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 145 lenders originated 2,635 FHA loans during 2022. The total origination value was $597,595,000, with an average FHA loan value of $226,791.

    Milwaukee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Milwaukee averaged -0.24% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Milwaukee's average FHA mortgage closing costs are $6,230.

    The average rate for the prior week (2023-11-17) was 6.95% and one month ago for the week of 2023-10-20, the average rate was 7.06%.

    The average rate one year ago was 6.19%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.47%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 204 4.61% $8,582
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 184 5.20% $7,786
    UNITED WHOLESALE MORTGAGE, LLC 123 4.65% $7,557
    LOANDEPOT.COM, LLC 67 5.08% $8,405
    CMG MORTGAGE, INC. 63 5.43% $9,010
    FINANCE OF AMERICA MORTGAGE LLC 59 4.88% $8,193
    Associated Bank 58 4.73% $6,042
    CHERRY CREEK MORTGAGE, LLC 55 5.25% $3,479
    INLANTA MORTGAGE, INC. 53 5.22% $8,390
    Carrington Mortgage Services, LLC 52 4.70% $8,045
    Paramount Residential Mortgage Group, Inc. 50 5.19% $7,871
    WISCONSIN MORTGAGE CORPORATION 47 4.51% $6,011
    Bank of England 47 5.42% $8,112
    BROKER SOLUTIONS, INC. 45 5.45% $8,870
    CROSSCOUNTRY MORTGAGE, LLC 43 5.76% $8,781
    AMERISAVE MORTGAGE CORPORATION 41 4.53% $8,950
    Bank Five Nine 39 5.02% $7,080
    CARDINAL FINANCIAL 38 4.73% $9,983
    FREEDOM MORTGAGE CORPORATION 38 5.04% $8,487
    AMERICAN PACIFIC MORTGAGE CORPORATION 37 5.54% $9,497
    A + MORTGAGE SERVICES, INC. 36 4.62% $6,852
    Mr. Cooper ( Nationstar Mortgage ) 36 4.44% $9,359
    FIRST CENTENNIAL MORTGAGE CORPORATION 35 5.03% $7,668
    CALIBER HOME LOANS, INC. 34 4.79% $7,229
    American Mortgage & Equity Consultants, Inc. 34 5.26% $9,313
    JPMorgan Chase Bank 31 4.77% $4,323
    LAKEVIEW LOAN SERVICING, LLC 31 3.98% $6,424
    NEWREZ LLC 30 4.57% $7,431
    ENVOY MORTGAGE, LTD 29 5.07% $7,572
    GUARANTEED RATE AFFINITY, LLC 27 5.10% $7,440
    PENNYMAC LOAN SERVICES, LLC 27 4.10% $7,973
    The Equitable Bank, S.S.B. 27 4.76% $6,203
    Bell Bank 26 5.19% $7,638
    GSF Mortgage Corporation 24 4.72% $8,175
    Flagstar Bank, FSB 23 4.75% $6,668
    T2 FINANCIAL LLC 23 5.17% $8,698
    HOMESPIRE MORTGAGE CORPORATION 22 5.05% $7,127
    Barrington Bank & Trust Company, N.A. 21 5.15% $7,486
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 21 4.69% $7,020
    LAND HOME FINANCIAL SERVICES, INC. 21 5.17% $7,739
    GUARANTEED RATE, INC. 21 5.23% $8,521
    MUTUAL OF OMAHA MORTGAGE, INC. 19 5.20% $10,067
    PLANET HOME LENDING, LLC 19 5.11% $8,171
    NATIONS RELIABLE LENDING, LLC 18 5.67% $10,465
    Prosperity Home Mortgage, LLC 18 5.14% $7,260
    TOTAL MORTGAGE SERVICES, LLC 17 4.54% $7,483
    MID AMERICA MORTGAGE, INC. 16 5.54% $6,543
    CITY FIRST MORTGAGE SERVICES, L.L.C. 15 5.85% $10,002
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 15 5.28% $7,468
    PRIMELENDING, A PLAINSCAPITAL COMPANY 14 5.38% $8,464
    AXIA FINANCIAL, LLC 14 4.94% $9,155
    ACADEMY MORTGAGE CORPORATION 14 5.42% $8,238
    BMO Harris Bank 13 5.43% $7,748
    The Huntington National Bank 13 4.77% $6,694
    HOMEBRIDGE FINANCIAL SERVICES, INC. 13 4.99% $11,616
    UNION HOME MORTGAGE CORP. 13 5.48% $8,532
    TOWNE MORTGAGE COMPANY 12 4.86% $8,395
    BAY EQUITY LLC 12 6.34% $9,505
    Waukesha State Bank 12 5.06% $8,094
    Mortgage Research Center, LLC 11 6.07% $4,129
    AmeriHome Mortgage Company, LLC 11 4.80% $6,907
    SUN WEST MORTGAGE COMPANY, INC. 11 5.74% $7,814
    CIBM Bank 10 5.14% $6,206
