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%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Milwaukee level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 374 2.74% $5,751
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 288 3.21% $6,247
FREEDOM MORTGAGE CORPORATION 188 2.85% $4,572
LAKEVIEW LOAN SERVICING, LLC 134 3.03% $4,391
CMG MORTGAGE, INC. 120 3.50% $7,421
UNITED WHOLESALE MORTGAGE, LLC 120 2.77% $6,500
PENNYMAC LOAN SERVICES, LLC 106 3.05% $4,596
Paramount Residential Mortgage Group, Inc. 102 3.12% $6,246
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 96 3.42% $8,085
INLANTA MORTGAGE, INC. 90 3.14% $6,115
Mr. Cooper ( Nationstar Mortgage ) 89 3.31% $3,689
FIRST CENTENNIAL MORTGAGE CORPORATION 82 2.86% $5,752
WISCONSIN MORTGAGE CORPORATION 81 2.72% $5,202
CALIBER HOME LOANS, INC. 81 2.82% $5,094
HOMEBRIDGE FINANCIAL SERVICES, INC. 76 2.78% $5,808
Carrington Mortgage Services, LLC 73 3.30% $6,024
LOANDEPOT.COM, LLC 66 3.36% $6,185
NEWREZ LLC 63 2.94% $4,533
GSF Mortgage Corporation 61 2.84% $6,616
FINANCE OF AMERICA MORTGAGE LLC 58 3.09% $6,894
A + MORTGAGE SERVICES, INC. 57 2.74% $5,742
BROKER SOLUTIONS, INC. 57 3.39% $6,682
The Equitable Bank, S.S.B. 51 2.56% $6,058
Associated Bank 49 2.87% $4,871
Prosperity Home Mortgage, LLC 48 3.17% $6,012
CHERRY CREEK MORTGAGE, LLC 47 3.64% $2,997
VILLAGE CAPITAL & INVESTMENT LLC 44 2.79% $2,611
Bank of England 44 3.35% $7,258
PARKSIDE LENDING, LLC 44 2.99% $6,039
American Mortgage & Equity Consultants, Inc. 44 3.33% $7,452
CROSSCOUNTRY MORTGAGE, LLC 44 3.08% $7,442
GUARANTEED RATE, INC. 43 2.99% $7,129
T2 FINANCIAL LLC 43 3.29% $6,523
AMERICAN FINANCIAL NETWORK, INC. 40 3.38% $9,774
ARK-LA-TEX FINANCIAL SERVICES, LLC. 38 2.85% $4,969
TOTAL MORTGAGE SERVICES, LLC 36 3.65% $6,980
The Federal Savings Bank 34 3.33% $6,027
JPMorgan Chase Bank 32 2.88% $3,973
SUN WEST MORTGAGE COMPANY, INC. 32 3.15% $5,701
PLANET HOME LENDING, LLC 30 2.85% $5,993
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 29 3.39% $6,670
AMERICAN PACIFIC MORTGAGE CORPORATION 29 3.46% $6,868
LAND HOME FINANCIAL SERVICES, INC. 28 3.62% $7,577
U.S. Bank 24 3.05% $5,870
Ixonia Bank 24 3.13% $7,270
Bank Five Nine 24 3.03% $6,310
LEADERONE FINANCIAL CORPORATION 24 3.50% $6,625
ENVOY MORTGAGE, LTD 23 3.45% $6,352
First Guaranty Mortgage Corporation 22 3.09% $5,656
Bell Bank 22 3.02% $5,962
ACADEMY MORTGAGE CORPORATION 21 3.40% $6,850
TOWNE MORTGAGE COMPANY 21 3.30% $6,406
Barrington Bank & Trust Company, N.A. 20 3.20% $6,087
HOME POINT FINANCIAL CORPORATION 18 2.81% $5,437
AMERISAVE MORTGAGE CORPORATION 17 2.94% $7,410
Waterstone Mortgage Corporation 16 3.77% $7,959
CIBC Bank USA 15 3.09% $6,801
MID AMERICA MORTGAGE, INC. 14 2.94% $3,300
MUTUAL OF OMAHA MORTGAGE, INC. 14 3.11% $6,303
First-Citizens Bank & Trust Company 13 2.94% $5,806
NATIONS RELIABLE LENDING, LLC 13 3.57% $7,028
UNION HOME MORTGAGE CORP. 12 3.45% $6,740
CIBM Bank 12 3.12% $5,360
SOUTHWEST FUNDING, LP 11 3.45% $11,566
HOMESIDE FINANCIAL, LLC 10 3.21% $7,099
VERITAS FUNDING, LLC 10 3.56% $6,922
Flagstar Bank, FSB 10 2.86% $6,485
V.I.P. MORTGAGE, INC. 10 3.17% $7,535
OCEANSIDE MORTGAGE COMPANY 9 2.68% $3,336
AXIA FINANCIAL, LLC 9 3.36% $7,334
MORIA DEVELOPMENT, INC. 9 3.69% $7,803
Mortgage Research Center, LLC 8 3.06% $4,755
SUCCESS MORTGAGE PARTNERS, INC. 8 3.41% $6,876
GUILD MORTGAGE COMPANY 8 3.09% $9,169
Nations Lending Corporation 7 3.16% $11,805
GUARANTEED RATE AFFINITY, LLC 7 2.96% $7,018
The Huntington National Bank 7 2.91% $5,410
FIRST STATE MORTGAGE SERVICES, LLC 7 2.95% $6,513
STEARNS LENDING, LLC 7 2.89% $5,973
NATIONS DIRECT MORTGAGE, LLC 6 3.64% $8,035
