Janesville FHA Loan Rates, Closing Costs & Stats

JANESVILLE-BELOIT, 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.

    Janesville's 65 lenders originated 360 FHA loans during 2023. The total origination value was $75,030,000, with an average FHA loan value of $208,417.

    Janesville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Janesville averaged 6.43% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Janesville's average FHA mortgage closing costs are $6,697.

    The average rate for the prior week (2024-11-01) was 6.5% and one month ago for the week of 2024-10-04, the average rate was 5.82%.

    The average rate one year ago was 7.57%.

    For refis of the same type during the week of 2024-11-08, the average rate was 5.58%.

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

    Janesville 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 Janesville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 67 6.30% $9,396
    GUILD MORTGAGE COMPANY 46 6.95% $9,903
    THOMPSON KANE & COMPANY, LLC 28 6.83% $9,275
    ENVOY MORTGAGE, LTD 12 6.72% $10,438
    UNITED WHOLESALE MORTGAGE, LLC 11 6.42% $11,137
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 7.17% $8,636
    CARDINAL FINANCIAL 9 7.55% $9,029
    Associated Bank 7 6.29% $5,819
    Mr. Cooper ( Nationstar Mortgage ) 6 6.21% $12,799
    Bell Bank 6 6.15% $12,036
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 7.00% $8,037
    U.S. Bank 5 6.45% $6,928
    Carrington Mortgage Services, LLC 5 6.43% $9,317
    PENNYMAC LOAN SERVICES, LLC 5 6.37% $12,672
    PLANET HOME LENDING, LLC 5 6.37% $9,493
    Prosperity Home Mortgage, LLC 5 6.80% $8,294
    AMERISAVE MORTGAGE CORPORATION 5 6.00% $9,811
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.75% $11,778
    FREEDOM MORTGAGE CORPORATION 5 6.95% $9,811
    LOANDEPOT.COM, LLC 5 6.53% $11,296
    BROKER SOLUTIONS, INC. 5 6.70% $11,681
    CROSSCOUNTRY MORTGAGE, LLC 4 6.84% $8,602
    CORNERSTONE HOME LENDING, INC. 4 6.28% $14,855
    GREENSTATE CREDIT UNION 4 6.31% $8,079
    GUARANTEED RATE, INC. 4 6.68% $9,839
    Blackhawk Bank 4 7.53% $6,474
    Bank of England 3 6.88% $8,720
    Old National Bank 3 6.29% $8,276
    MORTGAGE CENTER L.C 3 6.92% $8,439
    NEWREZ LLC 3 6.75% $9,345
    ENDEAVOR CAPITAL, LLC. 3 7.33% $9,397
    WISCONSIN MORTGAGE CORPORATION 3 6.88% $7,659
    Barrington Bank & Trust Company, N.A. 3 6.92% $8,227
    EMBRACE HOME LOANS, INC. 3 6.75% $8,431
    Flagstar Bank, FSB 2 6.25% $10,842
    Nations Lending Corporation 2 7.50% $7,064
    ROYAL UNITED MORTGAGE LLC 2 7.06% $11,603
    University of Wisconsin Credit Union 2 6.88% $9,480
    American Mortgage & Equity Consultants, Inc. 2 7.19% $8,329
    Century Mortgage Company DBA Century Lending Company 2 5.69% $6,908
    JPMorgan Chase Bank 1 6.75% $6,340
    AMERICAN FINANCING CORPORATION 1 6.99% $11,603
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.63% $8,289
    BMO Harris Bank 1 7.75% $10,895
    CMG MORTGAGE, INC. 1 7.25% $15,692
    DAS Acquisition Company, LLC 1 7.13% $8,405
    First Federal Bank 1 5.75% $15,374
    First Mid Bank & Trust 1 8.13% $6,949
    FIRST STATE MORTGAGE SERVICES, LLC 1 7.13% $9,018
    Allied First Bank,sb 1 7.00% $7,589
    Lakeview Community Capital, LLC 1 5.25% $9,009
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,162
    Mortgage Research Center, LLC 1 7.25% $5,374
    M&T Bank 1 6.63% $10,991
    NBKC BANK 1 6.38% $9,334
    NORTHWEST BANK OF ROCKFORD 1 6.38% $5,813
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $8,397
    RUOFF MORTGAGE COMPANY, INC. 1 6.25% $5,935
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.25% $10,480
    SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $5,713
    The Equitable Bank, S.S.B. 1 6.13% $8,624
    UNION HOME MORTGAGE CORP. 1 7.75% $5,930
    V.I.P. MORTGAGE, INC. 1 7.63% $17,041
    Waukesha State Bank 1 5.75% $6,064
    Wells Fargo Bank 1 6.63% $7,741

    The top Janesville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 67 FHA loans originated. Their average total fees are $9,396, which is $507 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Janesville FHA lenders (with over 10 loans originated) are THOMPSON KANE & COMPANY, LLC ($9,275), QUICKEN LOANS, LLC ($9,396), GUILD MORTGAGE COMPANY ($9,903), ENVOY MORTGAGE, LTD ($10,438) and UNITED WHOLESALE MORTGAGE, LLC ($11,137).

    The lowest rate Janesville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.30%), UNITED WHOLESALE MORTGAGE, LLC (6.42%), ENVOY MORTGAGE, LTD (6.72%), THOMPSON KANE & COMPANY, LLC (6.83%) and GUILD MORTGAGE COMPANY (6.95%).

    Janesville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    JANESVILLE-BELOIT, WI ROCK 2022 $420,680 $538,650 $651,050 $809,150
    JANESVILLE-BELOIT, WI ROCK 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).