Jacksonville FHA Loan Rates, Closing Costs & Stats

Jacksonville, 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.

    Jacksonville's 19 lenders originated 49 FHA loans during 2023. The total origination value was $6,235,000, with an average FHA loan value of $127,245.

    Jacksonville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jacksonville averaged 6.38% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Jacksonville's average FHA mortgage closing costs are $4,881.

    The average rate for the prior week (2024-11-01) was 6.25% and one month ago for the week of 2024-10-04, the average rate was 5.77%.

    The average rate one year ago was 7.61%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Jacksonville 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 Jacksonville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 8 6.62% $5,767
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 7 6.84% $6,712
    INB 5 6.45% $4,948
    BROKER SOLUTIONS, INC. 4 6.81% $7,675
    FLAT BRANCH MORTGAGE, INC. 3 7.67% $5,035
    U.S. Bank 2 6.19% $3,955
    DAS Acquisition Company, LLC 2 7.13% $6,845
    Heartland Bank and Trust Company 2 6.25% $4,401
    FIRST STATE MORTGAGE SERVICES, LLC 1 7.50% $6,221
    LEADERONE FINANCIAL CORPORATION 1 7.13% $7,023
    LOANDEPOT.COM, LLC 1 6.75% $4,206
    NEWREZ LLC 1 7.63% $5,512
    PNC Bank 1 7.63% $4,858
    Carrollton Bank 1 6.38% $4,149
    Regions Bank 1 6.75% $3,974
    RUOFF MORTGAGE COMPANY, INC. 1 5.63% $6,547
    TOTAL MORTGAGE SERVICES, LLC 1 6.13% $5,230
    United Community Bank 1 6.50% $6,619
    AMERISAVE MORTGAGE CORPORATION 1 5.63% $21,464

    The top Jacksonville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 FHA loans originated. Their average total fees are $5,767, which is $944 lower than the next largest lender, AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC.

    The lowest fee Jacksonville FHA lenders (with over 10 loans originated) are .

    The lowest rate Jacksonville FHA lenders (with over 10 loans originated) are .

