Rochelle FHA Loan Rates, Closing Costs & Stats

Rochelle, 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.

    Rochelle's 47 lenders originated 126 FHA loans during 2023. The total origination value was $21,700,000, with an average FHA loan value of $172,222.

    Rochelle FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rochelle averaged 6.97% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Rochelle's average FHA mortgage closing costs are $6,386.

    The average rate for the prior week (2024-04-12) was 6.76% and one month ago for the week of 2024-03-15, the average rate was 6.83%.

    The average rate one year ago was 6.56%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Rochelle 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 Rochelle level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 12 6.29% $8,892
    LOANDEPOT.COM, LLC 9 6.76% $10,792
    ENVOY MORTGAGE, LTD 7 6.86% $8,399
    COMPASS MORTGAGE, INC. 7 6.68% $8,596
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.94% $9,134
    UNITED WHOLESALE MORTGAGE, LLC 6 6.15% $9,041
    GUILD MORTGAGE COMPANY 5 6.90% $9,885
    LAKEVIEW LOAN SERVICING, LLC 3 6.08% $9,880
    First National Bank of Omaha 3 6.46% $6,112
    CROSSCOUNTRY MORTGAGE, LLC 3 6.69% $10,463
    GREENSTATE CREDIT UNION 3 6.08% $6,062
    GUARANTEED RATE AFFINITY, LLC 3 7.08% $8,181
    GUARANTEED RATE, INC. 3 6.88% $8,578
    Old National Bank 2 6.00% $5,447
    JPMorgan Chase Bank 2 7.19% $8,272
    CALIBER HOME LOANS, INC. 2 6.25% $10,920
    The Huntington National Bank 2 7.06% $6,111
    United Community Bank 2 6.81% $4,363
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $12,082
    FIRST CENTENNIAL MORTGAGE CORPORATION 2 6.56% $5,819
    Neighborhood Loans, Inc. 1 6.75% $11,201
    PLANET HOME LENDING, LLC 1 6.38% $6,361
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.13% $10,059
    Sierra Pacific Mortgage Company, Inc. 1 7.13% $8,081
    Simmons Bank 1 5.75% $12,454
    THE ANDERSON FINANCIAL GROUP, INC. 1 6.63% $7,328
    ACADEMY MORTGAGE CORPORATION 1 6.75% $14,124
    U.S. Bank 1 5.88% $4,747
    Allied First Bank,sb 1 6.99% $9,314
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $11,845
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $6,720
    Associated Bank 1 5.63% $6,317
    Blackhawk Bank 1 6.00% $9,229
    BROKER SOLUTIONS, INC. 1 6.25% $7,062
    CARDINAL FINANCIAL 1 5.75% $11,282
    CHURCHILL MORTGAGE CORPORATION 1 6.38% $6,335
    ENDEAVOR CAPITAL, LLC. 1 6.88% $7,483
    EVERETT FINANCIAL, INC. 1 7.13% $9,117
    Flanagan State Bank 1 6.00% $9,965
    FREEDOM MORTGAGE CORPORATION 1 6.75% $7,795
    Lakeview Community Capital, LLC 1 7.25% $6,919
    LEADERONE FINANCIAL CORPORATION 1 7.25% $7,198
    Midland States Bank 1 7.00% $5,357
    MORIA DEVELOPMENT, INC. 1 7.25% $8,491
    Mortgage Research Center, LLC 1 7.25% $4,803
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $8,382
    Nations Lending Corporation 1 7.75% $8,141

    The top Rochelle FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 12 FHA loans originated. Their average total fees are $8,892, which is $1,901 lower than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Rochelle FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,892), .

    The lowest rate Rochelle FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.29%), .

