Milwaukee FHA Loan Rates, Closing Costs & Stats

MILWAUKEE-WAUKESHA, 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.

    Milwaukee's 129 lenders originated 1,944 FHA loans during 2023. The total origination value was $476,740,000, with an average FHA loan value of $245,237.

    Milwaukee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Milwaukee averaged 6.38% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Milwaukee's average FHA mortgage closing costs are $6,575.

    The average rate for the prior week (2024-11-01) was 6.56% and one month ago for the week of 2024-10-04, the average rate was 5.88%.

    The average rate one year ago was 7.22%.

    For refis of the same type during the week of 2024-11-08, the average rate was 5.65%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 170 6.32% $10,051
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 134 7.03% $9,431
    UNITED WHOLESALE MORTGAGE, LLC 102 6.56% $9,659
    Bank of England 64 6.98% $8,596
    Paramount Residential Mortgage Group, Inc. 64 6.94% $8,255
    CROSSCOUNTRY MORTGAGE, LLC 52 6.88% $9,735
    GUILD MORTGAGE COMPANY 48 6.76% $9,201
    LOANDEPOT.COM, LLC 48 6.67% $10,694
    NEWREZ LLC 44 6.55% $9,787
    Associated Bank 37 6.33% $7,003
    CARDINAL FINANCIAL 33 6.94% $10,799
    CMG MORTGAGE, INC. 33 7.17% $10,076
    JPMorgan Chase Bank 32 6.55% $4,969
    Bank Five Nine 31 6.83% $6,626
    Barrington Bank & Trust Company, N.A. 30 6.77% $8,200
    Bell Bank 29 6.63% $8,260
    AMERICAN PACIFIC MORTGAGE CORPORATION 28 7.02% $12,899
    BROKER SOLUTIONS, INC. 27 6.85% $10,951
    V.I.P. MORTGAGE, INC. 27 6.88% $10,474
    FREEDOM MORTGAGE CORPORATION 26 7.13% $12,600
    Mr. Cooper ( Nationstar Mortgage ) 26 6.26% $14,411
    MUTUAL OF OMAHA MORTGAGE, INC. 24 6.76% $12,887
    WISCONSIN MORTGAGE CORPORATION 23 6.63% $7,483
    American Mortgage & Equity Consultants, Inc. 22 7.11% $10,188
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 21 6.75% $7,572
    AMERISAVE MORTGAGE CORPORATION 21 6.04% $13,991
    Prosperity Home Mortgage, LLC 20 6.69% $8,001
    SUN WEST MORTGAGE COMPANY, INC. 18 6.91% $9,833
    NATIONS RELIABLE LENDING, LLC 18 7.27% $9,254
    Nations Lending Corporation 16 7.06% $9,593
    PENNYMAC LOAN SERVICES, LLC 16 6.27% $10,380
    BAY EQUITY LLC 16 6.64% $9,331
    CHURCHILL MORTGAGE CORPORATION 15 7.08% $7,876
    ENDEAVOR CAPITAL, LLC. 15 6.71% $11,358
    PLANET HOME LENDING, LLC 14 5.91% $7,880
    BMO Harris Bank 14 6.87% $7,586
    U.S. Bank 14 6.95% $6,697
    Mortgage Research Center, LLC 13 7.21% $5,586
    The Equitable Bank, S.S.B. 13 6.05% $6,536
    ENVOY MORTGAGE, LTD 13 6.66% $8,191
    GUARANTEED RATE AFFINITY, LLC 12 6.79% $11,004
    GUARANTEED RATE, INC. 12 6.99% $12,052
    Carrington Mortgage Services, LLC 12 6.45% $10,264
    A + MORTGAGE SERVICES, INC. 11 6.49% $8,535
    AMERICAN FINANCIAL NETWORK, INC. 11 7.06% $10,158
    Ixonia Bank 11 7.20% $8,324
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 11 7.19% $8,671
    CIBM Bank 11 6.86% $6,887
    MID AMERICA MORTGAGE, INC. 11 6.65% $8,476
    Century Mortgage Company DBA Century Lending Company 11 7.03% $10,651
    UNION HOME MORTGAGE CORP. 10 7.04% $8,588
    GSF Mortgage Corporation 10 6.58% $9,714
    AXIA FINANCIAL, LLC 8 5.87% $10,758
    CHERRY CREEK MORTGAGE, LLC 8 6.44% $4,658
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 6.63% $8,272
    MOVEMENT MORTGAGE, LLC 7 7.11% $10,417
    FIRST CENTENNIAL MORTGAGE CORPORATION 7 6.61% $8,838
    Waukesha State Bank 7 6.86% $8,361
    Flagstar Bank, FSB 7 6.71% $8,912
    THOMPSON KANE & COMPANY, LLC 7 6.79% $10,703
    University of Wisconsin Credit Union 6 6.48% $9,039
    GENEVA FINANCIAL, LLC 6 7.27% $14,265
    TOWNE MORTGAGE COMPANY 6 6.65% $8,504
