Illinois FHA Loan Rates, Closing Costs & Stats

Illinois

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.

Illinois FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Illinois averaged 6.71% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Illinois's average FHA mortgage closing costs are $8,028.

The average rate for the prior week (2024-05-17) was 6.7% and one month ago for the week of 2024-04-19, the average rate was 6.92%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.85%.

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

Illinois 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 Illinois level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 1,970 6.40% $9,574
UNITED WHOLESALE MORTGAGE, LLC 1,401 6.56% $12,535
LOANDEPOT.COM, LLC 1,240 6.70% $12,352
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1,027 6.72% $10,608
CROSSCOUNTRY MORTGAGE, LLC 926 6.78% $12,400
GUARANTEED RATE, INC. 829 6.70% $11,806
Neighborhood Loans, Inc. 714 6.68% $13,836
FLAT BRANCH MORTGAGE, INC. 635 6.71% $5,950
AMERICAN PACIFIC MORTGAGE CORPORATION 532 6.73% $13,166
BROKER SOLUTIONS, INC. 449 6.75% $8,695
CALIBER HOME LOANS, INC. 423 6.22% $8,962
NEWREZ LLC 343 6.77% $10,360
PENNYMAC LOAN SERVICES, LLC 323 6.43% $11,834
The Federal Savings Bank 298 6.60% $12,839
Barrington Bank & Trust Company, N.A. 297 6.62% $10,883
GUILD MORTGAGE COMPANY 275 6.78% $10,275
FREEDOM MORTGAGE CORPORATION 271 6.87% $12,873
FIRST CENTENNIAL MORTGAGE CORPORATION 256 6.67% $9,997
The Huntington National Bank 230 6.44% $11,310
BAY EQUITY LLC 205 6.73% $13,163
COMPASS MORTGAGE, INC. 198 6.68% $12,797
DHI MORTGAGE COMPANY, LTD. 193 5.57% $9,050
GREENSTATE CREDIT UNION 193 6.31% $7,638
Mr. Cooper ( Nationstar Mortgage ) 184 6.15% $12,978
MUTUAL OF OMAHA MORTGAGE, INC. 182 6.64% $12,350
JPMorgan Chase Bank 178 6.58% $6,603
Plains Commerce Bank 178 6.45% $12,539
PLAZA HOME MORTGAGE, INC. 157 6.67% $10,409
ENDEAVOR CAPITAL, LLC. 156 6.65% $7,534
AMERISAVE MORTGAGE CORPORATION 154 6.17% $11,646
U.S. Bank 152 6.64% $6,749
FIRST STATE MORTGAGE SERVICES, LLC 147 6.63% $6,827
LEADERONE FINANCIAL CORPORATION 142 6.72% $10,456
Carrington Mortgage Services, LLC 139 6.50% $10,802
CARDINAL FINANCIAL 138 6.45% $11,268
ARK-LA-TEX FINANCIAL SERVICES, LLC. 137 6.74% $10,843
Flagstar Bank, FSB 136 6.70% $9,949
Nations Lending Corporation 132 6.86% $11,093
DELMAR FINANCIAL COMPANY 130 6.71% $7,206
AMERICAN FINANCIAL NETWORK, INC. 122 7.16% $12,750
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 116 6.70% $10,182
GUARANTEED RATE AFFINITY, LLC 115 6.72% $12,814
AMERICAN PORTFOLIO MORTGAGE CORPORATION 115 6.64% $10,265
