Manitowoc FHA Loan Rates, Closing Costs & Stats

Manitowoc, 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.

    Manitowoc's 43 lenders originated 118 FHA loans during 2022. The total origination value was $19,290,000, with an average FHA loan value of $163,475.

    Manitowoc FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Manitowoc averaged -0.26% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Manitowoc's average FHA mortgage closing costs are $5,334.

    The average rate for the prior week (2023-11-17) was 6.93% and one month ago for the week of 2023-10-20, the average rate was 6.94%.

    The average rate one year ago was 5.86%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.28%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Manitowoc 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 Manitowoc level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 19 4.67% $7,895
    FINANCE OF AMERICA MORTGAGE LLC 11 5.26% $7,246
    LOANDEPOT.COM, LLC 6 5.00% $8,360
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 3.95% $7,146
    UNITED WHOLESALE MORTGAGE, LLC 4 5.02% $6,725
    Waterstone Mortgage Corporation 4 5.50% $8,008
    INLANTA MORTGAGE, INC. 4 5.41% $9,519
    TOWNE MORTGAGE COMPANY 3 5.16% $8,226
    Paramount Residential Mortgage Group, Inc. 3 5.08% $5,970
    BROKER SOLUTIONS, INC. 3 5.83% $6,950
    FIRST CENTENNIAL MORTGAGE CORPORATION 3 4.63% $4,962
    FREEDOM MORTGAGE CORPORATION 3 4.92% $6,095
    Loan Simple, Inc. 2 4.31% $4,548
    ENVOY MORTGAGE, LTD 2 5.19% $7,730
    Mr. Cooper ( Nationstar Mortgage ) 2 5.00% $12,084
    BMO Harris Bank 2 5.63% $6,932
    NEWREZ LLC 2 6.50% $9,827
    Carrington Mortgage Services, LLC 2 4.50% $6,694
    HOME POINT FINANCIAL CORPORATION 2 3.69% $8,683
    LAKEVIEW LOAN SERVICING, LLC 2 3.13% $4,831
    U.S. Bank 1 6.75% $9,131
    VILLAGE CAPITAL MORTGAGE 1 4.25% $3,688
    AMERISAVE MORTGAGE CORPORATION 1 4.50% $10,954
    Wolfe Financial, Inc 1 4.63% $9,992
    Barrington Bank & Trust Company, N.A. 1 5.25% $5,954
    Bell Bank 1 6.25% $4,707
    CARDINAL FINANCIAL 1 4.75% $7,210
    CHERRY CREEK MORTGAGE, LLC 1 6.13% $3,725
    CHURCHILL MORTGAGE CORPORATION 1 5.75% $6,723
    CMG MORTGAGE, INC. 1 5.50% $5,236
    CROSSCOUNTRY MORTGAGE, LLC 1 5.25% $9,527
    Equity Prime Mortgage LLC 1 4.75% $6,324
    GSF Mortgage Corporation 1 7.13% $9,224
    Mortgage Research Center, LLC 1 7.75% $3,030
    MOVEMENT MORTGAGE, LLC 1 6.63% $8,634
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $6,846
    Nations Lending Corporation 1 4.75% $11,218
    OCMBC, INC. 1 4.75% $14,229
    PENNYMAC LOAN SERVICES, LLC 1 3.63% $3,421
    PLAZA HOME MORTGAGE, INC. 1 5.38% $5,239
    Prosperity Home Mortgage, LLC 1 4.63% $4,132
    Servion, Inc. 1 4.75% $3,227
    UNION HOME MORTGAGE CORP. 1 7.00% $8,770

    The top Manitowoc FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 19 FHA loans originated. Their average total fees are $7,895, which is $649 higher than the next largest lender, FINANCE OF AMERICA MORTGAGE LLC.

    The lowest fee Manitowoc FHA lenders (with over 10 loans originated) are FINANCE OF AMERICA MORTGAGE LLC ($7,246), QUICKEN LOANS, LLC ($7,895), .

    The lowest rate Manitowoc FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.67%), FINANCE OF AMERICA MORTGAGE LLC (5.26%), .

