Evanston FHA Loan Rates, Closing Costs & Stats

Evanston, WY

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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.

    Evanston's 22 lenders originated 70 FHA loans during 2023. The total origination value was $16,940,000, with an average FHA loan value of $242,000.

    Evanston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Evanston averaged 6.49% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Evanston's average FHA mortgage closing costs are $7,979.

    The average rate for the prior week (2025-02-07) was 6.31% and one month ago for the week of 2025-01-10, the average rate was 6.37%.

    The average rate one year ago was 6.6%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.62%.

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

    Evanston 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 Evanston level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.17% $10,771
    UNITED WHOLESALE MORTGAGE, LLC 8 6.37% $11,097
    Glacier Bank 8 6.53% $7,679
    QUICKEN LOANS, LLC 7 6.10% $11,091
    CRESCENT MORTGAGE COMPANY 3 6.58% $9,046
    ACADEMY MORTGAGE CORPORATION 2 8.25% $8,494
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $14,236
    CORNERSTONE HOME LENDING, INC. 2 5.06% $17,739
    Unify Home Lending Inc. 2 6.06% $6,937
    U.S. Bank 2 6.63% $10,206
    SUN WEST MORTGAGE COMPANY, INC. 1 7.72% $21,832
    VAN DYK MORTGAGE CORPORATION 1 5.50% $6,470
    Wells Fargo Bank 1 7.13% $6,756
    BETTER MORTGAGE CORPORATION 1 6.63% $5,999
    BROKER SOLUTIONS, INC. 1 6.63% $10,575
    Flanagan State Bank 1 6.63% $11,681
    FREEDOM MORTGAGE CORPORATION 1 7.25% $12,643
    GOLDENWEST 1 6.13% $10,361
    GUILD MORTGAGE COMPANY 1 5.75% $10,415
    INTERCAP LENDING INC. 1 6.13% $8,546
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $16,419
    PENNYMAC LOAN SERVICES, LLC 1 7.12% $16,111

    The top Evanston FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 16 FHA loans originated. Their average total fees are $10,771, which is $326 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Evanston FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,771), .

    The lowest rate Evanston FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.17%), .

