Wisconsin Rapids FHA Loan Rates, Closing Costs & Stats

Wisconsin Rapids-Marshfield, 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.

    Wisconsin Rapids's 34 lenders originated 133 FHA loans during 2023. The total origination value was $22,125,000, with an average FHA loan value of $166,353.

    Wisconsin Rapids FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Wisconsin Rapids averaged 6.61% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Wisconsin Rapids's average FHA mortgage closing costs are $6,146.

    The average rate for the prior week (2024-11-01) was 6.58% and one month ago for the week of 2024-10-04, the average rate was 6.1%.

    The average rate one year ago was 7.35%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Wisconsin Rapids 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 Wisconsin Rapids level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 23 6.38% $8,636
    Waterstone Mortgage Corporation 14 6.71% $6,503
    Ixonia Bank 12 7.19% $7,132
    Nations Lending Corporation 9 6.86% $6,594
    TOWNE MORTGAGE COMPANY 8 6.61% $6,321
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.46% $9,480
    LOANDEPOT.COM, LLC 6 6.92% $8,793
    BROKER SOLUTIONS, INC. 4 6.59% $8,442
    Mortgage Research Center, LLC 4 7.44% $4,135
    CROSSCOUNTRY MORTGAGE, LLC 3 7.21% $8,233
    Mr. Cooper ( Nationstar Mortgage ) 3 6.00% $12,636
    U.S. Bank 2 7.69% $5,369
    Prosperity Home Mortgage, LLC 2 7.06% $6,991
    Associated Bank 2 6.38% $7,034
    PENNYMAC LOAN SERVICES, LLC 2 6.13% $14,599
    T2 FINANCIAL LLC 2 7.00% $7,551
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 7.31% $7,409
    UNITED WHOLESALE MORTGAGE, LLC 2 5.62% $13,413
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $10,191
    Bank of England 1 7.38% $8,354
    Carrington Mortgage Services, LLC 1 5.88% $10,905
    EVERETT FINANCIAL, INC. 1 7.00% $10,056
    First Federal Bank 1 6.13% $5,042
    GSF Mortgage Corporation 1 6.88% $4,582
    GUILD MORTGAGE COMPANY 1 6.88% $6,037
    HOMESIDE FINANCIAL, LLC 1 6.75% $7,219
    AMERISAVE MORTGAGE CORPORATION 1 7.25% $10,771
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.63% $7,045
    NEWREZ LLC 1 6.13% $9,646
    OCMBC, INC. 1 7.25% $5,023
    PLANET HOME LENDING, LLC 1 5.99% $7,272
    ROYAL UNITED MORTGAGE LLC 1 6.75% $9,754
    The Federal Savings Bank 1 6.13% $12,852
    V.I.P. MORTGAGE, INC. 1 7.50% $7,129

    The top Wisconsin Rapids FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 23 FHA loans originated. Their average total fees are $8,636, which is $2,133 higher than the next largest lender, Waterstone Mortgage Corporation.

    The lowest fee Wisconsin Rapids FHA lenders (with over 10 loans originated) are Waterstone Mortgage Corporation ($6,503), Ixonia Bank ($7,132), QUICKEN LOANS, LLC ($8,636), .

    The lowest rate Wisconsin Rapids FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.38%), Waterstone Mortgage Corporation (6.71%), Ixonia Bank (7.19%), .

