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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.