DAS Acquisition Company, LLC 113 6.84% $7,551
EAGLE HOME MORTGAGE, LLC 109 5.52% $10,950
Key Mortgage Services, Inc. 108 6.67% $11,813
Paramount Residential Mortgage Group, Inc. 104 6.94% $12,262
ENVOY MORTGAGE, LTD 101 6.57% $8,118
DRAPER AND KRAMER MORTGAGE CORP. 94 6.54% $10,274
OCMBC, INC. 94 7.19% $13,479
Regions Bank 94 6.46% $6,098
GERSHMAN INVESTMENT CORP. 92 6.97% $5,578
HOMESIDE FINANCIAL, LLC 89 7.03% $10,515
UNION HOME MORTGAGE CORP. 88 6.98% $12,653
Mortgage Research Center, LLC 87 7.00% $6,080
GENEVA FINANCIAL, LLC 87 6.70% $13,602
NVR Mortgage Finance, Inc. 86 6.06% $13,026
Ixonia Bank 85 6.88% $10,354
TOWNE MORTGAGE COMPANY 80 7.00% $13,264
Equity Prime Mortgage LLC 77 6.93% $12,467
INB 75 6.47% $5,242
PNC Bank 68 6.82% $6,454
CIBM Bank 66 6.55% $8,251
Flanagan State Bank 66 6.70% $7,853
SUN WEST MORTGAGE COMPANY, INC. 65 6.69% $11,294
United Community Bank 63 6.85% $4,921
FirstTrust Home Loans, Inc. 60 6.84% $6,339
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 58 6.83% $8,884
Heartland Bank and Trust Company 57 6.44% $5,047
PRIMELENDING, A PLAINSCAPITAL COMPANY 56 6.81% $10,192
MOVEMENT MORTGAGE, LLC 55 6.68% $11,749
Midland States Bank 55 6.74% $7,113
Carrollton Bank 54 6.37% $5,898
CIBC Bank USA 52 6.29% $11,798
BMO Harris Bank 51 6.47% $10,606
M/I FINANCIAL, LLC 50 6.20% $15,235
LAKEVIEW LOAN SERVICING, LLC 49 6.32% $10,496
CMG MORTGAGE, INC. 49 6.78% $12,073
Associated Bank 47 6.22% $9,040
PLANET HOME LENDING, LLC 44 6.48% $11,824
Fifth Third Bank 44 6.40% $7,654
Century Mortgage Company DBA Century Lending Company 43 6.65% $13,027
Prosperity Home Mortgage, LLC 42 6.53% $11,721
NATIONS RELIABLE LENDING, LLC 42 6.88% $12,280
EVERETT FINANCIAL, INC. 42 6.90% $10,359
JLB CORPORATION 40 6.44% $8,227
PROPER RATE, LLC 40 6.70% $13,949
Blackhawk Bank 39 6.44% $7,303
CHURCHILL MORTGAGE CORPORATION 37 6.90% $9,631
Busey Bank 36 6.39% $5,798
FCB Banks 35 6.42% $4,772
VILLAGE CAPITAL MORTGAGE 34 6.29% $7,849
United Fidelity Funding Corp. 33 6.54% $10,073
ZILLOW HOME LOANS, LLC 32 6.54% $10,492
RUOFF MORTGAGE COMPANY, INC. 32 6.96% $4,603
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 32 6.70% $11,463
RUHL MORTGAGE, LLC 31 6.08% $4,442
Servion, Inc. 30 6.64% $7,756
Fortress Bank 29 6.56% $4,293
NATIONS DIRECT MORTGAGE, LLC 29 6.63% $11,414
AmeriHome Mortgage Company, LLC 29 6.82% $10,844
Wells Fargo Bank 29 6.69% $6,816
POINT Mortgage 28 6.71% $10,869
First National Bank of Omaha 28 6.59% $7,275
T2 FINANCIAL LLC 28 6.79% $14,101
ROYAL UNITED MORTGAGE LLC 28 7.00% $11,229
Bank of America 27 6.21% $7,753
GSF Mortgage Corporation 26 6.51% $12,799
Lakeview Community Capital, LLC 26 6.38% $10,091
