Racine FHA Loan Rates, Closing Costs & Stats

RACINE, 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.

    Racine's 84 lenders originated 374 FHA loans during 2023. The total origination value was $82,230,000, with an average FHA loan value of $219,866.

    Racine FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Racine averaged 6.71% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Racine's average FHA mortgage closing costs are $6,282.

    The average rate for the prior week (2024-11-01) was 6.39% and one month ago for the week of 2024-10-04, the average rate was 6.21%.

    The average rate one year ago was 7.35%.

    For refis of the same type during the week of 2024-11-08, the average rate was 5.95%.

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

    Racine 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 Racine level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 32 7.20% $7,216
    QUICKEN LOANS, LLC 32 6.39% $9,169
    CROSSCOUNTRY MORTGAGE, LLC 13 6.52% $12,126
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 6.65% $6,933
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 12 7.22% $9,256
    UNITED WHOLESALE MORTGAGE, LLC 11 6.63% $9,917
    FREEDOM MORTGAGE CORPORATION 10 6.76% $12,507
    GUARANTEED RATE, INC. 9 7.01% $9,887
    Bank Five Nine 9 6.39% $6,751
    NEWREZ LLC 8 6.39% $9,533
    CARDINAL FINANCIAL 8 6.72% $12,900
    CMG MORTGAGE, INC. 8 7.28% $9,904
    GSF Mortgage Corporation 7 7.02% $8,735
    Paramount Residential Mortgage Group, Inc. 7 7.04% $10,131
    FIRST CENTENNIAL MORTGAGE CORPORATION 7 6.64% $7,362
    GATEWAY MORTGAGE CORPORATION 7 6.86% $7,330
    Barrington Bank & Trust Company, N.A. 7 6.68% $7,801
    JPMorgan Chase Bank 7 6.98% $5,603
    BROKER SOLUTIONS, INC. 7 6.76% $10,022
    SECURITYNATIONAL MORTGAGE COMPANY 6 7.46% $7,684
    NATIONS RELIABLE LENDING, LLC 6 6.90% $7,740
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.53% $15,512
    AMERICAN FINANCIAL NETWORK, INC. 5 6.75% $11,125
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 7.40% $11,965
    LOANDEPOT.COM, LLC 5 6.65% $10,788
    Flagstar Bank, FSB 4 6.34% $7,733
    AMERISAVE MORTGAGE CORPORATION 4 6.28% $11,231
    Associated Bank 4 6.16% $6,489
    Prosperity Home Mortgage, LLC 4 6.28% $9,529
    Bank of England 3 6.92% $10,778
    SUN WEST MORTGAGE COMPANY, INC. 3 6.77% $7,005
    The Huntington National Bank 3 6.92% $6,796
    ENDEAVOR CAPITAL, LLC. 3 6.25% $9,801
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 3 7.17% $6,710
    Century Mortgage Company DBA Century Lending Company 3 7.08% $8,905
    Nations Lending Corporation 3 6.63% $9,774
    Mr. Cooper ( Nationstar Mortgage ) 3 6.04% $11,756
    PNC Bank 3 6.42% $6,001
    American Mortgage & Equity Consultants, Inc. 2 6.75% $9,071
    Carrington Mortgage Services, LLC 2 6.63% $12,900
    VILLAGE CAPITAL MORTGAGE 2 6.07% $9,839
    GUILD MORTGAGE COMPANY 2 6.31% $7,413
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.12% $7,836
    U.S. Bank 2 7.00% $5,473
    CIBM Bank 2 6.75% $7,662
    MID AMERICA MORTGAGE, INC. 2 6.69% $5,575
    Mortgage Research Center, LLC 2 6.56% $3,504
    Plains Commerce Bank 2 7.25% $8,236
    PLANET HOME LENDING, LLC 2 6.25% $10,619
    A + MORTGAGE SERVICES, INC. 2 7.38% $7,243
    EVERETT FINANCIAL, INC. 2 6.38% $14,226
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.94% $9,919
    ZILLOW HOME LOANS, LLC 1 6.63% $8,149
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $8,298
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.13% $10,239
    AmeriHome Mortgage Company, LLC 1 6.13% $8,661
    Ameris Bank 1 7.63% $5,816
    AXIA FINANCIAL, LLC 1 6.63% $6,505
    BECKAM FUNDING CORP. 1 7.25% $11,116
    BETTER MORTGAGE CORPORATION 1 6.63% $3,042
    Capital Bank 1 5.50% $6,502
    CHERRY CREEK MORTGAGE, LLC 1 6.13% $7,045
    DAS Acquisition Company, LLC 1 7.13% $6,600
    ENVOY MORTGAGE, LTD 1 7.13% $6,082
    First Federal Bank 1 7.13% $9,995
    First Savings Bank 1 5.75% $12,736
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.50% $13,538
    HOMESIDE FINANCIAL, LLC 1 6.13% $9,480
    Home State Bank 1 7.13% $8,480
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $14,647
    LAND HOME FINANCIAL SERVICES, INC. 1 7.75% $11,133
    LOANPAL, LLC 1 6.50% $11,089
    MOVEMENT MORTGAGE, LLC 1 7.38% $10,721
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.25% $9,796
    NEW DAY FINANCIAL, LLC 1 7.50% $11,003
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.13% $7,756
    PENTAGON FEDERAL CREDIT UNION 1 6.50% $4,340
    PHH Mortgage Corporation 1 5.63% $8,826
    PREMIA MORTGAGE, LLC 1 5.75% $5,434
    Regions Bank 1 6.13% $7,815
    The Federal Savings Bank 1 5.75% $23,791
    TOWNE MORTGAGE COMPANY 1 6.63% $11,275
    V.I.P. MORTGAGE, INC. 1 6.25% $11,745
    Wells Fargo Bank 1 6.13% $4,644

    The top Racine FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 32 FHA loans originated. Their average total fees are $7,216, which is $1,953 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Racine FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,933), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,216), QUICKEN LOANS, LLC ($9,169), DIAMOND RESIDENTIAL MORTGAGE CORPORATION ($9,256) and UNITED WHOLESALE MORTGAGE, LLC ($9,917).

    The lowest rate Racine FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.39%), CROSSCOUNTRY MORTGAGE, LLC (6.52%), UNITED WHOLESALE MORTGAGE, LLC (6.63%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.65%) and FREEDOM MORTGAGE CORPORATION (6.76%).

    Racine FHA Loan Limits

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