Platteville FHA Loan Rates, Closing Costs & Stats

Platteville, 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.

    Platteville's 24 lenders originated 49 FHA loans during 2023. The total origination value was $8,225,000, with an average FHA loan value of $167,857.

    Platteville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Platteville averaged 6.67% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Platteville's average FHA mortgage closing costs are $6,099.

    The average rate for the prior week (2024-04-12) was 6.56% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.05%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Platteville 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 Platteville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 8 6.23% $7,476
    NATIONS RELIABLE LENDING, LLC 5 6.88% $9,723
    AMERISAVE MORTGAGE CORPORATION 3 6.08% $9,857
    THOMPSON KANE & COMPANY, LLC 3 7.21% $12,138
    BROKER SOLUTIONS, INC. 2 7.25% $9,821
    Flagstar Bank, FSB 2 6.50% $6,356
    Mortgage Research Center, LLC 2 6.63% $3,846
    MOVEMENT MORTGAGE, LLC 2 7.00% $7,937
    Barrington Bank & Trust Company, N.A. 2 7.00% $10,781
    Carrington Mortgage Services, LLC 2 6.81% $10,163
    LAND HOME FINANCIAL SERVICES, INC. 1 6.75% $5,975
    LOANDEPOT.COM, LLC 1 6.25% $11,988
    Loan Simple, Inc. 1 6.75% $5,640
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $5,457
    Servion, Inc. 1 6.25% $5,561
    Nations Lending Corporation 1 7.25% $7,179
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $11,669
    PENNYMAC LOAN SERVICES, LLC 1 6.63% $4,919
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $5,669
    DAS Acquisition Company, LLC 1 8.25% $10,828
    ENDEAVOR CAPITAL, LLC. 1 7.25% $10,764
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $5,717
    Prosperity Home Mortgage, LLC 1 5.88% $6,395
    Ixonia Bank 1 7.25% $5,513

    The top Platteville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 FHA loans originated. Their average total fees are $7,476, which is $2,247 lower than the next largest lender, NATIONS RELIABLE LENDING, LLC.

    The lowest fee Platteville FHA lenders (with over 10 loans originated) are .

    The lowest rate Platteville FHA lenders (with over 10 loans originated) are .

