Watertown FHA Loans
Watertown-Fort Atkinson, 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.
Watertown's 56 lenders originated 251 FHA loans during 2021. The total origination value was $50,065,000, with an average FHA loan value of $199,462.
Watertown FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Watertown
averaged
5.21%
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
5.25% and
one month ago for the week of 2022-07-01, the
average rate was 5.64%.
The average rate one year ago was 3.04%.
For refis of the same type during the week of 2022-08-05, the average rate
was 5.24%.
Watertown 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 Watertown level.
The top Watertown FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
30 FHA loans originated. Their average total fees are
$6,070, which is $2,596
lower than the next largest lender,
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP.
The lowest fee Watertown FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($3,859), Mr. Cooper ( Nationstar Mortgage ) ($4,478), QUICKEN LOANS, LLC ($6,070), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,371) and CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP ($8,666).
The lowest rate Watertown FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (2.68%), LAKEVIEW LOAN SERVICING, LLC (3.08%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (3.33%), CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP (3.35%) and Mr. Cooper ( Nationstar Mortgage ) (3.39%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Watertown (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $255,000 (8.5%) | $317,325 (15.4%) | 0.00 | 271 |
2018-02-01 | $264,950 (12.8%) | $331,822 (27.7%) | 0.00 | 263 |
2018-03-01 | $275,000 (19.6%) | $350,885 (37.5%) | 0.00 | 272 |
2018-04-01 | $272,250 (11.1%) | $343,672 (17.7%) | 0.00 | 259 |
2018-05-01 | $277,450 (12.1%) | $370,517 (25.7%) | 0.00 | 231 |
2018-06-01 | $279,000 (11.6%) | $362,146 (20.0%) | 0.00 | 258 |
2018-07-01 | $275,000 (7.8%) | $349,632 (14.6%) | 0.00 | 288 |
2018-08-01 | $269,900 (4.8%) | $342,737 (6.8%) | 0.00 | 343 |
2018-09-01 | $269,900 (2.9%) | $332,950 (2.9%) | 0.00 | 342 |
2018-10-01 | $274,950 (5.8%) | $339,884 (5.3%) | 0.00 | 335 |
2018-11-01 | $271,400 (8.6%) | $331,641 (4.0%) | 0.00 | 334 |
2018-12-01 | $265,000 (3.9%) | $319,764 (0.2%) | 0.00 | 298 |
2019-01-01 | $268,000 (5.1%) | $329,171 (3.7%) | 0.00 | 259 |
2019-02-01 | $272,900 (3.0%) | $341,071 (2.8%) | 0.00 | 225 |
2019-03-01 | $284,471 (3.4%) | $354,106 (0.9%) | 0.00 | 251 |
2019-04-01 | $293,021 (7.6%) | $364,918 (6.2%) | 0.00 | 319 |
2019-05-01 | $297,400 (7.2%) | $376,879 (1.7%) | 0.00 | 242 |
2019-06-01 | $299,900 (7.5%) | $391,960 (8.2%) | 0.00 | 256 |
2019-07-01 | $280,000 (1.8%) | $376,125 (7.6%) | 0.00 | 274 |
2019-08-01 | $282,100 (4.5%) | $375,630 (9.6%) | 0.00 | 287 |
2019-09-01 | $284,550 (5.4%) | $373,889 (12.3%) | 0.00 | 304 |
2019-10-01 | $289,900 (5.4%) | $376,698 (10.8%) | 0.00 | 282 |
2019-11-01 | $279,900 (3.1%) | $359,639 (8.4%) | 0.00 | 264 |
2019-12-01 | $280,000 (5.7%) | $357,140 (11.7%) | 0.00 | 227 |
2020-01-01 | $282,450 (5.4%) | $364,719 (10.8%) | 0.00 | 206 |
2020-02-01 | $309,900 (13.6%) | $373,495 (9.5%) | 0.00 | 198 |
2020-03-01 | $319,900 (12.5%) | $386,925 (9.3%) | 0.00 | 200 |
2020-04-01 | $307,400 (4.9%) | $369,184 (1.2%) | 0.00 | 166 |
2020-05-01 | $299,900 (0.8%) | $357,319 (-5.2%) | 0.00 | 159 |
2020-06-01 | $314,450 (4.9%) | $354,558 (-9.5%) | 0.00 | 168 |
2020-07-01 | $314,900 (12.5%) | $372,220 (-1.0%) | 0.00 | 173 |
2020-08-01 | $310,000 (9.9%) | $392,931 (4.6%) | 0.00 | 172 |
2020-09-01 | $282,500 (-0.7%) | $384,692 (2.9%) | 0.00 | 168 |
2020-10-01 | $285,000 (-1.7%) | $389,030 (3.3%) | 0.00 | 152 |
