What are current fha rates in Shelby County?

Today's fha rates in Shelby County start at 7.230% for qualified borrowers. Rates are updated daily using live investor pricing data from Safe Rate's pricing engine.

FHA Mortgage Rates — who qualifies in Shelby County?

FHA loans require just 3.5% down with credit scores as low as 580. Government-backed and flexible — see today's FHA rates.

What are current mortgage rates in Shelby County?

As of today, a standard conventional rate in Shelby County is 7.230% (APR 7.263%) for a 30-year fixed loan. This assumes a 20% down payment and a 740+ credit score. Rates are updated daily using Safe Rate's live pricing engine.

How much does a home cost in Shelby County?

The average home value in Shelby County is $163,033, with +16.7% appreciation over the past two years. At a 2.2x price-to-income ratio, affordability remains reasonable compared to many U.S. markets.

What is the typical monthly mortgage payment in Shelby County?

Based on the average home value with a standard conventional loan, the estimated principal and interest payment is $1,007/mo. Total PITI costs will also include property taxes ($2,063/yr locally), homeowners insurance (est. $69/mo), and any applicable mortgage insurance.

How do I qualify for a mortgage?

Conventional loans typically require a 620+ credit score and 3–20% down. With 20% down you avoid PMI. FHA loans are available with as little as 3.5% down and a 580+ credit score. VA loans offer 0% down for eligible veterans. Requirements vary by loan program. Contact a licensed loan officer for guidance specific to your situation.

How are these mortgage rates calculated?

Safe Rate Mortgage (NMLS #1590949) updates these rates daily using live investor rate sheets. Your actual rate may vary based on credit score, down payment, and property type.

Safe Rate Local

Mortgage Rates in Shelby County, IL

7.230%APR 7.263% · $1,007/mo (20% Down)

Updated daily · May 22, 2026+0.236% (14d)

Safe Rate Mortgage20% Down Conv.

← Back to Shelby County Hub

14-Day Rate Trend

↑ +0.236%

LO 6.963%HI 7.230%TODAY 7.230%

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FHA Loan Details for Shelby County

2025 HUD guidelines · Computed from local median home value

✅

FHA eligible · Est. loan amount $178,361 is within the standard limit

2025 FHA loan limit for this area: approx. $524,225 (national floor) · Verify exact limit on HUD.gov ↗

Min. Down Payment

$5,706

3.5% of purchase price

Upfront MIP (UFMIP)

$3,121

1.75% · financed into loan

Monthly MIP

$82/mo

0.55%/yr · added to payment

MIP Duration

<10% down

Life of loan · 11 yrs if ≥10%

• Minimum credit score: 580 for 3.5% down · 500–579 requires 10% down
• Debt-to-income ratio: typically up to 57% with compensating factors
• UFMIP can be financed into the loan — no cash required at closing for this fee
• Annual MIP rate shown is 0.55% for a 30-yr loan with LTV >90%. Rate varies by term and LTV.

Product	Key Attributes	Rate / APR ↑	Mo. Payment ↕	Points
FHA 3.5% Down FHA purchase, 3.5% down +$82/mo MI	3.5% Down680 FICO30-yr	6.377% 7.147% APR	$1,132 Principal & Interest	$0 Points
Lower Credit FHA FHA for buyers with lower credit scores +$82/mo MI	3.5% Down580 FICO30-yr	6.386% 7.157% APR	$1,134 Principal & Interest	$0 Points
HomeReady Fannie Mae HomeReady, low-income buyers +$105/mo MI	3% Down660 FICO30-yr	6.862% 7.233% APR	$1,176 Principal & Interest	$0 Points
10% Down Conv. Conventional purchase, 10% down +$111/mo MI	10% Down720 FICO30-yr	6.936% 7.093% APR	$1,100 Principal & Interest	$0 Points
5% Down Conv. Conventional, avg credit, 5% down +$117/mo MI	5% Down700 FICO30-yr	7.262% 7.743% APR	$1,199 Principal & Interest	$0 Points

Safe Rate Mortgage Pricing for Shelby County

Median Home Value

$163,033

2-Yr Appreciation

16.7%

increase

Median Income

$72,605

household

Price-to-Income

2.2x

within reach

Rates updated daily by Safe Rate Mortgage (NMLS #1590949). Your actual rate depends on credit score, down payment, and property details.

Frequently Asked Questions

Market Snapshot

FIPS 17173

Average Home Value: $163,033
Average Rent: $809/mo
Average Income: $72,605
Property Tax: $2,063/yr
Avg Loan: $138,438
Avg LTV: 74.9%

Estimated Insurance

Homeowners Insurance

HO-3 policy · covers dwelling, property & liability

$69/mo

Flood Insurance$29/mo

Risk TierVery High

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Safe Rate Mortgage. NMLS #1590949. Rates shown are representative estimates. Illinois Residential Mortgage Licensee. Loans subject to credit and property approval. Rates and terms are subject to change without notice.