Peoria FHA Loans

PEORIA, 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.

Peoria's 82 lenders originated 1,942 FHA loans during 2021. The total origination value was $234,680,000, with an average FHA loan value of $120,844.

Peoria FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Peoria averaged 5.43% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.14% and one month ago for the week of 2022-04-15, the average rate was 5.13%.

The average rate one year ago was 3.4%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.23%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Peoria level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
CALIBER HOME LOANS, INC. 446 2.99% $4,860
FLAT BRANCH MORTGAGE, INC. 343 3.25% $4,720
QUICKEN LOANS, LLC 158 2.79% $4,870
UNITED WHOLESALE MORTGAGE, LLC 105 2.95% $5,227
HOME POINT FINANCIAL CORPORATION 61 3.52% $4,284
LEADERONE FINANCIAL CORPORATION 53 3.44% $5,316
Fortress Bank 52 3.03% $3,754
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 50 3.29% $6,044
FIRST STATE MORTGAGE SERVICES, LLC 48 3.18% $4,978
INLAND BANK & TRUST 39 3.34% $5,720
AMERICAN PACIFIC MORTGAGE CORPORATION 37 3.17% $5,123
GUARANTEED RATE, INC. 36 2.93% $4,904
NATIONS DIRECT MORTGAGE, LLC 31 2.69% $6,557
Mr. Cooper ( Nationstar Mortgage ) 27 3.49% $2,073
FREEDOM MORTGAGE CORPORATION 27 3.19% $3,439
VILLAGE CAPITAL & INVESTMENT LLC 24 3.11% $1,627
PENNYMAC LOAN SERVICES, LLC 23 3.24% $3,315
LAKEVIEW LOAN SERVICING, LLC 22 3.16% $3,555
PNC Bank 15 2.74% $4,091
INB 14 2.62% $4,658
Flanagan State Bank 13 3.55% $5,223
LOANDEPOT.COM, LLC 12 3.27% $6,407
Carrington Mortgage Services, LLC 9 3.54% $4,539
Wells Fargo Bank 8 3.23% $3,929
NEWREZ LLC 7 2.93% $3,524
Waterstone Mortgage Corporation 7 3.39% $6,972
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.31% $6,227
PLAZA HOME MORTGAGE, INC. 6 3.50% $5,128
COMPASS MORTGAGE, INC. 6 2.92% $6,271
BROKER SOLUTIONS, INC. 5 3.45% $5,454
Regions Bank 5 2.93% $3,523
Paramount Residential Mortgage Group, Inc. 5 3.68% $5,611
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 4 3.69% $5,211
Citizens Bank 4 2.41% $4,969
Equity Prime Mortgage LLC 3 4.17% $4,452
Nations Lending Corporation 3 3.25% $3,203
CROSSCOUNTRY MORTGAGE, LLC 3 3.08% $7,007
Bank of America 3 3.58% $4,257
AMERICAN FINANCING CORPORATION 3 3.04% $5,839
United Community Bank 3 3.13% $3,484
FIRST CENTENNIAL MORTGAGE CORPORATION 3 2.58% $5,468
Mortgage Research Center, LLC 3 3.17% $2,365
HOMESIDE FINANCIAL, LLC 2 2.75% $5,933
HOMESITE MORTGAGE, LLC 2 3.62% $7,805
BNC National Bank 2 3.00% $4,926
AMERICAN FINANCIAL NETWORK, INC. 2 2.81% $9,482
VAN DYK MORTGAGE CORPORATION 2 3.56% $4,540
AMERISAVE MORTGAGE CORPORATION 2 3.13% $6,117
Town & Country Banc Mortgage Services, Inc. 2 3.06% $4,268
ROYAL UNITED MORTGAGE LLC 2 3.44% $4,793
ARC HOME LLC 2 2.94% $4,526
Commerce Bank 2 4.13% $3,522
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.50% $4,713
MOVEMENT MORTGAGE, LLC 2 3.69% $2,447
Flagstar Bank, FSB 2 3.26% $4,924
Servion, Inc. 1 3.13% $4,320
AmeriHome Mortgage Company, LLC 1 3.13% $3,805
Barrington Bank & Trust Company, N.A. 1 3.38% $5,404
BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $4,827
BETTER MORTGAGE CORPORATION 1 2.88% $7,441
CHERRY CREEK MORTGAGE, LLC 1 2.88% $4,350
CHURCHILL MORTGAGE CORPORATION 1 3.25% $5,747
DAS Acquisition Company, LLC 1 4.25% $7,785
DIGNIFIED HOME LOANS, LLC 1 2.75% $6,523
ENDEAVOR CAPITAL, LLC. 1 2.88% $6,599
Fifth Third Bank 1 3.13% $5,752
First Guaranty Mortgage Corporation 1 2.88% $6,706
First Home Bank 1 3.25% $4,441
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.50% $4,800
Home Mortgage Alliance Corp 1 2.25% $7,395
Ixonia Bank 1 3.63% $5,773
JPMorgan Chase Bank 1 3.13% $5,824
LIBERTY HOME MORTGAGE CORPORATION 1 3.25% $6,374
Marine Bank 1 2.75% $3,510
Neighborhood Loans, Inc. 1 3.75% $6,419
NORTHERN MORTGAGE SERVICES, LLC 1 3.38% $2,287
PHH Mortgage Corporation 1 3.63% $7,066
Plains Commerce Bank 1 2.63% $11,623
Allied First Bank,sb 1 2.75% $4,200
SUCCESS MORTGAGE PARTNERS, INC. 1 3.88% $7,606
UNION HOME MORTGAGE CORP. 1 2.75% $8,526
UNITED HOME LOANS, INC. 1 3.25% $6,598