MID AMERICA MORTGAGE, INC. 26 7.44% $8,698
MICHIGAN MUTUAL, INC. 25 6.86% $11,953
Midwest BankCentre 24 6.22% $5,294
UNITED HOME LOANS, INC. 24 6.84% $10,581
HOMEBRIDGE FINANCIAL SERVICES, INC. 24 6.61% $14,855
THE ANDERSON FINANCIAL GROUP, INC. 23 6.78% $9,731
Pacor Mortgage Corp 23 6.51% $11,206
FIRST COMMUNITY MORTGAGE, INC. 23 6.54% $14,133
Marquette Bank 22 6.41% $9,091
AMERICAN FINANCIAL RESOURCES, INC. 22 7.10% $11,165
STOCKTON MORTGAGE CORPORATION 22 6.48% $14,805
SUCCESS MORTGAGE PARTNERS, INC. 22 6.70% $9,403
LAND HOME FINANCIAL SERVICES, INC. 21 6.71% $12,567
MLD MORTGAGE INC. 21 6.85% $12,276
SCOTT CREDIT UNION 21 6.35% $5,319
Old National Bank 20 6.55% $7,550
Waterstone Mortgage Corporation 20 6.63% $13,546
AmRes Corporation 19 6.91% $11,178
FRONTIER FINANCIAL, INC. 19 7.04% $6,618
CHERRY CREEK MORTGAGE, LLC 19 6.53% $4,057
LIBERTY HOME MORTGAGE CORPORATION 19 6.73% $14,935
BECKAM FUNDING CORP. 18 7.28% $19,467
Citibank 17 6.09% $11,338
Old Second National Bank 17 6.27% $9,932
NATIONWIDE MORTGAGE BANKERS, INC. 16 7.04% $10,990
MYCUMORTGAGE, LLC 16 7.03% $6,948
Platinum Home Mortgage Corporation 16 6.28% $14,109
NP, Inc. 15 6.78% $6,656
ACADEMY MORTGAGE CORPORATION 15 6.96% $10,488
American Mortgage & Equity Consultants, Inc. 15 7.09% $12,174
AMERICAN FINANCING CORPORATION 15 6.27% $8,827
Citizens Bank 14 6.35% $10,848
M&T Bank 14 6.54% $8,235
GMFS LLC 13 7.01% $6,228
SECURITYNATIONAL MORTGAGE COMPANY 13 7.29% $14,407
PHH Mortgage Corporation 13 6.50% $10,275
Allied First Bank,sb 13 6.87% $9,785
NFM, INC. 13 6.73% $11,232
Home State Bank 13 6.95% $9,816
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 12 6.44% $8,267
MLB RESIDENTIAL LENDING, LLC 12 6.70% $17,286
Paramount Bank 12 6.69% $9,623
MORTGAGE SOLUTIONS OF COLORADO, LLC 11 6.91% $14,073
AXIA FINANCIAL, LLC 11 6.86% $11,429
Hometown Equity Mortgage, LLC 11 6.68% $10,458
Mortgage Assurance Inc. 11 6.40% $11,838
SUMMIT FUNDING, INC. 10 6.71% $18,775
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 10 6.71% $16,183
NBKC BANK 10 6.10% $8,139
NETWORK CAPITAL FUNDING CORPORATION 10 6.13% $9,287
ALAMEDA MORTGAGE CORPORATION 10 7.02% $10,728
CROWN MORTGAGE COMPANY 10 6.60% $14,272
EMM LOANS LLC 10 5.90% $14,625
THE MORTGAGE LINK, INC. 10 7.19% $16,760
FIRST INTEGRITY MORTGAGE SERVICES, INC. 10 6.36% $7,063
Gold Coast Bank 10 6.42% $12,174
American Bank and Trust Company 9 6.43% $6,866
Bank of Springfield 9 6.25% $5,842
Bell Bank 8 6.55% $9,580
First Federal Bank 8 7.06% $9,664
VERITAS FUNDING, LLC 8 6.67% $18,176
Magnolia Bank 8 6.41% $5,775
JMAC LENDING, INC. 8 6.69% $12,578
Sierra Pacific Mortgage Company, Inc. 8 6.92% $12,630