    Platteville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PLATTEVILLE, WI GRANT 2022 $420,680 $538,650 $651,050 $809,150
    PLATTEVILLE, WI GRANT 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Platteville (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 $148,225 (7.1%) $200,343 (0.5%) 0.00 119
    2018-02-01 $148,000 (6.1%) $197,951 (2.2%) 0.00 122
    2018-03-01 $169,450 (21.9%) $212,965 (6.2%) 0.00 138
    2018-04-01 $161,325 (15.3%) $203,342 (-1.4%) 0.00 129
    2018-05-01 $169,650 (21.7%) $205,407 (2.6%) 0.00 140
    2018-06-01 $172,400 (23.2%) $213,267 (8.9%) 0.00 148
    2018-07-01 $169,900 (13.3%) $224,073 (13.1%) 0.00 173
    2018-08-01 $165,225 (9.1%) $225,870 (7.1%) 0.00 173
    2018-09-01 $169,900 (19.3%) $236,109 (13.5%) 0.00 173
    2018-10-01 $164,588 (13.8%) $239,514 (20.3%) 0.00 154
    2018-11-01 $153,800 (6.1%) $235,499 (22.2%) 0.00 144
    2018-12-01 $157,000 (4.7%) $236,433 (15.7%) 0.00 131
    2019-01-01 $156,825 (5.8%) $228,097 (13.9%) 0.00 133
    2019-02-01 $149,975 (1.3%) $233,375 (17.9%) 0.00 122
    2019-03-01 $147,786 (-12.8%) $239,489 (12.5%) 0.00 119
    2019-04-01 $145,261 (-10.0%) $252,238 (24.1%) 0.00 120
    2019-05-01 $149,900 (-11.6%) $248,786 (21.1%) 0.00 148
    2019-06-01 $144,900 (-16.0%) $237,935 (11.6%) 0.00 163
    2019-07-01 $162,450 (-4.4%) $244,526 (9.1%) 0.00 173
    2019-08-01 $161,336 (-2.4%) $253,832 (12.4%) 0.00 168
    2019-09-01 $163,341 (-3.9%) $261,256 (10.7%) 0.00 166
    2019-10-01 $164,477 (-0.1%) $268,548 (12.1%) 0.00 161
    2019-11-01 $159,900 (4.0%) $273,470 (16.1%) 0.00 142
    2019-12-01 $155,733 (-0.8%) $271,564 (14.9%) 0.00 133
    2020-01-01 $154,300 (-1.6%) $268,562 (17.7%) 0.00 120
    2020-02-01 $167,950 (12.0%) $314,866 (34.9%) 0.00 110
    2020-03-01 $189,350 (28.1%) $336,813 (40.6%) 0.00 111
    2020-04-01 $178,400 (22.8%) $321,887 (27.6%) 0.00 104
    2020-05-01 $159,900 (6.7%) $310,445 (24.8%) 0.00 112
    2020-06-01 $156,475 (8.0%) $287,129 (20.7%) 0.00 110
    2020-07-01 $156,663 (-3.6%) $284,108 (16.2%) 0.00 110
    2020-08-01 $152,900 (-5.2%) $296,214 (16.7%) 0.00 103
    2020-09-01 $158,425 (-3.0%) $289,335 (10.8%) 0.00 96
    2020-10-01 $159,900 (-2.8%) $264,311 (-1.6%) 0.00 81
    2020-11-01 $172,750 (8.0%) $281,060 (2.8%) 0.00 75
    2020-12-01 $158,950 (2.1%) $255,306 (-6.0%) 0.00 77
    2021-01-01 $164,950 (6.9%) $240,947 (-10.3%) 0.00 70
    2021-02-01 $154,900 (-7.8%) $231,128 (-26.6%) 0.00 59
    2021-03-01 $152,475 (-19.5%) $260,006 (-22.8%) 0.00 47
    2021-04-01 $158,699 (-11.0%) $237,271 (-26.3%) 0.00 40
    2021-05-01 $159,900 (0.0%) $230,513 (-25.8%) 0.00 41
    2021-06-01 $169,700 (8.5%) $221,655 (-22.8%) 0.00 50
    2021-07-01 $174,450 (11.4%) $244,624 (-13.9%) 0.00 66
    2021-08-01 $173,475 (13.5%) $222,774 (-24.8%) 0.00 75
    2021-09-01 $159,975 (1.0%) $233,166 (-19.4%) 0.00 79
    2021-10-01 $188,450 (17.9%) $304,371 (15.2%) 0.00 78
    2021-11-01 $191,000 (10.6%) $272,053 (-3.2%) 0.00 69
    2021-12-01 $182,800 (15.0%) $271,094 (6.2%) 0.00 58
    2022-01-01 $189,900 (15.1%) $265,586 (10.2%) 0.00 48
    2022-02-01 $184,925 (19.4%) $252,635 (9.3%) 0.00 49
    2022-03-01 $183,200 (20.2%) $264,590 (1.8%) 0.00 44
    2022-04-01 $197,500 (24.5%) $283,045 (19.3%) 0.00 46
    2022-05-01 $238,225 (49.0%) $302,484 (31.2%) 0.00 53
    2022-06-01 $222,500 (31.1%) $284,550 (28.4%) 0.00 50
    2022-07-01 $254,450 (45.9%) $303,263 (24.0%) 0.00 60
    2022-08-01 $259,900 (49.8%) $314,205 (41.0%) 0.00 71
    2022-09-01 $259,900 (62.5%) $328,052 (40.7%) 0.00 72
    2022-10-01 $264,450 (40.3%) $315,300 (3.6%) 0.00 70
    2022-11-01 $275,975 (44.5%) $320,501 (17.8%) 0.00 67
    2022-12-01 $244,950 (34.0%) $319,186 (17.7%) 0.00 66
    2023-01-01 $259,450 (36.6%) $313,522 (18.1%) 0.00 58
    2023-02-01 $242,475 (31.1%) $306,697 (21.4%) 0.00 52
    2023-03-01 $253,725 (38.5%) $312,897 (18.3%) 0.00 59
    2023-04-01 $285,000 (44.3%) $325,784 (15.1%) 0.00 61
    2023-05-01 $258,450 (8.5%) $318,312 (5.2%) 0.00 71
    2023-06-01 $272,750 (22.6%) $339,256 (19.2%) 0.00 83
    2023-07-01 $249,900 (-1.8%) $314,691 (3.8%) 0.00 77
    2023-08-01 $249,950 (-3.8%) $298,820 (-4.9%) 0.00 70
    2023-09-01 $239,000 (-8.0%) $304,901 (-7.1%) 0.00 65
    2023-10-01 $264,900 (0.2%) $329,495 (4.5%) 0.00 67
    2023-11-01 $242,400 (-12.2%) $339,379 (5.9%) 0.00 73
    2023-12-01 $264,900 (8.1%) $345,634 (8.3%) 0.00 69
    2024-01-01 $262,400 (1.1%) $359,938 (14.8%) 0.00 64
    2024-02-01 $284,450 (17.3%) $394,233 (28.5%) 0.00 55
    2024-03-01 $292,000 (15.1%) $384,434 (22.9%) 0.00 61
    Platteville's median listing price for 2024-03-01 was $292,000, a difference of $38,275 (15.1%) versus the prior year and $7,550 versus the prior month.

