Menomonie FHA Loan Rates, Closing Costs & Stats

Menomonie, 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.

Menomonie's 36 lenders originated 69 FHA loans during 2022. The total origination value was $15,025,000, with an average FHA loan value of $217,754.

Menomonie FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Menomonie averaged 6.33% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Menomonie's average FHA mortgage closing costs are $6,641.

The average rate for the prior week (2024-02-23) was 6.42% and one month ago for the week of 2024-01-26, the average rate was 5.81%.

The average rate one year ago was 6.14%.

For refis of the same type during the week of 2024-03-01, the average rate was 6.89%.

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

Menomonie 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 Menomonie level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 7 4.66% $8,334
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 5.13% $7,284
CROSSCOUNTRY MORTGAGE, LLC 4 5.22% $8,722
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 5.59% $7,085
FINANCE OF AMERICA MORTGAGE LLC 3 4.50% $7,875
LOANDEPOT.COM, LLC 3 5.71% $8,666
Bremer Bank 2 4.94% $6,775
Barrington Bank & Trust Company, N.A. 2 5.69% $9,363
Prosperity Home Mortgage, LLC 2 5.13% $7,286
TOWNE MORTGAGE COMPANY 2 5.19% $10,199
UNITED WHOLESALE MORTGAGE, LLC 2 6.13% $8,472
Ixonia Bank 2 3.94% $7,029
JPMorgan Chase Bank 1 4.99% $7,761
KELLER MORTGAGE, LLC 1 6.75% $10,534
Loan Simple, Inc. 1 6.25% $6,985
Mortgage Research Center, LLC 1 7.38% $4,132
Mr. Cooper ( Nationstar Mortgage ) 1 3.75% $2,117
NBKC BANK 1 6.75% $10,163
NEWREZ LLC 1 4.50% $13,711
Paramount Residential Mortgage Group, Inc. 1 7.00% $9,986
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.50% $15,507
Servion, Inc. 1 5.00% $11,322
Tradition Mortgage, LLC 1 5.75% $6,681
ALAMEDA MORTGAGE CORPORATION 1 6.50% $7,690
U.S. Bank 1 4.50% $7,062
American Mortgage & Equity Consultants, Inc. 1 4.50% $10,597
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.00% $7,080
AMERISAVE MORTGAGE CORPORATION 1 5.75% $11,460
AXIA FINANCIAL, LLC 1 4.25% $9,912
CALIBER HOME LOANS, INC. 1 4.50% $13,711
CARDINAL FINANCIAL 1 4.75% $11,266
CHERRY CREEK MORTGAGE, LLC 1 5.75% $6,839
DAS Acquisition Company, LLC 1 5.13% $10,053
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.38% $6,716
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.50% $10,244
INLANTA MORTGAGE, INC. 1 5.63% $7,193

The top Menomonie FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 7 FHA loans originated. Their average total fees are $8,334, which is $1,050 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Menomonie FHA lenders (with over 10 loans originated) are .

The lowest rate Menomonie FHA lenders (with over 10 loans originated) are .

