Taylorville FHA Loan Rates, Closing Costs & Stats

Taylorville, 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.

    Taylorville's 26 lenders originated 77 FHA loans during 2023. The total origination value was $9,255,000, with an average FHA loan value of $120,195.

    Taylorville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Taylorville averaged 6.77% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Taylorville's average FHA mortgage closing costs are $4,804.

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 6.53%.

    The average rate one year ago was 6.26%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Taylorville 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 Taylorville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 12 6.87% $5,395
    GERSHMAN INVESTMENT CORP. 8 7.06% $5,314
    FLAT BRANCH MORTGAGE, INC. 7 6.50% $5,763
    NEWREZ LLC 6 6.96% $5,075
    QUICKEN LOANS, LLC 5 6.17% $5,832
    Heartland Bank and Trust Company 4 6.41% $5,019
    Regions Bank 4 6.81% $6,371
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 7.38% $6,259
    U.S. Bank 2 6.56% $4,484
    CALIBER HOME LOANS, INC. 2 6.38% $6,311
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.50% $6,968
    FREEDOM MORTGAGE CORPORATION 2 7.25% $9,002
    INB 2 6.63% $5,869
    LOANDEPOT.COM, LLC 2 6.62% $6,990
    FCB Banks 1 5.63% $3,556
    CROSSCOUNTRY MORTGAGE, LLC 1 7.75% $6,850
    JPMorgan Chase Bank 1 6.75% $1,400
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $7,159
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $13,734
    Midland States Bank 1 5.50% $5,187
    Mortgage Research Center, LLC 1 7.63% $2,362
    ENDEAVOR CAPITAL, LLC. 1 6.12% $4,994
    Plains Commerce Bank 1 6.75% $3,845
    EMM LOANS LLC 1 5.75% $11,713
    Flanagan State Bank 1 6.38% $5,701
    GUARANTEED RATE, INC. 1 6.25% $4,523

    The top Taylorville FHA lender as defined by loan originations is DIAMOND RESIDENTIAL MORTGAGE CORPORATION, with 12 FHA loans originated. Their average total fees are $5,395, which is $81 higher than the next largest lender, GERSHMAN INVESTMENT CORP..

    The lowest fee Taylorville FHA lenders (with over 10 loans originated) are DIAMOND RESIDENTIAL MORTGAGE CORPORATION ($5,395), .

    The lowest rate Taylorville FHA lenders (with over 10 loans originated) are DIAMOND RESIDENTIAL MORTGAGE CORPORATION (6.87%), .

