Milwaukee FHA Loans
MILWAUKEE-WAUKESHA, 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.
Milwaukee's 162 lenders originated 4,588 FHA loans during 2021. The total origination value was $991,440,000, with an average FHA loan value of $216,094.
Milwaukee FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Milwaukee
averaged
5.32%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.15% and
one month ago for the week of 2022-04-08, the
average rate was 5.12%.
The average rate one year ago was 3.33%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.12%.
Milwaukee FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Milwaukee level.
The top Milwaukee FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
374 FHA loans originated. Their average total fees are
$5,751, which is $496
lower than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Milwaukee FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($2,611), CHERRY CREEK MORTGAGE, LLC ($2,997), MID AMERICA MORTGAGE, INC. ($3,300), Mr. Cooper ( Nationstar Mortgage ) ($3,689) and JPMorgan Chase Bank ($3,973).
The lowest rate Milwaukee FHA lenders (with over 10 loans originated) are
The Equitable Bank, S.S.B. (2.56%), WISCONSIN MORTGAGE CORPORATION (2.72%), QUICKEN LOANS, LLC (2.74%), A + MORTGAGE SERVICES, INC. (2.74%) and UNITED WHOLESALE MORTGAGE, LLC (2.77%).
Milwaukee FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| MILWAUKEE-WAUKESHA, WI | MILWAUKEE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| MILWAUKEE-WAUKESHA, WI | OZAUKEE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| MILWAUKEE-WAUKESHA, WI | WASHINGTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| MILWAUKEE-WAUKESHA, WI | WAUKESHA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Milwaukee (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 | $227,450 (13.8%) | $332,879 (15.4%) | 0.84 | 2,715 |
| 2018-02-01 | $239,900 (15.7%) | $351,925 (20.1%) | 0.87 | 2,534 |
| 2018-03-01 | $269,900 (22.9%) | $372,739 (22.4%) | 0.93 | 2,486 |
| 2018-04-01 | $279,900 (21.8%) | $384,167 (12.5%) | 0.94 | 2,462 |
| 2018-05-01 | $291,950 (19.2%) | $392,143 (11.3%) | 0.97 | 2,624 |
| 2018-06-01 | $299,000 (19.7%) | $402,056 (13.8%) | 1.00 | 2,849 |
| 2018-07-01 | $292,400 (19.4%) | $391,142 (12.8%) | 0.98 | 3,194 |
| 2018-08-01 | $284,950 (18.8%) | $380,201 (11.3%) | 0.95 | 3,437 |
| 2018-09-01 | $274,900 (17.0%) | $374,106 (10.1%) | 0.92 | 3,609 |
| 2018-10-01 | $272,400 (18.5%) | $371,473 (11.3%) | 0.91 | 3,597 |
| 2018-11-01 | $265,000 (16.3%) | $364,054 (8.9%) | 0.89 | 3,406 |
| 2018-12-01 | $259,900 (18.2%) | $356,967 (9.1%) | 0.89 | 3,006 |
| 2019-01-01 | $272,350 (19.7%) | $364,804 (9.6%) | 0.94 | 2,591 |
| 2019-02-01 | $299,900 (25.0%) | $391,246 (11.2%) | 1.00 | 2,369 |
| 2019-03-01 | $316,857 (17.4%) | $401,730 (7.8%) | 1.03 | 2,744 |
| 2019-04-01 | $329,950 (17.9%) | $415,240 (8.1%) | 1.04 | 3,941 |
| 2019-05-01 | $334,000 (14.4%) | $426,005 (8.6%) | 1.03 | 2,488 |
| 2019-06-01 | $329,900 (10.3%) | $421,219 (4.8%) | 1.02 | 2,715 |
| 2019-07-01 | $329,900 (12.8%) | $424,316 (8.5%) | 1.03 | 2,886 |
| 2019-08-01 | $316,486 (11.1%) | $409,584 (7.7%) | 1.00 | 3,121 |
| 2019-09-01 | $297,400 (8.2%) | $390,372 (4.4%) | 0.94 | 3,299 |
| 2019-10-01 | $289,450 (6.3%) | $383,152 (3.1%) | 0.92 | 3,376 |
| 2019-11-01 | $279,900 (5.6%) | $376,032 (3.3%) | 0.90 | 3,072 |
| 2019-12-01 | $279,450 (7.5%) | $373,401 (4.6%) | 0.93 | 2,616 |
| 2020-01-01 | $283,700 (4.2%) | $378,513 (3.8%) | 0.95 | 2,267 |
| 2020-02-01 | $319,900 (6.7%) | $408,200 (4.3%) | 1.03 | 2,049 |
| 2020-03-01 | $327,900 (3.5%) | $419,298 (4.4%) | 1.02 | 2,029 |
| 2020-04-01 | $343,900 (4.2%) | $415,959 (0.2%) | 1.07 | 2,128 |
| 2020-05-01 | $374,900 (12.3%) | $446,277 (4.8%) | 1.14 | 2,043 |
| 2020-06-01 | $369,900 (12.1%) | $441,882 (4.9%) | 1.08 | 1,913 |
| 2020-07-01 | $366,400 (11.1%) | $448,719 (5.8%) | 1.05 | 1,788 |
| 2020-08-01 | $349,900 (10.6%) | $438,179 (7.0%) | 1.00 | 1,852 |
