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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.