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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.