Adrian FHA Loan Rates, Closing Costs & Stats

Adrian, MI

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.

Adrian's 40 lenders originated 234 FHA loans during 2023. The total origination value was $40,890,000, with an average FHA loan value of $174,744.

Adrian FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Adrian averaged 6.51% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

Adrian's average FHA mortgage closing costs are $6,343.

The average rate for the prior week (2024-10-04) was 6.13% and one month ago for the week of 2024-09-06, the average rate was 6.35%.

The average rate one year ago was 7.48%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.18%.

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

Adrian 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 Adrian level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GVC MORTGAGE, INC. 41 7.18% $8,694
QUICKEN LOANS, LLC 39 6.16% $8,999
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 13 6.92% $8,531
UNITED WHOLESALE MORTGAGE, LLC 12 6.43% $11,031
The Huntington National Bank 9 6.44% $7,223
Old National Bank 8 6.31% $6,166
CROSSCOUNTRY MORTGAGE, LLC 7 7.07% $10,066
UNION HOME MORTGAGE CORP. 6 7.52% $7,195
AMERICAN FINANCIAL NETWORK, INC. 6 7.19% $8,791
MORTGAGE 1 INCORPORATED 5 6.12% $11,695
Mr. Cooper ( Nationstar Mortgage ) 3 6.08% $15,545
Flagstar Bank, FSB 3 7.08% $7,075
AMERISAVE MORTGAGE CORPORATION 3 6.38% $9,686
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.46% $9,241
PENNYMAC LOAN SERVICES, LLC 3 6.08% $10,778
LOANDEPOT.COM, LLC 2 6.69% $7,581
CARDINAL FINANCIAL 2 6.00% $7,429
Carrington Mortgage Services, LLC 2 6.06% $8,135
Equity Prime Mortgage LLC 2 7.25% $6,916
FREEDOM MORTGAGE CORPORATION 2 6.50% $12,681
HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.38% $4,960
PLAZA HOME MORTGAGE, INC. 2 7.25% $11,297
Mortgage Research Center, LLC 1 7.63% $6,334
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.99% $15,425
Nations Lending Corporation 1 6.38% $6,623
First Merchants Bank 1 7.00% $12,863
First Federal Bank of the Midwest 1 5.63% $6,819
PLANET HOME LENDING, LLC 1 5.88% $3,939
Wells Fargo Bank 1 6.00% $6,270
Preston Home Loans Inc 1 7.00% $15,417
DELMAR FINANCIAL COMPANY 1 6.63% $8,616
SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $13,253
Summit Mortgage Corporation 1 7.25% $7,930
CORNERSTONE HOME LENDING, INC. 1 6.75% $8,792
TOWNE MORTGAGE COMPANY 1 6.63% $5,806
CALIBER HOME LOANS, INC. 1 6.63% $6,578
UNITED 1 6.88% $6,917
BROKER SOLUTIONS, INC. 1 5.75% $10,154
University Bank 1 6.13% $12,307
KeyBank 1 5.88% $5,864

The top Adrian FHA lender as defined by loan originations is GVC MORTGAGE, INC., with 41 FHA loans originated. Their average total fees are $8,694, which is $304 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Adrian FHA lenders (with over 10 loans originated) are GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION ($8,531), GVC MORTGAGE, INC. ($8,694), QUICKEN LOANS, LLC ($8,999), UNITED WHOLESALE MORTGAGE, LLC ($11,031) and .

The lowest rate Adrian FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.16%), UNITED WHOLESALE MORTGAGE, LLC (6.43%), GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION (6.92%), GVC MORTGAGE, INC. (7.18%) and .

