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 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).