Eau Claire FHA Loans

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 62 lenders originated 355 FHA loans during 2021. The total origination value was $66,395,000, with an average FHA loan value of $187,028.

Eau Claire FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Eau Claire averaged 5.48% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.11% and one month ago for the week of 2022-04-08, the average rate was 4.78%.

The average rate one year ago was 3.29%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.05%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Eau Claire level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 62 2.73% $6,239
FINANCE OF AMERICA MORTGAGE LLC 19 2.94% $7,102
PRIMELENDING, A PLAINSCAPITAL COMPANY 19 3.31% $6,866
PENNYMAC LOAN SERVICES, LLC 18 2.87% $4,888
American Mortgage & Equity Consultants, Inc. 18 3.47% $6,970
FREEDOM MORTGAGE CORPORATION 15 3.07% $4,111
Mr. Cooper ( Nationstar Mortgage ) 12 3.49% $3,932
CROSSCOUNTRY MORTGAGE, LLC 12 3.26% $6,920
INLANTA MORTGAGE, INC. 10 3.36% $5,893
LAKEVIEW LOAN SERVICING, LLC 9 3.04% $4,107
Bremer Bank 9 3.32% $5,924
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.57% $4,930
U.S. Bank 6 2.87% $6,249
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.77% $8,646
LOANDEPOT.COM, LLC 6 3.52% $8,841
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 3.45% $6,327
Prosperity Home Mortgage, LLC 5 3.23% $6,427
Associated Bank 5 2.85% $5,459
GSF Mortgage Corporation 4 3.09% $8,070
Barrington Bank & Trust Company, N.A. 4 3.13% $6,544
Plains Commerce Bank 4 2.84% $7,330
Waterstone Mortgage Corporation 3 3.04% $9,259
Paramount Residential Mortgage Group, Inc. 3 3.58% $8,312
UNITED WHOLESALE MORTGAGE, LLC 3 2.75% $5,359
CALIBER HOME LOANS, INC. 3 2.67% $4,505
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.71% $6,490
UNION HOME MORTGAGE CORP. 2 3.19% $7,161
AMERISAVE MORTGAGE CORPORATION 2 2.94% $9,594
DAS Acquisition Company, LLC 2 3.81% $7,388
Flagstar Bank, FSB 2 2.72% $6,027
Servion, Inc. 2 2.94% $8,079
PARKSIDE LENDING, LLC 2 3.00% $6,161
LEADERONE FINANCIAL CORPORATION 2 4.00% $7,480
NEWREZ LLC 2 3.19% $3,177
CHERRY CREEK MORTGAGE, LLC 2 3.63% $2,369
Bell Bank 2 2.69% $6,606
Wells Fargo Bank 2 2.88% $6,135
WISCONSIN MORTGAGE CORPORATION 1 2.63% $9,394
AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $4,368
A + MORTGAGE SERVICES, INC. 1 2.99% $4,711
BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $8,618
BROKER SOLUTIONS, INC. 1 4.13% $7,120
CMG MORTGAGE, INC. 1 3.25% $10,552
FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.50% $8,283
GUARANTEED RATE, INC. 1 3.00% $5,714
GUARANTY HOME MORTGAGE CORPORATION 1 3.13% $5,832
Home Federal Savings Bank 1 3.00% $7,514
INTELLILOAN, INC. 1 3.75% $9,978
Ixonia Bank 1 3.00% $7,543
LAND HOME FINANCIAL SERVICES, INC. 1 3.38% $5,803
MICHIGAN MUTUAL, INC. 1 4.63% $6,312
MORIA DEVELOPMENT, INC. 1 3.75% $6,523
Mortgage Research Center, LLC 1 2.99% $13,338
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.50% $6,533
Nations Lending Corporation 1 2.75% $6,356
Old National Bank 1 3.38% $5,554
PLANET HOME LENDING, LLC 1 2.63% $4,947
PLAZA HOME MORTGAGE, INC. 1 3.13% $5,271
RESULTS MORTGAGE, LLC 1 3.00% $5,887
Sierra Pacific Mortgage Company, Inc. 1 3.63% $9,270
Tradition Mortgage, LLC 1 2.75% $7,183
AMERICAN FINANCIAL NETWORK, INC. 1 3.13% $10,061

The top Eau Claire FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 62 FHA loans originated. Their average total fees are $6,239, which is $863 lower than the next largest lender, FINANCE OF AMERICA MORTGAGE LLC.

