Lake County FHA Loan Rates, Closing Costs & Stats

LAKE COUNTY-KENOSHA COUNTY, IL-WI

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.

Lake County FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lake County averaged 0% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Lake County's average FHA mortgage closing costs are $0.

The average rate for the prior week (2024-03-15) was 0% and one month ago for the week of 2024-02-16, the average rate was 0%.

The average rate one year ago was 0%.

For refis of the same type during the week of 2024-03-22, the average rate was 0%.

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

Lake County 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 Lake County level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lake County (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 $287,250 (6.0%) $450,198 (4.4%) 1.06 27,462
2018-02-01 $302,450 (6.1%) $469,270 (4.1%) 1.10 27,948
2018-03-01 $325,000 (8.5%) $488,491 (5.1%) 1.14 29,774
2018-04-01 $330,000 (6.8%) $492,259 (4.2%) 1.12 31,628
2018-05-01 $334,400 (5.3%) $489,942 (3.3%) 1.12 33,742
2018-06-01 $329,999 (3.9%) $482,120 (2.3%) 1.10 36,367
2018-07-01 $324,950 (3.2%) $471,211 (1.1%) 1.09 38,489
2018-08-01 $319,700 (6.2%) $460,166 (1.2%) 1.07 39,562
2018-09-01 $315,000 (5.0%) $453,664 (0.9%) 1.06 40,227
2018-10-01 $309,950 (3.4%) $448,859 (-0.6%) 1.05 39,897
2018-11-01 $299,950 (1.8%) $445,523 (-0.6%) 1.02 37,550
2018-12-01 $295,000 (2.3%) $437,492 (-1.1%) 1.02 32,861
2019-01-01 $295,950 (3.0%) $440,629 (-2.1%) 1.02 29,958
2019-02-01 $309,500 (2.3%) $462,206 (-1.5%) 1.05 30,301
2019-03-01 $324,429 (-0.2%) $476,331 (-2.5%) 1.06 32,305
2019-04-01 $338,000 (2.4%) $485,274 (-1.4%) 1.07 34,403
2019-05-01 $339,250 (1.5%) $480,555 (-1.9%) 1.06 36,832
2019-06-01 $335,000 (1.5%) $475,597 (-1.4%) 1.05 38,918
2019-07-01 $329,950 (1.5%) $468,106 (-0.7%) 1.03 40,388
2019-08-01 $324,413 (1.5%) $459,228 (-0.2%) 1.03 40,814
2019-09-01 $318,556 (1.1%) $452,742 (-0.2%) 1.02 40,712
2019-10-01 $314,250 (1.4%) $448,126 (-0.2%) 1.01 40,421
2019-11-01 $304,900 (1.7%) $442,261 (-0.7%) 1.00 36,899
2019-12-01 $299,000 (1.4%) $438,810 (0.3%) 1.00 31,661
2020-01-01 $299,450 (1.2%) $441,973 (0.3%) 1.00 28,836
2020-02-01 $315,000 (1.8%) $464,365 (0.5%) 1.03 29,381
2020-03-01 $325,000 (0.2%) $473,384 (-0.6%) 1.02 29,997
2020-04-01 $323,400 (-4.3%) $463,299 (-4.5%) 1.01 28,555
2020-05-01 $329,000 (-3.0%) $474,902 (-1.2%) 1.00 28,624
2020-06-01 $336,085 (0.3%) $486,544 (2.3%) 0.99 28,543
2020-07-01 $339,997 (3.1%) $494,375 (5.6%) 0.99 27,611
2020-08-01 $344,900 (6.3%) $499,470 (8.8%) 0.99 27,206
2020-09-01 $343,533 (7.8%) $502,320 (11.0%) 0.98 27,378
