Kankakee FHA Loan Rates, Closing Costs & Stats

KANKAKEE, IL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 69 lenders originated 312 FHA loans during 2024. The total origination value was $75,430,000, with an average FHA loan value of $241,763.

    Kankakee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kankakee averaged 0.32% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Kankakee's average FHA mortgage closing costs are $7,055.

    The average rate for the prior week (2025-06-13) was 6.9% and one month ago for the week of 2025-05-16, the average rate was 6.96%.

    The average rate one year ago was 7.02%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.13%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 50 6.54% $9,721
    Ixonia Bank 34 6.86% $9,702
    CROSSCOUNTRY MORTGAGE, LLC 22 6.73% $9,410
    UNITED WHOLESALE MORTGAGE, LLC 13 6.33% $10,233
    AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.98% $9,811
    Midland States Bank 9 6.74% $7,797
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 7.02% $7,934
    NEWREZ LLC 8 6.39% $8,305
    AmeriHome Mortgage Company, LLC 8 6.84% $9,189
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 6.89% $7,701
    LOANDEPOT.COM, LLC 7 6.75% $10,270
    GUARANTEED RATE, INC. 6 6.75% $9,073
    PENNYMAC LOAN SERVICES, LLC 5 6.25% $7,383
    Equity Prime Mortgage LLC 5 6.88% $14,462
    FREEDOM MORTGAGE CORPORATION 5 6.53% $7,239
    BROKER SOLUTIONS, INC. 4 6.59% $10,562
    Mortgage Research Center, LLC 4 7.37% $5,559
    Flanagan State Bank 4 5.88% $9,723
    DIRECT MORTGAGE LOANS, LLC 3 6.96% $14,109
    PNC Bank 3 7.04% $6,544
    GUARANTEED RATE AFFINITY, LLC 3 6.91% $7,379
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $13,927
    AMERICAN FINANCIAL NETWORK, INC. 2 6.44% $9,975
    Carrington Mortgage Services, LLC 2 6.38% $10,827
    Mr. Cooper ( Nationstar Mortgage ) 2 6.69% $11,839
    Pacor Mortgage Corp 2 6.94% $9,758
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.94% $10,275
    CALCON MUTUAL MORTGAGE LLC 2 7.00% $9,383
    GUILD MORTGAGE COMPANY 2 7.38% $8,768
    The Huntington National Bank 2 6.63% $9,562
    The Federal Savings Bank 1 6.88% $9,526
    The Loan Store, Inc. 1 6.75% $7,979
    TOWNE MORTGAGE COMPANY 1 5.99% $14,974
    UNITED HOME LOANS, INC. 1 6.38% $6,095
    VERITAS FUNDING, LLC 1 6.63% $17,989
    VILLAGE CAPITAL MORTGAGE 1 6.13% $18,647
    V.I.P. MORTGAGE, INC. 1 7.13% $15,279
    Waterstone Mortgage Corporation 1 7.25% $10,499
    Allied First Bank,sb 1 6.99% $6,087
    ZILLOW HOME LOANS, LLC 1 7.25% $7,516
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $9,439
    AMERICAN FINANCING CORPORATION 1 6.25% $21,692
    American Mortgage & Equity Consultants, Inc. 1 6.99% $10,903
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.75% $6,488
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $9,274
    Barrington Bank & Trust Company, N.A. 1 6.50% $9,274
    CMG MORTGAGE, INC. 1 6.38% $15,093
    COMPASS MORTGAGE, INC. 1 6.75% $6,305
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.63% $10,507
    Fifth Third Bank 1 6.63% $5,600
    FIRST COMMUNITY MORTGAGE, INC. 1 7.00% $9,997
    Flagstar Bank, FSB 1 6.63% $7,093
    FLAT BRANCH MORTGAGE, INC. 1 7.38% $6,603
    GENEVA FINANCIAL, LLC 1 6.25% $6,602
    HOMESIDE FINANCIAL, LLC 1 7.63% $9,883
    INTERCAP LENDING INC. 1 5.75% $10,631
    JMAC LENDING, INC. 1 6.75% $11,689
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $8,861
    LEADERONE FINANCIAL CORPORATION 1 5.75% $9,282
    MICHIGAN MUTUAL, INC. 1 6.25% $9,792
    MLD MORTGAGE INC. 1 5.99% $12,011
    Mortgage Assurance Inc. 1 7.25% $10,922
    NATIONS RELIABLE LENDING, LLC 1 6.49% $8,583
    OCMBC, INC. 1 7.13% $8,053
    Old National Bank 1 5.63% $10,651
    OPEN MORTGAGE, LLC 1 7.38% $10,456
    S1L, Inc. 1 6.25% $8,097
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $7,793
    The Central Trust Bank 1 5.13% $13,448

    The top Kankakee FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 50 FHA loans originated. Their average total fees are $9,721, which is $19 higher than the next largest lender, Ixonia Bank.

    The lowest fee Kankakee FHA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($9,410), Ixonia Bank ($9,702), QUICKEN LOANS, LLC ($9,721), AMERICAN PACIFIC MORTGAGE CORPORATION ($9,811) and UNITED WHOLESALE MORTGAGE, LLC ($10,233).

    The lowest rate Kankakee FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.33%), QUICKEN LOANS, LLC (6.54%), CROSSCOUNTRY MORTGAGE, LLC (6.73%), Ixonia Bank (6.86%) and AMERICAN PACIFIC MORTGAGE CORPORATION (6.98%).

    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).