Peoria FHA Loan Rates, Closing Costs & Stats

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 81 lenders originated 1,209 FHA loans during 2022. The total origination value was $149,565,000, with an average FHA loan value of $123,710.

Peoria FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Peoria averaged -0.1% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Peoria's average FHA mortgage closing costs are $4,797.

The average rate for the prior week (2024-02-16) was 6.14% and one month ago for the week of 2024-01-19, the average rate was 6.18%.

The average rate one year ago was 6.24%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.19%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
CALIBER HOME LOANS, INC. 291 5.06% $5,107
FLAT BRANCH MORTGAGE, INC. 225 5.33% $5,170
QUICKEN LOANS, LLC 90 4.75% $6,096
UNITED WHOLESALE MORTGAGE, LLC 61 4.92% $6,222
AMERICAN PACIFIC MORTGAGE CORPORATION 35 5.04% $5,899
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 34 5.41% $5,835
Fortress Bank 27 5.10% $3,995
FIRST STATE MORTGAGE SERVICES, LLC 26 5.22% $5,330
INLAND BANK & TRUST 24 5.55% $6,157
PNC Bank 20 4.59% $3,724
LEADERONE FINANCIAL CORPORATION 19 5.08% $6,264
Paramount Residential Mortgage Group, Inc. 17 5.10% $6,384
HOME POINT FINANCIAL CORPORATION 17 4.00% $4,660
GUARANTEED RATE, INC. 17 5.06% $6,415
AMERISAVE MORTGAGE CORPORATION 15 4.68% $7,982
PENNYMAC LOAN SERVICES, LLC 15 4.23% $5,836
LOANDEPOT.COM, LLC 14 5.29% $6,986
BROKER SOLUTIONS, INC. 12 5.90% $7,151
INB 12 5.38% $4,933
Flanagan State Bank 12 5.15% $5,506
Busey Bank 11 5.17% $4,225
Wells Fargo Bank 9 5.58% $4,231
Waterstone Mortgage Corporation 8 5.31% $7,099
FREEDOM MORTGAGE CORPORATION 8 5.28% $6,748
Flagstar Bank, FSB 8 4.51% $5,359
AMERICAN FINANCING CORPORATION 7 4.75% $6,482
NATIONS DIRECT MORTGAGE, LLC 7 3.30% $6,994
Carrington Mortgage Services, LLC 6 5.00% $6,494
PLAZA HOME MORTGAGE, INC. 6 5.23% $5,958
Mr. Cooper ( Nationstar Mortgage ) 5 5.35% $7,471
Citizens Bank 5 4.38% $4,785
Mortgage Research Center, LLC 5 4.52% $3,323
CROSSCOUNTRY MORTGAGE, LLC 5 5.58% $5,667
Nations Lending Corporation 4 5.44% $6,924
FIRST CENTENNIAL MORTGAGE CORPORATION 3 5.96% $5,158
Regions Bank 3 5.38% $4,678
ROYAL UNITED MORTGAGE LLC 3 4.92% $6,422
LAKEVIEW LOAN SERVICING, LLC 3 5.25% $8,576
COMPASS MORTGAGE, INC. 3 4.71% $5,694
NEWREZ LLC 3 5.63% $5,539
CARDINAL FINANCIAL 2 3.88% $6,674
DAS Acquisition Company, LLC 2 6.19% $5,848
United Community Bank 2 5.25% $4,517
Neighborhood Loans, Inc. 2 4.75% $5,550
Equity Prime Mortgage LLC 2 5.69% $4,758
M&T Bank 2 4.63% $5,547
U.S. Bank 2 4.75% $4,459
VILLAGE CAPITAL MORTGAGE 2 3.25% $749
JPMorgan Chase Bank 2 5.31% $3,654
BECKAM FUNDING CORP. 1 6.25% $8,410
PREMIA MORTGAGE, LLC 1 4.25% $9,021
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.00% $6,118
BAY EQUITY LLC 1 5.13% $9,070
The Huntington National Bank 1 4.75% $4,823
TOTAL MORTGAGE SERVICES, LLC 1 6.25% $5,778
Town & Country Banc Mortgage Services 1 5.00% $3,587
Arvest Bank 1 5.00% $3,805
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $9,061
AmeriHome Mortgage Company, LLC 1 2.88% $8,010
First Option Mortgage, LLC 1 5.63% $6,873
FINANCE OF AMERICA MORTGAGE LLC 1 5.00% $16,044
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.63% $5,432
GERSHMAN INVESTMENT CORP. 1 6.63% $4,516
GUILD MORTGAGE COMPANY 1 5.13% $5,094
Heartland Bank and Trust Company 1 5.75% $4,936
Commerce Bank 1 5.63% $3,369
HOMESIDE FINANCIAL, LLC 1 4.25% $6,230
CIBM Bank 1 6.25% $7,647
INLANTA MORTGAGE, INC. 1 5.63% $7,785
Ixonia Bank 1 5.25% $6,920
CHURCHILL MORTGAGE CORPORATION 1 4.50% $8,491
LIBERTY HOME MORTGAGE CORPORATION 1 4.75% $5,412
CHERRY CREEK MORTGAGE, LLC 1 5.75% $575
MIDLAND MORTGAGE CORPORATION 1 5.25% $8,610
Midland States Bank 1 7.63% $5,725
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $4,519
ZILLOW HOME LOANS, LLC 1 4.25% $6,762
NEW DAY FINANCIAL, LLC 1 5.25% $5,369
OCMBC, INC. 1 4.75% $4,180
PHH Mortgage Corporation 1 5.63% $4,146
PLANET HOME LENDING, LLC 1 4.75% $3,574

