Mount Vernon FHA Loan Rates, Closing Costs & Stats

Mount Vernon, 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.

    Mount Vernon's 25 lenders originated 73 FHA loans during 2023. The total origination value was $9,485,000, with an average FHA loan value of $129,932.

    Mount Vernon FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mount Vernon averaged 6.87% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Mount Vernon's average FHA mortgage closing costs are $5,547.

    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 6.53%.

    The average rate one year ago was 6.66%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Mount Vernon 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 Mount Vernon level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    BROKER SOLUTIONS, INC. 17 6.48% $7,218
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 8 7.03% $5,944
    QUICKEN LOANS, LLC 7 6.62% $5,881
    DELMAR FINANCIAL COMPANY 5 7.13% $7,568
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.67% $4,947
    ZILLOW HOME LOANS, LLC 3 5.88% $8,920
    GERSHMAN INVESTMENT CORP. 3 7.29% $4,664
    AMERISAVE MORTGAGE CORPORATION 2 6.69% $8,648
    Carrington Mortgage Services, LLC 2 6.31% $8,069
    LOANDEPOT.COM, LLC 2 6.63% $7,307
    FLAT BRANCH MORTGAGE, INC. 2 7.25% $7,297
    AMERICAN FINANCING CORPORATION 2 6.69% $8,479
    U.S. Bank 2 7.00% $4,583
    FirstTrust Home Loans, Inc. 1 7.63% $7,912
    Assurance Financial Group, L.L.C. 1 6.88% $1,945
    CARDINAL FINANCIAL 1 5.75% $7,288
    ENDEAVOR CAPITAL, LLC. 1 7.25% $6,297
    EVERETT FINANCIAL, INC. 1 7.63% $12,903
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $5,954
    GSF Mortgage Corporation 1 5.75% $5,859
    GUARANTEED RATE, INC. 1 6.25% $4,599
    GUILD MORTGAGE COMPANY 1 7.13% $12,097
    NEWREZ LLC 1 6.25% $12,197
    The Federal Savings Bank 1 7.13% $6,050
    TOTAL MORTGAGE SERVICES, LLC 1 7.25% $8,171

    The top Mount Vernon FHA lender as defined by loan originations is BROKER SOLUTIONS, INC., with 17 FHA loans originated. Their average total fees are $7,218, which is $1,275 higher than the next largest lender, AMERICAN PORTFOLIO MORTGAGE CORPORATION.

    The lowest fee Mount Vernon FHA lenders (with over 10 loans originated) are BROKER SOLUTIONS, INC. ($7,218), .

    The lowest rate Mount Vernon FHA lenders (with over 10 loans originated) are BROKER SOLUTIONS, INC. (6.48%), .

