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 69 lenders originated 407 FHA loans during 2022. The total origination value was $88,295,000, with an average FHA loan value of $216,941.

    Janesville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Janesville averaged 6.18% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Janesville's average FHA mortgage closing costs are $6,271.

    The average rate for the prior week (2023-05-19) was 6.25% and one month ago for the week of 2023-04-21, the average rate was 6.3%.

    The average rate one year ago was 5.21%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.32%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 55 4.63% $7,973
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 27 5.01% $8,070
    THOMPSON KANE & COMPANY, LLC 22 5.78% $7,507
    ENVOY MORTGAGE, LTD 21 5.27% $9,407
    GUILD MORTGAGE COMPANY 20 5.31% $9,549
    INLANTA MORTGAGE, INC. 18 5.39% $9,033
    CARDINAL FINANCIAL 16 5.26% $11,251
    WISCONSIN MORTGAGE CORPORATION 12 4.73% $5,016
    UNITED WHOLESALE MORTGAGE, LLC 11 5.00% $7,770
    LOANDEPOT.COM, LLC 10 5.31% $8,451
    Associated Bank 9 5.08% $5,217
    NEWREZ LLC 9 4.65% $6,662
    Mr. Cooper ( Nationstar Mortgage ) 9 5.10% $11,898
    FREEDOM MORTGAGE CORPORATION 8 4.31% $8,316
    Nations Lending Corporation 7 5.57% $9,290
    PENNYMAC LOAN SERVICES, LLC 7 4.12% $9,259
    BROKER SOLUTIONS, INC. 6 5.33% $9,384
    AMERISAVE MORTGAGE CORPORATION 6 4.60% $9,512
    CORNERSTONE HOME LENDING, INC. 6 5.31% $9,022
    JPMorgan Chase Bank 6 4.96% $5,649
    Paramount Residential Mortgage Group, Inc. 6 5.73% $7,578
    U.S. Bank 5 4.45% $6,738
    Barrington Bank & Trust Company, N.A. 5 4.65% $7,758
    Blackhawk Bank 5 4.45% $6,775
    Prosperity Home Mortgage, LLC 5 6.33% $7,910
    VILLAGE CAPITAL MORTGAGE 4 3.25% $1,854
    Carrington Mortgage Services, LLC 4 5.03% $10,813
    DAS Acquisition Company, LLC 3 4.54% $9,579
    MUTUAL OF OMAHA MORTGAGE, INC. 3 5.50% $8,110
    HOME POINT FINANCIAL CORPORATION 3 4.79% $6,490
    LAKEVIEW LOAN SERVICING, LLC 3 4.38% $7,053
    FINANCE OF AMERICA MORTGAGE LLC 3 4.83% $7,262
    Bank of England 2 5.69% $7,173
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.25% $11,819
    AmeriHome Mortgage Company, LLC 2 5.63% $5,751
    Blue Ridge Bank 2 5.88% $7,309
    CROSSCOUNTRY MORTGAGE, LLC 2 5.56% $8,733
    Flagstar Bank, FSB 2 4.97% $7,136
    GUARANTEED RATE, INC. 2 5.00% $7,974
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.56% $13,018
    LAND HOME FINANCIAL SERVICES, INC. 2 4.81% $6,776
    Mortgage Research Center, LLC 2 4.63% $5,854
    NATIONS RELIABLE LENDING, LLC 2 4.06% $4,890
    PLANET HOME LENDING, LLC 2 5.37% $6,430
    MORTGAGE CENTER L.C 1 4.88% $6,664
    AXIA FINANCIAL, LLC 1 5.63% $5,730
    Lend Smart Mortgage, LLC 1 4.25% $5,181
    HOMESPIRE MORTGAGE CORPORATION 1 5.63% $7,835
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.25% $5,971
    V.I.P. MORTGAGE, INC. 1 5.63% $5,914
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.25% $9,140
    Neighborhood Loans, Inc. 1 4.25% $10,620
    Equity Prime Mortgage LLC 1 4.88% $6,820
    EMBRACE HOME LOANS, INC. 1 5.63% $11,358
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.13% $10,311
    ARC HOME LLC 1 2.63% $5,541
    CHURCHILL MORTGAGE CORPORATION 1 3.00% $5,160
    CALIBER HOME LOANS, INC. 1 3.88% $5,523
    ROYAL UNITED MORTGAGE LLC 1 4.88% $7,086
    Servion, Inc. 1 5.00% $12,802
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.63% $15,407
    BMO Harris Bank 1 3.75% $6,212
    TOWNE MORTGAGE COMPANY 1 4.50% $5,791
    AMERICAN FINANCING CORPORATION 1 6.00% $7,876
    University of Wisconsin Credit Union 1 3.75% $3,882
    Bank of America 1 3.38% $8,143
    LIBERTY HOME MORTGAGE CORPORATION 1 5.63% $6,569
    LOANPAL, LLC 1 2.88% $11,986
    Midwest Community Bank 1 3.25% $5,878

