Eau Claire FHA Loan Rates, Closing Costs & Stats

EAU CLAIRE, 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.

    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).