Cornerstone First Mortgage, Inc 8 7.01% $11,724
EVANSVILLE TEACHERS 8 6.75% $5,101
NORTHWEST BANK OF ROCKFORD 8 6.38% $5,745
PENTAGON FEDERAL CREDIT UNION 7 6.04% $8,736
FIRST ALLIANCE HOME MORTGAGE, LLC 7 6.75% $14,863
First Federal Savings Bank 7 6.50% $5,002
FAMILY FINANCE MORTGAGE, LLC 7 6.73% $7,481
BETTER MORTGAGE CORPORATION 7 6.41% $8,989
PANORAMA MORTGAGE GROUP, LLC 7 7.18% $12,598
DIRECT MORTGAGE LOANS, LLC 7 7.25% $13,796
FIRST MORTGAGE COMPANY, INC. 6 7.42% $11,798
GREAT LAKES 6 6.38% $8,925
MEMBER FIRST MORTGAGE, LLC 6 6.81% $9,125
Peoples Bank 6 6.23% $9,554
VAN DYK MORTGAGE CORPORATION 6 6.69% $6,943
Northpointe Bank 5 5.85% $16,953
THOMPSON KANE & COMPANY, LLC 5 6.60% $8,168
First Bank 5 6.28% $5,470
Bank of England 5 6.58% $10,362
TruHome Solutions, LLC 5 6.35% $8,681
BNC National Bank 5 6.43% $5,888
PULTE MORTGAGE LLC 5 6.15% $12,037
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.95% $9,368
TOTAL MORTGAGE SERVICES, LLC 5 6.80% $6,956
OPEN MORTGAGE, LLC 5 7.35% $10,395
RESIDENTIAL BANCORP 4 6.53% $10,415
DEVELOPER'S MORTGAGE COMPANY 4 7.41% $13,114
ON Q FINANCIAL, INC. 4 6.91% $8,680
HOMESTAR FINANCIAL CORPORATION 4 7.19% $13,182
First Merchants Bank 4 6.81% $8,332
Ameris Bank 4 6.38% $12,760
First Savings Bank 4 6.31% $13,806
Byline Bank 4 6.41% $10,372
ROSS MORTGAGE CORPORATION 4 6.84% $10,849
NORWICH COMMERCIAL GROUP, INC. 4 7.44% $11,358
Evolve Bank & Trust 4 6.91% $16,868
LADERA LENDING, INC. 4 6.56% $8,124
The Loan Store, Inc. 3 7.16% $13,391
MORTGAGE ACCESS CORP. 3 5.92% $12,515
MORIA DEVELOPMENT, INC. 3 7.17% $9,934
CRESCENT MORTGAGE COMPANY 3 6.83% $9,345
CONTOUR MORTGAGE CORPORATION 3 6.08% $10,394
PREMIA MORTGAGE, LLC 3 6.79% $9,928
PREMIER MORTGAGE RESOURCES, L.L.C. 3 7.33% $8,065
Chicago Mortgage Solutions LLC 3 6.42% $11,804
RAPID MORTGAGE COMPANY 3 7.25% $8,557
CALCON MUTUAL MORTGAGE LLC 3 6.50% $18,237
MIDLAND MORTGAGE CORPORATION 3 7.08% $16,541
Marine Bank 3 6.67% $6,481
The Central Trust Bank 3 6.46% $5,673
Assurance Financial Group, L.L.C. 3 6.96% $17,906
Arvest Bank 3 5.92% $5,731
ARC HOME LLC 3 6.25% $13,066
HOMESTEAD FUNDING CORP. 3 5.83% $11,113
First Financial Bank 3 7.29% $6,124
American Mortgage Bank, LLC 2 6.94% $12,235
EMBRACE HOME LOANS, INC. 2 6.69% $10,781
CITYWIDE HOME LOANS, LLC 2 6.50% $9,508
Chickasaw Community Bank 2 6.63% $10,938
Financial Funding Solutions, Inc. 2 7.19% $3,975
US MORTGAGE CORPORATION 2 7.19% $10,613
Residential Mortgage Solutions, Inc. 2 6.62% $9,052
FAIR WAY LENDING LLC 2 6.69% $6,448
NexBank 2 5.31% $14,489
SIRVA MORTGAGE, INC. 2 6.44% $7,096
BAYSHORE MORTGAGE FUNDING, LLC 2 6.88% $16,673
AMCAP MORTGAGE, LTD. 2 6.69% $16,235