    LAND HOME FINANCIAL SERVICES, INC. 6 6.54% $11,440
    Waterstone Mortgage Corporation 6 7.13% $8,797
    The Huntington National Bank 6 6.38% $8,565
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.92% $9,014
    Old National Bank 5 6.53% $6,043
    Equity Prime Mortgage LLC 5 6.78% $11,761
    CIBC Bank USA 5 6.32% $6,384
    AmeriHome Mortgage Company, LLC 5 6.55% $7,283
    T2 FINANCIAL LLC 5 7.03% $12,166
    TOP FLITE FINANCIAL, INC. 5 7.00% $15,141
    LAKEVIEW LOAN SERVICING, LLC 5 5.93% $11,173
    SUCCESS MORTGAGE PARTNERS, INC. 5 6.73% $7,137
    PNC Bank 4 6.13% $6,292
    EVERETT FINANCIAL, INC. 4 6.66% $9,256
    BECKAM FUNDING CORP. 4 7.28% $11,049
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 7.06% $8,087
    ZILLOW HOME LOANS, LLC 3 6.38% $10,937
    DRAPER AND KRAMER MORTGAGE CORP. 3 6.96% $8,369
    HOMESIDE FINANCIAL, LLC 3 6.63% $8,941
    Lakeview Community Capital, LLC 3 6.67% $11,588
    Neighborhood Loans, Inc. 2 7.19% $9,843
    EMBRACE HOME LOANS, INC. 2 6.56% $10,302
    Ameris Bank 2 7.31% $7,410
    Citizens Bank 2 6.13% $9,499
    The Federal Savings Bank 2 6.75% $12,385
    SUMMIT FUNDING, INC. 2 7.00% $14,063
    PHH Mortgage Corporation 2 6.38% $10,182
    Plains Commerce Bank 2 6.00% $6,974
    Servion, Inc. 2 6.00% $8,670
    SECURITYNATIONAL MORTGAGE COMPANY 2 7.44% $9,155
    LEADERONE FINANCIAL CORPORATION 2 6.56% $8,331
    LOANPAL, LLC 2 5.38% $14,687
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.00% $8,020
    JLB CORPORATION 2 7.06% $9,779
    NBKC BANK 2 6.00% $7,736
    NATION ONE MORTGAGE CORPORATION 1 6.38% $25,254
    ARC HOME LLC 1 7.13% $6,960
    BETTER MORTGAGE CORPORATION 1 6.00% $5,332
    CALCON MUTUAL MORTGAGE LLC 1 7.75% $15,210
    CALIBER HOME LOANS, INC. 1 6.75% $10,749
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.25% $6,452
    COMPASS MORTGAGE, INC. 1 5.25% $6,446
    CORNERSTONE HOME LENDING, INC. 1 6.63% $4,512
    First-Citizens Bank & Trust Company 1 6.13% $6,834
    FIRST COMMUNITY MORTGAGE, INC. 1 7.00% $9,019
    First Federal Bank 1 5.88% $13,160
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.63% $8,767
    Home Federal Savings Bank 1 7.38% $6,076
    Home State Bank 1 6.99% $6,013
    LEGEND LENDING CORPORATION 1 6.13% $22,249
    LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $30,539
    MEGASTAR FINANCIAL CORP. 1 6.63% $12,027
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $11,523
    M&T Bank 1 6.25% $6,082
    ACADEMY MORTGAGE CORPORATION 1 6.25% $12,560
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $11,380
    NexBank 1 6.63% $6,526
    OCMBC, INC. 1 7.13% $13,726
    PENTAGON FEDERAL CREDIT UNION 1 5.75% $5,481
    PLAZA HOME MORTGAGE, INC. 1 7.25% $12,327
    ROYAL UNITED MORTGAGE LLC 1 6.63% $7,108
    TJC Mortgage, Inc. 1 5.25% $23,483
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 6.63% $7,774
    UNITED HOME LOANS, INC. 1 6.63% $7,275
    VILLAGE CAPITAL MORTGAGE 1 6.25% $11,149
    Wells Fargo Bank 1 6.63% $8,900

    The top Milwaukee FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 170 FHA loans originated. Their average total fees are $10,051, which is $620 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Milwaukee FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($4,969), Mortgage Research Center, LLC ($5,586), The Equitable Bank, S.S.B. ($6,536), Bank Five Nine ($6,626) and U.S. Bank ($6,697).

    The lowest rate Milwaukee FHA lenders (with over 10 loans originated) are PLANET HOME LENDING, LLC (5.91%), AMERISAVE MORTGAGE CORPORATION (6.04%), The Equitable Bank, S.S.B. (6.05%), Mr. Cooper ( Nationstar Mortgage ) (6.26%) and PENNYMAC LOAN SERVICES, LLC (6.27%).

    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).