    Rochelle FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rochelle (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 $144,875 (5.1%) $191,224 (0.3%) 0.00 213
    2018-02-01 $143,150 (3.8%) $196,226 (9.2%) 0.00 197
    2018-03-01 $149,000 (10.4%) $198,511 (10.4%) 0.00 189
    2018-04-01 $172,450 (27.8%) $202,055 (8.5%) 0.00 191
    2018-05-01 $179,900 (33.4%) $211,691 (10.3%) 0.00 215
    2018-06-01 $171,000 (22.4%) $206,236 (7.2%) 0.00 229
    2018-07-01 $166,325 (19.3%) $200,475 (5.2%) 0.00 251
    2018-08-01 $163,425 (17.6%) $199,538 (6.3%) 0.00 264
    2018-09-01 $161,000 (15.1%) $201,714 (8.2%) 0.00 263
    2018-10-01 $167,500 (18.0%) $219,097 (20.3%) 0.00 265
    2018-11-01 $169,925 (17.3%) $220,686 (17.9%) 0.00 263
    2018-12-01 $169,900 (17.3%) $221,421 (17.2%) 0.00 244
    2019-01-01 $179,675 (24.0%) $223,463 (16.9%) 0.00 226
    2019-02-01 $179,900 (25.7%) $223,655 (14.0%) 0.00 207
    2019-03-01 $182,900 (22.8%) $230,222 (16.0%) 0.00 198
    2019-04-01 $189,425 (9.8%) $238,324 (18.0%) 0.00 205
    2019-05-01 $195,975 (8.9%) $241,484 (14.1%) 0.00 231
    2019-06-01 $189,900 (11.1%) $244,836 (18.7%) 0.00 251
    2019-07-01 $186,450 (12.1%) $238,392 (18.9%) 0.00 259
    2019-08-01 $180,882 (10.7%) $230,014 (15.3%) 0.00 261
    2019-09-01 $174,705 (8.5%) $231,868 (15.0%) 0.00 261
    2019-10-01 $169,900 (1.4%) $231,642 (5.7%) 0.00 260
    2019-11-01 $173,900 (2.3%) $226,731 (2.7%) 0.00 251
    2019-12-01 $169,900 (0.0%) $221,088 (-0.2%) 0.00 229
    2020-01-01 $169,450 (-5.7%) $225,290 (0.8%) 0.00 215
    2020-02-01 $175,000 (-2.7%) $228,081 (2.0%) 0.00 210
    2020-03-01 $178,325 (-2.5%) $233,577 (1.5%) 0.00 204
    2020-04-01 $178,700 (-5.7%) $230,431 (-3.3%) 0.00 199
    2020-05-01 $179,900 (-8.2%) $235,542 (-2.5%) 0.00 190
    2020-06-01 $179,900 (-5.3%) $239,561 (-2.2%) 0.00 188
    2020-07-01 $185,250 (-0.6%) $248,638 (4.3%) 0.00 175
    2020-08-01 $169,900 (-6.1%) $242,610 (5.5%) 0.00 167
    2020-09-01 $169,950 (-2.7%) $237,477 (2.4%) 0.00 177
    2020-10-01 $161,400 (-5.0%) $231,741 (0.0%) 0.00 175
    2020-11-01 $169,700 (-2.4%) $245,872 (8.4%) 0.00 152
    2020-12-01 $162,200 (-4.5%) $242,714 (9.8%) 0.00 129
    2021-01-01 $150,000 (-11.5%) $242,314 (7.6%) 0.00 106
    2021-02-01 $145,975 (-16.6%) $240,196 (5.3%) 0.00 88
    2021-03-01 $157,475 (-11.7%) $270,342 (15.7%) 0.00 68
    2021-04-01 $167,450 (-6.3%) $284,472 (23.5%) 0.00 74
    2021-05-01 $165,000 (-8.3%) $279,617 (18.7%) 0.00 74
    2021-06-01 $162,475 (-9.7%) $262,341 (9.5%) 0.00 87
    2021-07-01 $188,900 (2.0%) $310,786 (25.0%) 0.00 100
    2021-08-01 $185,450 (9.2%) $316,123 (30.3%) 0.00 98
    2021-09-01 $192,691 (13.4%) $290,598 (22.4%) 0.00 101
    2021-10-01 $190,400 (18.0%) $308,816 (33.3%) 0.00 89
    2021-11-01 $177,475 (4.6%) $290,060 (18.0%) 0.00 94
    2021-12-01 $182,450 (12.5%) $303,534 (25.1%) 0.00 89
    2022-01-01 $190,000 (26.7%) $333,246 (37.5%) 0.00 74
    2022-02-01 $187,450 (28.4%) $360,598 (50.1%) 0.00 61
    2022-03-01 $194,975 (23.8%) $407,342 (50.7%) 0.00 46
    2022-04-01 $179,900 (7.4%) $385,885 (35.7%) 0.00 49
    2022-05-01 $210,000 (27.3%) $353,142 (26.3%) 0.00 69
    2022-06-01 $230,975 (42.2%) $330,958 (26.2%) 0.00 72
    2022-07-01 $209,000 (10.6%) $279,598 (-10.0%) 0.00 80
    2022-08-01 $224,960 (21.3%) $288,966 (-8.6%) 0.00 77
    2022-09-01 $198,500 (3.0%) $256,221 (-11.8%) 0.00 81
    2022-10-01 $205,000 (7.7%) $262,273 (-15.1%) 0.00 79
    2022-11-01 $192,400 (8.4%) $257,603 (-11.2%) 0.00 87
    2022-12-01 $186,000 (2.0%) $264,123 (-13.0%) 0.00 71
    2023-01-01 $191,200 (0.6%) $264,134 (-20.7%) 0.00 67
    2023-02-01 $211,625 (12.9%) $271,697 (-24.7%) 0.00 62
    2023-03-01 $223,750 (14.8%) $252,426 (-38.0%) 0.00 63
    2023-04-01 $222,500 (23.7%) $242,239 (-37.2%) 0.00 54
    2023-05-01 $216,925 (3.3%) $239,291 (-32.2%) 0.00 54
    2023-06-01 $193,975 (-16.0%) $228,055 (-31.1%) 0.00 54
    2023-07-01 $218,950 (4.8%) $251,261 (-10.1%) 0.00 47
    2023-08-01 $239,900 (6.6%) $259,032 (-10.4%) 0.00 50
    2023-09-01 $249,000 (25.4%) $265,823 (3.8%) 0.00 57
    2023-10-01 $248,425 (21.2%) $271,328 (3.5%) 0.00 73
    2023-11-01 $239,450 (24.5%) $267,947 (4.0%) 0.00 80
    2023-12-01 $214,450 (15.3%) $247,547 (-6.3%) 0.00 72
    2024-01-01 $203,725 (6.6%) $244,179 (-7.6%) 0.00 70
    2024-02-01 $203,675 (-3.8%) $237,763 (-12.5%) 0.00 62
    2024-03-01 $217,400 (-2.8%) $260,770 (3.3%) 0.00 52
    Rochelle's median listing price for 2024-03-01 was $217,400, a difference of $-6,350 (-2.8%) versus the prior year and $13,725 versus the prior month.

