Beaver Dam FHA Loan Rates, Closing Costs & Stats

Beaver Dam, WI

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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.

    Beaver Dam's 50 lenders originated 128 FHA loans during 2023. The total origination value was $27,630,000, with an average FHA loan value of $215,859.

    Beaver Dam FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Beaver Dam averaged 6.75% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Beaver Dam's average FHA mortgage closing costs are $6,282.

    The average rate for the prior week (2024-07-12) was 6.5% and one month ago for the week of 2024-06-14, the average rate was 6.66%.

    The average rate one year ago was 6.84%.

    For refis of the same type during the week of 2024-07-19, the average rate was 5.86%.

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

    Beaver Dam 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 Beaver Dam level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 10 6.35% $8,870
    CMG MORTGAGE, INC. 8 7.47% $9,833
    MOVEMENT MORTGAGE, LLC 7 7.07% $14,492
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.98% $9,628
    Barrington Bank & Trust Company, N.A. 6 7.10% $8,321
    Mr. Cooper ( Nationstar Mortgage ) 5 6.00% $14,341
    GUILD MORTGAGE COMPANY 4 6.38% $8,840
    CORNERSTONE HOME LENDING, INC. 4 6.81% $10,475
    LOANDEPOT.COM, LLC 3 6.83% $10,629
    Prosperity Home Mortgage, LLC 3 6.42% $7,212
    GSF Mortgage Corporation 3 6.13% $7,268
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.71% $10,983
    CROSSCOUNTRY MORTGAGE, LLC 3 6.96% $7,402
    NEWREZ LLC 3 6.75% $7,168
    CARDINAL FINANCIAL 3 7.50% $9,096
    WISCONSIN MORTGAGE CORPORATION 2 6.69% $5,113
    A + MORTGAGE SERVICES, INC. 2 6.63% $10,829
    Bank Five Nine 2 6.44% $6,399
    Bank of England 2 7.00% $7,646
    ENDEAVOR CAPITAL, LLC. 2 6.68% $8,685
    GUARANTEED RATE, INC. 2 6.25% $10,512
    Mortgage Research Center, LLC 2 8.13% $5,611
    Paramount Residential Mortgage Group, Inc. 2 6.69% $9,697
    PENNYMAC LOAN SERVICES, LLC 2 6.25% $13,665
    PLANET HOME LENDING, LLC 2 7.00% $7,478
    THOMPSON KANE & COMPANY, LLC 2 6.88% $9,026
    V.I.P. MORTGAGE, INC. 2 6.69% $9,703
    BROKER SOLUTIONS, INC. 1 6.75% $11,136
    AXIA FINANCIAL, LLC 1 6.75% $9,526
    Associated Bank 1 5.88% $5,505
    NATIONS DIRECT MORTGAGE, LLC 1 7.63% $4,946
    Arvest Bank 1 7.00% $7,055
    UNITED WHOLESALE MORTGAGE, LLC 1 6.38% $8,856
    U.S. Bank 1 6.25% $10,944
    PENTAGON FEDERAL CREDIT UNION 1 5.88% $7,852
    Plains Commerce Bank 1 6.75% $4,105
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 8.13% $8,443
    PLAZA HOME MORTGAGE, INC. 1 6.75% $6,849
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $12,082
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.50% $4,345
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $13,869
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.13% $6,468
    SUN WEST MORTGAGE COMPANY, INC. 1 5.25% $9,248
    FREEDOM MORTGAGE CORPORATION 1 7.25% $6,062
    Equity Prime Mortgage LLC 1 7.50% $10,456
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $5,323
    Waterstone Mortgage Corporation 1 6.13% $9,957
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $5,810
    Carrington Mortgage Services, LLC 1 6.63% $7,474
    TOWNE MORTGAGE COMPANY 1 6.25% $11,253

    The top Beaver Dam FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 10 FHA loans originated. Their average total fees are $8,870, which is $963 lower than the next largest lender, CMG MORTGAGE, INC..

    The lowest fee Beaver Dam FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,870), .

    The lowest rate Beaver Dam FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.35%), .

    Beaver Dam FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BEAVER DAM, WI DODGE 2022 $420,680 $538,650 $651,050 $809,150
    BEAVER DAM, WI DODGE 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).