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
6.34%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Racine's average FHA mortgage closing costs are $6,282.
The average rate for the prior week (2024-10-18) was
6.33% and
one month ago for the week of 2024-09-20, the
average rate was 5.95%.
The average rate one year ago was 7.39%.
For refis of the same type during the week of 2024-10-25, the average rate
was 5.77%.
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).