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 83 lenders originated 543 FHA loans during 2022. The total origination value was $108,445,000, with an average FHA loan value of $199,715.

Racine FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Racine averaged 6.26% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

Racine's average FHA mortgage closing costs are $5,964.

The average rate for the prior week (2023-05-19) was 6.24% and one month ago for the week of 2023-04-21, the average rate was 6.18%.

The average rate one year ago was 4.9%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.41%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 44 5.22% $7,134
QUICKEN LOANS, LLC 39 4.56% $9,154
FINANCE OF AMERICA MORTGAGE LLC 33 5.12% $8,238
FIRST CENTENNIAL MORTGAGE CORPORATION 21 5.11% $6,729
ARK-LA-TEX FINANCIAL SERVICES, LLC. 16 4.63% $5,442
FREEDOM MORTGAGE CORPORATION 14 4.67% $8,049
CROSSCOUNTRY MORTGAGE, LLC 13 5.50% $9,531
Mr. Cooper ( Nationstar Mortgage ) 13 4.62% $8,382
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 12 5.82% $7,992
BROKER SOLUTIONS, INC. 12 5.10% $10,256
Associated Bank 12 5.06% $5,523
AMERISAVE MORTGAGE CORPORATION 11 3.98% $10,591
MID AMERICA MORTGAGE, INC. 11 5.25% $4,895
UNITED WHOLESALE MORTGAGE, LLC 11 5.03% $8,458
INLANTA MORTGAGE, INC. 11 4.92% $6,409
LOANDEPOT.COM, LLC 10 5.15% $7,503
Paramount Residential Mortgage Group, Inc. 10 5.30% $6,220
WISCONSIN MORTGAGE CORPORATION 10 5.66% $5,825
Bank Five Nine 10 5.45% $8,382
GUARANTEED RATE AFFINITY, LLC 9 4.85% $7,084
Barrington Bank & Trust Company, N.A. 8 5.00% $6,122
LAND HOME FINANCIAL SERVICES, INC. 8 5.67% $7,700
GATEWAY MORTGAGE CORPORATION 8 5.25% $5,566
AMERICAN PACIFIC MORTGAGE CORPORATION 8 5.09% $8,472
Bank of England 7 5.54% $8,295
CMG MORTGAGE, INC. 7 5.32% $7,587
CARDINAL FINANCIAL 7 4.93% $8,895
The Huntington National Bank 7 4.61% $5,211
CALIBER HOME LOANS, INC. 7 5.45% $7,973
LAKEVIEW LOAN SERVICING, LLC 7 3.93% $5,631
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 6 4.92% $6,130
GUARANTEED RATE, INC. 6 5.56% $8,589
NATIONS RELIABLE LENDING, LLC 6 6.21% $8,169
JPMorgan Chase Bank 5 5.05% $4,900
GSF Mortgage Corporation 5 6.05% $8,141
Prosperity Home Mortgage, LLC 4 5.97% $7,889
CITY FIRST MORTGAGE SERVICES, L.L.C. 4 4.75% $9,495
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 5.06% $11,387
Carrington Mortgage Services, LLC 4 4.69% $10,413
PLANET HOME LENDING, LLC 4 5.16% $11,433
CHERRY CREEK MORTGAGE, LLC 4 4.50% $1,345
NEWREZ LLC 4 5.19% $8,356
United Fidelity Funding Corp. 4 5.47% $8,199
AXIA FINANCIAL, LLC 4 4.44% $7,884
SUN WEST MORTGAGE COMPANY, INC. 3 5.50% $7,408
TOWNE MORTGAGE COMPANY 3 4.63% $7,367
U.S. Bank 3 5.13% $5,087
PENNYMAC LOAN SERVICES, LLC 3 3.79% $5,084
Flagstar Bank, FSB 3 5.75% $8,392
ENVOY MORTGAGE, LTD 3 5.92% $7,865
SECURITYNATIONAL MORTGAGE COMPANY 2 6.38% $7,111
American Mortgage & Equity Consultants, Inc. 2 5.25% $8,382
Wells Fargo Bank 2 4.13% $4,175
Mortgage Research Center, LLC 2 5.38% $4,041
EVERETT FINANCIAL, INC. 2 6.13% $4,426
UNION HOME MORTGAGE CORP. 2 6.00% $5,282
PLAZA HOME MORTGAGE, INC. 2 5.13% $5,226
The Equitable Bank, S.S.B. 1 5.50% $5,893
AmeriHome Mortgage Company, LLC 1 5.13% $4,916
A + MORTGAGE SERVICES, INC. 1 5.13% $5,742
BAY EQUITY LLC 1 4.99% $6,104
BMO Harris Bank 1 6.63% $6,742
Century Mortgage Company DBA Century Lending Company 1 7.13% $9,100
Citizens Bank 1 3.13% $5,092
Equity Prime Mortgage LLC 1 4.38% $4,902
First Merchants Bank 1 5.25% $7,573
FIRST STATE MORTGAGE SERVICES, LLC 1 6.13% $6,543
GERSHMAN INVESTMENT CORP. 1 5.25% $6,733
HOME POINT FINANCIAL CORPORATION 1 3.25% $6,638
Ixonia Bank 1 7.25% $11,308
KELLER MORTGAGE, LLC 1 4.75% $9,475
LIBERTY HOME MORTGAGE CORPORATION 1 5.50% $22,700
Loan Simple, Inc. 1 4.99% $11,242
Midwest Community Bank 1 3.50% $5,437
M&T Bank 1 6.25% $6,623
MUTUAL OF OMAHA MORTGAGE, INC. 1 4.25% $8,007
NATIONS DIRECT MORTGAGE, LLC 1 3.88% $7,199
PHH Mortgage Corporation 1 3.50% $3,030
PNC Bank 1 5.13% $4,897
ROYAL UNITED MORTGAGE LLC 1 6.75% $10,220
T2 FINANCIAL LLC 1 6.25% $9,511
AMERICAN FINANCING CORPORATION 1 6.75% $6,247
VERITAS FUNDING, LLC 1 6.63% $16,888