    Mount Vernon FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mount Vernon (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 (-1.1%) $141,603 (-4.5%) 0.00 156
    2018-02-01 $124,900 (2.0%) $147,627 (1.5%) 0.00 158
    2018-03-01 $124,900 (3.4%) $146,930 (2.1%) 0.00 161
    2018-04-01 $129,900 (8.3%) $151,242 (2.7%) 0.00 153
    2018-05-01 $128,350 (7.1%) $150,454 (2.4%) 0.00 158
    2018-06-01 $120,900 (0.8%) $147,196 (1.3%) 0.00 168
    2018-07-01 $120,675 (-0.3%) $145,362 (1.1%) 0.00 185
    2018-08-01 $119,650 (-0.2%) $146,063 (4.3%) 0.00 185
    2018-09-01 $117,900 (-0.7%) $147,963 (6.4%) 0.00 172
    2018-10-01 $119,875 (4.3%) $149,108 (5.8%) 0.00 164
    2018-11-01 $119,200 (2.4%) $149,845 (8.7%) 0.00 162
    2018-12-01 $109,700 (-7.2%) $147,962 (6.1%) 0.00 157
    2019-01-01 $103,425 (-13.7%) $140,990 (-0.4%) 0.00 144
    2019-02-01 $109,000 (-12.7%) $142,053 (-3.8%) 0.00 138
    2019-03-01 $114,114 (-8.6%) $153,394 (4.4%) 0.00 132
    2019-04-01 $114,014 (-12.2%) $159,908 (5.7%) 0.00 130
    2019-05-01 $118,100 (-8.0%) $169,954 (13.0%) 0.00 130
    2019-06-01 $132,450 (9.6%) $174,892 (18.8%) 0.00 136
    2019-07-01 $126,625 (4.9%) $181,503 (24.9%) 0.00 132
    2019-08-01 $125,670 (5.0%) $178,012 (21.9%) 0.00 138
    2019-09-01 $125,251 (6.2%) $172,421 (16.5%) 0.00 145
    2019-10-01 $124,984 (4.3%) $168,694 (13.1%) 0.00 150
    2019-11-01 $126,667 (6.3%) $165,596 (10.5%) 0.00 139
    2019-12-01 $123,875 (12.9%) $165,510 (11.9%) 0.00 134
    2020-01-01 $122,500 (18.4%) $170,810 (21.2%) 0.00 128
    2020-02-01 $125,000 (14.7%) $165,946 (16.8%) 0.00 136
    2020-03-01 $129,700 (13.7%) $173,467 (13.1%) 0.00 145
    2020-04-01 $131,975 (15.8%) $174,002 (8.8%) 0.00 148
    2020-05-01 $135,000 (14.3%) $176,398 (3.8%) 0.00 135
    2020-06-01 $138,250 (4.4%) $189,833 (8.5%) 0.00 125
    2020-07-01 $140,425 (10.9%) $197,349 (8.7%) 0.00 123
    2020-08-01 $159,950 (27.3%) $203,130 (14.1%) 0.00 111
    2020-09-01 $167,700 (33.9%) $215,143 (24.8%) 0.00 99
    2020-10-01 $185,250 (48.2%) $223,515 (32.5%) 0.00 83
    2020-11-01 $162,925 (28.6%) $212,442 (28.3%) 0.00 79
    2020-12-01 $158,250 (27.8%) $209,499 (26.6%) 0.00 78
    2021-01-01 $156,250 (27.6%) $204,145 (19.5%) 0.00 70
    2021-02-01 $163,450 (30.8%) $199,353 (20.1%) 0.00 65
    2021-03-01 $159,500 (23.0%) $211,045 (21.7%) 0.00 52
    2021-04-01 $150,875 (14.3%) $200,985 (15.5%) 0.00 45
    2021-05-01 $145,900 (8.1%) $184,487 (4.6%) 0.00 47
    2021-06-01 $143,450 (3.8%) $199,573 (5.1%) 0.00 53
    2021-07-01 $147,900 (5.3%) $198,444 (0.6%) 0.00 59
    2021-08-01 $152,475 (-4.7%) $196,069 (-3.5%) 0.00 60
    2021-09-01 $189,000 (12.7%) $209,497 (-2.6%) 0.00 62
    2021-10-01 $149,000 (-19.6%) $201,533 (-9.8%) 0.00 56
    2021-11-01 $150,575 (-7.6%) $193,789 (-8.8%) 0.00 56
    2021-12-01 $131,125 (-17.1%) $183,015 (-12.6%) 0.00 53
    2022-01-01 $184,900 (18.3%) $208,227 (2.0%) 0.00 42
    2022-02-01 $157,225 (-3.8%) $194,718 (-2.3%) 0.00 41
    2022-03-01 $132,450 (-17.0%) $177,631 (-15.8%) 0.00 37
    2022-04-01 $129,000 (-14.5%) $183,393 (-8.8%) 0.00 33
    2022-05-01 $134,000 (-8.2%) $194,716 (5.5%) 0.00 35
    2022-06-01 $141,000 (-1.7%) $195,538 (-2.0%) 0.00 43
    2022-07-01 $142,750 (-3.5%) $200,809 (1.2%) 0.00 47
    2022-08-01 $149,950 (-1.7%) $197,393 (0.7%) 0.00 51
    2022-09-01 $137,875 (-27.1%) $189,196 (-9.7%) 0.00 49
    2022-10-01 $154,000 (3.4%) $183,716 (-8.8%) 0.00 49
    2022-11-01 $140,250 (-6.9%) $189,540 (-2.2%) 0.00 51
    2022-12-01 $151,500 (15.5%) $190,998 (4.4%) 0.00 43
    2023-01-01 $172,500 (-6.7%) $203,174 (-2.4%) 0.00 38
    2023-02-01 $177,500 (12.9%) $195,054 (0.2%) 0.00 37
    2023-03-01 $165,325 (24.8%) $190,674 (7.3%) 0.00 41
    2023-04-01 $189,950 (47.3%) $200,066 (9.1%) 0.00 38
    2023-05-01 $211,200 (57.6%) $218,142 (12.0%) 0.00 38
    2023-06-01 $202,750 (43.8%) $225,563 (15.4%) 0.00 42
    2023-07-01 $168,000 (17.7%) $201,962 (0.6%) 0.00 42
    2023-08-01 $165,600 (10.4%) $179,350 (-9.1%) 0.00 38
    2023-09-01 $159,250 (15.5%) $180,262 (-4.7%) 0.00 40
    2023-10-01 $143,750 (-6.7%) $178,095 (-3.1%) 0.00 44
    2023-11-01 $135,750 (-3.2%) $180,224 (-4.9%) 0.00 41
    2023-12-01 $135,000 (-10.9%) $200,512 (5.0%) 0.00 43
    2024-01-01 $129,925 (-24.7%) $215,529 (6.1%) 0.00 40
    2024-02-01 $137,125 (-22.8%) $236,618 (21.3%) 0.00 39
    2024-03-01 $141,000 (-14.7%) $206,786 (8.5%) 0.00 46
    Mount Vernon's median listing price for 2024-03-01 was $141,000, a difference of $-24,325 (-14.7%) versus the prior year and $3,875 versus the prior month.

