Galesburg FHA Loan Rates, Closing Costs & Stats

Galesburg, IL

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.

Galesburg's 32 lenders originated 97 FHA loans during 2023. The total origination value was $10,525,000, with an average FHA loan value of $108,505.

Galesburg FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Galesburg averaged 6.55% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

Galesburg's average FHA mortgage closing costs are $4,595.

The average rate for the prior week (2024-12-06) was 6.42% and one month ago for the week of 2024-11-08, the average rate was 6.39%.

The average rate one year ago was 6.7%.

For refis of the same type during the week of 2024-12-13, the average rate was 6.48%.

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

Galesburg 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 Galesburg level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 19 6.51% $6,718
GERSHMAN INVESTMENT CORP. 9 6.93% $4,372
INB 6 6.29% $4,385
PLAZA HOME MORTGAGE, INC. 6 6.85% $5,423
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.40% $5,188
Servion, Inc. 4 6.22% $4,428
HOMESIDE FINANCIAL, LLC 3 6.42% $6,697
United Community Bank 3 7.00% $5,252
Barrington Bank & Trust Company, N.A. 3 6.42% $6,560
CRESCENT MORTGAGE COMPANY 2 6.56% $4,856
NEWREZ LLC 2 7.00% $3,240
Flanagan State Bank 2 6.44% $6,177
RUHL MORTGAGE, LLC 2 6.12% $4,248
SUCCESS MORTGAGE PARTNERS, INC. 2 6.50% $6,294
FLAT BRANCH MORTGAGE, INC. 2 6.63% $5,179
UNITED WHOLESALE MORTGAGE, LLC 2 6.69% $5,897
Wells Fargo Bank 2 6.44% $1,987
AMERISAVE MORTGAGE CORPORATION 2 6.25% $7,007
CALIBER HOME LOANS, INC. 2 6.31% $4,797
ZILLOW HOME LOANS, LLC 1 7.13% $6,693
Associated Bank 1 6.25% $3,519
BROKER SOLUTIONS, INC. 1 7.25% $6,963
FIRST STATE MORTGAGE SERVICES, LLC 1 6.13% $4,245
GREENSTATE CREDIT UNION 1 5.25% $3,198
LOANDEPOT.COM, LLC 1 5.50% $9,695
Mortgage Research Center, LLC 1 6.75% $2,503
NATIONS DIRECT MORTGAGE, LLC 1 7.25% $6,305
NFM, INC. 1 7.25% $7,801
Old National Bank 1 6.50% $3,549
SUN WEST MORTGAGE COMPANY, INC. 1 8.13% $11,424
U.S. Bank 1 6.75% $4,743
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $9,397

The top Galesburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 19 FHA loans originated. Their average total fees are $6,718, which is $2,347 higher than the next largest lender, GERSHMAN INVESTMENT CORP..

The lowest fee Galesburg FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($6,718), .

The lowest rate Galesburg FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.51%), .

