Sheboygan FHA Loan Rates, Closing Costs & Stats

SHEBOYGAN, 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.

    Sheboygan's 44 lenders originated 177 FHA loans during 2022. The total origination value was $31,255,000, with an average FHA loan value of $176,582.

    Sheboygan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sheboygan averaged -0.36% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

    Sheboygan's average FHA mortgage closing costs are $5,486.

    The average rate for the prior week (2023-05-26) was 6.08% and one month ago for the week of 2023-04-28, the average rate was 6.02%.

    The average rate one year ago was 4.68%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.46%.

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

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 29 4.60% $8,348
    ENVOY MORTGAGE, LTD 23 4.86% $6,857
    CHERRY CREEK MORTGAGE, LLC 18 5.24% $2,719
    CIBM Bank 9 4.81% $6,052
    FIRST CENTENNIAL MORTGAGE CORPORATION 8 5.44% $7,816
    UNION HOME MORTGAGE CORP. 8 5.45% $7,742
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 5.00% $6,904
    BROKER SOLUTIONS, INC. 5 5.22% $7,700
    Mr. Cooper ( Nationstar Mortgage ) 4 4.06% $10,590
    CROSSCOUNTRY MORTGAGE, LLC 3 5.92% $7,727
    CARDINAL FINANCIAL 3 4.63% $7,306
    INLANTA MORTGAGE, INC. 3 5.21% $6,729
    LAKEVIEW LOAN SERVICING, LLC 3 4.13% $5,023
    UNITED WHOLESALE MORTGAGE, LLC 3 4.15% $6,862
    Wells Fargo Bank 2 5.25% $8,313
    T2 FINANCIAL LLC 2 4.38% $8,749
    NATIONS RELIABLE LENDING, LLC 2 5.56% $6,807
    FREEDOM MORTGAGE CORPORATION 2 3.94% $4,927
    TOWNE MORTGAGE COMPANY 2 5.75% $7,902
    AMERISAVE MORTGAGE CORPORATION 2 5.69% $8,997
    WISCONSIN MORTGAGE CORPORATION 2 5.13% $5,615
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.50% $9,097
    Servion, Inc. 2 4.38% $4,298
    EVERETT FINANCIAL, INC. 2 5.13% $4,810
    Nations Lending Corporation 1 6.25% $13,709
    Paramount Residential Mortgage Group, Inc. 1 2.88% $6,386
    CMG MORTGAGE, INC. 1 5.75% $7,502
    PLANET HOME LENDING, LLC 1 3.88% $7,457
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.75% $21,128
    SUCCESS MORTGAGE PARTNERS, INC. 1 4.13% $11,053
    THOMPSON KANE & COMPANY, LLC 1 5.63% $8,485
    TOTAL MORTGAGE SERVICES, LLC 1 3.50% $6,573
    AmeriHome Mortgage Company, LLC 1 5.63% $18,581
    Equity Prime Mortgage LLC 1 6.25% $8,003
    PENNYMAC LOAN SERVICES, LLC 1 3.13% $7,486
    FINANCE OF AMERICA MORTGAGE LLC 1 5.13% $5,056
    First Bank & Trust 1 5.25% $8,397
    Barrington Bank & Trust Company, N.A. 1 3.88% $7,306
    Flagstar Bank, FSB 1 3.17% $5,803
    GUARANTEED RATE AFFINITY, LLC 1 4.75% $9,007
    U.S. Bank 1 5.00% $5,391
    Mortgage Research Center, LLC 1 6.13% $5,353
    AXIA FINANCIAL, LLC 1 5.25% $6,239
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $9,442

    The top Sheboygan FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 29 FHA loans originated. Their average total fees are $8,348, which is $1,491 higher than the next largest lender, ENVOY MORTGAGE, LTD.

    The lowest fee Sheboygan FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($2,719), ENVOY MORTGAGE, LTD ($6,857), QUICKEN LOANS, LLC ($8,348), .

    The lowest rate Sheboygan FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.60%), ENVOY MORTGAGE, LTD (4.86%), CHERRY CREEK MORTGAGE, LLC (5.24%), .

