Big Rapids FHA Loan Rates, Closing Costs & Stats

Big Rapids, 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.

    Big Rapids's 41 lenders originated 107 FHA loans during 2023. The total origination value was $18,835,000, with an average FHA loan value of $176,028.

    Big Rapids FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Big Rapids averaged 6.37% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Big Rapids's average FHA mortgage closing costs are $6,583.

    The average rate for the prior week (2024-12-06) was 6.64% and one month ago for the week of 2024-11-08, the average rate was 6.6%.

    The average rate one year ago was 7.21%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

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

    Big Rapids 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 Big Rapids level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 15 6.01% $8,934
    UNION HOME MORTGAGE CORP. 12 6.98% $8,862
    Mercantile Bank of Michigan 5 6.60% $6,252
    UNITED WHOLESALE MORTGAGE, LLC 5 6.31% $12,774
    Neighborhood Loans, Inc. 5 6.93% $8,714
    The Huntington National Bank 3 6.92% $5,936
    BROKER SOLUTIONS, INC. 3 6.42% $13,678
    FIRST COMMUNITY MORTGAGE, INC. 3 6.88% $10,202
    MORTGAGE 1 INCORPORATED 3 6.42% $13,628
    Preston Home Loans Inc 3 7.33% $7,409
    TOP FLITE FINANCIAL, INC. 3 7.00% $8,999
    Fifth Third Bank 2 6.88% $5,069
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.25% $12,194
    GUILD MORTGAGE COMPANY 2 6.81% $9,595
    AMERICAN FINANCING CORPORATION 2 5.75% $10,956
    Mr. Cooper ( Nationstar Mortgage ) 2 7.00% $13,441
    NEWREZ LLC 2 7.44% $7,324
    PENNYMAC LOAN SERVICES, LLC 2 6.06% $6,517
    SUCCESS MORTGAGE PARTNERS, INC. 2 7.31% $9,327
    AMERICAN FINANCIAL NETWORK, INC. 2 7.63% $6,582
    Carrington Mortgage Services, LLC 2 6.13% $9,955
    CHURCHILL MORTGAGE CORPORATION 2 7.00% $11,321
    CONTOUR MORTGAGE CORPORATION 1 6.75% $10,760
    T2 FINANCIAL LLC 1 6.63% $9,027
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.50% $9,230
    AmeriHome Mortgage Company, LLC 1 7.13% $7,458
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $10,086
    ON Q FINANCIAL, INC. 1 6.99% $10,476
    VILLAGE CAPITAL MORTGAGE 1 5.50% $14,581
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.63% $9,023
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.88% $7,204
    TOWNE MORTGAGE COMPANY 1 7.75% $10,333
    FIRST STATE MORTGAGE SERVICES, LLC 1 7.25% $9,131
    RUOFF MORTGAGE COMPANY, INC. 1 6.63% $9,448
    GSF Mortgage Corporation 1 6.13% $7,472
    STAUNTON FINANCIAL, INC. 1 6.13% $7,503
    Horizon Bank 1 6.63% $4,721
    J. VIRGIL, INC. 1 7.13% $9,386
    LAKE MICHIGAN CREDIT UNION 1 6.00% $5,682
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $3,870
    MMS MORTGAGE SERVICES, LTD. 1 7.25% $7,917

    The top Big Rapids FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 15 FHA loans originated. Their average total fees are $8,934, which is $72 higher than the next largest lender, UNION HOME MORTGAGE CORP..

    The lowest fee Big Rapids FHA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. ($8,862), QUICKEN LOANS, LLC ($8,934), .

    The lowest rate Big Rapids FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.01%), UNION HOME MORTGAGE CORP. (6.98%), .

