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 69 lenders originated 415 FHA
loans during 2024. The total origination value was $127,385,000, with an average FHA loan value of
$306,952.
Madison FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Madison
averaged
0.26%
for the week of 2025-06-20, compared to the national average (all FHA variants) of
0% for the same period.
Madison's average FHA mortgage closing costs are $8,043.
The average rate for the prior week (2025-06-13) was
6.64% and
one month ago for the week of 2025-05-16, the
average rate was 6.4%.
The average rate one year ago was 6.56%.
For refis of the same type during the week of 2025-06-20, the average rate
was -0.4%.
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 |
2024 Avg. 30yFix Rate |
2024 Avg. Closing Costs |
QUICKEN LOANS, LLC
|
39
|
6.26%
|
$12,836
|
THOMPSON KANE & COMPANY, LLC
|
33
|
6.80%
|
$11,784
|
GUILD MORTGAGE COMPANY
|
31
|
6.58%
|
$12,202
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
23
|
6.72%
|
$10,487
|
PENNYMAC LOAN SERVICES, LLC
|
15
|
5.81%
|
$11,509
|
Bell Bank
|
13
|
6.36%
|
$12,131
|
Barrington Bank & Trust Company, N.A.
|
13
|
6.49%
|
$14,277
|
FREEDOM MORTGAGE CORPORATION
|
13
|
6.33%
|
$12,082
|
NEWREZ LLC
|
13
|
6.46%
|
$10,066
|
UNITED WHOLESALE MORTGAGE, LLC
|
12
|
6.15%
|
$12,844
|
CROSSCOUNTRY MORTGAGE, LLC
|
12
|
6.58%
|
$13,054
|
Prosperity Home Mortgage, LLC
|
10
|
6.16%
|
$10,391
|
BROKER SOLUTIONS, INC.
|
8
|
6.75%
|
$13,757
|
Nations Lending Corporation
|
6
|
6.98%
|
$10,345
|
Carrington Mortgage Services, LLC
|
5
|
5.58%
|
$13,961
|
Ixonia Bank
|
5
|
7.03%
|
$12,380
|
LOANDEPOT.COM, LLC
|
5
|
6.35%
|
$10,955
|
Mortgage Research Center, LLC
|
5
|
6.88%
|
$7,514
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
5
|
6.83%
|
$13,207
|
CARDINAL FINANCIAL
|
5
|
7.23%
|
$20,470
|
CMG MORTGAGE, INC.
|
5
|
7.15%
|
$15,064
|
Paramount Residential Mortgage Group, Inc.
|
4
|
6.37%
|
$11,953
|
U.S. Bank
|
4
|
6.75%
|
$8,799
|
PLANET HOME LENDING, LLC
|
4
|
6.19%
|
$8,097
|
Old National Bank
|
4
|
6.06%
|
$7,955
|
FIRST COLONY MORTGAGE CORPORATION
|
3
|
6.08%
|
$8,127
|
Flagstar Bank, FSB
|
3
|
6.37%
|
$8,569
|
MOVEMENT MORTGAGE, LLC
|
3
|
6.50%
|
$10,501
|
GUARANTEED RATE, INC.
|
3
|
6.42%
|
$12,836
|
University of Wisconsin Credit Union
|
3
|
5.79%
|
$8,880
|
Bank of England
|
3
|
6.67%
|
$11,243
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
3
|
6.21%
|
$10,345
|
American Mortgage & Equity Consultants, Inc.
|
3
|
6.04%
|
$17,374
|
Equity Prime Mortgage LLC
|
3
|
6.46%
|
$12,825
|
Mr. Cooper ( Nationstar Mortgage )
|
2
|
6.69%
|
$10,239
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
2
|
6.94%
|
$9,715
|
AMERISAVE MORTGAGE CORPORATION
|
2
|
5.69%
|
$19,184
|
Bank Five Nine
|
2
|
6.19%
|
$8,212
|
BMO Harris Bank
|
2
|
6.75%
|
$8,677
|
Century Mortgage Company DBA Century Lending Company
|
2
|
7.13%
|
$12,473
|
DAS Acquisition Company, LLC
|
2
|
6.81%
|
$6,214
|
EAGLE HOME MORTGAGE, LLC
|
2
|
4.93%
|
$12,239
|
EMM LOANS LLC
|
2
|
5.87%
|
$17,874
|
ENDEAVOR CAPITAL, LLC.
|
2
|
6.50%
|
$10,270
|
ENVOY MORTGAGE, LTD
|
2
|
7.13%
|
$7,028
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
2
|
6.69%
|
$7,615
|
HOMESIDE FINANCIAL, LLC
|
2
|
6.50%
|
$13,478
|
Plains Commerce Bank
|
2
|
5.88%
|
$13,269
|
TOWNE MORTGAGE COMPANY
|
2
|
6.81%
|
$11,050
|
OCMBC, INC.
|
1
|
5.63%
|
$9,073
|
M&T Bank
|
1
|
6.75%
|
$9,199
|
Alerus Financial
|
1
|
5.63%
|
$7,091
|
Loan Simple, Inc.
|
1
|
6.13%
|
$20,124
|
AMERICAN FINANCIAL NETWORK, INC.
|
1
|
6.25%
|
$15,483
|
LAKEVIEW LOAN SERVICING, LLC
|
1
|
6.13%
|
$14,248
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
6.13%
|
$15,583
|
PROPER RATE, LLC
|
1
|
7.13%
|
$9,887
|
JPMorgan Chase Bank
|
1
|
7.75%
|
$5,712
|
AXIA FINANCIAL, LLC
|
1
|
7.75%
|
$11,353
|
Servion, Inc.
|
1
|
7.13%
|
$7,509
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
5.88%
|
$19,545
|
The Huntington National Bank
|
1
|
6.25%
|
$10,604
|
Ameris Bank
|
1
|
6.25%
|
$6,718
|
TOP FLITE FINANCIAL, INC.
|
1
|
7.13%
|
$22,675
|
ZILLOW HOME LOANS, LLC
|
1
|
5.75%
|
$8,561
|
AmeriHome Mortgage Company, LLC
|
1
|
6.50%
|
$5,017
|
AMERICAN FINANCING CORPORATION
|
1
|
5.25%
|
$21,847
|
NBKC BANK
|
1
|
5.99%
|
$9,258
|
NATIONS RELIABLE LENDING, LLC
|
1
|
7.50%
|
$8,513
|
The top Madison FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
39 FHA loans originated. Their average total fees are
$12,836, which is $1,052
higher than the next largest lender,
THOMPSON KANE & COMPANY, LLC.
The lowest fee Madison FHA lenders (with over 10 loans originated) are
NEWREZ LLC ($10,066), Prosperity Home Mortgage, LLC ($10,391), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,487), PENNYMAC LOAN SERVICES, LLC ($11,509) and THOMPSON KANE & COMPANY, LLC ($11,784).
The lowest rate Madison FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.81%), UNITED WHOLESALE MORTGAGE, LLC (6.15%), Prosperity Home Mortgage, LLC (6.16%), QUICKEN LOANS, LLC (6.26%) and FREEDOM MORTGAGE CORPORATION (6.33%).
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 |
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).