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 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
-0.04%
for the week of 2022-11-25, compared to the national average (all FHA variants) of
0% for the same period.
Milwaukee's average FHA mortgage closing costs are $5,902.
The average rate for the prior week (2022-11-18) was
6.29% and
one month ago for the week of 2022-10-21, the
average rate was 6.59%.
The average rate one year ago was 3.27%.
For refis of the same type during the week of 2022-11-25, the average rate
was -0.34%.
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.
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 MORTGAGE ($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 | $227,400 (13.8%) | $330,669 (15.2%) | 0.84 | 2,720 |
| 2018-02-01 | $239,700 (17.5%) | $351,391 (20.3%) | 0.87 | 2,546 |
| 2018-03-01 | $269,900 (23.3%) | $371,001 (22.5%) | 0.95 | 2,510 |
| 2018-04-01 | $274,995 (19.6%) | $380,187 (11.9%) | 0.93 | 2,485 |
| 2018-05-01 | $289,450 (18.2%) | $388,878 (10.9%) | 0.97 | 2,629 |
| 2018-06-01 | $299,000 (19.7%) | $401,056 (14.2%) | 1.00 | 2,866 |
| 2018-07-01 | $293,425 (21.3%) | $389,479 (13.1%) | 0.98 | 3,180 |
| 2018-08-01 | $282,450 (17.7%) | $378,642 (11.6%) | 0.95 | 3,428 |
| 2018-09-01 | $273,900 (17.8%) | $373,707 (10.5%) | 0.92 | 3,590 |
| 2018-10-01 | $269,925 (17.4%) | $369,607 (11.1%) | 0.91 | 3,591 |
| 2018-11-01 | $264,975 (17.3%) | $363,812 (9.1%) | 0.90 | 3,395 |
| 2018-12-01 | $259,900 (18.2%) | $355,938 (9.2%) | 0.90 | 2,973 |
| 2019-01-01 | $272,400 (19.8%) | $365,158 (10.4%) | 0.94 | 2,578 |
| 2019-02-01 | $299,900 (25.1%) | $389,224 (10.8%) | 1.01 | 2,371 |
| 2019-03-01 | $312,814 (15.9%) | $402,091 (8.4%) | 1.02 | 2,373 |
| 2019-04-01 | $329,923 (20.0%) | $414,518 (9.0%) | 1.05 | 2,462 |
| 2019-05-01 | $332,400 (14.8%) | $422,425 (8.6%) | 1.04 | 2,499 |
| 2019-06-01 | $325,000 (8.7%) | $417,500 (4.1%) | 1.02 | 2,729 |
| 2019-07-01 | $327,450 (11.6%) | $420,911 (8.1%) | 1.03 | 2,911 |
| 2019-08-01 | $315,427 (11.7%) | $408,509 (7.9%) | 1.00 | 3,122 |
| 2019-09-01 | $301,068 (9.9%) | $394,545 (5.6%) | 0.96 | 3,284 |
| 2019-10-01 | $289,450 (7.2%) | $381,703 (3.3%) | 0.93 | 3,373 |
| 2019-11-01 | $279,900 (5.6%) | $371,248 (2.0%) | 0.92 | 3,085 |
| 2019-12-01 | $272,450 (4.8%) | $367,075 (3.1%) | 0.91 | 2,615 |
| 2020-01-01 | $277,125 (1.7%) | $371,139 (1.6%) | 0.93 | 2,286 |
| 2020-02-01 | $309,000 (3.0%) | $400,565 (2.9%) | 1.01 | 2,079 |
| 2020-03-01 | $324,950 (3.9%) | $414,757 (3.2%) | 1.02 | 2,083 |
| 2020-04-01 | $337,720 (2.4%) | $412,128 (-0.6%) | 1.06 | 2,144 |
| 2020-05-01 | $369,900 (11.3%) | $436,750 (3.4%) | 1.12 | 2,084 |
| 2020-06-01 | $364,975 (12.3%) | $433,905 (3.9%) | 1.07 | 1,969 |
| 2020-07-01 | $353,648 (8.0%) | $439,735 (4.5%) | 1.03 | 1,843 |
| 2020-08-01 | $339,995 (7.8%) | $431,535 (5.6%) | 0.97 | 1,910 |
| 2020-09-01 | $322,400 (7.1%) | $424,225 (7.5%) | 0.92 | 2,014 |
| 2020-10-01 | $299,000 (3.3%) | $399,700 (4.7%) | 0.86 | 2,046 |
| 2020-11-01 | $289,900 (3.6%) | $399,002 (7.5%) | 0.85 | 1,828 |
| 2020-12-01 | $288,925 (6.1%) | $398,774 (8.6%) | 0.86 | 1,538 |
| 2021-01-01 | $289,900 (4.6%) | $402,971 (8.6%) | 0.87 | 1,234 |
| 2021-02-01 | $302,450 (-2.1%) | $415,068 (3.6%) | 0.88 | 1,022 |
| 2021-03-01 | $300,000 (-7.7%) | $415,410 (0.2%) | 0.85 | 1,006 |
| 2021-04-01 | $314,900 (-6.8%) | $425,461 (3.2%) | 0.85 | 1,012 |
| 2021-05-01 | $314,950 (-14.9%) | $419,939 (-3.9%) | 0.83 | 1,147 |
| 2021-06-01 | $299,950 (-17.8%) | $409,501 (-5.6%) | 0.79 | 1,443 |
| 2021-07-01 | $289,000 (-18.3%) | $389,410 (-11.4%) | 0.76 | 1,840 |
| 2021-08-01 | $289,900 (-14.7%) | $388,517 (-10.0%) | 0.77 | 1,967 |
| 2021-09-01 | $279,450 (-13.3%) | $381,877 (-10.0%) | 0.75 | 2,086 |
| 2021-10-01 | $275,000 (-8.0%) | $382,786 (-4.2%) | 0.73 | 1,956 |
| 2021-11-01 | $266,675 (-8.0%) | $379,627 (-4.9%) | 0.71 | 1,699 |
| 2021-12-01 | $256,475 (-11.2%) | $363,456 (-8.9%) | 0.70 | 1,414 |
| 2022-01-01 | $279,900 (-3.5%) | $385,467 (-4.3%) | 0.76 | 1,031 |
| 2022-02-01 | $277,449 (-8.3%) | $397,697 (-4.2%) | 0.72 | 977 |
| 2022-03-01 | $299,725 (-0.1%) | $425,226 (2.4%) | 0.75 | 946 |
| 2022-04-01 | $329,900 (4.8%) | $450,801 (6.0%) | 0.79 | 1,021 |
| 2022-05-01 | $361,200 (14.7%) | $471,234 (12.2%) | 0.83 | 1,126 |
| 2022-06-01 | $369,950 (23.3%) | $476,986 (16.5%) | 0.82 | 1,385 |
| 2022-07-01 | $359,900 (24.5%) | $461,077 (18.4%) | 0.81 | 1,685 |
| 2022-08-01 | $362,450 (25.0%) | $454,436 (17.0%) | 0.84 | 1,738 |
| 2022-09-01 | $354,950 (27.0%) | $446,035 (16.8%) | 0.83 | 1,689 |
| 2022-10-01 | $369,900 (34.5%) | $450,751 (17.8%) | 0.87 | 1,768 |
Milwaukee's median listing price comes in at 87% of the national average.
