Eau Claire FHA Loan Rates, Closing Costs & Stats

EAU CLAIRE, WI

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.

Eau Claire's 60 lenders originated 222 FHA loans during 2022. The total origination value was $47,680,000, with an average FHA loan value of $214,775.

Eau Claire FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Eau Claire averaged -0.34% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

Eau Claire's average FHA mortgage closing costs are $6,503.

The average rate for the prior week (2023-05-26) was 5.99% and one month ago for the week of 2023-04-28, the average rate was 5.64%.

The average rate one year ago was 4.6%.

For refis of the same type during the week of 2023-06-02, the average rate was -1.65%.

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

Eau Claire 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 Eau Claire level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 33 4.25% $9,937
FINANCE OF AMERICA MORTGAGE LLC 11 4.92% $9,078
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 5.69% $7,689
Prosperity Home Mortgage, LLC 10 5.04% $9,901
American Mortgage & Equity Consultants, Inc. 9 5.79% $8,350
CROSSCOUNTRY MORTGAGE, LLC 9 5.85% $8,651
PRIMELENDING, A PLAINSCAPITAL COMPANY 8 4.94% $8,503
LOANDEPOT.COM, LLC 7 4.75% $12,543
Bremer Bank 6 4.75% $6,974
PENNYMAC LOAN SERVICES, LLC 6 4.52% $10,264
LAND HOME FINANCIAL SERVICES, INC. 4 5.41% $10,816
Mr. Cooper ( Nationstar Mortgage ) 4 4.75% $10,857
UNION HOME MORTGAGE CORP. 4 5.38% $6,788
Royal Credit Union 4 5.72% $9,326
UNITED WHOLESALE MORTGAGE, LLC 4 5.80% $8,285
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.50% $10,070
FREEDOM MORTGAGE CORPORATION 3 5.54% $9,873
GUARANTEED RATE, INC. 3 5.33% $9,429
Lend Smart Mortgage, LLC 3 5.04% $8,194
U.S. Bank 3 5.88% $8,417
Waterstone Mortgage Corporation 3 5.42% $10,099
ALAMEDA MORTGAGE CORPORATION 2 5.94% $10,186
Associated Bank 2 5.38% $7,194
CARDINAL FINANCIAL 2 3.94% $8,628
Carrington Mortgage Services, LLC 2 4.75% $10,712
CHERRY CREEK MORTGAGE, LLC 2 5.50% $3,354
ENDEAVOR CAPITAL, LLC. 2 5.81% $9,704
EVERETT FINANCIAL, INC. 2 4.19% $6,959
Flagstar Bank, FSB 2 3.47% $8,302
GSF Mortgage Corporation 2 4.88% $10,829
LAKEVIEW LOAN SERVICING, LLC 2 4.06% $5,414
Mortgage Research Center, LLC 2 5.00% $8,906
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.88% $15,109
The Federal Savings Bank 2 4.81% $10,312
VILLAGE CAPITAL MORTGAGE 2 4.94% $7,051
AXIA FINANCIAL, LLC 1 6.00% $11,988
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $6,805
FLAT BRANCH MORTGAGE, INC. 1 5.25% $10,345
First Internet Bank of Indiana 1 5.50% $4,546
MORIA DEVELOPMENT, INC. 1 5.63% $14,994
AMERISAVE MORTGAGE CORPORATION 1 5.75% $14,994
First Guaranty Mortgage Corporation 1 4.25% $5,193
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $10,977
NEWREZ LLC 1 4.00% $4,953
Citizens Bank 1 5.00% $5,807
CALIBER HOME LOANS, INC. 1 5.63% $9,915
BROKER SOLUTIONS, INC. 1 4.13% $9,228
BELEM SERVICING LLC 1 4.25% $11,477
Bank of England 1 4.25% $6,196
Bank Five Nine 1 3.00% $5,895
RUOFF MORTGAGE COMPANY, INC. 1 4.63% $8,271
SOVEREIGN LENDING GROUP INCORPORATED 1 5.88% $7,087
Summit Mortgage Corporation 1 6.13% $7,126
AMERICAN FINANCING CORPORATION 1 3.88% $7,481
TOTAL MORTGAGE SERVICES, LLC 1 5.63% $13,425
HOME POINT FINANCIAL CORPORATION 1 5.13% $8,800
HOMESIDE FINANCIAL, LLC 1 5.25% $7,707
Hometown Lenders, Inc. 1 5.13% $12,718
INLANTA MORTGAGE, INC. 1 5.63% $6,737
KELLER MORTGAGE, LLC 1 3.50% $6,403

The top Eau Claire FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 33 FHA loans originated. Their average total fees are $9,937, which is $858 higher than the next largest lender, FINANCE OF AMERICA MORTGAGE LLC.

The lowest fee Eau Claire FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,689), FINANCE OF AMERICA MORTGAGE LLC ($9,078), Prosperity Home Mortgage, LLC ($9,901), QUICKEN LOANS, LLC ($9,937) and .

