Shawano FHA Loans

Shawano, 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.

Shawano's 26 lenders originated 78 FHA loans during 2021. The total origination value was $11,120,000, with an average FHA loan value of $142,564.

Shawano FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Shawano averaged 5.35% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.39% and one month ago for the week of 2022-07-01, the average rate was 5.78%.

The average rate one year ago was 3.28%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.94%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Shawano FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Shawano level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 12 2.60% $4,497
CHERRY CREEK MORTGAGE, LLC 6 3.23% $2,631
GUARANTEED RATE, INC. 5 3.03% $5,050
INLANTA MORTGAGE, INC. 4 3.31% $5,395
PENNYMAC LOAN SERVICES, LLC 4 3.22% $3,725
MICHIGAN MUTUAL, INC. 4 3.47% $4,154
TOWNE MORTGAGE COMPANY 4 3.53% $4,605
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.46% $6,746
FREEDOM MORTGAGE CORPORATION 3 2.92% $4,769
Waterstone Mortgage Corporation 3 3.50% $6,478
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.50% $10,601
Plains Commerce Bank 1 2.75% $3,988
SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $7,093
VILLAGE CAPITAL & INVESTMENT LLC 1 2.50% $2,467
Associated Bank 1 2.88% $4,670
Wells Fargo Bank 1 3.25% $4,153
BROKER SOLUTIONS, INC. 1 2.75% $6,458
Carrington Mortgage Services, LLC 1 2.63% $9,328
CROSSCOUNTRY MORTGAGE, LLC 1 2.99% $6,080
ENVOY MORTGAGE, LTD 1 4.50% $5,089
GSF Mortgage Corporation 1 3.25% $12,815
LAKEVIEW LOAN SERVICING, LLC 1 3.25% $3,386
Mr. Cooper ( Nationstar Mortgage ) 1 3.25% $3,441
NATIONS RELIABLE LENDING, LLC 1 3.13% $4,370
OCEANSIDE MORTGAGE COMPANY 1 2.49% $5,185
PARKSIDE LENDING, LLC 1 3.00% $5,971

The top Shawano FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 12 FHA loans originated. Their average total fees are $4,497, which is $1,867 higher than the next largest lender, CHERRY CREEK MORTGAGE, LLC.

The lowest fee Shawano FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($4,497), .

The lowest rate Shawano FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.60%), .

Shawano FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SHAWANO, WI MENOMINEE 2022 $420,680 $538,650 $651,050 $809,150
SHAWANO, WI SHAWANO 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Shawano (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 $124,900 (0.0%) $175,935 (12.1%) 0.00 202
2018-02-01 $129,900 (0.0%) $181,041 (12.3%) 0.00 210
2018-03-01 $137,500 (5.9%) $189,955 (16.6%) 0.00 211
2018-04-01 $149,900 (15.8%) $197,572 (16.2%) 0.00 190
2018-05-01 $148,859 (12.1%) $203,857 (13.2%) 0.00 186
2018-06-01 $149,900 (15.4%) $210,383 (22.8%) 0.00 194
2018-07-01 $148,400 (14.2%) $214,832 (26.7%) 0.00 184
2018-08-01 $159,900 (23.1%) $219,713 (24.6%) 0.00 188
2018-09-01 $144,900 (11.6%) $205,813 (14.5%) 0.00 194
2018-10-01 $139,900 (7.7%) $203,481 (14.5%) 0.00 197
2018-11-01 $139,900 (12.0%) $199,513 (15.1%) 0.00 186
2018-12-01 $129,900 (4.0%) $194,698 (12.1%) 0.00 175
2019-01-01 $138,250 (10.7%) $191,022 (8.6%) 0.00 164
2019-02-01 $137,700 (6.0%) $194,383 (7.4%) 0.00 160
2019-03-01 $143,043 (4.0%) $205,094 (8.0%) 0.00 159
2019-04-01 $152,400 (1.7%) $217,378 (10.0%) 0.00 156
2019-05-01 $153,950 (3.4%) $213,616 (4.8%) 0.00 149
2019-06-01 $155,000 (3.4%) $222,395 (5.7%) 0.00 161
2019-07-01 $148,900 (0.3%) $212,877 (-0.9%) 0.00 168
2019-08-01 $144,943 (-9.4%) $207,853 (-5.4%) 0.00 180
2019-09-01 $145,000 (0.1%) $204,585 (-0.6%) 0.00 177
2019-10-01 $147,400 (5.4%) $204,510 (0.5%) 0.00 167
2019-11-01 $154,500 (10.4%) $210,529 (5.5%) 0.00 149
2019-12-01 $152,000 (17.0%) $204,469 (5.0%) 0.00 157
2020-01-01 $153,950 (11.4%) $200,212 (4.8%) 0.00 147
2020-02-01 $153,900 (11.8%) $200,299 (3.0%) 0.00 136
2020-03-01 $166,450 (16.4%) $222,659 (8.6%) 0.00 124
2020-04-01 $161,700 (6.1%) $218,530 (0.5%) 0.00 112
2020-05-01 $185,000 (20.2%) $233,936 (9.5%) 0.00 101
2020-06-01 $182,000 (17.4%) $218,308 (-1.8%) 0.00 80
2020-07-01 $209,900 (41.0%) $227,740 (7.0%) 0.00 67
2020-08-01 $194,900 (34.5%) $228,666 (10.0%) 0.00 72
2020-09-01 $193,950 (33.8%) $254,909 (24.6%) 0.00 71
2020-10-01 $169,900 (15.3%) $242,032 (18.4%) 0.00 60
2020-11-01 $187,400 (21.3%) $244,711 (16.2%) 0.00 47
2020-12-01 $187,400 (23.3%) $223,775 (9.4%) 0.00 50
2021-01-01 $199,900 (29.9%) $244,420 (22.1%) 0.00 39
2021-02-01 $224,900 (46.1%) $269,795 (34.7%) 0.00 31
2021-03-01 $199,900 (20.1%) $246,427 (10.7%) 0.00 29
2021-04-01 $177,400 (9.7%) $208,779 (-4.5%) 0.00 25
2021-05-01 $159,900 (-13.6%) $217,308 (-7.1%) 0.00 36
2021-06-01 $167,450 (-8.0%) $239,551 (9.7%) 0.00 37
2021-07-01 $194,900 (-7.2%) $257,977 (13.3%) 0.00 49
2021-08-01 $209,450 (7.5%) $269,438 (17.8%) 0.00 57
2021-09-01 $211,450 (9.0%) $273,429 (7.3%) 0.00 54
2021-10-01 $199,900 (17.7%) $274,387 (13.4%) 0.00 45
2021-11-01 $207,450 (10.7%) $287,864 (17.6%) 0.00 41
2021-12-01 $199,700 (6.6%) $276,427 (23.5%) 0.00 43
2022-01-01 $210,000 (5.1%) $299,429 (22.5%) 0.00 31
2022-02-01 $252,400 (12.2%) $306,260 (13.5%) 0.00 33
2022-03-01 $270,500 (35.3%) $332,175 (34.8%) 0.00 32
2022-04-01 $285,900 (61.2%) $311,091 (49.0%) 0.00 36
2022-05-01 $289,900 (81.3%) $336,258 (54.7%) 0.00 42
2022-06-01 $249,900 (49.2%) $307,366 (28.3%) 0.00 46
Shawano's median listing price for 2022-06-01 was $249,900, a difference of $82,450 (49.2%) versus the prior year and $-40,000 versus the prior month.

