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 35 lenders originated 99 FHA loans during 2023. The total origination value was $15,825,000, with an average FHA loan value of $159,848.

    Manitowoc FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Manitowoc averaged 0.1% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Manitowoc's average FHA mortgage closing costs are $5,695.

    The average rate for the prior week (2024-11-08) was 6.5% and one month ago for the week of 2024-10-11, the average rate was 6.31%.

    The average rate one year ago was 7.55%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 17 6.22% $7,431
    ENVOY MORTGAGE, LTD 8 7.11% $8,332
    V.I.P. MORTGAGE, INC. 6 7.12% $8,683
    NEWREZ LLC 5 6.28% $8,694
    GUILD MORTGAGE COMPANY 4 6.72% $7,737
    PENNYMAC LOAN SERVICES, LLC 4 6.34% $6,973
    Nations Lending Corporation 3 7.75% $9,207
    CARDINAL FINANCIAL 3 6.75% $11,922
    ENDEAVOR CAPITAL, LLC. 3 6.50% $9,161
    UNITED WHOLESALE MORTGAGE, LLC 3 7.17% $6,189
    LOANDEPOT.COM, LLC 3 6.96% $10,049
    Paramount Residential Mortgage Group, Inc. 2 7.44% $10,333
    Servion, Inc. 2 6.94% $7,552
    MOVEMENT MORTGAGE, LLC 2 7.06% $7,975
    CROSSCOUNTRY MORTGAGE, LLC 2 7.81% $7,416
    TOP FLITE FINANCIAL, INC. 1 6.63% $19,875
    U.S. Bank 1 6.63% $6,880
    VERITAS FUNDING, LLC 1 6.25% $15,257
    Waterstone Mortgage Corporation 1 7.38% $5,894
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $9,316
    Wells Fargo Bank 1 6.63% $5,294
    Associated Bank 1 7.00% $4,321
    Barrington Bank & Trust Company, N.A. 1 7.25% $5,813
    BROKER SOLUTIONS, INC. 1 7.00% $5,679
    Century Mortgage Company DBA Century Lending Company 1 6.63% $8,037
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.88% $6,652
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.75% $6,774
    FREEDOM MORTGAGE CORPORATION 1 6.25% $15,156
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.38% $9,388
    GSF Mortgage Corporation 1 6.75% $3,690
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $10,169
    GUARANTEED RATE, INC. 1 7.25% $9,742
    Plains Commerce Bank 1 6.50% $5,220
    Summit Mortgage Corporation 1 7.00% $6,028
    SUN WEST MORTGAGE COMPANY, INC. 1 6.49% $4,897

    The top Manitowoc FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 17 FHA loans originated. Their average total fees are $7,431, which is $901 lower than the next largest lender, ENVOY MORTGAGE, LTD.

    The lowest fee Manitowoc FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,431), .

    The lowest rate Manitowoc FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.22%), .

    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 $154,700 (18.8%) $258,992 (24.4%) 0.00 182
    2019-06-01 $169,900 (30.5%) $260,045 (19.6%) 0.00 191
    2019-07-01 $178,075 (28.4%) $269,644 (18.7%) 0.00 203
    2019-08-01 $169,609 (25.7%) $259,775 (18.9%) 0.00 200
    2019-09-01 $159,648 (22.9%) $252,302 (15.9%) 0.00 209
    2019-10-01 $150,900 (11.5%) $245,224 (18.5%) 0.00 217
    2019-11-01 $145,900 (10.2%) $238,078 (19.9%) 0.00 209
    2019-12-01 $144,533 (7.1%) $238,074 (17.5%) 0.00 194
    2020-01-01 $141,175 (3.3%) $233,376 (10.2%) 0.00 175
    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 (14.1%) $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 (4.3%) $244,227 (-9.4%) 0.00 118
    2020-08-01 $179,900 (6.1%) $235,654 (-9.3%) 0.00 107
    2020-09-01 $184,450 (15.5%) $237,422 (-5.9%) 0.00 115
    2020-10-01 $179,900 (19.2%) $246,305 (0.4%) 0.00 110
    2020-11-01 $167,425 (14.8%) $243,806 (2.4%) 0.00 92
    2020-12-01 $164,950 (14.1%) $230,398 (-3.2%) 0.00 78
    2021-01-01 $167,400 (18.6%) $239,727 (2.7%) 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
    2023-11-01 $227,700 (-8.9%) $291,435 (-0.3%) 0.00 145
    2023-12-01 $242,200 (-3.1%) $303,218 (8.3%) 0.00 129
    2024-01-01 $241,050 (-13.6%) $313,992 (5.1%) 0.00 105
    2024-02-01 $231,675 (-14.2%) $308,030 (-4.5%) 0.00 108
    2024-03-01 $254,900 (2.0%) $328,728 (8.4%) 0.00 129
    2024-04-01 $288,500 (25.5%) $358,674 (30.2%) 0.00 141
    2024-05-01 $309,725 (29.8%) $372,856 (34.1%) 0.00 152
    2024-06-01 $284,900 (30.7%) $353,102 (19.7%) 0.00 167
    2024-07-01 $261,500 (7.0%) $341,297 (10.7%) 0.00 162
    2024-08-01 $260,850 (6.7%) $344,104 (10.3%) 0.00 168
    2024-09-01 $277,225 (2.7%) $355,897 (12.8%) 0.00 181
    2024-10-01 $264,900 (2.1%) $331,553 (6.1%) 0.00 182
    Manitowoc's median listing price for 2024-10-01 was $264,900, a difference of $5,425 (2.1%) versus the prior year and $-12,325 versus the prior month.

