Macomb FHA Loan Rates, Closing Costs & Stats

Macomb, 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.

    Macomb's 20 lenders originated 35 FHA loans during 2023. The total origination value was $3,735,000, with an average FHA loan value of $106,714.

    Macomb FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Macomb averaged 7.07% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Macomb's average FHA mortgage closing costs are $5,336.

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.25%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Macomb 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 Macomb level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 5 7.23% $5,260
    QUICKEN LOANS, LLC 4 6.59% $5,892
    Flanagan State Bank 3 7.13% $6,966
    BROKER SOLUTIONS, INC. 2 7.19% $6,627
    United Community Bank 2 6.44% $4,230
    AMERISAVE MORTGAGE CORPORATION 2 6.00% $8,489
    PENNYMAC LOAN SERVICES, LLC 2 6.19% $9,308
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $5,526
    LOANDEPOT.COM, LLC 1 7.13% $5,639
    Pinnacle Bank 1 6.25% $6,052
    RUHL MORTGAGE, LLC 1 5.75% $5,807
    UNITED WHOLESALE MORTGAGE, LLC 1 6.99% $7,002
    ZILLOW HOME LOANS, LLC 1 7.13% $6,909
    CALIBER HOME LOANS, INC. 1 5.50% $2,643
    Carrington Mortgage Services, LLC 1 6.13% $7,053
    ENDEAVOR CAPITAL, LLC. 1 6.49% $8,641
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.25% $4,647
    Fortress Bank 1 6.88% $4,301
    GUARANTEED RATE AFFINITY, LLC 1 7.25% $5,093
    LEADERONE FINANCIAL CORPORATION 1 6.75% $4,535

    The top Macomb FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 5 FHA loans originated. Their average total fees are $5,260, which is $631 lower than the next largest lender, QUICKEN LOANS, LLC.

