Madison FHA Loan Rates, Closing Costs & Stats

MADISON, 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.

Madison's 61 lenders originated 380 FHA loans during 2023. The total origination value was $117,820,000, with an average FHA loan value of $310,053.

Madison FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Madison averaged 6.53% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Madison's average FHA mortgage closing costs are $7,644.

The average rate for the prior week (2024-04-05) was 6.25% and one month ago for the week of 2024-03-08, the average rate was 6.59%.

The average rate one year ago was 5.82%.

For refis of the same type during the week of 2024-04-12, the average rate was 4.45%.

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

Madison 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 Madison level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
THOMPSON KANE & COMPANY, LLC 44 6.92% $10,591
QUICKEN LOANS, LLC 36 6.11% $12,506
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 33 6.81% $9,615
GUILD MORTGAGE COMPANY 22 6.78% $11,716
UNITED WHOLESALE MORTGAGE, LLC 21 6.12% $13,946
Barrington Bank & Trust Company, N.A. 19 6.33% $14,082
CORNERSTONE HOME LENDING, INC. 15 6.43% $13,456
Nations Lending Corporation 11 6.98% $10,582
Prosperity Home Mortgage, LLC 10 6.89% $10,014
Bell Bank 10 6.63% $12,476
LOANDEPOT.COM, LLC 7 6.19% $12,499
NEWREZ LLC 7 6.59% $11,123
FREEDOM MORTGAGE CORPORATION 7 6.82% $14,934
ENDEAVOR CAPITAL, LLC. 7 6.66% $11,558
CROSSCOUNTRY MORTGAGE, LLC 6 6.74% $11,596
Mortgage Research Center, LLC 5 7.23% $8,684
Paramount Residential Mortgage Group, Inc. 5 6.93% $10,119
Flagstar Bank, FSB 5 7.11% $6,430
PENNYMAC LOAN SERVICES, LLC 4 6.16% $8,534
NATIONS RELIABLE LENDING, LLC 4 7.09% $8,991
AMERICAN PACIFIC MORTGAGE CORPORATION 4 7.31% $8,751
MUTUAL OF OMAHA MORTGAGE, INC. 4 6.88% $14,611
Bank of England 4 6.59% $10,322
MOVEMENT MORTGAGE, LLC 3 6.54% $9,481
PLANET HOME LENDING, LLC 3 6.75% $8,084
AMERISAVE MORTGAGE CORPORATION 3 6.33% $10,629
UNION HOME MORTGAGE CORP. 3 7.17% $9,045
University of Wisconsin Credit Union 3 6.63% $9,513
CARDINAL FINANCIAL 3 6.42% $15,746
HOMESIDE FINANCIAL, LLC 2 7.37% $11,548
The Huntington National Bank 2 5.88% $13,244
First Federal Bank 2 5.75% $13,729
Starion Bank 2 6.50% $9,593
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.13% $10,196
ZILLOW HOME LOANS, LLC 1 5.75% $9,012
AmeriHome Mortgage Company, LLC 1 5.00% $18,769
A + MORTGAGE SERVICES, INC. 1 6.75% $12,809
Bank Five Nine 1 7.63% $8,872
BAY EQUITY LLC 1 7.25% $13,922
BROKER SOLUTIONS, INC. 1 6.75% $9,774
Cambria Financial Group, LLC 1 7.12% $12,709
CANOPY MORTGAGE, LLC 1 6.63% $14,260
Carrington Mortgage Services, LLC 1 7.50% $12,179
DAS Acquisition Company, LLC 1 7.75% $9,013
EAGLE HOME MORTGAGE, LLC 1 4.99% $11,195
ENVOY MORTGAGE, LTD 1 7.25% $19,229
GENEVA FINANCIAL, LLC 1 5.63% $10,083
Ixonia Bank 1 6.63% $5,926
LAKEVIEW LOAN SERVICING, LLC 1 6.75% $10,910
LAND HOME FINANCIAL SERVICES, INC. 1 6.75% $6,609
Old National Bank 1 6.00% $8,708
Plains Commerce Bank 1 7.13% $7,990
ROYAL UNITED MORTGAGE LLC 1 6.00% $13,791
SIRVA MORTGAGE, INC. 1 7.25% $7,538
SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $15,655
SUMMIT FUNDING, INC. 1 5.75% $25,746
The Central Trust Bank 1 5.75% $14,037
The Federal Savings Bank 1 6.75% $15,310
U.S. Bank 1 6.99% $8,209
WISCONSIN MORTGAGE CORPORATION 1 6.75% $10,172
AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $8,676

