Madison FHA Loan Rates, Closing Costs & Stats

MADISON, WI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 -0.21% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6% and one month ago for the week of 2024-10-11, the average rate was 5.9%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2024-11-15, the average rate was -2.69%.

    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
    2024-04-01 $492,175 (2.6%) $586,010 (-2.3%) 1.14 647
    2024-05-01 $500,450 (6.6%) $613,284 (4.6%) 1.13 719
    2024-06-01 $499,950 (4.9%) $601,520 (4.5%) 1.12 861
    2024-07-01 $474,900 (-1.0%) $567,457 (-1.4%) 1.09 934
    2024-08-01 $469,850 (-2.4%) $567,190 (-0.8%) 1.09 1,028
    2024-09-01 $461,725 (-2.8%) $553,773 (-3.0%) 1.09 1,100
    2024-10-01 $453,835 (-3.4%) $554,370 (-2.2%) 1.07 1,082
    Madison's median listing price for 2024-10-01 was $453,835, a difference of $-16,065 (-3.4%) versus the prior year and $-7,890 versus the prior month.

    Madison's median listing price comes in at 107% of the national average.

    Madison's average listing price for 2024-10-01 was $554,370, a difference of $-12,473 (-2.2%) versus the prior year and $597 versus the prior month.

    For the 2024-10-01 period, Madison had 1,082 MLS listings, a difference of -18 listings (-2%) versus the prior month and 280 listings (35%) 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
    2024-04-01 40 days 1,928 sqft
    2024-05-01 31 days 1,994 sqft
    2024-06-01 36 days 1,998 sqft
    2024-07-01 44 days 1,920 sqft
    2024-08-01 44 days 1,920 sqft
    2024-09-01 46 days 1,908 sqft
    2024-10-01 52 days 1,915 sqft
    Madison's median listing age (time on market) for 2024-10-01 was 52 days. This is 7% longer than the same period one year ago.

    Madison's median square footage for active listings during the 2024-10-01 period was 1,915 sqft. One year prior, the average listing was 2,015 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).