Detroit FHA Loan Rates, Closing Costs & Stats

DETROIT-DEARBORN-LIVONIA, 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.

    Detroit FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Detroit averaged 0% for the week of 2025-04-25, compared to the national average (all FHA variants) of 6.532% for the same period.

    Detroit's average FHA mortgage closing costs are $0.

    The average rate for the prior week (2025-04-18) was 0% and one month ago for the week of 2025-03-21, the average rate was 0%.

    The average rate one year ago was 0%.

    For refis of the same type during the week of 2025-04-25, the average rate was 0%.

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

    Detroit 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 Detroit level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs

    The lowest fee Detroit FHA lenders (with over 10 loans originated) are .

    The lowest rate Detroit FHA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Detroit (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 $199,900 (7.3%) $309,612 (5.3%) 0.74 9,943
    2018-02-01 $205,995 (7.1%) $318,931 (6.5%) 0.75 9,273
    2018-03-01 $224,900 (5.9%) $338,115 (8.3%) 0.79 9,085
    2018-04-01 $242,450 (7.8%) $343,602 (5.1%) 0.82 9,494
    2018-05-01 $249,900 (6.6%) $348,798 (3.2%) 0.83 10,499
    2018-06-01 $252,900 (7.4%) $353,472 (3.9%) 0.84 11,784
    2018-07-01 $249,900 (6.3%) $346,109 (2.7%) 0.83 12,982
    2018-08-01 $244,950 (8.1%) $336,207 (2.9%) 0.82 14,306
    2018-09-01 $239,900 (6.6%) $334,438 (2.9%) 0.81 14,961
    2018-10-01 $231,200 (4.4%) $326,445 (1.2%) 0.78 14,884
    2018-11-01 $225,000 (4.1%) $318,682 (0.1%) 0.76 14,432
    2018-12-01 $219,900 (4.8%) $314,529 (-0.2%) 0.76 13,257
    2019-01-01 $218,750 (9.4%) $313,352 (1.2%) 0.76 12,164
    2019-02-01 $219,950 (6.8%) $317,074 (-0.6%) 0.74 11,497
    2019-03-01 $232,814 (3.5%) $329,700 (-2.5%) 0.76 11,352
    2019-04-01 $250,400 (3.3%) $345,434 (0.5%) 0.80 11,489
    2019-05-01 $259,900 (4.0%) $351,994 (0.9%) 0.81 12,361
    2019-06-01 $262,000 (3.6%) $350,214 (-0.9%) 0.82 13,709
    2019-07-01 $259,900 (4.0%) $344,100 (-0.6%) 0.81 14,991
    2019-08-01 $253,355 (3.4%) $337,148 (0.3%) 0.80 15,527
    2019-09-01 $243,536 (1.5%) $328,224 (-1.9%) 0.78 15,830
    2019-10-01 $236,991 (2.5%) $321,800 (-1.4%) 0.76 15,906
    2019-11-01 $229,900 (2.2%) $317,760 (-0.3%) 0.75 14,872
    2019-12-01 $224,900 (2.3%) $311,265 (-1.0%) 0.75 13,036
    2020-01-01 $219,950 (0.6%) $310,516 (-0.9%) 0.74 11,629
    2020-02-01 $222,500 (1.2%) $315,616 (-0.5%) 0.73 10,735
    2020-03-01 $237,950 (2.2%) $329,604 (0.0%) 0.75 10,379
    2020-04-01 $244,018 (-2.6%) $333,336 (-3.5%) 0.76 9,897
    2020-05-01 $249,900 (-3.9%) $338,741 (-3.8%) 0.76 10,721
    2020-06-01 $272,725 (4.1%) $365,221 (4.3%) 0.80 10,264