    Wisconsin Rapids FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Wisconsin Rapids (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 $120,400 (4.8%) $150,192 (7.9%) 0.00 235
    2018-02-01 $125,000 (10.0%) $153,469 (10.1%) 0.00 246
    2018-03-01 $129,900 (9.2%) $156,776 (7.0%) 0.00 275
    2018-04-01 $130,953 (9.2%) $159,270 (7.1%) 0.00 276
    2018-05-01 $130,650 (8.5%) $158,153 (8.3%) 0.00 307
    2018-06-01 $135,000 (8.1%) $163,352 (13.5%) 0.00 331
    2018-07-01 $135,675 (13.2%) $164,531 (15.9%) 0.00 330
    2018-08-01 $139,200 (16.2%) $161,784 (12.8%) 0.00 323
    2018-09-01 $139,900 (16.9%) $161,426 (15.6%) 0.00 318
    2018-10-01 $139,650 (16.5%) $161,688 (15.1%) 0.00 307
    2018-11-01 $136,050 (13.5%) $157,611 (10.8%) 0.00 277
    2018-12-01 $135,000 (14.3%) $156,651 (6.2%) 0.00 243
    2019-01-01 $126,675 (5.2%) $155,020 (3.2%) 0.00 222
    2019-02-01 $136,050 (8.8%) $161,619 (5.3%) 0.00 220
    2019-03-01 $142,086 (9.4%) $595,176 (279.6%) 0.00 230
    2019-04-01 $144,636 (10.5%) $597,139 (274.9%) 0.00 246
    2019-05-01 $149,225 (14.2%) $169,969 (7.5%) 0.00 268
    2019-06-01 $149,000 (10.4%) $167,104 (2.3%) 0.00 281
    2019-07-01 $149,000 (9.8%) $167,234 (1.6%) 0.00 283
    2019-08-01 $143,700 (3.2%) $167,848 (3.8%) 0.00 285
    2019-09-01 $138,750 (-0.8%) $168,657 (4.5%) 0.00 283
    2019-10-01 $134,900 (-3.4%) $168,514 (4.2%) 0.00 281
    2019-11-01 $131,900 (-3.1%) $164,637 (4.5%) 0.00 257
    2019-12-01 $129,900 (-3.8%) $162,384 (3.7%) 0.00 210
    2020-01-01 $129,350 (2.1%) $162,658 (4.9%) 0.00 189
    2020-02-01 $133,700 (-1.7%) $165,546 (2.4%) 0.00 185
    2020-03-01 $139,900 (-1.5%) $173,770 (-70.8%) 0.00 191
    2020-04-01 $144,900 (0.2%) $179,128 (-70.0%) 0.00 186
    2020-05-01 $146,900 (-1.6%) $190,143 (11.9%) 0.00 110
    2020-06-01 $149,950 (0.6%) $199,159 (19.2%) 0.00 108
    2020-07-01 $155,000 (4.0%) $206,632 (23.6%) 0.00 109
    2020-08-01 $151,450 (5.4%) $205,521 (22.4%) 0.00 111
    2020-09-01 $138,900 (0.1%) $190,722 (13.1%) 0.00 128
    2020-10-01 $154,800 (14.8%) $196,921 (16.9%) 0.00 122
    2020-11-01 $139,900 (6.1%) $185,097 (12.4%) 0.00 116
    2020-12-01 $149,000 (14.7%) $188,501 (16.1%) 0.00 102
    2021-01-01 $148,700 (15.0%) $190,538 (17.1%) 0.00 87
    2021-02-01 $149,900 (12.1%) $203,403 (22.9%) 0.00 69
    2021-03-01 $195,100 (39.5%) $240,219 (38.2%) 0.00 47
    2021-04-01 $184,850 (27.6%) $244,049 (36.2%) 0.00 49
    2021-05-01 $169,500 (15.4%) $243,130 (27.9%) 0.00 58
