Quincy FHA Loan Rates, Closing Costs & Stats

Quincy, IL-MO

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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.

    Quincy's 35 lenders originated 119 FHA loans during 2023. The total origination value was $16,945,000, with an average FHA loan value of $142,395.

    Quincy FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Quincy averaged 6.88% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Quincy's average FHA mortgage closing costs are $5,328.

    The average rate for the prior week (2024-04-12) was 6.97% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

    The average rate one year ago was 6.27%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Quincy 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 Quincy level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 38 6.86% $6,363
    FLAT BRANCH MORTGAGE, INC. 16 6.48% $6,129
    QUICKEN LOANS, LLC 8 6.53% $8,368
    United Community Bank 6 6.65% $5,351
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 5 7.20% $6,465
    GERSHMAN INVESTMENT CORP. 5 7.00% $4,571
    Financial Funding Solutions, Inc. 3 7.12% $3,911
    THOMPSON KANE & COMPANY, LLC 3 6.50% $7,438
    GUILD MORTGAGE COMPANY 2 7.38% $5,426
    BROKER SOLUTIONS, INC. 2 6.50% $8,712
    FAMILY FINANCE MORTGAGE, LLC 2 6.19% $8,111
    NEWREZ LLC 2 6.19% $5,962
    LOANDEPOT.COM, LLC 1 4.88% $10,609
    LOANPAL, LLC 1 6.63% $10,260
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $16,538
    NFM, INC. 1 6.63% $7,603
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $10,430
    PREMIA MORTGAGE, LLC 1 7.63% $7,129
    RESIDENTIAL BANCORP 1 7.13% $8,892
    TOP FLITE FINANCIAL, INC. 1 7.25% $8,531
    UNITED WHOLESALE MORTGAGE, LLC 1 7.62% $7,235
    U.S. Bank 1 6.13% $6,867
    AMERICAN FINANCIAL NETWORK, INC. 1 6.50% $8,627
    VILLAGE CAPITAL MORTGAGE 1 6.99% $2,129
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.50% $5,404
    AMERISAVE MORTGAGE CORPORATION 1 5.88% $7,693
    Bank of Springfield 1 6.99% $4,451
    Barrington Bank & Trust Company, N.A. 1 6.75% $6,239
    CALIBER HOME LOANS, INC. 1 6.25% $8,203
    CHURCHILL MORTGAGE CORPORATION 1 6.49% $5,524
    DAS Acquisition Company, LLC 1 7.25% $6,634
    DELMAR FINANCIAL COMPANY 1 6.50% $6,572
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.63% $6,948
    First State Bank of St. Charles, Missouri 1 5.63% $13,839
    JPMorgan Chase Bank 1 7.75% $5,037

    The top Quincy FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 38 FHA loans originated. Their average total fees are $6,363, which is $234 higher than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Quincy FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($6,129), CROSSCOUNTRY MORTGAGE, LLC ($6,363), .

    The lowest rate Quincy FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. (6.48%), CROSSCOUNTRY MORTGAGE, LLC (6.86%), .

