Kankakee FHA Loan Rates, Closing Costs & Stats

KANKAKEE, 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.

    Kankakee's 63 lenders originated 273 FHA loans during 2023. The total origination value was $53,125,000, with an average FHA loan value of $194,597.

    Kankakee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kankakee averaged 6.76% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Kankakee's average FHA mortgage closing costs are $6,733.

    The average rate for the prior week (2024-11-01) was 6.63% and one month ago for the week of 2024-10-04, the average rate was 6.15%.

    The average rate one year ago was 7.5%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Kankakee 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 Kankakee level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 34 6.24% $8,870
    CROSSCOUNTRY MORTGAGE, LLC 17 6.83% $9,659
    Neighborhood Loans, Inc. 12 6.68% $8,044
    Flanagan State Bank 11 6.64% $9,428
    Ixonia Bank 11 7.13% $10,412
    Midland States Bank 11 6.94% $8,412
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.40% $8,514
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 10 6.84% $8,926
    UNITED WHOLESALE MORTGAGE, LLC 10 6.51% $11,001
    GENEVA FINANCIAL, LLC 9 6.63% $10,953
    AMERICAN PACIFIC MORTGAGE CORPORATION 8 7.11% $10,693
    CARDINAL FINANCIAL 6 6.21% $11,217
    GUARANTEED RATE, INC. 6 6.72% $8,502
    CALIBER HOME LOANS, INC. 6 6.21% $7,942
    LOANDEPOT.COM, LLC 6 6.37% $10,223
    Plains Commerce Bank 5 6.43% $9,337
    Barrington Bank & Trust Company, N.A. 5 6.85% $6,825
    AmeriHome Mortgage Company, LLC 5 6.83% $9,596
    NEWREZ LLC 4 6.78% $7,974
    FREEDOM MORTGAGE CORPORATION 3 7.25% $10,497
    NVR Mortgage Finance, Inc. 3 4.92% $9,983
    FIRST CENTENNIAL MORTGAGE CORPORATION 3 7.63% $8,569
    Flagstar Bank, FSB 3 6.63% $11,536
    PENNYMAC LOAN SERVICES, LLC 2 6.06% $8,362
    BAY EQUITY LLC 2 6.69% $10,005
    BROKER SOLUTIONS, INC. 2 6.75% $8,551
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.81% $8,709
    GUARANTEED RATE AFFINITY, LLC 2 7.13% $8,297
    Mr. Cooper ( Nationstar Mortgage ) 2 5.75% $9,017
    NATIONS RELIABLE LENDING, LLC 2 7.19% $15,502
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.75% $8,104
    ROYAL UNITED MORTGAGE LLC 2 6.88% $14,026
    The Huntington National Bank 2 5.94% $10,300
    Wells Fargo Bank 2 6.63% $7,605
    EVERETT FINANCIAL, INC. 1 5.88% $8,968
    MID AMERICA MORTGAGE, INC. 1 7.25% $4,460
    Equity Prime Mortgage LLC 1 7.63% $10,499
    Mortgage Research Center, LLC 1 7.50% $4,420
    The Federal Savings Bank 1 7.50% $9,164
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $7,830
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $6,381
    U.S. Bank 1 6.13% $5,176
    ENDEAVOR CAPITAL, LLC. 1 6.13% $5,793
    DATA MORTGAGE, INC. 1 7.25% $13,747
    Century Mortgage Company DBA Century Lending Company 1 6.63% $8,769
    OCMBC, INC. 1 7.50% $20,234
    Pacor Mortgage Corp 1 7.25% $7,600
    Paramount Residential Mortgage Group, Inc. 1 7.25% $4,070
    Allied First Bank,sb 1 7.63% $7,636
    Carrington Mortgage Services, LLC 1 7.13% $13,955
    PLAZA HOME MORTGAGE, INC. 1 6.25% $12,503
    TOP FLITE FINANCIAL, INC. 1 7.13% $11,414
    CALCON MUTUAL MORTGAGE LLC 1 7.50% $12,974
    AMERISAVE MORTGAGE CORPORATION 1 4.88% $17,760
    Servion, Inc. 1 7.50% $7,817
    STOCKTON MORTGAGE CORPORATION 1 6.50% $6,089
    SUN WEST MORTGAGE COMPANY, INC. 1 5.50% $9,525
    HOMESIDE FINANCIAL, LLC 1 6.25% $6,902
    GUILD MORTGAGE COMPANY 1 5.88% $10,659
    JPMorgan Chase Bank 1 6.13% $3,133
    Key Mortgage Services, Inc. 1 7.13% $7,034
    Lakeview Community Capital, LLC 1 5.75% $7,791
    LAKEVIEW LOAN SERVICING, LLC 1 6.99% $9,655

    The top Kankakee FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 34 FHA loans originated. Their average total fees are $8,870, which is $790 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Kankakee FHA lenders (with over 10 loans originated) are Neighborhood Loans, Inc. ($8,044), Midland States Bank ($8,412), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,514), QUICKEN LOANS, LLC ($8,870) and GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION ($8,926).

    The lowest rate Kankakee FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.24%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.40%), UNITED WHOLESALE MORTGAGE, LLC (6.51%), Flanagan State Bank (6.64%) and Neighborhood Loans, Inc. (6.68%).

    Kankakee FHA Loan Limits

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

    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).