Shawano FHA Loan Rates, Closing Costs & Stats

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 30 lenders originated 61 FHA loans during 2022. The total origination value was $10,975,000, with an average FHA loan value of $179,918.

Shawano FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Shawano averaged 6.19% for the week of 2024-03-15, compared to the national average (all FHA variants) of 6.596% for the same period.

Shawano's average FHA mortgage closing costs are $5,354.

The average rate for the prior week (2024-03-08) was 6.1% and one month ago for the week of 2024-02-09, the average rate was 6.11%.

The average rate one year ago was 5.99%.

For refis of the same type during the week of 2024-03-15, the average rate was 5.09%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Shawano level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 7 5.71% $8,937
Waterstone Mortgage Corporation 4 5.63% $9,187
Wells Fargo Bank 3 5.38% $5,102
Nations Lending Corporation 3 5.92% $9,537
INLANTA MORTGAGE, INC. 3 4.42% $6,004
CHERRY CREEK MORTGAGE, LLC 3 5.38% $2,216
UNITED WHOLESALE MORTGAGE, LLC 3 5.13% $9,338
HOME POINT FINANCIAL CORPORATION 2 3.56% $6,113
FINANCE OF AMERICA MORTGAGE LLC 2 6.50% $7,372
Mortgage Research Center, LLC 2 5.06% $4,423
Mr. Cooper ( Nationstar Mortgage ) 2 3.69% $4,938
GUARANTEED RATE, INC. 2 4.00% $5,528
PENNYMAC LOAN SERVICES, LLC 2 2.84% $4,839
FREEDOM MORTGAGE CORPORATION 2 3.75% $3,779
The Huntington National Bank 1 5.63% $7,418
U.S. Bank 1 5.63% $4,890
MICHIGAN MUTUAL, INC. 1 5.63% $12,661
AMERISAVE MORTGAGE CORPORATION 1 4.50% $5,411
BROKER SOLUTIONS, INC. 1 3.50% $8,524
CROSSCOUNTRY MORTGAGE, LLC 1 7.88% $6,983
EVERETT FINANCIAL, INC. 1 5.13% $4,973
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.63% $8,943
Flagstar Bank, FSB 1 5.04% $6,041
Ixonia Bank 1 6.13% $8,003
LAKEVIEW LOAN SERVICING, LLC 1 5.71% $10,584
AMERICAN FINANCING CORPORATION 1 4.00% $6,650
MID AMERICA MORTGAGE, INC. 1 4.25% $3,974
MOVEMENT MORTGAGE, LLC 1 7.25% $5,270
PLAZA HOME MORTGAGE, INC. 1 2.88% $8,921
S1L, Inc. 1 3.99% $17,503

The top Shawano FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 7 FHA loans originated. Their average total fees are $8,937, which is $250 lower than the next largest lender, Waterstone Mortgage Corporation.

The lowest fee Shawano FHA lenders (with over 10 loans originated) are .

The lowest rate Shawano FHA lenders (with over 10 loans originated) are .

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
SHAWANO, WI MENOMINEE 2023 $472,030 $604,400 $730,525 $907,900
SHAWANO, WI SHAWANO 2023 $472,030 $604,400 $730,525 $907,900