    Manitowoc FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MANITOWOC, WI MANITOWOC 2022 $420,680 $538,650 $651,050 $809,150
    MANITOWOC, WI MANITOWOC 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Manitowoc (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 $114,450 (4.1%) $165,972 (10.3%) 0.00 291
    2018-02-01 $118,000 (9.4%) $182,810 (22.3%) 0.00 229
    2018-03-01 $134,900 (25.8%) $199,691 (29.6%) 0.00 225
    2018-04-01 $124,925 (18.5%) $201,400 (32.1%) 0.00 218
    2018-05-01 $130,200 (17.4%) $208,130 (33.1%) 0.00 217
    2018-06-01 $130,200 (13.5%) $217,444 (33.2%) 0.00 232
    2018-07-01 $138,725 (17.9%) $227,215 (36.5%) 0.00 251
    2018-08-01 $134,900 (12.5%) $218,422 (27.3%) 0.00 264
    2018-09-01 $129,900 (8.4%) $217,665 (26.6%) 0.00 261
    2018-10-01 $135,350 (13.9%) $207,008 (17.8%) 0.00 270
    2018-11-01 $132,450 (15.3%) $198,504 (14.7%) 0.00 249
    2018-12-01 $135,000 (17.5%) $202,553 (19.3%) 0.00 250
    2019-01-01 $136,675 (19.4%) $211,874 (27.7%) 0.00 230
    2019-02-01 $131,175 (11.2%) $212,478 (16.2%) 0.00 205
    2019-03-01 $137,786 (2.1%) $221,486 (10.9%) 0.00 204
    2019-04-01 $144,900 (16.0%) $234,445 (16.4%) 0.00 252
    2019-05-01 $154,900 (19.0%) $258,992 (24.4%) 0.00 183
    2019-06-01 $169,900 (30.5%) $259,979 (19.6%) 0.00 191
    2019-07-01 $176,825 (27.5%) $269,736 (18.7%) 0.00 202
    2019-08-01 $168,118 (24.6%) $259,485 (18.8%) 0.00 199
    2019-09-01 $157,870 (21.5%) $252,167 (15.9%) 0.00 208
    2019-10-01 $149,900 (10.8%) $245,204 (18.5%) 0.00 216
    2019-11-01 $145,700 (10.0%) $238,029 (19.9%) 0.00 208
    2019-12-01 $143,308 (6.2%) $238,016 (17.5%) 0.00 193
    2020-01-01 $139,900 (2.4%) $233,283 (10.1%) 0.00 174
    2020-02-01 $139,900 (6.7%) $233,931 (10.1%) 0.00 161
    2020-03-01 $138,750 (0.7%) $220,267 (-0.6%) 0.00 147
    2020-04-01 $143,700 (-0.8%) $236,543 (0.9%) 0.00 142
    2020-05-01 $176,500 (13.9%) $236,079 (-8.9%) 0.00 139
    2020-06-01 $195,950 (15.3%) $254,030 (-2.3%) 0.00 128
    2020-07-01 $185,725 (5.0%) $244,227 (-9.5%) 0.00 118
    2020-08-01 $179,900 (7.0%) $235,654 (-9.2%) 0.00 107
    2020-09-01 $184,450 (16.8%) $237,422 (-5.9%) 0.00 115
    2020-10-01 $179,900 (20.0%) $246,305 (0.5%) 0.00 110
    2020-11-01 $167,425 (14.9%) $243,806 (2.4%) 0.00 92
    2020-12-01 $164,950 (15.1%) $230,398 (-3.2%) 0.00 78
    2021-01-01 $167,400 (19.7%) $239,727 (2.8%) 0.00 67
    2021-02-01 $186,000 (33.0%) $269,732 (15.3%) 0.00 49
    2021-03-01 $182,425 (31.5%) $268,141 (21.7%) 0.00 52
    2021-04-01 $172,800 (20.3%) $274,666 (16.1%) 0.00 59
    2021-05-01 $214,900 (21.8%) $295,192 (25.0%) 0.00 71
    2021-06-01 $225,000 (14.8%) $292,432 (15.1%) 0.00 92
    2021-07-01 $224,900 (21.1%) $291,294 (19.3%) 0.00 104
    2021-08-01 $207,450 (15.3%) $279,356 (18.6%) 0.00 113
    2021-09-01 $193,350 (4.8%) $283,111 (19.2%) 0.00 106
    2021-10-01 $182,500 (1.5%) $267,698 (8.7%) 0.00 111
    2021-11-01 $167,400 (0.0%) $273,529 (12.2%) 0.00 110
    2021-12-01 $165,450 (0.3%) $277,239 (20.3%) 0.00 88
    2022-01-01 $169,450 (1.2%) $272,154 (13.5%) 0.00 64
    2022-02-01 $187,400 (0.8%) $271,511 (0.7%) 0.00 53
    2022-03-01 $191,000 (4.7%) $275,417 (2.7%) 0.00 61
    2022-04-01 $189,000 (9.4%) $287,848 (4.8%) 0.00 61
    2022-05-01 $207,875 (-3.3%) $275,160 (-6.8%) 0.00 72
    2022-06-01 $228,650 (1.6%) $292,003 (-0.2%) 0.00 70
    2022-07-01 $239,900 (6.7%) $281,481 (-3.4%) 0.00 93
    2022-08-01 $229,650 (10.7%) $285,012 (2.0%) 0.00 91
    2022-09-01 $208,725 (8.0%) $280,271 (-1.0%) 0.00 86
    2022-10-01 $220,000 (20.6%) $276,774 (3.4%) 0.00 87
    2022-11-01 $249,950 (49.3%) $292,256 (6.9%) 0.00 82
    2022-12-01 $249,900 (51.0%) $280,024 (1.0%) 0.00 65
    2023-01-01 $279,000 (64.7%) $298,791 (9.8%) 0.00 56
    2023-02-01 $269,950 (44.1%) $322,614 (18.8%) 0.00 53
    2023-03-01 $249,900 (30.8%) $303,233 (10.1%) 0.00 73
    2023-04-01 $229,900 (21.6%) $275,489 (-4.3%) 0.00 95
    2023-05-01 $238,650 (14.8%) $277,995 (1.0%) 0.00 101
    2023-06-01 $217,950 (-4.7%) $294,971 (1.0%) 0.00 117
    2023-07-01 $244,500 (1.9%) $308,340 (9.5%) 0.00 120
    2023-08-01 $244,450 (6.4%) $312,004 (9.5%) 0.00 118
    2023-09-01 $269,900 (29.3%) $315,396 (12.5%) 0.00 114
    2023-10-01 $259,475 (17.9%) $312,512 (12.9%) 0.00 137
    Manitowoc's median listing price for 2023-10-01 was $259,475, a difference of $39,475 (17.9%) versus the prior year and $-10,425 versus the prior month.