The top Racine FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 44 FHA loans originated. Their average total fees are $7,134, which is $2,020 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Racine FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,895), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($5,442), Associated Bank ($5,523), WISCONSIN MORTGAGE CORPORATION ($5,825) and Paramount Residential Mortgage Group, Inc. ($6,220).

The lowest rate Racine FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (3.98%), QUICKEN LOANS, LLC (4.56%), Mr. Cooper ( Nationstar Mortgage ) (4.62%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (4.63%) and FREEDOM MORTGAGE CORPORATION (4.67%).

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 (16.4%) $233,028 (5.4%) 0.67 395
2018-02-01 $190,950 (32.5%) $236,103 (6.9%) 0.69 329
2018-03-01 $199,900 (30.3%) $246,275 (8.2%) 0.70 319
2018-04-01 $217,950 (13.6%) $253,853 (9.7%) 0.74 299
2018-05-01 $229,425 (17.1%) $259,651 (8.1%) 0.77 345
2018-06-01 $239,900 (19.1%) $269,026 (11.0%) 0.80 405
2018-07-01 $235,250 (22.2%) $266,608 (9.4%) 0.79 449
2018-08-01 $225,500 (18.9%) $264,930 (8.4%) 0.76 508
2018-09-01 $228,450 (13.3%) $267,258 (8.8%) 0.77 544
2018-10-01 $224,950 (14.6%) $265,512 (9.0%) 0.76 563
2018-11-01 $222,400 (23.3%) $266,609 (11.5%) 0.75 558
2018-12-01 $210,000 (30.6%) $258,952 (11.7%) 0.72 523
2019-01-01 $199,950 (14.5%) $257,494 (10.5%) 0.69 458
2019-02-01 $228,450 (22.0%) $277,973 (17.7%) 0.77 399
2019-03-01 $229,900 (9.3%) $281,822 (14.4%) 0.77 399
2019-04-01 $244,900 (3.5%) $297,998 (17.4%) 0.78 404
2019-05-01 $253,975 (2.4%) $308,297 (18.7%) 0.79 423
2019-06-01 $238,750 (-3.6%) $293,890 (9.2%) 0.75 485
2019-07-01 $229,950 (-3.6%) $290,090 (8.8%) 0.72 523
2019-08-01 $238,200 (-4.6%) $293,476 (10.8%) 0.75 557
2019-09-01 $231,425 (-2.7%) $287,085 (7.4%) 0.73 576
2019-10-01 $226,950 (-2.7%) $286,104 (7.8%) 0.73 595
2019-11-01 $215,000 (-9.3%) $278,364 (4.4%) 0.70 580
2019-12-01 $209,800 (-4.3%) $275,950 (6.6%) 0.70 483
2020-01-01 $210,000 (1.2%) $279,472 (8.5%) 0.70 446
2020-02-01 $209,900 (-19.6%) $280,324 (0.9%) 0.69 403
