Watertown FHA Loan Rates, Closing Costs & Stats

Watertown-Fort Atkinson, 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.

    Watertown's 47 lenders originated 139 FHA loans during 2022. The total origination value was $44,445,000, with an average FHA loan value of $319,748.

    Watertown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Watertown averaged 6.42% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

    Watertown's average FHA mortgage closing costs are $6,592.

    The average rate for the prior week (2023-09-15) was 6.68% and one month ago for the week of 2023-08-18, the average rate was 6.39%.

    The average rate one year ago was 5.47%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.39%.

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

    Watertown 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 Watertown level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 25 5.62% $6,736
    CARDINAL FINANCIAL 13 5.02% $11,066
    QUICKEN LOANS, LLC 8 4.69% $9,784
    NEWREZ LLC 7 4.61% $9,101
    CROSSCOUNTRY MORTGAGE, LLC 5 5.96% $10,024
    LOANDEPOT.COM, LLC 4 3.71% $8,536
    BROKER SOLUTIONS, INC. 4 5.41% $8,725
    CALIBER HOME LOANS, INC. 4 4.69% $9,736
    Mr. Cooper ( Nationstar Mortgage ) 4 4.28% $10,505
    CHERRY CREEK MORTGAGE, LLC 3 3.21% $3,718
    LAKEVIEW LOAN SERVICING, LLC 3 3.25% $4,476
    PENNYMAC LOAN SERVICES, LLC 3 5.04% $14,811
    INLANTA MORTGAGE, INC. 3 6.67% $8,513
    Paramount Residential Mortgage Group, Inc. 3 5.38% $7,717
    WISCONSIN MORTGAGE CORPORATION 2 3.50% $4,488
    AMERISAVE MORTGAGE CORPORATION 2 4.50% $12,878
    CMG MORTGAGE, INC. 2 5.63% $9,126
    Flagstar Bank, FSB 2 5.75% $5,677
    FREEDOM MORTGAGE CORPORATION 2 5.13% $8,390
    GUILD MORTGAGE COMPANY 2 5.63% $10,568
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.19% $11,876
    Nations Lending Corporation 2 6.00% $6,930
    UNITED WHOLESALE MORTGAGE, LLC 2 5.84% $5,962
    SUN WEST MORTGAGE COMPANY, INC. 1 4.75% $9,160
    TOTAL MORTGAGE SERVICES, LLC 1 4.50% $6,043
    HOME POINT FINANCIAL CORPORATION 1 3.75% $5,479
    Equity Prime Mortgage LLC 1 5.13% $9,046
    JLB CORPORATION 1 3.25% $8,354
    ENVOY MORTGAGE, LTD 1 4.13% $4,525
    LAND HOME FINANCIAL SERVICES, INC. 1 5.25% $9,287
    ENDEAVOR CAPITAL, LLC. 1 4.50% $12,177
    Loan Simple, Inc. 1 5.50% $8,920
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.63% $9,311
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $9,655
    American Mortgage & Equity Consultants, Inc. 1 5.25% $10,257
    Barrington Bank & Trust Company, N.A. 1 4.75% $8,770
    Bank of England 1 4.88% $6,097
    A + MORTGAGE SERVICES, INC. 1 6.63% $6,270
    PLAZA HOME MORTGAGE, INC. 1 4.50% $10,134
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.99% $6,262
    AmeriHome Mortgage Company, LLC 1 3.50% $6,866
    EVERETT FINANCIAL, INC. 1 5.63% $4,890
    FINANCE OF AMERICA MORTGAGE LLC 1 5.50% $5,824
    First Federal Bank 1 3.88% $6,618
    ROYAL UNITED MORTGAGE LLC 1 2.75% $13,468
    Servion, Inc. 1 5.00% $10,340
    GUARANTEED RATE, INC. 1 3.50% $9,516

    The top Watertown FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 25 FHA loans originated. Their average total fees are $6,736, which is $4,330 lower than the next largest lender, CARDINAL FINANCIAL.

    The lowest fee Watertown FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,736), CARDINAL FINANCIAL ($11,066), .

    The lowest rate Watertown FHA lenders (with over 10 loans originated) are CARDINAL FINANCIAL (5.02%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.62%), .