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 $129,900 (0.0%) $176,776 (12.5%) 0.00 193
2018-02-01 $133,400 (2.7%) $178,698 (11.3%) 0.00 199
2018-03-01 $142,400 (9.6%) $184,598 (12.6%) 0.00 204
2018-04-01 $149,900 (15.4%) $196,829 (17.4%) 0.00 175
2018-05-01 $148,950 (6.5%) $200,760 (13.0%) 0.00 175
2018-06-01 $149,900 (12.2%) $208,251 (21.4%) 0.00 187
2018-07-01 $149,900 (14.7%) $215,155 (25.6%) 0.00 181
2018-08-01 $159,900 (15.6%) $223,764 (27.0%) 0.00 180
2018-09-01 $144,900 (3.6%) $211,212 (16.4%) 0.00 191
2018-10-01 $139,900 (0.9%) $207,856 (15.6%) 0.00 185
2018-11-01 $139,900 (3.7%) $201,653 (13.9%) 0.00 171
2018-12-01 $129,900 (0.0%) $196,740 (10.8%) 0.00 161
2019-01-01 $133,050 (2.4%) $191,523 (7.8%) 0.00 156
2019-02-01 $139,000 (4.2%) $201,542 (12.3%) 0.00 154
2019-03-01 $147,957 (3.9%) $213,510 (15.8%) 0.00 146
2019-04-01 $158,650 (5.8%) $229,494 (16.4%) 0.00 135
2019-05-01 $163,650 (9.9%) $221,568 (10.7%) 0.00 139
2019-06-01 $179,900 (20.0%) $236,449 (14.5%) 0.00 153
2019-07-01 $161,925 (8.0%) $223,480 (4.9%) 0.00 157
2019-08-01 $155,518 (-2.7%) $218,763 (-1.4%) 0.00 170
2019-09-01 $157,870 (9.0%) $216,553 (3.4%) 0.00 175
2019-10-01 $159,800 (14.2%) $215,080 (4.4%) 0.00 170
2019-11-01 $162,400 (16.1%) $214,928 (7.6%) 0.00 145
2019-12-01 $151,900 (16.9%) $203,310 (4.5%) 0.00 150
2020-01-01 $149,900 (12.7%) $201,254 (6.4%) 0.00 139
2020-02-01 $149,900 (7.8%) $201,571 (1.3%) 0.00 125
2020-03-01 $177,900 (20.2%) $226,440 (7.3%) 0.00 118
2020-04-01 $162,400 (2.4%) $221,320 (-2.4%) 0.00 107
2020-05-01 $185,500 (13.4%) $235,104 (7.2%) 0.00 102
2020-06-01 $187,850 (4.4%) $221,661 (-5.6%) 0.00 88
2020-07-01 $189,325 (16.9%) $219,983 (-0.7%) 0.00 73
2020-08-01 $185,500 (19.3%) $221,815 (1.7%) 0.00 77
2020-09-01 $183,850 (16.5%) $240,351 (10.9%) 0.00 72
2020-10-01 $169,900 (6.3%) $239,361 (10.4%) 0.00 61
2020-11-01 $184,900 (13.9%) $248,055 (14.3%) 0.00 51
2020-12-01 $183,650 (20.9%) $232,603 (13.2%) 0.00 52
2021-01-01 $184,900 (23.4%) $236,480 (16.1%) 0.00 39
2021-02-01 $199,675 (33.2%) $251,387 (23.2%) 0.00 33
2021-03-01 $184,900 (3.9%) $240,584 (5.1%) 0.00 29
2021-04-01 $162,400 (0.0%) $201,681 (-11.0%) 0.00 24
2021-05-01 $159,900 (-13.8%) $224,767 (-8.6%) 0.00 32
2021-06-01 $159,900 (-14.9%) $241,358 (5.5%) 0.00 39
2021-07-01 $174,450 (-7.9%) $248,974 (9.8%) 0.00 48
2021-08-01 $202,150 (9.0%) $262,722 (15.0%) 0.00 45
2021-09-01 $203,450 (10.7%) $272,215 (10.1%) 0.00 42
2021-10-01 $199,500 (17.4%) $270,531 (9.8%) 0.00 40
2021-11-01 $207,450 (12.2%) $288,758 (15.8%) 0.00 43
2021-12-01 $199,600 (8.7%) $276,161 (17.8%) 0.00 44
2022-01-01 $210,000 (13.6%) $306,518 (26.8%) 0.00 31
2022-02-01 $219,475 (9.9%) $293,352 (16.7%) 0.00 30
2022-03-01 $252,925 (36.8%) $317,714 (30.8%) 0.00 28
2022-04-01 $249,900 (53.9%) $303,945 (52.7%) 0.00 34
2022-05-01 $287,900 (80.1%) $330,831 (51.9%) 0.00 41
2022-06-01 $262,400 (64.1%) $316,805 (33.4%) 0.00 45
2022-07-01 $285,900 (63.9%) $342,474 (39.4%) 0.00 55
2022-08-01 $292,450 (44.7%) $335,642 (30.1%) 0.00 61
2022-09-01 $333,650 (64.0%) $343,776 (28.9%) 0.00 50
2022-10-01 $324,500 (62.7%) $349,496 (33.0%) 0.00 47
2022-11-01 $295,400 (42.4%) $317,539 (10.6%) 0.00 50
2022-12-01 $314,950 (57.8%) $331,617 (21.1%) 0.00 45
2023-01-01 $295,175 (40.6%) $315,346 (4.6%) 0.00 38
2023-02-01 $319,900 (45.8%) $320,894 (9.4%) 0.00 32
2023-03-01 $305,175 (20.7%) $348,681 (10.8%) 0.00 31
2023-04-01 $325,000 (30.1%) $380,203 (25.1%) 0.00 32
2023-05-01 $342,400 (18.9%) $395,295 (19.5%) 0.00 39
2023-06-01 $317,175 (20.9%) $378,582 (19.5%) 0.00 46
2023-07-01 $312,450 (9.3%) $366,595 (7.0%) 0.00 51
2023-08-01 $308,925 (5.6%) $381,266 (13.6%) 0.00 54
2023-09-01 $324,900 (-2.6%) $420,997 (22.5%) 0.00 54
2023-10-01 $324,900 (0.1%) $440,516 (26.0%) 0.00 42
2023-11-01 $297,400 (0.7%) $408,176 (28.5%) 0.00 45
2023-12-01 $275,000 (-12.7%) $383,975 (0.0%) 0.00 47
2024-01-01 $277,900 (-5.9%) $377,509 (0.0%) 0.00 47
Shawano's median listing price for 2024-01-01 was $277,900, a difference of $-17,275 (-5.9%) versus the prior year and $2,900 versus the prior month.

