Cadillac FHA Loan Rates, Closing Costs & Stats

Cadillac, MI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Cadillac's 32 lenders originated 121 FHA loans during 2023. The total origination value was $20,085,000, with an average FHA loan value of $165,992.

    Cadillac FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cadillac averaged 6.61% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Cadillac's average FHA mortgage closing costs are $6,421.

    The average rate for the prior week (2024-12-06) was 6.68% and one month ago for the week of 2024-11-08, the average rate was 6.84%.

    The average rate one year ago was 6.85%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.38%.

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

    Cadillac 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 Cadillac level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 20 6.52% $8,790
    UNITED WHOLESALE MORTGAGE, LLC 9 6.44% $10,673
    The Huntington National Bank 8 6.63% $5,190
    J. VIRGIL, INC. 6 6.79% $9,026
    CALIBER HOME LOANS, INC. 6 6.56% $7,100
    NEWREZ LLC 6 7.00% $9,195
    CARDINAL FINANCIAL 5 6.45% $10,416
    VAN DYK MORTGAGE CORPORATION 5 7.25% $4,768
    Neighborhood Loans, Inc. 4 6.59% $9,084
    MORTGAGE 1 INCORPORATED 4 7.09% $9,674
    Fifth Third Bank 4 6.06% $4,414
    GUILD MORTGAGE COMPANY 3 7.29% $13,369
    FIRST COMMUNITY MORTGAGE, INC. 3 6.21% $10,633
    LAKE MICHIGAN CREDIT UNION 3 7.08% $6,419
    Nations Lending Corporation 2 6.63% $7,346
    UNION HOME MORTGAGE CORP. 2 7.88% $11,187
    BROKER SOLUTIONS, INC. 2 6.94% $11,909
    Horizon Bank 2 7.06% $6,440
    Flagstar Bank, FSB 2 6.63% $9,168
    CROSSCOUNTRY MORTGAGE, LLC 2 7.13% $10,146
    ZILLOW HOME LOANS, LLC 1 6.88% $8,991
    Carrington Mortgage Services, LLC 1 5.63% $14,728
    Century Mortgage Company DBA Century Lending Company 1 6.63% $9,440
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $11,353
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $9,079
    LEADERONE FINANCIAL CORPORATION 1 6.63% $8,234
    LOANDEPOT.COM, LLC 1 7.13% $5,715
    Mortgage Research Center, LLC 1 5.75% $2,514
    PENNYMAC LOAN SERVICES, LLC 1 5.88% $9,059
    PHH Mortgage Corporation 1 6.50% $6,436
    Preston Home Loans Inc 1 7.25% $14,815
    STOCKTON MORTGAGE CORPORATION 1 6.88% $3,932

    The top Cadillac FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 20 FHA loans originated. Their average total fees are $8,790, which is $1,884 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Cadillac FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,790), .

    The lowest rate Cadillac FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.52%), .