    U.S. Bank 10 5.20% $6,669
    CIBC Bank USA 9 5.35% $7,142
    Ixonia Bank 8 4.78% $7,564
    Nations Lending Corporation 8 5.86% $13,033
    HOME POINT FINANCIAL CORPORATION 7 4.53% $6,471
    PLAZA HOME MORTGAGE, INC. 7 4.88% $8,964
    University of Wisconsin Credit Union 7 4.93% $6,827
    Lakeview Community Capital, LLC 6 5.04% $7,602
    AMERICAN FINANCING CORPORATION 6 4.35% $10,188
    First-Citizens Bank & Trust Company 6 5.21% $6,349
    GUILD MORTGAGE COMPANY 6 5.04% $10,692
    LEADERONE FINANCIAL CORPORATION 6 5.44% $6,026
    VILLAGE CAPITAL MORTGAGE 6 4.04% $7,616
    Loan Simple, Inc. 5 4.75% $9,039
    PNC Bank 5 5.13% $5,694
    FIRST STATE MORTGAGE SERVICES, LLC 5 4.98% $6,781
    HOMESIDE FINANCIAL, LLC 5 5.67% $9,840
    VERITAS FUNDING, LLC 5 4.90% $6,005
    First Guaranty Mortgage Corporation 5 3.93% $5,504
    JLB CORPORATION 5 4.88% $7,740
    ENDEAVOR CAPITAL, LLC. 4 5.19% $11,090
    The Federal Savings Bank 4 4.28% $7,587
    Wells Fargo Bank 4 4.72% $5,820
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 5.53% $9,100
    M&T Bank 4 3.28% $7,245
    NATIONS DIRECT MORTGAGE, LLC 4 5.16% $10,017
    Old National Bank 3 4.42% $6,356
    Equity Prime Mortgage LLC 3 4.17% $13,395
    V.I.P. MORTGAGE, INC. 3 5.08% $9,299
    ZILLOW HOME LOANS, LLC 3 5.33% $10,509
    MORIA DEVELOPMENT, INC. 3 5.00% $8,098
    THOMPSON KANE & COMPANY, LLC 3 5.83% $8,625
    Servion, Inc. 3 4.79% $9,567
    ROYAL UNITED MORTGAGE LLC 3 4.04% $8,732
    NFM, INC. 3 5.75% $10,773
    EVERETT FINANCIAL, INC. 3 4.88% $6,468
    Wyndham Capital Mortgage, Inc. 2 5.25% $7,172
    MOVEMENT MORTGAGE, LLC 2 6.19% $12,506
    First Federal Bank 2 4.25% $6,061
    Plains Commerce Bank 2 6.50% $5,858
    DRAPER AND KRAMER MORTGAGE CORP. 2 5.13% $8,125
    DAS Acquisition Company, LLC 2 5.56% $11,379
    Summit Mortgage Corporation 2 3.81% $7,932
    Citizens Bank 2 2.81% $6,110
    United Fidelity Funding Corp. 2 5.19% $7,503
    BAYSHORE MORTGAGE FUNDING, LLC 2 6.38% $14,326
    ANGEL OAK HOME LOANS LLC 2 4.31% $6,878
    Waterstone Mortgage Corporation 2 6.13% $7,865
    LIBERTY HOME MORTGAGE CORPORATION 2 4.75% $12,215
    NATIONWIDE MORTGAGE BANKERS, INC. 1 4.63% $5,989
    Sierra Pacific Mortgage Company, Inc. 1 7.13% $19,880
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.13% $9,790
    Strong Home Mortgage, LLC 1 2.50% $8,475
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $6,808
    Sunflower Bank 1 4.13% $6,408
    CORNERSTONE HOME LENDING, INC. 1 6.13% $5,500
    COMPASS MORTGAGE, INC. 1 5.63% $10,954
    LOANPAL, LLC 1 4.63% $10,398
    First Internet Bank of Indiana 1 6.25% $5,244
    Chickasaw Community Bank 1 6.25% $8,383
    First Savings Bank 1 4.00% $7,072
    TJC Mortgage, Inc. 1 4.25% $6,127
    Cambria Financial Group, LLC 1 2.88% $10,815
    BETTER MORTGAGE CORPORATION 1 2.75% $7,712
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 3.75% $6,643
    BECKAM FUNDING CORP. 1 4.88% $5,353
    Westbury Bank 1 4.75% $3,913
    UNITED MORTGAGE CORP 1 6.50% $16,336
    Willamette Valley Bank 1 3.38% $6,949
    Axos Bank 1 4.63% $9,157
    AMERICAN ADVISORS GROUP 1 2.88% $6,507
    Mutual Federal Bank 1 5.25% $11,041
    Mid-Continent Funding, Inc. 1 7.25% $8,308
    EMBRACE HOME LOANS, INC. 1 6.13% $12,527
    OCEANSIDE MORTGAGE COMPANY 1 5.25% $4,678
    NORWICH COMMERCIAL GROUP, INC. 1 6.13% $9,139
    HOMESTAR FINANCIAL CORPORATION 1 5.63% $10,787
    DELMAR FINANCIAL COMPANY 1 5.50% $8,217
    Hometown Lenders, Inc. 1 5.13% $8,714
    RESIDENTIAL BANCORP 1 3.88% $11,991
    NETWORK CAPITAL FUNDING CORPORATION 1 4.88% $10,214
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.63% $7,945

