Coldwater FHA Loan Rates, Closing Costs & Stats

Coldwater, 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.

Coldwater's 28 lenders originated 81 FHA loans during 2023. The total origination value was $13,605,000, with an average FHA loan value of $167,963.

Coldwater FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Coldwater averaged 6.8% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Coldwater's average FHA mortgage closing costs are $6,299.

The average rate for the prior week (2024-05-31) was 6.78% and one month ago for the week of 2024-05-03, the average rate was 7.08%.

The average rate one year ago was 6.65%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.59%.

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

Coldwater 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 Coldwater level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNION HOME MORTGAGE CORP. 11 7.00% $9,439
QUICKEN LOANS, LLC 7 6.48% $9,748
GVC MORTGAGE, INC. 7 7.30% $8,365
RUOFF MORTGAGE COMPANY, INC. 5 6.65% $6,304
Carrington Mortgage Services, LLC 4 5.94% $8,658
UNITED WHOLESALE MORTGAGE, LLC 4 6.12% $10,003
CARDINAL FINANCIAL 3 7.25% $10,907
BROKER SOLUTIONS, INC. 3 6.75% $9,114
Neighborhood Loans, Inc. 3 6.83% $8,415
HOWARD HANNA FINANCIAL SERVICES, INC. 2 7.13% $5,879
NETWORK CAPITAL FUNDING CORPORATION 1 5.63% $11,045
Northpointe Bank 1 6.25% $8,508
PENNYMAC LOAN SERVICES, LLC 1 6.75% $7,620
PHH Mortgage Corporation 1 5.63% $10,364
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.63% $8,871
SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $7,713
SUN WEST MORTGAGE COMPANY, INC. 1 7.00% $5,063
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $11,136
ZILLOW HOME LOANS, LLC 1 5.75% $8,378
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.99% $5,362
Equity Prime Mortgage LLC 1 6.75% $5,659
Flagstar Bank, FSB 1 7.25% $6,240
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.50% $11,106
GUILD MORTGAGE COMPANY 1 7.13% $16,584
LOANDEPOT.COM, LLC 1 5.50% $13,725
MEMBER FIRST MORTGAGE, LLC 1 6.88% $5,359
MICHIGAN MUTUAL, INC. 1 7.63% $8,359
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.13% $10,210

The top Coldwater FHA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 11 FHA loans originated. Their average total fees are $9,439, which is $309 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Coldwater FHA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. ($9,439), .

The lowest rate Coldwater FHA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. (7.00%), .

