Galesburg FHA Loan Rates, Closing Costs & Stats

Galesburg, 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.

    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 6.6% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.28% and one month ago for the week of 2024-10-04, the average rate was 6%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

    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
    Galesburg's median listing price for 2024-10-01 was $119,900, a difference of $9,400 (8.5%) versus the prior year and $-4,900 versus the prior month.

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

    Galesburg's average listing price for 2024-10-01 was $176,525, a difference of $20,854 (13.4%) versus the prior year and $-8,813 versus the prior month.

    For the 2024-10-01 period, Galesburg had 112 MLS listings, a difference of 18 listings (19%) versus the prior month and 33 listings (42%) 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
    Galesburg's median listing age (time on market) for 2024-10-01 was 0 days.

    Galesburg's median square footage for active listings during the 2024-10-01 period was 1,534 sqft. One year prior, the average listing was 1,521 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).