MORTGAGE CENTER L.C 2 7.13% $6,319
TIB The Independent Bankersbank 2 6.56% $5,376
TOP FLITE FINANCIAL, INC. 2 7.19% $9,972
DIGNIFIED HOME LOANS, LLC 2 6.69% $8,984
DATA MORTGAGE, INC. 2 6.94% $10,856
Wyndham Capital Mortgage, Inc. 2 6.31% $11,177
Commerce Bank 2 6.81% $6,109
HOMESITE MORTGAGE, LLC 2 7.31% $6,748
KELLER MORTGAGE, LLC 1 6.00% $9,125
First United Bank and Trust Company 1 6.38% $10,289
Simmons Bank 1 5.75% $12,454
Colonial Savings, F.A. 1 6.50% $14,189
Stifel Bank and Trust 1 6.75% $8,083
Stillman Bank 1 6.88% $3,994
BAY-VALLEY MORTGAGE GROUP 1 6.50% $9,418
Strong Home Mortgage, LLC 1 6.25% $14,608
Peoples National Bank , N.A. 1 6.13% $6,208
GATEWAY MORTGAGE CORPORATION 1 7.50% $8,854
Sunflower Bank 1 4.63% $12,280
First Federal Savings and Loan Association of Lakewood 1 6.75% $11,935
NEW WAVE LENDING GROUP INC 1 7.38% $10,319
Texana Bank 1 7.25% $18,130
BancorpSouth 1 6.50% $6,761
Kwik Mortgage Corporation 1 6.75% $14,013
V.I.P. MORTGAGE, INC. 1 5.75% $10,045
ALLIED MORTGAGE GROUP, INC. 1 6.25% $13,323
Pinnacle Bank 1 6.25% $6,052
Goldwater Bank, N.A. 1 6.75% $16,675
NEW DAY FINANCIAL, LLC 1 7.50% $2,400
AMERITRUST MORTGAGE CORPORATION 1 7.63% $8,729
CORNERSTONE HOME LENDING, INC. 1 7.25% $15,297
First Internet Bank of Indiana 1 5.75% $12,884
Armed Forces Bank 1 7.00% $8,015
FBC MORTGAGE, LLC 1 5.75% $7,306
Princeton Mortgage Corporation 1 6.63% $8,734
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.25% $15,083
Truist 1 6.63% $6,373
MORTGAGE 1 INCORPORATED 1 7.63% $10,674
First Financial Bank 1 6.00% $13,328
RANLIFE, INC. 1 7.38% $5,101
First Option Mortgage, LLC 1 6.75% $6,602
CANOPY MORTGAGE, LLC 1 6.25% $7,048
OCEANSIDE MORTGAGE COMPANY 1 5.75% $5,577
East Coast Capital Corp. 1 6.50% $14,764
AHL FUNDING 1 7.13% $15,650
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.75% $13,127
North American Savings Bank, F.S.B. 1 6.25% $7,078
ABSOLUTE HOME MORTGAGE CORPORATION 1 7.25% $17,335
Blue Ridge Bank 1 7.13% $4,283
First Mid Bank & Trust 1 7.38% $8,342
Semper Home Loans, Inc. 1 5.75% $17,296

The top Illinois FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,970 FHA loans originated. Their average total fees are $9,574, which is $2,961 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Illinois FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($4,057), Fortress Bank ($4,293), RUHL MORTGAGE, LLC ($4,442), RUOFF MORTGAGE COMPANY, INC. ($4,603) and FCB Banks ($4,772).

The lowest rate Illinois FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.52%), DHI MORTGAGE COMPANY, LTD. (5.57%), EMM LOANS LLC (5.90%), NVR Mortgage Finance, Inc. (6.06%) and RUHL MORTGAGE, LLC (6.08%).

