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 107 lenders originated 1,151 FHA loans during 2022. The total origination value was $190,135,000, with an average FHA loan value of $165,191.

Rockford FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Rockford averaged 6.78% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Rockford's average FHA mortgage closing costs are $5,997.

The average rate for the prior week (2024-02-23) was 6.57% and one month ago for the week of 2024-01-26, the average rate was 6.56%.

The average rate one year ago was 6.49%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.5%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
ENVOY MORTGAGE, LTD 165 5.20% $7,861
QUICKEN LOANS, LLC 105 4.83% $7,438
Midwest Community Bank 53 4.29% $6,081
PLANET HOME LENDING, LLC 43 5.52% $8,176
Blackhawk Bank 40 5.08% $6,865
Barrington Bank & Trust Company, N.A. 32 5.38% $6,539
LOANDEPOT.COM, LLC 32 4.83% $8,480
ACADEMY MORTGAGE CORPORATION 31 5.32% $8,618
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 28 5.45% $8,128
CROSSCOUNTRY MORTGAGE, LLC 26 5.24% $8,124
UNITED WHOLESALE MORTGAGE, LLC 26 5.53% $8,126
Flagstar Bank, FSB 21 5.48% $7,035
FIRST CENTENNIAL MORTGAGE CORPORATION 20 5.28% $6,661
FREEDOM MORTGAGE CORPORATION 19 5.54% $6,838
Neighborhood Loans, Inc. 19 5.32% $7,710
Mr. Cooper ( Nationstar Mortgage ) 18 4.73% $7,342
U.S. Bank 17 5.43% $5,812
NORTHWEST BANK OF ROCKFORD 17 4.95% $5,781
AMERISAVE MORTGAGE CORPORATION 15 4.90% $8,032
AMERICAN PACIFIC MORTGAGE CORPORATION 15 4.81% $6,818
Midland States Bank 14 5.34% $6,507
PENNYMAC LOAN SERVICES, LLC 14 4.05% $7,051
CARDINAL FINANCIAL 13 5.68% $8,740
CALIBER HOME LOANS, INC. 13 5.14% $8,374
BROKER SOLUTIONS, INC. 12 5.08% $8,024
GUARANTEED RATE, INC. 12 4.43% $7,500
COMPASS MORTGAGE, INC. 11 4.72% $7,452
Carrington Mortgage Services, LLC 11 5.23% $8,275
The Federal Savings Bank 10 4.76% $7,765
INLANTA MORTGAGE, INC. 10 5.25% $7,654
PLAZA HOME MORTGAGE, INC. 10 4.73% $8,002
GREENSTATE CREDIT UNION 9 6.33% $6,138
NEWREZ LLC 9 4.32% $6,768
JPMorgan Chase Bank 8 5.91% $6,385
FIRST STATE MORTGAGE SERVICES, LLC 8 4.69% $6,924
HOME POINT FINANCIAL CORPORATION 7 4.89% $8,311
PNC Bank 7 5.38% $4,385
LAKEVIEW LOAN SERVICING, LLC 6 3.21% $4,095
Stillman Bank 5 4.35% $5,356
MUTUAL OF OMAHA MORTGAGE, INC. 5 5.30% $7,838
Paramount Residential Mortgage Group, Inc. 5 5.50% $9,849
HOMESIDE FINANCIAL, LLC 5 5.52% $7,901
Key Mortgage Services, Inc. 5 5.40% $8,411
Platinum Home Mortgage Corporation 5 5.10% $8,509
Nations Lending Corporation 5 6.20% $10,797