    2021-06-01 $164,625 (9.8%) $214,862 (7.9%) 0.00 68
    2021-07-01 $167,500 (8.1%) $208,381 (0.9%) 0.00 89
    2021-08-01 $158,175 (4.4%) $198,541 (-3.4%) 0.00 99
    2021-09-01 $166,300 (19.7%) $205,114 (7.6%) 0.00 102
    2021-10-01 $159,900 (3.3%) $205,469 (4.3%) 0.00 98
    2021-11-01 $169,900 (21.4%) $205,584 (11.1%) 0.00 87
    2021-12-01 $165,450 (11.0%) $200,753 (6.5%) 0.00 75
    2022-01-01 $174,900 (17.6%) $202,275 (6.2%) 0.00 48
    2022-02-01 $176,850 (18.0%) $193,890 (-4.7%) 0.00 44
    2022-03-01 $205,425 (5.3%) $211,836 (-11.8%) 0.00 35
    2022-04-01 $227,450 (23.1%) $241,496 (-1.1%) 0.00 35
    2022-05-01 $218,675 (29.0%) $261,712 (7.6%) 0.00 48
    2022-06-01 $226,180 (37.4%) $278,101 (29.4%) 0.00 61
    2022-07-01 $199,950 (19.4%) $274,639 (31.8%) 0.00 69
    2022-08-01 $223,700 (41.4%) $285,188 (43.6%) 0.00 72
    2022-09-01 $227,400 (36.7%) $284,921 (38.9%) 0.00 70
    2022-10-01 $214,900 (34.4%) $289,033 (40.7%) 0.00 71
    2022-11-01 $202,900 (19.4%) $279,657 (36.0%) 0.00 78
    2022-12-01 $209,900 (26.9%) $292,976 (45.9%) 0.00 67
    2023-01-01 $217,425 (24.3%) $270,261 (33.6%) 0.00 61
    2023-02-01 $219,925 (24.4%) $297,925 (53.7%) 0.00 45
    2023-03-01 $220,725 (7.5%) $299,480 (41.4%) 0.00 47
    2023-04-01 $224,950 (-1.1%) $334,992 (38.7%) 0.00 38
    2023-05-01 $229,925 (5.1%) $298,657 (14.1%) 0.00 51
    2023-06-01 $237,900 (5.2%) $318,517 (14.5%) 0.00 64
    2023-07-01 $225,000 (12.5%) $319,838 (16.5%) 0.00 62
    2023-08-01 $247,400 (10.6%) $349,000 (22.4%) 0.00 75
    2023-09-01 $249,900 (9.9%) $335,893 (17.9%) 0.00 86
    2023-10-01 $239,975 (11.7%) $335,413 (16.1%) 0.00 86
    2023-11-01 $249,900 (23.2%) $306,535 (9.6%) 0.00 87
    2023-12-01 $239,900 (14.3%) $307,369 (4.9%) 0.00 83
    2024-01-01 $241,175 (10.9%) $303,229 (12.2%) 0.00 62
    2024-02-01 $244,825 (11.3%) $305,110 (2.4%) 0.00 65
    2024-03-01 $249,900 (13.2%) $308,159 (2.9%) 0.00 57
    2024-04-01 $239,775 (6.6%) $275,993 (-17.6%) 0.00 66
    2024-05-01 $270,000 (17.4%) $322,815 (8.1%) 0.00 75
    2024-06-01 $277,450 (16.6%) $330,866 (3.9%) 0.00 79
    2024-07-01 $269,150 (19.6%) $335,751 (5.0%) 0.00 91
    2024-08-01 $262,450 (6.1%) $317,127 (-9.1%) 0.00 99
    2024-09-01 $261,425 (4.6%) $310,964 (-7.4%) 0.00 98
    2024-10-01 $279,450 (16.5%) $311,617 (-7.1%) 0.00 100
    Wisconsin Rapids's median listing price for 2024-10-01 was $279,450, a difference of $39,475 (16.5%) versus the prior year and $18,025 versus the prior month.