2020-03-01 $234,925 (-4.3%) $295,867 (5.0%) 0.74 391
2020-04-01 $233,075 (-1.4%) $274,778 (-7.8%) 0.73 400
2020-05-01 $240,450 (-6.2%) $282,504 (-8.4%) 0.73 366
2020-06-01 $245,975 (1.9%) $284,125 (-3.3%) 0.72 342
2020-07-01 $250,000 (3.7%) $306,814 (5.8%) 0.72 349
2020-08-01 $248,000 (6.6%) $301,486 (2.7%) 0.71 335
2020-09-01 $239,950 (12.2%) $299,797 (4.4%) 0.69 323
2020-10-01 $229,900 (2.7%) $290,950 (1.7%) 0.66 314
2020-11-01 $209,950 (-5.0%) $285,097 (2.4%) 0.61 324
2020-12-01 $199,944 (-11.1%) $281,649 (2.1%) 0.59 291
2021-01-01 $209,900 (5.6%) $282,659 (1.1%) 0.63 212
2021-02-01 $219,900 (11.4%) $291,380 (3.9%) 0.64 165
2021-03-01 $225,000 (-0.9%) $303,975 (2.7%) 0.64 143
2021-04-01 $242,000 (6.4%) $311,851 (13.5%) 0.66 138
2021-05-01 $249,900 (-9.1%) $318,593 (12.8%) 0.66 190
2021-06-01 $254,225 (-7.4%) $319,808 (12.6%) 0.67 213
2021-07-01 $249,900 (-0.6%) $322,261 (5.0%) 0.66 253
2021-08-01 $246,750 (-7.2%) $317,383 (5.3%) 0.66 320
2021-09-01 $242,450 (-12.0%) $311,264 (3.8%) 0.65 365
2021-10-01 $239,900 (-4.0%) $312,262 (7.3%) 0.64 345
2021-11-01 $235,000 (5.7%) $303,600 (6.5%) 0.63 300
2021-12-01 $239,950 (22.2%) $311,232 (10.5%) 0.65 233
2022-01-01 $229,950 (-2.1%) $316,786 (12.1%) 0.62 176
2022-02-01 $249,950 (9.5%) $340,955 (17.0%) 0.65 115
2022-03-01 $252,450 (26.3%) $345,659 (13.7%) 0.63 117
2022-04-01 $244,500 (3.2%) $343,560 (10.2%) 0.58 125
2022-05-01 $274,200 (28.1%) $348,687 (9.5%) 0.63 184
2022-06-01 $291,200 (21.0%) $360,235 (12.6%) 0.65 250
2022-07-01 $298,000 (20.8%) $367,459 (14.0%) 0.67 301
2022-08-01 $284,925 (28.7%) $357,084 (12.5%) 0.66 316
2022-09-01 $277,500 (26.5%) $354,751 (14.0%) 0.65 313
2022-10-01 $284,900 (25.0%) $358,125 (14.7%) 0.67 349
2022-11-01 $287,450 (41.3%) $354,963 (16.9%) 0.69 303
2022-12-01 $299,900 (38.3%) $356,779 (14.6%) 0.74 271
2023-01-01 $315,500 (56.2%) $357,587 (12.9%) 0.78 238
2023-02-01 $302,425 (35.3%) $360,462 (5.7%) 0.73 212
2023-03-01 $336,950 (0.0%) $373,939 (8.2%) 0.79 0
2023-04-01 $350,000 (0.0%) $390,778 (13.7%) 0.81 0
Racine's median listing price for 2023-04-01 was $350,000, a difference of $105,500 (0.0%) versus the prior year and $13,050 versus the prior month.