FINANCE OF AMERICA MORTGAGE LLC 4 4.81% $8,208
United Fidelity Funding Corp. 4 5.75% $8,291
First Federal Bank 4 4.28% $4,691
CMG MORTGAGE, INC. 3 3.79% $7,671
VILLAGE CAPITAL MORTGAGE 3 3.04% $1,577
GUARANTEED RATE AFFINITY, LLC 3 5.68% $7,059
AMERICAN FINANCING CORPORATION 3 3.67% $7,792
Bank of America 3 4.17% $5,034
NETWORK CAPITAL FUNDING CORPORATION 3 4.96% $10,408
Century Mortgage Company DBA Century Lending Company 3 5.04% $7,296
AmRes Corporation 2 4.63% $14,531
DRAPER AND KRAMER MORTGAGE CORP. 2 4.69% $8,714
EMBRACE HOME LOANS, INC. 2 4.87% $7,528
Equity Prime Mortgage LLC 2 4.88% $7,751
First National Bank of Omaha 2 5.06% $6,629
FLAT BRANCH MORTGAGE, INC. 2 5.19% $7,196
GUILD MORTGAGE COMPANY 2 5.38% $10,666
HOMESITE MORTGAGE, LLC 2 4.94% $4,117
Lakeview Community Capital, LLC 2 3.38% $4,345
CHERRY CREEK MORTGAGE, LLC 2 5.44% $2,291
MORTGAGE CENTER L.C 2 4.38% $7,867
MOVEMENT MORTGAGE, LLC 2 4.69% $6,921
BMO Harris Bank 2 5.88% $6,277
Old Second National Bank 2 3.50% $7,655
Associated Bank 2 5.25% $4,802
Plains Commerce Bank 2 5.69% $8,955
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 6.50% $7,524
SUN WEST MORTGAGE COMPANY, INC. 2 6.25% $9,781
T2 FINANCIAL LLC 2 4.88% $7,759
The Home Loan Expert LLC 2 4.25% $6,965
The Huntington National Bank 2 4.00% $6,123
THOMPSON KANE & COMPANY, LLC 2 6.13% $7,033
BEST CAPITAL FUNDING 1 3.13% $6,057
LADERA LENDING, INC. 1 3.63% $7,439
INLAND BANK & TRUST 1 6.25% $7,357
Hometown Lenders, Inc. 1 5.63% $6,291
OCMBC, INC. 1 5.38% $6,891
Allied First Bank,sb 1 5.50% $7,534
Wyndham Capital Mortgage, Inc. 1 3.88% $8,076
EMM LOANS LLC 1 2.88% $15,011
CONTOUR MORTGAGE CORPORATION 1 4.75% $8,380
United Community Bank 1 5.00% $4,484
GENEVA FINANCIAL, LLC 1 7.13% $9,658
Gateway First Bank 1 5.25% $1,702
CHURCHILL MORTGAGE CORPORATION 1 5.25% $9,632
PREMIA MORTGAGE, LLC 1 4.25% $3,376
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 3.38% $7,755
RELIANCE FIRST CAPITAL, LLC 1 3.63% $10,192
SECURITYNATIONAL MORTGAGE COMPANY 1 4.38% $9,526
Citizens Bank 1 4.63% $11,334
MIDLAND MORTGAGE CORPORATION 1 6.13% $2,360
LENOX FINANCIAL MORTGAGE CORPORATION 1 5.50% $5,679
MLB RESIDENTIAL LENDING, LLC 1 4.88% $9,941
MORIA DEVELOPMENT, INC. 1 5.63% $9,350
Fifth Third Bank 1 4.75% $6,861
Mortgage Research Center, LLC 1 5.50% $6,415
Colten Mortgage, LLC 1 3.38% $8,554
FIRST COMMUNITY MORTGAGE, INC. 1 3.63% $9,782
M&T Bank 1 4.75% $5,088
LEADERONE FINANCIAL CORPORATION 1 3.88% $10,421
LAND HOME FINANCIAL SERVICES, INC. 1 3.25% $5,245
NATIONS RELIABLE LENDING, LLC 1 4.25% $8,337

