Sheboygan FHA Loan Rates, Closing Costs & Stats

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 53 lenders originated 159 FHA loans during 2023. The total origination value was $32,845,000, with an average FHA loan value of $206,572.

Sheboygan FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sheboygan averaged 6.72% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Sheboygan's average FHA mortgage closing costs are $5,976.

The average rate for the prior week (2024-04-05) was 6.55% and one month ago for the week of 2024-03-08, the average rate was 6.48%.

The average rate one year ago was 6.12%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.54%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
ENVOY MORTGAGE, LTD 25 6.69% $8,503
QUICKEN LOANS, LLC 22 6.35% $10,438
GUILD MORTGAGE COMPANY 11 6.91% $9,146
UNION HOME MORTGAGE CORP. 6 7.13% $7,031
CIBM Bank 6 7.17% $7,567
BROKER SOLUTIONS, INC. 5 7.03% $11,734
U.S. Bank 5 6.77% $6,595
UNITED WHOLESALE MORTGAGE, LLC 4 6.25% $11,949
CROSSCOUNTRY MORTGAGE, LLC 3 6.71% $6,853
AMERISAVE MORTGAGE CORPORATION 3 6.21% $16,306
FIRST CENTENNIAL MORTGAGE CORPORATION 3 7.21% $10,582
NEWREZ LLC 3 6.50% $10,352
FREEDOM MORTGAGE CORPORATION 3 6.92% $11,464
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.75% $10,629
PENNYMAC LOAN SERVICES, LLC 2 6.12% $10,708
First Federal Bank 2 6.88% $7,752
TOWNE MORTGAGE COMPANY 2 6.88% $9,694
Bell Bank 2 7.00% $8,566
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.06% $8,667
LOANDEPOT.COM, LLC 2 7.75% $9,684
LAKEVIEW LOAN SERVICING, LLC 2 6.25% $8,651
V.I.P. MORTGAGE, INC. 2 6.81% $7,794
ENDEAVOR CAPITAL, LLC. 2 6.31% $9,049
Nations Lending Corporation 1 7.25% $8,930
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.75% $13,223
Paramount Residential Mortgage Group, Inc. 1 6.25% $7,031
PLANET HOME LENDING, LLC 1 5.88% $6,532
The Equitable Bank, S.S.B. 1 5.63% $6,319
United Fidelity Funding Corp. 1 7.62% $11,908
AMERICAN FINANCIAL NETWORK, INC. 1 5.75% $11,888
WISCONSIN MORTGAGE CORPORATION 1 7.25% $11,990
AMERICAN FINANCING CORPORATION 1 6.63% $11,341
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.13% $16,359
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $11,782
A + MORTGAGE SERVICES, INC. 1 6.13% $9,456
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $10,200
Bank Five Nine 1 6.25% $6,483
Bank of England 1 7.25% $11,293
Barrington Bank & Trust Company, N.A. 1 5.75% $10,959
BMO Harris Bank 1 6.75% $6,272
CALIBER HOME LOANS, INC. 1 6.75% $6,718
CARDINAL FINANCIAL 1 6.25% $35,497
Carrington Mortgage Services, LLC 1 6.63% $9,856
CHERRY CREEK MORTGAGE, LLC 1 6.75% $4,329
EVERETT FINANCIAL, INC. 1 6.38% $15,640
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $9,317
Fifth Third Bank 1 7.13% $5,767
GENEVA FINANCIAL, LLC 1 7.63% $17,303
GUARANTEED RATE AFFINITY, LLC 1 7.75% $12,171
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $9,686
JPMorgan Chase Bank 1 6.75% $9,083
MOVEMENT MORTGAGE, LLC 1 6.75% $6,594
Mr. Cooper ( Nationstar Mortgage ) 1 6.00% $12,969

The top Sheboygan FHA lender as defined by loan originations is ENVOY MORTGAGE, LTD, with 25 FHA loans originated. Their average total fees are $8,503, which is $1,936 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Sheboygan FHA lenders (with over 10 loans originated) are ENVOY MORTGAGE, LTD ($8,503), GUILD MORTGAGE COMPANY ($9,146), QUICKEN LOANS, LLC ($10,438), .

