Coldwater FHA Loan Rates, Closing Costs & Stats

Coldwater, MI

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    • 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 6.68% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.45% and one month ago for the week of 2024-11-08, the average rate was 6.71%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

    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
    2024-06-01 $280,000 (-3.0%) $367,076 (8.1%) 0.00 85
    2024-07-01 $274,974 (-2.5%) $354,252 (10.9%) 0.00 94
    2024-08-01 $265,000 (-7.4%) $341,502 (5.4%) 0.00 93
    2024-09-01 $251,175 (-3.4%) $324,689 (-1.7%) 0.00 101
    2024-10-01 $245,950 (-0.6%) $312,384 (-3.9%) 0.00 110
    2024-11-01 $239,900 (1.3%) $302,379 (-0.9%) 0.00 112
    Coldwater's median listing price for 2024-11-01 was $239,900, a difference of $3,175 (1.3%) versus the prior year and $-6,050 versus the prior month.

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

    Coldwater's average listing price for 2024-11-01 was $302,379, a difference of $-2,748 (-0.9%) versus the prior year and $-10,005 versus the prior month.

    For the 2024-11-01 period, Coldwater had 112 MLS listings, a difference of 2 listings (2%) versus the prior month and 36 listings (47%) 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
    2024-06-01 0 days 1,800 sqft
    2024-07-01 0 days 1,714 sqft
    2024-08-01 0 days 1,722 sqft
    2024-09-01 0 days 1,650 sqft
    2024-10-01 0 days 1,594 sqft
    2024-11-01 0 days 1,600 sqft
    Coldwater's median listing age (time on market) for 2024-11-01 was 0 days.

    Coldwater's median square footage for active listings during the 2024-11-01 period was 1,600 sqft. One year prior, the average listing was 1,526 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).