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

Shawano's average listing price for 2024-01-01 was $377,509, a difference of $62,163 (0.0%) versus the prior year and $-6,466 versus the prior month.

For the 2024-01-01 period, Shawano had 47 MLS listings, a difference of 0 listings (0%) 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 1,600 sqft
2018-02-01 0 days 1,635 sqft
2018-03-01 0 days 1,656 sqft
2018-04-01 0 days 1,651 sqft
2018-05-01 0 days 1,610 sqft
2018-06-01 0 days 1,656 sqft
2018-07-01 0 days 1,674 sqft
2018-08-01 0 days 1,700 sqft
2018-09-01 0 days 1,620 sqft
2018-10-01 0 days 1,610 sqft
2018-11-01 0 days 1,610 sqft
2018-12-01 0 days 1,600 sqft
2019-01-01 0 days 1,610 sqft
2019-02-01 0 days 1,670 sqft
2019-03-01 0 days 1,616 sqft
2019-04-01 0 days 1,642 sqft
2019-05-01 0 days 1,625 sqft
2019-06-01 0 days 1,704 sqft
2019-07-01 0 days 1,713 sqft
2019-08-01 0 days 1,702 sqft
2019-09-01 0 days 1,675 sqft
2019-10-01 0 days 1,687 sqft
2019-11-01 0 days 1,655 sqft
2019-12-01 0 days 1,601 sqft
2020-01-01 0 days 1,551 sqft
2020-02-01 0 days 1,584 sqft
2020-03-01 0 days 1,686 sqft
2020-04-01 0 days 1,636 sqft
2020-05-01 0 days 1,726 sqft
2020-06-01 0 days 1,648 sqft
2020-07-01 0 days 1,657 sqft
2020-08-01 0 days 1,692 sqft
2020-09-01 0 days 1,746 sqft
2020-10-01 0 days 1,601 sqft
2020-11-01 0 days 1,640 sqft
2020-12-01 0 days 1,650 sqft
2021-01-01 0 days 1,684 sqft
2021-02-01 0 days 1,682 sqft
2021-03-01 0 days 1,814 sqft
2021-04-01 0 days 1,656 sqft
2021-05-01 0 days 1,645 sqft
2021-06-01 0 days 1,882 sqft
2021-07-01 0 days 1,680 sqft
2021-08-01 0 days 1,734 sqft
2021-09-01 0 days 1,683 sqft
2021-10-01 0 days 1,750 sqft
2021-11-01 0 days 1,716 sqft
2021-12-01 0 days 1,695 sqft
2022-01-01 0 days 1,700 sqft
2022-02-01 0 days 1,685 sqft
2022-03-01 0 days 1,872 sqft
2022-04-01 0 days 1,872 sqft
2022-05-01 0 days 1,896 sqft
2022-06-01 0 days 1,872 sqft
2022-07-01 0 days 1,786 sqft
2022-08-01 0 days 1,709 sqft
2022-09-01 0 days 1,740 sqft
2022-10-01 0 days 1,744 sqft
2022-11-01 0 days 1,840 sqft
2022-12-01 0 days 1,708 sqft
2023-01-01 0 days 1,825 sqft
2023-02-01 0 days 1,803 sqft
2023-03-01 0 days 1,675 sqft
2023-04-01 0 days 1,660 sqft
2023-05-01 0 days 1,748 sqft
2023-06-01 0 days 1,585 sqft
2023-07-01 0 days 1,598 sqft
2023-08-01 0 days 1,570 sqft
2023-09-01 0 days 1,700 sqft
2023-10-01 0 days 1,734 sqft
2023-11-01 0 days 1,815 sqft
2023-12-01 0 days 1,806 sqft
2024-01-01 0 days 1,845 sqft
Shawano's median listing age (time on market) for 2024-01-01 was 0 days.

Shawano's median square footage for active listings during the 2024-01-01 period was 1,845 sqft. One year prior, the average listing was 1,825 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).