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 86 lenders originated 394 FHA loans during 2024. The total origination value was $94,640,000, with an average FHA loan value of $240,203.

    Racine FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Racine averaged 6.63% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Racine's average FHA mortgage closing costs are $6,605.

    The average rate for the prior week (2025-03-28) was 6.52% and one month ago for the week of 2025-02-28, the average rate was 6.81%.

    The average rate one year ago was 6.93%.

    For refis of the same type during the week of 2025-04-04, the average rate was 5.94%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 40 6.37% $10,200
    AMERICAN PACIFIC MORTGAGE CORPORATION 26 6.72% $10,994
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 6.84% $7,505
    UNITED WHOLESALE MORTGAGE, LLC 16 6.24% $9,186
    GUILD MORTGAGE COMPANY 15 6.66% $8,755
    Bank Five Nine 15 6.41% $7,889
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 6.55% $7,172
    NEWREZ LLC 11 6.40% $10,705
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 9 7.04% $9,337
    PENNYMAC LOAN SERVICES, LLC 9 5.97% $8,795
    JPMorgan Chase Bank 8 6.63% $5,971
    MUTUAL OF OMAHA MORTGAGE, INC. 8 5.97% $12,974
    PLANET HOME LENDING, LLC 8 6.66% $8,191
    BROKER SOLUTIONS, INC. 7 6.62% $9,424
    CROSSCOUNTRY MORTGAGE, LLC 6 6.75% $12,028
    FREEDOM MORTGAGE CORPORATION 6 6.73% $10,283
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 6 6.21% $6,968
    LOANDEPOT.COM, LLC 6 6.14% $12,610
    WISCONSIN MORTGAGE CORPORATION 5 6.55% $6,674
    NATIONS RELIABLE LENDING, LLC 5 7.00% $10,036
    GATEWAY MORTGAGE CORPORATION 5 7.10% $7,140
    SECURITYNATIONAL MORTGAGE COMPANY 5 6.98% $9,251
    LAND HOME FINANCIAL SERVICES, INC. 5 6.38% $10,398
    CARDINAL FINANCIAL 5 7.28% $10,649
    NFM, INC. 5 7.25% $9,357
    Prosperity Home Mortgage, LLC 4 6.03% $8,089
    Paramount Residential Mortgage Group, Inc. 4 6.72% $13,002
    FIRST COLONY MORTGAGE CORPORATION 4 6.44% $7,167
    Mr. Cooper ( Nationstar Mortgage ) 4 6.25% $10,441
    AMERICAN FINANCIAL NETWORK, INC. 4 6.53% $17,465
    GUARANTEED RATE, INC. 4 6.97% $9,904
    Associated Bank 4 6.28% $7,403
    Century Mortgage Company DBA Century Lending Company 4 6.38% $8,400
    CMG MORTGAGE, INC. 4 7.34% $9,476
    ENDEAVOR CAPITAL, LLC. 4 6.16% $10,371
    LAKEVIEW LOAN SERVICING, LLC 3 6.58% $8,385
    Ameris Bank 3 6.38% $7,944
    Mortgage Research Center, LLC 3 7.17% $6,555
    Nations Lending Corporation 2 7.44% $10,408
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.56% $12,159
    Home State Bank 2 6.50% $8,449
    Ixonia Bank 2 6.44% $7,477
    AmeriHome Mortgage Company, LLC 2 7.13% $8,502
    LOANPAL, LLC 2 5.31% $20,289
    UNION HOME MORTGAGE CORP. 2 6.88% $7,801
    The Huntington National Bank 2 6.63% $7,997
    TOWNE MORTGAGE COMPANY 2 6.69% $10,120
    VILLAGE CAPITAL MORTGAGE 2 6.25% $3,648
    SUN WEST MORTGAGE COMPANY, INC. 2 7.19% $9,648
    A + MORTGAGE SERVICES, INC. 2 6.63% $7,842
    ZILLOW HOME LOANS, LLC 1 6.25% $16,477
    AMERICAN FINANCING CORPORATION 1 5.38% $11,364
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.38% $10,891
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.75% $8,981
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $11,382
    Bank of England 1 6.63% $5,921
    Barrington Bank & Trust Company, N.A. 1 7.25% $7,749
    BAY EQUITY LLC 1 7.25% $18,226
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $11,975
    BMO Harris Bank 1 6.25% $7,566
    Carrington Mortgage Services, LLC 1 6.50% $7,768
    CIBC Bank USA 1 6.13% $7,015
    COMPASS MORTGAGE, INC. 1 5.88% $12,475
    EMM LOANS LLC 1 6.25% $16,866
    Equity Prime Mortgage LLC 1 7.75% $14,577
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.25% $7,574
    Flagstar Bank, FSB 1 6.75% $7,109
    GENEVA FINANCIAL, LLC 1 6.25% $24,588
    GSF Mortgage Corporation 1 6.13% $23,620
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $6,167
    Key Mortgage Services, Inc. 1 6.13% $7,227
    LEADERONE FINANCIAL CORPORATION 1 5.25% $12,064
    M&T Bank 1 6.50% $11,066
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $13,284
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $19,224
    NBKC BANK 1 7.13% $5,125
    NEW DAY FINANCIAL, LLC 1 7.99% $9,097
    PLAZA HOME MORTGAGE, INC. 1 6.38% $8,257
    PNC Bank 1 6.63% $8,692
    S1L, Inc. 1 5.63% $5,927
    Servion, Inc. 1 6.25% $6,432
    Sunflower Bank 1 6.49% $11,800
    Texana Bank 1 6.13% $10,072
    THE ANDERSON FINANCIAL GROUP, INC. 1 7.13% $10,022
    VERITAS FUNDING, LLC 1 6.63% $20,535
    V.I.P. MORTGAGE, INC. 1 6.63% $12,524

