Ann Arbor FHA Loans
ANN ARBOR, 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.
Ann Arbor's 84 lenders originated 623 FHA
loans during 2021. The total origination value was $156,475,000, with an average FHA loan value of
$251,164.
Ann Arbor FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Ann Arbor
averaged
5.15%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.08% and
one month ago for the week of 2022-04-08, the
average rate was 4.75%.
The average rate one year ago was 3.05%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Ann Arbor FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Ann Arbor level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Total Fees |
QUICKEN LOANS, LLC
|
149
|
2.71%
|
$5,669
|
UNITED WHOLESALE MORTGAGE, LLC
|
27
|
2.75%
|
$8,514
|
UNIVERSITY LENDING GROUP, LLC
|
22
|
3.03%
|
$7,017
|
CALIBER HOME LOANS, INC.
|
21
|
3.06%
|
$6,670
|
MORTGAGE 1 INCORPORATED
|
17
|
3.35%
|
$7,137
|
Mr. Cooper ( Nationstar Mortgage )
|
15
|
3.32%
|
$4,487
|
HOMESITE MORTGAGE, LLC
|
13
|
3.20%
|
$8,589
|
FREEDOM MORTGAGE CORPORATION
|
13
|
2.82%
|
$4,505
|
LAKEVIEW LOAN SERVICING, LLC
|
12
|
3.01%
|
$4,874
|
CROSSCOUNTRY MORTGAGE, LLC
|
12
|
3.23%
|
$8,804
|
PENNYMAC LOAN SERVICES, LLC
|
12
|
3.21%
|
$5,030
|
BROKER SOLUTIONS, INC.
|
9
|
3.04%
|
$8,321
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
9
|
3.25%
|
$7,066
|
STAUNTON FINANCIAL, INC.
|
9
|
2.86%
|
$7,039
|
NEWREZ LLC
|
8
|
3.09%
|
$6,574
|
ACADEMY MORTGAGE CORPORATION
|
8
|
3.25%
|
$7,916
|
HOME POINT FINANCIAL CORPORATION
|
7
|
2.57%
|
$6,988
|
Flagstar Bank, FSB
|
7
|
2.94%
|
$7,496
|
The Huntington National Bank
|
7
|
3.04%
|
$6,649
|
RUOFF MORTGAGE COMPANY, INC.
|
7
|
3.25%
|
$5,501
|
LOANDEPOT.COM, LLC
|
6
|
3.00%
|
$8,632
|
VILLAGE CAPITAL & INVESTMENT LLC
|
6
|
3.02%
|
$2,141
|
AMERISAVE MORTGAGE CORPORATION
|
5
|
3.00%
|
$7,934
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
5
|
3.43%
|
$9,052
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
5
|
3.25%
|
$7,006
|
AMERICAN FINANCIAL NETWORK, INC.
|
5
|
3.15%
|
$13,488
|
MICHIGAN MUTUAL, INC.
|
4
|
3.13%
|
$7,300
|
TJC Mortgage, Inc.
|
4
|
2.97%
|
$8,959
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
4
|
2.63%
|
$4,877
|
First Guaranty Mortgage Corporation
|
4
|
3.31%
|
$4,799
|
TCF National Bank
|
4
|
2.75%
|
$5,904
|
PLANET HOME LENDING, LLC
|
4
|
2.59%
|
$3,385
|
LAKE MICHIGAN CREDIT UNION
|
3
|
2.96%
|
$7,426
|
AmeriHome Mortgage Company, LLC
|
3
|
2.79%
|
$4,092
|
SUCCESS MORTGAGE PARTNERS, INC.
|
3
|
3.33%
|
$7,978
|
MORTGAGE CENTER L.C
|
3
|
3.38%
|
$5,777
|
InterContinental Capital Group, Inc
|
3
|
2.83%
|
$6,203
|
J. VIRGIL, INC.
|
3
|
3.13%
|
$11,002
|
M/I FINANCIAL, LLC
|
3
|
2.75%
|
$9,187
|
Lakeview Community Capital, LLC
|
3
|
3.25%
|
$4,237
|
Level One Bank
|
2
|
2.81%
|
$6,168
|
ADVISORS CAPITAL, INC.
|
2
|
2.94%
|
$7,043
|
EVERETT FINANCIAL, INC.
|
2
|
3.94%
|
$6,250
|
HIGHLANDS RESIDENTIAL MORTGAGE, LTD.
