Racine FHA Loan Rates, Closing Costs & Stats

RACINE, WI

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 6.58% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.87% and one month ago for the week of 2024-05-03, the average rate was 6.97%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.01%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Racine (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 $180,700 (9.5%) $234,684 (5.6%) 0.67 546
2018-02-01 $190,950 (14.9%) $237,575 (6.9%) 0.69 529
2018-03-01 $199,900 (9.9%) $246,275 (7.6%) 0.70 551
2018-04-01 $218,700 (12.2%) $255,336 (9.8%) 0.74 582
2018-05-01 $229,450 (14.8%) $261,007 (8.2%) 0.77 631
2018-06-01 $239,900 (19.5%) $270,305 (11.0%) 0.80 667
2018-07-01 $235,750 (17.9%) $268,046 (9.6%) 0.79 698
2018-08-01 $227,000 (13.8%) $266,103 (8.4%) 0.76 767
2018-09-01 $229,900 (10.0%) $268,453 (8.9%) 0.77 795
2018-10-01 $225,950 (19.0%) $266,165 (8.8%) 0.77 796
2018-11-01 $222,400 (18.6%) $266,792 (11.0%) 0.75 753
2018-12-01 $210,000 (16.7%) $258,952 (11.1%) 0.72 669
2019-01-01 $199,950 (10.7%) $257,494 (9.7%) 0.69 587
2019-02-01 $228,450 (19.6%) $277,973 (17.0%) 0.77 552
2019-03-01 $228,243 (14.2%) $280,813 (14.0%) 0.75 598
2019-04-01 $244,900 (12.0%) $298,569 (16.9%) 0.78 662
2019-05-01 $254,475 (10.9%) $309,779 (18.7%) 0.80 708
2019-06-01 $239,200 (-0.3%) $295,002 (9.1%) 0.75 760
2019-07-01 $229,950 (-2.5%) $290,090 (8.2%) 0.72 807
2019-08-01 $229,655 (1.2%) $288,245 (8.3%) 0.73 824
2019-09-01 $229,286 (-0.3%) $287,268 (7.0%) 0.73 822
2019-10-01 $226,950 (0.4%) $286,104 (7.5%) 0.73 821
2019-11-01 $215,000 (-3.3%) $278,364 (4.3%) 0.70 777
2019-12-01 $209,800 (-0.1%) $275,950 (6.6%) 0.70 642
2020-01-01 $210,000 (5.0%) $279,472 (8.5%) 0.70 579
2020-02-01 $209,900 (-8.1%) $280,324 (0.9%) 0.69 583
2020-03-01 $234,925 (2.9%) $295,867 (5.4%) 0.74 615
2020-04-01 $233,075 (-4.8%) $274,778 (-8.0%) 0.73 623
2020-05-01 $240,450 (-5.5%) $282,504 (-8.8%) 0.73 632
2020-06-01 $245,975 (2.8%) $284,125 (-3.7%) 0.72 663
2020-07-01 $250,000 (8.7%) $306,814 (5.8%) 0.72 685
2020-08-01 $248,000 (8.0%) $301,486 (4.6%) 0.71 682
2020-09-01 $239,950 (4.7%) $299,797 (4.4%) 0.69 671
2020-10-01 $229,900 (1.3%) $290,950 (1.7%) 0.66 660
2020-11-01 $209,950 (-2.4%) $285,097 (2.4%) 0.61 589
2020-12-01 $199,944 (-4.7%) $281,649 (2.1%) 0.59 489