    Watertown FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WATERTOWN-FORT ATKINSON, WI JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    WATERTOWN-FORT ATKINSON, WI JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Watertown (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 $249,900 (4.6%) $295,538 (5.3%) 0.00 268
    2018-02-01 $260,000 (8.4%) $311,827 (14.0%) 0.00 268
    2018-03-01 $265,000 (8.4%) $322,869 (17.6%) 0.00 297
    2018-04-01 $260,000 (6.2%) $322,708 (16.6%) 0.00 318
    2018-05-01 $272,300 (12.4%) $338,598 (23.0%) 0.00 321
    2018-06-01 $269,900 (10.2%) $338,552 (20.1%) 0.00 317
    2018-07-01 $265,000 (8.6%) $322,442 (14.8%) 0.00 338
    2018-08-01 $265,000 (8.2%) $321,228 (11.7%) 0.00 364
    2018-09-01 $264,900 (6.0%) $314,462 (7.8%) 0.00 364
    2018-10-01 $265,000 (6.0%) $321,649 (7.2%) 0.00 346
    2018-11-01 $265,000 (6.0%) $315,820 (5.7%) 0.00 318
    2018-12-01 $265,000 (6.0%) $313,684 (5.6%) 0.00 291
    2019-01-01 $265,000 (6.0%) $312,420 (5.7%) 0.00 261
    2019-02-01 $265,000 (1.9%) $316,327 (1.4%) 0.00 249
    2019-03-01 $270,336 (2.0%) $325,084 (0.7%) 0.00 261
    2019-04-01 $278,725 (7.2%) $344,634 (6.8%) 0.00 291
    2019-05-01 $280,000 (2.8%) $344,719 (1.8%) 0.00 303
    2019-06-01 $279,900 (3.7%) $345,268 (2.0%) 0.00 323
    2019-07-01 $269,900 (1.9%) $329,229 (2.1%) 0.00 354
    2019-08-01 $269,927 (1.9%) $331,237 (3.1%) 0.00 357
    2019-09-01 $269,968 (1.9%) $330,587 (5.1%) 0.00 358
    2019-10-01 $270,000 (1.9%) $330,969 (2.9%) 0.00 350
    2019-11-01 $259,900 (-1.9%) $316,034 (0.1%) 0.00 315
    2019-12-01 $262,500 (-0.9%) $311,192 (-0.8%) 0.00 269
    2020-01-01 $265,000 (0.0%) $317,768 (1.7%) 0.00 232
    2020-02-01 $270,000 (1.9%) $321,106 (1.5%) 0.00 250
    2020-03-01 $279,675 (3.5%) $319,828 (-1.6%) 0.00 267
    2020-04-01 $280,000 (0.5%) $316,304 (-8.2%) 0.00 239
    2020-05-01 $280,000 (0.0%) $313,973 (-8.9%) 0.00 237
    2020-06-01 $280,000 (0.0%) $306,961 (-11.1%) 0.00 260
    2020-07-01 $280,000 (3.7%) $327,187 (-0.6%) 0.00 262
    2020-08-01 $279,000 (3.4%) $331,048 (-0.1%) 0.00 258
    2020-09-01 $270,000 (0.0%) $337,667 (2.1%) 0.00 240
    2020-10-01 $270,000 (0.0%) $339,175 (2.5%) 0.00 228
    2020-11-01 $269,975 (3.9%) $336,388 (6.4%) 0.00 209
    2020-12-01 $278,725 (6.2%) $338,994 (8.9%) 0.00 180
    2021-01-01 $289,900 (9.4%) $350,807 (10.4%) 0.00 127
    2021-02-01 $289,900 (7.4%) $349,327 (8.8%) 0.00 119
    2021-03-01 $298,850 (6.9%) $348,832 (9.1%) 0.00 131
    2021-04-01 $293,575 (4.9%) $334,509 (5.8%) 0.00 172
    2021-05-01 $325,000 (16.1%) $349,587 (11.3%) 0.00 167
    2021-06-01 $309,475 (10.5%) $340,361 (10.9%) 0.00 181
    2021-07-01 $299,900 (7.1%) $337,149 (3.0%) 0.00 201
    2021-08-01 $289,450 (3.8%) $333,535 (0.8%) 0.00 205
    2021-09-01 $295,800 (9.6%) $338,682 (0.3%) 0.00 215
    2021-10-01 $299,900 (11.1%) $355,189 (4.7%) 0.00 212
    2021-11-01 $281,950 (4.4%) $334,277 (-0.6%) 0.00 180
    2021-12-01 $278,725 (0.0%) $339,312 (0.1%) 0.00 148
    2022-01-01 $299,450 (3.3%) $351,720 (0.3%) 0.00 119
    2022-02-01 $335,000 (15.6%) $369,940 (5.9%) 0.00 115
    2022-03-01 $335,000 (12.1%) $363,197 (4.1%) 0.00 111
    2022-04-01 $332,450 (13.2%) $352,429 (5.4%) 0.00 132
    2022-05-01 $335,000 (3.1%) $366,892 (5.0%) 0.00 163
    2022-06-01 $339,900 (9.8%) $406,854 (19.5%) 0.00 185
    2022-07-01 $336,600 (12.2%) $403,672 (19.7%) 0.00 191
    2022-08-01 $338,075 (16.8%) $398,897 (19.6%) 0.00 205
    2022-09-01 $340,000 (14.9%) $394,525 (16.5%) 0.00 179
    2022-10-01 $345,950 (15.4%) $401,323 (13.0%) 0.00 160
    2022-11-01 $336,375 (19.3%) $390,125 (16.7%) 0.00 140
    2022-12-01 $335,000 (20.2%) $387,391 (14.2%) 0.00 105
    2023-01-01 $337,450 (12.7%) $394,230 (12.1%) 0.00 107
    2023-02-01 $342,100 (2.1%) $407,518 (10.2%) 0.00 92
    2023-03-01 $352,475 (5.2%) $406,758 (12.0%) 0.00 99
    2023-04-01 $367,000 (10.4%) $418,904 (18.9%) 0.00 102
    2023-05-01 $365,000 (9.0%) $411,911 (12.3%) 0.00 110
    2023-06-01 $362,450 (6.6%) $410,752 (1.0%) 0.00 128
    2023-07-01 $360,000 (7.0%) $412,727 (2.2%) 0.00 132
    2023-08-01 $354,950 (5.0%) $414,694 (4.0%) 0.00 140
    Watertown's median listing price for 2023-08-01 was $354,950, a difference of $16,875 (5.0%) versus the prior year and $-5,050 versus the prior month.