    The top Milwaukee FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 204 FHA loans originated. Their average total fees are $8,582, which is $796 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Milwaukee FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($3,479), Mortgage Research Center, LLC ($4,129), JPMorgan Chase Bank ($4,323), WISCONSIN MORTGAGE CORPORATION ($6,011) and Associated Bank ($6,042).

    The lowest rate Milwaukee FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.98%), PENNYMAC LOAN SERVICES, LLC (4.10%), Mr. Cooper ( Nationstar Mortgage ) (4.44%), WISCONSIN MORTGAGE CORPORATION (4.51%) and AMERISAVE MORTGAGE CORPORATION (4.53%).

    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

    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 $213,950 (7.0%) $304,492 (6.1%) 0.79 3,853
    2018-02-01 $222,400 (9.0%) $315,287 (7.9%) 0.81 4,075
    2018-03-01 $232,000 (6.0%) $321,758 (6.3%) 0.81 4,493
    2018-04-01 $241,425 (9.8%) $328,116 (8.0%) 0.82 4,828
    2018-05-01 $249,900 (10.1%) $331,669 (7.3%) 0.83 5,147
    2018-06-01 $259,900 (13.0%) $343,255 (9.7%) 0.87 5,338
    2018-07-01 $254,950 (10.9%) $338,933 (7.2%) 0.85 5,416
    2018-08-01 $249,900 (8.9%) $334,001 (6.9%) 0.84 5,521
    2018-09-01 $249,900 (11.1%) $336,131 (8.1%) 0.84 5,366
    2018-10-01 $249,900 (13.6%) $334,681 (8.6%) 0.85 5,222
    2018-11-01 $249,000 (13.3%) $331,372 (7.9%) 0.84 4,818
    2018-12-01 $244,900 (14.0%) $327,679 (8.5%) 0.84 4,059
    2019-01-01 $249,700 (16.7%) $332,499 (9.2%) 0.86 3,610
    2019-02-01 $261,900 (17.8%) $342,821 (8.7%) 0.88 3,781
    2019-03-01 $270,943 (16.8%) $351,260 (9.2%) 0.89 4,194
    2019-04-01 $304,450 (26.1%) $385,771 (17.6%) 0.97 4,721
    2019-05-01 $304,900 (22.0%) $386,751 (16.6%) 0.95 4,974
    2019-06-01 $279,900 (7.7%) $358,158 (4.3%) 0.87 5,245
    2019-07-01 $281,850 (10.6%) $364,380 (7.5%) 0.88 5,221
    2019-08-01 $275,855 (10.4%) $360,673 (8.0%) 0.87 5,236
    2019-09-01 $269,749 (7.9%) $355,033 (5.6%) 0.86 5,207
    2019-10-01 $264,950 (6.0%) $349,048 (4.3%) 0.86 5,162
    2019-11-01 $259,900 (4.4%) $342,044 (3.2%) 0.85 4,588
    2019-12-01 $253,450 (3.5%) $339,705 (3.7%) 0.85 3,760
    2020-01-01 $256,475 (2.7%) $341,509 (2.7%) 0.86 3,366
    2020-02-01 $269,900 (3.1%) $352,524 (2.8%) 0.88 3,608
    2020-03-01 $279,900 (3.3%) $356,161 (1.4%) 0.88 3,994
    2020-04-01 $282,450 (-7.2%) $356,228 (-7.7%) 0.88 3,907
    2020-05-01 $293,950 (-3.6%) $370,498 (-4.2%) 0.89 4,032
    2020-06-01 $294,925 (5.4%) $371,487 (3.7%) 0.87 4,432
