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 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).