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

    Manitowoc's average listing price for 2024-10-01 was $331,553, a difference of $19,041 (6.1%) versus the prior year and $-24,344 versus the prior month.

    For the 2024-10-01 period, Manitowoc had 182 MLS listings, a difference of 1 listings (1%) versus the prior month and 45 listings (33%) 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 1,647 sqft
    2018-07-01 0 days 1,676 sqft
    2018-08-01 0 days 1,699 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 1,655 sqft
    2019-03-01 0 days 1,695 sqft
    2019-04-01 0 days 1,726 sqft
    2019-05-01 0 days 1,805 sqft
    2019-06-01 0 days 1,830 sqft
    2019-07-01 0 days 1,819 sqft
    2019-08-01 0 days 1,751 sqft
    2019-09-01 0 days 1,740 sqft
    2019-10-01 0 days 1,726 sqft
    2019-11-01 0 days 1,687 sqft
    2019-12-01 0 days 1,677 sqft
    2020-01-01 0 days 1,614 sqft
    2020-02-01 0 days 1,632 sqft
    2020-03-01 0 days 1,597 sqft
    2020-04-01 0 days 1,633 sqft
    2020-05-01 0 days 1,661 sqft
    2020-06-01 0 days 1,785 sqft
    2020-07-01 0 days 1,850 sqft
    2020-08-01 0 days 1,835 sqft
    2020-09-01 0 days 1,856 sqft
    2020-10-01 0 days 1,847 sqft
    2020-11-01 0 days 1,631 sqft
    2020-12-01 0 days 1,562 sqft
    2021-01-01 0 days 1,560 sqft
    2021-02-01 0 days 1,571 sqft
    2021-03-01 0 days 1,600 sqft
    2021-04-01 0 days 1,606 sqft
    2021-05-01 0 days 1,659 sqft
    2021-06-01 0 days 1,638 sqft
    2021-07-01 0 days 1,666 sqft
    2021-08-01 0 days 1,661 sqft
    2021-09-01 0 days 1,657 sqft
    2021-10-01 0 days 1,598 sqft
    2021-11-01 0 days 1,566 sqft
    2021-12-01 0 days 1,511 sqft
    2022-01-01 0 days 1,575 sqft
    2022-02-01 0 days 1,659 sqft
    2022-03-01 0 days 1,634 sqft
    2022-04-01 0 days 1,650 sqft
    2022-05-01 0 days 1,729 sqft
    2022-06-01 0 days 1,723 sqft
    2022-07-01 0 days 1,676 sqft
    2022-08-01 0 days 1,629 sqft
    2022-09-01 0 days 1,613 sqft
    2022-10-01 0 days 1,671 sqft
    2022-11-01 0 days 1,712 sqft
    2022-12-01 0 days 1,670 sqft
    2023-01-01 0 days 1,690 sqft
    2023-02-01 0 days 1,695 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
    2023-11-01 0 days 1,615 sqft
    2023-12-01 0 days 1,639 sqft
    2024-01-01 0 days 1,647 sqft
    2024-02-01 0 days 1,509 sqft
    2024-03-01 0 days 1,638 sqft
    2024-04-01 0 days 1,799 sqft
    2024-05-01 0 days 1,930 sqft
    2024-06-01 0 days 1,778 sqft
    2024-07-01 0 days 1,762 sqft
    2024-08-01 0 days 1,716 sqft
    2024-09-01 0 days 1,803 sqft
    2024-10-01 0 days 1,720 sqft
    Manitowoc's median listing age (time on market) for 2024-10-01 was 0 days.

    Manitowoc's median square footage for active listings during the 2024-10-01 period was 1,720 sqft. One year prior, the average listing was 1,642 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).