Manitowoc FHA Loan Rates, Closing Costs & Stats

Manitowoc, 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.

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 6.2% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

The average rate for the prior week (2024-10-04) was 6.01% and one month ago for the week of 2024-09-06, the average rate was 6.24%.

The average rate one year ago was 7.17%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.3%.

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
Manitowoc's median listing price for 2024-09-01 was $277,225, a difference of $7,325 (2.7%) versus the prior year and $16,375 versus the prior month.

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

Manitowoc's average listing price for 2024-09-01 was $355,897, a difference of $40,501 (12.8%) versus the prior year and $11,793 versus the prior month.

For the 2024-09-01 period, Manitowoc had 181 MLS listings, a difference of 13 listings (8%) versus the prior month and 67 listings (59%) 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
Manitowoc's median listing age (time on market) for 2024-09-01 was 0 days.

Manitowoc's median square footage for active listings during the 2024-09-01 period was 1,803 sqft. One year prior, the average listing was 1,694 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).