Coldwater FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Coldwater (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 $129,950 (-10.9%) $209,615 (11.6%) 0.00 156
2018-02-01 $140,650 (-5.1%) $223,001 (9.0%) 0.00 158
2018-03-01 $149,450 (-0.3%) $211,120 (-3.6%) 0.00 152
2018-04-01 $153,400 (2.3%) $213,727 (-4.0%) 0.00 160
2018-05-01 $158,400 (5.7%) $213,840 (-3.7%) 0.00 166
2018-06-01 $161,000 (7.7%) $213,599 (-0.3%) 0.00 166
2018-07-01 $160,950 (7.4%) $212,392 (0.1%) 0.00 179
2018-08-01 $160,825 (3.8%) $212,195 (-0.3%) 0.00 177
2018-09-01 $152,000 (1.4%) $208,986 (-2.0%) 0.00 167
2018-10-01 $161,950 (10.0%) $205,084 (-1.0%) 0.00 159
2018-11-01 $157,000 (5.6%) $197,705 (-6.7%) 0.00 164
2018-12-01 $149,900 (6.5%) $190,658 (-8.4%) 0.00 166
2019-01-01 $145,425 (11.9%) $199,822 (-4.7%) 0.00 145
2019-02-01 $136,900 (-2.7%) $198,104 (-11.2%) 0.00 140
2019-03-01 $141,943 (-5.0%) $200,151 (-5.2%) 0.00 132
2019-04-01 $148,993 (-2.9%) $204,809 (-4.2%) 0.00 133
2019-05-01 $160,225 (1.2%) $222,805 (4.2%) 0.00 131
2019-06-01 $159,900 (-0.7%) $223,954 (4.9%) 0.00 158
2019-07-01 $156,625 (-2.7%) $217,516 (2.4%) 0.00 164
2019-08-01 $148,564 (-7.6%) $210,365 (-0.9%) 0.00 165
2019-09-01 $146,559 (-3.6%) $208,875 (-0.1%) 0.00 166
2019-10-01 $144,975 (-10.5%) $205,583 (0.2%) 0.00 165
2019-11-01 $139,900 (-10.9%) $199,273 (0.8%) 0.00 161
2019-12-01 $138,613 (-7.5%) $205,432 (7.8%) 0.00 161
2020-01-01 $139,450 (-4.1%) $206,607 (3.4%) 0.00 163
2020-02-01 $139,900 (2.2%) $211,958 (7.0%) 0.00 169
2020-03-01 $149,000 (5.0%) $225,414 (12.6%) 0.00 158
2020-04-01 $146,000 (-2.0%) $237,143 (15.8%) 0.00 144
2020-05-01 $156,500 (-2.3%) $248,078 (11.3%) 0.00 139
2020-06-01 $149,800 (-6.3%) $249,355 (11.3%) 0.00 119
2020-07-01 $161,150 (2.9%) $256,894 (18.1%) 0.00 112
2020-08-01 $159,900 (7.6%) $270,220 (28.5%) 0.00 93
2020-09-01 $159,900 (9.1%) $286,437 (37.1%) 0.00 81
2020-10-01 $179,900 (24.1%) $278,581 (35.5%) 0.00 79
2020-11-01 $179,900 (28.6%) $274,698 (37.9%) 0.00 79
2020-12-01 $179,900 (29.8%) $274,044 (33.4%) 0.00 87
2021-01-01 $159,900 (14.7%) $267,224 (29.3%) 0.00 82
2021-02-01 $174,900 (25.0%) $293,856 (38.6%) 0.00 65
2021-03-01 $197,425 (32.5%) $314,868 (39.7%) 0.00 54
2021-04-01 $179,450 (22.9%) $319,652 (34.8%) 0.00 42
2021-05-01 $179,500 (14.7%) $299,847 (20.9%) 0.00 45
2021-06-01 $182,500 (21.8%) $303,049 (21.5%) 0.00 58
2021-07-01 $177,000 (9.8%) $300,735 (17.1%) 0.00 60
2021-08-01 $177,875 (11.2%) $304,801 (12.8%) 0.00 64
2021-09-01 $168,600 (5.4%) $267,710 (-6.5%) 0.00 66
2021-10-01 $179,000 (-0.5%) $303,323 (8.9%) 0.00 65
2021-11-01 $193,700 (7.7%) $297,918 (8.5%) 0.00 71
2021-12-01 $199,000 (10.6%) $302,006 (10.2%) 0.00 65
2022-01-01 $199,000 (24.5%) $297,545 (11.4%) 0.00 56
2022-02-01 $208,675 (19.3%) $310,779 (5.8%) 0.00 51
2022-03-01 $203,450 (3.1%) $283,048 (-10.1%) 0.00 44
2022-04-01 $204,950 (14.2%) $299,089 (-6.4%) 0.00 49
2022-05-01 $231,950 (29.2%) $305,563 (1.9%) 0.00 68
2022-06-01 $266,950 (46.3%) $323,919 (6.9%) 0.00 78
2022-07-01 $239,900 (35.5%) $314,394 (4.5%) 0.00 102
2022-08-01 $238,425 (34.0%) $321,617 (5.5%) 0.00 108
2022-09-01 $239,675 (42.2%) $322,903 (20.6%) 0.00 110
2022-10-01 $234,900 (31.2%) $326,754 (7.7%) 0.00 105
2022-11-01 $238,675 (23.2%) $326,518 (9.6%) 0.00 98
2022-12-01 $229,900 (15.5%) $318,975 (5.6%) 0.00 83
2023-01-01 $229,675 (15.4%) $303,539 (2.0%) 0.00 84
2023-02-01 $227,975 (9.3%) $312,571 (0.6%) 0.00 82
2023-03-01 $234,900 (15.5%) $347,630 (22.8%) 0.00 77
2023-04-01 $240,000 (17.1%) $350,829 (17.3%) 0.00 70
2023-05-01 $249,000 (7.4%) $333,771 (9.2%) 0.00 70
2023-06-01 $288,638 (8.1%) $339,468 (4.8%) 0.00 70
2023-07-01 $281,950 (17.5%) $319,413 (1.6%) 0.00 71
2023-08-01 $286,175 (20.0%) $324,034 (0.8%) 0.00 78
2023-09-01 $259,900 (8.4%) $330,173 (2.3%) 0.00 76
2023-10-01 $247,450 (5.3%) $325,106 (-0.5%) 0.00 86
2023-11-01 $236,725 (-0.8%) $305,127 (-6.6%) 0.00 76
2023-12-01 $239,000 (4.0%) $299,271 (-6.2%) 0.00 78
2024-01-01 $269,900 (17.5%) $315,447 (3.9%) 0.00 87
2024-02-01 $258,675 (13.5%) $323,517 (3.5%) 0.00 97
2024-03-01 $257,400 (9.6%) $334,171 (-3.9%) 0.00 94
2024-04-01 $264,900 (10.4%) $361,528 (3.1%) 0.00 96
2024-05-01 $274,950 (10.4%) $372,406 (11.6%) 0.00 97
Coldwater's median listing price for 2024-05-01 was $274,950, a difference of $25,950 (10.4%) versus the prior year and $10,050 versus the prior month.