    The top Janesville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 55 FHA loans originated. Their average total fees are $7,973, which is $97 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Janesville FHA lenders (with over 10 loans originated) are WISCONSIN MORTGAGE CORPORATION ($5,016), THOMPSON KANE & COMPANY, LLC ($7,507), UNITED WHOLESALE MORTGAGE, LLC ($7,770), QUICKEN LOANS, LLC ($7,973) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,070).

    The lowest rate Janesville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.63%), WISCONSIN MORTGAGE CORPORATION (4.73%), UNITED WHOLESALE MORTGAGE, LLC (5.00%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.01%) and CARDINAL FINANCIAL (5.26%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Janesville (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 $166,700 (19.6%) $211,242 (14.1%) 0.62 307
    2018-02-01 $160,950 (14.1%) $211,298 (11.9%) 0.59 279
    2018-03-01 $182,000 (19.4%) $228,367 (15.1%) 0.64 232
    2018-04-01 $187,200 (10.9%) $230,697 (7.5%) 0.63 243
    2018-05-01 $185,725 (9.7%) $230,335 (5.6%) 0.62 246
    2018-06-01 $200,000 (21.9%) $240,544 (9.7%) 0.67 278
    2018-07-01 $206,820 (20.0%) $243,855 (8.2%) 0.69 316
    2018-08-01 $209,900 (20.4%) $244,659 (8.9%) 0.70 404
    2018-09-01 $194,900 (13.5%) $235,537 (6.6%) 0.66 434
    2018-10-01 $192,475 (13.1%) $234,271 (5.6%) 0.65 440
    2018-11-01 $194,950 (11.1%) $242,010 (12.6%) 0.66 410
    2018-12-01 $184,950 (8.2%) $230,725 (7.6%) 0.64 378
    2019-01-01 $188,400 (12.6%) $237,935 (12.6%) 0.65 337
    2019-02-01 $189,950 (16.6%) $239,384 (13.3%) 0.64 288
    2019-03-01 $214,900 (14.6%) $250,479 (9.7%) 0.72 275
    2019-04-01 $220,610 (17.0%) $248,515 (7.7%) 0.70 301
    2019-05-01 $224,950 (20.7%) $256,006 (11.1%) 0.70 327
    2019-06-01 $225,000 (9.8%) $259,377 (7.8%) 0.70 313
    2019-07-01 $227,425 (8.4%) $258,880 (6.2%) 0.71 336
    2019-08-01 $224,950 (8.2%) $257,746 (5.4%) 0.71 342
    2019-09-01 $219,900 (14.5%) $260,090 (10.4%) 0.69 333
    2019-10-01 $217,800 (12.6%) $251,231 (7.2%) 0.70 402
    2019-11-01 $214,900 (10.3%) $245,742 (1.5%) 0.70 358
    2019-12-01 $214,900 (16.2%) $239,766 (3.9%) 0.72 335
    2020-01-01 $210,175 (11.8%) $237,395 (-0.2%) 0.70 312
    2020-02-01 $214,100 (13.1%) $241,836 (1.0%) 0.70 253
