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 73 lenders originated 506 FHA loans during 2022. The total origination value was $225,020,000, with an average FHA loan value of $444,704.

Madison FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Madison averaged -0.87% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

Madison's average FHA mortgage closing costs are $7,222.

The average rate for the prior week (2023-05-26) was 5.76% and one month ago for the week of 2023-04-28, the average rate was 5.51%.

The average rate one year ago was 4.36%.

For refis of the same type during the week of 2023-06-02, the average rate was -2.3%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 60 4.95% $9,171
THOMPSON KANE & COMPANY, LLC 47 5.26% $9,473
QUICKEN LOANS, LLC 44 4.39% $10,197
GUILD MORTGAGE COMPANY 28 5.00% $12,036
Barrington Bank & Trust Company, N.A. 20 5.24% $10,306
NEWREZ LLC 20 4.54% $7,982
Nations Lending Corporation 18 6.07% $10,263
Prosperity Home Mortgage, LLC 15 5.54% $9,452
LOANDEPOT.COM, LLC 12 5.28% $9,206
Paramount Residential Mortgage Group, Inc. 12 5.19% $7,845
INLANTA MORTGAGE, INC. 10 5.03% $10,147
UNITED WHOLESALE MORTGAGE, LLC 10 5.43% $10,592
CROSSCOUNTRY MORTGAGE, LLC 10 5.68% $12,353
Flagstar Bank, FSB 9 4.53% $7,791
CORNERSTONE HOME LENDING, INC. 9 5.47% $10,760
FREEDOM MORTGAGE CORPORATION 8 5.29% $9,708
LAKEVIEW LOAN SERVICING, LLC 8 3.69% $6,303
Carrington Mortgage Services, LLC 7 4.84% $11,636
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 5.00% $10,988
FINANCE OF AMERICA MORTGAGE LLC 7 5.00% $8,974
CALIBER HOME LOANS, INC. 6 4.15% $8,444
EVERETT FINANCIAL, INC. 6 4.44% $6,554
PLANET HOME LENDING, LLC 6 5.46% $10,161
CARDINAL FINANCIAL 6 4.46% $12,363
BROKER SOLUTIONS, INC. 6 4.17% $9,709
NATIONS RELIABLE LENDING, LLC 5 4.93% $7,050
GUARANTEED RATE, INC. 5 4.08% $8,977
PENNYMAC LOAN SERVICES, LLC 5 4.25% $11,726
Mr. Cooper ( Nationstar Mortgage ) 4 4.25% $11,002
AMERISAVE MORTGAGE CORPORATION 4 5.28% $8,501
AMERICAN PACIFIC MORTGAGE CORPORATION 3 4.75% $8,294
JPMorgan Chase Bank 3 5.79% $6,401
LAND HOME FINANCIAL SERVICES, INC. 3 4.29% $8,528
Mortgage Research Center, LLC 3 5.04% $5,335
DAS Acquisition Company, LLC 2 5.19% $10,508
MUTUAL OF OMAHA MORTGAGE, INC. 2 4.75% $13,952
U.S. Bank 2 5.25% $7,142
Waterstone Mortgage Corporation 2 6.31% $10,663
A + MORTGAGE SERVICES, INC. 2 4.94% $7,937
AXIA FINANCIAL, LLC 2 5.13% $6,364
AmeriHome Mortgage Company, LLC 2 3.63% $10,947
First Guaranty Mortgage Corporation 2 3.56% $7,110
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 5.88% $11,739
Associated Bank 2 5.75% $6,106
Loan Simple, Inc. 1 4.25% $17,329
MICHIGAN MUTUAL, INC. 1 5.63% $9,625
MOVEMENT MORTGAGE, LLC 1 5.25% $6,734
Century Mortgage Company DBA Century Lending Company 1 5.00% $9,777
BMO Harris Bank 1 4.63% $6,296
Bell Bank 1 6.25% $11,370
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $9,289
NETWORK CAPITAL FUNDING CORPORATION 1 5.13% $10,868
Bank of England 1 6.75% $9,074
Old National Bank 1 5.25% $8,190
Bank Five Nine 1 4.13% $6,223
Plains Commerce Bank 1 5.50% $6,118
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.75% $16,144
Arvest Bank 1 3.88% $9,977
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.25% $5,271
SUN WEST MORTGAGE COMPANY, INC. 1 5.25% $16,417
UNITED MORTGAGE CORP. 1 4.63% $9,199
Goldwater Bank, N.A. 1 4.75% $6,931
ENVOY MORTGAGE, LTD 1 5.63% $10,873
FIRST CENTENNIAL MORTGAGE CORPORATION 1 3.38% $4,879
DIRECT MORTGAGE LOANS, LLC 1 5.63% $14,116
HOME POINT FINANCIAL CORPORATION 1 3.25% $7,683
Ixonia Bank 1 6.75% $14,567
Lakeview Community Capital, LLC 1 5.25% $10,003
V.I.P. MORTGAGE, INC. 1 5.75% $9,196
LEADERONE FINANCIAL CORPORATION 1 5.63% $9,909
Lend Smart Mortgage, LLC 1 5.13% $5,043
CRESCENT MORTGAGE COMPANY 1 5.13% $9,200
LOANPAL, LLC 1 3.00% $10,511

The top Madison FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 60 FHA loans originated. Their average total fees are $9,171, which is $302 lower than the next largest lender, THOMPSON KANE & COMPANY, LLC.

