Mount Vernon FHA Loan Rates, Closing Costs & Stats
Mount Vernon, IL
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 22 lenders originated 72 FHA loans during 2024. The total origination value was $10,450,000, with an average FHA loan value of $145,139.
Mount Vernon FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Mount Vernon
averaged
0.17%
for the week of 2025-06-20, compared to the national average (all FHA variants) of
0% for the same period.
Mount Vernon's average FHA mortgage closing costs are $5,687.
The average rate for the prior week (2025-06-13) was
7.05% and
one month ago for the week of 2025-05-16, the
average rate was 6.91%.
The average rate one year ago was 7.26%.
For refis of the same type during the week of 2025-06-20, the average rate
was -0.2%.
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 | 2024 Avg. 30yFix Rate | 2024 Avg. Closing Costs |
---|---|---|---|
BROKER SOLUTIONS, INC. | 20 | 7.19% | $6,126 |
QUICKEN LOANS, LLC | 6 | 6.62% | $8,961 |
AMERICAN PORTFOLIO MORTGAGE CORPORATION | 5 | 6.83% | $6,612 |
U.S. Bank | 4 | 6.75% | $5,308 |
GERSHMAN INVESTMENT CORP. | 3 | 6.67% | $5,218 |
ENDEAVOR CAPITAL, LLC. | 3 | 6.67% | $6,810 |
PENNYMAC LOAN SERVICES, LLC | 3 | 6.04% | $5,393 |
FREEDOM MORTGAGE CORPORATION | 2 | 6.75% | $9,114 |
Fifth Third Bank | 2 | 6.75% | $3,952 |
United Community Bank | 2 | 6.19% | $4,051 |
FLAT BRANCH MORTGAGE, INC. | 1 | 6.75% | $5,305 |
AMERICAN FINANCING CORPORATION | 1 | 5.75% | $8,181 |
First Mid Bank & Trust | 1 | 6.38% | $3,595 |
Midland States Bank | 1 | 7.25% | $4,934 |
MUTUAL OF OMAHA MORTGAGE, INC. | 1 | 6.75% | $10,526 |
NBKC BANK | 1 | 5.88% | $12,068 |
NORWICH COMMERCIAL GROUP, INC. | 1 | 7.75% | $2,972 |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 6.25% | $8,661 |
DELMAR FINANCIAL COMPANY | 1 | 7.75% | $7,442 |
CANOPY MORTGAGE, LLC | 1 | 6.50% | $11,613 |
UNITED WHOLESALE MORTGAGE, LLC | 1 | 5.25% | $9,168 |
Flagstar Bank, FSB | 1 | 6.75% | $6,730 |
The top Mount Vernon FHA lender as defined by loan originations is BROKER SOLUTIONS, INC., with
20 FHA loans originated. Their average total fees are
$6,126, which is $2,835
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Mount Vernon FHA lenders (with over 10 loans originated) are
BROKER SOLUTIONS, INC. ($6,126), .
The lowest rate Mount Vernon FHA lenders (with over 10 loans originated) are
BROKER SOLUTIONS, INC. (7.19%), .
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 |