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%.

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 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. Total Fees
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
FIRST CENTENNIAL MORTGAGE CORPORATION 27 2.96% $6,189
PENNYMAC LOAN SERVICES, LLC 27 3.24% $3,633
Midland States Bank 24 3.20% $5,941
VILLAGE CAPITAL & INVESTMENT LLC 23 3.14% $1,737
ACADEMY MORTGAGE CORPORATION 23 3.32% $7,884
AMERICAN PACIFIC MORTGAGE CORPORATION 22 3.43% $6,936
LAKEVIEW LOAN SERVICING, LLC 22 3.10% $4,262
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
Paramount Residential Mortgage Group, Inc. 14 3.44% $7,449
GUARANTEED RATE, INC. 14 2.99% $6,445
BROKER SOLUTIONS, INC. 11 3.49% $6,512
Carrington Mortgage Services, LLC 10 3.46% $6,082
AMERICAN PORTFOLIO MORTGAGE CORPORATION 10 2.99% $7,220
PLANET HOME LENDING, LLC 9 3.65% $6,888
JPMorgan Chase Bank 8 3.22% $4,647
The Federal Savings Bank 8 2.97% $7,743
NORTHWEST BANK OF ROCKFORD 8 2.97% $5,283
Associated Bank 8 2.80% $5,706
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 3.41% $8,359
Key Mortgage Services, Inc. 8 3.05% $7,248
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
CMG MORTGAGE, INC. 5 3.15% $6,740
AMERICAN FINANCIAL NETWORK, INC. 5 3.05% $7,550
NEWREZ LLC 5 2.85% $3,562
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
United Community Bank 3 3.38% $4,804
TOWNE MORTGAGE COMPANY 3 3.67% $6,981
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.79% $4,905
FINANCE OF AMERICA MORTGAGE LLC 3 3.50% $11,055
HOMESIDE FINANCIAL, LLC 3 3.54% $7,937
Home State Bank 3 2.88% $7,874
SUN WEST MORTGAGE COMPANY, INC. 3 3.54% $7,574
PNC Bank 3 2.88% $4,694
PLAZA HOME MORTGAGE, INC. 3 2.96% $5,819
Manufacturers and Traders Trust Company 3 3.08% $6,109
DAS Acquisition Company, LLC 3 3.46% $6,049
OCMBC, INC. 3 3.25% $8,836
First Guaranty Mortgage Corporation 3 3.00% $4,008
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 2.88% $5,040
AmeriHome Mortgage Company, LLC 2 3.63% $3,281
LAND HOME FINANCIAL SERVICES, INC. 2 3.75% $5,357
United Fidelity Funding Corp. 2 3.75% $8,901
First Bank & Trust 2 3.50% $4,770
ENDEAVOR CAPITAL, LLC. 2 3.19% $6,121
Bank of America 2 2.63% $2,026
Mutual Federal Bank 2 3.06% $7,612
NATIONS DIRECT MORTGAGE, LLC 2 3.87% $7,036
OCEANSIDE MORTGAGE COMPANY 2 2.62% $2,572
Fifth Third Bank 2 3.00% $5,746
First Federal Bank 2 3.00% $5,615
Ixonia Bank 2 3.63% $5,545
ROYAL UNITED MORTGAGE LLC 2 2.81% $8,110
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.75% $6,882
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 & 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. Louis
Date 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 for 2022-04-01 was $165,000, a difference of $1,300 (0.8%) versus the prior year and $22,500 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 29 days. This is -26% shorter than the same period one year ago.

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.

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).