    Big Rapids FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Big Rapids (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 $142,400 (1.8%) $179,622 (-7.3%) 0.00 248
    2018-02-01 $150,575 (5.9%) $188,291 (-7.5%) 0.00 232
    2018-03-01 $159,900 (7.4%) $195,372 (-3.9%) 0.00 242
    2018-04-01 $160,900 (7.3%) $192,707 (-4.9%) 0.00 252
    2018-05-01 $159,950 (6.7%) $190,158 (-4.2%) 0.00 270
    2018-06-01 $164,900 (8.5%) $191,392 (-2.2%) 0.00 273
    2018-07-01 $164,900 (3.1%) $191,342 (-3.4%) 0.00 283
    2018-08-01 $165,000 (9.5%) $191,248 (-0.5%) 0.00 285
    2018-09-01 $159,450 (6.4%) $187,960 (-0.7%) 0.00 286
    2018-10-01 $156,550 (4.4%) $184,010 (-1.7%) 0.00 268
    2018-11-01 $154,900 (3.7%) $178,751 (-2.8%) 0.00 239
    2018-12-01 $149,900 (0.0%) $174,340 (-5.8%) 0.00 230
    2019-01-01 $159,200 (11.8%) $180,673 (0.6%) 0.00 208
    2019-02-01 $160,475 (6.6%) $180,811 (-4.0%) 0.00 195
    2019-03-01 $159,229 (-0.4%) $180,725 (-7.5%) 0.00 193
    2019-04-01 $165,825 (3.1%) $189,553 (-1.6%) 0.00 210
    2019-05-01 $179,425 (12.2%) $203,415 (7.0%) 0.00 226
    2019-06-01 $181,100 (9.8%) $208,580 (9.0%) 0.00 252
    2019-07-01 $180,550 (9.5%) $209,970 (9.7%) 0.00 285
    2019-08-01 $181,018 (9.7%) $211,739 (10.7%) 0.00 290
    2019-09-01 $182,695 (14.6%) $213,951 (13.8%) 0.00 279
    2019-10-01 $185,500 (18.5%) $215,764 (17.3%) 0.00 263
    2019-11-01 $185,750 (19.9%) $219,234 (22.7%) 0.00 225
    2019-12-01 $186,950 (24.7%) $221,387 (27.0%) 0.00 208
    2020-01-01 $183,825 (15.5%) $224,919 (24.5%) 0.00 196
    2020-02-01 $194,900 (21.5%) $232,278 (28.5%) 0.00 183
    2020-03-01 $199,700 (25.4%) $241,783 (33.8%) 0.00 178
    2020-04-01 $198,500 (19.7%) $242,762 (28.1%) 0.00 177
    2020-05-01 $212,450 (18.4%) $252,302 (24.0%) 0.00 170
    2020-06-01 $216,850 (19.7%) $243,959 (17.0%) 0.00 155
    2020-07-01 $216,725 (20.0%) $239,196 (13.9%) 0.00 136
    2020-08-01 $214,900 (18.7%) $246,171 (16.3%) 0.00 120
    2020-09-01 $188,425 (3.1%) $230,086 (7.5%) 0.00 120
    2020-10-01 $179,250 (-3.4%) $225,786 (4.6%) 0.00 102
    2020-11-01 $178,900 (-3.7%) $220,650 (0.7%) 0.00 98
    2020-12-01 $164,900 (-11.8%) $215,286 (-2.8%) 0.00 76
    2021-01-01 $149,950 (-18.4%) $219,522 (-2.4%) 0.00 60
    2021-02-01 $194,425 (-0.2%) $259,166 (11.6%) 0.00 56
    2021-03-01 $213,750 (7.0%) $267,709 (10.7%) 0.00 59
    2021-04-01 $234,725 (18.3%) $267,383 (10.1%) 0.00 73
    2021-05-01 $195,000 (-8.2%) $239,886 (-4.9%) 0.00 80
    2021-06-01 $189,925 (-12.4%) $238,986 (-2.0%) 0.00 95