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

    Watertown's average listing price for 2023-08-01 was $414,694, a difference of $15,797 (4.0%) versus the prior year and $1,967 versus the prior month.

    For the 2023-08-01 period, Watertown had 140 MLS listings, a difference of 8 listings (6%) versus the prior month and -65 listings (-32%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Watertown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,720 sqft
    2018-02-01 0 days 1,814 sqft
    2018-03-01 0 days 1,849 sqft
    2018-04-01 0 days 1,855 sqft
    2018-05-01 0 days 1,947 sqft
    2018-06-01 0 days 1,938 sqft
    2018-07-01 0 days 1,873 sqft
    2018-08-01 0 days 1,875 sqft
    2018-09-01 0 days 1,820 sqft
    2018-10-01 0 days 1,881 sqft
    2018-11-01 0 days 1,853 sqft
    2018-12-01 0 days 1,800 sqft
    2019-01-01 0 days 1,800 sqft
    2019-02-01 0 days 1,800 sqft
    2019-03-01 0 days 1,874 sqft
    2019-04-01 0 days 1,948 sqft
    2019-05-01 0 days 1,908 sqft
    2019-06-01 0 days 1,913 sqft
    2019-07-01 0 days 1,905 sqft
    2019-08-01 0 days 1,938 sqft
    2019-09-01 0 days 1,965 sqft
    2019-10-01 0 days 1,993 sqft
    2019-11-01 0 days 1,824 sqft
    2019-12-01 0 days 1,815 sqft
    2020-01-01 0 days 1,841 sqft
    2020-02-01 0 days 1,835 sqft
    2020-03-01 0 days 1,812 sqft
    2020-04-01 0 days 1,904 sqft
    2020-05-01 0 days 1,855 sqft
    2020-06-01 0 days 1,861 sqft
    2020-07-01 0 days 1,858 sqft
    2020-08-01 0 days 1,806 sqft
    2020-09-01 0 days 1,884 sqft
    2020-10-01 0 days 1,815 sqft
    2020-11-01 0 days 1,787 sqft
    2020-12-01 0 days 1,754 sqft
    2021-01-01 0 days 1,784 sqft
    2021-02-01 0 days 1,753 sqft
    2021-03-01 0 days 1,801 sqft
    2021-04-01 0 days 1,804 sqft
    2021-05-01 0 days 1,874 sqft
    2021-06-01 0 days 1,902 sqft
    2021-07-01 0 days 1,867 sqft
    2021-08-01 0 days 1,811 sqft
    2021-09-01 0 days 1,867 sqft
    2021-10-01 0 days 1,817 sqft
    2021-11-01 0 days 1,748 sqft
    2021-12-01 0 days 1,839 sqft
    2022-01-01 0 days 1,890 sqft
    2022-02-01 0 days 1,915 sqft
    2022-03-01 0 days 1,783 sqft
    2022-04-01 0 days 1,800 sqft
    2022-05-01 0 days 1,930 sqft
    2022-06-01 0 days 1,895 sqft
    2022-07-01 0 days 1,900 sqft
    2022-08-01 0 days 1,891 sqft
    2022-09-01 0 days 1,880 sqft
    2022-10-01 0 days 1,970 sqft
    2022-11-01 0 days 1,917 sqft
    2022-12-01 0 days 1,880 sqft
    2023-01-01 0 days 1,844 sqft
    2023-02-01 0 days 1,802 sqft
    2023-03-01 0 days 1,795 sqft
    2023-04-01 0 days 1,806 sqft
    2023-05-01 0 days 1,854 sqft
    2023-06-01 0 days 1,899 sqft
    2023-07-01 0 days 1,900 sqft
    2023-08-01 0 days 1,951 sqft
    Watertown's median listing age (time on market) for 2023-08-01 was 0 days.

    Watertown's median square footage for active listings during the 2023-08-01 period was 1,951 sqft. One year prior, the average listing was 1,891 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).