    Taylorville FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Taylorville (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 $88,000 (10.7%) $108,781 (2.5%) 0.00 149
    2018-02-01 $87,700 (14.1%) $107,365 (3.8%) 0.00 158
    2018-03-01 $87,500 (11.4%) $109,603 (8.6%) 0.00 159
    2018-04-01 $88,225 (10.4%) $113,824 (4.3%) 0.00 159
    2018-05-01 $88,800 (11.1%) $112,894 (0.9%) 0.00 169
    2018-06-01 $94,900 (15.9%) $117,943 (0.9%) 0.00 174
    2018-07-01 $92,075 (7.8%) $117,143 (0.4%) 0.00 180
    2018-08-01 $89,900 (2.2%) $113,504 (-4.5%) 0.00 189
    2018-09-01 $89,900 (4.7%) $111,386 (-3.5%) 0.00 199
    2018-10-01 $88,750 (1.9%) $106,432 (-3.4%) 0.00 199
    2018-11-01 $89,125 (4.3%) $105,786 (-0.7%) 0.00 187
    2018-12-01 $83,350 (-1.9%) $103,090 (-2.3%) 0.00 164
    2019-01-01 $80,550 (-8.5%) $97,073 (-10.8%) 0.00 168
    2019-02-01 $79,900 (-8.9%) $96,207 (-10.4%) 0.00 163
    2019-03-01 $79,500 (-9.1%) $98,511 (-10.1%) 0.00 149
    2019-04-01 $79,850 (-9.5%) $102,931 (-9.6%) 0.00 142
    2019-05-01 $78,000 (-12.2%) $100,226 (-11.2%) 0.00 150
    2019-06-01 $83,350 (-12.2%) $109,239 (-7.4%) 0.00 160
    2019-07-01 $79,900 (-13.2%) $108,249 (-7.6%) 0.00 151
    2019-08-01 $82,432 (-8.3%) $114,588 (1.0%) 0.00 159
    2019-09-01 $82,330 (-8.4%) $116,695 (4.8%) 0.00 160
    2019-10-01 $82,486 (-7.1%) $118,100 (11.0%) 0.00 160
    2019-11-01 $84,900 (-4.7%) $119,875 (13.3%) 0.00 155
    2019-12-01 $82,000 (-1.6%) $119,697 (16.1%) 0.00 134
    2020-01-01 $79,900 (-0.8%) $115,819 (19.3%) 0.00 131
    2020-02-01 $79,900 (0.0%) $113,313 (17.8%) 0.00 132
    2020-03-01 $79,900 (0.5%) $111,765 (13.5%) 0.00 127
    2020-04-01 $79,900 (0.1%) $113,237 (10.0%) 0.00 111
    2020-05-01 $79,900 (2.4%) $112,809 (12.6%) 0.00 110
    2020-06-01 $79,900 (-4.1%) $107,462 (-1.6%) 0.00 120
    2020-07-01 $79,900 (0.0%) $107,842 (-0.4%) 0.00 122
    2020-08-01 $79,900 (-3.1%) $112,387 (-1.9%) 0.00 116
    2020-09-01 $82,450 (0.2%) $116,100 (-0.5%) 0.00 113
    2020-10-01 $79,900 (-3.1%) $111,499 (-5.6%) 0.00 120
    2020-11-01 $79,900 (-5.9%) $111,643 (-6.9%) 0.00 105
    2020-12-01 $81,800 (-0.2%) $121,888 (1.8%) 0.00 94
    2021-01-01 $78,450 (-1.8%) $115,086 (-0.6%) 0.00 83
    2021-02-01 $76,650 (-4.1%) $111,483 (-1.6%) 0.00 68
    2021-03-01 $79,200 (-0.9%) $116,795 (4.5%) 0.00 61
    2021-04-01 $77,800 (-2.6%) $117,191 (3.5%) 0.00 51
    2021-05-01 $82,500 (3.3%) $128,066 (13.5%) 0.00 55
    2021-06-01 $85,200 (6.6%) $134,174 (24.9%) 0.00 52
    2021-07-01 $82,500 (3.3%) $130,446 (21.0%) 0.00 60
    2021-08-01 $83,625 (4.7%) $114,826 (2.2%) 0.00 63
    2021-09-01 $77,400 (-6.1%) $101,035 (-13.0%) 0.00 69
    2021-10-01 $74,200 (-7.1%) $89,272 (-19.9%) 0.00 70
    2021-11-01 $72,825 (-8.9%) $90,685 (-18.8%) 0.00 64
    2021-12-01 $74,900 (-8.4%) $94,604 (-22.4%) 0.00 58
    2022-01-01 $74,900 (-4.5%) $98,058 (-14.8%) 0.00 52
    2022-02-01 $67,425 (-12.0%) $88,002 (-21.1%) 0.00 46
    2022-03-01 $71,250 (-10.0%) $101,946 (-12.7%) 0.00 38
    2022-04-01 $93,200 (19.8%) $121,848 (4.0%) 0.00 42
    2022-05-01 $95,350 (15.6%) $120,269 (-6.1%) 0.00 48
    2022-06-01 $83,650 (-1.8%) $114,693 (-14.5%) 0.00 46
    2022-07-01 $83,000 (0.6%) $126,706 (-2.9%) 0.00 41
    2022-08-01 $92,300 (10.4%) $126,837 (10.5%) 0.00 55
    2022-09-01 $87,464 (13.0%) $122,444 (21.2%) 0.00 55
    2022-10-01 $103,900 (40.0%) $144,458 (61.8%) 0.00 53
    2022-11-01 $111,450 (53.0%) $148,144 (63.4%) 0.00 56
    2022-12-01 $92,950 (24.1%) $138,339 (46.2%) 0.00 57
    2023-01-01 $92,850 (24.0%) $127,837 (30.4%) 0.00 54
    2023-02-01 $107,300 (59.1%) $134,416 (52.7%) 0.00 39
    2023-03-01 $103,650 (45.5%) $142,039 (39.3%) 0.00 41
    2023-04-01 $117,400 (26.0%) $148,376 (21.8%) 0.00 38
    2023-05-01 $114,850 (20.5%) $147,402 (22.6%) 0.00 36
    2023-06-01 $112,000 (33.9%) $162,933 (42.1%) 0.00 36
    2023-07-01 $103,450 (24.6%) $147,421 (16.4%) 0.00 37
    2023-08-01 $147,425 (59.7%) $162,332 (28.0%) 0.00 38
    2023-09-01 $145,000 (65.8%) $162,411 (32.6%) 0.00 47
    2023-10-01 $138,550 (33.4%) $160,802 (11.3%) 0.00 56
    2023-11-01 $146,200 (31.2%) $166,741 (12.6%) 0.00 57
    2023-12-01 $140,000 (50.6%) $161,155 (16.5%) 0.00 49
    2024-01-01 $146,225 (57.5%) $164,780 (28.9%) 0.00 46
    2024-02-01 $134,450 (25.3%) $166,759 (24.1%) 0.00 38
    2024-03-01 $128,750 (24.2%) $156,133 (9.9%) 0.00 35
    Taylorville's median listing price for 2024-03-01 was $128,750, a difference of $25,100 (24.2%) versus the prior year and $-5,700 versus the prior month.