    The top Racine FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 40 FHA loans originated. Their average total fees are $10,200, which is $793 lower than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

    The lowest fee Racine FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,172), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,505), Bank Five Nine ($7,889), GUILD MORTGAGE COMPANY ($8,755) and UNITED WHOLESALE MORTGAGE, LLC ($9,186).

    The lowest rate Racine FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.24%), QUICKEN LOANS, LLC (6.37%), NEWREZ LLC (6.40%), Bank Five Nine (6.41%) and ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.55%).

    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 $179,950 (9.1%) $233,028 (5.4%) 0.67 545
    2018-02-01 $190,950 (15.4%) $236,103 (6.9%) 0.69 528
    2018-03-01 $199,900 (10.2%) $246,275 (8.2%) 0.70 551
    2018-04-01 $217,950 (11.8%) $253,853 (9.7%) 0.74 581
    2018-05-01 $229,425 (14.7%) $259,651 (8.1%) 0.77 630
    2018-06-01 $239,900 (20.0%) $269,026 (11.0%) 0.80 666
    2018-07-01 $235,500 (17.8%) $266,805 (9.5%) 0.79 697
    2018-08-01 $226,000 (13.3%) $265,106 (8.4%) 0.76 766
    2018-09-01 $229,900 (10.0%) $267,440 (8.9%) 0.77 794
    2018-10-01 $225,450 (18.7%) $265,683 (9.1%) 0.76 796
    2018-11-01 $222,400 (18.6%) $266,792 (11.6%) 0.75 753
    2018-12-01 $210,000 (16.7%) $258,952 (11.7%) 0.72 669
    2019-01-01 $199,950 (11.1%) $257,494 (10.5%) 0.69 587
    2019-02-01 $228,450 (19.6%) $277,973 (17.7%) 0.77 552
    2019-03-01 $228,243 (14.2%) $280,813 (14.0%) 0.75 598
    2019-04-01 $244,900 (12.4%) $297,620 (17.2%) 0.78 661
    2019-05-01 $253,975 (10.7%) $308,297 (18.7%) 0.79 707
    2019-06-01 $238,750 (-0.5%) $293,890 (9.2%) 0.75 759
    2019-07-01 $229,950 (-2.4%) $290,090 (8.7%) 0.72 806
    2019-08-01 $229,655 (1.6%) $288,245 (8.7%) 0.73 823
    2019-09-01 $229,286 (-0.3%) $287,268 (7.4%) 0.73 822
    2019-10-01 $226,950 (0.7%) $286,104 (7.7%) 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 (-7.7%) 0.73 623
    2020-05-01 $240,450 (-5.3%) $282,504 (-8.4%) 0.73 632
    2020-06-01 $245,975 (3.0%) $284,125 (-3.3%) 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%) $427,819 (10.0%) 0.80 381
    2024-06-01 $348,125 (5.5%) $419,976 (10.6%) 0.79 429
    2024-07-01 $342,450 (-2.1%) $426,264 (10.8%) 0.78 399
    2024-08-01 $339,900 (-2.9%) $417,792 (7.3%) 0.79 438
    2024-09-01 $323,495 (-8.2%) $400,905 (-2.2%) 0.76 465
    2024-10-01 $322,750 (-7.0%) $397,007 (-1.9%) 0.76 476
    2024-11-01 $329,450 (-3.4%) $395,659 (-1.6%) 0.79 445
    2024-12-01 $334,173 (0.1%) $393,150 (2.5%) 0.83 351
    2025-01-01 $334,900 (-0.2%) $392,038 (3.9%) 0.84 312
    2025-02-01 $339,945 (-1.7%) $393,601 (4.4%) 0.83 334
    2025-03-01 $359,900 (3.4%) $417,540 (7.2%) 0.00 348
    Racine's median listing price for 2025-03-01 was $359,900, a difference of $11,900 (3.4%) versus the prior year and $19,955 versus the prior month.

