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 6.19% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.3% and one month ago for the week of 2025-01-10, the average rate was 6.56%.

    The average rate one year ago was 6.29%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.52%.

    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 $158,700 (0.1%) $211,201 (-1.1%) 0.00 102
    2018-02-01 $157,350 (-4.6%) $206,030 (-5.8%) 0.00 106
    2018-03-01 $188,500 (10.9%) $221,440 (-3.7%) 0.00 124
    2018-04-01 $189,925 (11.7%) $225,052 (-3.7%) 0.00 136
    2018-05-01 $187,425 (9.9%) $238,597 (0.7%) 0.00 154
    2018-06-01 $188,200 (10.9%) $222,100 (0.3%) 0.00 159
    2018-07-01 $189,900 (13.9%) $222,108 (-0.8%) 0.00 155
    2018-08-01 $187,900 (9.0%) $215,284 (-6.6%) 0.00 151
    2018-09-01 $169,900 (6.3%) $207,926 (-0.6%) 0.00 159
    2018-10-01 $157,000 (3.1%) $201,044 (-4.5%) 0.00 168
    2018-11-01 $157,900 (1.7%) $200,202 (-7.6%) 0.00 155
    2018-12-01 $149,950 (-6.2%) $191,714 (-10.0%) 0.00 143
    2019-01-01 $144,350 (-9.0%) $190,322 (-9.9%) 0.00 142
    2019-02-01 $149,250 (-5.2%) $200,865 (-2.5%) 0.00 139
    2019-03-01 $147,050 (-22.0%) $204,349 (-7.7%) 0.00 138
    2019-04-01 $144,725 (-23.8%) $201,444 (-10.5%) 0.00 140
    2019-05-01 $154,175 (-17.7%) $214,338 (-10.2%) 0.00 141
    2019-06-01 $152,000 (-19.2%) $214,775 (-3.3%) 0.00 156
    2019-07-01 $147,325 (-22.4%) $203,555 (-8.4%) 0.00 173
    2019-08-01 $143,536 (-23.6%) $204,016 (-5.2%) 0.00 170
    2019-09-01 $141,491 (-16.7%) $207,706 (-0.1%) 0.00 170
    2019-10-01 $142,627 (-9.2%) $212,487 (5.7%) 0.00 173
    2019-11-01 $139,900 (-11.4%) $206,528 (3.2%) 0.00 181
    2019-12-01 $139,000 (-7.3%) $216,093 (12.7%) 0.00 161
    2020-01-01 $139,450 (-3.4%) $217,204 (14.1%) 0.00 155
    2020-02-01 $136,500 (-8.5%) $224,598 (11.8%) 0.00 141
    2020-03-01 $155,700 (5.9%) $242,095 (18.5%) 0.00 146
    2020-04-01 $160,500 (10.9%) $248,028 (23.1%) 0.00 146
    2020-05-01 $152,900 (-0.8%) $246,457 (15.0%) 0.00 135
    2020-06-01 $178,900 (17.7%) $270,529 (26.0%) 0.00 121
    2020-07-01 $176,975 (20.1%) $263,775 (29.6%) 0.00 113
    2020-08-01 $196,950 (37.2%) $272,304 (33.5%) 0.00 98
    2020-09-01 $194,200 (37.3%) $276,871 (33.3%) 0.00 96
    2020-10-01 $189,900 (33.1%) $274,763 (29.3%) 0.00 94
    2020-11-01 $174,950 (25.1%) $272,816 (32.1%) 0.00 92
    2020-12-01 $169,250 (21.8%) $259,893 (20.3%) 0.00 89
    2021-01-01 $169,000 (21.2%) $257,932 (18.8%) 0.00 73
    2021-02-01 $177,900 (30.3%) $292,824 (30.4%) 0.00 62
    2021-03-01 $181,450 (16.5%) $301,782 (24.7%) 0.00 65
    2021-04-01 $173,250 (7.9%) $316,062 (27.4%) 0.00 67
    2021-05-01 $112,700 (-26.3%) $276,074 (12.0%) 0.00 66
