Ann Arbor FHA Loan Rates, Closing Costs & Stats

ANN ARBOR, 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.

    Ann Arbor's 70 lenders originated 287 FHA loans during 2024. The total origination value was $148,995,000, with an average FHA loan value of $519,146.

    Ann Arbor FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ann Arbor averaged 6.3% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Ann Arbor's average FHA mortgage closing costs are $7,883.

    The average rate for the prior week (2025-03-28) was 6.7% and one month ago for the week of 2025-02-28, the average rate was 6.78%.

    The average rate one year ago was 7%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.33%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Ann Arbor level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 45 6.21% $10,877
    UNITED WHOLESALE MORTGAGE, LLC 40 6.19% $12,497
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 13 6.80% $8,973
    FREEDOM MORTGAGE CORPORATION 12 6.29% $12,780
    CROSSCOUNTRY MORTGAGE, LLC 10 6.69% $11,354
    STAUNTON FINANCIAL, INC. 9 6.72% $9,787
    Flagstar Bank, FSB 7 6.30% $6,692
    LOANDEPOT.COM, LLC 6 6.04% $11,885
    TJC Mortgage, Inc. 6 6.44% $12,161
    M/I FINANCIAL, LLC 6 4.71% $21,064
    PENNYMAC LOAN SERVICES, LLC 5 6.07% $11,160
    UNION HOME MORTGAGE CORP. 5 6.83% $10,587
    MORTGAGE 1 INCORPORATED 4 6.47% $13,305
    NEWREZ LLC 3 6.75% $8,828
    MICHIGAN MUTUAL, INC. 3 6.42% $12,099
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.71% $13,814
    The Huntington National Bank 3 6.63% $8,403
    AMERISAVE MORTGAGE CORPORATION 3 6.13% $16,082
    FIRST COLONY MORTGAGE CORPORATION 3 6.04% $7,484
    LAKEVIEW LOAN SERVICING, LLC 3 6.04% $10,918
    LAKE MICHIGAN CREDIT UNION 3 6.21% $9,108
    AMERICAN FINANCIAL NETWORK, INC. 2 6.38% $10,277
    AMERICAN FINANCING CORPORATION 2 5.63% $17,120
    Equity Prime Mortgage LLC 2 6.75% $10,544
    Mr. Cooper ( Nationstar Mortgage ) 2 6.38% $15,579
    MUTUAL OF OMAHA MORTGAGE, INC. 2 5.75% $21,747
    OCMBC, INC. 2 5.69% $7,240
    ROSS MORTGAGE CORPORATION 2 6.94% $10,584
    RUOFF MORTGAGE COMPANY, INC. 2 6.56% $8,681
    SUN WEST MORTGAGE COMPANY, INC. 2 6.00% $17,299
    THE MORTGAGE LINK, INC. 2 6.63% $19,246
    TOWNE MORTGAGE COMPANY 2 7.00% $9,920
    First Federal Bank of the Midwest 1 6.13% $10,530
    EVERETT FINANCIAL, INC. 1 6.50% $17,097
    LOANPAL, LLC 1 4.75% $13,340
    MICHIGAN FIRST CREDIT UNION 1 6.63% $4,901
    Comerica Bank 1 6.13% $7,319
    CMG MORTGAGE, INC. 1 7.25% $10,473
    Century Mortgage Company DBA Century Lending Company 1 5.75% $15,750
    Mortgage Research Center, LLC 1 6.25% $10,455
    The Loan Store, Inc. 1 7.63% $24,929
    University Bank 1 6.25% $8,987
    NATIONS DIRECT MORTGAGE, LLC 1 6.63% $12,775
    Carrington Mortgage Services, LLC 1 6.00% $12,924
    AmRes Corporation 1 6.25% $12,905
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $7,739
    PHH Mortgage Corporation 1 6.13% $13,195
    PLANET HOME LENDING, LLC 1 6.38% $4,987
    PLAZA HOME MORTGAGE, INC. 1 6.13% $26,817
    POLARIS HOME FUNDING CORP. 1 7.63% $6,738
    Preston Home Loans Inc 1 6.13% $9,936
    Prosperity Home Mortgage, LLC 1 6.63% $5,917
    PULTE MORTGAGE LLC 1 4.38% $12,429
    BROKER SOLUTIONS, INC. 1 6.49% $10,906
    VILLAGE CAPITAL MORTGAGE 1 6.25% $4,400
    ROYAL UNITED MORTGAGE LLC 1 6.63% $7,922
    AmeriHome Mortgage Company, LLC 1 6.99% $6,508
    BLG HOLDINGS, INC. 1 6.63% $6,481
    BETTER MORTGAGE CORPORATION 1 6.00% $6,347
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $12,110
    The Dart Bank 1 6.13% $11,872
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $6,722
    First State Bank 1 6.00% $4,982
    HFG HOLDINGS, LLC 1 5.25% $13,853
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.13% $9,268
    Hometown Equity Mortgage, LLC 1 7.50% $18,512
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.38% $7,437
    JMAC LENDING, INC. 1 6.25% $10,053
    KeyBank 1 7.00% $8,521
    First Merchants Bank 1 5.63% $15,820