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

    Rochelle's average listing price for 2024-03-01 was $260,770, a difference of $8,344 (3.3%) versus the prior year and $23,007 versus the prior month.

    For the 2024-03-01 period, Rochelle had 52 MLS listings, a difference of -10 listings (-16%) versus the prior month and -11 listings (-17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rochelle (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,814 sqft
    2018-02-01 0 days 1,800 sqft
    2018-03-01 0 days 1,827 sqft
    2018-04-01 0 days 1,910 sqft
    2018-05-01 0 days 1,944 sqft
    2018-06-01 0 days 1,938 sqft
    2018-07-01 0 days 1,887 sqft
    2018-08-01 0 days 1,850 sqft
    2018-09-01 0 days 1,845 sqft
    2018-10-01 0 days 1,902 sqft
    2018-11-01 0 days 1,902 sqft
    2018-12-01 0 days 1,915 sqft
    2019-01-01 0 days 1,901 sqft
    2019-02-01 0 days 1,876 sqft
    2019-03-01 0 days 1,827 sqft
    2019-04-01 0 days 1,818 sqft
    2019-05-01 0 days 1,850 sqft
    2019-06-01 0 days 1,900 sqft
    2019-07-01 0 days 1,996 sqft
    2019-08-01 0 days 2,010 sqft
    2019-09-01 0 days 1,965 sqft
    2019-10-01 0 days 1,970 sqft
    2019-11-01 0 days 1,976 sqft
    2019-12-01 0 days 1,925 sqft
    2020-01-01 0 days 1,946 sqft
    2020-02-01 0 days 1,925 sqft
    2020-03-01 0 days 1,926 sqft
    2020-04-01 0 days 2,018 sqft
    2020-05-01 0 days 2,086 sqft
    2020-06-01 0 days 2,078 sqft
    2020-07-01 0 days 2,070 sqft
    2020-08-01 0 days 1,975 sqft
    2020-09-01 0 days 1,979 sqft
    2020-10-01 0 days 1,936 sqft
    2020-11-01 0 days 1,946 sqft
    2020-12-01 0 days 1,760 sqft
    2021-01-01 0 days 1,769 sqft
    2021-02-01 0 days 1,771 sqft
    2021-03-01 0 days 1,772 sqft
    2021-04-01 0 days 1,774 sqft
    2021-05-01 0 days 1,570 sqft
    2021-06-01 0 days 1,693 sqft
    2021-07-01 0 days 1,920 sqft
    2021-08-01 0 days 1,811 sqft
    2021-09-01 0 days 1,866 sqft
    2021-10-01 0 days 1,800 sqft
    2021-11-01 0 days 1,800 sqft
    2021-12-01 0 days 1,751 sqft
    2022-01-01 0 days 1,710 sqft
    2022-02-01 0 days 1,678 sqft
    2022-03-01 0 days 1,908 sqft
    2022-04-01 0 days 1,976 sqft
    2022-05-01 0 days 1,981 sqft
    2022-06-01 0 days 2,000 sqft
    2022-07-01 0 days 2,009 sqft
    2022-08-01 0 days 2,052 sqft
    2022-09-01 0 days 1,906 sqft
    2022-10-01 0 days 2,100 sqft
    2022-11-01 0 days 1,968 sqft
    2022-12-01 0 days 1,848 sqft
    2023-01-01 0 days 1,848 sqft
    2023-02-01 0 days 1,841 sqft
    2023-03-01 0 days 1,848 sqft
    2023-04-01 0 days 1,825 sqft
    2023-05-01 0 days 1,802 sqft
    2023-06-01 0 days 1,731 sqft
    2023-07-01 0 days 1,794 sqft
    2023-08-01 0 days 1,894 sqft
    2023-09-01 0 days 1,952 sqft
    2023-10-01 0 days 1,919 sqft
    2023-11-01 0 days 1,864 sqft
    2023-12-01 0 days 1,831 sqft
    2024-01-01 0 days 1,833 sqft
    2024-02-01 0 days 1,826 sqft
    2024-03-01 0 days 2,018 sqft
    Rochelle's median listing age (time on market) for 2024-03-01 was 0 days.

    Rochelle's median square footage for active listings during the 2024-03-01 period was 2,018 sqft. One year prior, the average listing was 1,848 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).