    Jacksonville FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Jacksonville (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 $119,900 (11.0%) $136,808 (3.8%) 0.00 123
    2018-02-01 $119,900 (11.7%) $137,540 (6.7%) 0.00 125
    2018-03-01 $120,000 (0.1%) $144,230 (5.0%) 0.00 137
    2018-04-01 $130,425 (8.8%) $151,039 (10.4%) 0.00 146
    2018-05-01 $128,450 (7.9%) $145,261 (8.9%) 0.00 156
    2018-06-01 $124,900 (4.2%) $143,089 (5.4%) 0.00 159
    2018-07-01 $124,900 (4.2%) $141,265 (4.9%) 0.00 160
    2018-08-01 $126,125 (5.2%) $142,315 (6.4%) 0.00 158
    2018-09-01 $124,900 (4.2%) $135,513 (-0.8%) 0.00 153
    2018-10-01 $120,050 (-1.4%) $135,898 (-3.3%) 0.00 157
    2018-11-01 $116,650 (0.4%) $132,764 (-4.3%) 0.00 152
    2018-12-01 $115,900 (2.2%) $132,680 (1.4%) 0.00 143
    2019-01-01 $115,900 (-3.3%) $131,540 (-3.9%) 0.00 129
    2019-02-01 $117,925 (-1.7%) $134,084 (-2.5%) 0.00 116
    2019-03-01 $121,514 (1.3%) $138,839 (-3.7%) 0.00 113
    2019-04-01 $124,564 (-4.5%) $142,660 (-5.6%) 0.00 114
    2019-05-01 $132,900 (3.5%) $145,978 (0.5%) 0.00 136
    2019-06-01 $134,400 (7.6%) $141,219 (-1.3%) 0.00 171
    2019-07-01 $136,675 (9.4%) $141,060 (-0.1%) 0.00 172
    2019-08-01 $136,654 (8.4%) $140,930 (-1.0%) 0.00 170
    2019-09-01 $131,786 (5.5%) $137,726 (1.6%) 0.00 177
    2019-10-01 $123,200 (2.6%) $134,273 (-1.2%) 0.00 181
    2019-11-01 $116,900 (0.2%) $130,458 (-1.7%) 0.00 178
    2019-12-01 $100,925 (-12.9%) $123,275 (-7.1%) 0.00 164
    2020-01-01 $97,950 (-15.5%) $121,707 (-7.5%) 0.00 149
    2020-02-01 $104,900 (-11.1%) $119,369 (-11.0%) 0.00 138
    2020-03-01 $109,900 (-9.6%) $127,705 (-8.0%) 0.00 141
    2020-04-01 $120,950 (-2.9%) $129,672 (-9.1%) 0.00 135
    2020-05-01 $119,900 (-9.8%) $130,719 (-10.5%) 0.00 127
    2020-06-01 $124,550 (-7.3%) $135,106 (-4.3%) 0.00 119
    2020-07-01 $119,900 (-12.3%) $133,819 (-5.1%) 0.00 115
    2020-08-01 $109,900 (-19.6%) $126,505 (-10.2%) 0.00 105
    2020-09-01 $94,000 (-28.7%) $114,583 (-16.8%) 0.00 99
    2020-10-01 $104,900 (-14.9%) $112,468 (-16.2%) 0.00 104
    2020-11-01 $104,900 (-10.3%) $110,482 (-15.3%) 0.00 87
    2020-12-01 $101,150 (0.2%) $111,880 (-9.2%) 0.00 82
    2021-01-01 $87,500 (-10.7%) $114,443 (-6.0%) 0.00 71
    2021-02-01 $86,175 (-17.9%) $112,924 (-5.4%) 0.00 61
    2021-03-01 $79,900 (-27.3%) $103,117 (-19.3%) 0.00 53
    2021-04-01 $72,000 (-40.5%) $99,106 (-23.6%) 0.00 47
    2021-05-01 $80,250 (-33.1%) $124,682 (-4.6%) 0.00 38
    2021-06-01 $77,375 (-37.9%) $127,268 (-5.8%) 0.00 33
    2021-07-01 $69,500 (-42.0%) $110,897 (-17.1%) 0.00 32
    2021-08-01 $82,200 (-25.2%) $120,461 (-4.8%) 0.00 41
    2021-09-01 $90,475 (-3.8%) $125,549 (9.6%) 0.00 40
    2021-10-01 $84,900 (-19.1%) $126,835 (12.8%) 0.00 44
    2021-11-01 $98,425 (-6.2%) $146,079 (32.2%) 0.00 50
    2021-12-01 $101,974 (0.8%) $127,990 (14.4%) 0.00 48
    2022-01-01 $99,900 (14.2%) $127,710 (11.6%) 0.00 30
    2022-02-01 $102,450 (18.9%) $121,199 (7.3%) 0.00 29
    2022-03-01 $89,725 (12.3%) $110,000 (6.7%) 0.00 32
    2022-04-01 $95,700 (32.9%) $118,864 (19.9%) 0.00 33
    2022-05-01 $104,900 (30.7%) $130,849 (5.0%) 0.00 34
    2022-06-01 $125,650 (62.4%) $148,616 (16.8%) 0.00 36
    2022-07-01 $114,900 (65.3%) $149,095 (34.4%) 0.00 45
    2022-08-01 $117,425 (42.9%) $158,037 (31.2%) 0.00 33
    2022-09-01 $130,450 (44.2%) $208,333 (65.9%) 0.00 30
    2022-10-01 $124,900 (47.1%) $169,099 (33.3%) 0.00 39
    2022-11-01 $123,950 (25.9%) $153,768 (5.3%) 0.00 46
    2022-12-01 $137,450 (34.8%) $138,510 (8.2%) 0.00 38
    2023-01-01 $125,000 (25.1%) $132,466 (3.7%) 0.00 31
    2023-02-01 $117,225 (14.4%) $128,744 (6.2%) 0.00 22
    2023-03-01 $128,225 (42.9%) $130,152 (18.3%) 0.00 25
    2023-04-01 $134,450 (40.5%) $154,956 (30.4%) 0.00 23
    2023-05-01 $130,138 (24.1%) $149,475 (14.2%) 0.00 28
    2023-06-01 $133,163 (6.0%) $142,334 (-4.2%) 0.00 29
    2023-07-01 $130,000 (13.1%) $137,638 (-7.7%) 0.00 25
    2023-08-01 $126,088 (7.4%) $149,693 (-5.3%) 0.00 22
    2023-09-01 $134,675 (3.2%) $143,335 (-31.2%) 0.00 34
    2023-10-01 $129,900 (4.0%) $146,903 (-13.1%) 0.00 33
    2023-11-01 $129,900 (4.8%) $155,643 (1.2%) 0.00 37
    2023-12-01 $149,900 (9.1%) $176,498 (27.4%) 0.00 31
    2024-01-01 $156,175 (24.9%) $153,472 (15.9%) 0.00 30
    2024-02-01 $128,675 (9.8%) $142,027 (10.3%) 0.00 27
    2024-03-01 $123,400 (-3.8%) $145,852 (12.1%) 0.00 28
    2024-04-01 $143,650 (6.8%) $219,837 (41.9%) 0.00 28
    2024-05-01 $134,900 (3.7%) $236,871 (58.5%) 0.00 29
    2024-06-01 $149,000 (11.9%) $216,293 (52.0%) 0.00 30
    2024-07-01 $145,500 (11.9%) $197,076 (43.2%) 0.00 37
    2024-08-01 $139,900 (11.0%) $195,711 (30.7%) 0.00 48
    2024-09-01 $147,900 (9.8%) $196,012 (36.8%) 0.00 54
    2024-10-01 $121,500 (-6.5%) $177,478 (20.8%) 0.00 50
    Jacksonville's median listing price for 2024-10-01 was $121,500, a difference of $-8,400 (-6.5%) versus the prior year and $-26,400 versus the prior month.