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

Coldwater's average listing price for 2024-05-01 was $372,406, a difference of $38,635 (11.6%) versus the prior year and $10,878 versus the prior month.

For the 2024-05-01 period, Coldwater had 97 MLS listings, a difference of 1 listings (1%) versus the prior month and 27 listings (39%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Coldwater (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,590 sqft
2018-02-01 0 days 1,590 sqft
2018-03-01 0 days 1,600 sqft
2018-04-01 0 days 1,591 sqft
2018-05-01 0 days 1,582 sqft
2018-06-01 0 days 1,560 sqft
2018-07-01 0 days 1,600 sqft
2018-08-01 0 days 1,603 sqft
2018-09-01 0 days 1,600 sqft
2018-10-01 0 days 1,600 sqft
2018-11-01 0 days 1,600 sqft
2018-12-01 0 days 1,584 sqft
2019-01-01 0 days 1,613 sqft
2019-02-01 0 days 1,600 sqft
2019-03-01 0 days 1,594 sqft
2019-04-01 0 days 1,600 sqft
2019-05-01 0 days 1,632 sqft
2019-06-01 0 days 1,600 sqft
2019-07-01 0 days 1,624 sqft
2019-08-01 0 days 1,601 sqft
2019-09-01 0 days 1,650 sqft
2019-10-01 0 days 1,683 sqft
2019-11-01 0 days 1,688 sqft
2019-12-01 0 days 1,670 sqft
2020-01-01 0 days 1,688 sqft
2020-02-01 0 days 1,664 sqft
2020-03-01 0 days 1,682 sqft
2020-04-01 0 days 1,679 sqft
2020-05-01 0 days 1,672 sqft
2020-06-01 0 days 1,600 sqft
2020-07-01 0 days 1,650 sqft
2020-08-01 0 days 1,706 sqft
2020-09-01 0 days 1,759 sqft
2020-10-01 0 days 1,693 sqft
2020-11-01 0 days 1,640 sqft
2020-12-01 0 days 1,646 sqft
2021-01-01 0 days 1,546 sqft
2021-02-01 0 days 1,682 sqft
2021-03-01 0 days 1,659 sqft
2021-04-01 0 days 1,581 sqft
2021-05-01 0 days 1,530 sqft
2021-06-01 0 days 1,600 sqft
2021-07-01 0 days 1,526 sqft
2021-08-01 0 days 1,765 sqft
2021-09-01 0 days 1,630 sqft
2021-10-01 0 days 1,743 sqft
2021-11-01 0 days 1,813 sqft
2021-12-01 0 days 1,800 sqft
2022-01-01 0 days 1,800 sqft
2022-02-01 0 days 1,855 sqft
2022-03-01 0 days 1,831 sqft
2022-04-01 0 days 1,726 sqft
2022-05-01 0 days 1,805 sqft
2022-06-01 0 days 1,971 sqft
2022-07-01 0 days 1,826 sqft
2022-08-01 0 days 1,697 sqft
2022-09-01 0 days 1,838 sqft
2022-10-01 0 days 1,876 sqft
2022-11-01 0 days 1,869 sqft
2022-12-01 0 days 1,760 sqft
2023-01-01 0 days 1,800 sqft
2023-02-01 0 days 1,800 sqft
2023-03-01 0 days 1,831 sqft
2023-04-01 0 days 1,800 sqft
2023-05-01 0 days 1,782 sqft
2023-06-01 0 days 1,774 sqft
2023-07-01 0 days 1,586 sqft
2023-08-01 0 days 1,601 sqft
2023-09-01 0 days 1,600 sqft
2023-10-01 0 days 1,570 sqft
2023-11-01 0 days 1,526 sqft
2023-12-01 0 days 1,570 sqft
2024-01-01 0 days 1,723 sqft
2024-02-01 0 days 1,617 sqft
2024-03-01 0 days 1,685 sqft
2024-04-01 0 days 1,711 sqft
2024-05-01 0 days 1,853 sqft
Coldwater's median listing age (time on market) for 2024-05-01 was 0 days.

Coldwater's median square footage for active listings during the 2024-05-01 period was 1,853 sqft. One year prior, the average listing was 1,782 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).