    Quincy FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    QUINCY, IL-MO ADAMS 2022 $420,680 $538,650 $651,050 $809,150
    QUINCY, IL-MO LEWIS 2022 $420,680 $538,650 $651,050 $809,150
    QUINCY, IL-MO ADAMS 2023 $472,030 $604,400 $730,525 $907,900
    QUINCY, IL-MO LEWIS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Quincy (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 $115,000 (-1.3%) $153,095 (-5.0%) 0.00 269
    2018-02-01 $118,350 (-4.6%) $151,863 (-9.6%) 0.00 295
    2018-03-01 $124,950 (-2.7%) $158,261 (-8.5%) 0.00 290
    2018-04-01 $128,075 (-1.4%) $163,545 (-6.6%) 0.00 296
    2018-05-01 $130,725 (-1.7%) $168,252 (-5.6%) 0.00 293
    2018-06-01 $137,950 (7.2%) $174,075 (-0.6%) 0.00 299
    2018-07-01 $134,950 (8.0%) $171,993 (-0.5%) 0.00 303
    2018-08-01 $137,500 (14.6%) $173,352 (2.5%) 0.00 302
    2018-09-01 $136,750 (10.3%) $171,511 (1.0%) 0.00 310
    2018-10-01 $129,975 (6.1%) $163,418 (-1.1%) 0.00 327
    2018-11-01 $133,575 (11.4%) $165,185 (4.5%) 0.00 313
    2018-12-01 $126,000 (7.1%) $162,660 (4.8%) 0.00 302
    2019-01-01 $125,475 (9.1%) $160,417 (4.8%) 0.00 284
    2019-02-01 $127,200 (7.5%) $163,717 (7.8%) 0.00 289
    2019-03-01 $128,529 (2.9%) $165,099 (4.3%) 0.00 309
    2019-04-01 $129,900 (1.4%) $166,995 (2.1%) 0.00 319
    2019-05-01 $132,125 (1.1%) $163,885 (-2.6%) 0.00 314
    2019-06-01 $135,500 (-1.8%) $165,903 (-4.7%) 0.00 301
    2019-07-01 $135,000 (0.0%) $164,882 (-4.1%) 0.00 305
    2019-08-01 $136,091 (-1.0%) $166,078 (-4.2%) 0.00 317
    2019-09-01 $137,727 (0.7%) $167,926 (-2.1%) 0.00 322
    2019-10-01 $139,250 (7.1%) $169,451 (3.7%) 0.00 325
    2019-11-01 $140,900 (5.5%) $171,862 (4.0%) 0.00 316
    2019-12-01 $141,875 (12.6%) $174,271 (7.1%) 0.00 305
    2020-01-01 $139,900 (11.5%) $172,284 (7.4%) 0.00 236
    2020-02-01 $139,900 (10.0%) $174,035 (6.3%) 0.00 214
    2020-03-01 $145,325 (13.1%) $176,931 (7.2%) 0.00 214
    2020-04-01 $141,875 (9.2%) $179,556 (7.5%) 0.00 213
    2020-05-01 $141,200 (6.9%) $182,176 (11.2%) 0.00 292
    2020-06-01 $149,000 (10.0%) $187,400 (13.0%) 0.00 299
    2020-07-01 $147,750 (9.4%) $188,636 (14.4%) 0.00 294
    2020-08-01 $145,000 (6.6%) $183,206 (10.3%) 0.00 278
    2020-09-01 $143,325 (4.1%) $179,374 (6.8%) 0.00 269
    2020-10-01 $145,000 (4.1%) $179,812 (6.1%) 0.00 250
    2020-11-01 $141,200 (0.2%) $174,355 (1.5%) 0.00 245
    2020-12-01 $129,700 (-8.6%) $162,286 (-6.9%) 0.00 216
    2021-01-01 $126,700 (-9.4%) $163,295 (-5.2%) 0.00 189
    2021-02-01 $128,150 (-8.4%) $164,400 (-5.5%) 0.00 186
    2021-03-01 $125,900 (-13.4%) $171,091 (-3.3%) 0.00 167
    2021-04-01 $127,900 (-9.9%) $175,295 (-2.4%) 0.00 184
    2021-05-01 $128,900 (-8.7%) $182,137 (0.0%) 0.00 168
    2021-06-01 $129,625 (-13.0%) $183,614 (-2.0%) 0.00 154
    2021-07-01 $130,950 (-11.4%) $185,807 (-1.5%) 0.00 181
    2021-08-01 $120,000 (-17.2%) $178,507 (-2.6%) 0.00 177
    2021-09-01 $122,950 (-14.2%) $173,756 (-3.1%) 0.00 172
    2021-10-01 $135,000 (-6.9%) $188,975 (5.1%) 0.00 178
    2021-11-01 $134,950 (-4.4%) $198,702 (14.0%) 0.00 153
    2021-12-01 $137,250 (5.8%) $203,079 (25.1%) 0.00 138
    2022-01-01 $129,900 (2.5%) $207,362 (27.0%) 0.00 107
    2022-02-01 $128,150 (0.0%) $205,424 (25.0%) 0.00 123
    2022-03-01 $129,950 (3.2%) $230,172 (34.5%) 0.00 105
    2022-04-01 $147,450 (15.3%) $231,409 (32.0%) 0.00 109
    2022-05-01 $149,900 (16.3%) $224,146 (23.1%) 0.00 128
    2022-06-01 $146,125 (12.7%) $217,443 (18.4%) 0.00 140
    2022-07-01 $159,000 (21.4%) $211,791 (14.0%) 0.00 107
    2022-08-01 $162,600 (35.5%) $203,930 (14.2%) 0.00 112
    2022-09-01 $163,475 (33.0%) $203,997 (17.4%) 0.00 132
    2022-10-01 $149,900 (11.0%) $200,270 (6.0%) 0.00 134
    2022-11-01 $139,900 (3.7%) $187,741 (-5.5%) 0.00 132
    2022-12-01 $129,900 (-5.4%) $174,589 (-14.0%) 0.00 108
    2023-01-01 $130,875 (0.8%) $188,749 (-9.0%) 0.00 103
    2023-02-01 $139,975 (9.2%) $200,529 (-2.4%) 0.00 105
    2023-03-01 $171,225 (31.8%) $209,131 (-9.1%) 0.00 99
    2023-04-01 $162,400 (10.1%) $208,848 (-9.8%) 0.00 92
    2023-05-01 $172,450 (15.0%) $223,547 (-0.3%) 0.00 113
    2023-06-01 $171,100 (17.1%) $217,788 (0.2%) 0.00 113
    2023-07-01 $170,000 (6.9%) $205,997 (-2.7%) 0.00 126
    2023-08-01 $163,725 (0.7%) $192,413 (-5.7%) 0.00 123
    2023-09-01 $169,900 (3.9%) $204,493 (0.2%) 0.00 115
    2023-10-01 $169,900 (13.3%) $201,163 (0.5%) 0.00 132
    2023-11-01 $148,500 (6.2%) $184,784 (-1.6%) 0.00 137
    2023-12-01 $145,000 (11.6%) $179,092 (2.6%) 0.00 131
    2024-01-01 $149,900 (14.5%) $194,937 (3.3%) 0.00 125
    2024-02-01 $142,450 (1.8%) $185,292 (-7.6%) 0.00 111
    2024-03-01 $149,450 (-12.7%) $190,924 (-8.7%) 0.00 121
    Quincy's median listing price for 2024-03-01 was $149,450, a difference of $-21,775 (-12.7%) versus the prior year and $7,000 versus the prior month.

