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 40 lenders originated 160 FHA loans during 2023. The total origination value was $35,680,000, with an average FHA loan value of $223,000.

    Eau Claire FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Eau Claire averaged 6.75% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Eau Claire's average FHA mortgage closing costs are $6,845.

    The average rate for the prior week (2024-04-12) was 6.54% and one month ago for the week of 2024-03-15, the average rate was 6.41%.

    The average rate one year ago was 6.54%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.94%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 26 6.45% $9,285
    Royal Credit Union 12 6.85% $9,506
    FIRST COMMUNITY MORTGAGE, INC. 10 7.03% $8,968
    GSF Mortgage Corporation 10 6.60% $10,198
    UNITED WHOLESALE MORTGAGE, LLC 9 6.48% $9,976
    PENNYMAC LOAN SERVICES, LLC 7 6.66% $9,970
    LOANDEPOT.COM, LLC 7 6.94% $10,354
    CROSSCOUNTRY MORTGAGE, LLC 6 7.13% $8,588
    LAND HOME FINANCIAL SERVICES, INC. 5 6.37% $10,875
    CARDINAL FINANCIAL 5 6.65% $10,508
    UNION HOME MORTGAGE CORP. 5 7.20% $9,862
    Flagstar Bank, FSB 3 7.26% $6,831
    Prosperity Home Mortgage, LLC 3 6.96% $6,678
    Mr. Cooper ( Nationstar Mortgage ) 3 6.13% $14,280
    FREEDOM MORTGAGE CORPORATION 2 6.50% $16,372
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.00% $6,879
    Barrington Bank & Trust Company, N.A. 2 6.50% $14,482
    LAKEVIEW LOAN SERVICING, LLC 2 5.88% $11,385
    American Mortgage & Equity Consultants, Inc. 2 6.56% $9,270
    AMERICAN FINANCING CORPORATION 2 6.13% $13,106
    Bremer Bank 2 7.00% $6,141
    Mortgage Research Center, LLC 2 7.25% $6,879
    NEWREZ LLC 2 5.75% $16,010
    Nations Lending Corporation 2 7.06% $8,250
    AMERISAVE MORTGAGE CORPORATION 2 6.50% $11,672
    ZILLOW HOME LOANS, LLC 1 6.50% $8,304
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $7,984
    ENDEAVOR CAPITAL, LLC. 1 6.99% $11,863
    Florida Capital Bank 1 7.13% $8,473
    Ixonia Bank 1 7.25% $10,379
    MLD MORTGAGE INC. 1 5.75% $8,910
    North American Savings Bank, F.S.B. 1 5.75% $7,202
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.50% $10,426
    SUN WEST MORTGAGE COMPANY, INC. 1 7.88% $5,047
    SWBC MORTGAGE CORPORATION 1 6.75% $12,715
    Tradition Mortgage, LLC 1 6.38% $9,967
    U.S. Bank 1 5.63% $18,829
    V.I.P. MORTGAGE, INC. 1 8.13% $12,010
    Waterstone Mortgage Corporation 1 6.63% $5,861
    AMERICAN FINANCIAL NETWORK, INC. 1 6.50% $12,177

    The top Eau Claire FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 26 FHA loans originated. Their average total fees are $9,285, which is $222 lower than the next largest lender, Royal Credit Union.

    The lowest fee Eau Claire FHA lenders (with over 10 loans originated) are FIRST COMMUNITY MORTGAGE, INC. ($8,968), QUICKEN LOANS, LLC ($9,285), Royal Credit Union ($9,506), GSF Mortgage Corporation ($10,198) and .

