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 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 6.41% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.48% and one month ago for the week of 2024-10-04, the average rate was 5.9%.

    The average rate one year ago was 7.34%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

    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

    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).