Sterling FHA Loan Rates, Closing Costs & Stats

Sterling, 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.

    Sterling's 29 lenders originated 97 FHA loans during 2023. The total origination value was $11,585,000, with an average FHA loan value of $119,433.

    Sterling FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sterling averaged 6.97% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Sterling's average FHA mortgage closing costs are $5,224.

    The average rate for the prior week (2024-04-12) was 6.66% and one month ago for the week of 2024-03-15, the average rate was 6.53%.

    The average rate one year ago was 6.36%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Sterling 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 Sterling level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 11 6.65% $6,213
    GUILD MORTGAGE COMPANY 10 6.96% $6,195
    CROSSCOUNTRY MORTGAGE, LLC 7 7.11% $6,648
    U.S. Bank 6 6.77% $4,430
    BROKER SOLUTIONS, INC. 6 6.98% $8,221
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.92% $5,724
    Ixonia Bank 5 6.40% $6,491
    RUHL MORTGAGE, LLC 4 6.13% $3,900
    Mortgage Research Center, LLC 3 6.71% $3,667
    LOANDEPOT.COM, LLC 3 7.17% $8,210
    CALIBER HOME LOANS, INC. 3 6.29% $5,090
    HOMESIDE FINANCIAL, LLC 2 6.94% $8,341
    NEWREZ LLC 2 6.56% $5,788
    Barrington Bank & Trust Company, N.A. 2 7.00% $7,515
    GREENSTATE CREDIT UNION 2 6.63% $4,286
    FREEDOM MORTGAGE CORPORATION 2 7.00% $8,502
    Plains Commerce Bank 2 6.81% $6,965
    SUN WEST MORTGAGE COMPANY, INC. 1 7.75% $3,720
    UNITED WHOLESALE MORTGAGE, LLC 1 6.75% $11,022
    NBKC BANK 1 7.00% $5,408
    Equity Prime Mortgage LLC 1 7.75% $7,838
    CIBM Bank 1 6.75% $4,407
    CARDINAL FINANCIAL 1 7.63% $7,564
    AMERISAVE MORTGAGE CORPORATION 1 7.75% $6,064
    LEADERONE FINANCIAL CORPORATION 1 7.25% $7,816
    COMPASS MORTGAGE, INC. 1 7.75% $11,054
    Paramount Residential Mortgage Group, Inc. 1 6.75% $3,952
    PHH Mortgage Corporation 1 6.49% $9,979
    PLAZA HOME MORTGAGE, INC. 1 7.25% $3,884

    The top Sterling FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 11 FHA loans originated. Their average total fees are $6,213, which is $18 higher than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Sterling FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($6,195), QUICKEN LOANS, LLC ($6,213), .

    The lowest rate Sterling FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.65%), GUILD MORTGAGE COMPANY (6.96%), .