The top Rockford FHA lender as defined by loan originations is ENVOY MORTGAGE, LTD, with 165 FHA loans originated. Their average total fees are $7,861, which is $423 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Rockford FHA lenders (with over 10 loans originated) are NORTHWEST BANK OF ROCKFORD ($5,781), U.S. Bank ($5,812), Midwest Community Bank ($6,081), Midland States Bank ($6,507) and Barrington Bank & Trust Company, N.A. ($6,539).

The lowest rate Rockford FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.05%), Midwest Community Bank (4.29%), GUARANTEED RATE, INC. (4.43%), COMPASS MORTGAGE, INC. (4.72%) and PLAZA HOME MORTGAGE, INC. (4.73%).

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

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 (19.5%) 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%) $185,108 (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%) 0.47 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 $139,907 (3.7%) $183,037 (6.4%) 0.46 779
2019-04-01 $147,725 (5.6%) $191,275 (5.2%) 0.47 736
2019-05-01 $149,925 (3.5%) $194,518 (5.6%) 0.47 777
2019-06-01 $159,900 (7.3%) $200,679 (7.1%) 0.50 864
2019-07-01 $155,000 (4.0%) $199,082 (6.0%) 0.49 977
2019-08-01 $153,609 (5.6%) $195,534 (5.6%) 0.49 1,029
2019-09-01 $151,523 (7.7%) $190,815 (4.1%) 0.48 1,093
2019-10-01 $147,450 (7.3%) $186,177 (5.0%) 0.48 1,144
2019-11-01 $139,900 (2.9%) $180,646 (1.0%) 0.46 1,094
2019-12-01 $139,900 (3.7%) $177,645 (1.5%) 0.47 983
2020-01-01 $138,125 (2.4%) $176,570 (1.2%) 0.46 898
2020-02-01 $145,000 (7.8%) $183,210 (3.6%) 0.47 806
2020-03-01 $144,950 (3.6%) $188,002 (2.7%) 0.45 745
2020-04-01 $149,900 (1.5%) $193,568 (1.2%) 0.47 725
2020-05-01 $159,900 (6.7%) $206,371 (6.1%) 0.49 636
2020-06-01 $170,000 (6.3%) $211,064 (5.2%) 0.50 594
2020-07-01 $174,975 (12.9%) $214,916 (8.0%) 0.51 546
2020-08-01 $169,900 (10.6%) $218,300 (11.6%) 0.49 527
2020-09-01 $175,200 (15.6%) $222,990 (16.9%) 0.50 495
2020-10-01 $163,000 (10.6%) $203,694 (9.4%) 0.47 529
2020-11-01 $154,175 (10.2%) $200,709 (11.1%) 0.45 514
2020-12-01 $139,900 (0.0%) $193,667 (9.0%) 0.42 435
2021-01-01 $133,200 (-3.6%) $196,268 (11.2%) 0.40 357
2021-02-01 $135,000 (-6.9%) $208,173 (13.6%) 0.39 259
2021-03-01 $150,225 (3.6%) $212,788 (13.2%) 0.43 219
2021-04-01 $162,400 (8.3%) $230,291 (19.0%) 0.44 200
2021-05-01 $172,450 (7.9%) $228,044 (10.5%) 0.46 275
2021-06-01 $172,425 (1.4%) $231,056 (9.5%) 0.45 397
2021-07-01 $165,000 (-5.7%) $228,765 (6.4%) 0.44 448
2021-08-01 $158,900 (-6.5%) $218,935 (0.3%) 0.42 543
2021-09-01 $162,400 (-7.3%) $217,992 (-2.2%) 0.43 555
2021-10-01 $164,900 (1.2%) $217,821 (6.9%) 0.44 562
2021-11-01 $154,675 (0.3%) $209,859 (4.6%) 0.41 513
2021-12-01 $142,725 (2.0%) $199,842 (3.2%) 0.39 464
2022-01-01 $145,250 (9.1%) $195,276 (-0.5%) 0.39 370
2022-02-01 $139,675 (3.5%) $203,388 (-2.3%) 0.36 269
2022-03-01 $147,200 (-2.0%) $222,745 (4.7%) 0.37 238
2022-04-01 $159,900 (-1.5%) $238,263 (3.5%) 0.38 254
2022-05-01 $178,475 (3.5%) $236,087 (3.5%) 0.41 286
2022-06-01 $189,950 (10.2%) $240,972 (4.3%) 0.42 354
2022-07-01 $202,495 (22.7%) $255,919 (11.9%) 0.46 416
2022-08-01 $192,450 (21.1%) $247,163 (12.9%) 0.44 463
2022-09-01 $189,700 (16.8%) $241,204 (10.7%) 0.44 465
2022-10-01 $174,900 (6.1%) $230,043 (5.6%) 0.41 460
2022-11-01 $172,400 (11.5%) $223,025 (6.3%) 0.41 459
2022-12-01 $169,900 (19.0%) $219,043 (9.6%) 0.42 409
2023-01-01 $164,900 (13.5%) $220,999 (13.2%) 0.41 324
2023-02-01 $154,350 (10.5%) $233,875 (15.0%) 0.37 244
2023-03-01 $154,925 (5.3%) $247,586 (11.2%) 0.37 221
2023-04-01 $180,000 (12.6%) $266,867 (12.0%) 0.42 196
2023-05-01 $188,550 (5.7%) $260,563 (10.4%) 0.43 235
2023-06-01 $210,700 (10.9%) $265,710 (10.3%) 0.47 260
2023-07-01 $219,900 (8.6%) $265,268 (3.7%) 0.50 294
2023-08-01 $217,325 (12.9%) $259,037 (4.8%) 0.50 321
2023-09-01 $209,000 (10.2%) $254,975 (5.7%) 0.49 333
2023-10-01 $213,450 (22.0%) $253,351 (10.1%) 0.50 345
2023-11-01 $209,200 (21.4%) $254,781 (14.2%) 0.50 404
2023-12-01 $199,900 (17.7%) $256,130 (16.9%) 0.49 364
2024-01-01 $207,250 (25.7%) $262,740 (18.9%) 0.51 310
Rockford's median listing price for 2024-01-01 was $207,250, a difference of $42,350 (25.7%) versus the prior year and $7,350 versus the prior month.