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

    Taylorville's average listing price for 2024-03-01 was $156,133, a difference of $14,094 (9.9%) versus the prior year and $-10,626 versus the prior month.

    For the 2024-03-01 period, Taylorville had 35 MLS listings, a difference of -3 listings (-8%) versus the prior month and -6 listings (-15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Taylorville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,451 sqft
    2018-02-01 0 days 1,432 sqft
    2018-03-01 0 days 1,421 sqft
    2018-04-01 0 days 1,473 sqft
    2018-05-01 0 days 1,431 sqft
    2018-06-01 0 days 1,432 sqft
    2018-07-01 0 days 1,415 sqft
    2018-08-01 0 days 1,346 sqft
    2018-09-01 0 days 1,342 sqft
    2018-10-01 0 days 1,269 sqft
    2018-11-01 0 days 1,320 sqft
    2018-12-01 0 days 1,335 sqft
    2019-01-01 0 days 1,356 sqft
    2019-02-01 0 days 1,375 sqft
    2019-03-01 0 days 1,295 sqft
    2019-04-01 0 days 1,307 sqft
    2019-05-01 0 days 1,274 sqft
    2019-06-01 0 days 1,302 sqft
    2019-07-01 0 days 1,316 sqft
    2019-08-01 0 days 1,372 sqft
    2019-09-01 0 days 1,406 sqft
    2019-10-01 0 days 1,456 sqft
    2019-11-01 0 days 1,548 sqft
    2019-12-01 0 days 1,540 sqft
    2020-01-01 0 days 1,346 sqft
    2020-02-01 0 days 1,373 sqft
    2020-03-01 0 days 1,373 sqft
    2020-04-01 0 days 1,398 sqft
    2020-05-01 0 days 1,362 sqft
    2020-06-01 0 days 1,290 sqft
    2020-07-01 0 days 1,266 sqft
    2020-08-01 0 days 1,296 sqft
    2020-09-01 0 days 1,389 sqft
    2020-10-01 0 days 1,296 sqft
    2020-11-01 0 days 1,270 sqft
    2020-12-01 0 days 1,383 sqft
    2021-01-01 0 days 1,292 sqft
    2021-02-01 0 days 1,296 sqft
    2021-03-01 0 days 1,308 sqft
    2021-04-01 0 days 1,253 sqft
    2021-05-01 0 days 1,440 sqft
    2021-06-01 0 days 1,296 sqft
    2021-07-01 0 days 1,296 sqft
    2021-08-01 0 days 1,164 sqft
    2021-09-01 0 days 1,137 sqft
    2021-10-01 0 days 1,135 sqft
    2021-11-01 0 days 1,202 sqft
    2021-12-01 0 days 1,200 sqft
    2022-01-01 0 days 1,200 sqft
    2022-02-01 0 days 1,104 sqft
    2022-03-01 0 days 1,240 sqft
    2022-04-01 0 days 1,343 sqft
    2022-05-01 0 days 1,396 sqft
    2022-06-01 0 days 1,351 sqft
    2022-07-01 0 days 1,408 sqft
    2022-08-01 0 days 1,380 sqft
    2022-09-01 0 days 1,377 sqft
    2022-10-01 0 days 1,444 sqft
    2022-11-01 0 days 1,545 sqft
    2022-12-01 0 days 1,392 sqft
    2023-01-01 0 days 1,492 sqft
    2023-02-01 0 days 1,592 sqft
    2023-03-01 0 days 1,532 sqft
    2023-04-01 0 days 1,467 sqft
    2023-05-01 0 days 1,445 sqft
    2023-06-01 0 days 1,623 sqft
    2023-07-01 0 days 1,572 sqft
    2023-08-01 0 days 1,690 sqft
    2023-09-01 0 days 1,680 sqft
    2023-10-01 0 days 1,654 sqft
    2023-11-01 0 days 1,662 sqft
    2023-12-01 0 days 1,659 sqft
    2024-01-01 0 days 1,706 sqft
    2024-02-01 0 days 1,680 sqft
    2024-03-01 0 days 1,713 sqft
    Taylorville's median listing age (time on market) for 2024-03-01 was 0 days.

    Taylorville's median square footage for active listings during the 2024-03-01 period was 1,713 sqft. One year prior, the average listing was 1,532 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).