Illinois FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
QUINCY, IL-MO ADAMS 2022 $420,680 $538,650 $651,050 $809,150
CAPE GIRARDEAU, MO-IL ALEXANDER 2022 $420,680 $538,650 $651,050 $809,150
ST. LOUIS, MO-IL BOND 2022 $420,680 $538,650 $651,050 $809,150
ROCKFORD, IL BOONE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BROWN 2022 $420,680 $538,650 $651,050 $809,150
OTTAWA, IL BUREAU 2022 $420,680 $538,650 $651,050 $809,150
ST. LOUIS, MO-IL CALHOUN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CARROLL 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CASS 2022 $420,680 $538,650 $651,050 $809,150
CHAMPAIGN-URBANA, IL CHAMPAIGN 2022 $420,680 $538,650 $651,050 $809,150
TAYLORVILLE, IL CHRISTIAN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CLARK 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CLAY 2022 $420,680 $538,650 $651,050 $809,150
ST. LOUIS, MO-IL CLINTON 2022 $420,680 $538,650 $651,050 $809,150
CHARLESTON-MATTOON, IL COLES 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI COOK 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CRAWFORD 2022 $420,680 $538,650 $651,050 $809,150
CHARLESTON-MATTOON, IL CUMBERLAND 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DEKALB 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO DE WITT 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO DOUGLAS 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DUPAGE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO EDGAR 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO EDWARDS 2022 $420,680 $538,650 $651,050 $809,150
EFFINGHAM, IL EFFINGHAM 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO FAYETTE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO FORD 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
PEORIA, IL FULTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO GALLATIN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO GREENE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI GRUNDY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HAMILTON 2022 $420,680 $538,650 $651,050 $809,150
FORT MADISON-KEOKUK, IA-IL-MO HANCOCK 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HARDIN 2022 $420,680 $538,650 $651,050 $809,150
BURLINGTON, IA-IL HENDERSON 2022 $420,680 $538,650 $651,050 $809,150
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL HENRY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO IROQUOIS 2022 $420,680 $538,650 $651,050 $809,150
CARBONDALE-MARION, IL JACKSON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO JASPER 2022 $420,680 $538,650 $651,050 $809,150
MOUNT VERNON, IL JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
ST. LOUIS, MO-IL JERSEY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO JO DAVIESS 2022 $420,680 $538,650 $651,050 $809,150
CARBONDALE-MARION, IL JOHNSON 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KANE 2022 $420,680 $538,650 $651,050 $809,150
KANKAKEE, IL KANKAKEE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENDALL 2022 $420,680 $538,650 $651,050 $809,150
GALESBURG, IL KNOX 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2022 $420,680 $538,650 $651,050 $809,150
OTTAWA, IL LASALLE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LAWRENCE 2022 $420,680 $538,650 $651,050 $809,150
DIXON, IL LEE 2022 $420,680 $538,650 $651,050 $809,150
PONTIAC, IL LIVINGSTON 2022 $420,680 $538,650 $651,050 $809,150
LINCOLN, IL LOGAN 2022 $420,680 $538,650 $651,050 $809,150
MACOMB, IL MCDONOUGH 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI MCHENRY 2022 $420,680 $538,650 $651,050 $809,150
BLOOMINGTON, IL MCLEAN 2022 $420,680 $538,650 $651,050 $809,150
DECATUR, IL MACON 2022 $420,680 $538,650 $651,050 $809,150
ST. LOUIS, MO-IL MACOUPIN 2022 $420,680 $538,650 $651,050 $809,150
ST. LOUIS, MO-IL MADISON 2022 $420,680 $538,650 $651,050 $809,150
CENTRALIA, IL MARION 2022 $420,680 $538,650 $651,050 $809,150
PEORIA, IL MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MASON 2022 $420,680 $538,650 $651,050 $809,150
PADUCAH, KY-IL MASSAC 2022 $420,680 $538,650 $651,050 $809,150
SPRINGFIELD, IL MENARD 2022 $420,680 $538,650 $651,050 $809,150
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL MERCER 2022 $420,680 $538,650 $651,050 $809,150
ST. LOUIS, MO-IL MONROE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MONTGOMERY 2022 $420,680 $538,650 $651,050 $809,150