2020-10-01 $339,900 (8.2%) $497,662 (11.1%) 0.97 27,446
2020-11-01 $331,995 (8.9%) $494,847 (11.9%) 0.97 24,897
2020-12-01 $325,000 (8.7%) $492,399 (12.2%) 0.97 21,084
2021-01-01 $325,000 (8.5%) $502,827 (13.8%) 0.97 18,121
2021-02-01 $339,450 (7.8%) $540,781 (16.5%) 0.99 16,161
2021-03-01 $349,000 (7.4%) $548,858 (15.9%) 0.99 15,877
2021-04-01 $349,900 (8.2%) $548,921 (18.5%) 0.95 16,543
2021-05-01 $350,000 (6.4%) $545,338 (14.8%) 0.93 17,476
2021-06-01 $350,000 (4.1%) $534,224 (9.8%) 0.92 19,693
2021-07-01 $349,000 (2.7%) $518,631 (4.9%) 0.92 21,816
2021-08-01 $337,450 (-2.2%) $497,342 (-0.4%) 0.90 22,741
2021-09-01 $329,900 (-4.0%) $488,052 (-2.8%) 0.88 22,674
2021-10-01 $325,900 (-4.1%) $484,835 (-2.6%) 0.87 21,992
2021-11-01 $319,950 (-3.6%) $482,043 (-2.6%) 0.86 19,187
2021-12-01 $312,250 (-3.9%) $476,999 (-3.1%) 0.85 15,720
2022-01-01 $310,000 (-4.6%) $489,349 (-2.7%) 0.84 12,838
2022-02-01 $322,500 (-5.0%) $513,937 (-5.0%) 0.84 11,726
2022-03-01 $332,450 (-4.7%) $523,593 (-4.6%) 0.83 12,152
2022-04-01 $349,900 (0.0%) $531,824 (-3.1%) 0.83 12,382
2022-05-01 $354,900 (1.4%) $535,363 (-1.8%) 0.81 14,846
2022-06-01 $359,900 (2.8%) $530,444 (-0.7%) 0.80 17,050
2022-07-01 $350,000 (0.3%) $513,670 (-1.0%) 0.79 19,719
2022-08-01 $349,450 (3.6%) $507,873 (2.1%) 0.81 19,915
2022-09-01 $340,000 (3.1%) $502,164 (2.9%) 0.79 19,797
2022-10-01 $339,700 (4.2%) $498,038 (2.7%) 0.80 19,804
2022-11-01 $329,950 (3.1%) $490,600 (1.8%) 0.79 19,018
2022-12-01 $322,425 (3.3%) $481,210 (0.9%) 0.80 16,289
2023-01-01 $327,450 (5.6%) $492,894 (0.7%) 0.81 14,258
2023-02-01 $337,495 (4.7%) $517,753 (0.7%) 0.81 12,900
2023-03-01 $352,400 (6.0%) $544,425 (4.0%) 0.83 12,275
2023-04-01 $369,000 (5.5%) $567,358 (6.7%) 0.86 11,825
2023-05-01 $376,238 (6.0%) $591,637 (10.5%) 0.85 12,109
2023-06-01 $382,500 (6.3%) $589,573 (11.2%) 0.86 13,082
2023-07-01 $389,000 (11.1%) $586,899 (14.3%) 0.88 13,965
2023-08-01 $384,500 (10.0%) $578,186 (13.8%) 0.88 14,426
2023-09-01 $375,000 (10.3%) $565,520 (12.6%) 0.87 14,996
2023-10-01 $369,950 (8.9%) $559,841 (12.4%) 0.87 15,411
2023-11-01 $360,000 (9.1%) $548,387 (11.8%) 0.86 15,247
2023-12-01 $350,000 (8.6%) $534,697 (11.1%) 0.85 13,309
2024-01-01 $350,448 (7.0%) $547,765 (11.1%) 0.86 11,660
2024-02-01 $359,950 (6.7%) $573,169 (10.7%) 0.87 11,176
Lake County's median listing price for 2024-02-01 was $359,950, a difference of $22,455 (6.7%) versus the prior year and $9,502 versus the prior month.

Lake County's median listing price comes in at 87% of the national average.

Lake County's average listing price for 2024-02-01 was $573,169, a difference of $55,416 (10.7%) versus the prior year and $25,404 versus the prior month.

