Peoria FHA Loans

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 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).