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 6.78% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

The average rate for the prior week (2024-07-12) was 6.53% and one month ago for the week of 2024-06-14, the average rate was 6.79%.

The average rate one year ago was 6.68%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.11%.

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).