2021-01-01 $209,900 (-0.1%) $282,659 (1.1%) 0.63 410
2021-02-01 $219,900 (4.8%) $291,380 (3.9%) 0.64 393
2021-03-01 $225,000 (-4.2%) $303,975 (2.7%) 0.64 373
2021-04-01 $242,000 (3.8%) $311,851 (13.5%) 0.66 394
2021-05-01 $249,900 (3.9%) $318,593 (12.8%) 0.66 486
2021-06-01 $254,225 (3.4%) $319,808 (12.6%) 0.67 571
2021-07-01 $249,900 (0.0%) $322,261 (5.0%) 0.66 556
2021-08-01 $246,750 (-0.5%) $317,383 (5.3%) 0.66 625
2021-09-01 $242,450 (1.0%) $311,264 (3.8%) 0.65 699
2021-10-01 $239,900 (4.4%) $312,262 (7.3%) 0.64 665
2021-11-01 $235,000 (11.9%) $303,600 (6.5%) 0.63 582
2021-12-01 $239,950 (20.0%) $311,232 (10.5%) 0.65 458
2022-01-01 $229,950 (9.6%) $316,786 (12.1%) 0.62 337
2022-02-01 $249,950 (13.7%) $340,955 (17.0%) 0.65 302
2022-03-01 $252,450 (12.2%) $345,659 (13.7%) 0.63 293
2022-04-01 $244,500 (1.0%) $343,560 (10.2%) 0.58 361
2022-05-01 $274,200 (9.7%) $348,687 (9.5%) 0.63 432
2022-06-01 $291,200 (14.5%) $360,235 (12.6%) 0.65 536
2022-07-01 $298,000 (19.3%) $367,459 (14.0%) 0.67 572
2022-08-01 $284,925 (15.5%) $357,084 (12.5%) 0.66 588
2022-09-01 $277,500 (14.5%) $354,751 (14.0%) 0.65 556
2022-10-01 $284,900 (18.8%) $358,125 (14.7%) 0.67 557
2022-11-01 $287,450 (22.3%) $354,963 (16.9%) 0.69 500
2022-12-01 $299,900 (25.0%) $356,779 (14.6%) 0.74 403
2023-01-01 $315,500 (37.2%) $357,587 (12.9%) 0.78 343
2023-02-01 $302,425 (21.0%) $360,462 (5.7%) 0.73 343
2023-03-01 $336,950 (33.5%) $373,939 (8.2%) 0.79 316
2023-04-01 $350,000 (43.2%) $390,778 (13.7%) 0.81 335
2023-05-01 $349,925 (27.6%) $388,975 (11.6%) 0.79 351
2023-06-01 $329,900 (13.3%) $379,592 (5.4%) 0.74 378
2023-07-01 $349,900 (17.4%) $384,670 (4.7%) 0.80 407
2023-08-01 $349,950 (22.8%) $389,311 (9.0%) 0.80 397
2023-09-01 $352,450 (27.0%) $409,717 (15.5%) 0.82 416
2023-10-01 $347,200 (21.9%) $404,783 (13.0%) 0.82 423
2023-11-01 $340,975 (18.6%) $402,043 (13.3%) 0.81 413
2023-12-01 $334,000 (11.4%) $383,499 (7.5%) 0.81 366
2024-01-01 $335,700 (6.4%) $377,368 (5.5%) 0.82 322
2024-02-01 $345,950 (14.4%) $376,873 (4.6%) 0.83 323
2024-03-01 $348,000 (3.3%) $389,624 (4.2%) 0.82 298
2024-04-01 $342,000 (-2.3%) $416,635 (6.6%) 0.80 281
2024-05-01 $349,900 (0.0%) $433,618 (11.5%) 0.79 381
Racine's median listing price for 2024-05-01 was $349,900, a difference of $-25 (0.0%) versus the prior year and $7,900 versus the prior month.

