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).