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

Shawano's average listing price for 2022-06-01 was $307,366, a difference of $67,815 (28.3%) versus the prior year and $-28,892 versus the prior month.

For the 2022-06-01 period, Shawano had 46 MLS listings, a difference of 4 listings (10%) versus the prior month and 9 listings (24%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Shawano (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,592 sqft
2018-02-01 0 days 1,657 sqft
2018-03-01 0 days 1,658 sqft
2018-04-01 0 days 1,656 sqft
2018-05-01 0 days 1,635 sqft
2018-06-01 0 days 1,650 sqft
2018-07-01 0 days 1,633 sqft
2018-08-01 0 days 1,620 sqft
2018-09-01 0 days 1,600 sqft
2018-10-01 0 days 1,572 sqft
2018-11-01 0 days 1,578 sqft
2018-12-01 0 days 1,577 sqft
2019-01-01 0 days 1,589 sqft
2019-02-01 0 days 1,610 sqft
2019-03-01 0 days 1,600 sqft
2019-04-01 0 days 1,600 sqft
2019-05-01 0 days 1,600 sqft
2019-06-01 0 days 1,619 sqft
2019-07-01 0 days 1,628 sqft
2019-08-01 0 days 1,621 sqft
2019-09-01 0 days 1,600 sqft
2019-10-01 0 days 1,618 sqft
2019-11-01 0 days 1,634 sqft
2019-12-01 0 days 1,602 sqft
2020-01-01 0 days 1,551 sqft
2020-02-01 0 days 1,584 sqft
2020-03-01 0 days 1,656 sqft
2020-04-01 0 days 1,582 sqft
2020-05-01 0 days 1,639 sqft
2020-06-01 0 days 1,582 sqft
2020-07-01 0 days 1,658 sqft
2020-08-01 0 days 1,680 sqft
2020-09-01 0 days 1,778 sqft
2020-10-01 0 days 1,575 sqft
2020-11-01 0 days 1,608 sqft
2020-12-01 0 days 1,656 sqft
2021-01-01 0 days 1,704 sqft
2021-02-01 0 days 1,692 sqft
2021-03-01 0 days 1,695 sqft
2021-04-01 0 days 1,523 sqft
2021-05-01 0 days 1,712 sqft
2021-06-01 0 days 1,842 sqft
2021-07-01 0 days 1,633 sqft
2021-08-01 0 days 1,668 sqft
2021-09-01 0 days 1,712 sqft
2021-10-01 0 days 1,776 sqft
2021-11-01 0 days 1,674 sqft
2021-12-01 0 days 1,680 sqft
2022-01-01 0 days 1,700 sqft
2022-02-01 0 days 1,786 sqft
2022-03-01 0 days 1,872 sqft
2022-04-01 0 days 1,872 sqft
2022-05-01 0 days 1,872 sqft
2022-06-01 0 days 1,872 sqft
Shawano's median listing age (time on market) for 2022-06-01 was 0 days.

Shawano's median square footage for active listings during the 2022-06-01 period was 1,872 sqft. One year prior, the average listing was 1,842 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).