Alpena FHA Loan Rates, Closing Costs & Stats

Alpena, 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.

    Alpena's 11 lenders originated 34 FHA loans during 2023. The total origination value was $4,660,000, with an average FHA loan value of $137,059.

    Alpena FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Alpena averaged 6.89% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Alpena's average FHA mortgage closing costs are $5,485.

    The average rate for the prior week (2024-04-12) was 6.89% and one month ago for the week of 2024-03-15, the average rate was 6.85%.

    The average rate one year ago was 6.58%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Alpena 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 Alpena level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 10 6.06% $6,431
    UNITED WHOLESALE MORTGAGE, LLC 8 6.47% $7,810
    BROKER SOLUTIONS, INC. 2 6.75% $7,890
    PENNYMAC LOAN SERVICES, LLC 2 5.94% $11,352
    STAUNTON FINANCIAL, INC. 2 6.88% $10,348
    NEWREZ LLC 1 6.75% $10,174
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $11,807
    MICHIGAN MUTUAL, INC. 1 6.13% $7,381
    CMG MORTGAGE, INC. 1 6.75% $11,125
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $6,864
    NATIONS RELIABLE LENDING, LLC 1 6.75% $3,893

    The top Alpena FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 10 FHA loans originated. Their average total fees are $6,431, which is $1,379 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Alpena FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($6,431), .

    The lowest rate Alpena FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.06%), .

