Madison FHA Loan Rates, Closing Costs & Stats

MADISON, 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.

    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).