Oshkosh FHA Loan Rates, Closing Costs & Stats

OSHKOSH-NEENAH, 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.

    Oshkosh's 55 lenders originated 205 FHA loans during 2023. The total origination value was $40,055,000, with an average FHA loan value of $195,390.

    Oshkosh FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Oshkosh averaged 6.43% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Oshkosh's average FHA mortgage closing costs are $5,919.

    The average rate for the prior week (2024-11-01) was 6.6% and one month ago for the week of 2024-10-04, the average rate was 5.72%.

    The average rate one year ago was 7.37%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Oshkosh 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 Oshkosh level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 24 6.34% $9,068
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.94% $7,399
    Waterstone Mortgage Corporation 9 6.72% $9,022
    UNITED WHOLESALE MORTGAGE, LLC 9 6.37% $8,081
    GSF Mortgage Corporation 8 6.64% $7,186
    Nations Lending Corporation 8 6.92% $7,479
    LOANDEPOT.COM, LLC 8 6.31% $12,667
    CARDINAL FINANCIAL 8 7.08% $11,134
    FIRST CENTENNIAL MORTGAGE CORPORATION 7 6.91% $7,512
    GUILD MORTGAGE COMPANY 7 6.96% $8,129
    Mr. Cooper ( Nationstar Mortgage ) 6 6.13% $10,602
    GUARANTEED RATE, INC. 6 6.97% $9,226
    FREEDOM MORTGAGE CORPORATION 6 7.00% $12,006
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.63% $10,925
    Ixonia Bank 4 6.72% $10,137
    PENNYMAC LOAN SERVICES, LLC 4 7.09% $8,192
    Barrington Bank & Trust Company, N.A. 4 7.34% $6,075
    Paramount Residential Mortgage Group, Inc. 3 6.83% $9,712
    U.S. Bank 3 6.75% $5,822
    Wolfe Financial, Inc 3 7.29% $12,146
    NEWREZ LLC 3 6.42% $9,256
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.81% $7,735
    First Federal Bank 2 6.81% $6,606
    HOMESIDE FINANCIAL, LLC 2 7.25% $5,397
    Flagstar Bank, FSB 2 7.00% $5,311
    CALIBER HOME LOANS, INC. 2 6.75% $6,914
    BROKER SOLUTIONS, INC. 2 6.94% $11,210
    Century Mortgage Company DBA Century Lending Company 2 6.75% $9,132
    Prosperity Home Mortgage, LLC 2 6.12% $6,857
    TOWNE MORTGAGE COMPANY 2 7.50% $7,928
    Mortgage Research Center, LLC 1 7.13% $5,184
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $8,549
    BAY EQUITY LLC 1 5.75% $9,460
    Carrington Mortgage Services, LLC 1 6.13% $9,485
    CHURCHILL MORTGAGE CORPORATION 1 7.63% $7,697
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $12,435
    ENDEAVOR CAPITAL, LLC. 1 7.49% $8,500
    ENVOY MORTGAGE, LTD 1 6.88% $6,594
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.38% $7,709
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.75% $8,903
    Home State Bank 1 7.13% $5,824
    JPMorgan Chase Bank 1 7.75% $1,790
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $10,816
    LAND HOME FINANCIAL SERVICES, INC. 1 6.63% $5,979
    MICHIGAN MUTUAL, INC. 1 7.00% $8,346
    MID AMERICA MORTGAGE, INC. 1 7.63% $3,000
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $9,468
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $9,312
    Servion, Inc. 1 6.50% $5,342
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $6,937
    SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $5,043
    UNION HOME MORTGAGE CORP. 1 7.00% $7,123
    VILLAGE CAPITAL MORTGAGE 1 6.25% $2,163
    V.I.P. MORTGAGE, INC. 1 7.75% $8,336
    Wells Fargo Bank 1 6.63% $5,803

    The top Oshkosh FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 24 FHA loans originated. Their average total fees are $9,068, which is $1,669 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Oshkosh FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,399), QUICKEN LOANS, LLC ($9,068), .

    The lowest rate Oshkosh FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.34%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.94%), .

    Oshkosh FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    OSHKOSH-NEENAH, WI WINNEBAGO 2022 $420,680 $538,650 $651,050 $809,150
    OSHKOSH-NEENAH, WI WINNEBAGO 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).