    Quincy's median listing price comes in at 0% of the national average.

    Quincy's average listing price for 2024-03-01 was $190,924, a difference of $-18,207 (-8.7%) versus the prior year and $5,632 versus the prior month.

    For the 2024-03-01 period, Quincy had 121 MLS listings, a difference of 10 listings (9%) versus the prior month and 22 listings (22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Quincy (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,561 sqft
    2018-02-01 0 days 1,574 sqft
    2018-03-01 0 days 1,576 sqft
    2018-04-01 0 days 1,587 sqft
    2018-05-01 0 days 1,540 sqft
    2018-06-01 0 days 1,576 sqft
    2018-07-01 0 days 1,569 sqft
    2018-08-01 0 days 1,600 sqft
    2018-09-01 0 days 1,623 sqft
    2018-10-01 0 days 1,611 sqft
    2018-11-01 0 days 1,616 sqft
    2018-12-01 0 days 1,600 sqft
    2019-01-01 0 days 1,600 sqft
    2019-02-01 0 days 1,596 sqft
    2019-03-01 0 days 1,585 sqft
    2019-04-01 0 days 1,586 sqft
    2019-05-01 0 days 1,596 sqft
    2019-06-01 0 days 1,604 sqft
    2019-07-01 0 days 1,576 sqft
    2019-08-01 0 days 1,581 sqft
    2019-09-01 0 days 1,592 sqft
    2019-10-01 0 days 1,600 sqft
    2019-11-01 0 days 1,600 sqft
    2019-12-01 0 days 1,644 sqft
    2020-01-01 0 days 1,648 sqft
    2020-02-01 0 days 1,650 sqft
    2020-03-01 0 days 1,656 sqft
    2020-04-01 0 days 1,629 sqft
    2020-05-01 0 days 1,650 sqft
    2020-06-01 0 days 1,655 sqft
    2020-07-01 0 days 1,585 sqft
    2020-08-01 0 days 1,561 sqft
    2020-09-01 0 days 1,502 sqft
    2020-10-01 0 days 1,530 sqft
    2020-11-01 0 days 1,525 sqft
    2020-12-01 0 days 1,484 sqft
    2021-01-01 0 days 1,470 sqft
    2021-02-01 0 days 1,477 sqft
    2021-03-01 0 days 1,534 sqft
    2021-04-01 0 days 1,530 sqft
    2021-05-01 0 days 1,582 sqft
    2021-06-01 0 days 1,613 sqft
    2021-07-01 0 days 1,577 sqft
    2021-08-01 0 days 1,482 sqft
    2021-09-01 0 days 1,467 sqft
    2021-10-01 0 days 1,482 sqft
    2021-11-01 0 days 1,534 sqft
    2021-12-01 0 days 1,550 sqft
    2022-01-01 0 days 1,591 sqft
    2022-02-01 0 days 1,542 sqft
    2022-03-01 0 days 1,524 sqft
    2022-04-01 0 days 1,596 sqft
    2022-05-01 0 days 1,580 sqft
    2022-06-01 0 days 1,455 sqft
    2022-07-01 0 days 1,570 sqft
    2022-08-01 0 days 1,636 sqft
    2022-09-01 0 days 1,638 sqft
    2022-10-01 0 days 1,631 sqft
    2022-11-01 0 days 1,624 sqft
    2022-12-01 0 days 1,600 sqft
    2023-01-01 0 days 1,593 sqft
    2023-02-01 0 days 1,634 sqft
    2023-03-01 0 days 1,735 sqft
    2023-04-01 0 days 1,727 sqft
    2023-05-01 0 days 1,747 sqft
    2023-06-01 0 days 1,703 sqft
    2023-07-01 0 days 1,692 sqft
    2023-08-01 0 days 1,694 sqft
    2023-09-01 0 days 1,680 sqft
    2023-10-01 0 days 1,578 sqft
    2023-11-01 0 days 1,508 sqft
    2023-12-01 0 days 1,531 sqft
    2024-01-01 0 days 1,572 sqft
    2024-02-01 0 days 1,552 sqft
    2024-03-01 0 days 1,553 sqft
    Quincy's median listing age (time on market) for 2024-03-01 was 0 days.

    Quincy's median square footage for active listings during the 2024-03-01 period was 1,553 sqft. One year prior, the average listing was 1,735 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).