AMERICAN FINANCING CORPORATION 6 2.77% $6,825
Neighborhood Loans, Inc. 6 4.40% $6,768
Peoples Bank 5 3.70% $6,549
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.28% $6,327
Loan Simple, Inc. 5 3.35% $6,533
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.65% $7,649
EVERETT FINANCIAL, INC. 5 3.53% $5,589
MICHIGAN MUTUAL, INC. 4 3.25% $8,244
COMPASS MORTGAGE, INC. 4 3.19% $6,412
BMO Harris Bank 4 2.78% $6,049
KELLER MORTGAGE, LLC 4 2.88% $5,488
BAYSHORE MORTGAGE FUNDING, LLC 4 3.38% $5,600
Plains Commerce Bank 4 2.75% $7,630
PLAZA HOME MORTGAGE, INC. 4 3.12% $5,126
Old National Bank 4 2.97% $5,568
PNC Bank 4 3.00% $4,757
BECKAM FUNDING CORP. 3 4.00% $9,629
AMERIFIRST FINANCIAL CORPORATION 3 3.21% $7,374
First Federal Bank 3 3.29% $5,622
Key Mortgage Services, Inc. 3 3.71% $6,933
LIBERTY HOME MORTGAGE CORPORATION 3 2.75% $7,967
SECURITYNATIONAL MORTGAGE COMPANY 3 3.08% $7,490
Servion, Inc. 3 3.04% $7,460
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 3 3.04% $6,173
Wells Fargo Bank 3 2.92% $4,811
Magnolia Bank 2 2.88% $7,715
Colten Mortgage, LLC 2 3.50% $5,786
PHH Mortgage Corporation 2 2.94% $7,198
First Home Bank 2 2.81% $8,021
CELEBRITY HOME LOANS, LLC 2 2.81% $7,727
Northpointe Bank 2 2.81% $9,109
Midwest Community Bank 2 2.81% $6,011
BETTER MORTGAGE CORPORATION 2 2.56% $7,188
Fifth Third Bank 2 2.94% $6,823
HANCOCK MORTGAGE PARTNERS, LLC 2 3.56% $4,991
TCF National Bank 2 2.75% $5,047
Low VA Rates, LLC 2 3.88% $3,921
EMBRACE HOME LOANS, INC. 2 2.87% $6,782
DAS Acquisition Company, LLC 2 3.63% $8,191
AmeriHome Mortgage Company, LLC 2 2.94% $7,587
Mortgages Unlimited Inc. 2 3.19% $8,740
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.25% $6,707
THOMPSON KANE & COMPANY, LLC 2 3.00% $6,929
ZILLOW HOME LOANS, LLC 1 3.00% $4,675
SIWELL, INC. 1 2.25% $5,002
First Midwest Bank 1 3.63% $7,652
FirstBank 1 3.75% $5,535
SUMMIT FUNDING, INC. 1 3.75% $6,328
Equity Prime Mortgage LLC 1 3.75% $4,187
EMM LOANS LLC 1 2.75% $13,910
The Union Bank Company 1 3.63% $8,825
TJC Mortgage, Inc. 1 2.50% $10,987
CHURCHILL MORTGAGE CORPORATION 1 4.13% $6,698
Wolfe Financial, Inc 1 3.88% $5,984
Blue Ridge Bank 1 3.00% $7,613
UNIVERSAL LENDING CORPORATION 1 3.13% $5,400
Austin Capital Bank SSB 1 3.00% $5,454
Victorian Finance, LLC 1 2.75% $6,320
AmRes Corporation 1 3.63% $7,049
A Mortgage Boutique, LLC 1 2.88% $4,333
Ameris Bank 1 2.63% $4,589
Waukesha State Bank 1 2.75% $7,770
MOVEMENT MORTGAGE, LLC 1 2.75% $5,744
MLD MORTGAGE INC. 1 3.88% $6,168
MYCUMORTGAGE, LLC 1 3.13% $3,274
Mid-Continent Funding, Inc. 1 3.25% $6,811
NBKC BANK 1 2.63% $8,207
Manufacturers and Traders Trust Company 1 3.13% $8,143
NORWICH COMMERCIAL GROUP, INC. 1 3.25% $6,364
LENDUS, LLC 1 2.99% $9,643
Lend Smart Mortgage, LLC 1 3.63% $4,195
JLB CORPORATION 1 3.25% $6,928
InterContinental Capital Group, Inc 1 2.88% $11,594
INLAND BANK & TRUST 1 3.25% $5,987
Independent Bank 1 2.88% $5,258
Hometown Lenders, Inc. 1 3.25% $9,108
Goldwater Bank, N.A. 1 3.50% $11,577
GERSHMAN INVESTMENT CORP. 1 3.25% $5,647
GENEVA FINANCIAL, LLC 1 3.75% $6,412
GATEWAY MORTGAGE CORPORATION 1 3.00% $8,265
First National Bank of Omaha 1 2.88% $6,629
RUOFF MORTGAGE COMPANY, INC. 1 3.63% $5,651

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 for 2022-04-01 was $334,900, a difference of $20,000 (6.4%) versus the prior year and $39,900 versus the prior month.

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 listing age (time on market) for 2022-04-01 was 34 days. This is -8% shorter than the same period one year ago.

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.

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).