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

    Mount Vernon's average listing price for 2024-03-01 was $206,786, a difference of $16,112 (8.5%) versus the prior year and $-29,832 versus the prior month.

    For the 2024-03-01 period, Mount Vernon had 46 MLS listings, a difference of 7 listings (18%) versus the prior month and 5 listings (12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mount Vernon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,800 sqft
    2018-02-01 0 days 1,810 sqft
    2018-03-01 0 days 1,841 sqft
    2018-04-01 0 days 1,805 sqft
    2018-05-01 0 days 1,744 sqft
    2018-06-01 0 days 1,733 sqft
    2018-07-01 0 days 1,725 sqft
    2018-08-01 0 days 1,714 sqft
    2018-09-01 0 days 1,714 sqft
    2018-10-01 0 days 1,715 sqft
    2018-11-01 0 days 1,680 sqft
    2018-12-01 0 days 1,676 sqft
    2019-01-01 0 days 1,671 sqft
    2019-02-01 0 days 1,658 sqft
    2019-03-01 0 days 1,693 sqft
    2019-04-01 0 days 1,697 sqft
    2019-05-01 0 days 1,739 sqft
    2019-06-01 0 days 1,856 sqft
    2019-07-01 0 days 1,828 sqft
    2019-08-01 0 days 1,793 sqft
    2019-09-01 0 days 1,751 sqft
    2019-10-01 0 days 1,728 sqft
    2019-11-01 0 days 1,713 sqft
    2019-12-01 0 days 1,695 sqft
    2020-01-01 0 days 1,747 sqft
    2020-02-01 0 days 1,764 sqft
    2020-03-01 0 days 1,755 sqft
    2020-04-01 0 days 1,758 sqft
    2020-05-01 0 days 1,744 sqft
    2020-06-01 0 days 1,841 sqft
    2020-07-01 0 days 1,890 sqft
    2020-08-01 0 days 1,820 sqft
    2020-09-01 0 days 1,941 sqft
    2020-10-01 0 days 2,056 sqft
    2020-11-01 0 days 1,899 sqft
    2020-12-01 0 days 1,843 sqft
    2021-01-01 0 days 1,861 sqft
    2021-02-01 0 days 1,860 sqft
    2021-03-01 0 days 2,079 sqft
    2021-04-01 0 days 1,984 sqft
    2021-05-01 0 days 1,817 sqft
    2021-06-01 0 days 1,793 sqft
    2021-07-01 0 days 1,915 sqft
    2021-08-01 0 days 1,753 sqft
    2021-09-01 0 days 1,886 sqft
    2021-10-01 0 days 1,732 sqft
    2021-11-01 0 days 1,670 sqft
    2021-12-01 0 days 1,684 sqft
    2022-01-01 0 days 1,536 sqft
    2022-02-01 0 days 1,518 sqft
    2022-03-01 0 days 1,518 sqft
    2022-04-01 0 days 1,464 sqft
    2022-05-01 0 days 1,434 sqft
    2022-06-01 0 days 1,463 sqft
    2022-07-01 0 days 1,614 sqft
    2022-08-01 0 days 1,604 sqft
    2022-09-01 0 days 1,619 sqft
    2022-10-01 0 days 1,604 sqft
    2022-11-01 0 days 1,586 sqft
    2022-12-01 0 days 1,620 sqft
    2023-01-01 0 days 1,704 sqft
    2023-02-01 0 days 1,709 sqft
    2023-03-01 0 days 1,669 sqft
    2023-04-01 0 days 1,697 sqft
    2023-05-01 0 days 1,798 sqft
    2023-06-01 0 days 1,922 sqft
    2023-07-01 0 days 1,837 sqft
    2023-08-01 0 days 1,622 sqft
    2023-09-01 0 days 1,604 sqft
    2023-10-01 0 days 1,569 sqft
    2023-11-01 0 days 1,560 sqft
    2023-12-01 0 days 1,566 sqft
    2024-01-01 0 days 1,571 sqft
    2024-02-01 0 days 1,563 sqft
    2024-03-01 0 days 1,639 sqft
    Mount Vernon's median listing age (time on market) for 2024-03-01 was 0 days.

    Mount Vernon's median square footage for active listings during the 2024-03-01 period was 1,639 sqft. One year prior, the average listing was 1,669 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).