Wausau FHA Loans

WAUSAU-WESTON, 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.

Wausau's 59 lenders originated 390 FHA loans during 2021. The total origination value was $61,730,000, with an average FHA loan value of $158,282.

Wausau FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Wausau averaged 5.4% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.43% and one month ago for the week of 2022-04-08, the average rate was 4.99%.

The average rate one year ago was 3.1%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.92%.

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

Wausau 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 Wausau level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
INLANTA MORTGAGE, INC. 72 3.32% $5,558
QUICKEN LOANS, LLC 51 2.82% $5,088
Waterstone Mortgage Corporation 22 3.16% $8,633
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 3.32% $6,929
LAND HOME FINANCIAL SERVICES, INC. 14 3.24% $6,831
DAS Acquisition Company, LLC 12 3.36% $6,333
FREEDOM MORTGAGE CORPORATION 11 3.11% $3,369
LAKEVIEW LOAN SERVICING, LLC 9 3.21% $3,425
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 8 3.33% $7,313
Prosperity Home Mortgage, LLC 8 3.66% $6,424
CALIBER HOME LOANS, INC. 8 2.84% $3,988
U.S. Bank 7 3.10% $5,456
HOME POINT FINANCIAL CORPORATION 7 2.91% $5,599
PENNYMAC LOAN SERVICES, LLC 7 3.02% $2,984
Mr. Cooper ( Nationstar Mortgage ) 7 3.46% $3,897
TOWNE MORTGAGE COMPANY 5 3.30% $5,546
ENVOY MORTGAGE, LTD 4 3.19% $7,548
GUARANTEED RATE, INC. 3 3.00% $6,505
LOANDEPOT.COM, LLC 3 2.91% $5,757
VILLAGE CAPITAL & INVESTMENT LLC 3 3.00% $2,497
UNITED WHOLESALE MORTGAGE, LLC 3 3.19% $6,496
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.29% $7,249
AMERISAVE MORTGAGE CORPORATION 3 3.46% $6,260
NEWREZ LLC 3 3.00% $5,442
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.67% $4,141
Barrington Bank & Trust Company, N.A. 2 3.69% $4,309
AMERICAN FINANCING CORPORATION 2 2.81% $4,523
Associated Bank 2 2.88% $5,182
Bank Five Nine 2 3.63% $4,286
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 3.06% $5,492
FINANCE OF AMERICA MORTGAGE LLC 2 2.81% $8,968
NBH Bank 2 2.81% $4,930
The Federal Savings Bank 2 2.88% $7,674
MEMBER FIRST MORTGAGE, LLC 1 3.25% $5,769
MICHIGAN MUTUAL, INC. 1 3.25% $6,690
GSF Mortgage Corporation 1 3.75% $7,160
Nations Lending Corporation 1 3.50% $5,289
Bank of America 1 3.50% $6,572
First Savings Bank 1 3.25% $5,505
Northpointe Bank 1 4.25% $5,621
NP, Inc. 1 4.38% $8,461
OCEANSIDE MORTGAGE COMPANY 1 2.88% $2,489
PARKSIDE LENDING, LLC 1 2.75% $7,692
First Guaranty Mortgage Corporation 1 2.63% $4,734
PHH Mortgage Corporation 1 3.13% $5,749
Plains Commerce Bank 1 2.63% $5,655
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.25% $6,408
FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.25% $6,972
Carrington Mortgage Services, LLC 1 3.00% $3,694
Stifel Bank and Trust 1 2.88% $4,106
Wolfe Financial, Inc 1 3.88% $6,540
The Huntington National Bank 1 2.88% $6,719
TOTAL MORTGAGE SERVICES, LLC 1 3.75% $6,309
BROKER SOLUTIONS, INC. 1 4.13% $6,996
BMO Harris Bank 1 2.38% $5,429
BETTER MORTGAGE CORPORATION 1 3.00% $4,847
AMERICAN FINANCIAL NETWORK, INC. 1 2.63% $24,744
LIBERTY HOME MORTGAGE CORPORATION 1 2.75% $6,650
Low VA Rates, LLC 1 2.50% $3,924

The top Wausau FHA lender as defined by loan originations is INLANTA MORTGAGE, INC., with 72 FHA loans originated. Their average total fees are $5,558, which is $469 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Wausau FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,369), QUICKEN LOANS, LLC ($5,088), INLANTA MORTGAGE, INC. ($5,558), DAS Acquisition Company, LLC ($6,333) and LAND HOME FINANCIAL SERVICES, INC. ($6,831).