Adrian FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Adrian (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 $139,900 (-0.1%) $170,754 (-1.0%) 0.00 372
2018-02-01 $139,900 (-5.1%) $175,234 (-2.2%) 0.00 359
2018-03-01 $143,000 (-4.6%) $178,549 (-0.6%) 0.00 367
2018-04-01 $149,900 (-5.8%) $193,973 (4.5%) 0.00 390
2018-05-01 $153,988 (-3.4%) $198,482 (5.4%) 0.00 435
2018-06-01 $151,900 (-7.9%) $197,460 (0.3%) 0.00 481
2018-07-01 $155,425 (-5.7%) $203,081 (4.0%) 0.00 493
2018-08-01 $154,925 (-1.6%) $203,335 (5.9%) 0.00 498
2018-09-01 $159,000 (4.6%) $199,093 (4.0%) 0.00 490
2018-10-01 $159,900 (7.1%) $197,295 (5.7%) 0.00 488
2018-11-01 $165,000 (15.2%) $199,099 (11.8%) 0.00 457
2018-12-01 $165,000 (17.9%) $198,363 (14.2%) 0.00 402
2019-01-01 $165,000 (17.9%) $199,841 (17.0%) 0.00 377
2019-02-01 $162,400 (16.1%) $198,670 (13.4%) 0.00 364
2019-03-01 $167,086 (16.8%) $204,631 (14.6%) 0.00 378
2019-04-01 $169,950 (13.4%) $212,215 (9.4%) 0.00 394
2019-05-01 $169,950 (10.4%) $218,277 (10.0%) 0.00 415
2019-06-01 $175,000 (15.2%) $223,898 (13.4%) 0.00 447
2019-07-01 $177,000 (13.9%) $223,121 (9.9%) 0.00 457
2019-08-01 $179,900 (16.1%) $423,408 (108.2%) 0.00 476
2019-09-01 $179,900 (13.1%) $306,089 (53.7%) 0.00 486
2019-10-01 $179,900 (12.5%) $213,878 (8.4%) 0.00 487
2019-11-01 $164,900 (-0.1%) $202,111 (1.5%) 0.00 458
2019-12-01 $159,900 (-3.1%) $196,219 (-1.1%) 0.00 397
2020-01-01 $166,050 (0.6%) $198,168 (-0.8%) 0.00 280
2020-02-01 $159,900 (-1.5%) $203,474 (2.4%) 0.00 254
2020-03-01 $166,150 (-0.6%) $231,405 (13.1%) 0.00 245
2020-04-01 $179,900 (5.9%) $236,321 (11.4%) 0.00 253
2020-05-01 $197,000 (15.9%) $246,941 (13.1%) 0.00 263
2020-06-01 $227,729 (30.1%) $272,083 (21.5%) 0.00 236
2020-07-01 $209,971 (18.6%) $273,206 (22.5%) 0.00 210
2020-08-01 $195,000 (8.4%) $266,570 (-37.0%) 0.00 195
2020-09-01 $196,450 (9.2%) $256,497 (-16.2%) 0.00 196
2020-10-01 $199,900 (11.1%) $255,505 (19.5%) 0.00 184
2020-11-01 $189,675 (15.0%) $244,123 (20.8%) 0.00 180
2020-12-01 $179,913 (12.5%) $241,415 (23.0%) 0.00 140
2021-01-01 $169,900 (2.3%) $227,902 (15.0%) 0.00 127
2021-02-01 $179,888 (12.5%) $247,143 (21.5%) 0.00 131
2021-03-01 $191,900 (15.5%) $283,901 (22.7%) 0.00 115
2021-04-01 $203,669 (13.2%) $293,287 (24.1%) 0.00 104
2021-05-01 $199,900 (1.5%) $307,640 (24.6%) 0.00 122