The lowest rate Eau Claire FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.25%), FINANCE OF AMERICA MORTGAGE LLC (4.92%), Prosperity Home Mortgage, LLC (5.04%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.69%) and .

Eau Claire FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Eau Claire (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 $233,900 (6.4%) $285,151 (2.8%) 0.87 299
2018-02-01 $244,900 (4.3%) $294,674 (-0.1%) 0.89 308
2018-03-01 $248,900 (2.4%) $288,016 (-4.2%) 0.87 358
2018-04-01 $244,900 (2.1%) $285,823 (-7.6%) 0.83 363
2018-05-01 $249,900 (0.0%) $289,666 (-8.2%) 0.83 381
2018-06-01 $258,900 (3.8%) $302,409 (-2.2%) 0.86 378
2018-07-01 $252,400 (1.0%) $297,157 (-4.1%) 0.84 432
2018-08-01 $249,900 (2.0%) $292,739 (-3.1%) 0.84 483
2018-09-01 $239,900 (2.1%) $289,875 (-2.6%) 0.81 474
2018-10-01 $232,688 (1.3%) $283,338 (-4.3%) 0.79 481
2018-11-01 $230,194 (2.1%) $283,529 (-3.2%) 0.78 443
2018-12-01 $234,900 (3.3%) $286,277 (5.1%) 0.81 359
2019-01-01 $239,650 (2.5%) $290,113 (1.7%) 0.83 335
2019-02-01 $253,050 (3.3%) $307,584 (4.4%) 0.86 323
2019-03-01 $259,493 (4.3%) $325,235 (12.9%) 0.85 315
2019-04-01 $259,243 (5.9%) $320,381 (12.1%) 0.82 329
2019-05-01 $249,900 (0.0%) $311,097 (7.4%) 0.78 348
2019-06-01 $249,900 (-3.5%) $302,368 (0.0%) 0.78 390
2019-07-01 $243,950 (-3.4%) $303,098 (2.0%) 0.76 407
2019-08-01 $242,245 (-3.1%) $305,880 (4.5%) 0.77 412
2019-09-01 $238,114 (-0.7%) $303,516 (4.7%) 0.76 422
2019-10-01 $234,900 (1.0%) $299,117 (5.6%) 0.76 443
2019-11-01 $229,900 (-0.1%) $299,206 (5.5%) 0.75 433
2019-12-01 $225,675 (-3.9%) $303,351 (6.0%) 0.75 375
2020-01-01 $229,900 (-4.1%) $307,970 (6.2%) 0.77 306
2020-02-01 $259,900 (2.7%) $329,594 (7.2%) 0.85 282
2020-03-01 $261,463 (0.8%) $331,988 (2.1%) 0.82 304
2020-04-01 $262,519 (1.3%) $323,208 (0.9%) 0.82 335
2020-05-01 $270,400 (8.2%) $326,960 (5.1%) 0.82 325
2020-06-01 $279,375 (11.8%) $345,963 (14.4%) 0.82 305
2020-07-01 $286,775 (17.6%) $355,011 (17.1%) 0.83 270
2020-08-01 $274,900 (13.5%) $341,231 (11.6%) 0.79 264
2020-09-01 $262,500 (10.2%) $323,279 (6.5%) 0.75 282
2020-10-01 $255,000 (8.6%) $313,304 (4.7%) 0.73 238
2020-11-01 $249,450 (8.5%) $300,119 (0.3%) 0.73 242
2020-12-01 $249,900 (10.7%) $303,196 (-0.1%) 0.74 209
2021-01-01 $259,400 (12.8%) $335,312 (8.9%) 0.77 140
2021-02-01 $272,050 (4.7%) $352,700 (7.0%) 0.79 136
2021-03-01 $266,150 (1.8%) $380,747 (14.7%) 0.76 121
2021-04-01 $272,400 (3.8%) $381,430 (18.0%) 0.74 127
2021-05-01 $274,950 (1.7%) $349,948 (7.0%) 0.73 157
2021-06-01 $284,900 (2.0%) $349,821 (1.1%) 0.75 178
2021-07-01 $287,450 (0.2%) $348,141 (-1.9%) 0.76 206
2021-08-01 $299,900 (9.1%) $347,883 (2.0%) 0.80 222
2021-09-01 $299,925 (14.3%) $355,587 (10.0%) 0.80 256
2021-10-01 $279,900 (9.8%) $337,645 (7.8%) 0.75 247
2021-11-01 $282,450 (13.2%) $359,647 (19.8%) 0.76 216
2021-12-01 $298,175 (19.3%) $360,246 (18.8%) 0.81 186
2022-01-01 $289,900 (11.8%) $349,399 (4.2%) 0.78 139
2022-02-01 $312,325 (14.8%) $370,575 (5.1%) 0.81 116
2022-03-01 $326,900 (22.8%) $400,242 (5.1%) 0.82 118
2022-04-01 $319,900 (17.4%) $379,819 (-0.4%) 0.76 134
2022-05-01 $333,450 (21.3%) $394,776 (12.8%) 0.76 171
2022-06-01 $354,200 (24.3%) $406,406 (16.2%) 0.79 202
2022-07-01 $346,000 (20.4%) $393,280 (13.0%) 0.78 257
2022-08-01 $364,925 (21.7%) $413,096 (18.8%) 0.84 246
2022-09-01 $369,900 (23.3%) $417,447 (17.4%) 0.86 226
2022-10-01 $372,400 (33.1%) $424,514 (25.7%) 0.88 222
2022-11-01 $357,450 (26.6%) $406,479 (13.0%) 0.86 224
2022-12-01 $359,900 (20.7%) $406,062 (12.7%) 0.89 190
2023-01-01 $359,450 (24.0%) $409,840 (17.3%) 0.89 159
2023-02-01 $332,475 (6.5%) $407,618 (10.0%) 0.80 140
2023-03-01 $334,950 (2.5%) $413,482 (3.3%) 0.79 136
2023-04-01 $346,900 (8.4%) $433,717 (14.2%) 0.81 131
2023-05-01 $382,450 (14.7%) $467,997 (18.6%) 0.87 143
Eau Claire's median listing price for 2023-05-01 was $382,450, a difference of $49,000 (14.7%) versus the prior year and $35,550 versus the prior month.

