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 99 lenders originated 878 FHA loans during 2023. The total origination value was $147,600,000, with an average FHA loan value of $168,109.

    Rockford FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rockford averaged 6.58% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Rockford's average FHA mortgage closing costs are $6,259.

    The average rate for the prior week (2024-11-01) was 6.45% and one month ago for the week of 2024-10-04, the average rate was 5.97%.

    The average rate one year ago was 7.72%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.6%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 100 6.37% $8,076
    ENVOY MORTGAGE, LTD 86 6.58% $8,113
    GREENSTATE CREDIT UNION 75 6.30% $6,152
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 48 6.77% $8,378
    Blackhawk Bank 33 6.46% $7,343
    LOANDEPOT.COM, LLC 24 6.48% $9,052
    CHURCHILL MORTGAGE CORPORATION 23 7.04% $8,390
    UNITED WHOLESALE MORTGAGE, LLC 22 6.71% $10,463
    CROSSCOUNTRY MORTGAGE, LLC 22 6.86% $8,688
    Barrington Bank & Trust Company, N.A. 19 6.34% $7,132
    FREEDOM MORTGAGE CORPORATION 14 6.96% $9,992
    PENNYMAC LOAN SERVICES, LLC 13 6.48% $9,179
    FIRST CENTENNIAL MORTGAGE CORPORATION 12 6.72% $8,200
    Midland States Bank 12 6.80% $6,895
    GUARANTEED RATE, INC. 11 6.90% $9,167
    ACADEMY MORTGAGE CORPORATION 11 6.94% $10,375
    AMERICAN FINANCIAL NETWORK, INC. 11 7.24% $10,425
    Mr. Cooper ( Nationstar Mortgage ) 10 5.93% $10,775
    JPMorgan Chase Bank 10 6.76% $5,225
    MUTUAL OF OMAHA MORTGAGE, INC. 9 6.68% $9,719
    BROKER SOLUTIONS, INC. 9 6.74% $8,981
    Neighborhood Loans, Inc. 9 6.80% $11,879
    NORTHWEST BANK OF ROCKFORD 8 6.38% $5,745
    PLANET HOME LENDING, LLC 8 6.70% $7,245
    CARDINAL FINANCIAL 7 6.52% $8,660
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 6.71% $9,943
    PLAZA HOME MORTGAGE, INC. 7 7.09% $8,938
    Carrington Mortgage Services, LLC 7 6.75% $9,287
    GUARANTEED RATE AFFINITY, LLC 7 7.23% $9,927
    Key Mortgage Services, Inc. 6 6.44% $8,872
    GENEVA FINANCIAL, LLC 5 7.08% $12,922
    NEWREZ LLC 5 6.50% $11,143
    The Huntington National Bank 5 7.23% $7,611
    AMERISAVE MORTGAGE CORPORATION 4 5.97% $12,529
    Mortgage Research Center, LLC 4 7.31% $7,807
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 4 6.91% $9,345
    CIBM Bank 4 6.28% $7,830
    The Federal Savings Bank 4 6.44% $9,843
    Equity Prime Mortgage LLC 4 6.63% $6,066
    First National Bank of Omaha 4 6.63% $6,880
    GUILD MORTGAGE COMPANY 4 6.88% $8,603
    HOMESIDE FINANCIAL, LLC 4 6.56% $10,293
    PNC Bank 3 6.50% $5,863
    U.S. Bank 3 6.67% $6,066
    BAY EQUITY LLC 3 7.00% $7,454
    Nations Lending Corporation 3 7.25% $12,204
    COMPASS MORTGAGE, INC. 3 6.38% $12,411
    UNION HOME MORTGAGE CORP. 3 7.13% $12,406
    Platinum Home Mortgage Corporation 3 6.58% $8,441
    Fifth Third Bank 3 7.08% $6,514
    Wells Fargo Bank 2 6.94% $6,445