    Cadillac FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cadillac (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 $137,606 (14.3%) $162,876 (9.1%) 0.00 236
    2018-02-01 $143,900 (20.0%) $169,208 (14.4%) 0.00 221
    2018-03-01 $149,950 (17.9%) $179,734 (17.4%) 0.00 225
    2018-04-01 $148,325 (11.2%) $177,081 (11.7%) 0.00 230
    2018-05-01 $152,450 (9.2%) $183,166 (11.7%) 0.00 260
    2018-06-01 $160,000 (14.4%) $186,966 (9.9%) 0.00 289
    2018-07-01 $165,450 (18.8%) $188,806 (10.8%) 0.00 305
    2018-08-01 $165,950 (20.7%) $188,413 (14.0%) 0.00 299
    2018-09-01 $169,900 (22.0%) $191,546 (14.5%) 0.00 293
    2018-10-01 $169,950 (20.8%) $194,086 (14.9%) 0.00 266
    2018-11-01 $168,450 (20.9%) $190,105 (14.8%) 0.00 245
    2018-12-01 $154,900 (14.7%) $185,582 (15.1%) 0.00 216
    2019-01-01 $149,900 (8.9%) $180,261 (10.7%) 0.00 208
    2019-02-01 $146,725 (2.0%) $174,655 (3.2%) 0.00 202
    2019-03-01 $147,357 (-1.7%) $173,827 (-3.3%) 0.00 200
    2019-04-01 $145,207 (-2.1%) $174,168 (-1.7%) 0.00 205
    2019-05-01 $151,500 (-0.6%) $182,296 (-0.5%) 0.00 247
    2019-06-01 $169,000 (5.6%) $197,768 (5.8%) 0.00 267
    2019-07-01 $163,700 (-1.1%) $195,774 (3.7%) 0.00 301
    2019-08-01 $159,041 (-4.2%) $192,849 (2.4%) 0.00 310
    2019-09-01 $157,752 (-7.2%) $191,420 (-0.1%) 0.00 308
    2019-10-01 $167,868 (-1.2%) $199,537 (2.8%) 0.00 271
    2019-11-01 $171,200 (1.6%) $204,014 (7.3%) 0.00 232
    2019-12-01 $164,925 (6.5%) $197,608 (6.5%) 0.00 205
    2020-01-01 $169,425 (13.0%) $196,215 (8.9%) 0.00 176
    2020-02-01 $189,900 (29.4%) $216,043 (23.7%) 0.00 157
    2020-03-01 $187,450 (27.2%) $211,828 (21.9%) 0.00 147
    2020-04-01 $184,925 (27.4%) $214,760 (23.3%) 0.00 142
    2020-05-01 $192,900 (27.3%) $215,363 (18.1%) 0.00 151
    2020-06-01 $178,650 (5.7%) $208,467 (5.4%) 0.00 138
    2020-07-01 $174,925 (6.9%) $206,811 (5.6%) 0.00 120
    2020-08-01 $179,900 (13.1%) $213,289 (10.6%) 0.00 106
    2020-09-01 $179,900 (14.0%) $222,852 (16.4%) 0.00 88
    2020-10-01 $174,950 (4.2%) $208,542 (4.5%) 0.00 79
    2020-11-01 $164,000 (-4.2%) $194,503 (-4.7%) 0.00 69
    2020-12-01 $163,650 (-0.8%) $183,826 (-7.0%) 0.00 60
    2021-01-01 $159,000 (-6.2%) $182,410 (-7.0%) 0.00 53
    2021-02-01 $144,950 (-23.7%) $197,510 (-8.6%) 0.00 42
    2021-03-01 $178,450 (-4.8%) $220,463 (4.1%) 0.00 38
    2021-04-01 $180,950 (-2.2%) $227,790 (6.1%) 0.00 39
    2021-05-01 $187,450 (-2.8%) $233,611 (8.5%) 0.00 42
    2021-06-01 $183,675 (2.8%) $242,244 (16.2%) 0.00 49
