Big Rapids FHA Loan Rates, Closing Costs & Stats

Big Rapids, MI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 6.52% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.69% and one month ago for the week of 2024-10-04, the average rate was 6.01%.

    The average rate one year ago was 7.76%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

    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

    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).