Sheboygan FHA Loans

SHEBOYGAN, 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.

Sheboygan's 55 lenders originated 323 FHA loans during 2021. The total origination value was $51,755,000, with an average FHA loan value of $160,232.

Sheboygan FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sheboygan averaged 5.57% 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 5.32% and one month ago for the week of 2022-07-01, the average rate was 5.5%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.21%.

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

Sheboygan 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 Sheboygan level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 50 2.81% $5,166
BROKER SOLUTIONS, INC. 31 3.50% $5,942
ENVOY MORTGAGE, LTD 27 3.46% $6,638
TOWNE MORTGAGE COMPANY 17 3.82% $5,561
CHERRY CREEK MORTGAGE, LLC 14 3.52% $2,227
CIBM Bank 11 3.04% $5,304
PENNYMAC LOAN SERVICES, LLC 9 3.22% $3,831
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 3.53% $7,527
LAKEVIEW LOAN SERVICING, LLC 6 2.95% $3,879
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.25% $6,064
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.83% $7,536
HOME POINT FINANCIAL CORPORATION 5 2.45% $4,014
U.S. Bank 5 3.02% $5,743
WISCONSIN MORTGAGE CORPORATION 5 2.60% $5,288
Carrington Mortgage Services, LLC 5 3.70% $5,655
INLANTA MORTGAGE, INC. 5 3.35% $5,980
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.75% $5,606
FREEDOM MORTGAGE CORPORATION 4 2.94% $3,202
Servion, Inc. 4 2.66% $4,042
VILLAGE CAPITAL & INVESTMENT LLC 4 2.75% $1,461
GUARANTEED RATE, INC. 4 3.09% $7,389
LOANDEPOT.COM, LLC 4 3.40% $6,837
Waterstone Mortgage Corporation 3 3.67% $7,279
NEWREZ LLC 3 3.00% $3,504
Paramount Residential Mortgage Group, Inc. 3 3.42% $6,186
PLANET HOME LENDING, LLC 3 3.00% $3,677
CALIBER HOME LOANS, INC. 3 2.82% $3,541
The Federal Savings Bank 3 3.13% $6,021
CMG MORTGAGE, INC. 3 3.46% $5,074
Mr. Cooper ( Nationstar Mortgage ) 2 3.19% $5,942
UNION HOME MORTGAGE CORP. 2 3.31% $5,225
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.94% $6,673
AMERISAVE MORTGAGE CORPORATION 2 2.44% $9,815
FIRST CENTENNIAL MORTGAGE CORPORATION 2 3.00% $7,808
ZILLOW HOME LOANS, LLC 1 3.13% $5,540
Associated Bank 1 2.88% $4,033
Bell Bank 1 2.63% $5,059
CORNERSTONE HOME LENDING, INC. 1 3.25% $6,599
CROSSCOUNTRY MORTGAGE, LLC 1 3.38% $9,613
DAS Acquisition Company, LLC 1 2.25% $9,914
FINANCE OF AMERICA MORTGAGE LLC 1 3.00% $6,756
First Bank & Trust 1 2.50% $4,335
Flagstar Bank, FSB 1 3.13% $7,640
Goldwater Bank, N.A. 1 2.25% $6,501
LOANPAL, LLC 1 2.38% $7,452
Low VA Rates, LLC 1 3.25% $2,979
Manufacturers and Traders Trust Company 1 3.25% $7,727
Mortgage Research Center, LLC 1 2.99% $2,030
MOVEMENT MORTGAGE, LLC 1 3.13% $7,514
NATIONS RELIABLE LENDING, LLC 1 4.13% $8,345
PARKSIDE LENDING, LLC 1 3.38% $2,310
Sierra Pacific Mortgage Company, Inc. 1 2.75% $6,388
UNITED WHOLESALE MORTGAGE, LLC 1 3.00% $4,546
Wells Fargo Bank 1 3.63% $4,428
AMERICAN FINANCING CORPORATION 1 2.75% $5,924

The top Sheboygan FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 50 FHA loans originated. Their average total fees are $5,166, which is $777 lower than the next largest lender, BROKER SOLUTIONS, INC..

The lowest fee Sheboygan FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($2,227), QUICKEN LOANS, LLC ($5,166), CIBM Bank ($5,304), TOWNE MORTGAGE COMPANY ($5,561) and BROKER SOLUTIONS, INC. ($5,942).