    Manitowoc's median listing price comes in at 0% of the national average.

    Manitowoc's average listing price for 2023-10-01 was $312,512, a difference of $35,738 (12.9%) versus the prior year and $-2,884 versus the prior month.

    For the 2023-10-01 period, Manitowoc had 137 MLS listings, a difference of 23 listings (20%) versus the prior month and 50 listings (57%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Manitowoc (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,519 sqft
    2018-02-01 0 days 1,544 sqft
    2018-03-01 0 days 1,578 sqft
    2018-04-01 0 days 1,587 sqft
    2018-05-01 0 days 1,599 sqft
    2018-06-01 0 days 1,645 sqft
    2018-07-01 0 days 1,674 sqft
    2018-08-01 0 days 1,700 sqft
    2018-09-01 0 days 1,805 sqft
    2018-10-01 0 days 1,795 sqft
    2018-11-01 0 days 1,708 sqft
    2018-12-01 0 days 1,714 sqft
    2019-01-01 0 days 1,662 sqft
    2019-02-01 0 days 1,658 sqft
    2019-03-01 0 days 1,700 sqft
    2019-04-01 0 days 1,725 sqft
    2019-05-01 0 days 1,807 sqft
    2019-06-01 0 days 1,833 sqft
    2019-07-01 0 days 1,823 sqft
    2019-08-01 0 days 1,765 sqft
    2019-09-01 0 days 1,749 sqft
    2019-10-01 0 days 1,732 sqft
    2019-11-01 0 days 1,687 sqft
    2019-12-01 0 days 1,711 sqft
    2020-01-01 0 days 1,624 sqft
    2020-02-01 0 days 1,634 sqft
    2020-03-01 0 days 1,593 sqft
    2020-04-01 0 days 1,648 sqft
    2020-05-01 0 days 1,650 sqft
    2020-06-01 0 days 1,800 sqft
    2020-07-01 0 days 1,882 sqft
    2020-08-01 0 days 1,839 sqft
    2020-09-01 0 days 1,881 sqft
    2020-10-01 0 days 1,868 sqft
    2020-11-01 0 days 1,626 sqft
    2020-12-01 0 days 1,565 sqft
    2021-01-01 0 days 1,560 sqft
    2021-02-01 0 days 1,583 sqft
    2021-03-01 0 days 1,603 sqft
    2021-04-01 0 days 1,606 sqft
    2021-05-01 0 days 1,680 sqft
    2021-06-01 0 days 1,701 sqft
    2021-07-01 0 days 1,690 sqft
    2021-08-01 0 days 1,667 sqft
    2021-09-01 0 days 1,643 sqft
    2021-10-01 0 days 1,600 sqft
    2021-11-01 0 days 1,570 sqft
    2021-12-01 0 days 1,536 sqft
    2022-01-01 0 days 1,575 sqft
    2022-02-01 0 days 1,659 sqft
    2022-03-01 0 days 1,636 sqft
    2022-04-01 0 days 1,657 sqft
    2022-05-01 0 days 1,737 sqft
    2022-06-01 0 days 1,728 sqft
    2022-07-01 0 days 1,704 sqft
    2022-08-01 0 days 1,629 sqft
    2022-09-01 0 days 1,615 sqft
    2022-10-01 0 days 1,675 sqft
    2022-11-01 0 days 1,720 sqft
    2022-12-01 0 days 1,687 sqft
    2023-01-01 0 days 1,693 sqft
    2023-02-01 0 days 1,718 sqft
    2023-03-01 0 days 1,620 sqft
    2023-04-01 0 days 1,524 sqft
    2023-05-01 0 days 1,601 sqft
    2023-06-01 0 days 1,576 sqft
    2023-07-01 0 days 1,638 sqft
    2023-08-01 0 days 1,680 sqft
    2023-09-01 0 days 1,694 sqft
    2023-10-01 0 days 1,642 sqft
    Manitowoc's median listing age (time on market) for 2023-10-01 was 0 days.

    Manitowoc's median square footage for active listings during the 2023-10-01 period was 1,642 sqft. One year prior, the average listing was 1,675 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).