Battle Creek FHA Loan Rates, Closing Costs & Stats

BATTLE CREEK, 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.

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 6.95% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

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

The average rate for the prior week (2024-05-10) was 6.79% and one month ago for the week of 2024-04-12, the average rate was 7.06%.

The average rate one year ago was 6.81%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.99%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Battle Creek (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 $99,900 (5.3%) $163,199 (19.6%) 0.37 400
2018-02-01 $98,650 (-0.7%) $163,307 (17.8%) 0.36 363
2018-03-01 $99,950 (1.0%) $171,913 (21.5%) 0.38 331
2018-04-01 $126,900 (20.9%) $180,830 (6.8%) 0.43 345
2018-05-01 $143,225 (21.7%) $188,387 (10.2%) 0.49 373
2018-06-01 $144,900 (16.0%) $192,222 (13.1%) 0.48 422
2018-07-01 $142,750 (14.3%) $188,845 (8.9%) 0.47 450
2018-08-01 $139,950 (12.1%) $186,153 (6.0%) 0.47 477
2018-09-01 $139,900 (18.6%) $187,947 (11.1%) 0.46 495
2018-10-01 $139,900 (22.8%) $188,533 (13.1%) 0.47 469
2018-11-01 $132,750 (20.7%) $177,359 (6.6%) 0.45 456
2018-12-01 $136,750 (25.5%) $178,660 (9.6%) 0.46 445
2019-01-01 $131,850 (32.0%) $174,765 (7.1%) 0.46 404
2019-02-01 $135,625 (37.5%) $178,911 (9.6%) 0.45 374
2019-03-01 $137,214 (37.3%) $181,251 (5.4%) 0.44 367
2019-04-01 $141,700 (11.7%) $193,515 (7.0%) 0.43 370
2019-05-01 $151,200 (5.6%) $209,022 (11.0%) 0.46 379
2019-06-01 $169,900 (17.3%) $228,299 (18.8%) 0.51 369
2019-07-01 $169,900 (19.0%) $227,364 (20.4%) 0.50 402
2019-08-01 $169,473 (21.1%) $222,001 (19.3%) 0.51 424
2019-09-01 $161,332 (15.3%) $210,904 (12.2%) 0.50 437
2019-10-01 $155,905 (11.4%) $203,506 (7.9%) 0.50 437
2019-11-01 $149,900 (12.9%) $201,436 (13.6%) 0.49 393
2019-12-01 $146,722 (7.3%) $190,706 (6.7%) 0.49 360
2020-01-01 $145,000 (10.0%) $185,471 (6.1%) 0.48 340
2020-02-01 $143,000 (5.4%) $190,437 (6.4%) 0.45 323
2020-03-01 $145,973 (6.4%) $202,831 (11.9%) 0.46 274
2020-04-01 $139,800 (-1.3%) $198,170 (2.4%) 0.44 270
2020-05-01 $149,900 (-0.9%) $206,896 (-1.0%) 0.46 265
2020-06-01 $172,450 (1.5%) $229,298 (0.4%) 0.51 250
2020-07-01 $193,450 (13.9%) $245,000 (7.8%) 0.55 227
2020-08-01 $198,000 (16.8%) $234,670 (5.7%) 0.56 230
2020-09-01 $164,900 (2.2%) $212,997 (1.0%) 0.47 243
2020-10-01 $160,000 (2.6%) $224,258 (10.2%) 0.46 237
2020-11-01 $159,950 (6.7%) $217,989 (8.2%) 0.46 229
2020-12-01 $154,025 (5.0%) $210,136 (10.2%) 0.45 229
2021-01-01 $150,000 (3.5%) $208,524 (12.4%) 0.46 206
2021-02-01 $154,100 (7.8%) $232,360 (22.0%) 0.45 153
2021-03-01 $177,400 (21.5%) $256,039 (26.2%) 0.48 114
2021-04-01 $181,250 (29.7%) $274,000 (38.3%) 0.48 102
2021-05-01 $185,000 (23.4%) $269,882 (30.4%) 0.47 119
2021-06-01 $174,950 (1.5%) $266,853 (16.4%) 0.43 170
2021-07-01 $159,950 (-17.3%) $269,977 (10.2%) 0.40 209
2021-08-01 $167,400 (-15.5%) $254,645 (8.5%) 0.43 233
2021-09-01 $158,000 (-4.2%) $250,827 (17.8%) 0.42 224
2021-10-01 $159,900 (-0.1%) $245,684 (9.6%) 0.41 218
2021-11-01 $171,450 (7.2%) $269,144 (23.5%) 0.45 186
2021-12-01 $159,900 (3.8%) $279,974 (33.2%) 0.43 155
2022-01-01 $159,900 (6.6%) $266,074 (27.6%) 0.41 140
2022-02-01 $164,400 (6.7%) $293,064 (26.1%) 0.41 116
2022-03-01 $193,675 (9.2%) $317,304 (23.9%) 0.48 114
2022-04-01 $199,900 (10.3%) $326,376 (19.1%) 0.47 121
2022-05-01 $222,475 (20.3%) $315,910 (17.1%) 0.50 170
2022-06-01 $215,500 (23.2%) $308,827 (15.7%) 0.47 208
2022-07-01 $198,500 (24.1%) $289,316 (7.2%) 0.44 254
2022-08-01 $199,975 (19.5%) $282,110 (10.8%) 0.47 256
2022-09-01 $197,425 (25.0%) $255,429 (1.8%) 0.00 271
2022-10-01 $185,000 (15.7%) $247,659 (0.8%) 0.00 277
2022-11-01 $188,200 (9.8%) $251,686 (-6.5%) 0.00 283
2022-12-01 $192,450 (20.4%) $244,807 (-12.6%) 0.00 249
2023-01-01 $189,900 (18.8%) $233,548 (-12.2%) 0.00 199
2023-02-01 $182,450 (11.0%) $218,362 (-25.5%) 0.00 168
2023-03-01 $195,000 (0.7%) $265,729 (-16.3%) 0.00 161
2023-04-01 $234,500 (17.3%) $288,619 (-11.6%) 0.00 146
2023-05-01 $249,925 (12.3%) $298,362 (-5.6%) 0.00 166
2023-06-01 $244,200 (13.3%) $300,964 (-2.6%) 0.00 170
2023-07-01 $239,900 (20.9%) $297,153 (2.7%) 0.00 196
2023-08-01 $227,425 (13.7%) $294,981 (4.6%) 0.00 212
2023-09-01 $220,000 (11.4%) $284,849 (11.5%) 0.00 220
2023-10-01 $228,725 (23.6%) $283,737 (14.6%) 0.00 231
2023-11-01 $217,450 (15.5%) $272,129 (8.1%) 0.00 238
2023-12-01 $199,000 (3.4%) $254,847 (4.1%) 0.00 209
2024-01-01 $195,475 (2.9%) $242,680 (3.9%) 0.00 191
2024-02-01 $209,250 (14.7%) $258,991 (18.6%) 0.00 200
2024-03-01 $249,950 (28.2%) $282,820 (6.4%) 0.00 194
2024-04-01 $250,000 (6.6%) $283,701 (-1.7%) 0.00 185
Battle Creek's median listing price for 2024-04-01 was $250,000, a difference of $15,500 (6.6%) versus the prior year and $50 versus the prior month.