Menomonie FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Menomonie (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 $177,950 (-6.5%) $209,260 (-14.7%) 0.00 87
2018-02-01 $179,950 (-10.0%) $215,050 (-14.9%) 0.00 88
2018-03-01 $194,900 (0.0%) $227,067 (-10.7%) 0.00 87
2018-04-01 $209,900 (5.0%) $242,587 (-5.2%) 0.00 93
2018-05-01 $222,450 (3.5%) $246,135 (-4.2%) 0.00 101
2018-06-01 $204,450 (-12.8%) $240,471 (-6.6%) 0.00 112
2018-07-01 $189,900 (-17.4%) $233,884 (-9.8%) 0.00 115
2018-08-01 $181,050 (-18.8%) $227,028 (-10.7%) 0.00 104
2018-09-01 $186,200 (-4.5%) $246,198 (1.4%) 0.00 112
2018-10-01 $192,200 (-3.2%) $246,809 (7.1%) 0.00 104
2018-11-01 $199,900 (3.0%) $252,105 (12.6%) 0.00 96
2018-12-01 $187,450 (4.2%) $258,785 (25.4%) 0.00 86
2019-01-01 $182,200 (2.4%) $259,342 (23.9%) 0.00 81
2019-02-01 $205,000 (13.9%) $280,080 (30.2%) 0.00 64
2019-03-01 $209,789 (7.6%) $267,001 (17.6%) 0.00 76
2019-04-01 $223,375 (6.4%) $260,623 (7.4%) 0.00 87
2019-05-01 $213,650 (-4.0%) $254,402 (3.4%) 0.00 98
2019-06-01 $197,750 (-3.3%) $255,629 (6.3%) 0.00 111
2019-07-01 $214,950 (13.2%) $267,905 (14.6%) 0.00 123
2019-08-01 $211,291 (16.7%) $265,910 (17.1%) 0.00 121
2019-09-01 $213,377 (14.6%) $264,364 (7.4%) 0.00 121
2019-10-01 $214,975 (11.9%) $264,547 (7.2%) 0.00 120
2019-11-01 $231,250 (15.7%) $291,727 (15.7%) 0.00 115
2019-12-01 $215,000 (14.7%) $290,703 (12.3%) 0.00 102
2020-01-01 $210,500 (15.5%) $291,822 (12.5%) 0.00 84
2020-02-01 $204,950 (0.0%) $304,899 (8.9%) 0.00 75
2020-03-01 $259,950 (23.9%) $333,429 (24.9%) 0.00 88
2020-04-01 $286,175 (28.1%) $345,309 (32.5%) 0.00 90
2020-05-01 $312,400 (46.2%) $349,141 (37.2%) 0.00 86
2020-06-01 $305,650 (54.6%) $350,832 (37.2%) 0.00 87
2020-07-01 $280,300 (30.4%) $337,435 (26.0%) 0.00 80
2020-08-01 $271,900 (28.7%) $323,736 (21.8%) 0.00 77
2020-09-01 $268,375 (25.8%) $334,395 (26.5%) 0.00 79
2020-10-01 $279,700 (30.1%) $322,428 (21.9%) 0.00 74
2020-11-01 $270,950 (17.2%) $316,990 (8.7%) 0.00 59
2020-12-01 $273,650 (27.3%) $333,134 (14.6%) 0.00 57
2021-01-01 $271,900 (29.2%) $316,284 (8.4%) 0.00 45
2021-02-01 $261,650 (27.7%) $318,138 (4.3%) 0.00 40
2021-03-01 $235,244 (-9.5%) $267,275 (-19.8%) 0.00 34
2021-04-01 $169,750 (-40.7%) $271,771 (-21.3%) 0.00 27
2021-05-01 $269,000 (-13.9%) $312,332 (-10.5%) 0.00 38
2021-06-01 $266,400 (-12.8%) $301,966 (-13.9%) 0.00 60
2021-07-01 $264,900 (-5.5%) $329,786 (-2.3%) 0.00 57
2021-08-01 $242,863 (-10.7%) $299,199 (-7.6%) 0.00 53
2021-09-01 $227,400 (-15.3%) $284,744 (-14.9%) 0.00 63
2021-10-01 $239,950 (-14.2%) $289,794 (-10.1%) 0.00 63
2021-11-01 $242,400 (-10.5%) $299,716 (-5.5%) 0.00 53
2021-12-01 $284,925 (4.1%) $312,985 (-6.1%) 0.00 37
2022-01-01 $225,000 (-17.3%) $294,454 (-6.9%) 0.00 27
2022-02-01 $252,975 (-3.3%) $306,872 (-3.5%) 0.00 15
2022-03-01 $292,400 (24.3%) $301,719 (12.9%) 0.00 13
2022-04-01 $339,900 (100.2%) $351,489 (29.3%) 0.00 15
2022-05-01 $327,650 (21.8%) $389,072 (24.6%) 0.00 29
2022-06-01 $334,675 (25.6%) $357,125 (18.3%) 0.00 38
2022-07-01 $299,000 (12.9%) $311,361 (-5.6%) 0.00 44
2022-08-01 $292,450 (20.4%) $309,297 (3.4%) 0.00 49
2022-09-01 $290,450 (27.7%) $316,088 (11.0%) 0.00 38
2022-10-01 $314,950 (31.3%) $329,901 (13.8%) 0.00 47
2022-11-01 $297,675 (22.8%) $309,834 (3.4%) 0.00 46
2022-12-01 $297,450 (4.4%) $311,277 (-0.6%) 0.00 39
2023-01-01 $339,250 (50.8%) $324,280 (10.1%) 0.00 34
2023-02-01 $341,225 (34.9%) $327,222 (6.6%) 0.00 26
2023-03-01 $354,950 (21.4%) $362,074 (20.0%) 0.00 22
2023-04-01 $414,950 (22.1%) $414,584 (18.0%) 0.00 24
2023-05-01 $355,500 (8.5%) $383,748 (-1.4%) 0.00 33
2023-06-01 $358,875 (7.2%) $395,596 (10.8%) 0.00 48
2023-07-01 $352,750 (18.0%) $379,092 (21.8%) 0.00 47
2023-08-01 $334,925 (14.5%) $379,368 (22.7%) 0.00 41
2023-09-01 $327,450 (12.7%) $358,501 (13.4%) 0.00 43
2023-10-01 $318,675 (1.2%) $355,895 (7.9%) 0.00 53
2023-11-01 $317,400 (6.6%) $347,814 (12.3%) 0.00 53
2023-12-01 $329,900 (10.9%) $345,919 (11.1%) 0.00 46
2024-01-01 $334,725 (-1.3%) $376,097 (16.0%) 0.00 38
Menomonie's median listing price for 2024-01-01 was $334,725, a difference of $-4,525 (-1.3%) versus the prior year and $4,825 versus the prior month.