    The lowest rate Eau Claire FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.45%), GSF Mortgage Corporation (6.60%), Royal Credit Union (6.85%), FIRST COMMUNITY MORTGAGE, INC. (7.03%) 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 (2.7%) $288,016 (-4.1%) 0.87 358
    2018-04-01 $244,900 (2.1%) $285,823 (-7.4%) 0.83 363
    2018-05-01 $249,900 (0.0%) $289,666 (-8.0%) 0.83 381
    2018-06-01 $258,900 (4.3%) $302,409 (-2.1%) 0.86 378
    2018-07-01 $252,400 (1.0%) $297,157 (-4.0%) 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%) $286,576 (5.2%) 0.81 358
    2019-01-01 $240,450 (2.8%) $290,761 (2.0%) 0.83 333
    2019-02-01 $254,025 (3.7%) $308,380 (4.7%) 0.86 321
    2019-03-01 $259,900 (4.4%) $325,697 (13.1%) 0.85 314
    2019-04-01 $259,900 (6.1%) $320,815 (12.2%) 0.83 328
    2019-05-01 $249,900 (0.0%) $311,472 (7.5%) 0.78 347
    2019-06-01 $249,900 (-3.5%) $302,688 (0.1%) 0.78 389
    2019-07-01 $244,450 (-3.2%) $303,396 (2.1%) 0.77 406
    2019-08-01 $242,245 (-3.1%) $306,104 (4.6%) 0.77 412
    2019-09-01 $238,114 (-0.7%) $303,614 (4.7%) 0.76 421
    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 (5.9%) 0.75 375
    2020-01-01 $229,900 (-4.4%) $307,970 (5.9%) 0.77 306
    2020-02-01 $259,900 (2.3%) $329,594 (6.9%) 0.85 282
    2020-03-01 $261,463 (0.6%) $331,988 (1.9%) 0.82 304
    2020-04-01 $262,519 (1.0%) $323,208 (0.8%) 0.82 335
    2020-05-01 $270,400 (8.2%) $326,960 (5.0%) 0.82 325
    2020-06-01 $278,850 (11.6%) $345,983 (14.3%) 0.82 304
    2020-07-01 $286,350 (17.1%) $355,069 (17.0%) 0.83 269
    2020-08-01 $274,900 (13.5%) $341,358 (11.5%) 0.79 265
    2020-09-01 $263,450 (10.6%) $323,338 (6.5%) 0.75 283
    2020-10-01 $254,950 (8.5%) $312,344 (4.4%) 0.73 237
    2020-11-01 $248,450 (8.1%) $299,020 (-0.1%) 0.73 241
    2020-12-01 $248,481 (10.1%) $301,949 (-0.5%) 0.74 208
    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 $274,900 (1.7%) $349,948 (7.0%) 0.73 157
    2021-06-01 $284,900 (2.2%) $349,311 (1.0%) 0.75 178
    2021-07-01 $287,450 (0.4%) $348,141 (-2.0%) 0.76 206
    2021-08-01 $299,900 (9.1%) $347,883 (1.9%) 0.80 222
    2021-09-01 $299,925 (13.9%) $355,587 (10.0%) 0.80 256
    2021-10-01 $279,900 (9.8%) $337,645 (8.1%) 0.75 247
    2021-11-01 $282,450 (13.7%) $359,647 (20.3%) 0.75 216
    2021-12-01 $298,175 (20.0%) $360,246 (19.3%) 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 $324,400 (21.9%) $399,467 (4.9%) 0.81 118
    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 (16.4%) 0.79 202
    2022-07-01 $345,450 (20.2%) $393,280 (13.0%) 0.78 257
    2022-08-01 $364,925 (21.7%) $412,939 (18.7%) 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%) $406,800 (12.9%) 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 (3.3%) $413,482 (3.5%) 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
    2023-06-01 $382,450 (8.0%) $451,488 (11.1%) 0.86 157
    2023-07-01 $394,950 (14.3%) $469,206 (19.3%) 0.90 183
    2023-08-01 $372,413 (2.1%) $451,009 (9.2%) 0.86 219
    2023-09-01 $364,900 (-1.4%) $446,174 (6.9%) 0.85 244
    2023-10-01 $368,425 (-1.1%) $441,492 (4.0%) 0.87 280
    2023-11-01 $385,500 (7.9%) $455,979 (12.2%) 0.92 248
    2023-12-01 $395,000 (9.8%) $456,762 (12.3%) 0.96 213
    2024-01-01 $399,900 (11.3%) $466,856 (13.9%) 0.98 171
    2024-02-01 $399,900 (20.3%) $471,779 (15.7%) 0.96 161
    2024-03-01 $399,900 (19.4%) $464,711 (12.4%) 0.94 171
    Eau Claire's median listing price for 2024-03-01 was $399,900, a difference of $64,950 (19.4%) versus the prior year and $0 versus the prior month.

    Eau Claire's median listing price comes in at 94% of the national average.

    Eau Claire's average listing price for 2024-03-01 was $464,711, a difference of $51,229 (12.4%) versus the prior year and $-7,068 versus the prior month.

    For the 2024-03-01 period, Eau Claire had 171 MLS listings, a difference of 10 listings (6%) versus the prior month and 35 listings (26%) 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 92 days 1,840 sqft
    2019-01-01 98 days 1,796 sqft
    2019-02-01 94 days 1,949 sqft
    2019-03-01 70 days 2,020 sqft
    2019-04-01 50 days 1,997 sqft
    2019-05-01 44 days 1,839 sqft
    2019-06-01 40 days 1,906 sqft
    2019-07-01 49 days 1,887 sqft
    2019-08-01 55 days 1,818 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 2,066 sqft
    2020-07-01 62 days 2,011 sqft
    2020-08-01 47 days 2,028 sqft
    2020-09-01 33 days 1,922 sqft
    2020-10-01 40 days 1,890 sqft
    2020-11-01 43 days 1,785 sqft
    2020-12-01 59 days 1,784 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 1,672 sqft
    2021-06-01 26 days 1,683 sqft
    2021-07-01 26 days 1,714 sqft
    2021-08-01 31 days 1,913 sqft
    2021-09-01 38 days 1,859 sqft
    2021-10-01 45 days 1,685 sqft
    2021-11-01 56 days 1,698 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 40 days 1,725 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 2,129 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
    2023-06-01 28 days 2,152 sqft
    2023-07-01 29 days 2,154 sqft
    2023-08-01 30 days 2,028 sqft
    2023-09-01 39 days 2,000 sqft
    2023-10-01 43 days 2,083 sqft
    2023-11-01 62 days 2,083 sqft
    2023-12-01 83 days 2,059 sqft
    2024-01-01 99 days 2,011 sqft
    2024-02-01 83 days 2,014 sqft
    2024-03-01 40 days 2,085 sqft
    Eau Claire's median listing age (time on market) for 2024-03-01 was 40 days. This is -32% shorter than the same period one year ago.

    Eau Claire's median square footage for active listings during the 2024-03-01 period was 2,085 sqft. One year prior, the average listing was 1,840 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).