2020-11-01 | $307,400 (9.8%) | $401,044 (11.5%) | 0.00 | 144 |
2020-12-01 | $289,900 (3.5%) | $396,291 (11.0%) | 0.00 | 119 |
2021-01-01 | $314,900 (11.5%) | $379,690 (4.1%) | 0.00 | 82 |
2021-02-01 | $327,400 (5.7%) | $397,516 (6.4%) | 0.00 | 66 |
2021-03-01 | $335,000 (4.7%) | $419,272 (8.4%) | 0.00 | 68 |
2021-04-01 | $349,900 (13.8%) | $404,466 (9.6%) | 0.00 | 76 |
2021-05-01 | $350,000 (16.7%) | $411,685 (15.2%) | 0.00 | 86 |
2021-06-01 | $349,950 (11.3%) | $398,005 (12.3%) | 0.00 | 99 |
2021-07-01 | $341,900 (8.6%) | $407,213 (9.4%) | 0.00 | 120 |
2021-08-01 | $312,200 (0.7%) | $391,923 (-0.3%) | 0.00 | 126 |
2021-09-01 | $322,450 (14.1%) | $396,087 (3.0%) | 0.00 | 137 |
2021-10-01 | $329,900 (15.8%) | $417,479 (7.3%) | 0.00 | 136 |
2021-11-01 | $304,000 (-1.1%) | $374,517 (-6.6%) | 0.00 | 118 |
2021-12-01 | $327,000 (12.8%) | $391,313 (-1.3%) | 0.00 | 98 |
2022-01-01 | $379,500 (20.5%) | $411,955 (8.5%) | 0.00 | 86 |
2022-02-01 | $387,400 (18.3%) | $412,230 (3.7%) | 0.00 | 71 |
2022-03-01 | $389,900 (16.4%) | $409,409 (-2.4%) | 0.00 | 64 |
2022-04-01 | $389,900 (11.4%) | $413,230 (2.2%) | 0.00 | 72 |
2022-05-01 | $389,900 (11.4%) | $428,711 (4.1%) | 0.00 | 86 |
2022-06-01 | $374,900 (7.1%) | $452,955 (13.8%) | 0.00 | 106 |
Watertown's median listing price comes in at 0% of the national average.
Watertown's average listing price for 2022-06-01 was $452,955, a difference of $54,950 (13.8%) versus the prior year and $24,244 versus the prior month.
For the 2022-06-01 period, Watertown had 106 MLS listings, a difference of 20 listings (23%) versus the prior month and 7 listings (7%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Watertown (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,804 sqft |
2018-02-01 | 0 days | 1,862 sqft |
2018-03-01 | 0 days | 1,992 sqft |
2018-04-01 | 0 days | 1,887 sqft |
2018-05-01 | 0 days | 1,992 sqft |
2018-06-01 | 0 days | 2,000 sqft |
2018-07-01 | 0 days | 1,907 sqft |
2018-08-01 | 0 days | 1,949 sqft |
2018-09-01 | 0 days | 1,832 sqft |
2018-10-01 | 0 days | 1,906 sqft |
2018-11-01 | 0 days | 1,916 sqft |
2018-12-01 | 0 days | 1,800 sqft |
2019-01-01 | 0 days | 1,802 sqft |
2019-02-01 | 0 days | 1,822 sqft |
2019-03-01 | 0 days | 1,974 sqft |
2019-04-01 | 0 days | 2,072 sqft |
2019-05-01 | 0 days | 2,052 sqft |
2019-06-01 | 0 days | 2,086 sqft |
2019-07-01 | 0 days | 2,054 sqft |
2019-08-01 | 0 days | 2,094 sqft |
2019-09-01 | 0 days | 2,149 sqft |
2019-10-01 | 0 days | 2,155 sqft |
2019-11-01 | 0 days | 2,000 sqft |
2019-12-01 | 0 days | 1,955 sqft |
2020-01-01 | 0 days | 1,957 sqft |
2020-02-01 | 0 days | 1,981 sqft |
2020-03-01 | 0 days | 1,981 sqft |
2020-04-01 | 0 days | 1,962 sqft |
2020-05-01 | 0 days | 1,943 sqft |
2020-06-01 | 0 days | 1,928 sqft |
2020-07-01 | 0 days | 1,948 sqft |
2020-08-01 | 0 days | 1,980 sqft |
2020-09-01 | 0 days | 1,945 sqft |
2020-10-01 | 0 days | 1,932 sqft |
2020-11-01 | 0 days | 2,081 sqft |
2020-12-01 | 0 days | 1,916 sqft |
2021-01-01 | 0 days | 1,900 sqft |
2021-02-01 | 0 days | 1,771 sqft |
2021-03-01 | 0 days | 1,902 sqft |
2021-04-01 | 0 days | 1,943 sqft |
2021-05-01 | 0 days | 1,996 sqft |
2021-06-01 | 0 days | 1,996 sqft |
2021-07-01 | 0 days | 1,996 sqft |
2021-08-01 | 0 days | 1,934 sqft |
2021-09-01 | 0 days | 1,978 sqft |
2021-10-01 | 0 days | 1,897 sqft |
2021-11-01 | 0 days | 1,931 sqft |
2021-12-01 | 0 days | 1,996 sqft |
2022-01-01 | 0 days | 1,996 sqft |
2022-02-01 | 0 days | 1,996 sqft |
2022-03-01 | 0 days | 1,977 sqft |
2022-04-01 | 0 days | 1,996 sqft |
2022-05-01 | 0 days | 1,982 sqft |
2022-06-01 | 0 days | 1,882 sqft |
Watertown's median square footage for active listings during the 2022-06-01 period was 1,882 sqft. One year prior, the average listing was 1,996 sqft.