    The top Ann Arbor FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 45 FHA loans originated. Their average total fees are $10,877, which is $1,620 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Ann Arbor FHA lenders (with over 10 loans originated) are GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION ($8,973), QUICKEN LOANS, LLC ($10,877), CROSSCOUNTRY MORTGAGE, LLC ($11,354), UNITED WHOLESALE MORTGAGE, LLC ($12,497) and FREEDOM MORTGAGE CORPORATION ($12,780).

    The lowest rate Ann Arbor FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.19%), QUICKEN LOANS, LLC (6.21%), FREEDOM MORTGAGE CORPORATION (6.29%), CROSSCOUNTRY MORTGAGE, LLC (6.69%) and GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION (6.80%).

    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
    ANN ARBOR, MI WASHTENAW 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ann Arbor (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 $389,500 (17.6%) $504,774 (12.9%) 1.44 551
    2018-02-01 $391,125 (13.6%) $512,234 (1.6%) 1.42 543
    2018-03-01 $390,000 (3.8%) $503,965 (-3.0%) 1.37 582
    2018-04-01 $394,950 (1.3%) $488,766 (-7.6%) 1.34 666
    2018-05-01 $406,450 (3.2%) $493,815 (-6.8%) 1.36 800
    2018-06-01 $408,500 (5.0%) $495,888 (-3.1%) 1.36 885
    2018-07-01 $409,500 (7.8%) $486,820 (0.7%) 1.37 981
    2018-08-01 $393,950 (6.5%) $459,729 (-3.7%) 1.32 1,065
    2018-09-01 $390,000 (5.6%) $462,854 (-2.7%) 1.31 1,066
    2018-10-01 $393,625 (6.1%) $463,979 (-6.0%) 1.33 1,040
    2018-11-01 $396,500 (-0.6%) $461,290 (-8.4%) 1.34 965
    2018-12-01 $399,000 (-0.2%) $457,678 (-8.4%) 1.38 837
    2019-01-01 $399,900 (2.7%) $461,700 (-8.5%) 1.38 743
    2019-02-01 $399,950 (2.3%) $468,019 (-8.6%) 1.35 741
    2019-03-01 $404,246 (3.7%) $477,400 (-5.3%) 1.32 850
    2019-04-01 $407,481 (3.2%) $486,408 (-0.5%) 1.29 963
    2019-05-01 $417,250 (2.7%) $492,013 (-0.4%) 1.30 1,071
    2019-06-01 $418,000 (2.3%) $502,446 (1.3%) 1.31 1,117
    2019-07-01 $408,453 (-0.3%) $486,504 (-0.1%) 1.28 1,166
    2019-08-01 $394,445 (0.1%) $471,414 (2.5%) 1.25 1,200
    2019-09-01 $386,264 (-1.0%) $460,886 (-0.4%) 1.24 1,196
    2019-10-01 $379,450 (-3.6%) $450,993 (-2.8%) 1.22 1,192
    2019-11-01 $373,900 (-5.7%) $439,462 (-4.7%) 1.23 1,096
    2019-12-01 $368,750 (-7.6%) $434,260 (-5.1%) 1.23 937
    2020-01-01 $368,528 (-7.9%) $432,704 (-6.3%) 1.23 811
    2020-02-01 $388,495 (-2.9%) $452,148 (-3.4%) 1.27 792
    2020-03-01 $398,950 (-1.3%) $467,537 (-2.1%) 1.25 860
    2020-04-01 $399,000 (-2.1%) $460,991 (-5.2%) 1.25 890
    2020-05-01 $398,000 (-4.6%) $457,143 (-7.1%) 1.21 1,063
    2020-06-01 $398,920 (-4.6%) $463,812 (-7.7%) 1.18 1,080
    2020-07-01 $399,450 (-2.2%) $471,699 (-3.0%) 1.16 1,033
    2020-08-01 $398,900 (1.1%) $473,257 (0.4%) 1.14 1,009
    2020-09-01 $399,950 (3.5%) $482,726 (4.7%) 1.15 959
    2020-10-01 $409,998 (8.1%) $494,034 (9.5%) 1.17 892
    2020-11-01 $418,250 (11.9%) $491,874 (11.9%) 1.22 791
    2020-12-01 $416,455 (12.9%) $491,595 (13.2%) 1.24 698