    Evanston FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Evanston (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 $209,900 (10.5%) $250,118 (-0.1%) 0.00 129
    2018-02-01 $199,450 (2.7%) $249,070 (-4.0%) 0.00 126
    2018-03-01 $212,400 (3.9%) $260,853 (-1.4%) 0.00 124
    2018-04-01 $223,650 (-4.8%) $278,161 (6.2%) 0.00 137
    2018-05-01 $242,000 (0.5%) $293,676 (4.9%) 0.00 145
    2018-06-01 $246,750 (5.9%) $294,447 (8.9%) 0.00 154
    2018-07-01 $249,900 (10.1%) $299,368 (9.0%) 0.00 171
    2018-08-01 $236,475 (7.5%) $291,541 (6.2%) 0.00 163
    2018-09-01 $230,000 (2.3%) $285,902 (3.6%) 0.00 158
    2018-10-01 $252,975 (9.9%) $288,622 (4.6%) 0.00 170
    2018-11-01 $259,900 (33.6%) $298,924 (12.3%) 0.00 157
    2018-12-01 $259,000 (36.4%) $296,814 (20.9%) 0.00 140
    2019-01-01 $249,900 (19.1%) $300,897 (20.3%) 0.00 124
    2019-02-01 $249,900 (25.3%) $306,209 (22.9%) 0.00 123
    2019-03-01 $254,214 (19.7%) $319,374 (22.4%) 0.00 126
    2019-04-01 $259,900 (16.2%) $340,201 (22.3%) 0.00 133
    2019-05-01 $259,450 (7.2%) $340,404 (15.9%) 0.00 138
    2019-06-01 $262,450 (6.4%) $360,649 (22.5%) 0.00 151
    2019-07-01 $264,900 (6.0%) $369,722 (23.5%) 0.00 172
    2019-08-01 $272,627 (15.3%) $376,216 (29.0%) 0.00 169
    2019-09-01 $276,718 (20.3%) $381,334 (33.4%) 0.00 162
    2019-10-01 $284,900 (12.6%) $381,475 (32.2%) 0.00 152
    2019-11-01 $289,900 (11.5%) $369,421 (23.6%) 0.00 131
    2019-12-01 $279,900 (8.1%) $358,527 (20.8%) 0.00 122
    2020-01-01 $276,925 (10.8%) $359,675 (19.5%) 0.00 112
    2020-02-01 $279,900 (12.0%) $366,952 (19.8%) 0.00 108
    2020-03-01 $292,450 (15.0%) $382,453 (19.8%) 0.00 104
    2020-04-01 $299,600 (15.3%) $377,661 (11.0%) 0.00 122
    2020-05-01 $299,200 (15.3%) $372,751 (9.5%) 0.00 130
    2020-06-01 $299,500 (14.1%) $366,803 (1.7%) 0.00 119
    2020-07-01 $281,150 (6.1%) $354,151 (-4.2%) 0.00 102
    2020-08-01 $307,450 (12.8%) $370,032 (-1.6%) 0.00 73
    2020-09-01 $344,000 (24.3%) $446,105 (17.0%) 0.00 59
    2020-10-01 $312,450 (9.7%) $516,633 (35.4%) 0.00 53
    2020-11-01 $299,225 (3.2%) $502,274 (36.0%) 0.00 50
    2020-12-01 $285,500 (2.0%) $500,382 (39.6%) 0.00 44
    2021-01-01 $297,450 (7.4%) $496,673 (38.1%) 0.00 39
    2021-02-01 $338,900 (21.1%) $506,538 (38.0%) 0.00 47
    2021-03-01 $328,400 (12.3%) $550,090 (43.8%) 0.00 44
    2021-04-01 $309,725 (3.4%) $450,627 (19.3%) 0.00 48
    2021-05-01 $359,900 (20.3%) $503,628 (35.1%) 0.00 57
    2021-06-01 $386,000 (28.9%) $546,847 (49.1%) 0.00 76
    2021-07-01 $369,900 (31.6%) $640,004 (80.7%) 0.00 80
    2021-08-01 $389,750 (26.8%) $676,423 (82.8%) 0.00 85
    2021-09-01 $395,950 (15.1%) $695,792 (56.0%) 0.00 78
    2021-10-01 $399,900 (28.0%) $731,157 (41.5%) 0.00 66
    2021-11-01 $447,450 (49.5%) $711,378 (41.6%) 0.00 61
    2021-12-01 $482,175 (68.9%) $757,462 (51.4%) 0.00 50
    2022-01-01 $539,900 (81.5%) $882,263 (77.6%) 0.00 34
    2022-02-01 $627,450 (85.1%) $856,870 (69.2%) 0.00 47
    2022-03-01 $669,700 (103.9%) $831,999 (51.3%) 0.00 55
    2022-04-01 $732,000 (136.3%) $860,195 (90.9%) 0.00 67
    2022-05-01 $686,000 (90.6%) $756,790 (50.3%) 0.00 86
    2022-06-01 $649,900 (68.4%) $710,245 (29.9%) 0.00 119
    2022-07-01 $575,000 (55.5%) $697,806 (9.0%) 0.00 134
    2022-08-01 $506,250 (29.9%) $645,356 (-4.6%) 0.00 128
    2022-09-01 $575,000 (45.2%) $668,369 (-3.9%) 0.00 136
    2022-10-01 $517,500 (29.4%) $627,024 (-14.2%) 0.00 131
    2022-11-01 $498,488 (11.4%) $614,211 (-13.7%) 0.00 120
    2022-12-01 $499,900 (3.7%) $618,486 (-18.4%) 0.00 105
    2023-01-01 $507,225 (-6.1%) $601,571 (-31.8%) 0.00 99
    2023-02-01 $494,651 (-21.2%) $587,962 (-31.4%) 0.00 92
    2023-03-01 $532,000 (-20.6%) $594,876 (-28.5%) 0.00 85
    2023-04-01 $539,450 (-26.3%) $686,719 (-20.2%) 0.00 97
    2023-05-01 $595,500 (-13.2%) $700,688 (-7.4%) 0.00 111
    2023-06-01 $550,000 (-15.4%) $712,086 (0.3%) 0.00 129
    2023-07-01 $545,000 (-5.2%) $700,756 (0.4%) 0.00 151
    2023-08-01 $546,750 (8.0%) $703,886 (9.1%) 0.00 158
    2023-09-01 $520,000 (-9.6%) $696,488 (4.2%) 0.00 154
    2023-10-01 $527,000 (1.8%) $684,832 (9.2%) 0.00 160
    2023-11-01 $528,000 (5.9%) $716,830 (16.7%) 0.00 160
    2023-12-01 $540,000 (8.0%) $736,509 (19.1%) 0.00 136
    2024-01-01 $535,565 (5.6%) $769,068 (27.8%) 0.00 102
    2024-02-01 $554,650 (12.1%) $760,846 (29.4%) 0.00 98
    2024-03-01 $573,050 (7.7%) $729,428 (22.6%) 0.00 106
    2024-04-01 $579,000 (7.3%) $714,068 (4.0%) 0.00 122
    2024-05-01 $599,925 (0.7%) $717,662 (2.4%) 0.00 135
    2024-06-01 $629,900 (14.5%) $716,281 (0.6%) 0.00 153
    2024-07-01 $631,400 (15.9%) $749,580 (7.0%) 0.00 159
    2024-08-01 $635,700 (16.3%) $788,841 (12.1%) 0.00 172
    2024-09-01 $612,225 (17.7%) $775,301 (11.3%) 0.00 178
    2024-10-01 $624,450 (18.5%) $772,717 (12.8%) 0.00 168
    2024-11-01 $624,450 (18.3%) $778,036 (8.5%) 0.00 162
    2024-12-01 $639,450 (18.4%) $780,754 (6.0%) 0.00 148
    2025-01-01 $637,400 (19.0%) $797,216 (3.7%) 0.00 129
    Evanston's median listing price for 2025-01-01 was $637,400, a difference of $101,835 (19.0%) versus the prior year and $-2,050 versus the prior month.

