Eau Claire FHA Loan Rates, Closing Costs & Stats

EAU CLAIRE, 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.

    Eau Claire's 43 lenders originated 187 FHA loans during 2024. The total origination value was $44,175,000, with an average FHA loan value of $236,230.

    Eau Claire FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Eau Claire averaged 6.78% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Eau Claire's average FHA mortgage closing costs are $7,221.

    The average rate for the prior week (2025-07-11) was 6.58% and one month ago for the week of 2025-06-13, the average rate was 7.03%.

    The average rate one year ago was 7.1%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.31%.

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

    Eau Claire 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 Eau Claire level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 24 6.36% $10,324
    FREEDOM MORTGAGE CORPORATION 15 6.21% $11,925
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.81% $8,418
    LOANDEPOT.COM, LLC 11 6.66% $11,495
    UNION HOME MORTGAGE CORP. 9 6.67% $9,669
    Royal Credit Union 9 6.50% $7,007
    FIRST COMMUNITY MORTGAGE, INC. 8 6.86% $10,422
    UNITED WHOLESALE MORTGAGE, LLC 8 6.07% $11,710
    Prosperity Home Mortgage, LLC 8 6.31% $10,265
    GUARANTEED RATE, INC. 7 6.46% $9,041
    CROSSCOUNTRY MORTGAGE, LLC 6 6.74% $13,398
    Associated Bank 4 6.47% $7,145
    CARDINAL FINANCIAL 4 6.59% $15,274
    AMERICAN FINANCING CORPORATION 4 6.09% $12,987
    PENNYMAC LOAN SERVICES, LLC 4 5.69% $9,459
    ENDEAVOR CAPITAL, LLC. 3 6.42% $9,917
    Ixonia Bank 2 6.50% $8,647
    Mortgage Research Center, LLC 2 6.87% $11,643
    First Federal Bank 2 6.25% $11,441
    Carrington Mortgage Services, LLC 2 6.31% $13,648
    PLAZA HOME MORTGAGE, INC. 2 6.81% $8,362
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $15,245
    U.S. Bank 2 6.75% $8,075
    BAY EQUITY LLC 2 7.38% $9,509
    VILLAGE CAPITAL MORTGAGE 1 6.75% $4,821
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $9,457
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.13% $8,067
    AmeriHome Mortgage Company, LLC 1 6.13% $4,403
    AMERISAVE MORTGAGE CORPORATION 1 6.63% $12,908
    ENVOY MORTGAGE, LTD 1 6.63% $8,994
    Flagstar Bank, FSB 1 6.63% $11,965
    GUILD MORTGAGE COMPANY 1 6.63% $9,851
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $7,566
    LOANPAL, LLC 1 5.88% $14,507
    MID AMERICA MORTGAGE, INC. 1 7.13% $12,774
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $9,287
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $14,851
    NEWREZ LLC 1 5.88% $23,193
    PLANET HOME LENDING, LLC 1 5.75% $3,895
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $18,942
    RUOFF MORTGAGE COMPANY, INC. 1 6.50% $10,169
    University of Wisconsin Credit Union 1 7.00% $8,798
    Alerus Financial 1 6.75% $8,857

    The top Eau Claire FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 24 FHA loans originated. Their average total fees are $10,324, which is $1,601 lower than the next largest lender, FREEDOM MORTGAGE CORPORATION.

    The lowest fee Eau Claire FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,418), QUICKEN LOANS, LLC ($10,324), LOANDEPOT.COM, LLC ($11,495), FREEDOM MORTGAGE CORPORATION ($11,925) and .

    The lowest rate Eau Claire FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (6.21%), QUICKEN LOANS, LLC (6.36%), LOANDEPOT.COM, LLC (6.66%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.81%) and .

    Eau Claire FHA Loan Limits

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

    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).