For the 2024-02-01 period, Lake County had 11,176 MLS listings, a difference of -484 listings (-4%) versus the prior month and -1,724 listings (-13%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lake County (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,893 sqft
2018-02-01 54 days 1,951 sqft
2018-03-01 43 days 2,000 sqft
2018-04-01 40 days 2,015 sqft
2018-05-01 40 days 2,021 sqft
2018-06-01 42 days 2,016 sqft
2018-07-01 44 days 2,000 sqft
2018-08-01 47 days 1,980 sqft
2018-09-01 49 days 1,966 sqft
2018-10-01 51 days 1,934 sqft
2018-11-01 56 days 1,901 sqft
2018-12-01 67 days 1,865 sqft
2019-01-01 73 days 1,863 sqft
2019-02-01 55 days 1,903 sqft
2019-03-01 43 days 1,962 sqft
2019-04-01 39 days 2,000 sqft
2019-05-01 40 days 2,000 sqft
2019-06-01 43 days 2,000 sqft
2019-07-01 45 days 2,000 sqft
2019-08-01 48 days 1,971 sqft
2019-09-01 51 days 1,939 sqft
2019-10-01 54 days 1,917 sqft
2019-11-01 61 days 1,900 sqft
2019-12-01 74 days 1,869 sqft
2020-01-01 76 days 1,861 sqft
2020-02-01 45 days 1,915 sqft
2020-03-01 43 days 1,955 sqft
2020-04-01 51 days 1,929 sqft
2020-05-01 59 days 1,950 sqft
2020-06-01 45 days 1,938 sqft
2020-07-01 41 days 1,906 sqft
2020-08-01 40 days 1,872 sqft
2020-09-01 40 days 1,807 sqft
2020-10-01 43 days 1,791 sqft
2020-11-01 50 days 1,731 sqft
2020-12-01 58 days 1,700 sqft
2021-01-01 64 days 1,680 sqft
2021-02-01 45 days 1,679 sqft
2021-03-01 40 days 1,676 sqft
2021-04-01 33 days 1,692 sqft
2021-05-01 33 days 1,700 sqft
2021-06-01 32 days 1,726 sqft
2021-07-01 33 days 1,728 sqft
2021-08-01 36 days 1,702 sqft
2021-09-01 38 days 1,690 sqft
2021-10-01 40 days 1,670 sqft
2021-11-01 45 days 1,642 sqft
2021-12-01 53 days 1,602 sqft
2022-01-01 59 days 1,600 sqft
2022-02-01 39 days 1,600 sqft
2022-03-01 34 days 1,624 sqft
2022-04-01 30 days 1,656 sqft
2022-05-01 29 days 1,700 sqft
2022-06-01 30 days 1,725 sqft
2022-07-01 32 days 1,733 sqft
2022-08-01 36 days 1,725 sqft
2022-09-01 40 days 1,709 sqft
2022-10-01 40 days 1,710 sqft
2022-11-01 44 days 1,703 sqft
2022-12-01 54 days 1,700 sqft
2023-01-01 60 days 1,700 sqft
2023-02-01 44 days 1,703 sqft
2023-03-01 40 days 1,744 sqft
2023-04-01 38 days 1,782 sqft
2023-05-01 34 days 1,800 sqft
2023-06-01 34 days 1,801 sqft
2023-07-01 36 days 1,815 sqft
2023-08-01 36 days 1,801 sqft
2023-09-01 37 days 1,800 sqft
2023-10-01 37 days 1,794 sqft
2023-11-01 41 days 1,778 sqft
2023-12-01 50 days 1,758 sqft
2024-01-01 56 days 1,759 sqft
2024-02-01 40 days 1,763 sqft
Lake County's median listing age (time on market) for 2024-02-01 was 40 days. This is -9% shorter than the same period one year ago.

Lake County's median square footage for active listings during the 2024-02-01 period was 1,763 sqft. One year prior, the average listing was 1,703 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).