The top Madison FHA lender as defined by loan originations is THOMPSON KANE & COMPANY, LLC, with 44 FHA loans originated. Their average total fees are $10,591, which is $1,915 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Madison FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,615), Prosperity Home Mortgage, LLC ($10,014), Nations Lending Corporation ($10,582), THOMPSON KANE & COMPANY, LLC ($10,591) and GUILD MORTGAGE COMPANY ($11,716).

The lowest rate Madison FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.11%), UNITED WHOLESALE MORTGAGE, LLC (6.12%), Barrington Bank & Trust Company, N.A. (6.33%), CORNERSTONE HOME LENDING, INC. (6.43%) and Bell Bank (6.63%).

Madison FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MADISON, WI COLUMBIA 2022 $420,680 $538,650 $651,050 $809,150
MADISON, WI DANE 2022 $420,680 $538,650 $651,050 $809,150
MADISON, WI GREEN 2022 $420,680 $538,650 $651,050 $809,150
MADISON, WI IOWA 2022 $420,680 $538,650 $651,050 $809,150
MADISON, WI COLUMBIA 2023 $472,030 $604,400 $730,525 $907,900
MADISON, WI DANE 2023 $472,030 $604,400 $730,525 $907,900
MADISON, WI GREEN 2023 $472,030 $604,400 $730,525 $907,900
MADISON, WI IOWA 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Madison (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 $329,950 (6.5%) $385,433 (7.8%) 1.22 1,106
2018-02-01 $349,900 (8.5%) $399,589 (7.5%) 1.27 1,086
2018-03-01 $355,000 (6.0%) $405,599 (4.7%) 1.25 1,185
2018-04-01 $357,925 (2.0%) $412,380 (2.6%) 1.21 1,300
2018-05-01 $349,900 (0.0%) $406,013 (1.8%) 1.17 1,405
2018-06-01 $340,000 (-0.7%) $396,388 (1.4%) 1.13 1,585
2018-07-01 $339,900 (3.0%) $392,614 (1.4%) 1.14 1,697
2018-08-01 $332,225 (1.9%) $390,414 (3.2%) 1.11 1,807
2018-09-01 $334,900 (5.0%) $395,749 (5.7%) 1.13 1,880
2018-10-01 $329,900 (7.3%) $395,809 (8.2%) 1.12 1,856
2018-11-01 $329,900 (4.8%) $392,702 (6.2%) 1.12 1,668
2018-12-01 $329,900 (3.1%) $389,055 (3.3%) 1.14 1,408
2019-01-01 $339,950 (3.0%) $404,153 (4.9%) 1.17 1,260
2019-02-01 $365,900 (4.6%) $427,553 (7.0%) 1.24 1,185
2019-03-01 $370,614 (4.4%) $435,402 (7.4%) 1.21 1,226
2019-04-01 $368,114 (2.9%) $428,497 (3.9%) 1.17 1,327
2019-05-01 $366,000 (4.6%) $430,442 (6.0%) 1.14 1,446
2019-06-01 $365,000 (7.4%) $430,603 (8.6%) 1.14 1,555
2019-07-01 $352,548 (3.7%) $418,240 (6.5%) 1.10 1,644
2019-08-01 $347,245 (4.5%) $411,621 (5.4%) 1.10 1,707
2019-09-01 $343,114 (2.5%) $406,191 (2.6%) 1.10 1,775
2019-10-01 $339,950 (3.1%) $402,782 (1.8%) 1.10 1,798
2019-11-01 $340,000 (3.1%) $404,794 (3.1%) 1.11 1,573
2019-12-01 $346,400 (5.0%) $405,804 (4.3%) 1.16 1,271
2020-01-01 $347,400 (2.2%) $411,512 (1.8%) 1.16 1,136
2020-02-01 $369,000 (0.9%) $442,928 (3.6%) 1.21 1,100
