Wausau FHA Loan Rates, Closing Costs & Stats

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 0.04% for the week of 2022-11-25, compared to the national average (all FHA variants) of 0% for the same period.

Wausau's average FHA mortgage closing costs are $5,726.

The average rate for the prior week (2022-11-18) was 6.46% and one month ago for the week of 2022-10-21, the average rate was 6.77%.

The average rate one year ago was 3.24%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.14%.

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/closing costs 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. Closing Costs
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 MORTGAGE 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 $172,450 (15.9%) $218,784 (15.1%) 0.64 659
2018-02-01 $182,400 (21.6%) $225,330 (17.5%) 0.66 645
2018-03-01 $188,876 (18.8%) $229,042 (18.1%) 0.66 687
2018-04-01 $189,900 (18.2%) $235,232 (18.4%) 0.64 720
2018-05-01 $189,900 (12.9%) $232,571 (14.3%) 0.63 784
2018-06-01 $189,900 (12.3%) $231,264 (10.5%) 0.63 873
2018-07-01 $189,900 (12.8%) $229,934 (8.7%) 0.63 878
2018-08-01 $180,675 (7.4%) $223,853 (5.3%) 0.60 906
2018-09-01 $179,900 (5.9%) $219,082 (4.8%) 0.60 876
2018-10-01 $179,900 (2.9%) $223,921 (5.6%) 0.61 818
2018-11-01 $185,200 (9.0%) $226,820 (7.0%) 0.63 764
2018-12-01 $189,900 (15.2%) $230,016 (9.1%) 0.66 655
2019-01-01 $189,900 (10.1%) $233,572 (6.8%) 0.66 582
2019-02-01 $189,900 (4.1%) $229,948 (2.1%) 0.64 583
2019-03-01 $194,279 (2.9%) $231,690 (1.2%) 0.64 613
2019-04-01 $193,175 (1.7%) $232,491 (-1.2%) 0.61 642
2019-05-01 $190,725 (0.4%) $235,207 (1.1%) 0.60 669
2019-06-01 $198,500 (4.5%) $239,829 (3.7%) 0.62 715
2019-07-01 $198,750 (4.7%) $238,662 (3.8%) 0.62 775
2019-08-01 $195,473 (8.2%) $239,264 (6.9%) 0.62 776
2019-09-01 $196,332 (9.1%) $241,314 (10.2%) 0.63 776
2019-10-01 $198,000 (10.1%) $242,680 (8.4%) 0.64 769
2019-11-01 $199,000 (7.5%) $238,726 (5.3%) 0.65 690
2019-12-01 $192,450 (1.3%) $235,412 (2.4%) 0.64 590
2020-01-01 $184,900 (-2.6%) $229,831 (-1.6%) 0.62 513
2020-02-01 $187,250 (-1.4%) $228,371 (-0.7%) 0.61 533
2020-03-01 $196,075 (0.9%) $233,504 (0.8%) 0.61 598
2020-04-01 $199,900 (3.5%) $241,086 (3.7%) 0.63 603
2020-05-01 $239,900 (25.8%) $271,621 (15.5%) 0.73 369
2020-06-01 $239,900 (20.9%) $272,670 (13.7%) 0.71 335
2020-07-01 $233,500 (17.5%) $274,057 (14.8%) 0.68 308
2020-08-01 $226,950 (16.1%) $271,017 (13.3%) 0.65 287
2020-09-01 $224,675 (14.4%) $265,873 (10.2%) 0.64 315
2020-10-01 $214,900 (8.5%) $256,604 (5.7%) 0.62 322
2020-11-01 $204,900 (3.0%) $247,011 (3.5%) 0.60 286
2020-12-01 $202,400 (5.2%) $245,928 (4.5%) 0.60 248
2021-01-01 $209,900 (13.5%) $246,322 (7.2%) 0.63 193
2021-02-01 $201,650 (7.7%) $248,275 (8.7%) 0.59 151
2021-03-01 $216,675 (10.5%) $252,095 (8.0%) 0.61 130
2021-04-01 $221,950 (11.0%) $269,806 (11.9%) 0.60 117
2021-05-01 $239,900 (0.0%) $295,119 (8.7%) 0.63 119
2021-06-01 $238,350 (-0.7%) $292,328 (7.2%) 0.63 166
2021-07-01 $239,000 (2.4%) $286,425 (4.5%) 0.63 215
2021-08-01 $239,450 (5.5%) $281,900 (4.0%) 0.64 230
2021-09-01 $241,175 (7.3%) $284,588 (7.0%) 0.64 212
2021-10-01 $249,900 (16.3%) $285,816 (11.4%) 0.67 217
2021-11-01 $234,925 (14.7%) $295,950 (19.8%) 0.63 179
2021-12-01 $259,800 (28.4%) $309,223 (25.7%) 0.70 148
2022-01-01 $273,900 (30.5%) $321,745 (30.6%) 0.74 125
2022-02-01 $305,912 (51.7%) $348,135 (40.2%) 0.80 105
2022-03-01 $316,400 (46.0%) $360,035 (42.8%) 0.79 106
2022-04-01 $346,400 (56.1%) $384,887 (42.7%) 0.83 112
2022-05-01 $321,600 (34.1%) $365,642 (23.9%) 0.74 154
2022-06-01 $294,825 (23.7%) $335,367 (14.7%) 0.66 179
2022-07-01 $292,300 (22.3%) $343,066 (19.8%) 0.66 200
2022-08-01 $289,103 (20.7%) $337,011 (19.6%) 0.67 210
2022-09-01 $299,500 (24.2%) $341,039 (19.8%) 0.70 183
2022-10-01 $278,905 (11.6%) $322,498 (12.8%) 0.66 187
Wausau's median listing price for 2022-10-01 was $278,905, a difference of $29,005 (11.6%) versus the prior year and $-20,595 versus the prior month.