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

    Wisconsin Rapids's average listing price for 2024-10-01 was $311,617, a difference of $-23,796 (-7.1%) versus the prior year and $653 versus the prior month.

    For the 2024-10-01 period, Wisconsin Rapids had 100 MLS listings, a difference of 2 listings (2%) versus the prior month and 14 listings (16%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Wisconsin Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,633 sqft
    2018-02-01 0 days 1,708 sqft
    2018-03-01 0 days 1,742 sqft
    2018-04-01 0 days 1,737 sqft
    2018-05-01 0 days 1,703 sqft
    2018-06-01 0 days 1,696 sqft
    2018-07-01 0 days 1,711 sqft
    2018-08-01 0 days 1,760 sqft
    2018-09-01 0 days 1,781 sqft
    2018-10-01 0 days 1,803 sqft
    2018-11-01 0 days 1,772 sqft
    2018-12-01 0 days 1,718 sqft
    2019-01-01 0 days 1,675 sqft
    2019-02-01 0 days 1,737 sqft
    2019-03-01 0 days 1,813 sqft
    2019-04-01 0 days 1,838 sqft
    2019-05-01 0 days 1,827 sqft
    2019-06-01 0 days 1,806 sqft
    2019-07-01 0 days 1,770 sqft
    2019-08-01 0 days 1,718 sqft
    2019-09-01 0 days 1,702 sqft
    2019-10-01 0 days 1,697 sqft
    2019-11-01 0 days 1,642 sqft
    2019-12-01 0 days 1,618 sqft
    2020-01-01 0 days 1,614 sqft
    2020-02-01 0 days 1,627 sqft
    2020-03-01 0 days 1,622 sqft
    2020-04-01 0 days 1,625 sqft
    2020-05-01 0 days 1,624 sqft
    2020-06-01 0 days 1,610 sqft
    2020-07-01 0 days 1,702 sqft
    2020-08-01 0 days 1,649 sqft
    2020-09-01 0 days 1,696 sqft
    2020-10-01 0 days 1,785 sqft
    2020-11-01 0 days 1,690 sqft
    2020-12-01 0 days 1,695 sqft
    2021-01-01 0 days 1,658 sqft
    2021-02-01 0 days 1,772 sqft
    2021-03-01 0 days 1,924 sqft
    2021-04-01 0 days 1,861 sqft
    2021-05-01 0 days 1,790 sqft
    2021-06-01 0 days 1,639 sqft
    2021-07-01 0 days 1,629 sqft
    2021-08-01 0 days 1,609 sqft
    2021-09-01 0 days 1,723 sqft
    2021-10-01 0 days 1,548 sqft
    2021-11-01 0 days 1,640 sqft
    2021-12-01 0 days 1,630 sqft
    2022-01-01 0 days 1,659 sqft
    2022-02-01 0 days 1,684 sqft
    2022-03-01 0 days 1,649 sqft
    2022-04-01 0 days 1,936 sqft
    2022-05-01 0 days 1,917 sqft
    2022-06-01 0 days 1,907 sqft
    2022-07-01 0 days 1,877 sqft
    2022-08-01 0 days 1,850 sqft
    2022-09-01 0 days 1,839 sqft
    2022-10-01 0 days 1,879 sqft
    2022-11-01 0 days 1,833 sqft
    2022-12-01 0 days 1,826 sqft
    2023-01-01 0 days 1,815 sqft
    2023-02-01 0 days 1,805 sqft
    2023-03-01 0 days 1,819 sqft
    2023-04-01 0 days 1,844 sqft
    2023-05-01 0 days 1,759 sqft
    2023-06-01 0 days 1,933 sqft
    2023-07-01 0 days 1,810 sqft
    2023-08-01 0 days 1,841 sqft
    2023-09-01 0 days 1,900 sqft
    2023-10-01 0 days 1,897 sqft
    2023-11-01 0 days 1,925 sqft
    2023-12-01 0 days 1,840 sqft
    2024-01-01 0 days 1,841 sqft
    2024-02-01 0 days 1,830 sqft
    2024-03-01 0 days 1,862 sqft
    2024-04-01 0 days 1,772 sqft
    2024-05-01 0 days 1,915 sqft
    2024-06-01 0 days 1,968 sqft
    2024-07-01 0 days 1,946 sqft
    2024-08-01 0 days 1,862 sqft
    2024-09-01 0 days 1,911 sqft
    2024-10-01 0 days 1,986 sqft
    Wisconsin Rapids's median listing age (time on market) for 2024-10-01 was 0 days.

    Wisconsin Rapids's median square footage for active listings during the 2024-10-01 period was 1,986 sqft. One year prior, the average listing was 1,897 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).