2020-03-01 $372,423 (0.5%) $451,628 (3.7%) 1.17 1,161
2020-04-01 $379,450 (3.1%) $450,914 (5.2%) 1.19 1,230
2020-05-01 $384,950 (5.2%) $451,853 (5.0%) 1.17 1,170
2020-06-01 $387,450 (6.2%) $457,897 (6.3%) 1.14 1,128
2020-07-01 $377,450 (7.1%) $453,348 (8.4%) 1.09 1,107
2020-08-01 $366,500 (5.5%) $452,117 (9.8%) 1.05 1,066
2020-09-01 $359,950 (4.9%) $443,358 (9.2%) 1.03 1,033
2020-10-01 $359,900 (5.9%) $435,206 (8.1%) 1.03 1,054
2020-11-01 $364,625 (7.2%) $438,753 (8.4%) 1.07 863
2020-12-01 $362,000 (4.5%) $438,654 (8.1%) 1.08 666
2021-01-01 $374,900 (7.9%) $455,263 (10.6%) 1.12 537
2021-02-01 $387,950 (5.1%) $477,477 (7.8%) 1.13 468
2021-03-01 $383,925 (3.1%) $468,247 (3.7%) 1.09 468
2021-04-01 $382,000 (0.7%) $469,401 (4.1%) 1.03 524
2021-05-01 $387,500 (0.7%) $469,350 (3.9%) 1.03 547
2021-06-01 $384,975 (-0.6%) $473,907 (3.5%) 1.01 650
2021-07-01 $385,900 (2.2%) $466,992 (3.0%) 1.02 792
2021-08-01 $382,400 (4.3%) $463,590 (2.5%) 1.02 894
2021-09-01 $374,900 (4.2%) $455,525 (2.7%) 1.00 919
2021-10-01 $375,000 (4.2%) $451,680 (3.8%) 1.00 881
2021-11-01 $380,650 (4.4%) $455,106 (3.7%) 1.02 706
2021-12-01 $387,400 (7.0%) $458,974 (4.6%) 1.05 533
2022-01-01 $389,900 (4.0%) $465,127 (2.2%) 1.05 410
2022-02-01 $399,900 (3.1%) $481,821 (0.9%) 1.04 388
2022-03-01 $399,925 (4.2%) $475,671 (1.6%) 1.00 431
2022-04-01 $408,550 (7.0%) $476,934 (1.6%) 0.97 508
2022-05-01 $407,875 (5.3%) $490,446 (4.5%) 0.93 614
2022-06-01 $416,950 (8.3%) $511,389 (7.9%) 0.93 723
2022-07-01 $412,450 (6.9%) $516,150 (10.5%) 0.93 845
2022-08-01 $412,475 (7.9%) $522,415 (12.7%) 0.95 844
2022-09-01 $406,725 (8.5%) $514,805 (13.0%) 0.95 824
2022-10-01 $409,900 (9.3%) $527,112 (16.7%) 0.96 865
2022-11-01 $419,425 (10.2%) $525,389 (15.4%) 1.01 816
2022-12-01 $424,150 (9.5%) $522,661 (13.9%) 1.05 641
2023-01-01 $443,950 (13.9%) $547,947 (17.8%) 1.10 568
2023-02-01 $446,900 (11.8%) $566,534 (17.6%) 1.08 506
2023-03-01 $464,900 (16.3%) $580,909 (22.1%) 1.10 500
2023-04-01 $479,900 (17.5%) $599,909 (25.8%) 1.12 524
2023-05-01 $469,675 (15.2%) $586,361 (19.6%) 1.07 575
2023-06-01 $476,500 (14.3%) $575,918 (12.6%) 1.07 627
2023-07-01 $479,900 (16.4%) $575,620 (11.5%) 1.09 658
2023-08-01 $481,500 (16.7%) $571,480 (9.4%) 1.11 686
2023-09-01 $475,000 (16.8%) $570,783 (10.9%) 1.11 773
2023-10-01 $469,900 (14.6%) $566,843 (7.5%) 1.11 802
2023-11-01 $466,700 (11.3%) $560,972 (6.8%) 1.11 765
2023-12-01 $479,950 (13.2%) $565,274 (8.2%) 1.17 652
2024-01-01 $492,425 (10.9%) $597,269 (9.0%) 1.20 550
2024-02-01 $494,475 (10.7%) $597,391 (5.5%) 1.19 537
2024-03-01 $475,000 (2.2%) $578,084 (-0.5%) 1.12 603
Madison's median listing price for 2024-03-01 was $475,000, a difference of $10,100 (2.2%) versus the prior year and $-19,475 versus the prior month.