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.94% $5,448
    Associated Bank 2 6.44% $3,425
    CALIBER HOME LOANS, INC. 2 6.13% $7,509
    EMM LOANS LLC 2 6.25% $14,139
    ENDEAVOR CAPITAL, LLC. 2 6.68% $9,237
    Flagstar Bank, FSB 2 6.97% $5,809
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $7,671
    LAND HOME FINANCIAL SERVICES, INC. 2 6.44% $7,436
    LIBERTY HOME MORTGAGE CORPORATION 2 6.06% $18,889
    MOVEMENT MORTGAGE, LLC 2 6.13% $10,099
    NATIONS RELIABLE LENDING, LLC 2 7.19% $9,264
    NETWORK CAPITAL FUNDING CORPORATION 2 6.00% $8,477
    Paramount Residential Mortgage Group, Inc. 2 6.75% $11,616
    Plains Commerce Bank 2 7.06% $8,613
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.31% $8,595
    RESIDENTIAL BANCORP 2 6.25% $11,874
    SUN WEST MORTGAGE COMPANY, INC. 2 6.56% $7,057
    HOMESITE MORTGAGE, LLC 1 7.38% $5,919
    OCMBC, INC. 1 7.25% $10,199
    UNITED HOME LOANS, INC. 1 6.25% $8,908
    FLAT BRANCH MORTGAGE, INC. 1 7.63% $6,981
    BECKAM FUNDING CORP. 1 8.00% $11,840
    FIRST STATE MORTGAGE SERVICES, LLC 1 5.88% $5,635
    First Mid Bank & Trust 1 7.38% $8,342
    First Federal Bank 1 7.63% $7,577
    FAMILY FINANCE MORTGAGE, LLC 1 6.75% $6,087
    AXIA FINANCIAL, LLC 1 6.88% $9,792
    PROPER RATE, LLC 1 6.88% $10,515
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.49% $6,685
    Regions Bank 1 5.75% $9,802
    VILLAGE CAPITAL MORTGAGE 1 5.75% $11,499
    ROYAL UNITED MORTGAGE LLC 1 6.25% $5,600
    Sierra Pacific Mortgage Company, Inc. 1 6.75% $8,362
    Stillman Bank 1 6.88% $3,994
    STOCKTON MORTGAGE CORPORATION 1 6.75% $7,004
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $8,795
    AmRes Corporation 1 7.49% $12,419
    CITYWIDE HOME LOANS, LLC 1 6.25% $7,298
    CHERRY CREEK MORTGAGE, LLC 1 7.13% $2,145
    THE MORTGAGE LINK, INC. 1 7.00% $13,795
    TOWNE MORTGAGE COMPANY 1 6.63% $6,983
    MORTGAGE CENTER L.C 1 7.13% $6,750
    BMO Harris Bank 1 6.13% $5,365
    NBKC BANK 1 5.00% $8,171
    MLB RESIDENTIAL LENDING, LLC 1 6.38% $11,532
    United Community Bank 1 7.00% $3,678
    LEADERONE FINANCIAL CORPORATION 1 6.75% $11,058
    Northpointe Bank 1 6.25% $9,736

    The top Rockford FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 100 FHA loans originated. Their average total fees are $8,076, which is $37 lower than the next largest lender, ENVOY MORTGAGE, LTD.

    The lowest fee Rockford FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($5,225), GREENSTATE CREDIT UNION ($6,152), Midland States Bank ($6,895), Barrington Bank & Trust Company, N.A. ($7,132) and Blackhawk Bank ($7,343).

    The lowest rate Rockford FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) (5.93%), GREENSTATE CREDIT UNION (6.30%), Barrington Bank & Trust Company, N.A. (6.34%), QUICKEN LOANS, LLC (6.37%) and Blackhawk Bank (6.46%).

    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
    ROCKFORD, IL BOONE 2023 $472,030 $604,400 $730,525 $907,900
    ROCKFORD, IL WINNEBAGO 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).