    Alpena FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Alpena (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 $105,000 (7.0%) $155,485 (33.6%) 0.00 180
    2018-02-01 $100,300 (1.3%) $156,760 (30.8%) 0.00 185
    2018-03-01 $99,900 (-3.9%) $156,418 (24.7%) 0.00 186
    2018-04-01 $105,750 (-2.9%) $164,573 (24.7%) 0.00 188
    2018-05-01 $106,975 (-6.6%) $168,585 (18.8%) 0.00 185
    2018-06-01 $114,900 (4.8%) $170,111 (18.5%) 0.00 205
    2018-07-01 $119,900 (9.1%) $169,178 (16.1%) 0.00 228
    2018-08-01 $119,500 (9.0%) $164,752 (16.7%) 0.00 229
    2018-09-01 $119,900 (7.2%) $168,011 (19.8%) 0.00 221
    2018-10-01 $119,700 (8.9%) $171,342 (6.6%) 0.00 212
    2018-11-01 $119,450 (15.0%) $172,919 (9.3%) 0.00 205
    2018-12-01 $119,900 (10.3%) $174,831 (14.1%) 0.00 182
    2019-01-01 $124,925 (19.0%) $190,342 (22.4%) 0.00 151
    2019-02-01 $121,200 (20.8%) $196,291 (25.2%) 0.00 140
    2019-03-01 $118,336 (18.5%) $195,321 (24.9%) 0.00 130
    2019-04-01 $119,311 (12.8%) $196,529 (19.4%) 0.00 123
    2019-05-01 $123,700 (15.6%) $192,702 (14.3%) 0.00 145
    2019-06-01 $129,900 (13.1%) $187,825 (10.4%) 0.00 160
    2019-07-01 $129,050 (7.6%) $188,673 (11.5%) 0.00 169
    2019-08-01 $128,418 (7.5%) $187,921 (14.1%) 0.00 176
    2019-09-01 $128,745 (7.4%) $188,972 (12.5%) 0.00 189
    2019-10-01 $128,089 (7.0%) $194,803 (13.7%) 0.00 196
    2019-11-01 $125,500 (5.1%) $203,891 (17.9%) 0.00 175
    2019-12-01 $124,200 (3.6%) $205,680 (17.7%) 0.00 168
    2020-01-01 $124,200 (-0.6%) $206,425 (8.5%) 0.00 144
    2020-02-01 $128,950 (6.4%) $204,140 (4.0%) 0.00 127
    2020-03-01 $130,975 (10.7%) $214,430 (9.8%) 0.00 110
    2020-04-01 $135,150 (13.3%) $220,569 (12.2%) 0.00 102
    2020-05-01 $143,950 (16.4%) $229,913 (19.3%) 0.00 97
    2020-06-01 $148,775 (14.5%) $232,158 (23.6%) 0.00 107
    2020-07-01 $156,175 (21.0%) $252,830 (34.0%) 0.00 96
    2020-08-01 $173,250 (34.9%) $270,479 (43.9%) 0.00 73
    2020-09-01 $129,000 (0.2%) $251,949 (33.3%) 0.00 72
    2020-10-01 $139,500 (8.9%) $262,349 (34.7%) 0.00 68
    2020-11-01 $140,900 (12.3%) $210,807 (3.4%) 0.00 63
    2020-12-01 $142,150 (14.5%) $208,827 (1.5%) 0.00 55
    2021-01-01 $137,400 (10.6%) $203,263 (-1.5%) 0.00 52
    2021-02-01 $151,175 (17.2%) $231,030 (13.2%) 0.00 45
    2021-03-01 $161,950 (23.7%) $246,119 (14.8%) 0.00 37
    2021-04-01 $189,000 (39.8%) $250,495 (13.6%) 0.00 27
    2021-05-01 $155,000 (7.7%) $206,009 (-10.4%) 0.00 34
    2021-06-01 $149,450 (0.5%) $210,022 (-9.5%) 0.00 43
    2021-07-01 $176,950 (13.3%) $264,241 (4.5%) 0.00 45
    2021-08-01 $149,600 (-13.7%) $228,220 (-15.6%) 0.00 44
    2021-09-01 $157,225 (21.9%) $276,290 (9.7%) 0.00 51
    2021-10-01 $147,000 (5.4%) $266,429 (1.6%) 0.00 36
    2021-11-01 $136,900 (-2.8%) $244,219 (15.9%) 0.00 40
    2021-12-01 $136,425 (-4.0%) $247,048 (18.3%) 0.00 41
    2022-01-01 $135,000 (-1.8%) $277,625 (36.6%) 0.00 36
    2022-02-01 $152,450 (0.8%) $334,436 (44.8%) 0.00 31
    2022-03-01 $161,725 (-0.1%) $341,337 (38.7%) 0.00 33
    2022-04-01 $167,400 (-11.4%) $900,562 (259.5%) 0.00 34
    2022-05-01 $149,900 (-3.3%) $858,674 (316.8%) 0.00 37
    2022-06-01 $157,725 (5.5%) $795,318 (278.7%) 0.00 41
    2022-07-01 $149,900 (-15.3%) $623,790 (136.1%) 0.00 59
    2022-08-01 $166,225 (11.1%) $704,196 (208.6%) 0.00 57
    2022-09-01 $172,900 (10.0%) $672,455 (143.4%) 0.00 54
    2022-10-01 $169,000 (15.0%) $721,994 (171.0%) 0.00 46
    2022-11-01 $174,925 (27.8%) $762,510 (212.2%) 0.00 44
    2022-12-01 $185,000 (35.6%) $845,899 (242.4%) 0.00 39
    2023-01-01 $181,600 (34.5%) $839,027 (202.2%) 0.00 38
    2023-02-01 $173,550 (13.8%) $1,020,259 (205.1%) 0.00 31
    2023-03-01 $211,000 (30.5%) $1,121,624 (228.6%) 0.00 29
    2023-04-01 $215,000 (28.4%) $976,343 (8.4%) 0.00 27
    2023-05-01 $230,500 (53.8%) $935,097 (8.9%) 0.00 30
    2023-06-01 $228,125 (44.6%) $756,195 (-4.9%) 0.00 42
    2023-07-01 $249,999 (66.8%) $737,998 (18.3%) 0.00 44
    2023-08-01 $244,700 (47.2%) $863,007 (22.6%) 0.00 36
    2023-09-01 $222,450 (28.7%) $785,236 (16.8%) 0.00 46
    2023-10-01 $219,875 (30.1%) $763,416 (5.7%) 0.00 48
    2023-11-01 $189,175 (8.2%) $836,400 (9.7%) 0.00 42
    2023-12-01 $200,000 (8.1%) $931,189 (10.1%) 0.00 31
    2024-01-01 $240,750 (32.6%) $1,039,527 (23.9%) 0.00 27
    2024-02-01 $229,000 (32.0%) $1,141,127 (11.9%) 0.00 25
    2024-03-01 $179,900 (-14.7%) $1,004,490 (-10.4%) 0.00 31
    Alpena's median listing price for 2024-03-01 was $179,900, a difference of $-31,100 (-14.7%) versus the prior year and $-49,100 versus the prior month.

