Rockford FHA Loan Rates, Closing Costs & Stats

ROCKFORD, 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.

    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 -0.01% for the week of 2022-11-25, compared to the national average (all FHA variants) of 0% for the same period.

    Rockford's average FHA mortgage closing costs are $5,704.

    The average rate for the prior week (2022-11-18) was 6.62% and one month ago for the week of 2022-10-21, the average rate was 6.82%.

    The average rate one year ago was 3.6%.

    For refis of the same type during the week of 2022-11-25, the average rate was -0.15%.

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

    Rockford 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 Rockford level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    ENVOY MORTGAGE, LTD 290 3.39% $6,551
    QUICKEN LOANS, LLC 180 2.83% $5,331
    Midwest Community Bank 128 3.12% $5,985
    Blackhawk Bank 82 3.29% $6,244
    SUMMIT FUNDING, INC. 62 3.54% $6,747
    Mr. Cooper ( Nationstar Mortgage ) 45 3.32% $2,984
    Barrington Bank & Trust Company, N.A. 37 3.28% $6,077
    LOANDEPOT.COM, LLC 36 3.52% $7,059
    FREEDOM MORTGAGE CORPORATION 34 2.94% $3,613
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 32 3.30% $7,540
    CROSSCOUNTRY MORTGAGE, LLC 29 3.24% $7,204
    PENNYMAC LOAN SERVICES, LLC 27 3.24% $3,633
    FIRST CENTENNIAL MORTGAGE CORPORATION 27 2.96% $6,189
    Midland States Bank 24 3.20% $5,941
    ACADEMY MORTGAGE CORPORATION 23 3.32% $7,884
    VILLAGE CAPITAL MORTGAGE 23 3.14% $1,737
    LAKEVIEW LOAN SERVICING, LLC 22 3.10% $4,262
    AMERICAN PACIFIC MORTGAGE CORPORATION 22 3.43% $6,936
    CALIBER HOME LOANS, INC. 20 2.97% $5,482
    UNITED WHOLESALE MORTGAGE, LLC 20 2.76% $6,590
    First National Bank of Omaha 19 3.16% $5,008
    Platinum Home Mortgage Corporation 18 3.06% $6,862
    Neighborhood Loans, Inc. 17 3.54% $6,779
    HOME POINT FINANCIAL CORPORATION 16 2.69% $5,002
    GUARANTEED RATE, INC. 14 2.99% $6,445
    Paramount Residential Mortgage Group, Inc. 14 3.44% $7,449
    BROKER SOLUTIONS, INC. 11 3.49% $6,512
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 10 2.99% $7,220
    Carrington Mortgage Services, LLC 10 3.46% $6,082
    PLANET HOME LENDING, LLC 9 3.65% $6,888
    The Federal Savings Bank 8 2.97% $7,743
    Key Mortgage Services, Inc. 8 3.05% $7,248
    Associated Bank 8 2.80% $5,706
    JPMorgan Chase Bank 8 3.22% $4,647
    NORTHWEST BANK OF ROCKFORD 8 2.97% $5,283
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 3.41% $8,359
    LEADERONE FINANCIAL CORPORATION 6 3.65% $6,916
    Stillman BancCorp N.A. 6 2.85% $4,787
    INLANTA MORTGAGE, INC. 5 3.45% $6,683
    NEWREZ LLC 5 2.85% $3,562
    CMG MORTGAGE, INC. 5 3.15% $6,740
    AMERICAN FINANCIAL NETWORK, INC. 5 3.05% $7,550
    COMPASS MORTGAGE, INC. 5 2.95% $6,300
    Flagstar Bank, FSB 4 3.16% $5,592
    MUTUAL OF OMAHA MORTGAGE, INC. 4 2.88% $6,504
    Equity Prime Mortgage LLC 4 3.56% $6,964
    BAY EQUITY LLC 4 2.97% $9,350
    U.S. Bank 4 3.53% $5,002
    BLUELEAF LENDING, LLC 4 2.94% $7,080
    FIRST STATE MORTGAGE SERVICES, LLC 4 3.13% $6,178
    INLAND BANK & TRUST 4 3.50% $7,325
    Lakeview Community Capital, LLC 4 3.25% $3,930
    CELEBRITY HOME LOANS, LLC 4 3.25% $8,910