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

    Jacksonville's average listing price for 2024-10-01 was $177,478, a difference of $30,575 (20.8%) versus the prior year and $-18,534 versus the prior month.

    For the 2024-10-01 period, Jacksonville had 50 MLS listings, a difference of -4 listings (-7%) versus the prior month and 17 listings (52%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Jacksonville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,855 sqft
    2018-02-01 0 days 1,852 sqft
    2018-03-01 0 days 1,847 sqft
    2018-04-01 0 days 1,864 sqft
    2018-05-01 0 days 1,847 sqft
    2018-06-01 0 days 1,843 sqft
    2018-07-01 0 days 1,824 sqft
    2018-08-01 0 days 1,848 sqft
    2018-09-01 0 days 1,835 sqft
    2018-10-01 0 days 1,728 sqft
    2018-11-01 0 days 1,679 sqft
    2018-12-01 0 days 1,680 sqft
    2019-01-01 0 days 1,643 sqft
    2019-02-01 0 days 1,636 sqft
    2019-03-01 0 days 1,731 sqft
    2019-04-01 0 days 1,842 sqft
    2019-05-01 0 days 1,853 sqft
    2019-06-01 0 days 1,850 sqft
    2019-07-01 0 days 1,889 sqft
    2019-08-01 0 days 1,852 sqft
    2019-09-01 0 days 1,809 sqft
    2019-10-01 0 days 1,777 sqft
    2019-11-01 0 days 1,777 sqft
    2019-12-01 0 days 1,683 sqft
    2020-01-01 0 days 1,702 sqft
    2020-02-01 0 days 1,683 sqft
    2020-03-01 0 days 1,786 sqft
    2020-04-01 0 days 1,810 sqft
    2020-05-01 0 days 1,728 sqft
    2020-06-01 0 days 1,796 sqft
    2020-07-01 0 days 1,722 sqft
    2020-08-01 0 days 1,683 sqft
    2020-09-01 0 days 1,588 sqft
    2020-10-01 0 days 1,592 sqft
    2020-11-01 0 days 1,558 sqft
    2020-12-01 0 days 1,540 sqft
    2021-01-01 0 days 1,536 sqft
    2021-02-01 0 days 1,545 sqft
    2021-03-01 0 days 1,401 sqft
    2021-04-01 0 days 1,388 sqft
    2021-05-01 0 days 1,688 sqft
    2021-06-01 0 days 1,301 sqft
    2021-07-01 0 days 1,312 sqft
    2021-08-01 0 days 1,563 sqft
    2021-09-01 0 days 1,555 sqft
    2021-10-01 0 days 1,651 sqft
    2021-11-01 0 days 1,928 sqft
    2021-12-01 0 days 1,766 sqft
    2022-01-01 0 days 1,760 sqft
    2022-02-01 0 days 1,872 sqft
    2022-03-01 0 days 1,405 sqft
    2022-04-01 0 days 1,656 sqft
    2022-05-01 0 days 1,604 sqft
    2022-06-01 0 days 1,858 sqft
    2022-07-01 0 days 1,520 sqft
    2022-08-01 0 days 1,541 sqft
    2022-09-01 0 days 1,681 sqft
    2022-10-01 0 days 1,728 sqft
    2022-11-01 0 days 1,627 sqft
    2022-12-01 0 days 1,770 sqft
    2023-01-01 0 days 1,580 sqft
    2023-02-01 0 days 1,623 sqft
    2023-03-01 0 days 1,615 sqft
    2023-04-01 0 days 1,728 sqft
    2023-05-01 0 days 1,848 sqft
    2023-06-01 0 days 1,729 sqft
    2023-07-01 0 days 1,604 sqft
    2023-08-01 0 days 1,662 sqft
    2023-09-01 0 days 1,604 sqft
    2023-10-01 0 days 1,672 sqft
    2023-11-01 0 days 1,660 sqft
    2023-12-01 0 days 1,852 sqft
    2024-01-01 0 days 1,678 sqft
    2024-02-01 0 days 1,665 sqft
    2024-03-01 0 days 1,604 sqft
    2024-04-01 0 days 1,767 sqft
    2024-05-01 0 days 1,776 sqft
    2024-06-01 0 days 1,830 sqft
    2024-07-01 0 days 1,837 sqft
    2024-08-01 0 days 1,854 sqft
    2024-09-01 0 days 1,851 sqft
    2024-10-01 0 days 1,742 sqft
    Jacksonville's median listing age (time on market) for 2024-10-01 was 0 days.

    Jacksonville's median square footage for active listings during the 2024-10-01 period was 1,742 sqft. One year prior, the average listing was 1,672 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).