The top Peoria FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 446 FHA loans originated. Their average total fees are $4,860, which is $140 higher than the next largest lender, FLAT BRANCH MORTGAGE, INC..

The lowest fee Peoria FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($1,627), Mr. Cooper ( Nationstar Mortgage ) ($2,073), PENNYMAC LOAN SERVICES, LLC ($3,315), FREEDOM MORTGAGE CORPORATION ($3,439) and LAKEVIEW LOAN SERVICING, LLC ($3,555).

The lowest rate Peoria FHA lenders (with over 10 loans originated) are INB (2.62%), NATIONS DIRECT MORTGAGE, LLC (2.69%), PNC Bank (2.74%), QUICKEN LOANS, LLC (2.79%) and GUARANTEED RATE, INC. (2.93%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Peoria (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 $135,450 (0.4%) $175,382 (-2.2%) 0.50 2,135
2018-02-01 $137,200 (1.3%) $176,637 (-1.3%) 0.49 2,132
2018-03-01 $134,900 (-6.6%) $174,884 (-6.8%) 0.47 2,357
2018-04-01 $134,950 (-8.5%) $175,519 (-9.1%) 0.45 2,390
2018-05-01 $139,450 (-6.2%) $177,889 (-9.7%) 0.47 2,487
2018-06-01 $139,900 (-6.7%) $180,644 (-10.1%) 0.47 2,510
2018-07-01 $139,900 (-6.7%) $180,963 (-9.2%) 0.47 2,585
2018-08-01 $139,900 (-6.7%) $180,376 (-7.6%) 0.47 2,577
2018-09-01 $135,000 (-6.8%) $176,364 (-7.1%) 0.45 2,527
2018-10-01 $134,900 (-5.6%) $173,956 (-5.0%) 0.45 2,488
2018-11-01 $130,500 (-6.7%) $172,396 (-4.9%) 0.44 2,270
2018-12-01 $129,900 (-6.9%) $167,169 (-5.6%) 0.44 2,065
2019-01-01 $129,550 (-4.4%) $163,844 (-6.6%) 0.45 1,888
2019-02-01 $129,900 (-5.3%) $164,933 (-6.6%) 0.44 1,846
2019-03-01 $133,857 (-0.8%) $169,535 (-3.1%) 0.44 1,872
2019-04-01 $138,950 (3.0%) $174,905 (-0.4%) 0.44 1,924
2019-05-01 $138,800 (-0.5%) $177,893 (0.0%) 0.43 2,024
2019-06-01 $139,000 (-0.6%) $178,196 (-1.4%) 0.43 2,079
2019-07-01 $138,450 (-1.0%) $179,202 (-1.0%) 0.43 2,140
2019-08-01 $136,429 (-2.5%) $177,626 (-1.5%) 0.43 2,188
2019-09-01 $134,950 (0.0%) $177,410 (0.6%) 0.43 2,217
2019-10-01 $129,995 (-3.6%) $174,467 (0.3%) 0.41 2,237
2019-11-01 $129,900 (-0.5%) $170,229 (-1.3%) 0.42 2,160
2019-12-01 $124,700 (-4.0%) $164,815 (-1.4%) 0.42 1,987
2020-01-01 $124,200 (-4.1%) $164,407 (0.3%) 0.41 1,826
2020-02-01 $124,900 (-3.9%) $166,073 (0.7%) 0.40 1,733
2020-03-01 $128,700 (-3.9%) $170,161 (0.4%) 0.40 1,741
2020-04-01 $129,900 (-6.5%) $173,535 (-0.8%) 0.40 1,711
2020-05-01 $132,000 (-4.9%) $183,202 (3.0%) 0.40 1,658
2020-06-01 $134,900 (-3.0%) $184,363 (3.5%) 0.39 1,553
2020-07-01 $135,000 (-2.5%) $185,319 (3.4%) 0.39 1,467
2020-08-01 $129,900 (-4.8%) $178,578 (0.5%) 0.37 1,403
2020-09-01 $126,750 (-6.1%) $178,836 (0.8%) 0.36 1,310
2020-10-01 $124,900 (-3.9%) $178,306 (2.2%) 0.36 1,267
2020-11-01 $117,450 (-9.6%) $175,133 (2.9%) 0.34 1,203
2020-12-01 $114,950 (-7.8%) $168,544 (2.3%) 0.34 1,099
2021-01-01 $112,500 (-9.4%) $165,980 (1.0%) 0.33 1,005
2021-02-01 $104,950 (-16.0%) $160,271 (-3.5%) 0.30 861
2021-03-01 $104,900 (-18.5%) $165,230 (-2.9%) 0.29 776
2021-04-01 $112,450 (-13.4%) $184,757 (6.5%) 0.30 674
2021-05-01 $114,900 (-13.0%) $194,639 (6.2%) 0.30 661
2021-06-01 $117,450 (-12.9%) $200,675 (8.9%) 0.31 701
2021-07-01 $119,900 (-11.2%) $197,832 (6.8%) 0.31 781
2021-08-01 $124,700 (-4.0%) $197,932 (10.8%) 0.33 819
2021-09-01 $120,000 (-5.3%) $196,017 (9.6%) 0.32 868
2021-10-01 $117,400 (-6.0%) $186,135 (4.4%) 0.31 846
2021-11-01 $109,950 (-6.4%) $176,873 (1.0%) 0.29 800
2021-12-01 $106,750 (-7.1%) $176,676 (4.8%) 0.28 658
2022-01-01 $99,900 (-11.2%) $169,353 (2.0%) 0.27 561
2022-02-01 $98,000 (-6.6%) $176,041 (9.8%) 0.25 457
2022-03-01 $110,950 (5.8%) $208,356 (26.1%) 0.27 422
2022-04-01 $114,900 (2.2%) $211,893 (14.7%) 0.27 407
Peoria's median listing price for 2022-04-01 was $114,900, a difference of $2,450 (2.2%) versus the prior year and $3,950 versus the prior month.

