Watertown FHA Loan Rates, Closing Costs & Stats

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 36 lenders originated 106 FHA loans during 2023. The total origination value was $26,210,000, with an average FHA loan value of $247,264.

Watertown FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Watertown averaged 6.43% for the week of 2024-12-06, compared to the national average (all FHA variants) of 6.363% for the same period.

Watertown's average FHA mortgage closing costs are $6,992.

The average rate for the prior week (2024-11-29) was 6.27% and one month ago for the week of 2024-11-01, the average rate was 6.37%.

The average rate one year ago was 7.09%.

For refis of the same type during the week of 2024-12-06, the average rate was 6.46%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 16 6.60% $9,419
CARDINAL FINANCIAL 12 6.91% $11,001
THOMPSON KANE & COMPANY, LLC 8 7.17% $9,353
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 7.00% $10,167
GUILD MORTGAGE COMPANY 6 6.88% $11,866
UNITED WHOLESALE MORTGAGE, LLC 5 6.74% $13,283
AMERISAVE MORTGAGE CORPORATION 3 5.79% $16,276
Associated Bank 3 6.50% $6,385
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.31% $7,835
Bank of England 2 6.13% $9,908
Mr. Cooper ( Nationstar Mortgage ) 2 6.56% $17,342
FIRST STATE MORTGAGE SERVICES, LLC 2 7.13% $7,772
NEWREZ LLC 2 6.94% $10,315
Flagstar Bank, FSB 1 6.75% $4,281
FREEDOM MORTGAGE CORPORATION 1 6.38% $13,098
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $17,920
LOANDEPOT.COM, LLC 1 5.13% $18,497
MOVEMENT MORTGAGE, LLC 1 7.25% $5,010
Nations Lending Corporation 1 6.63% $6,629
Neighborhood Loans, Inc. 1 6.75% $9,490
PENNYMAC LOAN SERVICES, LLC 1 6.50% $11,890
TOP FLITE FINANCIAL, INC. 1 6.63% $17,131
AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $11,948
WISCONSIN MORTGAGE CORPORATION 1 7.25% $9,955
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.25% $6,229
Barrington Bank & Trust Company, N.A. 1 7.25% $8,140
BROKER SOLUTIONS, INC. 1 6.25% $13,068
Carrington Mortgage Services, LLC 1 6.88% $13,196
Century Mortgage Company DBA Century Lending Company 1 7.75% $16,205
CHERRY CREEK MORTGAGE, LLC 1 4.50% $8,813
CORNERSTONE HOME LENDING, INC. 1 5.63% $16,258
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.63% $8,600
DRAPER AND KRAMER MORTGAGE CORP. 1 6.63% $8,116
ENDEAVOR CAPITAL, LLC. 1 7.49% $9,060
ENVOY MORTGAGE, LTD 1 6.13% $5,076
FirstBank 1 7.13% $13,843

The top Watertown FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 16 FHA loans originated. Their average total fees are $9,419, which is $1,582 lower than the next largest lender, CARDINAL FINANCIAL.

The lowest fee Watertown FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($9,419), CARDINAL FINANCIAL ($11,001), .

The lowest rate Watertown FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.60%), CARDINAL FINANCIAL (6.91%), .

