Whitewater FHA Loan Rates, Closing Costs & Stats

Whitewater, 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.

Whitewater's 68 lenders originated 191 FHA loans during 2022. The total origination value was $54,895,000, with an average FHA loan value of $287,408.

Whitewater FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Whitewater averaged 6.38% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Whitewater's average FHA mortgage closing costs are $6,496.

The average rate for the prior week (2024-02-23) was 6.37% and one month ago for the week of 2024-01-26, the average rate was 6.26%.

The average rate one year ago was 5.89%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.07%.

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

Whitewater 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 Whitewater level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 5.05% $8,278
QUICKEN LOANS, LLC 17 4.53% $8,548
UNITED WHOLESALE MORTGAGE, LLC 9 5.10% $9,218
AMERICAN PACIFIC MORTGAGE CORPORATION 7 5.46% $10,847
FINANCE OF AMERICA MORTGAGE LLC 6 4.88% $8,073
FREEDOM MORTGAGE CORPORATION 6 4.83% $9,241
GUARANTEED RATE, INC. 5 4.74% $8,136
CHERRY CREEK MORTGAGE, LLC 5 5.70% $2,011
Carrington Mortgage Services, LLC 4 5.66% $10,910
PLANET HOME LENDING, LLC 4 4.81% $8,135
BROKER SOLUTIONS, INC. 4 5.44% $13,110
CARDINAL FINANCIAL 4 5.06% $10,485
PENNYMAC LOAN SERVICES, LLC 4 3.16% $6,460
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 4 5.53% $9,542
INLAND BANK & TRUST 4 6.06% $7,200
LAKEVIEW LOAN SERVICING, LLC 3 3.38% $4,885
CALIBER HOME LOANS, INC. 3 4.71% $7,402
FIRST CENTENNIAL MORTGAGE CORPORATION 3 4.75% $9,539
Flagstar Bank, FSB 3 5.25% $11,222
Paramount Residential Mortgage Group, Inc. 3 5.58% $15,360
ZILLOW HOME LOANS, LLC 2 5.25% $7,594
AmeriHome Mortgage Company, LLC 2 5.38% $10,019
Bank of England 2 5.94% $8,727
Blue Ridge Bank 2 4.31% $4,859
ENVOY MORTGAGE, LTD 2 5.38% $10,825
GATEWAY MORTGAGE CORPORATION 2 4.50% $10,504
GSF Mortgage Corporation 2 5.00% $9,329
INLANTA MORTGAGE, INC. 2 5.31% $7,934
JPMorgan Chase Bank 2 6.31% $7,894
NEWREZ LLC 2 4.25% $6,941
THOMPSON KANE & COMPANY, LLC 2 5.81% $6,017
United Fidelity Funding Corp. 2 5.06% $8,979
Waterstone Mortgage Corporation 2 5.63% $7,594
EMBRACE HOME LOANS, INC. 1 5.99% $11,984
AMERISAVE MORTGAGE CORPORATION 1 2.75% $5,519
JLB CORPORATION 1 3.75% $8,177
U.S. Bank 1 6.75% $7,904
CROSSCOUNTRY MORTGAGE, LLC 1 5.63% $6,493
LOANDEPOT.COM, LLC 1 5.25% $12,152
Loan Simple, Inc. 1 4.50% $16,175
MORTGAGE CENTER L.C 1 4.50% $10,080
Mortgage Research Center, LLC 1 5.25% $12,500
Mr. Cooper ( Nationstar Mortgage ) 1 4.38% $14,899
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.75% $19,608
Nations Lending Corporation 1 5.75% $7,835
NATIONS RELIABLE LENDING, LLC 1 6.63% $7,424
V.I.P. MORTGAGE, INC. 1 5.63% $7,854
Pacor Mortgage Corp 1 4.88% $16,812
CORNERSTONE HOME LENDING, INC. 1 5.63% $13,051
CHURCHILL MORTGAGE CORPORATION 1 3.50% $7,672
PENTAGON FEDERAL CREDIT UNION 1 5.00% $8,305
Barrington Bank & Trust Company, N.A. 1 7.25% $10,474
PLAZA HOME MORTGAGE, INC. 1 4.63% $5,018
Prosperity Home Mortgage, LLC 1 6.75% $8,992
Associated Bank 1 5.25% $6,054
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $11,364
T2 FINANCIAL LLC 1 6.13% $7,954
The Equitable Bank, S.S.B. 1 4.50% $8,849
The Huntington National Bank 1 7.13% $5,551
ACADEMY MORTGAGE CORPORATION 1 6.13% $16,572
First Option Mortgage, LLC 1 5.13% $10,325
First Guaranty Mortgage Corporation 1 4.25% $6,706
TOWNE MORTGAGE COMPANY 1 2.88% $7,853
GENEVA FINANCIAL, LLC 1 6.75% $12,993
WISCONSIN MORTGAGE CORPORATION 1 5.75% $6,208
ENDEAVOR CAPITAL, LLC. 1 5.13% $11,187
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.75% $7,093
Home State Bank 1 5.50% $6,491

