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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.