The lowest rate Sheboygan FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.35%), ENVOY MORTGAGE, LTD (6.69%), GUILD MORTGAGE COMPANY (6.91%), .

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%) $260,816 (19.4%) 0.00 376
2018-04-01 $214,850 (34.4%) $273,351 (17.8%) 0.00 386
2018-05-01 $217,500 (28.2%) $281,665 (18.1%) 0.00 386
2018-06-01 $216,000 (25.3%) $280,808 (14.7%) 0.00 418
2018-07-01 $218,250 (21.3%) $282,382 (10.3%) 0.00 428
2018-08-01 $218,500 (21.1%) $275,417 (7.6%) 0.00 461
2018-09-01 $204,941 (2.5%) $276,677 (4.9%) 0.00 461
2018-10-01 $210,000 (0.1%) $277,356 (7.1%) 0.00 455
2018-11-01 $210,000 (-1.8%) $273,263 (4.0%) 0.00 444
2018-12-01 $199,900 (1.1%) $275,101 (7.1%) 0.00 367
2019-01-01 $199,900 (1.6%) $271,813 (6.0%) 0.00 337
2019-02-01 $199,900 (3.9%) $267,350 (6.3%) 0.00 338
2019-03-01 $204,636 (2.4%) $268,585 (3.0%) 0.00 353
2019-04-01 $227,200 (5.8%) $289,042 (5.7%) 0.00 378
2019-05-01 $232,175 (6.8%) $290,434 (3.1%) 0.00 379
2019-06-01 $209,800 (-2.9%) $275,693 (-1.8%) 0.00 415
2019-07-01 $215,950 (-1.1%) $279,758 (-0.9%) 0.00 441
2019-08-01 $214,914 (-1.6%) $276,436 (0.4%) 0.00 444
2019-09-01 $214,934 (4.9%) $273,961 (-1.0%) 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 (-1.6%) 0.00 319
2020-02-01 $227,000 (13.6%) $276,147 (3.3%) 0.00 323
2020-03-01 $229,675 (12.2%) $283,829 (5.7%) 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 $237,875 (8.2%) $297,633 (6.7%) 0.00 152
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 $276,225 (10.5%) $334,811 (12.3%) 0.00 191
2022-12-01 $299,450 (22.9%) $335,468 (15.0%) 0.00 155
2023-01-01 $307,200 (28.5%) $350,078 (16.3%) 0.00 131
2023-02-01 $280,925 (18.1%) $350,338 (17.7%) 0.00 147
2023-03-01 $356,400 (46.5%) $363,084 (13.3%) 0.00 157
2023-04-01 $325,000 (18.2%) $353,857 (6.7%) 0.00 165
2023-05-01 $327,425 (12.0%) $366,472 (8.2%) 0.00 174
2023-06-01 $318,100 (10.7%) $360,132 (2.8%) 0.00 188
2023-07-01 $315,000 (12.5%) $350,384 (-1.6%) 0.00 196
2023-08-01 $319,700 (19.8%) $343,667 (-2.4%) 0.00 204
2023-09-01 $341,900 (26.7%) $350,945 (2.1%) 0.00 186
2023-10-01 $330,475 (20.2%) $351,523 (0.9%) 0.00 181
2023-11-01 $326,225 (18.1%) $354,995 (6.0%) 0.00 172
2023-12-01 $329,900 (10.2%) $361,178 (7.7%) 0.00 159
2024-01-01 $345,675 (12.5%) $380,656 (8.7%) 0.00 123
2024-02-01 $374,900 (33.5%) $444,934 (27.0%) 0.00 117
2024-03-01 $334,900 (-6.0%) $465,054 (28.1%) 0.00 123
Sheboygan's median listing price for 2024-03-01 was $334,900, a difference of $-21,500 (-6.0%) versus the prior year and $-40,000 versus the prior month.