    2021-07-01 $209,950 (-3.1%) $251,487 (5.1%) 0.00 114
    2021-08-01 $199,675 (-7.1%) $253,115 (2.8%) 0.00 103
    2021-09-01 $188,750 (0.2%) $245,298 (6.6%) 0.00 88
    2021-10-01 $225,000 (25.5%) $256,247 (13.5%) 0.00 94
    2021-11-01 $218,225 (22.0%) $252,535 (14.5%) 0.00 94
    2021-12-01 $178,475 (8.2%) $236,847 (10.0%) 0.00 84
    2022-01-01 $187,250 (24.9%) $229,331 (4.5%) 0.00 79
    2022-02-01 $257,450 (32.4%) $252,396 (-2.6%) 0.00 70
    2022-03-01 $241,225 (12.9%) $254,184 (-5.1%) 0.00 80
    2022-04-01 $245,000 (4.4%) $258,394 (-3.4%) 0.00 86
    2022-05-01 $233,600 (19.8%) $263,740 (9.9%) 0.00 95
    2022-06-01 $249,925 (31.6%) $274,648 (14.9%) 0.00 116
    2022-07-01 $270,000 (28.6%) $309,401 (23.0%) 0.00 119
    2022-08-01 $270,750 (35.6%) $309,973 (22.5%) 0.00 116
    2022-09-01 $266,250 (41.1%) $300,188 (22.4%) 0.00 116
    2022-10-01 $289,900 (28.8%) $313,451 (22.3%) 0.00 110
    2022-11-01 $298,000 (36.6%) $322,439 (27.7%) 0.00 96
    2022-12-01 $299,000 (67.5%) $328,508 (38.7%) 0.00 95
    2023-01-01 $287,000 (53.3%) $326,775 (42.5%) 0.00 77
    2023-02-01 $312,463 (21.4%) $344,975 (36.7%) 0.00 66
    2023-03-01 $309,950 (28.5%) $352,093 (38.5%) 0.00 72
    2023-04-01 $322,500 (31.6%) $361,097 (39.8%) 0.00 76
    2023-05-01 $324,999 (39.1%) $368,672 (39.8%) 0.00 82
    2023-06-01 $316,250 (26.5%) $353,796 (28.8%) 0.00 92
    2023-07-01 $314,900 (16.6%) $340,771 (10.1%) 0.00 104
    2023-08-01 $292,500 (8.0%) $328,770 (6.1%) 0.00 121
    2023-09-01 $289,900 (8.9%) $340,626 (13.5%) 0.00 129
    2023-10-01 $287,225 (-0.9%) $353,780 (12.9%) 0.00 121
    2023-11-01 $280,000 (-6.0%) $358,774 (11.3%) 0.00 107
    2023-12-01 $257,450 (-13.9%) $358,306 (9.1%) 0.00 107
    2024-01-01 $275,800 (-3.9%) $356,465 (9.1%) 0.00 94
    2024-02-01 $283,450 (-9.3%) $348,589 (1.1%) 0.00 91
    2024-03-01 $284,450 (-8.2%) $349,403 (-0.8%) 0.00 101
    2024-04-01 $282,475 (-12.4%) $348,112 (-3.6%) 0.00 123
    2024-05-01 $295,000 (-9.2%) $371,242 (0.7%) 0.00 130
    2024-06-01 $285,000 (-9.9%) $370,913 (4.8%) 0.00 149
    2024-07-01 $286,500 (-9.0%) $367,747 (7.9%) 0.00 153
    2024-08-01 $285,000 (-2.6%) $364,626 (10.9%) 0.00 161
    2024-09-01 $281,225 (-3.0%) $355,510 (4.4%) 0.00 166
    2024-10-01 $289,175 (0.7%) $371,992 (5.2%) 0.00 173
    2024-11-01 $279,900 (0.0%) $361,724 (0.8%) 0.00 177
    Big Rapids's median listing price for 2024-11-01 was $279,900, a difference of $-100 (0.0%) versus the prior year and $-9,275 versus the prior month.