    AMERISAVE MORTGAGE CORPORATION 4 3.38% $5,747
    FINANCE OF AMERICA MORTGAGE LLC 3 3.50% $11,055
    PNC Bank 3 2.88% $4,694
    PLAZA HOME MORTGAGE, INC. 3 2.96% $5,819
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.79% $4,905
    United Community Bank 3 3.38% $4,804
    SUN WEST MORTGAGE COMPANY, INC. 3 3.54% $7,574
    DAS Acquisition Company, LLC 3 3.46% $6,049
    HOMESIDE FINANCIAL, LLC 3 3.54% $7,937
    First Guaranty Mortgage Corporation 3 3.00% $4,008
    OCMBC, INC. 3 3.25% $8,836
    M&T Bank 3 3.08% $6,109
    Home State Bank 3 2.88% $7,874
    TOWNE MORTGAGE COMPANY 3 3.67% $6,981
    AmeriHome Mortgage Company, LLC 2 3.63% $3,281
    United Fidelity Funding Corp. 2 3.75% $8,901
    First Federal Bank 2 3.00% $5,615
    First Bank & Trust 2 3.50% $4,770
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 2.88% $5,040
    Fifth Third Bank 2 3.00% $5,746
    Ixonia Bank 2 3.63% $5,545
    ROYAL UNITED MORTGAGE LLC 2 2.81% $8,110
    OCEANSIDE MORTGAGE COMPANY 2 2.62% $2,572
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.75% $6,882
    LAND HOME FINANCIAL SERVICES, INC. 2 3.75% $5,357
    ENDEAVOR CAPITAL, LLC. 2 3.19% $6,121
    NATIONS DIRECT MORTGAGE, LLC 2 3.87% $7,036
    Bank of America 2 2.63% $2,026
    Mutual Federal Bank 2 3.06% $7,612
    Wells Fargo Bank 1 2.88% $8,769
    AMERICAN FINANCING CORPORATION 1 3.50% $5,449
    Ameris Bank 1 3.00% $7,414
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.25% $5,106
    BECKAM FUNDING CORP. 1 3.88% $12,879
    BEST CAPITAL FUNDING 1 2.75% $5,362
    BMO Harris Bank 1 3.38% $5,364
    CHERRY CREEK MORTGAGE, LLC 1 3.75% $754
    CHURCHILL MORTGAGE CORPORATION 1 3.63% $4,727
    CIBM Bank 1 3.50% $5,543
    CITYWIDE HOME LOANS, LLC 1 3.50% $8,664
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.50% $6,033
    DRAPER AND KRAMER MORTGAGE CORP. 1 2.25% $6,290
    EVERETT FINANCIAL, INC. 1 3.50% $5,939
    First Federal Savings Bank 1 3.13% $7,691
    First Horizon Bank 1 2.38% $10,093
    First Midwest Bank 1 3.13% $9,925
    First Mortgage Solutions, LLC 1 2.88% $4,848
    Flanagan State Bank 1 3.50% $4,781
    FLAT BRANCH MORTGAGE, INC. 1 2.88% $6,271
    GMFS LLC 1 3.25% $7,315
    InterContinental Capital Group, Inc 1 2.88% $5,776
    LENDUS, LLC 1 3.50% $6,036
    MID AMERICA MORTGAGE, INC. 1 2.25% $2,250
    MORIA DEVELOPMENT, INC. 1 3.75% $9,149
    MORTGAGE CENTER L.C 1 3.00% $2,270
    Mortgage Research Center, LLC 1 2.75% $8,364
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.00% $4,693
    MOVEMENT MORTGAGE, LLC 1 3.00% $6,266
    Network Funding, L.P. 1 2.75% $7,798
    NORTHERN MORTGAGE SERVICES, LLC 1 3.25% $7,561
    Old Second National Bank 1 3.13% $7,521
    ON Q FINANCIAL, INC. 1 2.75% $5,814
    PARKSIDE LENDING, LLC 1 3.13% $6,974
    Plains Commerce Bank 1 3.63% $5,501
    SIRVA MORTGAGE, INC. 1 2.38% $2,702
    STEARNS LENDING, LLC 1 3.25% $6,426
    Texana Bank 1 2.75% $12,281
    THE ANDERSON FINANCIAL GROUP, INC. 1 2.88% $7,354
    The Home Loan Expert LLC 1 3.25% $5,072
    THOMPSON KANE & COMPANY, LLC 1 3.88% $7,839
    TOTAL MORTGAGE SERVICES, LLC 1 3.63% $12,518
    Town & Country Banc Mortgage Services, Inc. 1 3.00% $4,386
    VAN DYK MORTGAGE CORPORATION 1 3.50% $8,310
    V.I.P. MORTGAGE, INC. 1 3.13% $6,038