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

Menomonie's average listing price for 2024-01-01 was $376,097, a difference of $51,817 (16.0%) versus the prior year and $30,178 versus the prior month.

For the 2024-01-01 period, Menomonie had 38 MLS listings, a difference of -8 listings (-17%) versus the prior month and 4 listings (12%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Menomonie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,848 sqft
2018-02-01 0 days 1,818 sqft
2018-03-01 0 days 2,033 sqft
2018-04-01 0 days 2,008 sqft
2018-05-01 0 days 2,007 sqft
2018-06-01 0 days 2,008 sqft
2018-07-01 0 days 1,947 sqft
2018-08-01 0 days 1,914 sqft
2018-09-01 0 days 1,800 sqft
2018-10-01 0 days 2,025 sqft
2018-11-01 0 days 2,106 sqft
2018-12-01 0 days 2,100 sqft
2019-01-01 0 days 2,074 sqft
2019-02-01 0 days 2,174 sqft
2019-03-01 0 days 2,160 sqft
2019-04-01 0 days 2,173 sqft
2019-05-01 0 days 2,144 sqft
2019-06-01 0 days 2,002 sqft
2019-07-01 0 days 1,938 sqft
2019-08-01 0 days 1,816 sqft
2019-09-01 0 days 1,816 sqft
2019-10-01 0 days 1,895 sqft
2019-11-01 0 days 2,000 sqft
2019-12-01 0 days 1,993 sqft
2020-01-01 0 days 1,899 sqft
2020-02-01 0 days 1,670 sqft
2020-03-01 0 days 1,966 sqft
2020-04-01 0 days 1,934 sqft
2020-05-01 0 days 2,390 sqft
2020-06-01 0 days 2,414 sqft
2020-07-01 0 days 2,180 sqft
2020-08-01 0 days 1,980 sqft
2020-09-01 0 days 2,079 sqft
2020-10-01 0 days 2,217 sqft
2020-11-01 0 days 2,268 sqft
2020-12-01 0 days 2,118 sqft
2021-01-01 0 days 1,980 sqft
2021-02-01 0 days 1,781 sqft
2021-03-01 0 days 1,586 sqft
2021-04-01 0 days 1,709 sqft
2021-05-01 0 days 1,842 sqft
2021-06-01 0 days 1,804 sqft
2021-07-01 0 days 1,720 sqft
2021-08-01 0 days 1,648 sqft
2021-09-01 0 days 1,656 sqft
2021-10-01 0 days 1,656 sqft
2021-11-01 0 days 1,682 sqft
2021-12-01 0 days 1,653 sqft
2022-01-01 0 days 1,640 sqft
2022-02-01 0 days 2,479 sqft
2022-03-01 0 days 2,363 sqft
2022-04-01 0 days 2,414 sqft
2022-05-01 0 days 2,282 sqft
2022-06-01 0 days 2,131 sqft
2022-07-01 0 days 2,007 sqft
2022-08-01 0 days 1,980 sqft
2022-09-01 0 days 1,923 sqft
2022-10-01 0 days 1,780 sqft
2022-11-01 0 days 1,732 sqft
2022-12-01 0 days 1,635 sqft
2023-01-01 0 days 1,804 sqft
2023-02-01 0 days 1,922 sqft
2023-03-01 0 days 2,056 sqft
2023-04-01 0 days 2,085 sqft
2023-05-01 0 days 1,989 sqft
2023-06-01 0 days 2,126 sqft
2023-07-01 0 days 2,085 sqft
2023-08-01 0 days 1,988 sqft
2023-09-01 0 days 2,028 sqft
2023-10-01 0 days 2,200 sqft
2023-11-01 0 days 2,110 sqft
2023-12-01 0 days 1,808 sqft
2024-01-01 0 days 1,821 sqft
Menomonie's median listing age (time on market) for 2024-01-01 was 0 days.

Menomonie's median square footage for active listings during the 2024-01-01 period was 1,821 sqft. One year prior, the average listing was 1,804 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).