|
2
|
2.88%
|
$6,923
|
INSPIRE HOME LOANS INC.
|
2
|
3.81%
|
$8,175
|
MICHIGAN FIRST CREDIT UNION
|
2
|
3.25%
|
$8,355
|
PLAZA HOME MORTGAGE, INC.
|
2
|
2.94%
|
$4,727
|
UNION HOME MORTGAGE CORP.
|
2
|
3.38%
|
$7,617
|
U.S. Bank
|
2
|
3.50%
|
$4,686
|
MID AMERICA MORTGAGE, INC.
|
1
|
3.63%
|
$4,403
|
KELLER MORTGAGE, LLC
|
1
|
2.75%
|
$6,590
|
MLD MORTGAGE INC.
|
1
|
3.00%
|
$9,523
|
Ixonia Bank
|
1
|
3.13%
|
$8,093
|
HOWARD HANNA FINANCIAL SERVICES, INC.
|
1
|
4.50%
|
$5,630
|
Mortgage Research Center, LLC
|
1
|
3.13%
|
$5,490
|
Hometown Lenders, Inc.
|
1
|
3.25%
|
$10,746
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
2.75%
|
$6,412
|
NATIONS RELIABLE LENDING, LLC
|
1
|
3.13%
|
$8,813
|
HOMESIDE FINANCIAL, LLC
|
1
|
2.45%
|
$9,289
|
GVC MORTGAGE, INC.
|
1
|
3.25%
|
$6,052
|
GENEVA FINANCIAL, LLC
|
1
|
2.88%
|
$4,226
|
Platinum Home Mortgage Corporation
|
1
|
2.99%
|
$8,233
|
AMERICAN FINANCING CORPORATION
|
1
|
3.00%
|
$12,030
|
Preston Home Loans Inc
|
1
|
3.25%
|
$6,675
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
3.75%
|
$10,210
|
First State Bank
|
1
|
3.63%
|
$5,325
|
RESIDENTIAL BANCORP.
|
1
|
2.63%
|
$6,583
|
ROSS MORTGAGE CORPORATION
|
1
|
4.50%
|
$8,018
|
First Home Bank
|
1
|
3.75%
|
$13,622
|
FINANCE OF AMERICA MORTGAGE LLC
|
1
|
2.63%
|
$8,805
|
Fifth Third Bank
|
1
|
2.88%
|
$7,258
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
2.50%
|
$5,289
|
EMBRACE HOME LOANS, INC.
|
1
|
2.63%
|
$7,569
|
THE ANDERSON FINANCIAL GROUP, INC.
|
1
|
2.88%
|
$9,900
|
The Federal Savings Bank
|
1
|
2.50%
|
$9,243
|
Carrington Mortgage Services, LLC
|
1
|
3.63%
|
$6,945
|
BELEM SERVICING LLC
|
1
|
3.25%
|
$10,341
|
TOWNE MORTGAGE COMPANY
|
1
|
3.13%
|
$7,215
|
ALL WESTERN MORTGAGE, INC.
|
1
|
3.25%
|
$13,743
|
UNITED SECURITY FINANCIAL CORP
|
1
|
2.50%
|
$4,526
|
Low VA Rates, LLC
|
1
|
2.50%
|
$5,074
|
Luxury Mortgage Corp.
|
1
|
3.75%
|
$7,343
|
Bank of England
|
1
|
3.63%
|
$11,192
|
LIBERTY HOME MORTGAGE CORPORATION
|
1
|
3.25%
|
$6,516
|
The top Ann Arbor FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
149 FHA loans originated. Their average total fees are
$5,669, which is $2,845
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Ann Arbor FHA lenders (with over 10 loans originated) are
Mr. Cooper ( Nationstar Mortgage ) ($4,487), FREEDOM MORTGAGE CORPORATION ($4,505), LAKEVIEW LOAN SERVICING, LLC ($4,874), PENNYMAC LOAN SERVICES, LLC ($5,030) and QUICKEN LOANS, LLC ($5,669).
The lowest rate Ann Arbor FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (2.71%), UNITED WHOLESALE MORTGAGE, LLC (2.75%), FREEDOM MORTGAGE CORPORATION (2.82%), LAKEVIEW LOAN SERVICING, LLC (3.01%) and UNIVERSITY LENDING GROUP, LLC (3.03%).
Ann Arbor FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
ANN ARBOR, MI |
WASHTENAW |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
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).