Wisconsin Rapids FHA Loan Rates, Closing Costs & Stats

Wisconsin Rapids-Marshfield, 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.

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 -0.12% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.47% and one month ago for the week of 2024-10-25, the average rate was 6.25%.

The average rate one year ago was 7.14%.

For refis of the same type during the week of 2024-11-29, the average rate was 0%.

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).