    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 MORTGAGE ($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. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $129,900 (13.1%) $163,508 (14.4%) 0.48 928
    2018-02-01 $131,725 (15.6%) $166,882 (18.7%) 0.48 847
    2018-03-01 $134,900 (13.4%) $172,005 (16.7%) 0.47 797
    2018-04-01 $139,900 (11.9%) $181,905 (19.4%) 0.47 773
    2018-05-01 $144,900 (11.6%) $184,153 (16.6%) 0.48 848
    2018-06-01 $149,000 (14.6%) $187,298 (15.6%) 0.50 974
    2018-07-01 $149,000 (10.5%) $187,850 (10.3%) 0.50 1,064
    2018-08-01 $145,475 (7.8%) $185,110 (9.0%) 0.49 1,109
    2018-09-01 $140,750 (3.9%) $183,258 (8.3%) 0.47 1,143
    2018-10-01 $137,450 (2.6%) $177,259 (7.0%) 0.46 1,143
    2018-11-01 $135,900 (0.4%) $178,840 (7.2%) 0.46 1,050
    2018-12-01 $134,900 (1.1%) $175,024 (4.6%) 0.47 988
    2019-01-01 $134,900 (3.9%) $174,454 (6.7%) 0.47 908
    2019-02-01 $134,475 (2.1%) $176,802 (5.9%) 0.45 826
    2019-03-01 $140,529 (4.2%) $183,083 (6.4%) 0.46 779
    2019-04-01 $148,450 (6.1%) $191,330 (5.2%) 0.47 738
    2019-05-01 $149,925 (3.5%) $194,520 (5.6%) 0.47 780
    2019-06-01 $159,900 (7.3%) $200,608 (7.1%) 0.50 869
    2019-07-01 $155,000 (4.0%) $198,823 (5.8%) 0.49 982
    2019-08-01 $153,609 (5.6%) $195,220 (5.5%) 0.49 1,034
    2019-09-01 $151,523 (7.7%) $190,536 (4.0%) 0.48 1,098
    2019-10-01 $147,425 (7.3%) $185,929 (4.9%) 0.48 1,149
    2019-11-01 $139,900 (2.9%) $180,409 (0.9%) 0.46 1,099
    2019-12-01 $139,900 (3.7%) $177,399 (1.4%) 0.47 988
    2020-01-01 $137,750 (2.1%) $176,168 (1.0%) 0.46 903
    2020-02-01 $145,000 (7.8%) $182,734 (3.4%) 0.47 811
    2020-03-01 $144,950 (3.2%) $187,733 (2.5%) 0.45 751
    2020-04-01 $149,900 (1.0%) $193,060 (0.9%) 0.47 731
    2020-05-01 $159,900 (6.7%) $205,791 (5.8%) 0.49 640
    2020-06-01 $170,000 (6.3%) $210,503 (4.9%) 0.50 598
    2020-07-01 $174,450 (12.6%) $214,135 (7.7%) 0.51 551
    2020-08-01 $169,900 (10.6%) $217,198 (11.3%) 0.49 532
    2020-09-01 $172,813 (14.1%) $221,840 (16.4%) 0.50 500
    2020-10-01 $161,000 (9.2%) $201,959 (8.6%) 0.46 534
    2020-11-01 $150,000 (7.2%) $199,789 (10.7%) 0.44 519
    2020-12-01 $139,900 (0.0%) $192,755 (8.7%) 0.42 440
    2021-01-01 $132,500 (-3.8%) $195,093 (10.7%) 0.40 362
    2021-02-01 $135,000 (-6.9%) $206,185 (12.8%) 0.39 264
    2021-03-01 $149,950 (3.5%) $210,440 (12.1%) 0.43 224
    2021-04-01 $159,475 (6.4%) $227,167 (17.7%) 0.43 205
    2021-05-01 $169,700 (6.1%) $225,629 (9.6%) 0.45 280
    2021-06-01 $169,450 (-0.3%) $229,658 (9.1%) 0.45 402
    2021-07-01 $162,500 (-6.9%) $227,460 (6.2%) 0.43 452
    2021-08-01 $155,575 (-8.4%) $217,905 (0.3%) 0.41 548
    2021-09-01 $162,050 (-6.2%) $217,010 (-2.2%) 0.43 560
    2021-10-01 $163,450 (1.5%) $217,059 (7.5%) 0.44 567
    2021-11-01 $154,300 (2.9%) $208,845 (4.5%) 0.41 518
    2021-12-01 $142,425 (1.8%) $198,890 (3.2%) 0.39 469
    2022-01-01 $144,900 (9.4%) $194,071 (-0.5%) 0.39 375
    2022-02-01 $139,450 (3.3%) $201,616 (-2.2%) 0.36 274
    2022-03-01 $144,950 (-3.3%) $220,342 (4.7%) 0.36 243
    2022-04-01 $158,500 (-0.6%) $235,710 (3.8%) 0.38 259
    2022-05-01 $172,875 (1.9%) $234,919 (4.1%) 0.40 291
    2022-06-01 $185,000 (9.2%) $238,817 (4.0%) 0.41 359
    2022-07-01 $199,900 (23.0%) $254,139 (11.7%) 0.45 421
    2022-08-01 $192,175 (23.5%) $245,571 (12.7%) 0.44 468
    2022-09-01 $187,450 (15.7%) $239,795 (10.5%) 0.44 470
    2022-10-01 $172,500 (5.5%) $228,716 (5.4%) 0.41 465
    Rockford's median listing price for 2022-10-01 was $172,500, a difference of $9,050 (5.5%) versus the prior year and $-14,950 versus the prior month.

