Rockford FHA Loan Rates, Closing Costs & Stats

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 -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).