Rockford FHA Loans
ROCKFORD, 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.
Rockford's 127 lenders originated 1,791 FHA loans during 2021. The total origination value was $275,755,000, with an average FHA loan value of $153,967.
Rockford FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Rockford
averaged
5.65%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.38% and
one month ago for the week of 2022-04-08, the
average rate was 5.25%.
The average rate one year ago was 3.36%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.41%.
Rockford FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Rockford level.
The top Rockford FHA lender as defined by loan originations is ENVOY MORTGAGE, LTD, with
290 FHA loans originated. Their average total fees are
$6,551, which is $1,219
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Rockford FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($1,737), Mr. Cooper ( Nationstar Mortgage ) ($2,984), FREEDOM MORTGAGE CORPORATION ($3,613), PENNYMAC LOAN SERVICES, LLC ($3,633) and LAKEVIEW LOAN SERVICING, LLC ($4,262).
The lowest rate Rockford FHA lenders (with over 10 loans originated) are
HOME POINT FINANCIAL CORPORATION (2.69%), UNITED WHOLESALE MORTGAGE, LLC (2.76%), QUICKEN LOANS, LLC (2.83%), FREEDOM MORTGAGE CORPORATION (2.94%) and FIRST CENTENNIAL MORTGAGE CORPORATION (2.96%).
Rockford FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
ROCKFORD, IL | BOONE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ROCKFORD, IL | WINNEBAGO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Rockford (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $129,900 (10.1%) | $168,756 (11.3%) | 0.48 | 1,319 |
2018-02-01 | $133,500 (14.6%) | $172,106 (17.6%) | 0.48 | 1,191 |
2018-03-01 | $135,000 (9.4%) | $177,921 (15.7%) | 0.47 | 1,097 |
2018-04-01 | $140,950 (8.5%) | $187,651 (18.9%) | 0.47 | 1,060 |
2018-05-01 | $145,900 (12.3%) | $189,610 (17.1%) | 0.49 | 1,182 |
2018-06-01 | $149,900 (10.7%) | $193,536 (14.7%) | 0.50 | 1,342 |
2018-07-01 | $149,000 (6.5%) | $189,847 (6.8%) | 0.50 | 1,467 |
2018-08-01 | $146,500 (5.8%) | $189,959 (7.9%) | 0.49 | 1,521 |
2018-09-01 | $144,900 (3.6%) | $188,857 (7.8%) | 0.48 | 1,551 |
2018-10-01 | $139,900 (3.6%) | $183,811 (7.8%) | 0.47 | 1,556 |
2018-11-01 | $138,450 (-1.0%) | $183,990 (6.4%) | 0.46 | 1,439 |
2018-12-01 | $130,000 (-3.6%) | $176,949 (2.2%) | 0.45 | 1,374 |
2019-01-01 | $134,450 (3.5%) | $176,244 (4.4%) | 0.46 | 1,268 |
2019-02-01 | $134,900 (1.1%) | $176,816 (2.7%) | 0.45 | 1,174 |
2019-03-01 | $139,286 (3.2%) | $184,341 (3.6%) | 0.45 | 1,099 |
2019-04-01 | $146,750 (4.1%) | $193,412 (3.1%) | 0.46 | 1,023 |
2019-05-01 | $149,800 (2.7%) | $196,854 (3.8%) | 0.46 | 1,119 |
2019-06-01 | $155,000 (3.4%) | $203,465 (5.1%) | 0.48 | 1,238 |
2019-07-01 | $155,000 (4.0%) | $204,129 (7.5%) | 0.48 | 1,402 |
2019-08-01 | $154,957 (5.8%) | $196,680 (3.5%) | 0.49 | 1,491 |
2019-09-01 | $153,450 (5.9%) | $193,488 (2.5%) | 0.49 | 1,584 |
2019-10-01 | $150,950 (7.9%) | $192,438 (4.7%) | 0.48 | 1,658 |
2019-11-01 | $149,000 (7.6%) | $188,196 (2.3%) | 0.48 | 1,605 |
2019-12-01 | $142,000 (9.2%) | $184,570 (4.3%) | 0.47 | 1,453 |
2020-01-01 | $139,900 (4.1%) | $181,854 (3.2%) | 0.47 | 1,323 |
2020-02-01 | $149,000 (10.5%) | $187,914 (6.3%) | 0.48 | 1,195 |
2020-03-01 | $147,450 (5.9%) | $192,627 (4.5%) | 0.46 | 1,097 |
2020-04-01 | $150,000 (2.2%) | $196,471 (1.6%) | 0.47 | 1,064 |
2020-05-01 | $159,900 (6.7%) | $207,282 (5.3%) | 0.48 | 950 |
2020-06-01 | $169,900 (9.6%) | $211,715 (4.1%) | 0.50 | 876 |
2020-07-01 | $172,400 (11.2%) | $216,469 (6.1%) | 0.49 | 801 |
2020-08-01 | $169,900 (9.6%) | $220,931 (12.3%) | 0.49 | 731 |
