Adrian FHA Loan Rates, Closing Costs & Stats

Adrian, MI

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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.

    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 6.68% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.45% and one month ago for the week of 2024-11-08, the average rate was 6.62%.

    The average rate one year ago was 7.23%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.05%.

    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
    2024-10-01 $284,750 (-4.6%) $349,772 (7.3%) 0.00 220
    2024-11-01 $292,450 (-3.8%) $355,496 (9.4%) 0.00 210
    Adrian's median listing price for 2024-11-01 was $292,450, a difference of $-11,500 (-3.8%) versus the prior year and $7,700 versus the prior month.

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

    Adrian's average listing price for 2024-11-01 was $355,496, a difference of $30,433 (9.4%) versus the prior year and $5,724 versus the prior month.

    For the 2024-11-01 period, Adrian had 210 MLS listings, a difference of -10 listings (-5%) versus the prior month and 8 listings (4%) 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
    2024-10-01 0 days 1,835 sqft
    2024-11-01 0 days 1,852 sqft
    Adrian's median listing age (time on market) for 2024-11-01 was 0 days.

    Adrian's median square footage for active listings during the 2024-11-01 period was 1,852 sqft. One year prior, the average listing was 1,782 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).