    Sterling FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    STERLING, IL WHITESIDE 2022 $420,680 $538,650 $651,050 $809,150
    STERLING, IL WHITESIDE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sterling (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 $89,900 (-9.8%) $110,614 (-9.2%) 0.00 252
    2018-02-01 $89,950 (-9.7%) $114,807 (-8.3%) 0.00 242
    2018-03-01 $89,900 (-12.7%) $117,849 (-8.5%) 0.00 224
    2018-04-01 $91,900 (-7.6%) $119,210 (-2.4%) 0.00 239
    2018-05-01 $89,900 (-9.9%) $116,679 (-8.5%) 0.00 255
    2018-06-01 $92,700 (-9.5%) $120,166 (-7.0%) 0.00 273
    2018-07-01 $99,700 (-0.2%) $133,199 (6.0%) 0.00 281
    2018-08-01 $90,625 (-9.1%) $128,083 (3.1%) 0.00 292
    2018-09-01 $94,900 (0.0%) $128,076 (6.6%) 0.00 297
    2018-10-01 $96,750 (3.4%) $127,088 (7.4%) 0.00 273
    2018-11-01 $99,900 (11.1%) $132,930 (21.0%) 0.00 255
    2018-12-01 $99,200 (10.3%) $131,538 (19.9%) 0.00 251
    2019-01-01 $98,675 (9.8%) $132,295 (19.6%) 0.00 235
    2019-02-01 $96,425 (7.2%) $133,296 (16.1%) 0.00 226
    2019-03-01 $96,614 (7.5%) $131,145 (11.3%) 0.00 227
    2019-04-01 $94,900 (3.3%) $127,440 (6.9%) 0.00 234
    2019-05-01 $97,400 (8.3%) $128,539 (10.2%) 0.00 233
    2019-06-01 $99,900 (7.8%) $132,365 (10.2%) 0.00 227
    2019-07-01 $99,900 (0.2%) $136,961 (2.8%) 0.00 236
    2019-08-01 $97,173 (7.2%) $135,370 (5.7%) 0.00 248
    2019-09-01 $93,082 (-1.9%) $132,820 (3.7%) 0.00 268
    2019-10-01 $90,175 (-6.8%) $130,708 (2.9%) 0.00 279
    2019-11-01 $89,900 (-10.0%) $129,244 (-2.8%) 0.00 274
    2019-12-01 $88,625 (-10.7%) $129,536 (-1.5%) 0.00 256
    2020-01-01 $89,375 (-9.4%) $129,886 (-1.8%) 0.00 233
    2020-02-01 $89,000 (-7.7%) $134,065 (0.6%) 0.00 210
    2020-03-01 $89,700 (-7.2%) $134,300 (2.4%) 0.00 213
    2020-04-01 $93,350 (-1.6%) $125,688 (-1.4%) 0.00 209
    2020-05-01 $91,900 (-5.7%) $127,396 (-0.9%) 0.00 194
    2020-06-01 $94,450 (-5.5%) $129,932 (-1.8%) 0.00 182
    2020-07-01 $84,900 (-15.0%) $136,083 (-0.6%) 0.00 179
    2020-08-01 $89,900 (-7.5%) $137,136 (1.3%) 0.00 182
    2020-09-01 $89,900 (-3.4%) $137,987 (3.9%) 0.00 177
    2020-10-01 $89,900 (-0.3%) $134,993 (3.3%) 0.00 167
    2020-11-01 $85,225 (-5.2%) $144,353 (11.7%) 0.00 156
    2020-12-01 $85,375 (-3.7%) $132,627 (2.4%) 0.00 156
    2021-01-01 $83,900 (-6.1%) $125,209 (-3.6%) 0.00 138
    2021-02-01 $84,925 (-4.6%) $120,703 (-10.0%) 0.00 121
    2021-03-01 $79,900 (-10.9%) $133,002 (-1.0%) 0.00 93
    2021-04-01 $79,900 (-14.4%) $133,321 (6.1%) 0.00 90
    2021-05-01 $79,900 (-13.1%) $132,624 (4.1%) 0.00 92
    2021-06-01 $99,900 (5.8%) $136,049 (4.7%) 0.00 96
    2021-07-01 $104,900 (23.6%) $129,736 (-4.7%) 0.00 108
    2021-08-01 $110,000 (22.4%) $144,557 (5.4%) 0.00 120
    2021-09-01 $112,450 (25.1%) $144,677 (4.9%) 0.00 120
    2021-10-01 $107,900 (20.0%) $148,544 (10.0%) 0.00 108
    2021-11-01 $114,900 (34.8%) $158,318 (9.7%) 0.00 117
    2021-12-01 $99,350 (16.4%) $147,074 (10.9%) 0.00 120
    2022-01-01 $102,900 (22.7%) $152,532 (21.8%) 0.00 103
    2022-02-01 $101,824 (19.9%) $158,640 (31.4%) 0.00 83
    2022-03-01 $95,625 (19.7%) $168,810 (26.9%) 0.00 73
    2022-04-01 $105,000 (31.4%) $170,427 (27.8%) 0.00 68
    2022-05-01 $117,400 (46.9%) $161,558 (21.8%) 0.00 85
    2022-06-01 $117,400 (17.5%) $160,405 (17.9%) 0.00 95
    2022-07-01 $119,900 (14.3%) $164,474 (26.8%) 0.00 112
    2022-08-01 $131,150 (19.2%) $168,564 (16.6%) 0.00 126
    2022-09-01 $132,400 (17.7%) $170,282 (17.7%) 0.00 126
    2022-10-01 $134,900 (25.0%) $179,980 (21.2%) 0.00 121
    2022-11-01 $139,700 (21.6%) $183,577 (16.0%) 0.00 116
    2022-12-01 $129,900 (30.8%) $165,340 (12.4%) 0.00 106
    2023-01-01 $119,975 (16.6%) $158,329 (3.8%) 0.00 102
    2023-02-01 $119,900 (17.8%) $163,589 (3.1%) 0.00 99
    2023-03-01 $141,625 (48.1%) $175,535 (4.0%) 0.00 85
    2023-04-01 $148,700 (41.6%) $187,930 (10.3%) 0.00 65
    2023-05-01 $139,300 (18.7%) $196,762 (21.8%) 0.00 72
    2023-06-01 $137,900 (17.5%) $186,068 (16.0%) 0.00 77
    2023-07-01 $133,400 (11.3%) $174,525 (6.1%) 0.00 85
    2023-08-01 $133,900 (2.1%) $172,919 (2.6%) 0.00 91
    2023-09-01 $139,900 (5.7%) $185,364 (8.9%) 0.00 87
    2023-10-01 $148,100 (9.8%) $186,755 (3.8%) 0.00 86
    2023-11-01 $149,450 (7.0%) $185,916 (1.3%) 0.00 74
    2023-12-01 $145,000 (11.6%) $181,150 (9.6%) 0.00 75
    2024-01-01 $142,450 (18.7%) $178,802 (12.9%) 0.00 77
    2024-02-01 $143,675 (19.8%) $177,472 (8.5%) 0.00 69
    2024-03-01 $139,900 (-1.2%) $173,745 (-1.0%) 0.00 61
    Sterling's median listing price for 2024-03-01 was $139,900, a difference of $-1,725 (-1.2%) versus the prior year and $-3,775 versus the prior month.

