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 31 lenders originated 136 FHA loans during 2024. The total origination value was $21,230,000, with an average FHA loan value of $156,103.

    Quincy FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Quincy averaged 0.2% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Quincy's average FHA mortgage closing costs are $5,519.

    The average rate for the prior week (2025-06-13) was 6.68% and one month ago for the week of 2025-05-16, the average rate was 6.54%.

    The average rate one year ago was 7.09%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.1%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 31 6.80% $6,495
    FLAT BRANCH MORTGAGE, INC. 19 6.61% $6,974
    QUICKEN LOANS, LLC 14 6.57% $8,727
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 10 6.91% $5,705
    GERSHMAN INVESTMENT CORP. 10 6.59% $5,005
    THOMPSON KANE & COMPANY, LLC 6 6.50% $6,126
    PENNYMAC LOAN SERVICES, LLC 4 5.94% $5,661
    FREEDOM MORTGAGE CORPORATION 3 6.50% $10,259
    DELMAR FINANCIAL COMPANY 3 6.92% $6,005
    GUILD MORTGAGE COMPANY 2 6.81% $6,338
    JPMorgan Chase Bank 1 7.25% $1,156
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,707
    LENOX FINANCIAL MORTGAGE CORPORATION 1 7.00% $8,715
    Mortgage Research Center, LLC 1 7.38% $2,895
    M&T Bank 1 6.25% $7,214
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $7,722
    NFM, INC. 1 8.25% $9,685
    The Central Trust Bank 1 6.25% $10,896
    United Community Bank 1 6.88% $5,944
    VILLAGE CAPITAL MORTGAGE 1 6.50% $1,301
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $9,763
    ZILLOW HOME LOANS, LLC 1 6.75% $7,436
    Arvest Bank 1 6.38% $4,571
    Bank of Springfield 1 6.37% $6,739
    BETTER MORTGAGE CORPORATION 1 6.00% $8,039
    DAS Acquisition Company, LLC 1 6.50% $4,522
    EVERETT FINANCIAL, INC. 1 5.88% $15,325
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.63% $8,785
    Financial Funding Solutions, Inc. 1 6.38% $6,354
    First Mid Bank & Trust 1 6.00% $4,448
    Flagstar Bank, FSB 1 6.75% $6,982

    The top Quincy FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 31 FHA loans originated. Their average total fees are $6,495, which is $479 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Quincy FHA lenders (with over 10 loans originated) are GERSHMAN INVESTMENT CORP. ($5,005), DIAMOND RESIDENTIAL MORTGAGE CORPORATION ($5,705), CROSSCOUNTRY MORTGAGE, LLC ($6,495), FLAT BRANCH MORTGAGE, INC. ($6,974) and QUICKEN LOANS, LLC ($8,727).

    The lowest rate Quincy FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.57%), GERSHMAN INVESTMENT CORP. (6.59%), FLAT BRANCH MORTGAGE, INC. (6.61%), CROSSCOUNTRY MORTGAGE, LLC (6.80%) and DIAMOND RESIDENTIAL MORTGAGE CORPORATION (6.91%).

    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

    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).