Peoria FHA Loan Rates, Closing Costs & Stats

PEORIA, 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.

    Peoria's 78 lenders originated 907 FHA loans during 2023. The total origination value was $121,995,000, with an average FHA loan value of $134,504.

    Peoria FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Peoria averaged 6.21% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Peoria's average FHA mortgage closing costs are $4,969.

    The average rate for the prior week (2024-11-01) was 6.29% and one month ago for the week of 2024-10-04, the average rate was 5.91%.

    The average rate one year ago was 7.45%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.1%.

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

    Peoria 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 Peoria level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 185 6.56% $5,550
    CALIBER HOME LOANS, INC. 128 6.20% $5,611
    QUICKEN LOANS, LLC 71 6.61% $6,831
    UNITED WHOLESALE MORTGAGE, LLC 57 6.61% $7,676
    NEWREZ LLC 47 7.13% $5,840
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 37 6.53% $6,857
    LEADERONE FINANCIAL CORPORATION 26 6.62% $7,284
    Fortress Bank 23 6.43% $4,292
    CIBM Bank 20 6.42% $5,248
    FIRST STATE MORTGAGE SERVICES, LLC 20 6.57% $5,555
    INB 14 6.35% $5,083
    BROKER SOLUTIONS, INC. 13 6.95% $6,925
    Flanagan State Bank 13 6.76% $6,396
    LOANDEPOT.COM, LLC 11 6.56% $7,634
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 6.75% $6,689
    AMERISAVE MORTGAGE CORPORATION 9 6.14% $8,863
    Paramount Residential Mortgage Group, Inc. 6 7.17% $7,176
    Nations Lending Corporation 6 6.15% $5,972
    Mortgage Research Center, LLC 6 7.58% $3,607
    PNC Bank 6 7.27% $4,140
    Ixonia Bank 5 6.23% $7,493
    COMPASS MORTGAGE, INC. 5 6.85% $7,598
    United Community Bank 5 7.00% $4,368
    U.S. Bank 5 7.30% $6,086
    VAN DYK MORTGAGE CORPORATION 5 6.73% $5,063
    Carrington Mortgage Services, LLC 5 7.15% $7,328
    Mr. Cooper ( Nationstar Mortgage ) 5 6.15% $10,348
    Regions Bank 4 6.38% $4,610
    FREEDOM MORTGAGE CORPORATION 4 6.50% $9,139
    ROYAL UNITED MORTGAGE LLC 4 6.91% $7,771
    JPMorgan Chase Bank 3 6.08% $3,420
    DAS Acquisition Company, LLC 3 6.92% $8,354
    PLAZA HOME MORTGAGE, INC. 3 7.08% $7,981
    GUARANTEED RATE, INC. 3 6.92% $6,199
    GUILD MORTGAGE COMPANY 3 6.67% $6,388
    CARDINAL FINANCIAL 2 6.75% $7,105
    Busey Bank 2 5.88% $5,845
    GERSHMAN INVESTMENT CORP. 2 7.19% $7,052
    Wells Fargo Bank 2 7.38% $4,751
    Carrollton Bank 2 6.13% $6,617
    Flagstar Bank, FSB 2 5.38% $3,735
    LAKEVIEW LOAN SERVICING, LLC 2 5.69% $7,731
    SUN WEST MORTGAGE COMPANY, INC. 2 7.38% $6,234
    LIBERTY HOME MORTGAGE CORPORATION 2 6.19% $14,719
    ENDEAVOR CAPITAL, LLC. 2 6.56% $9,464
    AXIA FINANCIAL, LLC 2 6.69% $7,975
    PENNYMAC LOAN SERVICES, LLC 2 6.63% $4,610
    NBKC BANK 2 6.69% $6,904
    CROSSCOUNTRY MORTGAGE, LLC 2 7.09% $8,982
    M&T Bank 2 6.13% $8,835
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $9,668
    TIB The Independent Bankersbank 1 7.50% $4,636
    AMERICAN FINANCING CORPORATION 1 4.99% $7,971
    Barrington Bank & Trust Company, N.A. 1 5.74% $4,556
    BETTER MORTGAGE CORPORATION 1 6.25% $6,434
    Commerce Bank 1 6.50% $7,542
    DIGNIFIED HOME LOANS, LLC 1 6.75% $8,934
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.00% $6,070
    First National Bank of Omaha 1 6.50% $6,609
    GREENSTATE CREDIT UNION 1 6.75% $5,468
    Heartland Bank and Trust Company 1 6.63% $4,769
    HOMESIDE FINANCIAL, LLC 1 6.63% $9,735
    HOMESITE MORTGAGE, LLC 1 7.25% $7,578
    KELLER MORTGAGE, LLC 1 6.00% $9,125
    Lakeview Community Capital, LLC 1 6.75% $7,196
    Midland States Bank 1 7.38% $6,987
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $16,134
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $6,994
    Neighborhood Loans, Inc. 1 7.50% $9,686
    Paramount Bank 1 6.25% $5,786
    PENTAGON FEDERAL CREDIT UNION 1 6.50% $9,647
    PLANET HOME LENDING, LLC 1 7.00% $8,960
    The Central Trust Bank 1 5.63% $4,752
    AMERICAN FINANCIAL NETWORK, INC. 1 7.63% $5,650
    TOTAL MORTGAGE SERVICES, LLC 1 6.75% $6,724
    TOWNE MORTGAGE COMPANY 1 6.25% $9,876
    UNITED HOME LOANS, INC. 1 5.63% $3,851
    Waterstone Mortgage Corporation 1 6.13% $7,371

    The top Peoria FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 185 FHA loans originated. Their average total fees are $5,550, which is $61 lower than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Peoria FHA lenders (with over 10 loans originated) are Fortress Bank ($4,292), INB ($5,083), CIBM Bank ($5,248), FLAT BRANCH MORTGAGE, INC. ($5,550) and FIRST STATE MORTGAGE SERVICES, LLC ($5,555).

    The lowest rate Peoria FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (6.20%), INB (6.35%), CIBM Bank (6.42%), Fortress Bank (6.43%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.53%).

    Peoria FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PEORIA, IL FULTON 2022 $420,680 $538,650 $651,050 $809,150
    PEORIA, IL MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
    PEORIA, IL PEORIA 2022 $420,680 $538,650 $651,050 $809,150
    PEORIA, IL STARK 2022 $420,680 $538,650 $651,050 $809,150
    PEORIA, IL TAZEWELL 2022 $420,680 $538,650 $651,050 $809,150
    PEORIA, IL WOODFORD 2022 $420,680 $538,650 $651,050 $809,150
    PEORIA, IL FULTON 2023 $472,030 $604,400 $730,525 $907,900
    PEORIA, IL MARSHALL 2023 $472,030 $604,400 $730,525 $907,900
    PEORIA, IL PEORIA 2023 $472,030 $604,400 $730,525 $907,900
    PEORIA, IL STARK 2023 $472,030 $604,400 $730,525 $907,900
    PEORIA, IL TAZEWELL 2023 $472,030 $604,400 $730,525 $907,900
    PEORIA, IL WOODFORD 2023 $472,030 $604,400 $730,525 $907,900

    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).