    2020-07-01 $299,900 (6.4%) $375,615 (3.1%) 0.87 4,500
    2020-08-01 $289,900 (5.1%) $372,590 (3.3%) 0.83 4,557
    2020-09-01 $275,000 (2.0%) $359,972 (1.4%) 0.79 4,634
    2020-10-01 $267,900 (1.1%) $352,902 (1.1%) 0.77 4,433
    2020-11-01 $263,700 (1.5%) $352,325 (3.0%) 0.77 3,788
    2020-12-01 $260,000 (2.6%) $352,173 (3.7%) 0.77 3,041
    2021-01-01 $259,900 (1.3%) $353,181 (3.4%) 0.78 2,481
    2021-02-01 $264,900 (-1.9%) $356,453 (1.1%) 0.77 2,489
    2021-03-01 $274,900 (-1.8%) $359,191 (0.9%) 0.78 2,704
    2021-04-01 $277,450 (-1.8%) $361,118 (1.4%) 0.75 3,054
    2021-05-01 $289,900 (-1.4%) $371,738 (0.3%) 0.77 3,450
    2021-06-01 $289,900 (-1.7%) $371,004 (-0.1%) 0.76 3,911
    2021-07-01 $284,900 (-5.0%) $362,260 (-3.6%) 0.75 4,361
    2021-08-01 $280,000 (-3.4%) $359,763 (-3.4%) 0.75 4,433
    2021-09-01 $276,850 (0.7%) $357,279 (-0.8%) 0.74 4,388
    2021-10-01 $274,900 (2.6%) $357,071 (1.2%) 0.73 4,163
    2021-11-01 $262,400 (-0.5%) $350,043 (-0.7%) 0.70 3,708
    2021-12-01 $250,000 (-3.9%) $341,583 (-3.0%) 0.68 2,929
    2022-01-01 $259,900 (0.0%) $353,639 (0.1%) 0.70 2,122
    2022-02-01 $267,450 (1.0%) $363,485 (2.0%) 0.70 2,284
    2022-03-01 $289,950 (5.5%) $389,002 (8.3%) 0.73 2,389
    2022-04-01 $299,900 (8.1%) $397,866 (10.2%) 0.71 2,615
    2022-05-01 $322,450 (11.2%) $408,308 (9.8%) 0.74 3,099
    2022-06-01 $334,900 (15.5%) $420,023 (13.2%) 0.75 3,399
    2022-07-01 $325,000 (14.1%) $413,933 (14.3%) 0.73 3,597
    2022-08-01 $332,400 (18.7%) $415,704 (15.6%) 0.77 3,590
    2022-09-01 $332,450 (20.1%) $416,109 (16.5%) 0.78 3,203
    2022-10-01 $329,900 (20.0%) $415,246 (16.3%) 0.78 3,111
    2022-11-01 $324,975 (23.9%) $414,011 (18.3%) 0.78 2,993
    2022-12-01 $338,339 (35.3%) $427,648 (25.2%) 0.84 2,354
    2023-01-01 $349,900 (34.6%) $431,785 (22.1%) 0.87 1,948
    2023-02-01 $349,900 (30.8%) $438,008 (20.5%) 0.85 1,990
    2023-03-01 $366,200 (26.3%) $452,548 (16.3%) 0.86 1,978
    2023-04-01 $365,500 (21.9%) $453,033 (13.9%) 0.85 2,174
    2023-05-01 $374,950 (16.3%) $460,337 (12.7%) 0.85 2,373
    2023-06-01 $379,950 (13.5%) $478,406 (13.9%) 0.85 2,550
    2023-07-01 $374,900 (15.4%) $475,517 (14.9%) 0.85 2,712
    2023-08-01 $352,500 (6.1%) $461,060 (10.9%) 0.81 2,839
    2023-09-01 $349,900 (5.3%) $453,475 (9.0%) 0.81 2,927
    2023-10-01 $339,975 (3.1%) $437,790 (5.4%) 0.80 3,024
    Milwaukee's median listing price for 2023-10-01 was $339,975, a difference of $10,075 (3.1%) versus the prior year and $-9,925 versus the prior month.