Racine's median listing price comes in at 79% of the national average.

Racine's average listing price for 2024-05-01 was $433,618, a difference of $44,643 (11.5%) versus the prior year and $16,983 versus the prior month.

For the 2024-05-01 period, Racine had 381 MLS listings, a difference of 100 listings (36%) versus the prior month and 30 listings (9%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Racine (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 72 days 1,622 sqft
2018-02-01 68 days 1,633 sqft
2018-03-01 45 days 1,642 sqft
2018-04-01 33 days 1,695 sqft
2018-05-01 36 days 1,651 sqft
2018-06-01 36 days 1,669 sqft
2018-07-01 39 days 1,634 sqft
2018-08-01 38 days 1,620 sqft
2018-09-01 40 days 1,660 sqft
2018-10-01 45 days 1,669 sqft
2018-11-01 49 days 1,676 sqft
2018-12-01 59 days 1,632 sqft
2019-01-01 77 days 1,565 sqft
2019-02-01 72 days 1,611 sqft
2019-03-01 56 days 1,645 sqft
2019-04-01 39 days 1,675 sqft
2019-05-01 39 days 1,767 sqft
2019-06-01 38 days 1,736 sqft
2019-07-01 40 days 1,709 sqft
2019-08-01 44 days 1,734 sqft
2019-09-01 46 days 1,736 sqft
2019-10-01 47 days 1,738 sqft
2019-11-01 52 days 1,734 sqft
2019-12-01 67 days 1,719 sqft
2020-01-01 75 days 1,700 sqft
2020-02-01 66 days 1,702 sqft
2020-03-01 43 days 1,746 sqft
2020-04-01 41 days 1,744 sqft
2020-05-01 46 days 1,742 sqft
2020-06-01 43 days 1,730 sqft
2020-07-01 39 days 1,791 sqft
2020-08-01 36 days 1,729 sqft
2020-09-01 36 days 1,685 sqft
2020-10-01 37 days 1,637 sqft
2020-11-01 40 days 1,604 sqft
2020-12-01 45 days 1,596 sqft
2021-01-01 49 days 1,590 sqft
2021-02-01 40 days 1,600 sqft
2021-03-01 37 days 1,618 sqft
2021-04-01 31 days 1,612 sqft
2021-05-01 23 days 1,678 sqft
2021-06-01 29 days 1,717 sqft
2021-07-01 30 days 1,674 sqft
2021-08-01 30 days 1,667 sqft
2021-09-01 34 days 1,666 sqft
2021-10-01 36 days 1,627 sqft
2021-11-01 43 days 1,597 sqft
2021-12-01 53 days 1,608 sqft
2022-01-01 59 days 1,618 sqft
2022-02-01 43 days 1,629 sqft
2022-03-01 28 days 1,665 sqft
2022-04-01 28 days 1,634 sqft
2022-05-01 25 days 1,653 sqft
2022-06-01 23 days 1,667 sqft
2022-07-01 30 days 1,691 sqft
2022-08-01 34 days 1,677 sqft
2022-09-01 37 days 1,675 sqft
2022-10-01 36 days 1,648 sqft
2022-11-01 43 days 1,614 sqft
2022-12-01 51 days 1,590 sqft
2023-01-01 54 days 1,562 sqft
2023-02-01 43 days 1,582 sqft
2023-03-01 43 days 1,615 sqft
2023-04-01 35 days 1,655 sqft
2023-05-01 33 days 1,690 sqft
2023-06-01 31 days 1,688 sqft
2023-07-01 32 days 1,720 sqft
2023-08-01 35 days 1,723 sqft
2023-09-01 32 days 1,692 sqft
2023-10-01 31 days 1,672 sqft
2023-11-01 35 days 1,698 sqft
2023-12-01 46 days 1,626 sqft
2024-01-01 56 days 1,616 sqft
2024-02-01 44 days 1,632 sqft
2024-03-01 37 days 1,622 sqft
2024-04-01 34 days 1,683 sqft
2024-05-01 26 days 1,693 sqft
Racine's median listing age (time on market) for 2024-05-01 was 26 days. This is -23% shorter than the same period one year ago.

Racine's median square footage for active listings during the 2024-05-01 period was 1,693 sqft. One year prior, the average listing was 1,690 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).