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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.