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

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

    Macomb FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Macomb (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 $99,400 (10.6%) $124,219 (10.6%) 0.00 187
    2018-02-01 $95,050 (5.7%) $121,144 (7.2%) 0.00 192
    2018-03-01 $96,000 (6.0%) $121,702 (3.9%) 0.00 194
    2018-04-01 $98,350 (8.1%) $122,034 (4.6%) 0.00 205
    2018-05-01 $97,300 (4.9%) $119,007 (0.0%) 0.00 218
    2018-06-01 $94,900 (-2.5%) $115,526 (-4.2%) 0.00 222
    2018-07-01 $93,700 (-1.6%) $114,800 (-3.5%) 0.00 245
    2018-08-01 $92,250 (-4.2%) $114,551 (-6.3%) 0.00 246
    2018-09-01 $89,900 (-9.8%) $111,963 (-9.7%) 0.00 236
    2018-10-01 $89,900 (-10.1%) $112,011 (-10.7%) 0.00 229
    2018-11-01 $89,400 (-15.4%) $109,292 (-12.9%) 0.00 230
    2018-12-01 $85,500 (-14.4%) $104,984 (-15.2%) 0.00 228
    2019-01-01 $84,900 (-14.6%) $104,227 (-16.1%) 0.00 228
    2019-02-01 $84,900 (-10.7%) $104,728 (-13.6%) 0.00 222
    2019-03-01 $88,714 (-7.6%) $109,121 (-10.3%) 0.00 220
    2019-04-01 $97,350 (-1.0%) $117,630 (-3.6%) 0.00 221
    2019-05-01 $93,700 (-3.7%) $117,380 (-1.4%) 0.00 227
    2019-06-01 $90,000 (-5.2%) $117,684 (1.9%) 0.00 216
    2019-07-01 $89,900 (-4.1%) $117,945 (2.7%) 0.00 215
    2019-08-01 $88,550 (-4.0%) $116,365 (1.6%) 0.00 209
    2019-09-01 $86,525 (-3.8%) $113,299 (1.2%) 0.00 205
    2019-10-01 $85,175 (-5.3%) $110,846 (-1.0%) 0.00 201
    2019-11-01 $82,900 (-7.3%) $105,541 (-3.4%) 0.00 202
    2019-12-01 $79,900 (-6.6%) $102,812 (-2.1%) 0.00 189
    2020-01-01 $79,900 (-5.9%) $102,540 (-1.6%) 0.00 174
    2020-02-01 $83,950 (-1.1%) $106,436 (1.6%) 0.00 168
    2020-03-01 $84,900 (-4.3%) $107,538 (-1.5%) 0.00 173
    2020-04-01 $86,100 (-11.6%) $109,517 (-6.9%) 0.00 172
    2020-05-01 $87,200 (-6.9%) $109,732 (-6.5%) 0.00 166
    2020-06-01 $87,200 (-3.1%) $107,522 (-8.6%) 0.00 162
    2020-07-01 $87,200 (-3.0%) $106,444 (-9.8%) 0.00 162
    2020-08-01 $85,000 (-4.0%) $105,446 (-9.4%) 0.00 164
    2020-09-01 $85,400 (-1.3%) $109,131 (-3.7%) 0.00 172
    2020-10-01 $72,900 (-14.4%) $95,807 (-13.6%) 0.00 205
    2020-11-01 $69,900 (-15.7%) $91,947 (-12.9%) 0.00 212
    2020-12-01 $67,925 (-15.0%) $86,458 (-15.9%) 0.00 207
    2021-01-01 $65,000 (-18.7%) $85,837 (-16.3%) 0.00 202
    2021-02-01 $65,000 (-22.6%) $82,529 (-22.5%) 0.00 196
    2021-03-01 $67,125 (-20.9%) $83,438 (-22.4%) 0.00 192
    2021-04-01 $66,000 (-23.3%) $82,795 (-24.4%) 0.00 174
    2021-05-01 $62,900 (-27.9%) $79,210 (-27.8%) 0.00 164
    2021-06-01 $59,900 (-31.3%) $80,477 (-25.2%) 0.00 158
    2021-07-01 $60,000 (-31.2%) $90,012 (-15.4%) 0.00 171
    2021-08-01 $59,950 (-29.5%) $91,030 (-13.7%) 0.00 170
    2021-09-01 $59,900 (-29.9%) $91,484 (-16.2%) 0.00 156
    2021-10-01 $61,600 (-15.5%) $92,696 (-3.3%) 0.00 159
    2021-11-01 $63,136 (-9.7%) $94,165 (2.4%) 0.00 145
    2021-12-01 $61,257 (-9.8%) $94,136 (8.9%) 0.00 129
    2022-01-01 $59,900 (-7.9%) $96,289 (12.2%) 0.00 113
    2022-02-01 $59,450 (-8.5%) $95,989 (16.3%) 0.00 100
    2022-03-01 $56,375 (-16.0%) $94,343 (13.1%) 0.00 93
    2022-04-01 $56,000 (-15.2%) $91,928 (11.0%) 0.00 91
    2022-05-01 $58,850 (-6.4%) $92,890 (17.3%) 0.00 96
    2022-06-01 $59,900 (0.0%) $98,784 (22.8%) 0.00 92
    2022-07-01 $65,000 (8.3%) $101,198 (12.4%) 0.00 97
    2022-08-01 $69,450 (15.9%) $98,948 (8.7%) 0.00 109
    2022-09-01 $69,225 (15.6%) $97,972 (7.1%) 0.00 104
    2022-10-01 $72,400 (17.5%) $100,479 (8.4%) 0.00 97
    2022-11-01 $74,400 (17.8%) $112,917 (19.9%) 0.00 96
    2022-12-01 $72,900 (19.0%) $111,198 (18.1%) 0.00 95
    2023-01-01 $71,150 (18.8%) $101,905 (5.8%) 0.00 81
    2023-02-01 $70,650 (18.8%) $94,307 (-1.8%) 0.00 76
    2023-03-01 $69,900 (24.0%) $101,503 (7.6%) 0.00 72
    2023-04-01 $69,900 (24.8%) $107,546 (17.0%) 0.00 64
    2023-05-01 $75,000 (27.4%) $125,344 (34.9%) 0.00 59
    2023-06-01 $80,675 (34.7%) $137,267 (39.0%) 0.00 64
    2023-07-01 $75,750 (16.5%) $120,419 (19.0%) 0.00 75
    2023-08-01 $72,450 (4.3%) $104,481 (5.6%) 0.00 59
    2023-09-01 $80,900 (16.9%) $114,715 (17.1%) 0.00 67
    2023-10-01 $74,975 (3.6%) $111,695 (11.2%) 0.00 76
    2023-11-01 $74,900 (0.7%) $110,515 (-2.1%) 0.00 77
    2023-12-01 $79,900 (9.6%) $113,530 (2.1%) 0.00 67
    2024-01-01 $86,250 (21.2%) $116,596 (14.4%) 0.00 67
    2024-02-01 $84,400 (19.5%) $111,852 (18.6%) 0.00 60
    2024-03-01 $98,000 (40.2%) $115,393 (13.7%) 0.00 68
    Macomb's median listing price for 2024-03-01 was $98,000, a difference of $28,100 (40.2%) versus the prior year and $13,600 versus the prior month.