The top Whitewater FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 22 FHA loans originated. Their average total fees are $8,278, which is $271 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Whitewater FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,278), QUICKEN LOANS, LLC ($8,548), .

The lowest rate Whitewater FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.53%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.05%), .

Whitewater FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Whitewater (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 $273,945 (10.5%) $451,317 (3.5%) 0.00 718
2018-02-01 $277,000 (6.6%) $466,860 (2.3%) 0.00 765
2018-03-01 $279,000 (7.5%) $459,177 (1.4%) 0.00 838
2018-04-01 $282,450 (10.3%) $452,542 (1.1%) 0.00 875
2018-05-01 $289,725 (11.9%) $456,645 (3.2%) 0.00 935
2018-06-01 $285,000 (6.7%) $453,959 (1.6%) 0.00 991
2018-07-01 $280,993 (5.4%) $451,826 (1.8%) 0.00 1,005
2018-08-01 $285,995 (8.9%) $441,863 (-0.9%) 0.00 1,017
2018-09-01 $289,000 (3.3%) $446,660 (-3.8%) 0.00 1,010
2018-10-01 $284,500 (1.8%) $455,782 (-1.2%) 0.00 974
2018-11-01 $288,975 (5.1%) $451,591 (-2.0%) 0.00 881
2018-12-01 $289,900 (5.5%) $460,282 (1.5%) 0.00 771
2019-01-01 $289,450 (5.7%) $464,169 (2.9%) 0.00 683
2019-02-01 $299,000 (7.9%) $479,976 (2.8%) 0.00 692
2019-03-01 $301,411 (8.0%) $489,501 (6.6%) 0.00 760
2019-04-01 $315,963 (11.9%) $520,804 (15.1%) 0.00 847
2019-05-01 $325,765 (12.4%) $529,389 (15.9%) 0.00 845
2019-06-01 $320,915 (12.6%) $518,582 (14.2%) 0.00 882
2019-07-01 $325,000 (15.7%) $524,406 (16.1%) 0.00 905
2019-08-01 $320,909 (12.2%) $517,948 (17.2%) 0.00 916
2019-09-01 $314,773 (8.9%) $508,772 (13.9%) 0.00 905
2019-10-01 $307,475 (8.1%) $502,654 (10.3%) 0.00 885
2019-11-01 $299,900 (3.8%) $498,802 (10.5%) 0.00 766
2019-12-01 $304,173 (4.9%) $519,930 (13.0%) 0.00 637
2020-01-01 $299,950 (3.6%) $514,309 (10.8%) 0.00 573
2020-02-01 $315,000 (5.4%) $534,984 (11.5%) 0.00 630
2020-03-01 $322,125 (6.9%) $531,301 (8.5%) 0.00 676
2020-04-01 $319,950 (1.3%) $531,792 (2.1%) 0.00 658
2020-05-01 $315,000 (-3.3%) $529,047 (-0.1%) 0.00 688
2020-06-01 $320,900 (0.0%) $534,917 (3.2%) 0.00 715
2020-07-01 $328,250 (1.0%) $534,948 (2.0%) 0.00 718
2020-08-01 $316,495 (-1.4%) $532,192 (2.8%) 0.00 689
2020-09-01 $316,073 (0.4%) $510,223 (0.3%) 0.00 683