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%) $294,932 (5.1%) 0.00 267
2018-02-01 $260,000 (8.4%) $311,271 (13.8%) 0.00 267
2018-03-01 $264,950 (8.4%) $322,410 (17.4%) 0.00 296
2018-04-01 $260,000 (6.2%) $322,261 (16.4%) 0.00 317
2018-05-01 $272,300 (12.4%) $338,488 (22.9%) 0.00 320
2018-06-01 $269,900 (10.2%) $338,751 (20.1%) 0.00 316
2018-07-01 $265,000 (9.1%) $322,941 (15.0%) 0.00 337
2018-08-01 $265,000 (8.2%) $321,684 (12.0%) 0.00 363
2018-09-01 $264,950 (6.0%) $314,887 (8.1%) 0.00 363
2018-10-01 $265,000 (6.0%) $322,270 (7.6%) 0.00 344
2018-11-01 $265,000 (6.0%) $316,604 (6.1%) 0.00 316
2018-12-01 $265,000 (6.0%) $314,542 (6.1%) 0.00 289
2019-01-01 $265,000 (6.0%) $313,385 (6.3%) 0.00 259
2019-02-01 $265,000 (1.9%) $316,327 (1.6%) 0.00 249
2019-03-01 $270,336 (2.0%) $325,084 (0.8%) 0.00 261
2019-04-01 $279,425 (7.5%) $344,816 (7.0%) 0.00 291
2019-05-01 $280,000 (2.8%) $344,990 (1.9%) 0.00 303
2019-06-01 $279,900 (3.7%) $345,268 (1.9%) 0.00 323
2019-07-01 $269,900 (1.9%) $329,229 (2.0%) 0.00 354
2019-08-01 $269,927 (1.9%) $331,249 (3.0%) 0.00 357
2019-09-01 $269,968 (1.9%) $330,617 (5.0%) 0.00 356
2019-10-01 $270,000 (1.9%) $331,016 (2.7%) 0.00 348
2019-11-01 $259,900 (-1.9%) $315,689 (-0.3%) 0.00 314
2019-12-01 $262,500 (-0.9%) $310,831 (-1.2%) 0.00 268
2020-01-01 $265,000 (0.0%) $317,417 (1.3%) 0.00 231
2020-02-01 $269,950 (1.9%) $320,781 (1.4%) 0.00 249
2020-03-01 $279,675 (3.5%) $319,828 (-1.6%) 0.00 267
2020-04-01 $280,000 (0.2%) $316,304 (-8.3%) 0.00 239
2020-05-01 $280,000 (0.0%) $313,973 (-9.0%) 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 (6.6%) 0.00 209
2020-12-01 $278,725 (6.2%) $338,994 (9.1%) 0.00 180
2021-01-01 $289,900 (9.4%) $350,807 (10.5%) 0.00 127
2021-02-01 $289,900 (7.4%) $349,327 (8.9%) 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%) $406,755 (19.5%) 0.00 184
2022-07-01 $336,600 (12.2%) $403,466 (19.7%) 0.00 191
2022-08-01 $339,300 (17.2%) $399,150 (19.7%) 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%) $412,293 (12.4%) 0.00 109
2023-06-01 $362,450 (6.6%) $410,752 (1.0%) 0.00 128
2023-07-01 $360,000 (7.0%) $412,727 (2.3%) 0.00 132
2023-08-01 $354,950 (4.6%) $414,694 (3.9%) 0.00 140
2023-09-01 $360,000 (5.9%) $426,256 (8.0%) 0.00 148
2023-10-01 $349,900 (1.1%) $416,697 (3.8%) 0.00 148
2023-11-01 $349,950 (4.0%) $429,813 (10.2%) 0.00 145
2023-12-01 $357,450 (6.7%) $432,950 (11.8%) 0.00 122
2024-01-01 $362,475 (7.4%) $444,766 (12.8%) 0.00 99
2024-02-01 $352,450 (3.0%) $424,122 (4.1%) 0.00 94
2024-03-01 $369,450 (4.8%) $440,854 (8.4%) 0.00 105
2024-04-01 $373,450 (1.8%) $446,602 (6.6%) 0.00 111
2024-05-01 $403,675 (10.6%) $476,042 (15.5%) 0.00 135
2024-06-01 $412,499 (13.8%) $466,728 (13.6%) 0.00 144
2024-07-01 $380,000 (5.6%) $460,838 (11.7%) 0.00 137
2024-08-01 $389,450 (9.7%) $462,686 (11.6%) 0.00 132
2024-09-01 $384,925 (6.9%) $472,254 (10.8%) 0.00 165
2024-10-01 $379,900 (8.6%) $481,599 (15.6%) 0.00 177
2024-11-01 $349,900 (0.0%) $446,779 (4.0%) 0.00 158
Watertown's median listing price for 2024-11-01 was $349,900, a difference of $-50 (0.0%) versus the prior year and $-30,000 versus the prior month.