    2021-07-01 $162,450 (-7.1%) $230,796 (11.6%) 0.00 64
    2021-08-01 $169,450 (-5.8%) $232,407 (9.0%) 0.00 72
    2021-09-01 $191,975 (6.7%) $247,485 (11.1%) 0.00 77
    2021-10-01 $197,200 (12.7%) $248,481 (19.2%) 0.00 85
    2021-11-01 $200,950 (22.5%) $230,294 (18.4%) 0.00 76
    2021-12-01 $203,900 (24.6%) $234,161 (27.4%) 0.00 68
    2022-01-01 $182,175 (14.6%) $229,406 (25.8%) 0.00 62
    2022-02-01 $166,200 (14.7%) $210,630 (6.6%) 0.00 47
    2022-03-01 $163,675 (-8.3%) $196,658 (-10.8%) 0.00 47
    2022-04-01 $172,450 (-4.7%) $218,774 (-4.0%) 0.00 42
    2022-05-01 $195,725 (4.4%) $247,625 (6.0%) 0.00 56
    2022-06-01 $232,400 (26.5%) $272,871 (12.6%) 0.00 60
    2022-07-01 $249,900 (53.8%) $270,268 (17.1%) 0.00 86
    2022-08-01 $228,825 (35.0%) $253,721 (9.2%) 0.00 115
    2022-09-01 $212,449 (10.7%) $250,644 (1.3%) 0.00 115
    2022-10-01 $199,500 (1.2%) $238,083 (-4.2%) 0.00 101
    2022-11-01 $183,650 (-8.6%) $227,456 (-1.2%) 0.00 96
    2022-12-01 $182,250 (-10.6%) $252,666 (7.9%) 0.00 82
    2023-01-01 $188,450 (3.4%) $259,150 (13.0%) 0.00 64
    2023-02-01 $191,175 (15.0%) $255,491 (21.3%) 0.00 57
    2023-03-01 $235,000 (43.6%) $271,512 (38.1%) 0.00 56
    2023-04-01 $267,500 (55.1%) $288,083 (31.7%) 0.00 59
    2023-05-01 $291,950 (49.2%) $333,456 (34.7%) 0.00 66
    2023-06-01 $286,150 (23.1%) $323,574 (18.6%) 0.00 81
    2023-07-01 $262,450 (5.0%) $310,675 (15.0%) 0.00 85
    2023-08-01 $264,250 (15.5%) $304,673 (20.1%) 0.00 97
    2023-09-01 $237,000 (11.6%) $308,251 (23.0%) 0.00 104
    2023-10-01 $244,850 (22.7%) $294,984 (23.9%) 0.00 103
    2023-11-01 $249,950 (36.1%) $296,084 (30.2%) 0.00 96
    2023-12-01 $225,000 (23.5%) $291,030 (15.2%) 0.00 89
    2024-01-01 $227,425 (20.7%) $285,565 (10.2%) 0.00 81
    2024-02-01 $217,400 (13.7%) $273,560 (7.1%) 0.00 69
    2024-03-01 $249,950 (6.4%) $279,392 (2.9%) 0.00 72
    2024-04-01 $261,175 (-2.4%) $295,630 (2.6%) 0.00 73
    2024-05-01 $278,450 (-4.6%) $328,182 (-1.6%) 0.00 85
    2024-06-01 $299,950 (4.8%) $344,171 (6.4%) 0.00 113
    2024-07-01 $284,975 (8.6%) $324,825 (4.6%) 0.00 134
    2024-08-01 $299,900 (13.5%) $325,709 (6.9%) 0.00 144
    2024-09-01 $269,975 (13.9%) $318,544 (3.3%) 0.00 140
    2024-10-01 $264,975 (8.2%) $301,776 (2.3%) 0.00 144
    2024-11-01 $259,000 (3.6%) $292,845 (-1.1%) 0.00 141
    Cadillac's median listing price for 2024-11-01 was $259,000, a difference of $9,050 (3.6%) versus the prior year and $-5,975 versus the prior month.

