Battle Creek FHA Loan Rates, Closing Costs & Stats

BATTLE CREEK, 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.

    Battle Creek's 68 lenders originated 393 FHA loans during 2023. The total origination value was $73,645,000, with an average FHA loan value of $187,392.

    Battle Creek FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Battle Creek averaged 6.84% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Battle Creek's average FHA mortgage closing costs are $5,755.

    The average rate for the prior week (2024-11-01) was 6.71% and one month ago for the week of 2024-10-04, the average rate was 5.93%.

    The average rate one year ago was 7.47%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.67%.

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

    Battle Creek 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 Battle Creek level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 61 6.45% $8,223
    Neighborhood Loans, Inc. 26 6.71% $7,374
    UNION HOME MORTGAGE CORP. 22 6.94% $7,982
    UNITED WHOLESALE MORTGAGE, LLC 20 6.50% $9,322
    Fifth Third Bank 16 6.48% $5,445
    MEMBER FIRST MORTGAGE, LLC 13 6.83% $6,766
    The Huntington National Bank 13 6.78% $5,430
    Flagstar Bank, FSB 9 6.69% $6,694
    LAKE MICHIGAN CREDIT UNION 7 6.63% $7,951
    BROKER SOLUTIONS, INC. 7 6.29% $11,035
    GVC MORTGAGE, INC. 7 6.77% $7,622
    Mr. Cooper ( Nationstar Mortgage ) 6 6.15% $12,243
    Carrington Mortgage Services, LLC 6 6.44% $8,876
    FIRST COMMUNITY MORTGAGE, INC. 6 7.10% $9,830
    AMERISAVE MORTGAGE CORPORATION 6 6.25% $11,788
    CONTOUR MORTGAGE CORPORATION 5 6.78% $9,626
    SUMMIT HOME MORTGAGE, LLC 5 7.25% $6,373
    CHERRY CREEK MORTGAGE, LLC 4 6.25% $2,242
    LOANDEPOT.COM, LLC 4 6.78% $7,816
    Equity Prime Mortgage LLC 4 6.88% $6,042
    SUCCESS MORTGAGE PARTNERS, INC. 4 6.94% $8,614
    Plains Commerce Bank 4 6.72% $8,139
    MORTGAGE 1 INCORPORATED 4 6.34% $9,403
    Prosperity Home Mortgage, LLC 3 7.08% $6,628
    CARDINAL FINANCIAL 3 7.08% $9,977
    FREEDOM MORTGAGE CORPORATION 3 6.92% $9,469
    GUARANTEED RATE, INC. 3 7.67% $6,900
    GUILD MORTGAGE COMPANY 3 7.21% $7,998
    ACADEMY MORTGAGE CORPORATION 3 6.54% $7,186
    RUOFF MORTGAGE COMPANY, INC. 3 7.17% $5,141
    Waterstone Mortgage Corporation 3 7.25% $10,299
    PNC Bank 2 7.00% $5,301
    CROSSCOUNTRY MORTGAGE, LLC 2 7.13% $7,480
    Northpointe Bank 2 6.44% $7,136
    The Dart Bank 2 6.69% $8,243
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.63% $5,981
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $6,277
    NEWREZ LLC 2 5.75% $5,873
    TOWNE MORTGAGE COMPANY 2 7.38% $6,053
    Honor Credit Union 2 7.31% $4,390
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $8,157
    PLAZA HOME MORTGAGE, INC. 2 6.25% $8,800
    Mercantile Bank of Michigan 2 6.88% $5,618
    MICHIGAN MUTUAL, INC. 2 7.00% $5,344
    U.S. Bank 1 6.50% $5,047
    First Savings Bank 1 8.00% $10,406
    Regions Bank 1 6.63% $6,111
    ZILLOW HOME LOANS, LLC 1 6.13% $6,152
    EMM LOANS LLC 1 6.13% $10,707
    T2 FINANCIAL LLC 1 7.13% $4,355
    The Loan Store, Inc. 1 7.13% $15,363
    TOP FLITE FINANCIAL, INC. 1 6.25% $7,833
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $4,960
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $7,831
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $10,994
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $7,735
    Lakeview Community Capital, LLC 1 6.75% $8,028
    Independent Bank 1 7.13% $8,830
    MY MORTGAGE, INC. 1 5.75% $6,590
    Nations Lending Corporation 1 6.75% $9,074
    Horizon Bank 1 6.88% $3,580
    NORTHERN MORTGAGE SERVICES, LLC 1 6.63% $3,121
    OCMBC, INC. 1 7.50% $10,468
    Pacor Mortgage Corp 1 6.63% $5,283
    Paramount Residential Mortgage Group, Inc. 1 7.25% $6,582
    PENNYMAC LOAN SERVICES, LLC 1 5.50% $10,565
    PLANET HOME LENDING, LLC 1 5.63% $9,832
    MMS MORTGAGE SERVICES, LTD. 1 6.88% $6,078

    The top Battle Creek FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 61 FHA loans originated. Their average total fees are $8,223, which is $849 higher than the next largest lender, Neighborhood Loans, Inc..

    The lowest fee Battle Creek FHA lenders (with over 10 loans originated) are The Huntington National Bank ($5,430), Fifth Third Bank ($5,445), MEMBER FIRST MORTGAGE, LLC ($6,766), Neighborhood Loans, Inc. ($7,374) and UNION HOME MORTGAGE CORP. ($7,982).

    The lowest rate Battle Creek FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.45%), Fifth Third Bank (6.48%), UNITED WHOLESALE MORTGAGE, LLC (6.50%), Neighborhood Loans, Inc. (6.71%) and The Huntington National Bank (6.78%).

    Battle Creek FHA Loan Limits

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

    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).