Racine's median listing price comes in at 81% of the national average.

Racine's average listing price for 2023-04-01 was $390,778, a difference of $47,218 (13.7%) versus the prior year and $16,839 versus the prior month.

For the 2023-04-01 period, Racine had 0 MLS listings, a difference of 0 listings versus the prior month and -125 listings (-100%) 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 74 days 1,618 sqft
2018-02-01 71 days 1,632 sqft
2018-03-01 49 days 1,650 sqft
2018-04-01 36 days 1,695 sqft
2018-05-01 37 days 1,650 sqft
2018-06-01 37 days 1,666 sqft
2018-07-01 40 days 1,632 sqft
2018-08-01 39 days 1,619 sqft
2018-09-01 43 days 1,660 sqft
2018-10-01 46 days 1,672 sqft
2018-11-01 50 days 1,670 sqft
2018-12-01 60 days 1,633 sqft
2019-01-01 79 days 1,565 sqft
2019-02-01 73 days 1,607 sqft
2019-03-01 53 days 1,634 sqft
2019-04-01 39 days 1,698 sqft
2019-05-01 40 days 1,762 sqft
2019-06-01 39 days 1,738 sqft
2019-07-01 40 days 1,711 sqft
2019-08-01 52 days 1,742 sqft
2019-09-01 65 days 1,747 sqft
2019-10-01 48 days 1,738 sqft
2019-11-01 53 days 1,737 sqft
2019-12-01 67 days 1,721 sqft
2020-01-01 76 days 1,700 sqft
2020-02-01 67 days 1,711 sqft
2020-03-01 44 days 1,748 sqft
2020-04-01 42 days 1,749 sqft
2020-05-01 47 days 1,750 sqft
2020-06-01 44 days 1,725 sqft
2020-07-01 40 days 1,794 sqft
2020-08-01 37 days 1,729 sqft
2020-09-01 37 days 1,691 sqft
2020-10-01 38 days 1,638 sqft
2020-11-01 41 days 1,604 sqft
2020-12-01 45 days 1,596 sqft
2021-01-01 50 days 1,588 sqft
2021-02-01 40 days 1,601 sqft
2021-03-01 38 days 1,618 sqft
2021-04-01 32 days 1,612 sqft
2021-05-01 23 days 1,678 sqft
2021-06-01 30 days 1,718 sqft
2021-07-01 30 days 1,676 sqft
2021-08-01 30 days 1,669 sqft
2021-09-01 34 days 1,666 sqft
2021-10-01 37 days 1,627 sqft
2021-11-01 43 days 1,599 sqft
2021-12-01 55 days 1,605 sqft
2022-01-01 60 days 1,619 sqft
2022-02-01 43 days 1,630 sqft
2022-03-01 29 days 1,667 sqft
2022-04-01 28 days 1,637 sqft
2022-05-01 25 days 1,663 sqft
2022-06-01 24 days 1,649 sqft
2022-07-01 30 days 1,680 sqft
2022-08-01 34 days 1,674 sqft
2022-09-01 37 days 1,674 sqft
2022-10-01 37 days 1,648 sqft
2022-11-01 43 days 1,609 sqft
2022-12-01 52 days 1,590 sqft
2023-01-01 54 days 1,563 sqft
2023-02-01 45 days 1,582 sqft
2023-03-01 44 days 1,615 sqft
2023-04-01 35 days 1,655 sqft
Racine's median listing age (time on market) for 2023-04-01 was 35 days. This is 25% longer than the same period one year ago.

Racine's median square footage for active listings during the 2023-04-01 period was 1,655 sqft. One year prior, the average listing was 1,637 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).