The top Peoria FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 291 FHA loans originated. Their average total fees are $5,107, which is $63 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

The lowest fee Peoria FHA lenders (with over 10 loans originated) are PNC Bank ($3,724), Fortress Bank ($3,995), Busey Bank ($4,225), HOME POINT FINANCIAL CORPORATION ($4,660) and INB ($4,933).

The lowest rate Peoria FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (4.00%), PENNYMAC LOAN SERVICES, LLC (4.23%), PNC Bank (4.59%), AMERISAVE MORTGAGE CORPORATION (4.68%) and QUICKEN LOANS, LLC (4.75%).

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

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 $134,900 (0.0%) $174,475 (-2.6%) 0.50 2,140
2018-02-01 $134,900 (-0.1%) $175,751 (-2.1%) 0.49 2,139
2018-03-01 $132,500 (-7.9%) $173,616 (-7.6%) 0.46 2,354
2018-04-01 $134,900 (-8.4%) $174,601 (-9.5%) 0.46 2,382
2018-05-01 $138,125 (-6.4%) $176,978 (-10.3%) 0.46 2,471
2018-06-01 $139,900 (-6.7%) $179,913 (-10.4%) 0.47 2,497
2018-07-01 $139,900 (-6.7%) $179,909 (-9.7%) 0.47 2,561
2018-08-01 $138,375 (-7.7%) $179,465 (-8.0%) 0.46 2,562
2018-09-01 $134,900 (-6.9%) $174,798 (-7.9%) 0.45 2,501
2018-10-01 $134,000 (-4.3%) $171,702 (-6.2%) 0.45 2,466
2018-11-01 $129,900 (-7.2%) $169,681 (-6.5%) 0.44 2,257
2018-12-01 $129,200 (-7.1%) $164,858 (-6.5%) 0.45 2,057
2019-01-01 $128,500 (-4.7%) $163,327 (-6.4%) 0.44 1,877
2019-02-01 $129,900 (-3.7%) $164,601 (-6.3%) 0.44 1,846
2019-03-01 $133,157 (0.5%) $169,303 (-2.5%) 0.44 1,866
2019-04-01 $138,100 (2.4%) $174,941 (0.2%) 0.44 1,908
2019-05-01 $137,500 (-0.5%) $177,630 (0.4%) 0.43 2,000
2019-06-01 $139,000 (-0.6%) $178,215 (-0.9%) 0.43 2,057
2019-07-01 $138,328 (-1.1%) $179,357 (-0.3%) 0.43 2,097
2019-08-01 $136,086 (-1.7%) $177,420 (-1.1%) 0.43 2,156
2019-09-01 $133,731 (-0.9%) $176,192 (0.8%) 0.43 2,179
2019-10-01 $130,900 (-2.3%) $174,959 (1.9%) 0.42 2,196
2019-11-01 $129,500 (-0.3%) $170,314 (0.4%) 0.42 2,135
2019-12-01 $123,200 (-4.6%) $164,704 (-0.1%) 0.41 1,983
2020-01-01 $121,123 (-5.7%) $164,116 (0.5%) 0.40 1,825
2020-02-01 $122,500 (-5.7%) $165,235 (0.4%) 0.40 1,724
2020-03-01 $127,200 (-4.5%) $169,918 (0.4%) 0.40 1,736
2020-04-01 $129,900 (-5.9%) $173,888 (-0.6%) 0.41 1,703
2020-05-01 $129,900 (-5.5%) $183,042 (3.1%) 0.39 1,661
2020-06-01 $132,700 (-4.5%) $183,922 (3.2%) 0.39 1,541