The lowest rate Sheboygan FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.81%), CIBM Bank (3.04%), ENVOY MORTGAGE, LTD (3.46%), BROKER SOLUTIONS, INC. (3.50%) and CHERRY CREEK MORTGAGE, LLC (3.52%).

Sheboygan FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Sheboygan (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 $226,250 (61.6%) $277,104 (29.9%) 0.00 289
2018-02-01 $224,450 (54.9%) $277,906 (30.3%) 0.00 267
2018-03-01 $244,900 (65.6%) $299,111 (36.3%) 0.00 262
2018-04-01 $249,150 (40.8%) $320,239 (21.8%) 0.00 249
2018-05-01 $248,950 (21.5%) $331,176 (19.0%) 0.00 247
2018-06-01 $248,300 (16.9%) $333,068 (17.9%) 0.00 270
2018-07-01 $252,450 (11.0%) $323,176 (10.0%) 0.00 309
2018-08-01 $239,950 (1.6%) $307,194 (3.7%) 0.00 341
2018-09-01 $234,900 (-5.2%) $309,635 (0.8%) 0.00 364
2018-10-01 $237,050 (-0.4%) $309,039 (7.2%) 0.00 361
2018-11-01 $232,150 (-0.1%) $293,878 (2.0%) 0.00 351
2018-12-01 $220,000 (-3.3%) $286,359 (2.2%) 0.00 308
2019-01-01 $208,400 (-7.9%) $285,513 (3.0%) 0.00 268
2019-02-01 $214,950 (-4.2%) $290,162 (4.4%) 0.00 247
2019-03-01 $229,957 (-6.1%) $301,188 (0.7%) 0.00 275
2019-04-01 $244,957 (-1.7%) $313,282 (-2.2%) 0.00 417
2019-05-01 $249,950 (0.4%) $323,022 (-2.5%) 0.00 246
2019-06-01 $249,900 (0.6%) $319,170 (-4.2%) 0.00 271
2019-07-01 $249,950 (-1.0%) $319,860 (-1.0%) 0.00 304
2019-08-01 $245,614 (2.4%) $308,087 (0.3%) 0.00 323
2019-09-01 $234,950 (0.0%) $295,169 (-4.7%) 0.00 337
2019-10-01 $247,400 (4.4%) $301,865 (-2.3%) 0.00 311
2019-11-01 $250,000 (7.7%) $297,746 (1.3%) 0.00 315
2019-12-01 $238,700 (8.5%) $286,230 (-0.1%) 0.00 282
2020-01-01 $249,600 (19.8%) $292,046 (2.3%) 0.00 232
2020-02-01 $264,900 (23.2%) $308,488 (6.3%) 0.00 227
2020-03-01 $263,250 (14.5%) $317,482 (5.4%) 0.00 212
2020-04-01 $266,200 (8.7%) $319,737 (2.1%) 0.00 186
2020-05-01 $271,400 (8.6%) $340,043 (5.3%) 0.00 181
2020-06-01 $277,450 (11.0%) $352,479 (10.4%) 0.00 162
2020-07-01 $264,550 (5.8%) $350,599 (9.6%) 0.00 160
2020-08-01 $261,900 (6.6%) $344,871 (11.9%) 0.00 166
2020-09-01 $239,900 (2.1%) $327,622 (11.0%) 0.00 164
2020-10-01 $228,000 (-7.8%) $312,250 (3.4%) 0.00 169
2020-11-01 $229,950 (-8.0%) $311,137 (4.5%) 0.00 161
2020-12-01 $225,000 (-5.7%) $305,241 (6.6%) 0.00 149
2021-01-01 $234,900 (-5.9%) $310,987 (6.5%) 0.00 128
2021-02-01 $239,450 (-9.6%) $327,602 (6.2%) 0.00 93
2021-03-01 $234,450 (-10.9%) $329,191 (3.7%) 0.00 89
2021-04-01 $252,450 (-5.2%) $364,147 (13.9%) 0.00 92
2021-05-01 $260,000 (-4.2%) $405,804 (19.3%) 0.00 98
2021-06-01 $259,900 (-6.3%) $370,806 (5.2%) 0.00 119
2021-07-01 $267,400 (1.1%) $391,810 (11.8%) 0.00 131
2021-08-01 $274,400 (4.8%) $365,559 (6.0%) 0.00 144
2021-09-01 $269,900 (12.5%) $345,953 (5.6%) 0.00 140
2021-10-01 $275,000 (20.6%) $353,737 (13.3%) 0.00 121
2021-11-01 $268,450 (16.7%) $336,121 (8.0%) 0.00 107
2021-12-01 $259,450 (15.3%) $322,265 (5.6%) 0.00 94
2022-01-01 $269,000 (14.5%) $336,093 (8.1%) 0.00 81
2022-02-01 $292,450 (22.1%) $337,685 (3.1%) 0.00 66
2022-03-01 $294,950 (25.8%) $374,921 (13.9%) 0.00 56
2022-04-01 $319,900 (26.7%) $375,572 (3.1%) 0.00 63
2022-05-01 $365,000 (40.4%) $400,658 (-1.3%) 0.00 82
2022-06-01 $357,450 (37.5%) $403,384 (8.8%) 0.00 97
Sheboygan's median listing price for 2022-06-01 was $357,450, a difference of $97,550 (37.5%) versus the prior year and $-7,550 versus the prior month.