Milwaukee's average listing price for 2022-10-01 was $450,751, a difference of $67,965 (17.8%) versus the prior year and $4,716 versus the prior month.
For the 2022-10-01 period, Milwaukee had 1,768 MLS listings, a difference of 79 listings (5%) versus the prior month and -188 listings (-10%) 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 | 83 days | 1,686 sqft |
| 2018-02-01 | 70 days | 1,731 sqft |
| 2018-03-01 | 44 days | 1,803 sqft |
| 2018-04-01 | 39 days | 1,841 sqft |
| 2018-05-01 | 38 days | 1,879 sqft |
| 2018-06-01 | 37 days | 1,904 sqft |
| 2018-07-01 | 43 days | 1,868 sqft |
| 2018-08-01 | 43 days | 1,852 sqft |
| 2018-09-01 | 45 days | 1,822 sqft |
| 2018-10-01 | 47 days | 1,812 sqft |
| 2018-11-01 | 53 days | 1,800 sqft |
| 2018-12-01 | 64 days | 1,783 sqft |
| 2019-01-01 | 73 days | 1,802 sqft |
| 2019-02-01 | 66 days | 1,901 sqft |
| 2019-03-01 | 51 days | 1,950 sqft |
| 2019-04-01 | 43 days | 1,995 sqft |
| 2019-05-01 | 43 days | 2,046 sqft |
| 2019-06-01 | 42 days | 2,032 sqft |
| 2019-07-01 | 43 days | 2,019 sqft |
| 2019-08-01 | 44 days | 1,976 sqft |
| 2019-09-01 | 45 days | 1,916 sqft |
| 2019-10-01 | 47 days | 1,870 sqft |
| 2019-11-01 | 56 days | 1,810 sqft |
| 2019-12-01 | 68 days | 1,796 sqft |
| 2020-01-01 | 74 days | 1,786 sqft |
| 2020-02-01 | 54 days | 1,836 sqft |
| 2020-03-01 | 43 days | 1,894 sqft |
| 2020-04-01 | 45 days | 1,910 sqft |
| 2020-05-01 | 50 days | 1,994 sqft |
| 2020-06-01 | 47 days | 1,978 sqft |
| 2020-07-01 | 45 days | 1,972 sqft |
| 2020-08-01 | 43 days | 1,921 sqft |
| 2020-09-01 | 39 days | 1,829 sqft |
| 2020-10-01 | 41 days | 1,740 sqft |
| 2020-11-01 | 47 days | 1,688 sqft |
| 2020-12-01 | 55 days | 1,650 sqft |
| 2021-01-01 | 60 days | 1,642 sqft |
| 2021-02-01 | 48 days | 1,623 sqft |
| 2021-03-01 | 42 days | 1,642 sqft |
| 2021-04-01 | 30 days | 1,664 sqft |
| 2021-05-01 | 27 days | 1,728 sqft |
| 2021-06-01 | 18 days | 1,739 sqft |
| 2021-07-01 | 25 days | 1,673 sqft |
| 2021-08-01 | 34 days | 1,673 sqft |
| 2021-09-01 | 37 days | 1,660 sqft |
| 2021-10-01 | 42 days | 1,642 sqft |
| 2021-11-01 | 51 days | 1,600 sqft |
| 2021-12-01 | 66 days | 1,571 sqft |
| 2022-01-01 | 68 days | 1,610 sqft |
| 2022-02-01 | 37 days | 1,624 sqft |
| 2022-03-01 | 37 days | 1,655 sqft |
| 2022-04-01 | 31 days | 1,689 sqft |
| 2022-05-01 | 26 days | 1,810 sqft |
| 2022-06-01 | 27 days | 1,837 sqft |
| 2022-07-01 | 30 days | 1,811 sqft |
| 2022-08-01 | 35 days | 1,815 sqft |
| 2022-09-01 | 40 days | 1,765 sqft |
| 2022-10-01 | 37 days | 1,798 sqft |
Milwaukee's median square footage for active listings during the 2022-10-01 period was 1,798 sqft. One year prior, the average listing was 1,642 sqft.