2021-06-01 $218,650 (-4.0%) $305,851 (12.4%) 0.00 148
2021-07-01 $233,000 (11.0%) $306,744 (12.3%) 0.00 173
2021-08-01 $216,200 (10.9%) $294,736 (10.6%) 0.00 179
2021-09-01 $225,950 (15.0%) $285,678 (11.4%) 0.00 184
2021-10-01 $214,900 (7.5%) $270,304 (5.8%) 0.00 172
2021-11-01 $217,200 (14.5%) $260,681 (6.8%) 0.00 170
2021-12-01 $202,400 (12.5%) $266,407 (10.4%) 0.00 142
2022-01-01 $197,450 (16.2%) $272,439 (19.5%) 0.00 96
2022-02-01 $249,925 (38.9%) $299,951 (21.4%) 0.00 83
2022-03-01 $276,200 (43.9%) $319,767 (12.6%) 0.00 86
2022-04-01 $260,000 (27.7%) $307,421 (4.8%) 0.00 104
2022-05-01 $264,950 (32.5%) $307,770 (0.0%) 0.00 127
2022-06-01 $248,725 (13.8%) $309,922 (1.3%) 0.00 147
2022-07-01 $249,900 (7.3%) $313,213 (2.1%) 0.00 196
2022-08-01 $241,175 (11.6%) $315,466 (7.0%) 0.00 202
2022-09-01 $240,700 (6.5%) $306,444 (7.3%) 0.00 199
2022-10-01 $265,000 (23.3%) $319,526 (18.2%) 0.00 187
2022-11-01 $244,875 (12.7%) $291,446 (11.8%) 0.00 197
2022-12-01 $265,000 (30.9%) $292,666 (9.9%) 0.00 155
2023-01-01 $269,900 (36.7%) $297,964 (9.4%) 0.00 139
2023-02-01 $272,325 (9.0%) $305,449 (1.8%) 0.00 136
2023-03-01 $298,125 (7.9%) $306,917 (-4.0%) 0.00 118
2023-04-01 $289,000 (11.2%) $313,511 (2.0%) 0.00 126
2023-05-01 $299,700 (13.1%) $344,355 (11.9%) 0.00 125
2023-06-01 $299,750 (20.5%) $343,115 (10.7%) 0.00 142
2023-07-01 $290,000 (16.1%) $323,421 (3.3%) 0.00 147
2023-08-01 $275,000 (14.0%) $312,339 (-1.0%) 0.00 150
2023-09-01 $284,900 (18.4%) $311,645 (1.7%) 0.00 171
2023-10-01 $298,350 (12.6%) $326,137 (2.1%) 0.00 198
2023-11-01 $303,950 (24.1%) $325,063 (11.5%) 0.00 202
2023-12-01 $294,900 (11.3%) $313,078 (7.0%) 0.00 167
2024-01-01 $277,950 (3.0%) $301,171 (1.1%) 0.00 151
2024-02-01 $268,725 (-1.3%) $296,804 (-2.8%) 0.00 153
2024-03-01 $289,900 (-2.8%) $321,645 (4.8%) 0.00 164
2024-04-01 $299,950 (3.8%) $340,852 (8.7%) 0.00 150
2024-05-01 $301,175 (0.5%) $357,722 (3.9%) 0.00 166
2024-06-01 $299,900 (0.1%) $354,739 (3.4%) 0.00 173
2024-07-01 $287,375 (-0.9%) $346,416 (7.1%) 0.00 195
2024-08-01 $285,000 (3.6%) $330,911 (6.0%) 0.00 217
2024-09-01 $279,900 (-1.8%) $343,365 (10.2%) 0.00 229
Adrian's median listing price for 2024-09-01 was $279,900, a difference of $-5,000 (-1.8%) versus the prior year and $-5,100 versus the prior month.