2020-09-01 | $174,950 (14.0%) | $225,002 (16.3%) | 0.50 | 704 |
2020-10-01 | $159,999 (6.0%) | $208,067 (8.1%) | 0.46 | 752 |
2020-11-01 | $154,950 (4.0%) | $203,052 (7.9%) | 0.44 | 751 |
2020-12-01 | $142,950 (0.7%) | $193,600 (4.9%) | 0.42 | 648 |
2021-01-01 | $135,000 (-3.5%) | $197,552 (8.6%) | 0.40 | 515 |
2021-02-01 | $135,950 (-8.8%) | $206,666 (10.0%) | 0.39 | 364 |
2021-03-01 | $147,000 (-0.3%) | $216,656 (12.5%) | 0.41 | 310 |
2021-04-01 | $163,700 (9.1%) | $227,452 (15.8%) | 0.44 | 285 |
2021-05-01 | $169,900 (6.3%) | $226,824 (9.4%) | 0.45 | 385 |
2021-06-01 | $172,400 (1.5%) | $229,465 (8.4%) | 0.45 | 565 |
2021-07-01 | $167,000 (-3.1%) | $230,508 (6.5%) | 0.43 | 636 |
2021-08-01 | $164,950 (-2.9%) | $222,964 (0.9%) | 0.43 | 779 |
2021-09-01 | $167,450 (-4.3%) | $223,238 (-0.8%) | 0.44 | 787 |
2021-10-01 | $169,900 (6.2%) | $220,040 (5.8%) | 0.45 | 796 |
2021-11-01 | $158,100 (2.0%) | $213,697 (5.2%) | 0.42 | 725 |
2021-12-01 | $149,900 (4.9%) | $205,032 (5.9%) | 0.40 | 653 |
2022-01-01 | $147,900 (9.6%) | $201,295 (1.9%) | 0.39 | 526 |
2022-02-01 | $137,450 (1.1%) | $203,539 (-1.5%) | 0.35 | 372 |
2022-03-01 | $142,500 (-3.1%) | $220,569 (1.8%) | 0.35 | 330 |
2022-04-01 | $165,000 (0.8%) | $236,879 (4.1%) | 0.39 | 356 |
Rockford's median listing price comes in at 39% of the national average.
Rockford's average listing price for 2022-04-01 was $236,879, a difference of $9,427 (4.1%) versus the prior year and $16,310 versus the prior month.
For the 2022-04-01 period, Rockford had 356 MLS listings, a difference of 26 listings (8%) versus the prior month and 71 listings (25%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Rockford (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 74 days | 1,826 sqft |
2018-02-01 | 75 days | 1,820 sqft |
2018-03-01 | 64 days | 1,868 sqft |
2018-04-01 | 48 days | 1,920 sqft |
2018-05-01 | 39 days | 1,952 sqft |
2018-06-01 | 40 days | 1,980 sqft |
2018-07-01 | 46 days | 1,960 sqft |
2018-08-01 | 49 days | 1,916 sqft |
2018-09-01 | 57 days | 1,940 sqft |
2018-10-01 | 60 days | 1,873 sqft |
2018-11-01 | 60 days | 1,852 sqft |
2018-12-01 | 64 days | 1,800 sqft |
2019-01-01 | 75 days | 1,764 sqft |
2019-02-01 | 80 days | 1,763 sqft |
2019-03-01 | 70 days | 1,763 sqft |
2019-04-01 | 53 days | 1,733 sqft |
2019-05-01 | 43 days | 1,728 sqft |
2019-06-01 | 43 days | 1,792 sqft |
2019-07-01 | 44 days | 1,879 sqft |
2019-08-01 | 46 days | 1,880 sqft |
2019-09-01 | 52 days | 1,869 sqft |
2019-10-01 | 53 days | 1,866 sqft |
2019-11-01 | 57 days | 1,850 sqft |
2019-12-01 | 66 days | 1,788 sqft |
2020-01-01 | 79 days | 1,736 sqft |
2020-02-01 | 74 days | 1,767 sqft |
2020-03-01 | 52 days | 1,777 sqft |
2020-04-01 | 58 days | 1,815 sqft |
2020-05-01 | 66 days | 1,872 sqft |
2020-06-01 | 51 days | 1,963 sqft |
2020-07-01 | 47 days | 2,015 sqft |
2020-08-01 | 45 days | 1,962 sqft |
2020-09-01 | 43 days | 1,951 sqft |
2020-10-01 | 38 days | 1,860 sqft |
2020-11-01 | 39 days | 1,821 sqft |
2020-12-01 | 50 days | 1,715 sqft |
2021-01-01 | 59 days | 1,696 sqft |
2021-02-01 | 59 days | 1,688 sqft |
2021-03-01 | 46 days | 1,669 sqft |
2021-04-01 | 39 days | 1,772 sqft |
2021-05-01 | 25 days | 1,852 sqft |
2021-06-01 | 24 days | 1,842 sqft |
2021-07-01 | 30 days | 1,846 sqft |
2021-08-01 | 30 days | 1,675 sqft |
2021-09-01 | 37 days | 1,670 sqft |
2021-10-01 | 39 days | 1,668 sqft |
2021-11-01 | 46 days | 1,649 sqft |
2021-12-01 | 49 days | 1,604 sqft |
2022-01-01 | 52 days | 1,605 sqft |
2022-02-01 | 49 days | 1,600 sqft |
2022-03-01 | 39 days | 1,607 sqft |
2022-04-01 | 29 days | 1,690 sqft |
Rockford's median square footage for active listings during the 2022-04-01 period was 1,690 sqft. One year prior, the average listing was 1,772 sqft.