    Rockford's median listing price comes in at 41% of the national average.

    Rockford's average listing price for 2022-10-01 was $228,716, a difference of $11,657 (5.4%) versus the prior year and $-11,079 versus the prior month.

    For the 2022-10-01 period, Rockford had 465 MLS listings, a difference of -5 listings (-1%) versus the prior month and -102 listings (-18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rockford (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 80 days 1,855 sqft
    2018-02-01 81 days 1,858 sqft
    2018-03-01 67 days 1,891 sqft
    2018-04-01 50 days 1,960 sqft
    2018-05-01 41 days 2,000 sqft
    2018-06-01 41 days 2,030 sqft
    2018-07-01 45 days 2,030 sqft
    2018-08-01 51 days 1,995 sqft
    2018-09-01 59 days 1,992 sqft
    2018-10-01 63 days 1,911 sqft
    2018-11-01 64 days 1,947 sqft
    2018-12-01 68 days 1,894 sqft
    2019-01-01 80 days 1,827 sqft
    2019-02-01 86 days 1,868 sqft
    2019-03-01 71 days 1,804 sqft
    2019-04-01 51 days 1,739 sqft
    2019-05-01 44 days 1,736 sqft
    2019-06-01 44 days 1,803 sqft
    2019-07-01 45 days 1,974 sqft
    2019-08-01 48 days 1,978 sqft
    2019-09-01 51 days 1,945 sqft
    2019-10-01 56 days 1,911 sqft
    2019-11-01 61 days 1,889 sqft
    2019-12-01 70 days 1,829 sqft
    2020-01-01 82 days 1,803 sqft
    2020-02-01 77 days 1,827 sqft
    2020-03-01 54 days 1,850 sqft
    2020-04-01 61 days 1,891 sqft
    2020-05-01 67 days 2,023 sqft
    2020-06-01 50 days 2,120 sqft
    2020-07-01 41 days 2,162 sqft
    2020-08-01 43 days 2,062 sqft
    2020-09-01 41 days 2,065 sqft
    2020-10-01 36 days 1,928 sqft
    2020-11-01 40 days 1,921 sqft
    2020-12-01 52 days 1,797 sqft
    2021-01-01 61 days 1,768 sqft
    2021-02-01 59 days 1,724 sqft
    2021-03-01 40 days 1,663 sqft
    2021-04-01 28 days 1,796 sqft
    2021-05-01 19 days 1,850 sqft
    2021-06-01 20 days 1,905 sqft
    2021-07-01 25 days 2,014 sqft
    2021-08-01 26 days 1,723 sqft
    2021-09-01 34 days 1,717 sqft
    2021-10-01 38 days 1,667 sqft
    2021-11-01 47 days 1,651 sqft
    2021-12-01 51 days 1,606 sqft
    2022-01-01 54 days 1,640 sqft
    2022-02-01 45 days 1,616 sqft
    2022-03-01 35 days 1,611 sqft
    2022-04-01 25 days 1,709 sqft
    2022-05-01 25 days 1,744 sqft
    2022-06-01 21 days 1,811 sqft
    2022-07-01 30 days 1,856 sqft
    2022-08-01 32 days 1,830 sqft
    2022-09-01 39 days 1,813 sqft
    2022-10-01 41 days 1,803 sqft
    Rockford's median listing age (time on market) for 2022-10-01 was 41 days. This is 7% longer than the same period one year ago.

    Rockford's median square footage for active listings during the 2022-10-01 period was 1,803 sqft. One year prior, the average listing was 1,667 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).