Milwaukee FHA Loan Rates, Closing Costs & Stats

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 124 lenders originated 1,971 FHA loans during 2024. The total origination value was $526,745,000, with an average FHA loan value of $267,248.

Milwaukee FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Milwaukee averaged 0.39% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

Milwaukee's average FHA mortgage closing costs are $6,900.

The average rate for the prior week (2025-06-13) was 6.97% and one month ago for the week of 2025-05-16, the average rate was 6.73%.

The average rate one year ago was 7.08%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.13%.

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

Milwaukee 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 Milwaukee level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
QUICKEN LOANS, LLC 192 6.32% $11,064
UNITED WHOLESALE MORTGAGE, LLC 103 6.21% $12,157
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 101 6.84% $9,834
GUILD MORTGAGE COMPANY 72 6.73% $9,106
PENNYMAC LOAN SERVICES, LLC 62 6.07% $8,908
FREEDOM MORTGAGE CORPORATION 62 6.52% $11,628
FIRST COLONY MORTGAGE CORPORATION 50 6.25% $9,810
Bank of England 48 6.57% $9,051
CMG MORTGAGE, INC. 45 7.21% $11,167
LOANDEPOT.COM, LLC 44 6.70% $10,880
PLANET HOME LENDING, LLC 42 6.30% $7,910
Bank Five Nine 41 6.40% $8,021
Paramount Residential Mortgage Group, Inc. 37 6.73% $9,363
CROSSCOUNTRY MORTGAGE, LLC 36 6.73% $10,147
ARK-LA-TEX FINANCIAL SERVICES, LLC. 35 6.51% $6,953
Flagstar Bank, FSB 30 6.51% $8,297
Prosperity Home Mortgage, LLC 30 6.17% $10,106
NEWREZ LLC 30 6.37% $10,178
BROKER SOLUTIONS, INC. 29 6.97% $10,800
Associated Bank 28 6.36% $6,917
AMERICAN PACIFIC MORTGAGE CORPORATION 25 7.07% $11,975
WISCONSIN MORTGAGE CORPORATION 25 6.42% $6,990
MUTUAL OF OMAHA MORTGAGE, INC. 23 6.49% $13,634
CARDINAL FINANCIAL 21 7.10% $13,505
Nations Lending Corporation 20 6.61% $11,447
Ixonia Bank 20 6.46% $9,573
Carrington Mortgage Services, LLC 19 6.39% $12,615
CHURCHILL MORTGAGE CORPORATION 18 6.65% $8,766
AMERICAN FINANCIAL NETWORK, INC. 16 6.58% $12,486
Barrington Bank & Trust Company, N.A. 16 6.61% $8,337
Century Mortgage Company DBA Century Lending Company 15 6.57% $11,044
V.I.P. MORTGAGE, INC. 15 6.32% $8,249
Servion, Inc. 13 6.63% $7,951
NATIONS RELIABLE LENDING, LLC 13 6.90% $9,933
LAKEVIEW LOAN SERVICING, LLC 13 6.45% $7,830
Mr. Cooper ( Nationstar Mortgage ) 13 6.60% $10,833
Mortgage Research Center, LLC 11 6.78% $8,039
MOVEMENT MORTGAGE, LLC 10 6.84% $10,859
HOMEBRIDGE FINANCIAL SERVICES, INC. 10 6.70% $7,554
VILLAGE CAPITAL MORTGAGE 10 6.53% $5,706
TOWNE MORTGAGE COMPANY 10 6.65% $10,174
Bell Bank 9 6.53% $8,080
LAND HOME FINANCIAL SERVICES, INC. 9 6.72% $9,928
SECURITYNATIONAL MORTGAGE COMPANY 9 6.85% $11,430
A + MORTGAGE SERVICES, INC. 9 6.54% $7,154
BAY EQUITY LLC 9 7.07% $7,619
American Mortgage & Equity Consultants, Inc. 9 6.54% $10,085
The Huntington National Bank 9 6.40% $7,868
U.S. Bank 9 6.71% $6,057
ENDEAVOR CAPITAL, LLC. 9 6.33% $10,696
BMO Harris Bank 8 6.56% $7,163
University of Wisconsin Credit Union 8 6.48% $8,311
UNION HOME MORTGAGE CORP. 8 6.61% $8,160
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 8 6.92% $8,111
Lakeview Community Capital, LLC 8 6.44% $8,211
The Equitable Bank, S.S.B. 8 6.03% $7,129
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 6.86% $9,952
SUN WEST MORTGAGE COMPANY, INC. 8 6.82% $10,523
AmeriHome Mortgage Company, LLC 8 6.73% $7,664
CIBM Bank 7 6.71% $6,889
PLAZA HOME MORTGAGE, INC. 7 6.87% $9,393
GUARANTEED RATE, INC. 7 6.67% $8,826