Wausau's median listing price comes in at 66% of the national average.

Wausau's average listing price for 2022-10-01 was $322,498, a difference of $36,682 (12.8%) versus the prior year and $-18,541 versus the prior month.

For the 2022-10-01 period, Wausau had 187 MLS listings, a difference of 4 listings (2%) versus the prior month and -30 listings (-14%) 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
2018-01-01 105 days 1,905 sqft
2018-02-01 106 days 1,885 sqft
2018-03-01 75 days 1,878 sqft
2018-04-01 64 days 1,914 sqft
2018-05-01 59 days 1,937 sqft
2018-06-01 53 days 1,968 sqft
2018-07-01 57 days 1,953 sqft
2018-08-01 63 days 1,932 sqft
2018-09-01 67 days 1,881 sqft
2018-10-01 77 days 1,862 sqft
2018-11-01 87 days 1,860 sqft
2018-12-01 107 days 1,884 sqft
2019-01-01 110 days 1,842 sqft
2019-02-01 107 days 1,820 sqft
2019-03-01 88 days 1,861 sqft
2019-04-01 67 days 1,904 sqft
2019-05-01 55 days 1,909 sqft
2019-06-01 47 days 1,906 sqft
2019-07-01 49 days 1,913 sqft
2019-08-01 55 days 1,911 sqft
2019-09-01 59 days 1,920 sqft
2019-10-01 64 days 1,920 sqft
2019-11-01 78 days 1,929 sqft
2019-12-01 90 days 1,883 sqft
2020-01-01 97 days 1,880 sqft
2020-02-01 101 days 1,900 sqft
2020-03-01 73 days 1,939 sqft
2020-04-01 68 days 1,950 sqft
2020-05-01 82 days 1,978 sqft
2020-06-01 84 days 2,000 sqft
2020-07-01 73 days 2,000 sqft
2020-08-01 72 days 1,976 sqft
2020-09-01 64 days 1,941 sqft
2020-10-01 62 days 1,810 sqft
2020-11-01 73 days 1,769 sqft
2020-12-01 87 days 1,756 sqft
2021-01-01 103 days 1,722 sqft
2021-02-01 102 days 1,736 sqft
2021-03-01 62 days 1,813 sqft
2021-04-01 53 days 1,843 sqft
2021-05-01 38 days 1,936 sqft
2021-06-01 32 days 1,960 sqft
2021-07-01 37 days 1,913 sqft
2021-08-01 40 days 1,900 sqft
2021-09-01 50 days 1,888 sqft
2021-10-01 50 days 1,924 sqft
2021-11-01 56 days 1,845 sqft
2021-12-01 69 days 1,943 sqft
2022-01-01 92 days 1,896 sqft
2022-02-01 68 days 1,989 sqft
2022-03-01 50 days 2,009 sqft
2022-04-01 36 days 2,125 sqft
2022-05-01 28 days 2,048 sqft
2022-06-01 35 days 1,975 sqft
2022-07-01 44 days 1,970 sqft
2022-08-01 41 days 1,976 sqft
2022-09-01 49 days 1,993 sqft
2022-10-01 49 days 1,864 sqft
Wausau's median listing age (time on market) for 2022-10-01 was 49 days. This is -3% shorter than the same period one year ago.

Wausau's median square footage for active listings during the 2022-10-01 period was 1,864 sqft. One year prior, the average listing was 1,924 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).