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

Battle Creek's average listing price for 2024-04-01 was $283,701, a difference of $-4,918 (-1.7%) versus the prior year and $881 versus the prior month.

For the 2024-04-01 period, Battle Creek had 185 MLS listings, a difference of -9 listings (-5%) versus the prior month and 39 listings (27%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Battle Creek (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 78 days 1,559 sqft
2018-02-01 72 days 1,576 sqft
2018-03-01 61 days 1,636 sqft
2018-04-01 50 days 1,673 sqft
2018-05-01 45 days 1,744 sqft
2018-06-01 42 days 1,800 sqft
2018-07-01 45 days 1,699 sqft
2018-08-01 43 days 1,722 sqft
2018-09-01 45 days 1,719 sqft
2018-10-01 54 days 1,701 sqft
2018-11-01 60 days 1,661 sqft
2018-12-01 69 days 1,662 sqft
2019-01-01 72 days 1,628 sqft
2019-02-01 65 days 1,581 sqft
2019-03-01 57 days 1,591 sqft
2019-04-01 51 days 1,618 sqft
2019-05-01 45 days 1,635 sqft
2019-06-01 50 days 1,698 sqft
2019-07-01 51 days 1,740 sqft
2019-08-01 52 days 1,777 sqft
2019-09-01 52 days 1,766 sqft
2019-10-01 56 days 1,762 sqft
2019-11-01 57 days 1,679 sqft
2019-12-01 68 days 1,742 sqft
2020-01-01 73 days 1,682 sqft
2020-02-01 66 days 1,620 sqft
2020-03-01 62 days 1,690 sqft
2020-04-01 62 days 1,636 sqft
2020-05-01 72 days 1,710 sqft
2020-06-01 58 days 1,768 sqft
2020-07-01 52 days 1,754 sqft
2020-08-01 53 days 1,674 sqft
2020-09-01 49 days 1,558 sqft
2020-10-01 49 days 1,556 sqft
2020-11-01 57 days 1,556 sqft
2020-12-01 60 days 1,568 sqft
2021-01-01 71 days 1,556 sqft
2021-02-01 86 days 1,556 sqft
2021-03-01 84 days 1,556 sqft
2021-04-01 53 days 1,592 sqft
2021-05-01 42 days 1,616 sqft
2021-06-01 34 days 1,616 sqft
2021-07-01 35 days 1,616 sqft
2021-08-01 37 days 1,591 sqft
2021-09-01 46 days 1,528 sqft
2021-10-01 49 days 1,579 sqft
2021-11-01 53 days 1,605 sqft
2021-12-01 61 days 1,598 sqft
2022-01-01 67 days 1,566 sqft
2022-02-01 76 days 1,525 sqft
2022-03-01 59 days 1,575 sqft
2022-04-01 42 days 1,616 sqft
2022-05-01 32 days 1,608 sqft
2022-06-01 35 days 1,595 sqft
2022-07-01 42 days 1,616 sqft
2022-08-01 43 days 1,586 sqft
2022-09-01 0 days 1,624 sqft
2022-10-01 0 days 1,616 sqft
2022-11-01 0 days 1,571 sqft
2022-12-01 0 days 1,616 sqft
2023-01-01 0 days 1,587 sqft
2023-02-01 0 days 1,616 sqft
2023-03-01 0 days 1,616 sqft
2023-04-01 0 days 1,616 sqft
2023-05-01 0 days 1,616 sqft
2023-06-01 0 days 1,616 sqft
2023-07-01 0 days 1,616 sqft
2023-08-01 0 days 1,557 sqft
2023-09-01 0 days 1,584 sqft
2023-10-01 0 days 1,568 sqft
2023-11-01 0 days 1,532 sqft
2023-12-01 0 days 1,491 sqft
2024-01-01 0 days 1,495 sqft
2024-02-01 0 days 1,488 sqft
2024-03-01 0 days 1,542 sqft
2024-04-01 0 days 1,589 sqft
Battle Creek's median listing age (time on market) for 2024-04-01 was 0 days.

Battle Creek's median square footage for active listings during the 2024-04-01 period was 1,589 sqft. One year prior, the average listing was 1,616 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).