Rockford FHA Loans

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 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).