The lowest fee Eau Claire FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,932), FREEDOM MORTGAGE CORPORATION ($4,111), PENNYMAC LOAN SERVICES, LLC ($4,888), INLANTA MORTGAGE, INC. ($5,893) and QUICKEN LOANS, LLC ($6,239).

The lowest rate Eau Claire FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.73%), PENNYMAC LOAN SERVICES, LLC (2.87%), FINANCE OF AMERICA MORTGAGE LLC (2.94%), FREEDOM MORTGAGE CORPORATION (3.07%) and CROSSCOUNTRY MORTGAGE, LLC (3.26%).

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

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 $235,950 (4.9%) $302,134 (6.1%) 0.87 328
2018-02-01 $249,850 (4.2%) $309,500 (2.4%) 0.90 340
2018-03-01 $249,900 (3.1%) $300,467 (-1.9%) 0.86 393
2018-04-01 $244,900 (-0.9%) $291,255 (-9.5%) 0.82 390
2018-05-01 $249,900 (-1.6%) $291,105 (-10.1%) 0.83 414
2018-06-01 $269,900 (8.0%) $314,499 (-0.6%) 0.90 414
2018-07-01 $260,400 (0.2%) $314,534 (0.1%) 0.87 483
2018-08-01 $257,450 (-0.7%) $312,073 (-3.1%) 0.86 550
2018-09-01 $249,900 (0.0%) $308,164 (-1.2%) 0.84 534
2018-10-01 $239,900 (0.2%) $297,382 (-4.5%) 0.80 550
2018-11-01 $234,900 (2.6%) $296,906 (-3.2%) 0.79 500
2018-12-01 $239,000 (4.9%) $300,064 (4.1%) 0.82 407
2019-01-01 $244,900 (3.8%) $307,846 (1.9%) 0.84 380
2019-02-01 $256,400 (2.6%) $326,775 (5.6%) 0.86 366
2019-03-01 $262,900 (5.2%) $339,571 (13.0%) 0.86 356
2019-04-01 $262,900 (7.4%) $339,434 (16.5%) 0.83 370
2019-05-01 $257,400 (3.0%) $325,362 (11.8%) 0.79 393
2019-06-01 $249,900 (-7.4%) $307,893 (-2.1%) 0.77 452
2019-07-01 $248,900 (-4.4%) $308,570 (-1.9%) 0.77 467
2019-08-01 $240,943 (-6.4%) $303,780 (-2.7%) 0.76 525
2019-09-01 $234,743 (-6.1%) $294,703 (-4.4%) 0.75 555
2019-10-01 $237,200 (-1.1%) $297,215 (-0.1%) 0.76 517
2019-11-01 $236,900 (0.9%) $295,065 (-0.6%) 0.76 478
2019-12-01 $227,450 (-4.8%) $301,576 (0.5%) 0.76 416
2020-01-01 $231,825 (-5.3%) $303,898 (-1.3%) 0.77 346
2020-02-01 $264,900 (3.3%) $331,281 (1.4%) 0.85 322
2020-03-01 $264,950 (0.8%) $336,533 (-0.9%) 0.83 353
2020-04-01 $267,900 (1.9%) $325,489 (-4.1%) 0.83 386
2020-05-01 $279,900 (8.7%) $330,875 (1.7%) 0.85 371
2020-06-01 $282,450 (13.0%) $347,064 (12.7%) 0.82 332
2020-07-01 $279,900 (12.5%) $348,672 (13.0%) 0.80 289
2020-08-01 $275,000 (14.1%) $341,911 (12.6%) 0.79 276
2020-09-01 $266,400 (13.5%) $329,193 (11.7%) 0.76 296
2020-10-01 $255,000 (7.5%) $319,677 (7.6%) 0.73 252
2020-11-01 $249,450 (5.3%) $305,771 (3.6%) 0.71 254
2020-12-01 $250,000 (9.9%) $309,486 (2.6%) 0.73 218
2021-01-01 $264,900 (14.3%) $353,668 (16.4%) 0.78 157
2021-02-01 $278,650 (5.2%) $384,034 (15.9%) 0.80 149
2021-03-01 $273,950 (3.4%) $432,691 (28.6%) 0.77 133
2021-04-01 $279,950 (4.5%) $429,651 (32.0%) 0.75 137
2021-05-01 $279,000 (-0.3%) $386,014 (16.7%) 0.73 160
2021-06-01 $287,400 (1.8%) $383,030 (10.4%) 0.75 187
2021-07-01 $312,400 (11.6%) $366,279 (5.1%) 0.81 216
2021-08-01 $269,900 (-1.9%) $322,773 (-5.6%) 0.71 557
2021-09-01 $263,725 (-1.0%) $318,326 (-3.3%) 0.69 525
2021-10-01 $262,000 (2.8%) $317,962 (-0.5%) 0.69 521
2021-11-01 $284,900 (14.2%) $371,178 (21.4%) 0.75 227
2021-12-01 $292,500 (17.0%) $369,983 (19.6%) 0.78 196
2022-01-01 $298,900 (12.8%) $363,239 (2.7%) 0.80 145
2022-02-01 $324,900 (16.6%) $409,388 (6.6%) 0.83 125
2022-03-01 $341,400 (24.6%) $442,699 (2.3%) 0.84 127
2022-04-01 $319,900 (14.3%) $403,234 (-6.2%) 0.75 143
Eau Claire's median listing price for 2022-04-01 was $319,900, a difference of $39,950 (14.3%) versus the prior year and $-21,500 versus the prior month.