Galesburg FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Galesburg (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 $104,550 (1.3%) $137,069 (0.8%) 0.00 218
2018-02-01 $99,375 (-4.8%) $134,147 (-0.8%) 0.00 216
2018-03-01 $105,000 (-5.0%) $144,971 (2.5%) 0.00 232
2018-04-01 $112,950 (-1.7%) $151,595 (-2.6%) 0.00 243
2018-05-01 $109,800 (-10.7%) $145,199 (-12.1%) 0.00 261
2018-06-01 $110,700 (-12.5%) $151,052 (-9.9%) 0.00 282
2018-07-01 $111,375 (-10.2%) $148,758 (-9.9%) 0.00 308
2018-08-01 $99,250 (-20.6%) $138,257 (-18.2%) 0.00 329
2018-09-01 $97,400 (-22.5%) $131,576 (-22.0%) 0.00 324
2018-10-01 $94,500 (-20.2%) $130,682 (-19.7%) 0.00 312
2018-11-01 $94,975 (-14.3%) $132,992 (-14.5%) 0.00 278
2018-12-01 $99,500 (-5.2%) $130,497 (-6.8%) 0.00 234
2019-01-01 $103,725 (-0.8%) $131,890 (-3.8%) 0.00 224
2019-02-01 $107,750 (8.4%) $132,685 (-1.1%) 0.00 214
2019-03-01 $110,500 (5.2%) $140,202 (-3.3%) 0.00 198
2019-04-01 $113,450 (0.4%) $147,762 (-2.5%) 0.00 187
2019-05-01 $119,900 (9.2%) $155,489 (7.1%) 0.00 196
2019-06-01 $112,900 (2.0%) $152,152 (0.7%) 0.00 214
2019-07-01 $108,225 (-2.8%) $155,451 (4.5%) 0.00 220
2019-08-01 $96,964 (-2.3%) $155,664 (12.6%) 0.00 224
2019-09-01 $92,484 (-5.1%) $157,573 (19.8%) 0.00 233
2019-10-01 $89,250 (-5.6%) $158,846 (21.6%) 0.00 238
2019-11-01 $84,900 (-10.6%) $151,056 (13.6%) 0.00 241
2019-12-01 $84,925 (-14.7%) $151,227 (15.9%) 0.00 221
2020-01-01 $81,975 (-21.0%) $147,254 (11.7%) 0.00 197
2020-02-01 $84,900 (-21.2%) $151,073 (13.9%) 0.00 178
2020-03-01 $94,550 (-14.4%) $159,932 (14.1%) 0.00 182
2020-04-01 $96,250 (-15.2%) $138,955 (-6.0%) 0.00 184
2020-05-01 $101,900 (-15.0%) $166,957 (7.4%) 0.00 185
2020-06-01 $104,225 (-7.7%) $167,076 (9.8%) 0.00 174
2020-07-01 $109,450 (1.1%) $171,686 (10.4%) 0.00 167
2020-08-01 $107,000 (10.4%) $172,789 (11.0%) 0.00 141
2020-09-01 $96,950 (4.8%) $165,100 (4.8%) 0.00 131
2020-10-01 $84,450 (-5.4%) $160,105 (0.8%) 0.00 122
2020-11-01 $75,625 (-10.9%) $141,649 (-6.2%) 0.00 130
2020-12-01 $75,875 (-10.7%) $140,960 (-6.8%) 0.00 107
2021-01-01 $72,000 (-12.2%) $113,415 (-23.0%) 0.00 101
2021-02-01 $79,900 (-5.9%) $117,263 (-22.4%) 0.00 97
2021-03-01 $82,700 (-12.5%) $130,077 (-18.7%) 0.00 86
2021-04-01 $87,900 (-8.7%) $136,719 (-1.6%) 0.00 71
2021-05-01 $79,900 (-21.6%) $133,530 (-20.0%) 0.00 62
2021-06-01 $95,900 (-8.0%) $150,559 (-9.9%) 0.00 71
2021-07-01 $99,900 (-8.7%) $158,490 (-7.7%) 0.00 83
2021-08-01 $117,450 (9.8%) $157,351 (-8.9%) 0.00 82
2021-09-01 $129,950 (34.0%) $177,226 (7.3%) 0.00 94
2021-10-01 $110,900 (31.3%) $169,451 (5.8%) 0.00 97
2021-11-01 $102,200 (35.1%) $146,232 (3.2%) 0.00 104
2021-12-01 $96,375 (27.0%) $136,992 (-2.8%) 0.00 100
2022-01-01 $93,250 (29.5%) $130,841 (15.4%) 0.00 80
2022-02-01 $100,425 (25.7%) $145,894 (24.4%) 0.00 58
2022-03-01 $99,000 (19.7%) $149,532 (15.0%) 0.00 55
2022-04-01 $102,500 (16.6%) $162,160 (18.6%) 0.00 72
2022-05-01 $99,175 (24.1%) $158,363 (18.6%) 0.00 78
2022-06-01 $93,950 (-2.0%) $155,165 (3.1%) 0.00 67
2022-07-01 $96,200 (-3.7%) $160,344 (1.2%) 0.00 73
2022-08-01 $94,450 (-19.6%) $166,561 (5.9%) 0.00 74
2022-09-01 $99,575 (-23.4%) $163,119 (-8.0%) 0.00 78
2022-10-01 $114,950 (3.7%) $168,854 (-0.4%) 0.00 82
2022-11-01 $117,400 (14.9%) $159,848 (9.3%) 0.00 99
2022-12-01 $115,000 (19.3%) $166,887 (21.8%) 0.00 89
2023-01-01 $114,900 (23.2%) $160,181 (22.4%) 0.00 90
2023-02-01 $125,300 (24.8%) $173,602 (19.0%) 0.00 82
2023-03-01 $118,300 (19.5%) $173,322 (15.9%) 0.00 66
2023-04-01 $143,500 (40.0%) $198,608 (22.5%) 0.00 60
2023-05-01 $127,425 (28.5%) $195,406 (23.4%) 0.00 72
2023-06-01 $127,950 (36.2%) $203,371 (31.1%) 0.00 79
2023-07-01 $132,900 (38.2%) $205,653 (28.3%) 0.00 72
2023-08-01 $125,175 (32.5%) $203,185 (22.0%) 0.00 80
2023-09-01 $114,750 (15.2%) $173,496 (6.4%) 0.00 68
2023-10-01 $110,500 (-3.9%) $155,671 (-7.8%) 0.00 79
2023-11-01 $110,500 (-5.9%) $148,117 (-7.3%) 0.00 79
2023-12-01 $112,450 (-2.2%) $149,250 (-10.6%) 0.00 74
2024-01-01 $108,225 (-5.8%) $148,685 (-7.2%) 0.00 71
2024-02-01 $94,950 (-24.2%) $144,316 (-16.9%) 0.00 68
2024-03-01 $122,400 (3.5%) $183,432 (5.8%) 0.00 67
2024-04-01 $143,475 (0.0%) $205,836 (3.6%) 0.00 72
2024-05-01 $157,475 (23.6%) $212,265 (8.6%) 0.00 88
2024-06-01 $155,000 (21.1%) $212,543 (4.5%) 0.00 93
2024-07-01 $138,700 (4.4%) $185,181 (-10.0%) 0.00 101
2024-08-01 $129,900 (3.8%) $174,726 (-14.0%) 0.00 91
2024-09-01 $124,800 (8.8%) $185,338 (6.8%) 0.00 94
2024-10-01 $119,900 (8.5%) $176,525 (13.4%) 0.00 112
2024-11-01 $119,900 (8.5%) $165,132 (11.5%) 0.00 110
Galesburg's median listing price for 2024-11-01 was $119,900, a difference of $9,400 (8.5%) versus the prior year and $0 versus the prior month.