Madison's median listing price comes in at 112% of the national average.

Madison's average listing price for 2024-03-01 was $578,084, a difference of $-2,825 (-0.5%) versus the prior year and $-19,307 versus the prior month.

For the 2024-03-01 period, Madison had 603 MLS listings, a difference of 66 listings (12%) versus the prior month and 103 listings (21%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Madison (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 87 days 1,988 sqft
2018-02-01 66 days 2,058 sqft
2018-03-01 40 days 2,123 sqft
2018-04-01 41 days 2,158 sqft
2018-05-01 41 days 2,158 sqft
2018-06-01 43 days 2,143 sqft
2018-07-01 45 days 2,099 sqft
2018-08-01 48 days 2,074 sqft
2018-09-01 52 days 2,053 sqft
2018-10-01 58 days 2,025 sqft
2018-11-01 66 days 2,016 sqft
2018-12-01 74 days 1,966 sqft
2019-01-01 81 days 1,996 sqft
2019-02-01 73 days 2,121 sqft
2019-03-01 59 days 2,178 sqft
2019-04-01 45 days 2,170 sqft
2019-05-01 40 days 2,167 sqft
2019-06-01 43 days 2,150 sqft
2019-07-01 46 days 2,119 sqft
2019-08-01 50 days 2,108 sqft
2019-09-01 56 days 2,072 sqft
2019-10-01 60 days 2,047 sqft
2019-11-01 73 days 2,019 sqft
2019-12-01 94 days 2,009 sqft
2020-01-01 94 days 1,990 sqft
2020-02-01 74 days 2,076 sqft
2020-03-01 48 days 2,107 sqft
2020-04-01 50 days 2,161 sqft
2020-05-01 60 days 2,172 sqft
2020-06-01 67 days 2,164 sqft
2020-07-01 57 days 2,115 sqft
2020-08-01 57 days 2,070 sqft
2020-09-01 52 days 2,004 sqft
2020-10-01 49 days 1,957 sqft
2020-11-01 55 days 1,928 sqft
2020-12-01 65 days 1,900 sqft
2021-01-01 65 days 1,918 sqft
2021-02-01 43 days 1,986 sqft
2021-03-01 35 days 1,964 sqft
2021-04-01 30 days 1,977 sqft
2021-05-01 36 days 2,049 sqft
2021-06-01 34 days 2,014 sqft
2021-07-01 36 days 1,964 sqft
2021-08-01 37 days 1,937 sqft
2021-09-01 41 days 1,905 sqft
2021-10-01 45 days 1,886 sqft
2021-11-01 52 days 1,833 sqft
2021-12-01 60 days 1,790 sqft
2022-01-01 61 days 1,790 sqft
2022-02-01 41 days 1,810 sqft
2022-03-01 32 days 1,881 sqft
2022-04-01 30 days 1,868 sqft
2022-05-01 30 days 1,910 sqft
2022-06-01 35 days 1,986 sqft
2022-07-01 37 days 1,977 sqft
2022-08-01 44 days 1,960 sqft
2022-09-01 47 days 1,948 sqft
2022-10-01 46 days 1,964 sqft
2022-11-01 52 days 1,964 sqft
2022-12-01 68 days 1,930 sqft
2023-01-01 76 days 1,959 sqft
2023-02-01 59 days 1,962 sqft
2023-03-01 40 days 1,977 sqft
2023-04-01 36 days 2,054 sqft
2023-05-01 34 days 2,004 sqft
2023-06-01 39 days 2,019 sqft
2023-07-01 42 days 2,025 sqft
2023-08-01 41 days 2,026 sqft
2023-09-01 46 days 2,064 sqft
2023-10-01 49 days 2,015 sqft
2023-11-01 56 days 1,999 sqft
2023-12-01 66 days 1,982 sqft
2024-01-01 69 days 1,972 sqft
2024-02-01 49 days 1,991 sqft
2024-03-01 41 days 1,920 sqft
Madison's median listing age (time on market) for 2024-03-01 was 41 days. This is 3% longer than the same period one year ago.

Madison's median square footage for active listings during the 2024-03-01 period was 1,920 sqft. One year prior, the average listing was 1,977 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).