    Milwaukee's median listing price comes in at 80% of the national average.

    Milwaukee's average listing price for 2023-10-01 was $437,790, a difference of $22,544 (5.4%) versus the prior year and $-15,685 versus the prior month.

    For the 2023-10-01 period, Milwaukee had 3,024 MLS listings, a difference of 97 listings (3%) versus the prior month and -87 listings (-3%) 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 77 days 1,643 sqft
    2018-02-01 55 days 1,670 sqft
    2018-03-01 40 days 1,713 sqft
    2018-04-01 36 days 1,736 sqft
    2018-05-01 36 days 1,748 sqft
    2018-06-01 36 days 1,786 sqft
    2018-07-01 40 days 1,763 sqft
    2018-08-01 40 days 1,738 sqft
    2018-09-01 43 days 1,727 sqft
    2018-10-01 45 days 1,733 sqft
    2018-11-01 50 days 1,725 sqft
    2018-12-01 59 days 1,720 sqft
    2019-01-01 67 days 1,739 sqft
    2019-02-01 54 days 1,781 sqft
    2019-03-01 42 days 1,806 sqft
    2019-04-01 39 days 1,905 sqft
    2019-05-01 38 days 1,924 sqft
    2019-06-01 36 days 1,833 sqft
    2019-07-01 37 days 1,837 sqft
    2019-08-01 39 days 1,825 sqft
    2019-09-01 41 days 1,805 sqft
    2019-10-01 44 days 1,789 sqft
    2019-11-01 50 days 1,759 sqft
    2019-12-01 61 days 1,719 sqft
    2020-01-01 65 days 1,709 sqft
    2020-02-01 43 days 1,751 sqft
    2020-03-01 37 days 1,785 sqft
    2020-04-01 39 days 1,795 sqft
    2020-05-01 42 days 1,826 sqft
    2020-06-01 36 days 1,825 sqft
    2020-07-01 36 days 1,822 sqft
    2020-08-01 33 days 1,800 sqft
    2020-09-01 35 days 1,730 sqft
    2020-10-01 36 days 1,682 sqft
    2020-11-01 40 days 1,665 sqft
    2020-12-01 46 days 1,637 sqft
    2021-01-01 48 days 1,626 sqft
    2021-02-01 37 days 1,635 sqft
    2021-03-01 30 days 1,636 sqft
    2021-04-01 29 days 1,629 sqft
    2021-05-01 26 days 1,698 sqft
    2021-06-01 26 days 1,704 sqft
    2021-07-01 29 days 1,693 sqft
    2021-08-01 32 days 1,679 sqft
    2021-09-01 35 days 1,658 sqft
    2021-10-01 37 days 1,633 sqft
    2021-11-01 41 days 1,615 sqft
    2021-12-01 49 days 1,581 sqft
    2022-01-01 50 days 1,576 sqft
    2022-02-01 30 days 1,611 sqft
    2022-03-01 30 days 1,657 sqft
    2022-04-01 28 days 1,682 sqft
    2022-05-01 25 days 1,744 sqft
    2022-06-01 28 days 1,784 sqft
    2022-07-01 29 days 1,759 sqft
    2022-08-01 32 days 1,764 sqft
    2022-09-01 36 days 1,737 sqft
    2022-10-01 35 days 1,739 sqft
    2022-11-01 37 days 1,718 sqft
    2022-12-01 46 days 1,723 sqft
    2023-01-01 55 days 1,702 sqft
    2023-02-01 37 days 1,716 sqft
    2023-03-01 32 days 1,729 sqft
    2023-04-01 30 days 1,766 sqft
    2023-05-01 29 days 1,780 sqft
    2023-06-01 29 days 1,785 sqft
    2023-07-01 29 days 1,755 sqft
    2023-08-01 29 days 1,716 sqft
    2023-09-01 30 days 1,696 sqft
    2023-10-01 32 days 1,700 sqft
    Milwaukee's median listing age (time on market) for 2023-10-01 was 32 days. This is -10% shorter than the same period one year ago.

    Milwaukee's median square footage for active listings during the 2023-10-01 period was 1,700 sqft. One year prior, the average listing was 1,739 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).