| 2020-09-01 | $327,350 (10.1%) | $428,768 (9.8%) | 0.94 | 1,968 |
| 2020-10-01 | $299,900 (3.6%) | $402,805 (5.1%) | 0.86 | 2,055 |
| 2020-11-01 | $294,950 (5.4%) | $402,764 (7.1%) | 0.84 | 1,794 |
| 2020-12-01 | $289,450 (3.6%) | $402,747 (7.9%) | 0.85 | 1,525 |
| 2021-01-01 | $295,000 (4.0%) | $406,957 (7.5%) | 0.87 | 1,196 |
| 2021-02-01 | $304,700 (-4.8%) | $420,443 (3.0%) | 0.88 | 989 |
| 2021-03-01 | $302,500 (-7.8%) | $417,257 (-0.5%) | 0.85 | 946 |
| 2021-04-01 | $314,900 (-8.4%) | $425,184 (2.2%) | 0.85 | 963 |
| 2021-05-01 | $314,900 (-16.0%) | $418,283 (-6.3%) | 0.83 | 1,075 |
| 2021-06-01 | $299,900 (-18.9%) | $409,435 (-7.3%) | 0.78 | 1,383 |
| 2021-07-01 | $292,450 (-20.2%) | $394,678 (-12.0%) | 0.76 | 1,735 |
| 2021-08-01 | $289,900 (-17.2%) | $390,488 (-10.9%) | 0.76 | 1,932 |
| 2021-09-01 | $279,450 (-14.6%) | $381,874 (-10.9%) | 0.74 | 2,046 |
| 2021-10-01 | $275,000 (-8.3%) | $383,264 (-4.9%) | 0.72 | 1,924 |
| 2021-11-01 | $266,900 (-9.5%) | $380,390 (-5.6%) | 0.70 | 1,656 |
| 2021-12-01 | $257,450 (-11.1%) | $364,857 (-9.4%) | 0.69 | 1,401 |
| 2022-01-01 | $285,000 (-3.4%) | $389,480 (-4.3%) | 0.76 | 999 |
| 2022-02-01 | $277,448 (-8.9%) | $397,714 (-5.4%) | 0.71 | 949 |
| 2022-03-01 | $295,000 (-2.5%) | $425,205 (1.9%) | 0.73 | 902 |
| 2022-04-01 | $334,900 (6.4%) | $455,120 (7.0%) | 0.79 | 962 |
Milwaukee's median listing price comes in at 79% of the national average.
Milwaukee's average listing price for 2022-04-01 was $455,120, a difference of $29,936 (7.0%) versus the prior year and $29,915 versus the prior month.
For the 2022-04-01 period, Milwaukee had 962 MLS listings, a difference of 60 listings (7%) versus the prior month and -1 listings (0%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Milwaukee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 84 days | 1,690 sqft |
| 2018-02-01 | 72 days | 1,737 sqft |
| 2018-03-01 | 45 days | 1,811 sqft |
| 2018-04-01 | 40 days | 1,856 sqft |
| 2018-05-01 | 39 days | 1,897 sqft |
| 2018-06-01 | 37 days | 1,920 sqft |
| 2018-07-01 | 43 days | 1,871 sqft |
| 2018-08-01 | 44 days | 1,859 sqft |
| 2018-09-01 | 45 days | 1,832 sqft |
| 2018-10-01 | 49 days | 1,814 sqft |
| 2018-11-01 | 54 days | 1,800 sqft |
| 2018-12-01 | 64 days | 1,779 sqft |
| 2019-01-01 | 74 days | 1,800 sqft |
| 2019-02-01 | 69 days | 1,902 sqft |
| 2019-03-01 | 54 days | 1,956 sqft |
| 2019-04-01 | 44 days | 2,014 sqft |
| 2019-05-01 | 43 days | 2,065 sqft |
| 2019-06-01 | 43 days | 2,052 sqft |
| 2019-07-01 | 43 days | 2,043 sqft |
| 2019-08-01 | 42 days | 1,980 sqft |
| 2019-09-01 | 44 days | 1,905 sqft |
| 2019-10-01 | 48 days | 1,880 sqft |
| 2019-11-01 | 56 days | 1,816 sqft |
| 2019-12-01 | 67 days | 1,800 sqft |
| 2020-01-01 | 72 days | 1,794 sqft |
| 2020-02-01 | 57 days | 1,843 sqft |
| 2020-03-01 | 44 days | 1,898 sqft |
| 2020-04-01 | 45 days | 1,916 sqft |
| 2020-05-01 | 51 days | 2,011 sqft |
| 2020-06-01 | 49 days | 1,993 sqft |
| 2020-07-01 | 47 days | 1,989 sqft |
| 2020-08-01 | 44 days | 1,941 sqft |
| 2020-09-01 | 41 days | 1,839 sqft |
| 2020-10-01 | 42 days | 1,744 sqft |
| 2020-11-01 | 47 days | 1,690 sqft |
| 2020-12-01 | 55 days | 1,654 sqft |
| 2021-01-01 | 62 days | 1,644 sqft |
| 2021-02-01 | 52 days | 1,630 sqft |
| 2021-03-01 | 46 days | 1,641 sqft |
| 2021-04-01 | 37 days | 1,665 sqft |
| 2021-05-01 | 35 days | 1,746 sqft |
| 2021-06-01 | 29 days | 1,742 sqft |
| 2021-07-01 | 29 days | 1,692 sqft |
| 2021-08-01 | 35 days | 1,671 sqft |
| 2021-09-01 | 37 days | 1,662 sqft |
| 2021-10-01 | 39 days | 1,635 sqft |
| 2021-11-01 | 45 days | 1,601 sqft |
| 2021-12-01 | 53 days | 1,571 sqft |
| 2022-01-01 | 59 days | 1,610 sqft |
| 2022-02-01 | 38 days | 1,625 sqft |
| 2022-03-01 | 40 days | 1,654 sqft |
| 2022-04-01 | 34 days | 1,691 sqft |
Milwaukee's median square footage for active listings during the 2022-04-01 period was 1,691 sqft. One year prior, the average listing was 1,665 sqft.