JACKSONVILLE, IL MORGAN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MOULTRIE 2022 $420,680 $538,650 $651,050 $809,150
ROCHELLE, IL OGLE 2022 $420,680 $538,650 $651,050 $809,150
PEORIA, IL PEORIA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO PERRY 2022 $420,680 $538,650 $651,050 $809,150
CHAMPAIGN-URBANA, IL PIATT 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO PIKE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO POPE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO PULASKI 2022 $420,680 $538,650 $651,050 $809,150
OTTAWA, IL PUTNAM 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO RANDOLPH 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO RICHLAND 2022 $420,680 $538,650 $651,050 $809,150
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL ROCK ISLAND 2022 $420,680 $538,650 $651,050 $809,150
ST. LOUIS, MO-IL ST. CLAIR 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SALINE 2022 $420,680 $538,650 $651,050 $809,150
SPRINGFIELD, IL SANGAMON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SCHUYLER 2022 $420,680 $538,650 $651,050 $809,150
JACKSONVILLE, IL SCOTT 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SHELBY 2022 $420,680 $538,650 $651,050 $809,150
PEORIA, IL STARK 2022 $420,680 $538,650 $651,050 $809,150
FREEPORT, IL STEPHENSON 2022 $420,680 $538,650 $651,050 $809,150
PEORIA, IL TAZEWELL 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO UNION 2022 $420,680 $538,650 $651,050 $809,150
DANVILLE, IL VERMILION 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WABASH 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WARREN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WAYNE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WHITE 2022 $420,680 $538,650 $651,050 $809,150
STERLING, IL WHITESIDE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI WILL 2022 $420,680 $538,650 $651,050 $809,150
CARBONDALE-MARION, IL WILLIAMSON 2022 $420,680 $538,650 $651,050 $809,150
ROCKFORD, IL WINNEBAGO 2022 $420,680 $538,650 $651,050 $809,150
PEORIA, IL WOODFORD 2022 $420,680 $538,650 $651,050 $809,150
QUINCY, IL-MO ADAMS 2023 $472,030 $604,400 $730,525 $907,900
CAPE GIRARDEAU, MO-IL ALEXANDER 2023 $472,030 $604,400 $730,525 $907,900
ST. LOUIS, MO-IL BOND 2023 $472,030 $604,400 $730,525 $907,900
ROCKFORD, IL BOONE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BROWN 2023 $472,030 $604,400 $730,525 $907,900
OTTAWA, IL BUREAU 2023 $472,030 $604,400 $730,525 $907,900
ST. LOUIS, MO-IL CALHOUN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CARROLL 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CASS 2023 $472,030 $604,400 $730,525 $907,900
CHAMPAIGN-URBANA, IL CHAMPAIGN 2023 $472,030 $604,400 $730,525 $907,900
TAYLORVILLE, IL CHRISTIAN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CLARK 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CLAY 2023 $472,030 $604,400 $730,525 $907,900
ST. LOUIS, MO-IL CLINTON 2023 $472,030 $604,400 $730,525 $907,900
CHARLESTON-MATTOON, IL COLES 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI COOK 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CRAWFORD 2023 $472,030 $604,400 $730,525 $907,900
CHARLESTON-MATTOON, IL CUMBERLAND 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DEKALB 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO DE WITT 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO DOUGLAS 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DUPAGE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO EDGAR 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO EDWARDS 2023 $472,030 $604,400 $730,525 $907,900
EFFINGHAM, IL EFFINGHAM 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO FAYETTE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO FORD 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
PEORIA, IL FULTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO GALLATIN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO GREENE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI GRUNDY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HAMILTON 2023 $472,030 $604,400 $730,525 $907,900
FORT MADISON-KEOKUK, IA-IL-MO HANCOCK 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HARDIN 2023 $472,030 $604,400 $730,525 $907,900