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

Galesburg's average listing price for 2024-11-01 was $165,132, a difference of $17,015 (11.5%) versus the prior year and $-11,393 versus the prior month.

For the 2024-11-01 period, Galesburg had 110 MLS listings, a difference of -2 listings (-2%) versus the prior month and 31 listings (39%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Galesburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,526 sqft
2018-02-01 0 days 1,506 sqft
2018-03-01 0 days 1,521 sqft
2018-04-01 0 days 1,557 sqft
2018-05-01 0 days 1,517 sqft
2018-06-01 0 days 1,515 sqft
2018-07-01 0 days 1,522 sqft
2018-08-01 0 days 1,488 sqft
2018-09-01 0 days 1,488 sqft
2018-10-01 0 days 1,502 sqft
2018-11-01 0 days 1,483 sqft
2018-12-01 0 days 1,501 sqft
2019-01-01 0 days 1,546 sqft
2019-02-01 0 days 1,544 sqft
2019-03-01 0 days 1,569 sqft
2019-04-01 0 days 1,588 sqft
2019-05-01 0 days 1,603 sqft
2019-06-01 0 days 1,664 sqft
2019-07-01 0 days 1,664 sqft
2019-08-01 0 days 1,591 sqft
2019-09-01 0 days 1,579 sqft
2019-10-01 0 days 1,571 sqft
2019-11-01 0 days 1,532 sqft
2019-12-01 0 days 1,524 sqft
2020-01-01 0 days 1,532 sqft
2020-02-01 0 days 1,536 sqft
2020-03-01 0 days 1,545 sqft
2020-04-01 0 days 1,539 sqft
2020-05-01 0 days 1,566 sqft
2020-06-01 0 days 1,542 sqft
2020-07-01 0 days 1,646 sqft
2020-08-01 0 days 1,640 sqft
2020-09-01 0 days 1,606 sqft
2020-10-01 0 days 1,581 sqft
2020-11-01 0 days 1,555 sqft
2020-12-01 0 days 1,532 sqft
2021-01-01 0 days 1,440 sqft
2021-02-01 0 days 1,371 sqft
2021-03-01 0 days 1,400 sqft
2021-04-01 0 days 1,582 sqft
2021-05-01 0 days 1,510 sqft
2021-06-01 0 days 1,442 sqft
2021-07-01 0 days 1,464 sqft
2021-08-01 0 days 1,586 sqft
2021-09-01 0 days 1,632 sqft
2021-10-01 0 days 1,473 sqft
2021-11-01 0 days 1,437 sqft
2021-12-01 0 days 1,462 sqft
2022-01-01 0 days 1,506 sqft
2022-02-01 0 days 1,412 sqft
2022-03-01 0 days 1,399 sqft
2022-04-01 0 days 1,422 sqft
2022-05-01 0 days 1,472 sqft
2022-06-01 0 days 1,452 sqft
2022-07-01 0 days 1,400 sqft
2022-08-01 0 days 1,410 sqft
2022-09-01 0 days 1,349 sqft
2022-10-01 0 days 1,380 sqft
2022-11-01 0 days 1,411 sqft
2022-12-01 0 days 1,404 sqft
2023-01-01 0 days 1,398 sqft
2023-02-01 0 days 1,412 sqft
2023-03-01 0 days 1,429 sqft
2023-04-01 0 days 1,420 sqft
2023-05-01 0 days 1,448 sqft
2023-06-01 0 days 1,548 sqft
2023-07-01 0 days 1,637 sqft
2023-08-01 0 days 1,642 sqft
2023-09-01 0 days 1,602 sqft
2023-10-01 0 days 1,521 sqft
2023-11-01 0 days 1,389 sqft
2023-12-01 0 days 1,521 sqft
2024-01-01 0 days 1,450 sqft
2024-02-01 0 days 1,384 sqft
2024-03-01 0 days 1,466 sqft
2024-04-01 0 days 1,724 sqft
2024-05-01 0 days 1,862 sqft
2024-06-01 0 days 1,604 sqft
2024-07-01 0 days 1,542 sqft
2024-08-01 0 days 1,504 sqft
2024-09-01 0 days 1,568 sqft
2024-10-01 0 days 1,534 sqft
2024-11-01 0 days 1,456 sqft
Galesburg's median listing age (time on market) for 2024-11-01 was 0 days.

Galesburg's median square footage for active listings during the 2024-11-01 period was 1,456 sqft. One year prior, the average listing was 1,389 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).