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

    Cadillac's average listing price for 2024-11-01 was $292,845, a difference of $-3,239 (-1.1%) versus the prior year and $-8,931 versus the prior month.

    For the 2024-11-01 period, Cadillac had 141 MLS listings, a difference of -3 listings (-2%) versus the prior month and 45 listings (47%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cadillac (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,587 sqft
    2018-02-01 0 days 1,600 sqft
    2018-03-01 0 days 1,661 sqft
    2018-04-01 0 days 1,649 sqft
    2018-05-01 0 days 1,649 sqft
    2018-06-01 0 days 1,700 sqft
    2018-07-01 0 days 1,749 sqft
    2018-08-01 0 days 1,727 sqft
    2018-09-01 0 days 1,744 sqft
    2018-10-01 0 days 1,774 sqft
    2018-11-01 0 days 1,735 sqft
    2018-12-01 0 days 1,620 sqft
    2019-01-01 0 days 1,621 sqft
    2019-02-01 0 days 1,612 sqft
    2019-03-01 0 days 1,621 sqft
    2019-04-01 0 days 1,593 sqft
    2019-05-01 0 days 1,575 sqft
    2019-06-01 0 days 1,620 sqft
    2019-07-01 0 days 1,746 sqft
    2019-08-01 0 days 1,719 sqft
    2019-09-01 0 days 1,674 sqft
    2019-10-01 0 days 1,695 sqft
    2019-11-01 0 days 1,800 sqft
    2019-12-01 0 days 1,700 sqft
    2020-01-01 0 days 1,637 sqft
    2020-02-01 0 days 1,620 sqft
    2020-03-01 0 days 1,618 sqft
    2020-04-01 0 days 1,645 sqft
    2020-05-01 0 days 1,732 sqft
    2020-06-01 0 days 1,708 sqft
    2020-07-01 0 days 1,608 sqft
    2020-08-01 0 days 1,800 sqft
    2020-09-01 0 days 1,800 sqft
    2020-10-01 0 days 1,713 sqft
    2020-11-01 0 days 1,621 sqft
    2020-12-01 0 days 1,621 sqft
    2021-01-01 0 days 1,514 sqft
    2021-02-01 0 days 1,513 sqft
    2021-03-01 0 days 1,557 sqft
    2021-04-01 0 days 1,687 sqft
    2021-05-01 0 days 1,607 sqft
    2021-06-01 0 days 1,509 sqft
    2021-07-01 0 days 1,456 sqft
    2021-08-01 0 days 1,448 sqft
    2021-09-01 0 days 1,562 sqft
    2021-10-01 0 days 1,573 sqft
    2021-11-01 0 days 1,608 sqft
    2021-12-01 0 days 1,602 sqft
    2022-01-01 0 days 1,565 sqft
    2022-02-01 0 days 1,436 sqft
    2022-03-01 0 days 1,421 sqft
    2022-04-01 0 days 1,410 sqft
    2022-05-01 0 days 1,449 sqft
    2022-06-01 0 days 1,555 sqft
    2022-07-01 0 days 1,686 sqft
    2022-08-01 0 days 1,668 sqft
    2022-09-01 0 days 1,600 sqft
    2022-10-01 0 days 1,574 sqft
    2022-11-01 0 days 1,509 sqft
    2022-12-01 0 days 1,500 sqft
    2023-01-01 0 days 1,558 sqft
    2023-02-01 0 days 1,500 sqft
    2023-03-01 0 days 1,552 sqft
    2023-04-01 0 days 1,523 sqft
    2023-05-01 0 days 1,600 sqft
    2023-06-01 0 days 1,600 sqft
    2023-07-01 0 days 1,504 sqft
    2023-08-01 0 days 1,469 sqft
    2023-09-01 0 days 1,568 sqft
    2023-10-01 0 days 1,585 sqft
    2023-11-01 0 days 1,569 sqft
    2023-12-01 0 days 1,510 sqft
    2024-01-01 0 days 1,433 sqft
    2024-02-01 0 days 1,336 sqft
    2024-03-01 0 days 1,372 sqft
    2024-04-01 0 days 1,412 sqft
    2024-05-01 0 days 1,638 sqft
    2024-06-01 0 days 1,720 sqft
    2024-07-01 0 days 1,648 sqft
    2024-08-01 0 days 1,707 sqft
    2024-09-01 0 days 1,613 sqft
    2024-10-01 0 days 1,596 sqft
    2024-11-01 0 days 1,560 sqft
    Cadillac's median listing age (time on market) for 2024-11-01 was 0 days.

    Cadillac's median square footage for active listings during the 2024-11-01 period was 1,560 sqft. One year prior, the average listing was 1,569 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).