BURLINGTON, IA-IL HENDERSON 2023 $472,030 $604,400 $730,525 $907,900
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL HENRY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO IROQUOIS 2023 $472,030 $604,400 $730,525 $907,900
CARBONDALE-MARION, IL JACKSON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO JASPER 2023 $472,030 $604,400 $730,525 $907,900
MOUNT VERNON, IL JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
ST. LOUIS, MO-IL JERSEY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO JO DAVIESS 2023 $472,030 $604,400 $730,525 $907,900
CARBONDALE-MARION, IL JOHNSON 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KANE 2023 $472,030 $604,400 $730,525 $907,900
KANKAKEE, IL KANKAKEE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENDALL 2023 $472,030 $604,400 $730,525 $907,900
GALESBURG, IL KNOX 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2023 $472,030 $604,400 $730,525 $907,900
OTTAWA, IL LASALLE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LAWRENCE 2023 $472,030 $604,400 $730,525 $907,900
DIXON, IL LEE 2023 $472,030 $604,400 $730,525 $907,900
PONTIAC, IL LIVINGSTON 2023 $472,030 $604,400 $730,525 $907,900
LINCOLN, IL LOGAN 2023 $472,030 $604,400 $730,525 $907,900
MACOMB, IL MCDONOUGH 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI MCHENRY 2023 $472,030 $604,400 $730,525 $907,900
BLOOMINGTON, IL MCLEAN 2023 $472,030 $604,400 $730,525 $907,900
DECATUR, IL MACON 2023 $472,030 $604,400 $730,525 $907,900
ST. LOUIS, MO-IL MACOUPIN 2023 $472,030 $604,400 $730,525 $907,900
ST. LOUIS, MO-IL MADISON 2023 $472,030 $604,400 $730,525 $907,900
CENTRALIA, IL MARION 2023 $472,030 $604,400 $730,525 $907,900
PEORIA, IL MARSHALL 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MASON 2023 $472,030 $604,400 $730,525 $907,900
PADUCAH, KY-IL MASSAC 2023 $472,030 $604,400 $730,525 $907,900
SPRINGFIELD, IL MENARD 2023 $472,030 $604,400 $730,525 $907,900
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL MERCER 2023 $472,030 $604,400 $730,525 $907,900
ST. LOUIS, MO-IL MONROE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MONTGOMERY 2023 $472,030 $604,400 $730,525 $907,900
JACKSONVILLE, IL MORGAN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MOULTRIE 2023 $472,030 $604,400 $730,525 $907,900
ROCHELLE, IL OGLE 2023 $472,030 $604,400 $730,525 $907,900
PEORIA, IL PEORIA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO PERRY 2023 $472,030 $604,400 $730,525 $907,900
CHAMPAIGN-URBANA, IL PIATT 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO PIKE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO POPE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO PULASKI 2023 $472,030 $604,400 $730,525 $907,900
OTTAWA, IL PUTNAM 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO RANDOLPH 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO RICHLAND 2023 $472,030 $604,400 $730,525 $907,900
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL ROCK ISLAND 2023 $472,030 $604,400 $730,525 $907,900
ST. LOUIS, MO-IL ST. CLAIR 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO SALINE 2023 $472,030 $604,400 $730,525 $907,900
SPRINGFIELD, IL SANGAMON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO SCHUYLER 2023 $472,030 $604,400 $730,525 $907,900
JACKSONVILLE, IL SCOTT 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO SHELBY 2023 $472,030 $604,400 $730,525 $907,900
PEORIA, IL STARK 2023 $472,030 $604,400 $730,525 $907,900
FREEPORT, IL STEPHENSON 2023 $472,030 $604,400 $730,525 $907,900
PEORIA, IL TAZEWELL 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO UNION 2023 $472,030 $604,400 $730,525 $907,900
DANVILLE, IL VERMILION 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WABASH 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WARREN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WAYNE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WHITE 2023 $472,030 $604,400 $730,525 $907,900
STERLING, IL WHITESIDE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI WILL 2023 $472,030 $604,400 $730,525 $907,900
CARBONDALE-MARION, IL WILLIAMSON 2023 $472,030 $604,400 $730,525 $907,900
ROCKFORD, IL WINNEBAGO 2023 $472,030 $604,400 $730,525 $907,900
PEORIA, IL WOODFORD 2023 $472,030 $604,400 $730,525 $907,900

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).