    2021-06-01 $145,200 (-18.8%) $297,230 (9.9%) 0.00 66
    2021-07-01 $185,000 (4.5%) $301,926 (14.5%) 0.00 61
    2021-08-01 $172,900 (-12.2%) $280,134 (2.9%) 0.00 59
    2021-09-01 $184,500 (-5.0%) $267,398 (-3.4%) 0.00 57
    2021-10-01 $185,000 (-2.6%) $261,875 (-4.7%) 0.00 58
    2021-11-01 $180,225 (3.0%) $251,055 (-8.0%) 0.00 60
    2021-12-01 $164,975 (-2.5%) $221,926 (-14.6%) 0.00 52
    2022-01-01 $146,325 (-13.4%) $213,028 (-17.4%) 0.00 42
    2022-02-01 $163,675 (-8.0%) $237,529 (-18.9%) 0.00 33
    2022-03-01 $156,875 (-13.5%) $282,144 (-6.5%) 0.00 37
    2022-04-01 $170,000 (-1.9%) $266,495 (-15.7%) 0.00 37
    2022-05-01 $211,400 (87.6%) $293,438 (6.3%) 0.00 36
    2022-06-01 $257,450 (77.3%) $312,932 (5.3%) 0.00 29
    2022-07-01 $235,000 (27.0%) $304,511 (0.9%) 0.00 34
    2022-08-01 $147,500 (-14.7%) $231,975 (-17.2%) 0.00 45
    2022-09-01 $164,475 (-10.9%) $253,116 (-5.3%) 0.00 52
    2022-10-01 $157,400 (-14.9%) $237,636 (-9.3%) 0.00 53
    2022-11-01 $164,725 (-8.6%) $276,584 (10.2%) 0.00 54
    2022-12-01 $179,900 (9.1%) $291,841 (31.5%) 0.00 49
    2023-01-01 $232,975 (59.2%) $314,623 (47.7%) 0.00 45
    2023-02-01 $210,850 (28.8%) $298,976 (25.9%) 0.00 47
    2023-03-01 $204,350 (30.3%) $312,862 (10.9%) 0.00 43
    2023-04-01 $207,000 (21.8%) $339,479 (27.4%) 0.00 42
    2023-05-01 $295,750 (39.9%) $366,729 (25.0%) 0.00 43
    2023-06-01 $312,450 (21.4%) $402,472 (28.6%) 0.00 43
    2023-07-01 $292,250 (24.4%) $411,126 (35.0%) 0.00 52
    2023-08-01 $286,000 (93.9%) $437,388 (88.6%) 0.00 56
    2023-09-01 $325,000 (97.6%) $458,725 (81.2%) 0.00 58
    2023-10-01 $282,000 (79.2%) $427,760 (80.0%) 0.00 70
    2023-11-01 $290,700 (76.5%) $436,757 (57.9%) 0.00 66
    2023-12-01 $284,900 (58.4%) $388,334 (33.1%) 0.00 72
    2024-01-01 $299,900 (28.7%) $389,082 (23.7%) 0.00 69
    2024-02-01 $301,150 (42.8%) $381,958 (27.8%) 0.00 67
    2024-03-01 $327,000 (60.0%) $409,966 (31.0%) 0.00 59
    2024-04-01 $318,425 (53.8%) $385,413 (13.5%) 0.00 64
    2024-05-01 $311,900 (5.5%) $404,078 (10.2%) 0.00 80
    2024-06-01 $299,900 (-4.0%) $411,557 (2.3%) 0.00 81
    2024-07-01 $324,925 (11.2%) $411,668 (0.1%) 0.00 80
    2024-08-01 $302,450 (5.8%) $386,045 (-11.7%) 0.00 85
    2024-09-01 $292,450 (-10.0%) $389,127 (-15.2%) 0.00 91
    2024-10-01 $293,250 (4.0%) $388,157 (-9.3%) 0.00 78
    2024-11-01 $266,950 (-8.2%) $361,922 (-17.1%) 0.00 81
    2024-12-01 $269,225 (-5.5%) $368,755 (-5.0%) 0.00 72
    2025-01-01 $269,000 (-10.3%) $376,422 (-3.3%) 0.00 74
    Effingham's median listing price for 2025-01-01 was $269,000, a difference of $-30,900 (-10.3%) versus the prior year and $-225 versus the prior month.