The lowest fee Madison FHA lenders (with over 10 loans originated) are Paramount Residential Mortgage Group, Inc. ($7,845), NEWREZ LLC ($7,982), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,171), LOANDEPOT.COM, LLC ($9,206) and Prosperity Home Mortgage, LLC ($9,452).

The lowest rate Madison FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.39%), NEWREZ LLC (4.54%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.95%), GUILD MORTGAGE COMPANY (5.00%) and INLANTA MORTGAGE, INC. (5.03%).

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%) $385,123 (7.8%) 1.22 1,109
2018-02-01 $349,900 (8.5%) $398,958 (7.4%) 1.27 1,090
2018-03-01 $355,000 (6.1%) $405,281 (4.7%) 1.25 1,188
2018-04-01 $357,350 (1.8%) $411,931 (2.4%) 1.21 1,302
2018-05-01 $349,900 (0.0%) $405,438 (1.7%) 1.17 1,408
2018-06-01 $339,950 (-0.7%) $395,725 (1.2%) 1.13 1,589
2018-07-01 $339,700 (3.0%) $392,059 (1.2%) 1.13 1,701
2018-08-01 $331,725 (1.7%) $390,043 (3.1%) 1.11 1,812
2018-09-01 $334,900 (5.0%) $395,327 (5.6%) 1.13 1,885
2018-10-01 $329,900 (7.3%) $395,350 (8.0%) 1.12 1,862
2018-11-01 $329,900 (4.8%) $392,518 (6.1%) 1.12 1,673
2018-12-01 $329,900 (3.1%) $388,997 (3.4%) 1.14 1,413
2019-01-01 $339,950 (3.0%) $403,944 (4.9%) 1.17 1,264
2019-02-01 $365,900 (4.6%) $427,374 (7.1%) 1.24 1,189
2019-03-01 $370,614 (4.4%) $435,089 (7.4%) 1.21 1,229
2019-04-01 $368,114 (3.0%) $428,425 (4.0%) 1.17 1,330
2019-05-01 $365,500 (4.5%) $428,411 (5.7%) 1.14 1,448
2019-06-01 $365,000 (7.4%) $430,553 (8.8%) 1.14 1,557
2019-07-01 $352,548 (3.8%) $418,204 (6.7%) 1.10 1,646
2019-08-01 $347,245 (4.7%) $411,514 (5.5%) 1.10 1,709
2019-09-01 $343,114 (2.5%) $405,972 (2.7%) 1.10 1,777
2019-10-01 $339,900 (3.0%) $402,486 (1.8%) 1.10 1,800
2019-11-01 $340,000 (3.1%) $404,437 (3.0%) 1.11 1,575
2019-12-01 $346,250 (5.0%) $405,473 (4.2%) 1.15 1,272
2020-01-01 $347,400 (2.2%) $411,246 (1.8%) 1.16 1,137
2020-02-01 $369,000 (0.9%) $442,460 (3.5%) 1.21 1,102
2020-03-01 $372,400 (0.5%) $451,346 (3.7%) 1.17 1,162
2020-04-01 $379,450 (3.1%) $450,710 (5.2%) 1.19 1,232
2020-05-01 $385,000 (5.3%) $451,701 (5.4%) 1.17 1,173
2020-06-01 $387,450 (6.2%) $457,707 (6.3%) 1.14 1,132
2020-07-01 $377,450 (7.1%) $453,102 (8.3%) 1.09 1,110
2020-08-01 $367,500 (5.8%) $451,793 (9.8%) 1.05 1,068
2020-09-01 $359,950 (4.9%) $443,050 (9.1%) 1.03 1,036
2020-10-01 $359,900 (5.9%) $434,897 (8.1%) 1.03 1,057
2020-11-01 $364,625 (7.2%) $438,409 (8.4%) 1.07 863
2020-12-01 $362,000 (4.6%) $438,266 (8.1%) 1.08 666
2021-01-01 $374,900 (7.9%) $454,642 (10.6%) 1.12 536
2021-02-01 $387,700 (5.1%) $476,783 (7.8%) 1.13 468
2021-03-01 $383,700 (3.0%) $467,550 (3.6%) 1.09 468
2021-04-01 $382,000 (0.7%) $468,805 (4.0%) 1.03 524
2021-05-01 $387,200 (0.6%) $468,859 (3.8%) 1.03 547
2021-06-01 $384,975 (-0.6%) $474,756 (3.7%) 1.01 651
2021-07-01 $385,000 (2.0%) $466,992 (3.1%) 1.02 791
2021-08-01 $382,400 (4.1%) $463,159 (2.5%) 1.02 895
2021-09-01 $374,900 (4.2%) $455,179 (2.7%) 1.00 920
2021-10-01 $375,000 (4.2%) $451,330 (3.8%) 1.00 882
2021-11-01 $380,650 (4.4%) $455,124 (3.8%) 1.02 708
2021-12-01 $387,400 (7.0%) $458,987 (4.7%) 1.05 535
2022-01-01 $389,900 (4.0%) $464,133 (2.1%) 1.05 412
2022-02-01 $399,900 (3.2%) $480,781 (0.8%) 1.04 390
2022-03-01 $399,900 (4.2%) $474,752 (1.5%) 1.00 433
2022-04-01 $408,100 (6.8%) $476,363 (1.6%) 0.97 510
2022-05-01 $407,500 (5.2%) $489,828 (4.5%) 0.93 615
2022-06-01 $416,225 (8.1%) $510,928 (7.6%) 0.93 724
2022-07-01 $410,000 (6.5%) $515,357 (10.4%) 0.92 847
2022-08-01 $412,450 (7.9%) $521,600 (12.6%) 0.95 846
2022-09-01 $406,450 (8.4%) $514,439 (13.0%) 0.95 825
2022-10-01 $409,900 (9.3%) $526,734 (16.7%) 0.96 866
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%) $547,784 (18.0%) 1.10 568
2023-02-01 $446,900 (11.8%) $566,054 (17.7%) 1.08 506
2023-03-01 $464,900 (16.3%) $580,909 (22.4%) 1.10 500
2023-04-01 $479,900 (17.6%) $599,909 (25.9%) 1.12 524
2023-05-01 $469,675 (15.3%) $586,119 (19.7%) 1.06 575
Madison's median listing price for 2023-05-01 was $469,675, a difference of $62,175 (15.3%) versus the prior year and $-10,225 versus the prior month.