    Sterling's median listing price comes in at 0% of the national average.

    Sterling's average listing price for 2024-03-01 was $173,745, a difference of $-1,790 (-1.0%) versus the prior year and $-3,727 versus the prior month.

    For the 2024-03-01 period, Sterling had 61 MLS listings, a difference of -8 listings (-12%) versus the prior month and -24 listings (-28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sterling (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,424 sqft
    2018-02-01 0 days 1,443 sqft
    2018-03-01 0 days 1,448 sqft
    2018-04-01 0 days 1,486 sqft
    2018-05-01 0 days 1,442 sqft
    2018-06-01 0 days 1,443 sqft
    2018-07-01 0 days 1,459 sqft
    2018-08-01 0 days 1,439 sqft
    2018-09-01 0 days 1,490 sqft
    2018-10-01 0 days 1,501 sqft
    2018-11-01 0 days 1,486 sqft
    2018-12-01 0 days 1,487 sqft
    2019-01-01 0 days 1,454 sqft
    2019-02-01 0 days 1,400 sqft
    2019-03-01 0 days 1,398 sqft
    2019-04-01 0 days 1,393 sqft
    2019-05-01 0 days 1,401 sqft
    2019-06-01 0 days 1,419 sqft
    2019-07-01 0 days 1,515 sqft
    2019-08-01 0 days 1,485 sqft
    2019-09-01 0 days 1,465 sqft
    2019-10-01 0 days 1,454 sqft
    2019-11-01 0 days 1,472 sqft
    2019-12-01 0 days 1,466 sqft
    2020-01-01 0 days 1,464 sqft
    2020-02-01 0 days 1,450 sqft
    2020-03-01 0 days 1,456 sqft
    2020-04-01 0 days 1,455 sqft
    2020-05-01 0 days 1,450 sqft
    2020-06-01 0 days 1,519 sqft
    2020-07-01 0 days 1,454 sqft
    2020-08-01 0 days 1,466 sqft
    2020-09-01 0 days 1,479 sqft
    2020-10-01 0 days 1,464 sqft
    2020-11-01 0 days 1,436 sqft
    2020-12-01 0 days 1,400 sqft
    2021-01-01 0 days 1,400 sqft
    2021-02-01 0 days 1,405 sqft
    2021-03-01 0 days 1,382 sqft
    2021-04-01 0 days 1,367 sqft
    2021-05-01 0 days 1,353 sqft
    2021-06-01 0 days 1,386 sqft
    2021-07-01 0 days 1,440 sqft
    2021-08-01 0 days 1,500 sqft
    2021-09-01 0 days 1,473 sqft
    2021-10-01 0 days 1,469 sqft
    2021-11-01 0 days 1,489 sqft
    2021-12-01 0 days 1,478 sqft
    2022-01-01 0 days 1,477 sqft
    2022-02-01 0 days 1,461 sqft
    2022-03-01 0 days 1,402 sqft
    2022-04-01 0 days 1,475 sqft
    2022-05-01 0 days 1,397 sqft
    2022-06-01 0 days 1,418 sqft
    2022-07-01 0 days 1,496 sqft
    2022-08-01 0 days 1,493 sqft
    2022-09-01 0 days 1,528 sqft
    2022-10-01 0 days 1,501 sqft
    2022-11-01 0 days 1,530 sqft
    2022-12-01 0 days 1,522 sqft
    2023-01-01 0 days 1,469 sqft
    2023-02-01 0 days 1,459 sqft
    2023-03-01 0 days 1,491 sqft
    2023-04-01 0 days 1,500 sqft
    2023-05-01 0 days 1,564 sqft
    2023-06-01 0 days 1,465 sqft
    2023-07-01 0 days 1,501 sqft
    2023-08-01 0 days 1,564 sqft
    2023-09-01 0 days 1,596 sqft
    2023-10-01 0 days 1,588 sqft
    2023-11-01 0 days 1,566 sqft
    2023-12-01 0 days 1,560 sqft
    2024-01-01 0 days 1,546 sqft
    2024-02-01 0 days 1,544 sqft
    2024-03-01 0 days 1,526 sqft
    Sterling's median listing age (time on market) for 2024-03-01 was 0 days.

    Sterling's median square footage for active listings during the 2024-03-01 period was 1,526 sqft. One year prior, the average listing was 1,491 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).