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

    Effingham's average listing price for 2025-01-01 was $376,422, a difference of $-12,660 (-3.3%) versus the prior year and $7,667 versus the prior month.

    For the 2025-01-01 period, Effingham had 74 MLS listings, a difference of 2 listings (3%) versus the prior month and 5 listings (7%) 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 1,929 sqft
    2018-02-01 0 days 1,926 sqft
    2018-03-01 0 days 2,048 sqft
    2018-04-01 0 days 2,192 sqft
    2018-05-01 0 days 2,035 sqft
    2018-06-01 0 days 2,046 sqft
    2018-07-01 0 days 2,064 sqft
    2018-08-01 0 days 2,038 sqft
    2018-09-01 0 days 1,970 sqft
    2018-10-01 0 days 1,908 sqft
    2018-11-01 0 days 1,923 sqft
    2018-12-01 0 days 1,865 sqft
    2019-01-01 0 days 1,736 sqft
    2019-02-01 0 days 1,706 sqft
    2019-03-01 0 days 1,716 sqft
    2019-04-01 0 days 1,699 sqft
    2019-05-01 0 days 1,738 sqft
    2019-06-01 0 days 1,758 sqft
    2019-07-01 0 days 1,719 sqft
    2019-08-01 0 days 1,717 sqft
    2019-09-01 0 days 1,744 sqft
    2019-10-01 0 days 1,764 sqft
    2019-11-01 0 days 1,755 sqft
    2019-12-01 0 days 1,755 sqft
    2020-01-01 0 days 1,755 sqft
    2020-02-01 0 days 1,794 sqft
    2020-03-01 0 days 1,850 sqft
    2020-04-01 0 days 1,868 sqft
    2020-05-01 0 days 1,908 sqft
    2020-06-01 0 days 1,984 sqft
    2020-07-01 0 days 1,921 sqft
    2020-08-01 0 days 2,034 sqft
    2020-09-01 0 days 2,086 sqft
    2020-10-01 0 days 2,131 sqft
    2020-11-01 0 days 1,892 sqft
    2020-12-01 0 days 1,749 sqft
    2021-01-01 0 days 1,751 sqft
    2021-02-01 0 days 1,825 sqft
    2021-03-01 0 days 2,008 sqft
    2021-04-01 0 days 1,871 sqft
    2021-05-01 0 days 1,594 sqft
    2021-06-01 0 days 1,747 sqft
    2021-07-01 0 days 1,907 sqft
    2021-08-01 0 days 1,699 sqft
    2021-09-01 0 days 1,796 sqft
    2021-10-01 0 days 1,806 sqft
    2021-11-01 0 days 1,692 sqft
    2021-12-01 0 days 1,541 sqft
    2022-01-01 0 days 1,535 sqft
    2022-02-01 0 days 1,624 sqft
    2022-03-01 0 days 1,871 sqft
    2022-04-01 0 days 1,842 sqft
    2022-05-01 0 days 1,842 sqft
    2022-06-01 0 days 1,902 sqft
    2022-07-01 0 days 1,851 sqft
    2022-08-01 0 days 1,735 sqft
    2022-09-01 0 days 1,897 sqft
    2022-10-01 0 days 1,940 sqft
    2022-11-01 0 days 1,665 sqft
    2022-12-01 0 days 1,782 sqft
    2023-01-01 0 days 1,766 sqft
    2023-02-01 0 days 1,747 sqft
    2023-03-01 0 days 1,778 sqft
    2023-04-01 0 days 1,778 sqft
    2023-05-01 0 days 2,266 sqft
    2023-06-01 0 days 2,304 sqft
    2023-07-01 0 days 2,235 sqft
    2023-08-01 0 days 2,272 sqft
    2023-09-01 0 days 2,253 sqft
    2023-10-01 0 days 2,055 sqft
    2023-11-01 0 days 2,088 sqft
    2023-12-01 0 days 1,922 sqft
    2024-01-01 0 days 2,073 sqft
    2024-02-01 0 days 2,216 sqft
    2024-03-01 0 days 2,422 sqft
    2024-04-01 0 days 2,330 sqft
    2024-05-01 0 days 2,212 sqft
    2024-06-01 0 days 2,283 sqft
    2024-07-01 0 days 2,460 sqft
    2024-08-01 0 days 2,401 sqft
    2024-09-01 0 days 2,376 sqft
    2024-10-01 0 days 2,451 sqft
    2024-11-01 0 days 2,313 sqft
    2024-12-01 0 days 2,333 sqft
    2025-01-01 0 days 2,313 sqft
    Effingham's median listing age (time on market) for 2025-01-01 was 0 days.

    Effingham's median square footage for active listings during the 2025-01-01 period was 2,313 sqft. One year prior, the average listing was 2,073 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).