FHA Mortgage Rates Illinois May 11, 2010
As part of our weekly mortgage survey, Findlocalmortgagerates.com surveys mortgage rates from bank mortgage lenders across the U.S. for a variety of mortgage loan products. One of the key loan products measured are FHA home loans. Weekly FHA mortgage rates are published in these pages every Wednesday from the top five bank mortgage lenders and every other week we produce the rates from select banks for individual states.
Today’s data contains FHA mortgage rates in Illinois from two of the largest bank mortgage lenders, Wells Fargo Mortgage and Bank of America as well as two of the largest Illinois based banks, MB Financial Bank and First American Bank.
Current FHA mortgage rates offered by these bank mortgage lenders include:
Wells Fargo Mortgage offers a 30 year FHA loan with a mortgage rate of 5.000% with 1.0 point and an APR of 5.762%.
Bank of America markets a 30 year FHA with a rate of 4.75% and 1.0 point leading to a 4.892% APR.
MB Financial Bank promotes a 30 year FHA mortgage rate of 5.00% with no points and a 5.636% APR.
First American Bank has a 30 year fixed rate FHA loan rate of 5.00% and no points with an APR of 5.599%.
Mortgage loan APRs will vary due to points charged and other closing costs, FHA loan APRs will also vary due to the cost of monthly mortgage insurance and upfront mortgage insurance costs which are specific to FHA home loans.
An FHA loan can offer significant advantages for prospective home loan borrowers and existing homeowners looking to refinance their current mortgage loan. All of the loan programs listed are based on an FHA loan with a 3.5% down payment. FHA loans require a lower down payment than traditional, conventional loans. FHA loans also offer more flexible credit underwriting than conventional loans with little difference in interest rates and total costs.
The interest rates, annual percentage rates (APRs) and points shown are subject to change without notice. Mortgage rates and programs from these mortgage lenders may be subject to limitations. All loans and rates are subject to mortgage lender or bank approval.
Mortgage interest rates are published rates obtained from these lenders but are subject to variation based on borrower’s credit score, actual closing costs and other variables. Additional mortgage loan programs may be available.
To reach the listed mortgage lenders for current FHA mortgage rates and additional home loan information, representatives can be reached at the following phone numbers:
Wells Fargo Mortgage 877-937-9357
Bank of America 800-586-9780
First American Bank 847-952-3700
MB Financial Bank Mortgage Department 877-878-6262