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

    Evanston's average listing price for 2025-01-01 was $797,216, a difference of $28,148 (3.7%) versus the prior year and $16,462 versus the prior month.

    For the 2025-01-01 period, Evanston had 129 MLS listings, a difference of -19 listings (-13%) versus the prior month and 27 listings (26%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Evanston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,016 sqft
    2018-02-01 0 days 1,943 sqft
    2018-03-01 0 days 2,112 sqft
    2018-04-01 0 days 2,200 sqft
    2018-05-01 0 days 2,200 sqft
    2018-06-01 0 days 2,114 sqft
    2018-07-01 0 days 2,119 sqft
    2018-08-01 0 days 2,122 sqft
    2018-09-01 0 days 2,150 sqft
    2018-10-01 0 days 2,054 sqft
    2018-11-01 0 days 2,060 sqft
    2018-12-01 0 days 2,080 sqft
    2019-01-01 0 days 2,079 sqft
    2019-02-01 0 days 2,078 sqft
    2019-03-01 0 days 2,120 sqft
    2019-04-01 0 days 2,170 sqft
    2019-05-01 0 days 2,146 sqft
    2019-06-01 0 days 2,144 sqft
    2019-07-01 0 days 2,178 sqft
    2019-08-01 0 days 2,123 sqft
    2019-09-01 0 days 2,115 sqft
    2019-10-01 0 days 2,176 sqft
    2019-11-01 0 days 2,212 sqft
    2019-12-01 0 days 2,106 sqft
    2020-01-01 0 days 2,084 sqft
    2020-02-01 0 days 2,112 sqft
    2020-03-01 0 days 2,223 sqft
    2020-04-01 0 days 2,354 sqft
    2020-05-01 0 days 2,302 sqft
    2020-06-01 0 days 2,364 sqft
    2020-07-01 0 days 2,407 sqft
    2020-08-01 0 days 2,416 sqft
    2020-09-01 0 days 2,493 sqft
    2020-10-01 0 days 2,401 sqft
    2020-11-01 0 days 1,982 sqft
    2020-12-01 0 days 1,885 sqft
    2021-01-01 0 days 1,984 sqft
    2021-02-01 0 days 2,083 sqft
    2021-03-01 0 days 2,154 sqft
    2021-04-01 0 days 2,132 sqft
    2021-05-01 0 days 2,361 sqft
    2021-06-01 0 days 2,402 sqft
    2021-07-01 0 days 2,381 sqft
    2021-08-01 0 days 2,290 sqft
    2021-09-01 0 days 2,241 sqft
    2021-10-01 0 days 2,202 sqft
    2021-11-01 0 days 2,226 sqft
    2021-12-01 0 days 2,264 sqft
    2022-01-01 0 days 2,532 sqft
    2022-02-01 0 days 2,314 sqft
    2022-03-01 0 days 2,507 sqft
    2022-04-01 0 days 2,495 sqft
    2022-05-01 0 days 2,464 sqft
    2022-06-01 0 days 2,528 sqft
    2022-07-01 0 days 2,495 sqft
    2022-08-01 0 days 2,439 sqft
    2022-09-01 0 days 2,428 sqft
    2022-10-01 0 days 2,348 sqft
    2022-11-01 0 days 2,400 sqft
    2022-12-01 0 days 2,336 sqft
    2023-01-01 0 days 2,178 sqft
    2023-02-01 0 days 2,195 sqft
    2023-03-01 0 days 2,367 sqft
    2023-04-01 0 days 2,424 sqft
    2023-05-01 0 days 2,519 sqft
    2023-06-01 0 days 2,479 sqft
    2023-07-01 0 days 2,168 sqft
    2023-08-01 0 days 2,075 sqft
    2023-09-01 0 days 2,075 sqft
    2023-10-01 0 days 2,054 sqft
    2023-11-01 0 days 2,074 sqft
    2023-12-01 0 days 2,038 sqft
    2024-01-01 0 days 2,184 sqft
    2024-02-01 0 days 2,399 sqft
    2024-03-01 0 days 2,386 sqft
    2024-04-01 0 days 2,128 sqft
    2024-05-01 0 days 2,169 sqft
    2024-06-01 0 days 2,201 sqft
    2024-07-01 0 days 2,393 sqft
    2024-08-01 0 days 2,393 sqft
    2024-09-01 0 days 2,479 sqft
    2024-10-01 0 days 2,465 sqft
    2024-11-01 0 days 2,415 sqft
    2024-12-01 0 days 2,448 sqft
    2025-01-01 0 days 2,448 sqft
    Evanston's median listing age (time on market) for 2025-01-01 was 0 days.

    Evanston's median square footage for active listings during the 2025-01-01 period was 2,448 sqft. One year prior, the average listing was 2,184 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).