Peoria's median listing price comes in at 27% of the national average.

Peoria's average listing price for 2022-04-01 was $211,893, a difference of $27,136 (14.7%) versus the prior year and $3,537 versus the prior month.

For the 2022-04-01 period, Peoria had 407 MLS listings, a difference of -15 listings (-4%) versus the prior month and -267 listings (-40%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Peoria (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 103 days 1,856 sqft
2018-02-01 101 days 1,860 sqft
2018-03-01 73 days 1,857 sqft
2018-04-01 61 days 1,881 sqft
2018-05-01 67 days 1,898 sqft
2018-06-01 66 days 1,896 sqft
2018-07-01 68 days 1,907 sqft
2018-08-01 73 days 1,891 sqft
2018-09-01 75 days 1,880 sqft
2018-10-01 81 days 1,863 sqft
2018-11-01 84 days 1,857 sqft
2018-12-01 91 days 1,820 sqft
2019-01-01 94 days 1,801 sqft
2019-02-01 95 days 1,777 sqft
2019-03-01 84 days 1,806 sqft
2019-04-01 73 days 1,849 sqft
2019-05-01 50 days 1,790 sqft
2019-06-01 61 days 1,765 sqft
2019-07-01 64 days 1,879 sqft
2019-08-01 66 days 1,865 sqft
2019-09-01 69 days 1,844 sqft
2019-10-01 71 days 1,815 sqft
2019-11-01 73 days 1,791 sqft
2019-12-01 85 days 1,759 sqft
2020-01-01 94 days 1,757 sqft
2020-02-01 95 days 1,748 sqft
2020-03-01 76 days 1,768 sqft
2020-04-01 70 days 1,777 sqft
2020-05-01 71 days 1,792 sqft
2020-06-01 68 days 1,796 sqft
2020-07-01 63 days 1,791 sqft
2020-08-01 53 days 1,776 sqft
2020-09-01 59 days 1,738 sqft
2020-10-01 64 days 1,728 sqft
2020-11-01 60 days 1,639 sqft
2020-12-01 64 days 1,578 sqft
2021-01-01 72 days 1,580 sqft
2021-02-01 75 days 1,524 sqft
2021-03-01 61 days 1,487 sqft
2021-04-01 48 days 1,567 sqft
2021-05-01 45 days 1,556 sqft
2021-06-01 37 days 1,619 sqft
2021-07-01 36 days 1,633 sqft
2021-08-01 39 days 1,650 sqft
2021-09-01 42 days 1,647 sqft
2021-10-01 43 days 1,568 sqft
2021-11-01 47 days 1,485 sqft
2021-12-01 59 days 1,468 sqft
2022-01-01 66 days 1,414 sqft
2022-02-01 59 days 1,368 sqft
2022-03-01 52 days 1,395 sqft
2022-04-01 38 days 1,420 sqft
Peoria's median listing age (time on market) for 2022-04-01 was 38 days. This is -21% shorter than the same period one year ago.

Peoria's median square footage for active listings during the 2022-04-01 period was 1,420 sqft. One year prior, the average listing was 1,567 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).