Eau Claire's median listing price comes in at 75% of the national average.

Eau Claire's average listing price for 2022-04-01 was $403,234, a difference of $-26,417 (-6.2%) versus the prior year and $-39,465 versus the prior month.

For the 2022-04-01 period, Eau Claire had 143 MLS listings, a difference of 16 listings (13%) versus the prior month and 6 listings (4%) 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
2018-01-01 129 days 2,032 sqft
2018-02-01 115 days 2,022 sqft
2018-03-01 46 days 2,072 sqft
2018-04-01 48 days 2,100 sqft
2018-05-01 56 days 2,037 sqft
2018-06-01 55 days 2,072 sqft
2018-07-01 51 days 2,132 sqft
2018-08-01 52 days 2,124 sqft
2018-09-01 61 days 2,033 sqft
2018-10-01 66 days 2,029 sqft
2018-11-01 74 days 1,925 sqft
2018-12-01 94 days 1,900 sqft
2019-01-01 104 days 1,896 sqft
2019-02-01 100 days 2,046 sqft
2019-03-01 84 days 2,095 sqft
2019-04-01 64 days 2,070 sqft
2019-05-01 46 days 1,937 sqft
2019-06-01 43 days 1,920 sqft
2019-07-01 50 days 1,911 sqft
2019-08-01 56 days 1,809 sqft
2019-09-01 57 days 1,777 sqft
2019-10-01 58 days 1,782 sqft
2019-11-01 65 days 1,750 sqft
2019-12-01 78 days 1,739 sqft
2020-01-01 91 days 1,742 sqft
2020-02-01 94 days 1,850 sqft
2020-03-01 58 days 1,983 sqft
2020-04-01 55 days 1,984 sqft
2020-05-01 55 days 2,033 sqft
2020-06-01 64 days 2,073 sqft
2020-07-01 69 days 2,022 sqft
2020-08-01 51 days 2,064 sqft
2020-09-01 36 days 1,965 sqft
2020-10-01 43 days 1,900 sqft
2020-11-01 50 days 1,811 sqft
2020-12-01 65 days 1,802 sqft
2021-01-01 78 days 1,854 sqft
2021-02-01 78 days 1,953 sqft
2021-03-01 47 days 1,867 sqft
2021-04-01 31 days 1,820 sqft
2021-05-01 24 days 1,700 sqft
2021-06-01 33 days 1,707 sqft
2021-07-01 30 days 1,837 sqft
2021-08-01 39 days 1,801 sqft
2021-09-01 43 days 1,808 sqft
2021-10-01 43 days 1,794 sqft
2021-11-01 58 days 1,732 sqft
2021-12-01 57 days 1,752 sqft
2022-01-01 65 days 1,695 sqft
2022-02-01 66 days 1,705 sqft
2022-03-01 36 days 1,819 sqft
2022-04-01 24 days 1,896 sqft
Eau Claire's median listing age (time on market) for 2022-04-01 was 24 days. This is -21% shorter than the same period one year ago.

Eau Claire's median square footage for active listings during the 2022-04-01 period was 1,896 sqft. One year prior, the average listing was 1,820 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).