Madison's median listing price comes in at 106% of the national average.

Madison's average listing price for 2023-05-01 was $586,119, a difference of $96,291 (19.7%) versus the prior year and $-13,790 versus the prior month.

For the 2023-05-01 period, Madison had 575 MLS listings, a difference of 51 listings (10%) versus the prior month and -40 listings (-7%) 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 1,987 sqft
2018-02-01 67 days 2,054 sqft
2018-03-01 40 days 2,120 sqft
2018-04-01 41 days 2,158 sqft
2018-05-01 41 days 2,158 sqft
2018-06-01 43 days 2,142 sqft
2018-07-01 46 days 2,097 sqft
2018-08-01 49 days 2,073 sqft
2018-09-01 52 days 2,052 sqft
2018-10-01 59 days 2,020 sqft
2018-11-01 66 days 2,016 sqft
2018-12-01 74 days 1,967 sqft
2019-01-01 82 days 1,998 sqft
2019-02-01 73 days 2,119 sqft
2019-03-01 59 days 2,177 sqft
2019-04-01 45 days 2,169 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 55 days 2,072 sqft
2019-10-01 60 days 2,046 sqft
2019-11-01 73 days 2,017 sqft
2019-12-01 94 days 2,008 sqft
2020-01-01 94 days 1,989 sqft
2020-02-01 74 days 2,076 sqft
2020-03-01 48 days 2,107 sqft
2020-04-01 50 days 2,160 sqft
2020-05-01 60 days 2,170 sqft
2020-06-01 66 days 2,163 sqft
2020-07-01 57 days 2,115 sqft
2020-08-01 57 days 2,066 sqft
2020-09-01 52 days 2,004 sqft
2020-10-01 49 days 1,958 sqft
2020-11-01 55 days 1,927 sqft
2020-12-01 65 days 1,900 sqft
2021-01-01 65 days 1,916 sqft
2021-02-01 43 days 1,984 sqft
2021-03-01 35 days 1,962 sqft
2021-04-01 30 days 1,975 sqft
2021-05-01 36 days 2,048 sqft
2021-06-01 34 days 2,014 sqft
2021-07-01 36 days 1,964 sqft
2021-08-01 37 days 1,934 sqft
2021-09-01 42 days 1,903 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 1,807 sqft
2022-03-01 32 days 1,875 sqft
2022-04-01 30 days 1,865 sqft
2022-05-01 30 days 1,909 sqft
2022-06-01 35 days 1,986 sqft
2022-07-01 37 days 1,977 sqft
2022-08-01 44 days 1,958 sqft
2022-09-01 47 days 1,946 sqft
2022-10-01 46 days 1,964 sqft
2022-11-01 52 days 1,964 sqft
2022-12-01 68 days 1,929 sqft
2023-01-01 76 days 1,957 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
Madison's median listing age (time on market) for 2023-05-01 was 34 days. This is 12% longer than the same period one year ago.

Madison's median square footage for active listings during the 2023-05-01 period was 2,004 sqft. One year prior, the average listing was 1,909 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).