The lowest rate Wausau FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.82%), FREEDOM MORTGAGE CORPORATION (3.11%), Waterstone Mortgage Corporation (3.16%), LAND HOME FINANCIAL SERVICES, INC. (3.24%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (3.32%).

Wausau FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
WAUSAU-WESTON, WI LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
WAUSAU-WESTON, WI MARATHON 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Wausau (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 $189,325 (26.3%) $232,440 (20.0%) 0.70 430
2018-02-01 $195,450 (25.8%) $238,035 (20.4%) 0.71 417
2018-03-01 $194,900 (21.3%) $239,319 (18.7%) 0.67 446
2018-04-01 $194,950 (18.2%) $242,851 (18.7%) 0.65 473
2018-05-01 $194,900 (15.6%) $239,681 (13.9%) 0.65 524
2018-06-01 $196,500 (15.7%) $238,874 (10.3%) 0.66 590
2018-07-01 $195,900 (11.9%) $237,693 (6.9%) 0.65 593
2018-08-01 $189,900 (7.1%) $230,783 (3.0%) 0.63 617
2018-09-01 $184,900 (5.7%) $228,745 (4.6%) 0.62 602
2018-10-01 $187,200 (4.1%) $228,982 (2.1%) 0.63 563
2018-11-01 $196,500 (9.2%) $236,868 (5.2%) 0.66 500
2018-12-01 $208,000 (18.9%) $244,591 (9.1%) 0.71 425
2019-01-01 $214,950 (13.5%) $249,180 (7.2%) 0.74 371
2019-02-01 $215,000 (10.0%) $246,429 (3.5%) 0.72 379
2019-03-01 $211,329 (8.4%) $246,262 (2.9%) 0.69 410
2019-04-01 $199,900 (2.5%) $241,870 (-0.4%) 0.63 435
2019-05-01 $199,900 (2.6%) $241,276 (0.7%) 0.62 470
2019-06-01 $207,900 (5.8%) $247,022 (3.4%) 0.64 493
2019-07-01 $204,450 (4.4%) $247,133 (4.0%) 0.64 514
2019-08-01 $199,900 (5.3%) $246,677 (6.9%) 0.63 506
2019-09-01 $199,900 (8.1%) $247,921 (8.4%) 0.63 507
2019-10-01 $205,500 (9.8%) $253,574 (10.7%) 0.66 512
2019-11-01 $209,900 (6.8%) $254,561 (7.5%) 0.68 465
2019-12-01 $209,801 (0.9%) $254,982 (4.3%) 0.70 399
2020-01-01 $196,700 (-8.5%) $250,507 (0.5%) 0.66 337
2020-02-01 $199,900 (-7.0%) $250,409 (1.6%) 0.65 352
2020-03-01 $214,900 (1.7%) $256,404 (4.1%) 0.67 406
2020-04-01 $218,950 (9.5%) $264,210 (9.2%) 0.68 418
2020-05-01 $269,900 (35.0%) $305,678 (26.7%) 0.82 242
2020-06-01 $270,900 (30.3%) $311,266 (26.0%) 0.79 211
2020-07-01 $257,400 (25.9%) $298,345 (20.7%) 0.74 204
2020-08-01 $249,000 (24.6%) $294,483 (19.4%) 0.71 194
2020-09-01 $239,900 (20.0%) $285,895 (15.3%) 0.69 220
2020-10-01 $224,900 (9.4%) $274,930 (8.4%) 0.64 230
2020-11-01 $214,900 (2.4%) $268,777 (5.6%) 0.62 200
2020-12-01 $204,900 (-2.3%) $263,593 (3.4%) 0.60 176
2021-01-01 $219,900 (11.8%) $271,037 (8.2%) 0.65 127
2021-02-01 $200,900 (0.5%) $273,697 (9.3%) 0.58 100
2021-03-01 $222,900 (3.7%) $268,379 (4.7%) 0.63 87
2021-04-01 $222,300 (1.5%) $273,986 (3.7%) 0.60 82
2021-05-01 $239,000 (-11.5%) $304,103 (-0.5%) 0.63 78
2021-06-01 $237,950 (-12.2%) $296,287 (-4.8%) 0.62 118
2021-07-01 $227,400 (-11.7%) $288,129 (-3.4%) 0.59 151
2021-08-01 $214,900 (-13.7%) $255,093 (-13.4%) 0.56 367
2021-09-01 $216,400 (-9.8%) $257,622 (-9.9%) 0.57 371
2021-10-01 $227,500 (1.2%) $272,380 (-0.9%) 0.60 338
2021-11-01 $254,900 (18.6%) $309,809 (15.3%) 0.67 128
2021-12-01 $279,700 (36.5%) $323,619 (22.8%) 0.75 107
2022-01-01 $319,400 (45.3%) $328,095 (21.1%) 0.85 91
2022-02-01 $325,116 (61.8%) $352,931 (29.0%) 0.83 75
2022-03-01 $332,900 (49.4%) $361,047 (34.5%) 0.82 74
2022-04-01 $347,900 (56.5%) $369,474 (34.9%) 0.82 73
Wausau's median listing price for 2022-04-01 was $347,900, a difference of $125,600 (56.5%) versus the prior year and $15,000 versus the prior month.