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

    Alpena's average listing price for 2024-03-01 was $1,004,490, a difference of $-117,134 (-10.4%) versus the prior year and $-136,637 versus the prior month.

    For the 2024-03-01 period, Alpena had 31 MLS listings, a difference of 6 listings (24%) versus the prior month and 2 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Alpena (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,538 sqft
    2018-02-01 0 days 1,572 sqft
    2018-03-01 0 days 1,596 sqft
    2018-04-01 0 days 1,565 sqft
    2018-05-01 0 days 1,532 sqft
    2018-06-01 0 days 1,539 sqft
    2018-07-01 0 days 1,570 sqft
    2018-08-01 0 days 1,600 sqft
    2018-09-01 0 days 1,622 sqft
    2018-10-01 0 days 1,628 sqft
    2018-11-01 0 days 1,564 sqft
    2018-12-01 0 days 1,571 sqft
    2019-01-01 0 days 1,620 sqft
    2019-02-01 0 days 1,579 sqft
    2019-03-01 0 days 1,549 sqft
    2019-04-01 0 days 1,531 sqft
    2019-05-01 0 days 1,560 sqft
    2019-06-01 0 days 1,600 sqft
    2019-07-01 0 days 1,651 sqft
    2019-08-01 0 days 1,695 sqft
    2019-09-01 0 days 1,723 sqft
    2019-10-01 0 days 1,752 sqft
    2019-11-01 0 days 1,828 sqft
    2019-12-01 0 days 1,900 sqft
    2020-01-01 0 days 1,900 sqft
    2020-02-01 0 days 1,890 sqft
    2020-03-01 0 days 1,921 sqft
    2020-04-01 0 days 1,991 sqft
    2020-05-01 0 days 1,999 sqft
    2020-06-01 0 days 1,861 sqft
    2020-07-01 0 days 1,892 sqft
    2020-08-01 0 days 1,816 sqft
    2020-09-01 0 days 1,761 sqft
    2020-10-01 0 days 1,787 sqft
    2020-11-01 0 days 1,820 sqft
    2020-12-01 0 days 1,812 sqft
    2021-01-01 0 days 1,842 sqft
    2021-02-01 0 days 1,824 sqft
    2021-03-01 0 days 1,705 sqft
    2021-04-01 0 days 1,824 sqft
    2021-05-01 0 days 1,632 sqft
    2021-06-01 0 days 1,650 sqft
    2021-07-01 0 days 1,815 sqft
    2021-08-01 0 days 1,738 sqft
    2021-09-01 0 days 1,835 sqft
    2021-10-01 0 days 1,795 sqft
    2021-11-01 0 days 1,790 sqft
    2021-12-01 0 days 1,705 sqft
    2022-01-01 0 days 1,743 sqft
    2022-02-01 0 days 1,695 sqft
    2022-03-01 0 days 1,572 sqft
    2022-04-01 0 days 1,678 sqft
    2022-05-01 0 days 1,774 sqft
    2022-06-01 0 days 1,683 sqft
    2022-07-01 0 days 1,768 sqft
    2022-08-01 0 days 1,870 sqft
    2022-09-01 0 days 1,853 sqft
    2022-10-01 0 days 1,750 sqft
    2022-11-01 0 days 1,749 sqft
    2022-12-01 0 days 1,804 sqft
    2023-01-01 0 days 1,775 sqft
    2023-02-01 0 days 1,906 sqft
    2023-03-01 0 days 1,751 sqft
    2023-04-01 0 days 1,800 sqft
    2023-05-01 0 days 1,871 sqft
    2023-06-01 0 days 1,690 sqft
    2023-07-01 0 days 1,864 sqft
    2023-08-01 0 days 1,905 sqft
    2023-09-01 0 days 1,852 sqft
    2023-10-01 0 days 1,842 sqft
    2023-11-01 0 days 1,778 sqft
    2023-12-01 0 days 2,060 sqft
    2024-01-01 0 days 2,235 sqft
    2024-02-01 0 days 1,885 sqft
    2024-03-01 0 days 1,768 sqft
    Alpena's median listing age (time on market) for 2024-03-01 was 0 days.

    Alpena's median square footage for active listings during the 2024-03-01 period was 1,768 sqft. One year prior, the average listing was 1,751 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).