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

Adrian's average listing price for 2024-09-01 was $343,365, a difference of $31,720 (10.2%) versus the prior year and $12,454 versus the prior month.

For the 2024-09-01 period, Adrian had 229 MLS listings, a difference of 12 listings (6%) versus the prior month and 58 listings (34%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Adrian (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,553 sqft
2018-02-01 0 days 1,560 sqft
2018-03-01 0 days 1,561 sqft
2018-04-01 0 days 1,590 sqft
2018-05-01 0 days 1,583 sqft
2018-06-01 0 days 1,573 sqft
2018-07-01 0 days 1,579 sqft
2018-08-01 0 days 1,609 sqft
2018-09-01 0 days 1,604 sqft
2018-10-01 0 days 1,578 sqft
2018-11-01 0 days 1,623 sqft
2018-12-01 0 days 1,568 sqft
2019-01-01 0 days 1,536 sqft
2019-02-01 0 days 1,536 sqft
2019-03-01 0 days 1,557 sqft
2019-04-01 0 days 1,590 sqft
2019-05-01 0 days 1,604 sqft
2019-06-01 0 days 1,618 sqft
2019-07-01 0 days 1,612 sqft
2019-08-01 0 days 1,623 sqft
2019-09-01 0 days 1,633 sqft
2019-10-01 0 days 1,640 sqft
2019-11-01 0 days 1,576 sqft
2019-12-01 0 days 1,545 sqft
2020-01-01 0 days 1,652 sqft
2020-02-01 0 days 1,692 sqft
2020-03-01 0 days 1,679 sqft
2020-04-01 0 days 1,692 sqft
2020-05-01 0 days 1,716 sqft
2020-06-01 0 days 1,767 sqft
2020-07-01 0 days 1,722 sqft
2020-08-01 0 days 1,701 sqft
2020-09-01 0 days 1,640 sqft
2020-10-01 0 days 1,708 sqft
2020-11-01 0 days 1,655 sqft
2020-12-01 0 days 1,591 sqft
2021-01-01 0 days 1,500 sqft
2021-02-01 0 days 1,500 sqft
2021-03-01 0 days 1,500 sqft
2021-04-01 0 days 1,643 sqft
2021-05-01 0 days 1,769 sqft
2021-06-01 0 days 1,716 sqft
2021-07-01 0 days 1,703 sqft
2021-08-01 0 days 1,701 sqft
2021-09-01 0 days 1,727 sqft
2021-10-01 0 days 1,719 sqft
2021-11-01 0 days 1,623 sqft
2021-12-01 0 days 1,611 sqft
2022-01-01 0 days 1,605 sqft
2022-02-01 0 days 1,700 sqft
2022-03-01 0 days 1,732 sqft
2022-04-01 0 days 1,680 sqft
2022-05-01 0 days 1,781 sqft
2022-06-01 0 days 1,749 sqft
2022-07-01 0 days 1,700 sqft
2022-08-01 0 days 1,720 sqft
2022-09-01 0 days 1,764 sqft
2022-10-01 0 days 1,761 sqft
2022-11-01 0 days 1,704 sqft
2022-12-01 0 days 1,720 sqft
2023-01-01 0 days 1,729 sqft
2023-02-01 0 days 1,759 sqft
2023-03-01 0 days 1,715 sqft
2023-04-01 0 days 1,712 sqft
2023-05-01 0 days 1,738 sqft
2023-06-01 0 days 1,788 sqft
2023-07-01 0 days 1,736 sqft
2023-08-01 0 days 1,717 sqft
2023-09-01 0 days 1,672 sqft
2023-10-01 0 days 1,753 sqft
2023-11-01 0 days 1,782 sqft
2023-12-01 0 days 1,755 sqft
2024-01-01 0 days 1,690 sqft
2024-02-01 0 days 1,674 sqft
2024-03-01 0 days 1,770 sqft
2024-04-01 0 days 1,848 sqft
2024-05-01 0 days 1,839 sqft
2024-06-01 0 days 1,886 sqft
2024-07-01 0 days 1,800 sqft
2024-08-01 0 days 1,822 sqft
2024-09-01 0 days 1,835 sqft
Adrian's median listing age (time on market) for 2024-09-01 was 0 days.

Adrian's median square footage for active listings during the 2024-09-01 period was 1,835 sqft. One year prior, the average listing was 1,672 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).