Wausau's median listing price comes in at 82% of the national average.

Wausau's average listing price for 2022-04-01 was $369,474, a difference of $95,488 (34.9%) versus the prior year and $8,427 versus the prior month.

For the 2022-04-01 period, Wausau had 73 MLS listings, a difference of -1 listings (-1%) versus the prior month and -9 listings (-11%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Wausau (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 84 days 2,166 sqft
2018-02-01 82 days 2,161 sqft
2018-03-01 58 days 2,128 sqft
2018-04-01 54 days 2,116 sqft
2018-05-01 51 days 2,106 sqft
2018-06-01 46 days 2,103 sqft
2018-07-01 49 days 2,082 sqft
2018-08-01 58 days 2,033 sqft
2018-09-01 61 days 1,988 sqft
2018-10-01 66 days 1,971 sqft
2018-11-01 73 days 2,027 sqft
2018-12-01 89 days 2,139 sqft
2019-01-01 92 days 2,128 sqft
2019-02-01 89 days 2,128 sqft
2019-03-01 58 days 2,073 sqft
2019-04-01 53 days 2,000 sqft
2019-05-01 45 days 1,974 sqft
2019-06-01 43 days 1,962 sqft
2019-07-01 49 days 2,002 sqft
2019-08-01 52 days 1,960 sqft
2019-09-01 45 days 1,928 sqft
2019-10-01 57 days 1,972 sqft
2019-11-01 65 days 2,051 sqft
2019-12-01 77 days 1,993 sqft
2020-01-01 85 days 1,982 sqft
2020-02-01 86 days 2,058 sqft
2020-03-01 51 days 2,108 sqft
2020-04-01 52 days 2,119 sqft
2020-05-01 65 days 2,256 sqft
2020-06-01 74 days 2,330 sqft
2020-07-01 61 days 2,246 sqft
2020-08-01 57 days 2,128 sqft
2020-09-01 47 days 2,053 sqft
2020-10-01 49 days 1,972 sqft
2020-11-01 65 days 1,880 sqft
2020-12-01 81 days 1,895 sqft
2021-01-01 100 days 1,870 sqft
2021-02-01 98 days 1,905 sqft
2021-03-01 61 days 1,954 sqft
2021-04-01 53 days 1,932 sqft
2021-05-01 38 days 1,976 sqft
2021-06-01 32 days 2,002 sqft
2021-07-01 35 days 1,921 sqft
2021-08-01 38 days 1,906 sqft
2021-09-01 42 days 1,928 sqft
2021-10-01 43 days 1,927 sqft
2021-11-01 55 days 1,954 sqft
2021-12-01 64 days 2,042 sqft
2022-01-01 86 days 1,920 sqft
2022-02-01 78 days 1,982 sqft
2022-03-01 58 days 2,019 sqft
2022-04-01 45 days 2,050 sqft
Wausau's median listing age (time on market) for 2022-04-01 was 45 days. This is -14% shorter than the same period one year ago.

Wausau's median square footage for active listings during the 2022-04-01 period was 2,050 sqft. One year prior, the average listing was 1,932 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).