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

    Macomb's average listing price for 2024-03-01 was $115,393, a difference of $13,890 (13.7%) versus the prior year and $3,541 versus the prior month.

    For the 2024-03-01 period, Macomb had 68 MLS listings, a difference of 8 listings (13%) versus the prior month and -4 listings (-6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Macomb (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,720 sqft
    2018-02-01 0 days 1,668 sqft
    2018-03-01 0 days 1,688 sqft
    2018-04-01 0 days 1,709 sqft
    2018-05-01 0 days 1,663 sqft
    2018-06-01 0 days 1,616 sqft
    2018-07-01 0 days 1,668 sqft
    2018-08-01 0 days 1,632 sqft
    2018-09-01 0 days 1,606 sqft
    2018-10-01 0 days 1,620 sqft
    2018-11-01 0 days 1,576 sqft
    2018-12-01 0 days 1,569 sqft
    2019-01-01 0 days 1,594 sqft
    2019-02-01 0 days 1,620 sqft
    2019-03-01 0 days 1,703 sqft
    2019-04-01 0 days 1,800 sqft
    2019-05-01 0 days 1,825 sqft
    2019-06-01 0 days 1,802 sqft
    2019-07-01 0 days 1,800 sqft
    2019-08-01 0 days 1,741 sqft
    2019-09-01 0 days 1,653 sqft
    2019-10-01 0 days 1,576 sqft
    2019-11-01 0 days 1,560 sqft
    2019-12-01 0 days 1,535 sqft
    2020-01-01 0 days 1,537 sqft
    2020-02-01 0 days 1,604 sqft
    2020-03-01 0 days 1,597 sqft
    2020-04-01 0 days 1,623 sqft
    2020-05-01 0 days 1,632 sqft
    2020-06-01 0 days 1,612 sqft
    2020-07-01 0 days 1,582 sqft
    2020-08-01 0 days 1,560 sqft
    2020-09-01 0 days 1,539 sqft
    2020-10-01 0 days 1,472 sqft
    2020-11-01 0 days 1,489 sqft
    2020-12-01 0 days 1,456 sqft
    2021-01-01 0 days 1,468 sqft
    2021-02-01 0 days 1,462 sqft
    2021-03-01 0 days 1,432 sqft
    2021-04-01 0 days 1,424 sqft
    2021-05-01 0 days 1,354 sqft
    2021-06-01 0 days 1,341 sqft
    2021-07-01 0 days 1,338 sqft
    2021-08-01 0 days 1,351 sqft
    2021-09-01 0 days 1,411 sqft
    2021-10-01 0 days 1,427 sqft
    2021-11-01 0 days 1,360 sqft
    2021-12-01 0 days 1,341 sqft
    2022-01-01 0 days 1,346 sqft
    2022-02-01 0 days 1,344 sqft
    2022-03-01 0 days 1,343 sqft
    2022-04-01 0 days 1,302 sqft
    2022-05-01 0 days 1,345 sqft
    2022-06-01 0 days 1,375 sqft
    2022-07-01 0 days 1,483 sqft
    2022-08-01 0 days 1,583 sqft
    2022-09-01 0 days 1,553 sqft
    2022-10-01 0 days 1,531 sqft
    2022-11-01 0 days 1,564 sqft
    2022-12-01 0 days 1,509 sqft
    2023-01-01 0 days 1,432 sqft
    2023-02-01 0 days 1,477 sqft
    2023-03-01 0 days 1,389 sqft
    2023-04-01 0 days 1,368 sqft
    2023-05-01 0 days 1,368 sqft
    2023-06-01 0 days 1,467 sqft
    2023-07-01 0 days 1,424 sqft
    2023-08-01 0 days 1,378 sqft
    2023-09-01 0 days 1,521 sqft
    2023-10-01 0 days 1,480 sqft
    2023-11-01 0 days 1,515 sqft
    2023-12-01 0 days 1,486 sqft
    2024-01-01 0 days 1,480 sqft
    2024-02-01 0 days 1,403 sqft
    2024-03-01 0 days 1,507 sqft
    Macomb's median listing age (time on market) for 2024-03-01 was 0 days.

    Macomb's median square footage for active listings during the 2024-03-01 period was 1,507 sqft. One year prior, the average listing was 1,389 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).