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

Sheboygan's average listing price for 2022-06-01 was $403,384, a difference of $32,578 (8.8%) versus the prior year and $2,726 versus the prior month.

For the 2022-06-01 period, Sheboygan had 97 MLS listings, a difference of 15 listings (18%) versus the prior month and -22 listings (-18%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Sheboygan (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,740 sqft
2018-02-01 0 days 1,744 sqft
2018-03-01 0 days 1,825 sqft
2018-04-01 0 days 1,764 sqft
2018-05-01 0 days 1,800 sqft
2018-06-01 0 days 1,858 sqft
2018-07-01 0 days 1,836 sqft
2018-08-01 0 days 1,747 sqft
2018-09-01 0 days 1,736 sqft
2018-10-01 0 days 1,736 sqft
2018-11-01 0 days 1,758 sqft
2018-12-01 0 days 1,660 sqft
2019-01-01 0 days 1,648 sqft
2019-02-01 0 days 1,611 sqft
2019-03-01 0 days 1,622 sqft
2019-04-01 0 days 1,677 sqft
2019-05-01 0 days 1,697 sqft
2019-06-01 0 days 1,674 sqft
2019-07-01 0 days 1,701 sqft
2019-08-01 0 days 1,686 sqft
2019-09-01 0 days 1,687 sqft
2019-10-01 0 days 1,688 sqft
2019-11-01 0 days 1,607 sqft
2019-12-01 0 days 1,564 sqft
2020-01-01 0 days 1,628 sqft
2020-02-01 0 days 1,701 sqft
2020-03-01 0 days 1,661 sqft
2020-04-01 0 days 1,715 sqft
2020-05-01 0 days 1,750 sqft
2020-06-01 0 days 1,866 sqft
2020-07-01 0 days 1,793 sqft
2020-08-01 0 days 1,792 sqft
2020-09-01 0 days 1,679 sqft
2020-10-01 0 days 1,610 sqft
2020-11-01 0 days 1,566 sqft
2020-12-01 0 days 1,545 sqft
2021-01-01 0 days 1,562 sqft
2021-02-01 0 days 1,534 sqft
2021-03-01 0 days 1,505 sqft
2021-04-01 0 days 1,585 sqft
2021-05-01 0 days 1,724 sqft
2021-06-01 0 days 1,688 sqft
2021-07-01 0 days 1,632 sqft
2021-08-01 0 days 1,715 sqft
2021-09-01 0 days 1,668 sqft
2021-10-01 0 days 1,789 sqft
2021-11-01 0 days 1,631 sqft
2021-12-01 0 days 1,561 sqft
2022-01-01 0 days 1,568 sqft
2022-02-01 0 days 1,560 sqft
2022-03-01 0 days 1,803 sqft
2022-04-01 0 days 1,785 sqft
2022-05-01 0 days 1,865 sqft
2022-06-01 0 days 1,873 sqft
Sheboygan's median listing age (time on market) for 2022-06-01 was 0 days.

Sheboygan's median square footage for active listings during the 2022-06-01 period was 1,873 sqft. One year prior, the average listing was 1,688 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).