    Platteville's median listing price comes in at 0% of the national average.

    Platteville's average listing price for 2024-03-01 was $384,434, a difference of $71,537 (22.9%) versus the prior year and $-9,799 versus the prior month.

    For the 2024-03-01 period, Platteville had 61 MLS listings, a difference of 6 listings (11%) versus the prior month and 2 listings (3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Platteville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,701 sqft
    2018-02-01 0 days 1,658 sqft
    2018-03-01 0 days 1,748 sqft
    2018-04-01 0 days 1,731 sqft
    2018-05-01 0 days 1,743 sqft
    2018-06-01 0 days 1,744 sqft
    2018-07-01 0 days 1,778 sqft
    2018-08-01 0 days 1,855 sqft
    2018-09-01 0 days 1,800 sqft
    2018-10-01 0 days 1,784 sqft
    2018-11-01 0 days 1,769 sqft
    2018-12-01 0 days 1,845 sqft
    2019-01-01 0 days 1,795 sqft
    2019-02-01 0 days 1,785 sqft
    2019-03-01 0 days 1,815 sqft
    2019-04-01 0 days 1,836 sqft
    2019-05-01 0 days 1,810 sqft
    2019-06-01 0 days 1,800 sqft
    2019-07-01 0 days 1,919 sqft
    2019-08-01 0 days 1,929 sqft
    2019-09-01 0 days 1,928 sqft
    2019-10-01 0 days 1,928 sqft
    2019-11-01 0 days 1,813 sqft
    2019-12-01 0 days 1,774 sqft
    2020-01-01 0 days 1,777 sqft
    2020-02-01 0 days 1,840 sqft
    2020-03-01 0 days 1,892 sqft
    2020-04-01 0 days 1,925 sqft
    2020-05-01 0 days 1,690 sqft
    2020-06-01 0 days 1,712 sqft
    2020-07-01 0 days 1,766 sqft
    2020-08-01 0 days 1,784 sqft
    2020-09-01 0 days 1,831 sqft
    2020-10-01 0 days 1,874 sqft
    2020-11-01 0 days 1,876 sqft
    2020-12-01 0 days 1,834 sqft
    2021-01-01 0 days 1,680 sqft
    2021-02-01 0 days 1,690 sqft
    2021-03-01 0 days 1,657 sqft
    2021-04-01 0 days 1,633 sqft
    2021-05-01 0 days 1,559 sqft
    2021-06-01 0 days 1,556 sqft
    2021-07-01 0 days 1,735 sqft
    2021-08-01 0 days 1,644 sqft
    2021-09-01 0 days 1,643 sqft
    2021-10-01 0 days 1,712 sqft
    2021-11-01 0 days 1,759 sqft
    2021-12-01 0 days 1,696 sqft
    2022-01-01 0 days 1,712 sqft
    2022-02-01 0 days 1,647 sqft
    2022-03-01 0 days 1,685 sqft
    2022-04-01 0 days 1,676 sqft
    2022-05-01 0 days 1,766 sqft
    2022-06-01 0 days 1,797 sqft
    2022-07-01 0 days 1,865 sqft
    2022-08-01 0 days 1,893 sqft
    2022-09-01 0 days 1,863 sqft
    2022-10-01 0 days 1,856 sqft
    2022-11-01 0 days 1,879 sqft
    2022-12-01 0 days 1,767 sqft
    2023-01-01 0 days 1,723 sqft
    2023-02-01 0 days 1,650 sqft
    2023-03-01 0 days 1,761 sqft
    2023-04-01 0 days 1,804 sqft
    2023-05-01 0 days 1,899 sqft
    2023-06-01 0 days 1,907 sqft
    2023-07-01 0 days 1,796 sqft
    2023-08-01 0 days 1,869 sqft
    2023-09-01 0 days 1,784 sqft
    2023-10-01 0 days 1,801 sqft
    2023-11-01 0 days 1,792 sqft
    2023-12-01 0 days 1,784 sqft
    2024-01-01 0 days 1,784 sqft
    2024-02-01 0 days 1,943 sqft
    2024-03-01 0 days 1,848 sqft
    Platteville's median listing age (time on market) for 2024-03-01 was 0 days.

    Platteville's median square footage for active listings during the 2024-03-01 period was 1,848 sqft. One year prior, the average listing was 1,761 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).