Big Rapids FHA Loan Rates, Closing Costs & Stats

Big Rapids, 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.

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 0.09% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.59% and one month ago for the week of 2024-10-25, the average rate was 6.66%.

The average rate one year ago was 7.05%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.2%.

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
Big Rapids's median listing price for 2024-10-01 was $289,175, a difference of $1,950 (0.7%) versus the prior year and $7,950 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 2024-10-01 was $371,992, a difference of $18,212 (5.2%) versus the prior year and $16,482 versus the prior month.

For the 2024-10-01 period, Big Rapids had 173 MLS listings, a difference of 7 listings (4%) versus the prior month and 52 listings (43%) 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
Big Rapids's median listing age (time on market) for 2024-10-01 was 0 days.

Big Rapids's median square footage for active listings during the 2024-10-01 period was 1,771 sqft. One year prior, the average listing was 1,920 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).