2020-10-01 $305,000 (-0.8%) $527,018 (4.9%) 0.00 614
2020-11-01 $300,000 (0.0%) $533,565 (7.0%) 0.00 542
2020-12-01 $299,900 (-1.4%) $534,625 (2.8%) 0.00 456
2021-01-01 $294,900 (-1.7%) $528,740 (2.8%) 0.00 383
2021-02-01 $309,925 (-1.6%) $556,786 (4.1%) 0.00 407
2021-03-01 $309,950 (-3.8%) $528,115 (-0.6%) 0.00 412
2021-04-01 $322,400 (0.8%) $516,938 (-2.8%) 0.00 443
2021-05-01 $329,900 (4.7%) $523,919 (-1.0%) 0.00 494
2021-06-01 $326,975 (1.9%) $532,221 (-0.5%) 0.00 534
2021-07-01 $329,900 (0.5%) $556,206 (4.0%) 0.00 555
2021-08-01 $349,900 (10.6%) $537,415 (1.0%) 0.00 612
2021-09-01 $348,250 (10.2%) $522,486 (2.4%) 0.00 607
2021-10-01 $344,950 (13.1%) $538,264 (2.1%) 0.00 529
2021-11-01 $342,625 (14.2%) $539,749 (1.2%) 0.00 465
2021-12-01 $332,000 (10.7%) $529,400 (-1.0%) 0.00 380
2022-01-01 $342,950 (16.3%) $532,947 (0.8%) 0.00 314
2022-02-01 $352,250 (13.7%) $589,820 (5.9%) 0.00 284
2022-03-01 $371,748 (19.9%) $621,519 (17.7%) 0.00 293
2022-04-01 $375,500 (16.5%) $599,067 (15.9%) 0.00 357
2022-05-01 $374,500 (13.5%) $607,458 (16.0%) 0.00 372
2022-06-01 $379,450 (16.1%) $625,391 (17.5%) 0.00 380
2022-07-01 $374,900 (13.6%) $604,848 (8.8%) 0.00 434
2022-08-01 $379,000 (8.3%) $634,627 (18.1%) 0.00 458
2022-09-01 $390,000 (12.0%) $591,098 (13.1%) 0.00 451
2022-10-01 $389,000 (12.8%) $615,043 (14.3%) 0.00 405
2022-11-01 $375,000 (9.5%) $597,017 (10.6%) 0.00 385
2022-12-01 $380,000 (14.5%) $607,984 (14.8%) 0.00 313
2023-01-01 $392,175 (14.4%) $603,749 (13.3%) 0.00 270
2023-02-01 $421,820 (19.8%) $619,356 (5.0%) 0.00 279
2023-03-01 $437,318 (17.6%) $646,349 (4.0%) 0.00 329
2023-04-01 $458,990 (22.2%) $686,169 (14.5%) 0.00 341
2023-05-01 $461,595 (23.3%) $755,226 (24.3%) 0.00 379
2023-06-01 $458,895 (20.9%) $781,816 (25.0%) 0.00 436
2023-07-01 $465,495 (24.2%) $802,501 (32.7%) 0.00 453
2023-08-01 $462,045 (21.9%) $781,334 (23.1%) 0.00 454
2023-09-01 $467,190 (19.8%) $793,047 (34.2%) 0.00 444
2023-10-01 $463,495 (19.2%) $781,792 (27.1%) 0.00 438
2023-11-01 $460,198 (22.7%) $802,948 (34.5%) 0.00 424
2023-12-01 $469,240 (23.5%) $745,503 (22.6%) 0.00 372
2024-01-01 $474,950 (21.1%) $760,933 (26.0%) 0.00 349
Whitewater's median listing price for 2024-01-01 was $474,950, a difference of $82,775 (21.1%) versus the prior year and $5,710 versus the prior month.