    2020-03-01 $214,950 (2.7%) $247,097 (-1.4%) 0.67 249
    2020-04-01 $218,900 (-0.1%) $239,060 (-3.8%) 0.69 267
    2020-05-01 $221,450 (0.0%) $247,752 (-3.2%) 0.67 241
    2020-06-01 $219,650 (-2.3%) $256,738 (-1.0%) 0.65 214
    2020-07-01 $229,900 (1.5%) $266,507 (3.0%) 0.67 200
    2020-08-01 $249,000 (10.0%) $277,667 (7.7%) 0.71 219
    2020-09-01 $219,825 (0.5%) $271,170 (4.3%) 0.63 206
    2020-10-01 $219,900 (-0.9%) $271,129 (7.9%) 0.63 208
    2020-11-01 $212,450 (-0.1%) $257,217 (4.7%) 0.62 209
    2020-12-01 $209,950 (0.6%) $252,631 (5.4%) 0.62 165
    2021-01-01 $225,950 (7.7%) $253,471 (6.8%) 0.67 136
    2021-02-01 $224,900 (4.7%) $257,910 (6.7%) 0.65 126
    2021-03-01 $228,950 (5.7%) $269,413 (9.0%) 0.65 102
    2021-04-01 $247,900 (11.2%) $291,762 (22.1%) 0.67 112
    2021-05-01 $229,000 (2.2%) $277,369 (12.0%) 0.61 139
    2021-06-01 $227,450 (2.9%) $274,625 (7.0%) 0.60 158
    2021-07-01 $229,900 (-0.4%) $271,777 (2.0%) 0.61 192
    2021-08-01 $229,950 (-8.0%) $265,220 (-4.5%) 0.61 217
    2021-09-01 $236,175 (5.4%) $268,981 (-0.8%) 0.63 242
    2021-10-01 $239,900 (10.3%) $273,005 (0.7%) 0.64 240
    2021-11-01 $236,925 (14.1%) $274,801 (6.8%) 0.63 208
    2021-12-01 $229,075 (9.6%) $276,391 (9.4%) 0.62 191
    2022-01-01 $249,900 (10.1%) $293,330 (15.7%) 0.68 152
    2022-02-01 $271,200 (23.4%) $318,967 (23.7%) 0.71 128
    2022-03-01 $274,450 (20.1%) $327,573 (21.6%) 0.69 134
    2022-04-01 $289,900 (18.9%) $323,972 (11.0%) 0.69 162
    2022-05-01 $289,900 (26.1%) $312,685 (12.7%) 0.66 183
    2022-06-01 $293,675 (30.8%) $323,993 (18.0%) 0.65 196
    2022-07-01 $289,950 (27.2%) $323,031 (18.9%) 0.66 232
    2022-08-01 $293,725 (29.6%) $332,440 (25.3%) 0.68 238
    2022-09-01 $298,175 (26.8%) $341,159 (26.8%) 0.70 236
    2022-10-01 $303,266 (28.5%) $340,815 (24.8%) 0.71 252
    2022-11-01 $298,125 (22.5%) $338,969 (23.4%) 0.72 252
    2022-12-01 $299,900 (26.6%) $347,040 (25.6%) 0.74 197
    2023-01-01 $301,250 (21.5%) $353,176 (20.4%) 0.75 163
    2023-02-01 $312,059 (12.7%) $356,737 (11.8%) 0.75 130
    2023-03-01 $330,750 (0.0%) $365,893 (11.7%) 0.78 132
    2023-04-01 $338,442 (0.0%) $365,765 (12.9%) 0.79 132
    Janesville's median listing price for 2023-04-01 was $338,442, a difference of $48,542 (0.0%) versus the prior year and $7,692 versus the prior month.

