Quincy FHA Loan Rates, Closing Costs & Stats

Quincy, IL-MO

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 0.23% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-08) was 6.44% and one month ago for the week of 2024-10-11, the average rate was 6.34%.

The average rate one year ago was 7.28%.

For refis of the same type during the week of 2024-11-15, the average rate was 0%.

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
2024-04-01 $146,000 (-10.1%) $206,873 (-1.0%) 0.00 119
2024-05-01 $167,350 (-3.0%) $221,988 (-0.7%) 0.00 116
2024-06-01 $155,000 (-9.4%) $218,693 (0.4%) 0.00 125
2024-07-01 $179,400 (5.5%) $246,106 (19.5%) 0.00 136
2024-08-01 $169,950 (3.8%) $240,082 (24.8%) 0.00 118
2024-09-01 $178,950 (5.3%) $241,603 (18.2%) 0.00 129
2024-10-01 $187,450 (10.3%) $250,328 (24.4%) 0.00 135
Quincy's median listing price for 2024-10-01 was $187,450, a difference of $17,550 (10.3%) versus the prior year and $8,500 versus the prior month.

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

Quincy's average listing price for 2024-10-01 was $250,328, a difference of $49,165 (24.4%) versus the prior year and $8,725 versus the prior month.

For the 2024-10-01 period, Quincy had 135 MLS listings, a difference of 6 listings (5%) versus the prior month and 3 listings (2%) 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
2024-04-01 0 days 1,454 sqft
2024-05-01 0 days 1,501 sqft
2024-06-01 0 days 1,536 sqft
2024-07-01 0 days 1,594 sqft
2024-08-01 0 days 1,637 sqft
2024-09-01 0 days 1,724 sqft
2024-10-01 0 days 1,754 sqft
Quincy's median listing age (time on market) for 2024-10-01 was 0 days.

Quincy's median square footage for active listings during the 2024-10-01 period was 1,754 sqft. One year prior, the average listing was 1,578 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).