    2021-01-01 $429,900 (16.7%) $510,994 (18.1%) 1.28 563
    2021-02-01 $443,241 (14.1%) $537,303 (18.8%) 1.29 488
    2021-03-01 $449,600 (12.7%) $541,471 (15.8%) 1.28 456
    2021-04-01 $449,300 (12.6%) $559,009 (21.3%) 1.22 454
    2021-05-01 $439,000 (10.3%) $559,444 (22.4%) 1.17 505
    2021-06-01 $424,850 (6.5%) $549,654 (18.5%) 1.12 598
    2021-07-01 $422,000 (5.7%) $550,094 (16.6%) 1.11 665
    2021-08-01 $399,950 (0.3%) $531,540 (12.3%) 1.07 692
    2021-09-01 $412,475 (3.1%) $543,570 (12.6%) 1.10 613
    2021-10-01 $415,000 (1.2%) $553,831 (12.1%) 1.11 560
    2021-11-01 $399,100 (-4.6%) $554,373 (12.7%) 1.07 489
    2021-12-01 $407,745 (-2.1%) $563,225 (14.6%) 1.10 411
    2022-01-01 $428,695 (-0.3%) $576,600 (12.8%) 1.16 329
    2022-02-01 $444,500 (0.3%) $598,012 (11.3%) 1.16 293
    2022-03-01 $414,250 (-7.9%) $578,053 (6.8%) 1.04 308
    2022-04-01 $429,900 (-4.3%) $585,294 (4.7%) 1.02 358
    2022-05-01 $450,383 (2.6%) $591,117 (5.7%) 1.03 398
    2022-06-01 $449,938 (5.9%) $564,667 (2.7%) 1.00 479
    2022-07-01 $453,390 (7.4%) $568,611 (3.4%) 1.02 583
    2022-08-01 $449,944 (12.5%) $547,140 (2.9%) 1.04 621
    2022-09-01 $449,830 (9.1%) $547,848 (0.8%) 1.05 619
    2022-10-01 $449,000 (8.2%) $552,613 (-0.2%) 1.06 624
    2022-11-01 $436,725 (9.4%) $544,276 (-1.8%) 1.05 589
    2022-12-01 $420,000 (3.0%) $543,487 (-3.5%) 1.04 465
    2023-01-01 $430,000 (0.3%) $566,369 (-1.8%) 1.07 416
    2023-02-01 $449,495 (1.1%) $597,447 (-0.1%) 1.08 368
    2023-03-01 $468,750 (13.2%) $631,888 (9.3%) 1.11 374
    2023-04-01 $475,000 (10.5%) $646,643 (10.5%) 1.10 394
    2023-05-01 $495,450 (10.0%) $644,195 (9.0%) 1.12 393
    2023-06-01 $511,070 (13.6%) $661,149 (17.1%) 1.15 417
    2023-07-01 $529,900 (16.9%) $677,324 (19.1%) 1.20 440
    2023-08-01 $499,589 (11.0%) $650,040 (18.8%) 1.15 443
    2023-09-01 $498,845 (10.9%) $653,735 (19.3%) 1.16 453
    2023-10-01 $484,120 (7.8%) $642,515 (16.3%) 1.14 465
    2023-11-01 $489,118 (12.0%) $646,613 (18.8%) 1.16 553
    2023-12-01 $495,790 (18.1%) $668,473 (23.0%) 1.21 388
    2024-01-01 $505,895 (17.7%) $664,712 (17.4%) 1.24 344
    2024-02-01 $516,455 (14.9%) $688,294 (15.2%) 1.24 327
    2024-03-01 $525,000 (12.0%) $669,032 (5.9%) 1.24 362
    2024-04-01 $550,293 (15.9%) $690,983 (6.9%) 1.28 389
    2024-05-01 $549,500 (10.9%) $691,978 (7.4%) 1.25 451
    2024-06-01 $525,000 (2.7%) $668,194 (1.1%) 1.19 509
    2024-07-01 $526,500 (-0.6%) $650,321 (-4.0%) 1.20 513
    2024-08-01 $513,790 (2.8%) $652,481 (0.4%) 1.19 566
    2024-09-01 $509,450 (2.1%) $643,567 (-1.6%) 1.20 598
    2024-10-01 $472,473 (-2.4%) $618,667 (-3.7%) 1.11 582
    2024-11-01 $469,900 (-3.9%) $615,044 (-4.9%) 1.13 539
    2024-12-01 $454,500 (-8.3%) $593,572 (-11.2%) 1.13 438
    2025-01-01 $459,495 (-9.2%) $627,370 (-5.6%) 1.15 402
    2025-02-01 $484,708 (-6.2%) $645,392 (-6.2%) 1.18 399
    2025-03-01 $519,900 (-1.0%) $686,725 (2.6%) 0.00 450
    Ann Arbor's median listing price for 2025-03-01 was $519,900, a difference of $-5,100 (-1.0%) versus the prior year and $35,192 versus the prior month.