Rockford's median listing price comes in at 51% of the national average.

Rockford's average listing price for 2024-01-01 was $262,740, a difference of $41,741 (18.9%) versus the prior year and $6,610 versus the prior month.

For the 2024-01-01 period, Rockford had 310 MLS listings, a difference of -54 listings (-15%) versus the prior month and -14 listings (-4%) 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 75 days 1,855 sqft
2018-02-01 75 days 1,858 sqft
2018-03-01 61 days 1,891 sqft
2018-04-01 45 days 1,960 sqft
2018-05-01 38 days 2,000 sqft
2018-06-01 39 days 2,030 sqft
2018-07-01 43 days 2,030 sqft
2018-08-01 48 days 1,996 sqft
2018-09-01 57 days 1,994 sqft
2018-10-01 59 days 1,911 sqft
2018-11-01 60 days 1,947 sqft
2018-12-01 65 days 1,894 sqft
2019-01-01 77 days 1,824 sqft
2019-02-01 82 days 1,867 sqft
2019-03-01 68 days 1,803 sqft
2019-04-01 49 days 1,738 sqft
2019-05-01 43 days 1,736 sqft
2019-06-01 43 days 1,803 sqft
2019-07-01 42 days 1,976 sqft
2019-08-01 46 days 1,979 sqft
2019-09-01 51 days 1,947 sqft
2019-10-01 54 days 1,913 sqft
2019-11-01 60 days 1,898 sqft
2019-12-01 69 days 1,833 sqft
2020-01-01 81 days 1,807 sqft
2020-02-01 74 days 1,839 sqft
2020-03-01 53 days 1,851 sqft
2020-04-01 58 days 1,891 sqft
2020-05-01 65 days 2,024 sqft
2020-06-01 46 days 2,129 sqft
2020-07-01 39 days 2,180 sqft
2020-08-01 39 days 2,067 sqft
2020-09-01 38 days 2,076 sqft
2020-10-01 33 days 1,935 sqft
2020-11-01 39 days 1,923 sqft
2020-12-01 50 days 1,809 sqft
2021-01-01 58 days 1,777 sqft
2021-02-01 50 days 1,740 sqft
2021-03-01 37 days 1,672 sqft
2021-04-01 24 days 1,801 sqft
2021-05-01 18 days 1,853 sqft
2021-06-01 19 days 1,918 sqft
2021-07-01 25 days 2,017 sqft
2021-08-01 25 days 1,732 sqft
2021-09-01 33 days 1,728 sqft
2021-10-01 38 days 1,669 sqft
2021-11-01 47 days 1,654 sqft
2021-12-01 50 days 1,607 sqft
2022-01-01 53 days 1,640 sqft
2022-02-01 40 days 1,618 sqft
2022-03-01 32 days 1,613 sqft
2022-04-01 24 days 1,717 sqft
2022-05-01 24 days 1,755 sqft
2022-06-01 21 days 1,812 sqft
2022-07-01 29 days 1,860 sqft
2022-08-01 31 days 1,837 sqft
2022-09-01 39 days 1,828 sqft
2022-10-01 39 days 1,803 sqft
2022-11-01 42 days 1,779 sqft
2022-12-01 52 days 1,758 sqft
2023-01-01 62 days 1,724 sqft
2023-02-01 59 days 1,687 sqft
2023-03-01 46 days 1,725 sqft
2023-04-01 25 days 1,763 sqft
2023-05-01 21 days 1,678 sqft
2023-06-01 22 days 1,775 sqft
2023-07-01 24 days 1,836 sqft
2023-08-01 29 days 1,845 sqft
2023-09-01 31 days 1,827 sqft
2023-10-01 29 days 1,897 sqft
2023-11-01 27 days 1,814 sqft
2023-12-01 40 days 1,780 sqft
2024-01-01 56 days 1,758 sqft
Rockford's median listing age (time on market) for 2024-01-01 was 56 days. This is -10% shorter than the same period one year ago.

Rockford's median square footage for active listings during the 2024-01-01 period was 1,758 sqft. One year prior, the average listing was 1,724 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).