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 75 lenders originated 470 FHA loans during 2022. The total origination value was $69,610,000, with an average FHA loan value of $148,106.

Battle Creek FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Battle Creek averaged 6.66% for the week of 2024-03-15, compared to the national average (all FHA variants) of 6.596% for the same period.

Battle Creek's average FHA mortgage closing costs are $5,464.

The average rate for the prior week (2024-03-08) was 6.36% and one month ago for the week of 2024-02-09, the average rate was 6.68%.

The average rate one year ago was 6.75%.

For refis of the same type during the week of 2024-03-15, the average rate was 5.23%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 81 4.47% $6,741
AMERIFIRST FINANCIAL CORPORATION 62 5.34% $7,623
UNITED WHOLESALE MORTGAGE, LLC 23 4.93% $6,822
CHERRY CREEK MORTGAGE, LLC 18 5.02% $2,335
Neighborhood Loans, Inc. 17 5.38% $8,049
Flagstar Bank, FSB 16 4.83% $5,832
GVC MORTGAGE, INC. 16 5.34% $7,263
SUCCESS MORTGAGE PARTNERS, INC. 14 5.65% $8,185
Fifth Third Bank 12 4.96% $4,684
UNION HOME MORTGAGE CORP. 12 5.69% $7,585
CONTOUR MORTGAGE CORPORATION 9 5.53% $8,095
The Huntington National Bank 9 5.01% $5,730
AMERISAVE MORTGAGE CORPORATION 8 4.41% $9,457
CROSSCOUNTRY MORTGAGE, LLC 8 5.73% $8,410
RUOFF MORTGAGE COMPANY, INC. 7 4.63% $5,019
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 5.14% $6,797
CALIBER HOME LOANS, INC. 6 5.19% $6,069
BROKER SOLUTIONS, INC. 5 5.07% $7,234
MORTGAGE CENTER L.C 5 4.60% $5,932
CARDINAL FINANCIAL 5 6.00% $8,529
LOANDEPOT.COM, LLC 5 4.79% $7,504
MEMBER FIRST MORTGAGE, LLC 5 5.68% $5,994
Mortgage Research Center, LLC 4 6.56% $5,026
Mr. Cooper ( Nationstar Mortgage ) 4 4.78% $8,933
LAKEVIEW LOAN SERVICING, LLC 4 4.13% $7,082
VILLAGE CAPITAL MORTGAGE 4 3.84% $6,906
LAKE MICHIGAN CREDIT UNION 3 4.29% $5,225
SUMMIT HOME MORTGAGE, LLC 3 4.42% $5,994
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 5.33% $8,077
VAN DYK MORTGAGE CORPORATION 3 5.25% $2,550
Northpointe Bank 3 6.38% $5,825
MICHIGAN MUTUAL, INC. 3 4.71% $5,445
GUARANTEED RATE, INC. 3 5.48% $10,518
FREEDOM MORTGAGE CORPORATION 2 5.56% $7,600
The Dart Bank 2 5.38% $8,566
NEWREZ LLC 2 5.19% $10,465
EVERETT FINANCIAL, INC. 2 6.50% $4,524
PENNYMAC LOAN SERVICES, LLC 2 4.94% $4,975
AMERICAN FINANCING CORPORATION 2 5.44% $5,894
Equity Prime Mortgage LLC 2 5.81% $8,328
Wyndham Capital Mortgage, Inc. 1 5.38% $8,720
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 4.63% $6,399
ARC HOME LLC 1 5.13% $8,979
Bank of America 1 3.13% $4,641
Barrington Bank & Trust Company, N.A. 1 2.75% $10,245
Carrington Mortgage Services, LLC 1 7.00% $8,237
ENVOY MORTGAGE, LTD 1 4.75% $6,333
FINANCE OF AMERICA MORTGAGE LLC 1 4.99% $10,406
First Guaranty Mortgage Corporation 1 5.00% $9,401
GENEVA FINANCIAL, LLC 1 5.38% $4,671
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.00% $10,139
HOMESIDE FINANCIAL, LLC 1 6.13% $6,490
Hometown Lenders, Inc. 1 7.25% $5,062
Independent Bank 1 6.50% $5,730
Ixonia Bank 1 5.13% $7,308
Lakeview Community Capital, LLC 1 4.75% $7,420
LIBERTY HOME MORTGAGE CORPORATION 1 5.63% $14,838
Mercantile Bank of Michigan 1 6.75% $4,200
MID AMERICA MORTGAGE, INC. 1 5.50% $5,808
MORTGAGE 1 INCORPORATED 1 5.88% $9,068
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $8,263
MY MORTGAGE, INC. 1 5.25% $8,316
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $9,021
NETWORK CAPITAL FUNDING CORPORATION 1 4.63% $6,409
NFM, INC. 1 5.63% $13,198
NORTHERN MORTGAGE SERVICES, LLC 1 7.13% $7,113
OMNI Community Credit Union 1 2.75% $8,889
Plains Commerce Bank 1 6.75% $7,701
PLANET HOME LENDING, LLC 1 5.63% $8,426
PLAZA HOME MORTGAGE, INC. 1 6.38% $9,893
PNC Bank 1 4.38% $4,605
Preston Home Loans Inc 1 5.25% $6,722
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.75% $8,336
SUN WEST MORTGAGE COMPANY, INC. 1 4.00% $2,808
TOWNE MORTGAGE COMPANY 1 4.00% $4,996

The top Battle Creek FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 81 FHA loans originated. Their average total fees are $6,741, which is $882 lower than the next largest lender, AMERIFIRST FINANCIAL CORPORATION.

The lowest fee Battle Creek FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($2,335), Fifth Third Bank ($4,684), Flagstar Bank, FSB ($5,832), QUICKEN LOANS, LLC ($6,741) and UNITED WHOLESALE MORTGAGE, LLC ($6,822).

The lowest rate Battle Creek FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.47%), Flagstar Bank, FSB (4.83%), UNITED WHOLESALE MORTGAGE, LLC (4.93%), Fifth Third Bank (4.96%) and CHERRY CREEK MORTGAGE, LLC (5.02%).

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
Battle Creek's median listing price for 2024-01-01 was $195,475, a difference of $5,575 (2.9%) versus the prior year and $-3,525 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 2024-01-01 was $242,680, a difference of $9,132 (3.9%) versus the prior year and $-12,167 versus the prior month.

For the 2024-01-01 period, Battle Creek had 191 MLS listings, a difference of -18 listings (-9%) versus the prior month and -8 listings (-4%) 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
Battle Creek's median listing age (time on market) for 2024-01-01 was 0 days.

Battle Creek's median square footage for active listings during the 2024-01-01 period was 1,495 sqft. One year prior, the average listing was 1,587 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).