    Janesville's median listing price comes in at 79% of the national average.

    Janesville's average listing price for 2023-04-01 was $365,765, a difference of $41,793 (12.9%) versus the prior year and $-128 versus the prior month.

    For the 2023-04-01 period, Janesville had 132 MLS listings, a difference of 0 listings (0%) versus the prior month and -30 listings (-19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Janesville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 80 days 1,651 sqft
    2018-02-01 84 days 1,634 sqft
    2018-03-01 61 days 1,675 sqft
    2018-04-01 41 days 1,731 sqft
    2018-05-01 38 days 1,745 sqft
    2018-06-01 41 days 1,787 sqft
    2018-07-01 39 days 1,793 sqft
    2018-08-01 38 days 1,771 sqft
    2018-09-01 43 days 1,756 sqft
    2018-10-01 50 days 1,724 sqft
    2018-11-01 54 days 1,729 sqft
    2018-12-01 69 days 1,653 sqft
    2019-01-01 80 days 1,690 sqft
    2019-02-01 89 days 1,730 sqft
    2019-03-01 68 days 1,750 sqft
    2019-04-01 54 days 1,803 sqft
    2019-05-01 48 days 1,834 sqft
    2019-06-01 47 days 1,831 sqft
    2019-07-01 44 days 1,855 sqft
    2019-08-01 49 days 1,837 sqft
    2019-09-01 55 days 1,825 sqft
    2019-10-01 54 days 1,853 sqft
    2019-11-01 66 days 1,803 sqft
    2019-12-01 73 days 1,770 sqft
    2020-01-01 76 days 1,735 sqft
    2020-02-01 76 days 1,718 sqft
    2020-03-01 63 days 1,737 sqft
    2020-04-01 52 days 1,745 sqft
    2020-05-01 56 days 1,770 sqft
    2020-06-01 66 days 1,793 sqft
    2020-07-01 59 days 1,784 sqft
    2020-08-01 49 days 1,850 sqft
    2020-09-01 48 days 1,802 sqft
    2020-10-01 41 days 1,784 sqft
    2020-11-01 46 days 1,731 sqft
    2020-12-01 51 days 1,686 sqft
    2021-01-01 55 days 1,683 sqft
    2021-02-01 43 days 1,632 sqft
    2021-03-01 40 days 1,701 sqft
    2021-04-01 29 days 1,757 sqft
    2021-05-01 29 days 1,754 sqft
    2021-06-01 33 days 1,696 sqft
    2021-07-01 34 days 1,701 sqft
    2021-08-01 30 days 1,699 sqft
    2021-09-01 31 days 1,675 sqft
    2021-10-01 37 days 1,633 sqft
    2021-11-01 45 days 1,633 sqft
    2021-12-01 53 days 1,606 sqft
    2022-01-01 58 days 1,665 sqft
    2022-02-01 57 days 1,777 sqft
    2022-03-01 25 days 1,772 sqft
    2022-04-01 31 days 1,784 sqft
    2022-05-01 36 days 1,729 sqft
    2022-06-01 39 days 1,755 sqft
    2022-07-01 34 days 1,772 sqft
    2022-08-01 44 days 1,784 sqft
    2022-09-01 49 days 1,784 sqft
    2022-10-01 46 days 1,784 sqft
    2022-11-01 47 days 1,799 sqft
    2022-12-01 57 days 1,825 sqft
    2023-01-01 73 days 1,813 sqft
    2023-02-01 58 days 1,836 sqft
    2023-03-01 38 days 1,844 sqft
    2023-04-01 40 days 1,810 sqft
    Janesville's median listing age (time on market) for 2023-04-01 was 40 days. This is 27% longer than the same period one year ago.

    Janesville's median square footage for active listings during the 2023-04-01 period was 1,810 sqft. One year prior, the average listing was 1,784 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).