2020-07-01 $134,900 (-2.5%) $184,504 (2.9%) 0.39 1,460
2020-08-01 $129,900 (-4.6%) $177,857 (0.3%) 0.37 1,389
2020-09-01 $124,950 (-6.6%) $178,233 (1.2%) 0.36 1,308
2020-10-01 $122,500 (-6.4%) $177,586 (1.5%) 0.35 1,259
2020-11-01 $116,975 (-9.7%) $174,448 (2.4%) 0.34 1,200
2020-12-01 $114,900 (-6.7%) $168,340 (2.2%) 0.34 1,091
2021-01-01 $109,900 (-9.3%) $165,571 (0.9%) 0.33 990
2021-02-01 $104,350 (-14.8%) $160,311 (-3.0%) 0.30 854
2021-03-01 $102,500 (-19.4%) $164,939 (-2.9%) 0.29 769
2021-04-01 $112,400 (-13.5%) $185,456 (6.7%) 0.30 672
2021-05-01 $115,000 (-11.5%) $196,125 (7.2%) 0.31 647
2021-06-01 $119,900 (-9.7%) $202,681 (10.2%) 0.32 687
2021-07-01 $120,000 (-11.1%) $199,079 (7.9%) 0.32 797
2021-08-01 $124,900 (-3.9%) $199,566 (12.2%) 0.33 808
2021-09-01 $119,950 (-4.0%) $197,093 (10.6%) 0.32 861
2021-10-01 $115,900 (-5.4%) $187,064 (5.3%) 0.31 828
2021-11-01 $109,950 (-6.0%) $177,083 (1.5%) 0.29 788
2021-12-01 $106,200 (-7.6%) $175,945 (4.5%) 0.29 649
2022-01-01 $99,900 (-9.1%) $170,279 (2.8%) 0.27 555
2022-02-01 $97,100 (-7.0%) $174,974 (9.2%) 0.25 448
2022-03-01 $109,900 (7.2%) $204,699 (24.1%) 0.28 413
2022-04-01 $112,900 (0.4%) $210,956 (13.8%) 0.27 397
2022-05-01 $144,750 (25.9%) $236,201 (20.4%) 0.33 440
2022-06-01 $157,800 (31.6%) $232,823 (14.9%) 0.35 536
2022-07-01 $159,000 (32.5%) $234,291 (17.7%) 0.36 663
2022-08-01 $158,925 (27.2%) $238,756 (19.6%) 0.37 696
2022-09-01 $156,450 (30.4%) $238,652 (21.1%) 0.37 702
2022-10-01 $151,900 (31.1%) $230,510 (23.2%) 0.36 713
2022-11-01 $149,675 (36.1%) $221,211 (24.9%) 0.36 680
2022-12-01 $139,900 (31.7%) $212,237 (20.6%) 0.35 593
2023-01-01 $139,950 (40.1%) $215,305 (26.4%) 0.35 511
2023-02-01 $137,900 (42.0%) $218,163 (24.7%) 0.33 409
2023-03-01 $147,400 (34.1%) $232,638 (13.7%) 0.35 354
2023-04-01 $159,000 (40.8%) $239,231 (13.4%) 0.37 342
2023-05-01 $168,200 (16.2%) $253,985 (7.5%) 0.38 354
2023-06-01 $179,700 (13.9%) $260,495 (11.9%) 0.40 364
2023-07-01 $184,900 (16.3%) $250,548 (6.9%) 0.42 383
2023-08-01 $172,425 (8.5%) $249,148 (4.4%) 0.40 398
2023-09-01 $178,900 (14.4%) $254,315 (6.6%) 0.42 438
2023-10-01 $169,900 (11.9%) $244,267 (6.0%) 0.40 494
2023-11-01 $157,000 (4.9%) $230,322 (4.1%) 0.37 519
2023-12-01 $149,900 (7.2%) $222,021 (4.6%) 0.37 495
Peoria's median listing price for 2023-12-01 was $149,900, a difference of $10,000 (7.2%) versus the prior year and $-7,100 versus the prior month.