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

Watertown's average listing price for 2024-11-01 was $446,779, a difference of $16,966 (4.0%) versus the prior year and $-34,820 versus the prior month.

For the 2024-11-01 period, Watertown had 158 MLS listings, a difference of -19 listings (-11%) versus the prior month and 13 listings (9%) 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 1,854 sqft
2018-05-01 0 days 1,940 sqft
2018-06-01 0 days 1,944 sqft
2018-07-01 0 days 1,875 sqft
2018-08-01 0 days 1,876 sqft
2018-09-01 0 days 1,832 sqft
2018-10-01 0 days 1,890 sqft
2018-11-01 0 days 1,882 sqft
2018-12-01 0 days 1,803 sqft
2019-01-01 0 days 1,802 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 1,909 sqft
2019-06-01 0 days 1,929 sqft
2019-07-01 0 days 1,905 sqft
2019-08-01 0 days 1,936 sqft
2019-09-01 0 days 1,961 sqft
2019-10-01 0 days 1,990 sqft
2019-11-01 0 days 1,824 sqft
2019-12-01 0 days 1,806 sqft
2020-01-01 0 days 1,837 sqft
2020-02-01 0 days 1,830 sqft
2020-03-01 0 days 1,807 sqft
2020-04-01 0 days 1,903 sqft
2020-05-01 0 days 1,861 sqft
2020-06-01 0 days 1,859 sqft
2020-07-01 0 days 1,856 sqft
2020-08-01 0 days 1,806 sqft
2020-09-01 0 days 1,893 sqft
2020-10-01 0 days 1,815 sqft
2020-11-01 0 days 1,791 sqft
2020-12-01 0 days 1,755 sqft
2021-01-01 0 days 1,792 sqft
2021-02-01 0 days 1,753 sqft
2021-03-01 0 days 1,800 sqft
2021-04-01 0 days 1,804 sqft
2021-05-01 0 days 1,878 sqft
2021-06-01 0 days 1,903 sqft
2021-07-01 0 days 1,885 sqft
2021-08-01 0 days 1,805 sqft
2021-09-01 0 days 1,864 sqft
2021-10-01 0 days 1,826 sqft
2021-11-01 0 days 1,742 sqft
2021-12-01 0 days 1,841 sqft
2022-01-01 0 days 1,897 sqft
2022-02-01 0 days 1,926 sqft
2022-03-01 0 days 1,785 sqft
2022-04-01 0 days 1,800 sqft
2022-05-01 0 days 1,930 sqft
2022-06-01 0 days 1,898 sqft
2022-07-01 0 days 1,900 sqft
2022-08-01 0 days 1,891 sqft
2022-09-01 0 days 1,896 sqft
2022-10-01 0 days 1,964 sqft
2022-11-01 0 days 1,918 sqft
2022-12-01 0 days 1,880 sqft
2023-01-01 0 days 1,835 sqft
2023-02-01 0 days 1,804 sqft
2023-03-01 0 days 1,795 sqft
2023-04-01 0 days 1,806 sqft
2023-05-01 0 days 1,852 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
2023-09-01 0 days 1,926 sqft
2023-10-01 0 days 1,936 sqft
2023-11-01 0 days 1,930 sqft
2023-12-01 0 days 1,896 sqft
2024-01-01 0 days 1,850 sqft
2024-02-01 0 days 1,843 sqft
2024-03-01 0 days 1,874 sqft
2024-04-01 0 days 1,792 sqft
2024-05-01 0 days 1,896 sqft
2024-06-01 0 days 1,936 sqft
2024-07-01 0 days 1,922 sqft
2024-08-01 0 days 1,943 sqft
2024-09-01 0 days 1,946 sqft
2024-10-01 0 days 1,975 sqft
2024-11-01 0 days 1,902 sqft
Watertown's median listing age (time on market) for 2024-11-01 was 0 days.

Watertown's median square footage for active listings during the 2024-11-01 period was 1,902 sqft. One year prior, the average listing was 1,930 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).