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

Sheboygan's average listing price for 2024-03-01 was $465,054, a difference of $101,970 (28.1%) versus the prior year and $20,120 versus the prior month.

For the 2024-03-01 period, Sheboygan had 123 MLS listings, a difference of 6 listings (5%) versus the prior month and -34 listings (-22%) 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 1,673 sqft
2018-03-01 0 days 1,687 sqft
2018-04-01 0 days 1,729 sqft
2018-05-01 0 days 1,725 sqft
2018-06-01 0 days 1,751 sqft
2018-07-01 0 days 1,755 sqft
2018-08-01 0 days 1,694 sqft
2018-09-01 0 days 1,665 sqft
2018-10-01 0 days 1,682 sqft
2018-11-01 0 days 1,701 sqft
2018-12-01 0 days 1,688 sqft
2019-01-01 0 days 1,681 sqft
2019-02-01 0 days 1,623 sqft
2019-03-01 0 days 1,589 sqft
2019-04-01 0 days 1,577 sqft
2019-05-01 0 days 1,602 sqft
2019-06-01 0 days 1,610 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 1,630 sqft
2019-11-01 0 days 1,600 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 1,634 sqft
2020-04-01 0 days 1,687 sqft
2020-05-01 0 days 1,687 sqft
2020-06-01 0 days 1,722 sqft
2020-07-01 0 days 1,706 sqft
2020-08-01 0 days 1,670 sqft
2020-09-01 0 days 1,618 sqft
2020-10-01 0 days 1,602 sqft
2020-11-01 0 days 1,550 sqft
2020-12-01 0 days 1,534 sqft
2021-01-01 0 days 1,546 sqft
2021-02-01 0 days 1,576 sqft
2021-03-01 0 days 1,580 sqft
2021-04-01 0 days 1,569 sqft
2021-05-01 0 days 1,623 sqft
2021-06-01 0 days 1,639 sqft
2021-07-01 0 days 1,581 sqft
2021-08-01 0 days 1,576 sqft
2021-09-01 0 days 1,623 sqft
2021-10-01 0 days 1,632 sqft
2021-11-01 0 days 1,589 sqft
2021-12-01 0 days 1,558 sqft
2022-01-01 0 days 1,562 sqft
2022-02-01 0 days 1,573 sqft
2022-03-01 0 days 1,683 sqft
2022-04-01 0 days 1,698 sqft
2022-05-01 0 days 1,722 sqft
2022-06-01 0 days 1,741 sqft
2022-07-01 0 days 1,748 sqft
2022-08-01 0 days 1,681 sqft
2022-09-01 0 days 1,717 sqft
2022-10-01 0 days 1,675 sqft
2022-11-01 0 days 1,635 sqft
2022-12-01 0 days 1,648 sqft
2023-01-01 0 days 1,646 sqft
2023-02-01 0 days 1,600 sqft
2023-03-01 0 days 1,552 sqft
2023-04-01 0 days 1,564 sqft
2023-05-01 0 days 1,632 sqft
2023-06-01 0 days 1,649 sqft
2023-07-01 0 days 1,645 sqft
2023-08-01 0 days 1,577 sqft
2023-09-01 0 days 1,549 sqft
2023-10-01 0 days 1,580 sqft
2023-11-01 0 days 1,593 sqft
2023-12-01 0 days 1,593 sqft
2024-01-01 0 days 1,571 sqft
2024-02-01 0 days 1,523 sqft
2024-03-01 0 days 1,545 sqft
Sheboygan's median listing age (time on market) for 2024-03-01 was 0 days.

Sheboygan's median square footage for active listings during the 2024-03-01 period was 1,545 sqft. One year prior, the average listing was 1,552 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).