JPMorgan Chase Bank 7 6.73% $6,206
Equity Prime Mortgage LLC 7 6.89% $9,939
Waukesha State Bank 6 6.54% $9,074
GUARANTEED RATE AFFINITY, LLC 6 6.73% $6,054
GENEVA FINANCIAL, LLC 6 6.75% $13,679
T2 FINANCIAL LLC 5 7.28% $9,268
LOANPAL, LLC 5 5.60% $16,918
GSF Mortgage Corporation 5 6.80% $8,537
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.45% $8,349
S1L, Inc. 5 6.70% $8,900
FIRST STATE MORTGAGE SERVICES, LLC 5 6.40% $9,229
HOMESIDE FINANCIAL, LLC 5 6.30% $14,395
SUCCESS MORTGAGE PARTNERS, INC. 4 6.78% $6,378
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 6.84% $19,920
Granite Community Bank 4 6.00% $8,086
VERITAS FUNDING, LLC 4 6.13% $13,350
AMERISAVE MORTGAGE CORPORATION 4 5.91% $16,059
Ameris Bank 4 6.06% $8,307
AMERICAN FINANCIAL RESOURCES, INC. 3 6.83% $9,325
NATIONS DIRECT MORTGAGE, LLC 3 6.88% $13,068
OCEANSIDE MORTGAGE COMPANY 3 6.17% $3,240
PHH Mortgage Corporation 3 5.79% $12,342
Old National Bank 3 5.88% $8,203
THOMPSON KANE & COMPANY, LLC 2 6.75% $10,794
Assurance Financial Group, L.L.C. 2 5.44% $15,660
BAYSHORE MORTGAGE FUNDING, LLC 2 6.81% $12,716
CIBC Bank USA 2 5.88% $7,025
EMM LOANS LLC 2 6.13% $16,864
Home State Bank 2 6.94% $7,304
M&T Bank 2 6.38% $11,277
NBKC BANK 2 6.13% $7,393
Plains Commerce Bank 2 6.44% $9,663
PNC Bank 2 6.75% $11,379
RUOFF MORTGAGE COMPANY, INC. 1 6.00% $7,275
OCMBC, INC. 1 7.75% $11,624
NEXERA HOLDING LLC 1 6.25% $8,981
NEW DAY FINANCIAL, LLC 1 7.99% $3,563
Sierra Pacific Mortgage Company, Inc. 1 6.63% $14,276
SIRVA MORTGAGE, INC. 1 6.13% $7,940
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $9,116
MID AMERICA MORTGAGE, INC. 1 6.25% $5,857
Magnolia Bank 1 5.63% $13,952
Texana Bank 1 6.25% $10,921
LIBERTY HOME MORTGAGE CORPORATION 1 6.13% $22,035
The Federal Savings Bank 1 6.63% $13,026
GATEWAY MORTGAGE CORPORATION 1 7.00% $8,086
FIRST MORTGAGE COMPANY, INC. 1 7.75% $13,845
TOP FLITE FINANCIAL, INC. 1 6.88% $36,805
First Federal Bank 1 5.63% $8,388
TruHome Solutions, LLC 1 5.63% $7,324
DAS Acquisition Company, LLC 1 7.13% $9,176
Cornerstone First Mortgage, Inc 1 6.25% $8,968
CONTOUR MORTGAGE CORPORATION 1 7.25% $6,395
Commerce Home Mortgage, Inc. 1 5.50% $14,925
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.13% $10,027
Citizens Bank 1 6.63% $10,572
Citibank 1 6.75% $7,715
Waterstone Mortgage Corporation 1 7.13% $7,172
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $22,206
Wells Fargo Bank 1 6.13% $7,276
AMERICAN FINANCING CORPORATION 1 5.13% $12,784
ZILLOW HOME LOANS, LLC 1 6.75% $7,579

The top Milwaukee FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 192 FHA loans originated. Their average total fees are $11,064, which is $1,093 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Milwaukee FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($5,706), Associated Bank ($6,917), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,953), WISCONSIN MORTGAGE CORPORATION ($6,990) and HOMEBRIDGE FINANCIAL SERVICES, INC. ($7,554).

The lowest rate Milwaukee FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.07%), Prosperity Home Mortgage, LLC (6.17%), UNITED WHOLESALE MORTGAGE, LLC (6.21%), FIRST COLONY MORTGAGE CORPORATION (6.25%) and PLANET HOME LENDING, LLC (6.30%).

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
MILWAUKEE-WAUKESHA, WI MILWAUKEE 2023 $472,030 $604,400 $730,525 $907,900
MILWAUKEE-WAUKESHA, WI OZAUKEE 2023 $472,030 $604,400 $730,525 $907,900
MILWAUKEE-WAUKESHA, WI WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900
MILWAUKEE-WAUKESHA, WI WAUKESHA 2023 $472,030 $604,400 $730,525 $907,900

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).