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

Whitewater's average listing price for 2024-01-01 was $760,933, a difference of $157,184 (26.0%) versus the prior year and $15,430 versus the prior month.

For the 2024-01-01 period, Whitewater had 349 MLS listings, a difference of -23 listings (-6%) versus the prior month and 79 listings (29%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Whitewater (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,809 sqft
2018-02-01 0 days 1,816 sqft
2018-03-01 0 days 1,819 sqft
2018-04-01 0 days 1,819 sqft
2018-05-01 0 days 1,811 sqft
2018-06-01 0 days 1,821 sqft
2018-07-01 0 days 1,804 sqft
2018-08-01 0 days 1,807 sqft
2018-09-01 0 days 1,802 sqft
2018-10-01 0 days 1,797 sqft
2018-11-01 0 days 1,800 sqft
2018-12-01 0 days 1,800 sqft
2019-01-01 0 days 1,801 sqft
2019-02-01 0 days 1,817 sqft
2019-03-01 0 days 1,816 sqft
2019-04-01 0 days 1,873 sqft
2019-05-01 0 days 1,910 sqft
2019-06-01 0 days 1,896 sqft
2019-07-01 0 days 1,938 sqft
2019-08-01 0 days 1,934 sqft
2019-09-01 0 days 1,931 sqft
2019-10-01 0 days 1,915 sqft
2019-11-01 0 days 1,875 sqft
2019-12-01 0 days 1,864 sqft
2020-01-01 0 days 1,801 sqft
2020-02-01 0 days 1,882 sqft
2020-03-01 0 days 1,867 sqft
2020-04-01 0 days 1,862 sqft
2020-05-01 0 days 1,840 sqft
2020-06-01 0 days 1,889 sqft
2020-07-01 0 days 1,900 sqft
2020-08-01 0 days 1,899 sqft
2020-09-01 0 days 1,893 sqft
2020-10-01 0 days 1,860 sqft
2020-11-01 0 days 1,809 sqft
2020-12-01 0 days 1,812 sqft
2021-01-01 0 days 1,748 sqft
2021-02-01 0 days 1,748 sqft
2021-03-01 0 days 1,714 sqft
2021-04-01 0 days 1,754 sqft
2021-05-01 0 days 1,800 sqft
2021-06-01 0 days 1,808 sqft
2021-07-01 0 days 1,746 sqft
2021-08-01 0 days 1,740 sqft
2021-09-01 0 days 1,738 sqft
2021-10-01 0 days 1,734 sqft
2021-11-01 0 days 1,753 sqft
2021-12-01 0 days 1,736 sqft
2022-01-01 0 days 1,704 sqft
2022-02-01 0 days 1,765 sqft
2022-03-01 0 days 1,773 sqft
2022-04-01 0 days 1,750 sqft
2022-05-01 0 days 1,792 sqft
2022-06-01 0 days 1,826 sqft
2022-07-01 0 days 1,800 sqft
2022-08-01 0 days 1,814 sqft
2022-09-01 0 days 1,824 sqft
2022-10-01 0 days 1,898 sqft
2022-11-01 0 days 1,848 sqft
2022-12-01 0 days 1,856 sqft
2023-01-01 0 days 1,870 sqft
2023-02-01 0 days 1,903 sqft
2023-03-01 0 days 1,852 sqft
2023-04-01 0 days 1,962 sqft
2023-05-01 0 days 1,920 sqft
2023-06-01 0 days 1,853 sqft
2023-07-01 0 days 1,887 sqft
2023-08-01 0 days 1,899 sqft
2023-09-01 0 days 1,922 sqft
2023-10-01 0 days 1,906 sqft
2023-11-01 0 days 1,935 sqft
2023-12-01 0 days 2,017 sqft
2024-01-01 0 days 2,005 sqft
Whitewater's median listing age (time on market) for 2024-01-01 was 0 days.

Whitewater's median square footage for active listings during the 2024-01-01 period was 2,005 sqft. One year prior, the average listing was 1,870 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).