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

    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 $196,700 (40.6%) $256,376 (21.9%) 0.00 358
    2018-02-01 $192,450 (32.8%) $251,430 (19.0%) 0.00 349
    2018-03-01 $199,900 (34.1%) $260,577 (19.3%) 0.00 377
    2018-04-01 $214,125 (33.9%) $272,846 (17.6%) 0.00 386
    2018-05-01 $216,975 (27.9%) $281,444 (18.1%) 0.00 385
    2018-06-01 $215,000 (24.7%) $280,326 (14.5%) 0.00 418
    2018-07-01 $215,750 (19.9%) $281,978 (10.1%) 0.00 428
    2018-08-01 $217,000 (20.3%) $275,042 (7.4%) 0.00 461
    2018-09-01 $202,400 (1.3%) $276,301 (4.9%) 0.00 461
    2018-10-01 $210,000 (0.1%) $277,356 (7.3%) 0.00 455
    2018-11-01 $210,000 (-1.5%) $273,263 (4.1%) 0.00 444
    2018-12-01 $199,900 (1.1%) $275,101 (7.1%) 0.00 367
    2019-01-01 $199,900 (1.6%) $272,065 (6.1%) 0.00 337
    2019-02-01 $199,900 (3.9%) $267,856 (6.5%) 0.00 337
    2019-03-01 $204,636 (2.4%) $268,864 (3.2%) 0.00 352
    2019-04-01 $227,200 (6.1%) $289,042 (5.9%) 0.00 378
    2019-05-01 $232,175 (7.0%) $290,434 (3.2%) 0.00 379
    2019-06-01 $209,800 (-2.4%) $275,693 (-1.7%) 0.00 415
    2019-07-01 $215,950 (0.1%) $279,758 (-0.8%) 0.00 441
    2019-08-01 $214,914 (-1.0%) $276,436 (0.5%) 0.00 444
    2019-09-01 $214,934 (6.2%) $273,961 (-0.9%) 0.00 440
    2019-10-01 $214,923 (2.3%) $272,586 (-1.7%) 0.00 434
    2019-11-01 $227,450 (8.3%) $272,577 (-0.3%) 0.00 428
    2019-12-01 $225,250 (12.7%) $266,925 (-3.0%) 0.00 373
    2020-01-01 $224,950 (12.5%) $267,474 (-1.7%) 0.00 319
    2020-02-01 $227,000 (13.6%) $276,147 (3.1%) 0.00 323
    2020-03-01 $229,675 (12.2%) $283,829 (5.6%) 0.00 326
    2020-04-01 $237,700 (4.6%) $286,105 (-1.0%) 0.00 309
    2020-05-01 $237,450 (2.3%) $295,437 (1.7%) 0.00 309
    2020-06-01 $229,900 (9.6%) $298,153 (8.2%) 0.00 307
    2020-07-01 $227,000 (5.1%) $291,892 (4.3%) 0.00 318
    2020-08-01 $229,000 (6.6%) $291,534 (5.5%) 0.00 338
    2020-09-01 $213,575 (-0.6%) $282,683 (3.2%) 0.00 345
    2020-10-01 $199,900 (-7.0%) $275,310 (1.0%) 0.00 323
    2020-11-01 $199,900 (-12.1%) $271,203 (-0.5%) 0.00 291
    2020-12-01 $197,400 (-12.4%) $274,275 (2.8%) 0.00 249
    2021-01-01 $198,450 (-11.8%) $272,847 (2.0%) 0.00 213
    2021-02-01 $219,925 (-3.1%) $278,888 (1.0%) 0.00 194
    2021-03-01 $227,400 (-1.0%) $289,529 (2.0%) 0.00 204
    2021-04-01 $219,900 (-7.5%) $288,287 (0.8%) 0.00 221
    2021-05-01 $229,000 (-3.6%) $313,438 (6.1%) 0.00 259
    2021-06-01 $229,950 (0.0%) $312,114 (4.7%) 0.00 281
    2021-07-01 $229,950 (1.3%) $324,233 (11.1%) 0.00 279
    2021-08-01 $233,575 (2.0%) $309,657 (6.2%) 0.00 292
    2021-09-01 $236,825 (10.9%) $305,251 (8.0%) 0.00 289
    2021-10-01 $240,000 (20.1%) $306,729 (11.4%) 0.00 277
    2021-11-01 $249,900 (25.0%) $298,072 (9.9%) 0.00 239
    2021-12-01 $243,725 (23.5%) $291,835 (6.4%) 0.00 203
    2022-01-01 $239,000 (20.4%) $301,018 (10.3%) 0.00 164
    2022-02-01 $238,750 (8.6%) $297,991 (6.9%) 0.00 153
    2022-03-01 $243,325 (7.0%) $320,536 (10.7%) 0.00 140
    2022-04-01 $274,900 (25.0%) $331,616 (15.0%) 0.00 149
    2022-05-01 $292,475 (27.7%) $338,866 (8.1%) 0.00 198
    2022-06-01 $287,450 (25.0%) $350,265 (12.2%) 0.00 225
    2022-07-01 $279,950 (21.7%) $356,199 (9.9%) 0.00 224
    2022-08-01 $266,925 (14.3%) $352,060 (13.7%) 0.00 224
    2022-09-01 $269,900 (14.0%) $343,668 (12.6%) 0.00 226
    2022-10-01 $275,000 (14.6%) $348,406 (13.6%) 0.00 200
    2022-11-01 $275,000 (10.0%) $334,548 (12.2%) 0.00 190
    2022-12-01 $299,000 (22.7%) $335,158 (14.9%) 0.00 154
    2023-01-01 $303,550 (27.0%) $349,808 (16.2%) 0.00 130
    2023-02-01 $280,075 (17.3%) $350,089 (17.5%) 0.00 146
    2023-03-01 $355,650 (46.2%) $362,934 (13.2%) 0.00 156
    2023-04-01 $341,900 (24.4%) $354,826 (7.0%) 0.00 177
    2023-05-01 $345,425 (18.1%) $367,824 (8.6%) 0.00 185
    Sheboygan's median listing price for 2023-05-01 was $345,425, a difference of $52,950 (18.1%) versus the prior year and $3,525 versus the prior month.