Eau Claire's median listing price comes in at 87% of the national average.

Eau Claire's average listing price for 2023-05-01 was $467,997, a difference of $73,221 (18.6%) versus the prior year and $34,280 versus the prior month.

For the 2023-05-01 period, Eau Claire had 143 MLS listings, a difference of 12 listings (9%) versus the prior month and -28 listings (-16%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Eau Claire (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 118 days 2,015 sqft
2018-02-01 103 days 1,964 sqft
2018-03-01 41 days 2,018 sqft
2018-04-01 45 days 2,067 sqft
2018-05-01 53 days 2,029 sqft
2018-06-01 51 days 2,027 sqft
2018-07-01 48 days 2,052 sqft
2018-08-01 47 days 2,036 sqft
2018-09-01 54 days 1,975 sqft
2018-10-01 61 days 1,977 sqft
2018-11-01 70 days 1,876 sqft
2018-12-01 91 days 1,836 sqft
2019-01-01 97 days 1,781 sqft
2019-02-01 94 days 1,941 sqft
2019-03-01 70 days 2,010 sqft
2019-04-01 51 days 1,988 sqft
2019-05-01 44 days 1,830 sqft
2019-06-01 40 days 1,904 sqft
2019-07-01 49 days 1,880 sqft
2019-08-01 55 days 1,816 sqft
2019-09-01 58 days 1,784 sqft
2019-10-01 58 days 1,762 sqft
2019-11-01 64 days 1,745 sqft
2019-12-01 80 days 1,716 sqft
2020-01-01 89 days 1,722 sqft
2020-02-01 96 days 1,796 sqft
2020-03-01 57 days 1,905 sqft
2020-04-01 51 days 1,900 sqft
2020-05-01 49 days 1,965 sqft
2020-06-01 58 days 2,063 sqft
2020-07-01 62 days 2,004 sqft
2020-08-01 47 days 2,034 sqft
2020-09-01 32 days 1,925 sqft
2020-10-01 40 days 1,891 sqft
2020-11-01 43 days 1,785 sqft
2020-12-01 60 days 1,785 sqft
2021-01-01 72 days 1,800 sqft
2021-02-01 50 days 1,854 sqft
2021-03-01 31 days 1,800 sqft
2021-04-01 25 days 1,803 sqft
2021-05-01 18 days 1,668 sqft
2021-06-01 26 days 1,679 sqft
2021-07-01 26 days 1,707 sqft
2021-08-01 31 days 1,909 sqft
2021-09-01 38 days 1,849 sqft
2021-10-01 45 days 1,685 sqft
2021-11-01 56 days 1,692 sqft
2021-12-01 56 days 1,735 sqft
2022-01-01 66 days 1,628 sqft
2022-02-01 63 days 1,672 sqft
2022-03-01 38 days 1,732 sqft
2022-04-01 23 days 1,825 sqft
2022-05-01 23 days 2,047 sqft
2022-06-01 27 days 2,084 sqft
2022-07-01 30 days 1,952 sqft
2022-08-01 42 days 2,136 sqft
2022-09-01 53 days 2,098 sqft
2022-10-01 48 days 2,047 sqft
2022-11-01 49 days 1,994 sqft
2022-12-01 68 days 2,000 sqft
2023-01-01 78 days 1,970 sqft
2023-02-01 78 days 1,834 sqft
2023-03-01 59 days 1,840 sqft
2023-04-01 36 days 1,893 sqft
2023-05-01 30 days 2,122 sqft
Eau Claire's median listing age (time on market) for 2023-05-01 was 30 days. This is 32% longer than the same period one year ago.

Eau Claire's median square footage for active listings during the 2023-05-01 period was 2,122 sqft. One year prior, the average listing was 2,047 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).