Cadillac FHA Loan Rates, Closing Costs & Stats

Cadillac, 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.

Cadillac's 39 lenders originated 138 FHA loans during 2022. The total origination value was $22,120,000, with an average FHA loan value of $160,290.

Cadillac FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Cadillac averaged 6.74% for the week of 2024-03-15, compared to the national average (all FHA variants) of 6.596% for the same period.

Cadillac's average FHA mortgage closing costs are $6,067.

The average rate for the prior week (2024-03-08) was 6.54% and one month ago for the week of 2024-02-09, the average rate was 6.56%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2024-03-15, the average rate was 5.95%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 21 5.02% $7,845
CALIBER HOME LOANS, INC. 15 5.62% $8,244
Fifth Third Bank 10 4.83% $5,991
AMERIFIRST FINANCIAL CORPORATION 8 5.56% $7,493
J. VIRGIL, INC. 8 5.80% $10,092
UNITED WHOLESALE MORTGAGE, LLC 7 5.12% $7,166
CARDINAL FINANCIAL 6 5.79% $9,207
VAN DYK MORTGAGE CORPORATION 6 5.06% $6,814
AMERISAVE MORTGAGE CORPORATION 3 4.46% $10,381
Neighborhood Loans, Inc. 3 5.17% $7,346
MORTGAGE 1 INCORPORATED 3 5.12% $12,920
The Huntington National Bank 3 3.83% $7,365
Horizon Bank 2 6.25% $5,626
Flagstar Bank, FSB 2 4.75% $7,175
Nations Lending Corporation 2 5.38% $8,933
NEW DAY FINANCIAL, LLC 2 4.56% $5,350
SUCCESS MORTGAGE PARTNERS, INC. 2 4.50% $7,478
GUARANTEED RATE, INC. 1 3.50% $7,059
HOMESIDE FINANCIAL, LLC 1 3.63% $8,136
AMERICAN FINANCIAL RESOURCES, INC. 1 6.50% $4,435
JPMorgan Chase Bank 1 5.63% $4,057
FIRST COMMUNITY MORTGAGE, INC. 1 5.50% $7,349
KeyBank 1 3.75% $8,304
LAKEVIEW LOAN SERVICING, LLC 1 4.75% $6,733
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.50% $7,004
Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $7,595
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $11,090
UNITED MORTGAGE CORP 1 4.63% $10,675
CROSSCOUNTRY MORTGAGE, LLC 1 6.50% $13,727
BAYSHORE MORTGAGE FUNDING, LLC 1 6.13% $7,154
NEWREZ LLC 1 5.63% $13,552
PENNYMAC LOAN SERVICES, LLC 1 5.25% $7,598
CHURCHILL MORTGAGE CORPORATION 1 7.13% $14,836
AmeriHome Mortgage Company, LLC 1 5.63% $8,256
BROKER SOLUTIONS, INC. 1 6.75% $11,703
First Guaranty Mortgage Corporation 1 3.25% $6,069
TOWNE MORTGAGE COMPANY 1 6.25% $6,039
FREEDOM MORTGAGE CORPORATION 1 4.00% $7,312
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.75% $6,281

The top Cadillac FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 21 FHA loans originated. Their average total fees are $7,845, which is $399 lower than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Cadillac FHA lenders (with over 10 loans originated) are Fifth Third Bank ($5,991), QUICKEN LOANS, LLC ($7,845), CALIBER HOME LOANS, INC. ($8,244), .

The lowest rate Cadillac FHA lenders (with over 10 loans originated) are Fifth Third Bank (4.83%), QUICKEN LOANS, LLC (5.02%), CALIBER HOME LOANS, INC. (5.62%), .

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
Cadillac's median listing price for 2024-01-01 was $227,425, a difference of $38,975 (20.7%) versus the prior year and $2,425 versus the prior month.

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

Cadillac's average listing price for 2024-01-01 was $285,565, a difference of $26,415 (10.2%) versus the prior year and $-5,465 versus the prior month.

For the 2024-01-01 period, Cadillac had 81 MLS listings, a difference of -8 listings (-9%) versus the prior month and 17 listings (27%) 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
Cadillac's median listing age (time on market) for 2024-01-01 was 0 days.

Cadillac's median square footage for active listings during the 2024-01-01 period was 1,433 sqft. One year prior, the average listing was 1,558 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).