Whitewater FHA Loan Rates, Closing Costs & Stats

Whitewater, WI

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    • 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 50 lenders originated 144 FHA loans during 2023. The total origination value was $35,820,000, with an average FHA loan value of $248,750.

    Whitewater FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Whitewater averaged 6.69% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Whitewater's average FHA mortgage closing costs are $6,904.

    The average rate for the prior week (2024-11-01) was 6.27% and one month ago for the week of 2024-10-04, the average rate was 6.09%.

    The average rate one year ago was 7.63%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.57%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 19 5.92% $10,348
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 9 7.07% $10,191
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.84% $10,119
    UNITED WHOLESALE MORTGAGE, LLC 6 6.04% $16,181
    BROKER SOLUTIONS, INC. 6 7.04% $13,683
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 7.33% $10,381
    NEWREZ LLC 5 6.43% $10,937
    LOANDEPOT.COM, LLC 4 6.31% $10,825
    GUARANTEED RATE, INC. 4 6.46% $9,445
    CROSSCOUNTRY MORTGAGE, LLC 4 6.94% $9,115
    Carrington Mortgage Services, LLC 3 6.46% $15,886
    PLANET HOME LENDING, LLC 3 6.13% $10,090
    Mr. Cooper ( Nationstar Mortgage ) 3 6.17% $18,279
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $10,098
    Mortgage Research Center, LLC 2 7.56% $5,741
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.63% $9,094
    Paramount Residential Mortgage Group, Inc. 2 6.94% $7,645
    ENVOY MORTGAGE, LTD 2 6.00% $7,925
    Barrington Bank & Trust Company, N.A. 2 7.00% $9,227
    FIRST CENTENNIAL MORTGAGE CORPORATION 2 7.25% $8,157
    Bank of England 2 6.81% $9,447
    U.S. Bank 2 7.06% $6,219
    FREEDOM MORTGAGE CORPORATION 2 7.25% $14,269
    CARDINAL FINANCIAL 2 7.00% $8,132
    American Mortgage & Equity Consultants, Inc. 2 7.19% $13,962
    GUILD MORTGAGE COMPANY 2 7.13% $7,491
    WISCONSIN MORTGAGE CORPORATION 1 6.75% $6,577
    AmeriHome Mortgage Company, LLC 1 6.63% $8,652
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.50% $14,534
    BAY EQUITY LLC 1 5.75% $10,647
    BETTER MORTGAGE CORPORATION 1 6.13% $10,514
    CHERRY CREEK MORTGAGE, LLC 1 7.13% $450
    CIBM Bank 1 7.25% $8,313
    First Savings Bank 1 6.75% $10,198
    Flagstar Bank, FSB 1 6.25% $11,117
    GATEWAY MORTGAGE CORPORATION 1 6.50% $10,226
    HOMESIDE FINANCIAL, LLC 1 7.62% $10,173
    JPMorgan Chase Bank 1 7.75% $6,936
    Key Mortgage Services, Inc. 1 7.25% $8,350
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $13,930
    M&T Bank 1 6.63% $8,466
    NATIONS RELIABLE LENDING, LLC 1 7.38% $7,915
    PENTAGON FEDERAL CREDIT UNION 1 6.63% $6,690
    Plains Commerce Bank 1 6.75% $7,169
    SUN WEST MORTGAGE COMPANY, INC. 1 6.13% $21,423
    THOMPSON KANE & COMPANY, LLC 1 7.13% $11,879
    TOP FLITE FINANCIAL, INC. 1 7.25% $15,322
    VERITAS FUNDING, LLC 1 6.63% $20,392
    Waterstone Mortgage Corporation 1 7.13% $10,771
    Waukesha State Bank 1 7.25% $8,693

    The top Whitewater FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 19 FHA loans originated. Their average total fees are $10,348, which is $157 higher than the next largest lender, DIAMOND RESIDENTIAL MORTGAGE CORPORATION.

    The lowest fee Whitewater FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($10,348), .

    The lowest rate Whitewater FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.92%), .

    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
    2024-02-01 $489,975 (16.2%) $751,304 (21.3%) 0.00 369
    2024-03-01 $495,000 (13.2%) $750,240 (16.1%) 0.00 413
    2024-04-01 $485,000 (5.7%) $733,778 (6.9%) 0.00 454
    2024-05-01 $498,375 (8.0%) $805,511 (6.7%) 0.00 493
    2024-06-01 $491,945 (7.2%) $797,203 (2.0%) 0.00 558
    2024-07-01 $481,085 (3.4%) $795,711 (-0.9%) 0.00 513
    2024-08-01 $473,500 (2.5%) $773,964 (-0.9%) 0.00 542
    2024-09-01 $465,998 (-0.3%) $757,702 (-4.5%) 0.00 540
    2024-10-01 $477,365 (3.0%) $729,117 (-6.7%) 0.00 542
    Whitewater's median listing price for 2024-10-01 was $477,365, a difference of $13,870 (3.0%) versus the prior year and $11,367 versus the prior month.

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

    Whitewater's average listing price for 2024-10-01 was $729,117, a difference of $-52,675 (-6.7%) versus the prior year and $-28,585 versus the prior month.

    For the 2024-10-01 period, Whitewater had 542 MLS listings, a difference of 2 listings (0%) versus the prior month and 104 listings (24%) 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 1,799 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 1,898 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
    2024-02-01 0 days 2,000 sqft
    2024-03-01 0 days 2,018 sqft
    2024-04-01 0 days 1,987 sqft
    2024-05-01 0 days 1,997 sqft
    2024-06-01 0 days 1,990 sqft
    2024-07-01 0 days 1,969 sqft
    2024-08-01 0 days 1,950 sqft
    2024-09-01 0 days 1,931 sqft
    2024-10-01 0 days 1,907 sqft
    Whitewater's median listing age (time on market) for 2024-10-01 was 0 days.

    Whitewater's median square footage for active listings during the 2024-10-01 period was 1,907 sqft. One year prior, the average listing was 1,906 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).