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

    Ann Arbor's average listing price for 2025-03-01 was $686,725, a difference of $17,693 (2.6%) versus the prior year and $41,333 versus the prior month.

    For the 2025-03-01 period, Ann Arbor had 450 MLS listings, a difference of 51 listings (13%) versus the prior month and 88 listings (24%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ann Arbor (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 82 days 2,091 sqft
    2018-02-01 70 days 2,136 sqft
    2018-03-01 44 days 2,043 sqft
    2018-04-01 35 days 2,058 sqft
    2018-05-01 32 days 2,069 sqft
    2018-06-01 38 days 2,082 sqft
    2018-07-01 41 days 2,053 sqft
    2018-08-01 42 days 1,974 sqft
    2018-09-01 52 days 1,996 sqft
    2018-10-01 57 days 2,004 sqft
    2018-11-01 59 days 1,999 sqft
    2018-12-01 71 days 1,962 sqft
    2019-01-01 86 days 1,962 sqft
    2019-02-01 80 days 1,984 sqft
    2019-03-01 56 days 2,032 sqft
    2019-04-01 38 days 2,085 sqft
    2019-05-01 43 days 2,086 sqft
    2019-06-01 44 days 2,100 sqft
    2019-07-01 49 days 2,085 sqft
    2019-08-01 53 days 2,062 sqft
    2019-09-01 59 days 2,044 sqft
    2019-10-01 63 days 2,034 sqft
    2019-11-01 68 days 2,004 sqft
    2019-12-01 89 days 2,022 sqft
    2020-01-01 96 days 1,999 sqft
    2020-02-01 80 days 2,064 sqft
    2020-03-01 40 days 2,100 sqft
    2020-04-01 54 days 2,064 sqft
    2020-05-01 59 days 2,047 sqft
    2020-06-01 41 days 2,034 sqft
    2020-07-01 49 days 2,042 sqft
    2020-08-01 51 days 2,028 sqft
    2020-09-01 52 days 2,029 sqft
    2020-10-01 52 days 2,056 sqft
    2020-11-01 57 days 1,994 sqft
    2020-12-01 73 days 1,999 sqft
    2021-01-01 85 days 2,036 sqft
    2021-02-01 72 days 2,048 sqft
    2021-03-01 41 days 1,997 sqft
    2021-04-01 28 days 1,978 sqft
    2021-05-01 30 days 1,946 sqft
    2021-06-01 30 days 1,964 sqft
    2021-07-01 37 days 1,912 sqft
    2021-08-01 38 days 1,846 sqft
    2021-09-01 51 days 1,883 sqft
    2021-10-01 64 days 1,885 sqft
    2021-11-01 66 days 1,890 sqft
    2021-12-01 77 days 1,872 sqft
    2022-01-01 84 days 1,854 sqft
    2022-02-01 61 days 1,817 sqft
    2022-03-01 30 days 1,702 sqft
    2022-04-01 27 days 1,787 sqft
    2022-05-01 26 days 1,854 sqft
    2022-06-01 24 days 1,908 sqft
    2022-07-01 29 days 1,955 sqft
    2022-08-01 37 days 1,898 sqft
    2022-09-01 41 days 1,914 sqft
    2022-10-01 44 days 1,952 sqft
    2022-11-01 51 days 1,912 sqft
    2022-12-01 68 days 1,852 sqft
    2023-01-01 67 days 1,853 sqft
    2023-02-01 50 days 1,908 sqft
    2023-03-01 38 days 1,940 sqft
    2023-04-01 33 days 1,918 sqft
    2023-05-01 33 days 1,929 sqft
    2023-06-01 32 days 2,012 sqft
    2023-07-01 37 days 2,063 sqft
    2023-08-01 35 days 2,046 sqft
    2023-09-01 38 days 1,983 sqft
    2023-10-01 38 days 1,990 sqft
    2023-11-01 51 days 2,034 sqft
    2023-12-01 59 days 2,055 sqft
    2024-01-01 69 days 2,112 sqft
    2024-02-01 53 days 2,103 sqft
    2024-03-01 33 days 2,114 sqft
    2024-04-01 35 days 2,199 sqft
    2024-05-01 27 days 2,247 sqft
    2024-06-01 36 days 2,164 sqft
    2024-07-01 37 days 2,134 sqft
    2024-08-01 39 days 2,082 sqft
    2024-09-01 41 days 2,068 sqft
    2024-10-01 42 days 2,010 sqft
    2024-11-01 47 days 1,989 sqft
    2024-12-01 61 days 1,932 sqft
    2025-01-01 54 days 1,970 sqft
    2025-02-01 42 days 2,068 sqft
    2025-03-01 0 days 2,116 sqft
    Ann Arbor's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Ann Arbor's median square footage for active listings during the 2025-03-01 period was 2,116 sqft. One year prior, the average listing was 2,114 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).