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 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 0.11% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.5% and one month ago for the week of 2024-10-25, the average rate was 6.38%.

The average rate one year ago was 6.97%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.2%.

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
2024-04-01 $144,750 (-23.8%) $209,863 (4.9%) 0.00 46
2024-05-01 $167,438 (-20.7%) $213,663 (-2.1%) 0.00 43
2024-06-01 $139,750 (-31.1%) $197,636 (-12.4%) 0.00 46
2024-07-01 $158,175 (-5.9%) $192,446 (-4.7%) 0.00 58
2024-08-01 $169,900 (2.6%) $197,101 (9.9%) 0.00 58
2024-09-01 $179,813 (12.9%) $203,501 (12.9%) 0.00 52
2024-10-01 $176,000 (22.4%) $214,519 (20.5%) 0.00 54
Mount Vernon's median listing price for 2024-10-01 was $176,000, a difference of $32,250 (22.4%) versus the prior year and $-3,813 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 2024-10-01 was $214,519, a difference of $36,424 (20.5%) versus the prior year and $11,018 versus the prior month.

For the 2024-10-01 period, Mount Vernon had 54 MLS listings, a difference of 2 listings (4%) versus the prior month and 10 listings (23%) 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
2024-04-01 0 days 1,540 sqft
2024-05-01 0 days 1,585 sqft
2024-06-01 0 days 1,507 sqft
2024-07-01 0 days 1,514 sqft
2024-08-01 0 days 1,514 sqft
2024-09-01 0 days 1,568 sqft
2024-10-01 0 days 1,700 sqft
Mount Vernon's median listing age (time on market) for 2024-10-01 was 0 days.

Mount Vernon's median square footage for active listings during the 2024-10-01 period was 1,700 sqft. One year prior, the average listing was 1,569 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).