) 0.00 56
    2024-03-01 $337,450 (53.7%) $429,361 (17.9%) 0.00 47
    Effingham's median listing price for 2024-03-01 was $337,450, a difference of $117,825 (53.7%) versus the prior year and $12,475 versus the prior month.

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

    Effingham's average listing price for 2024-03-01 was $429,361, a difference of $65,259 (17.9%) versus the prior year and $13,538 versus the prior month.

    For the 2024-03-01 period, Effingham had 47 MLS listings, a difference of -9 listings (-16%) versus the prior month and 20 listings (74%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Effingham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,992 sqft
    2018-02-01 0 days 2,001 sqft
    2018-03-01 0 days 2,248 sqft
    2018-04-01 0 days 2,325 sqft
    2018-05-01 0 days 2,091 sqft
    2018-06-01 0 days 2,184 sqft
    2018-07-01 0 days 2,185 sqft
    2018-08-01 0 days 2,088 sqft
    2018-09-01 0 days 2,047 sqft
    2018-10-01 0 days 2,001 sqft
    2018-11-01 0 days 1,989 sqft
    2018-12-01 0 days 1,915 sqft
    2019-01-01 0 days 1,776 sqft
    2019-02-01 0 days 1,774 sqft
    2019-03-01 0 days 1,864 sqft
    2019-04-01 0 days 1,944 sqft
    2019-05-01 0 days 2,021 sqft
    2019-06-01 0 days 1,950 sqft
    2019-07-01 0 days 1,922 sqft
    2019-08-01 0 days 1,861 sqft
    2019-09-01 0 days 1,815 sqft
    2019-10-01 0 days 1,785 sqft
    2019-11-01 0 days 1,783 sqft
    2019-12-01 0 days 1,784 sqft
    2020-01-01 0 days 1,784 sqft
    2020-02-01 0 days 1,795 sqft
    2020-03-01 0 days 1,889 sqft
    2020-04-01 0 days 1,943 sqft
    2020-05-01 0 days 2,041 sqft
    2020-06-01 0 days 2,093 sqft
    2020-07-01 0 days 2,086 sqft
    2020-08-01 0 days 2,119 sqft
    2020-09-01 0 days 2,152 sqft
    2020-10-01 0 days 2,280 sqft
    2020-11-01 0 days 1,970 sqft
    2020-12-01 0 days 1,812 sqft
    2021-01-01 0 days 1,825 sqft
    2021-02-01 0 days 1,999 sqft
    2021-03-01 0 days 2,038 sqft
    2021-04-01 0 days 2,041 sqft
    2021-05-01 0 days 1,598 sqft
    2021-06-01 0 days 1,871 sqft
    2021-07-01 0 days 2,040 sqft
    2021-08-01 0 days 1,932 sqft
    2021-09-01 0 days 1,921 sqft
    2021-10-01 0 days 2,008 sqft
    2021-11-01 0 days 1,980 sqft
    2021-12-01 0 days 1,584 sqft
    2022-01-01 0 days 1,520 sqft
    2022-02-01 0 days 1,761 sqft
    2022-03-01 0 days 1,899 sqft
    2022-04-01 0 days 1,745 sqft
    2022-05-01 0 days 1,904 sqft
    2022-06-01 0 days 1,938 sqft
    2022-07-01 0 days 1,940 sqft
    2022-08-01 0 days 1,735 sqft
    2022-09-01 0 days 1,931 sqft
    2022-10-01 0 days 2,104 sqft
    2022-11-01 0 days 1,777 sqft
    2022-12-01 0 days 1,912 sqft
    2023-01-01 0 days 2,017 sqft
    2023-02-01 0 days 1,924 sqft
    2023-03-01 0 days 1,960 sqft
    2023-04-01 0 days 2,458 sqft
    2023-05-01 0 days 2,423 sqft
    2023-06-01 0 days 2,472 sqft
    2023-07-01 0 days 2,481 sqft
    2023-08-01 0 days 2,388 sqft
    2023-09-01 0 days 2,285 sqft
    2023-10-01 0 days 2,100 sqft
    2023-11-01 0 days 2,141 sqft
    2023-12-01 0 days 2,080 sqft
    2024-01-01 0 days 2,263 sqft
    2024-02-01 0 days 2,324 sqft
    2024-03-01 0 days 2,602 sqft
    Effingham's median listing age (time on market) for 2024-03-01 was 0 days.

    Effingham's median square footage for active listings during the 2024-03-01 period was 2,602 sqft. One year prior, the average listing was 1,960 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).