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

    Sheboygan's average listing price for 2023-05-01 was $367,824, a difference of $28,958 (8.6%) versus the prior year and $12,998 versus the prior month.

    For the 2023-05-01 period, Sheboygan had 185 MLS listings, a difference of 8 listings (5%) versus the prior month and -13 listings (-7%) 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 1,674 sqft
    2018-02-01 0 days 1,670 sqft
    2018-03-01 0 days 1,685 sqft
    2018-04-01 0 days 1,729 sqft
    2018-05-01 0 days 1,723 sqft
    2018-06-01 0 days 1,746 sqft
    2018-07-01 0 days 1,752 sqft
    2018-08-01 0 days 1,685 sqft
    2018-09-01 0 days 1,662 sqft
    2018-10-01 0 days 1,681 sqft
    2018-11-01 0 days 1,702 sqft
    2018-12-01 0 days 1,692 sqft
    2019-01-01 0 days 1,681 sqft
    2019-02-01 0 days 1,621 sqft
    2019-03-01 0 days 1,588 sqft
    2019-04-01 0 days 1,577 sqft
    2019-05-01 0 days 1,603 sqft
    2019-06-01 0 days 1,608 sqft
    2019-07-01 0 days 1,649 sqft
    2019-08-01 0 days 1,646 sqft
    2019-09-01 0 days 1,636 sqft
    2019-10-01 0 days 1,639 sqft
    2019-11-01 0 days 1,604 sqft
    2019-12-01 0 days 1,614 sqft
    2020-01-01 0 days 1,644 sqft
    2020-02-01 0 days 1,634 sqft
    2020-03-01 0 days 1,636 sqft
    2020-04-01 0 days 1,687 sqft
    2020-05-01 0 days 1,689 sqft
    2020-06-01 0 days 1,720 sqft
    2020-07-01 0 days 1,690 sqft
    2020-08-01 0 days 1,680 sqft
    2020-09-01 0 days 1,621 sqft
    2020-10-01 0 days 1,600 sqft
    2020-11-01 0 days 1,548 sqft
    2020-12-01 0 days 1,543 sqft
    2021-01-01 0 days 1,547 sqft
    2021-02-01 0 days 1,575 sqft
    2021-03-01 0 days 1,579 sqft
    2021-04-01 0 days 1,570 sqft
    2021-05-01 0 days 1,616 sqft
    2021-06-01 0 days 1,641 sqft
    2021-07-01 0 days 1,578 sqft
    2021-08-01 0 days 1,568 sqft
    2021-09-01 0 days 1,631 sqft
    2021-10-01 0 days 1,628 sqft
    2021-11-01 0 days 1,601 sqft
    2021-12-01 0 days 1,562 sqft
    2022-01-01 0 days 1,562 sqft
    2022-02-01 0 days 1,576 sqft
    2022-03-01 0 days 1,675 sqft
    2022-04-01 0 days 1,715 sqft
    2022-05-01 0 days 1,712 sqft
    2022-06-01 0 days 1,745 sqft
    2022-07-01 0 days 1,748 sqft
    2022-08-01 0 days 1,686 sqft
    2022-09-01 0 days 1,730 sqft
    2022-10-01 0 days 1,702 sqft
    2022-11-01 0 days 1,646 sqft
    2022-12-01 0 days 1,650 sqft
    2023-01-01 0 days 1,643 sqft
    2023-02-01 0 days 1,606 sqft
    2023-03-01 0 days 1,555 sqft
    2023-04-01 0 days 1,541 sqft
    2023-05-01 0 days 1,582 sqft
    Sheboygan's median listing age (time on market) for 2023-05-01 was 0 days.

    Sheboygan's median square footage for active listings during the 2023-05-01 period was 1,582 sqft. One year prior, the average listing was 1,712 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).