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

    Racine's average listing price for 2025-03-01 was $417,540, a difference of $27,916 (7.2%) versus the prior year and $23,939 versus the prior month.

    For the 2025-03-01 period, Racine had 348 MLS listings, a difference of 14 listings (4%) versus the prior month and 50 listings (17%) 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 1,620 sqft
    2018-02-01 68 days 1,632 sqft
    2018-03-01 45 days 1,635 sqft
    2018-04-01 34 days 1,696 sqft
    2018-05-01 36 days 1,646 sqft
    2018-06-01 36 days 1,662 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 1,672 sqft
    2018-11-01 49 days 1,676 sqft
    2018-12-01 59 days 1,637 sqft
    2019-01-01 77 days 1,567 sqft
    2019-02-01 72 days 1,601 sqft
    2019-03-01 56 days 1,635 sqft
    2019-04-01 39 days 1,682 sqft
    2019-05-01 39 days 1,758 sqft
    2019-06-01 38 days 1,737 sqft
    2019-07-01 40 days 1,714 sqft
    2019-08-01 44 days 1,726 sqft
    2019-09-01 46 days 1,732 sqft
    2019-10-01 47 days 1,738 sqft
    2019-11-01 52 days 1,729 sqft
    2019-12-01 67 days 1,719 sqft
    2020-01-01 75 days 1,700 sqft
    2020-02-01 66 days 1,700 sqft
    2020-03-01 43 days 1,740 sqft
    2020-04-01 41 days 1,737 sqft
    2020-05-01 46 days 1,742 sqft
    2020-06-01 43 days 1,724 sqft
    2020-07-01 39 days 1,786 sqft
    2020-08-01 36 days 1,730 sqft
    2020-09-01 36 days 1,678 sqft
    2020-10-01 37 days 1,639 sqft
    2020-11-01 40 days 1,604 sqft
    2020-12-01 45 days 1,595 sqft
    2021-01-01 49 days 1,592 sqft
    2021-02-01 40 days 1,600 sqft
    2021-03-01 37 days 1,619 sqft
    2021-04-01 31 days 1,610 sqft
    2021-05-01 23 days 1,677 sqft
    2021-06-01 29 days 1,715 sqft
    2021-07-01 30 days 1,680 sqft
    2021-08-01 30 days 1,667 sqft
    2021-09-01 34 days 1,667 sqft
    2021-10-01 36 days 1,630 sqft
    2021-11-01 43 days 1,595 sqft
    2021-12-01 53 days 1,610 sqft
    2022-01-01 59 days 1,604 sqft
    2022-02-01 43 days 1,627 sqft
    2022-03-01 28 days 1,653 sqft
    2022-04-01 28 days 1,636 sqft
    2022-05-01 25 days 1,645 sqft
    2022-06-01 23 days 1,661 sqft
    2022-07-01 30 days 1,691 sqft
    2022-08-01 34 days 1,678 sqft
    2022-09-01 37 days 1,646 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 28 days 1,692 sqft
    2024-06-01 33 days 1,690 sqft
    2024-07-01 34 days 1,691 sqft
    2024-08-01 31 days 1,640 sqft
    2024-09-01 36 days 1,647 sqft
    2024-10-01 30 days 1,676 sqft
    2024-11-01 38 days 1,640 sqft
    2024-12-01 47 days 1,599 sqft
    2025-01-01 52 days 1,545 sqft
    2025-02-01 38 days 1,548 sqft
    2025-03-01 0 days 1,583 sqft
    Racine's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Racine's median square footage for active listings during the 2025-03-01 period was 1,583 sqft. One year prior, the average listing was 1,622 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).