    Big Rapids's median listing price comes in at 0% of the national average.

    Big Rapids's average listing price for 2024-11-01 was $361,724, a difference of $2,950 (0.8%) versus the prior year and $-10,268 versus the prior month.

    For the 2024-11-01 period, Big Rapids had 177 MLS listings, a difference of 4 listings (2%) versus the prior month and 70 listings (65%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Big Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,678 sqft
    2018-02-01 0 days 1,697 sqft
    2018-03-01 0 days 1,750 sqft
    2018-04-01 0 days 1,716 sqft
    2018-05-01 0 days 1,691 sqft
    2018-06-01 0 days 1,704 sqft
    2018-07-01 0 days 1,692 sqft
    2018-08-01 0 days 1,719 sqft
    2018-09-01 0 days 1,660 sqft
    2018-10-01 0 days 1,677 sqft
    2018-11-01 0 days 1,604 sqft
    2018-12-01 0 days 1,600 sqft
    2019-01-01 0 days 1,676 sqft
    2019-02-01 0 days 1,653 sqft
    2019-03-01 0 days 1,714 sqft
    2019-04-01 0 days 1,800 sqft
    2019-05-01 0 days 1,843 sqft
    2019-06-01 0 days 1,840 sqft
    2019-07-01 0 days 1,796 sqft
    2019-08-01 0 days 1,792 sqft
    2019-09-01 0 days 1,825 sqft
    2019-10-01 0 days 1,845 sqft
    2019-11-01 0 days 1,836 sqft
    2019-12-01 0 days 1,817 sqft
    2020-01-01 0 days 1,810 sqft
    2020-02-01 0 days 1,843 sqft
    2020-03-01 0 days 1,840 sqft
    2020-04-01 0 days 1,803 sqft
    2020-05-01 0 days 1,909 sqft
    2020-06-01 0 days 1,881 sqft
    2020-07-01 0 days 1,800 sqft
    2020-08-01 0 days 1,872 sqft
    2020-09-01 0 days 1,800 sqft
    2020-10-01 0 days 1,768 sqft
    2020-11-01 0 days 1,750 sqft
    2020-12-01 0 days 1,783 sqft
    2021-01-01 0 days 1,777 sqft
    2021-02-01 0 days 1,959 sqft
    2021-03-01 0 days 1,855 sqft
    2021-04-01 0 days 1,863 sqft
    2021-05-01 0 days 1,871 sqft
    2021-06-01 0 days 1,763 sqft
    2021-07-01 0 days 1,706 sqft
    2021-08-01 0 days 1,672 sqft
    2021-09-01 0 days 1,634 sqft
    2021-10-01 0 days 1,787 sqft
    2021-11-01 0 days 1,699 sqft
    2021-12-01 0 days 1,637 sqft
    2022-01-01 0 days 1,664 sqft
    2022-02-01 0 days 1,681 sqft
    2022-03-01 0 days 1,526 sqft
    2022-04-01 0 days 1,576 sqft
    2022-05-01 0 days 1,626 sqft
    2022-06-01 0 days 1,700 sqft
    2022-07-01 0 days 1,700 sqft
    2022-08-01 0 days 1,666 sqft
    2022-09-01 0 days 1,649 sqft
    2022-10-01 0 days 1,602 sqft
    2022-11-01 0 days 1,637 sqft
    2022-12-01 0 days 1,600 sqft
    2023-01-01 0 days 1,589 sqft
    2023-02-01 0 days 1,598 sqft
    2023-03-01 0 days 1,704 sqft
    2023-04-01 0 days 1,664 sqft
    2023-05-01 0 days 1,780 sqft
    2023-06-01 0 days 1,756 sqft
    2023-07-01 0 days 1,771 sqft
    2023-08-01 0 days 1,853 sqft
    2023-09-01 0 days 1,895 sqft
    2023-10-01 0 days 1,920 sqft
    2023-11-01 0 days 1,892 sqft
    2023-12-01 0 days 1,855 sqft
    2024-01-01 0 days 1,801 sqft
    2024-02-01 0 days 1,769 sqft
    2024-03-01 0 days 1,800 sqft
    2024-04-01 0 days 1,723 sqft
    2024-05-01 0 days 1,797 sqft
    2024-06-01 0 days 1,742 sqft
    2024-07-01 0 days 1,794 sqft
    2024-08-01 0 days 1,728 sqft
    2024-09-01 0 days 1,691 sqft
    2024-10-01 0 days 1,771 sqft
    2024-11-01 0 days 1,808 sqft
    Big Rapids's median listing age (time on market) for 2024-11-01 was 0 days.

    Big Rapids's median square footage for active listings during the 2024-11-01 period was 1,808 sqft. One year prior, the average listing was 1,892 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).