Peoria's median listing price comes in at 37% of the national average.

Peoria's average listing price for 2023-12-01 was $222,021, a difference of $9,784 (4.6%) versus the prior year and $-8,301 versus the prior month.

For the 2023-12-01 period, Peoria had 495 MLS listings, a difference of -24 listings (-5%) versus the prior month and -98 listings (-17%) 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 96 days 1,853 sqft
2018-02-01 95 days 1,860 sqft
2018-03-01 66 days 1,855 sqft
2018-04-01 58 days 1,876 sqft
2018-05-01 64 days 1,898 sqft
2018-06-01 61 days 1,896 sqft
2018-07-01 66 days 1,899 sqft
2018-08-01 67 days 1,882 sqft
2018-09-01 72 days 1,870 sqft
2018-10-01 78 days 1,849 sqft
2018-11-01 79 days 1,844 sqft
2018-12-01 87 days 1,801 sqft
2019-01-01 88 days 1,805 sqft
2019-02-01 89 days 1,774 sqft
2019-03-01 80 days 1,807 sqft
2019-04-01 68 days 1,854 sqft
2019-05-01 59 days 1,798 sqft
2019-06-01 59 days 1,771 sqft
2019-07-01 60 days 1,888 sqft
2019-08-01 62 days 1,875 sqft
2019-09-01 64 days 1,851 sqft
2019-10-01 67 days 1,828 sqft
2019-11-01 72 days 1,800 sqft
2019-12-01 84 days 1,761 sqft
2020-01-01 92 days 1,760 sqft
2020-02-01 93 days 1,752 sqft
2020-03-01 70 days 1,774 sqft
2020-04-01 68 days 1,780 sqft
2020-05-01 71 days 1,800 sqft
2020-06-01 65 days 1,801 sqft
2020-07-01 60 days 1,794 sqft
2020-08-01 53 days 1,778 sqft
2020-09-01 58 days 1,738 sqft
2020-10-01 60 days 1,722 sqft
2020-11-01 57 days 1,635 sqft
2020-12-01 60 days 1,577 sqft
2021-01-01 70 days 1,574 sqft
2021-02-01 70 days 1,524 sqft
2021-03-01 53 days 1,486 sqft
2021-04-01 43 days 1,567 sqft
2021-05-01 40 days 1,560 sqft
2021-06-01 34 days 1,630 sqft
2021-07-01 36 days 1,640 sqft
2021-08-01 39 days 1,666 sqft
2021-09-01 43 days 1,649 sqft
2021-10-01 45 days 1,568 sqft
2021-11-01 46 days 1,484 sqft
2021-12-01 58 days 1,459 sqft
2022-01-01 60 days 1,414 sqft
2022-02-01 53 days 1,346 sqft
2022-03-01 45 days 1,403 sqft
2022-04-01 30 days 1,424 sqft
2022-05-01 27 days 1,601 sqft
2022-06-01 34 days 1,728 sqft
2022-07-01 33 days 1,741 sqft
2022-08-01 40 days 1,763 sqft
2022-09-01 45 days 1,763 sqft
2022-10-01 46 days 1,740 sqft
2022-11-01 48 days 1,712 sqft
2022-12-01 54 days 1,624 sqft
2023-01-01 65 days 1,679 sqft
2023-02-01 56 days 1,614 sqft
2023-03-01 43 days 1,624 sqft
2023-04-01 36 days 1,636 sqft
2023-05-01 34 days 1,666 sqft
2023-06-01 38 days 1,765 sqft
2023-07-01 38 days 1,731 sqft
2023-08-01 36 days 1,740 sqft
2023-09-01 38 days 1,788 sqft
2023-10-01 37 days 1,731 sqft
2023-11-01 39 days 1,708 sqft
2023-12-01 48 days 1,704 sqft
Peoria's median listing age (time on market) for 2023-12-01 was 48 days. This is -12% shorter than the same period one year ago.

Peoria's median square footage for active listings during the 2023-12-01 period was 1,704 sqft. One year prior, the average listing was 1,624 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).