    2020-07-01 $278,500 (7.2%) $374,380 (8.8%) 0.81 9,833
    2020-08-01 $274,900 (8.5%) $373,983 (10.9%) 0.79 9,310
    2020-09-01 $269,950 (10.9%) $373,511 (13.8%) 0.77 8,991
    2020-10-01 $265,000 (11.8%) $373,840 (16.2%) 0.76 8,483
    2020-11-01 $254,950 (10.9%) $373,438 (17.5%) 0.75 7,676
    2020-12-01 $249,950 (11.1%) $370,831 (19.1%) 0.74 6,753
    2021-01-01 $249,900 (13.6%) $372,979 (20.1%) 0.75 5,689
    2021-02-01 $250,000 (12.4%) $388,722 (23.2%) 0.73 4,730
    2021-03-01 $266,294 (11.9%) $398,162 (20.8%) 0.76 4,596
    2021-04-01 $269,950 (10.6%) $405,925 (21.8%) 0.73 4,725
    2021-05-01 $279,900 (12.0%) $409,975 (21.0%) 0.74 5,267
    2021-06-01 $276,575 (1.4%) $396,675 (8.6%) 0.73 6,498
    2021-07-01 $275,000 (-1.3%) $391,506 (4.6%) 0.73 7,192
    2021-08-01 $267,400 (-2.7%) $383,727 (2.6%) 0.71 7,991
    2021-09-01 $249,950 (-7.4%) $370,605 (-0.8%) 0.67 8,195
    2021-10-01 $242,990 (-8.3%) $360,143 (-3.7%) 0.65 7,880
    2021-11-01 $227,450 (-10.8%) $348,427 (-6.7%) 0.61 7,274
    2021-12-01 $216,950 (-13.2%) $345,719 (-6.8%) 0.59 6,293
    2022-01-01 $205,000 (-18.0%) $341,364 (-8.5%) 0.55 5,189
    2022-02-01 $216,100 (-13.6%) $354,232 (-8.9%) 0.56 4,625
    2022-03-01 $227,450 (-14.6%) $360,375 (-9.5%) 0.57 4,771
    2022-04-01 $249,900 (-7.4%) $376,980 (-7.1%) 0.60 5,012
    2022-05-01 $274,000 (-2.1%) $384,646 (-6.2%) 0.63 6,342
    2022-06-01 $279,950 (1.2%) $388,407 (-2.1%) 0.62 7,666
    2022-07-01 $279,900 (1.8%) $381,907 (-2.5%) 0.63 9,284
    2022-08-01 $272,350 (1.9%) $370,524 (-3.4%) 0.63 9,869
    2022-09-01 $263,908 (5.6%) $366,211 (-1.2%) 0.62 9,756
    2022-10-01 $250,000 (2.9%) $355,627 (-1.3%) 0.59 9,856
    2022-11-01 $247,000 (8.6%) $347,736 (-0.2%) 0.59 9,743
    2022-12-01 $230,000 (6.0%) $341,684 (-1.2%) 0.57 8,673
    2023-01-01 $227,250 (10.9%) $343,293 (0.6%) 0.56 7,432
    2023-02-01 $229,450 (6.2%) $347,618 (-1.9%) 0.55 6,513
    2023-03-01 $236,950 (4.2%) $362,607 (0.6%) 0.56 5,939
    2023-04-01 $250,000 (0.0%) $384,503 (2.0%) 0.58 5,885
    2023-05-01 $267,450 (-2.4%) $399,456 (3.9%) 0.61 6,035
    2023-06-01 $270,000 (-3.6%) $402,227 (3.6%) 0.61 6,449
    2023-07-01 $269,000 (-3.9%) $393,640 (3.1%) 0.61 6,991
    2023-08-01 $272,400 (0.0%) $389,943 (5.2%) 0.63 7,451
    2023-09-01 $262,500 (-0.5%) $386,071 (5.4%) 0.61 7,663
    2023-10-01 $252,450 (1.0%) $382,614 (7.6%) 0.59 7,910
    2023-11-01 $247,250 (0.1%) $373,072 (7.3%) 0.59 8,119
    2023-12-01 $235,900 (2.6%) $366,002 (7.1%) 0.58 7,359
    2024-01-01 $229,575 (1.0%) $363,506 (5.9%) 0.56 6,427
    2024-02-01 $229,450 (0.0%) $368,098 (5.9%) 0.55 6,204
    2024-03-01 $239,900 (1.2%) $380,002 (4.8%) 0.56 6,153
    2024-04-01 $250,000 (0.0%) $387,719 (0.8%) 0.58 6,146
    2024-05-01 $261,950 (-2.1%) $407,746 (2.1%) 0.60 6,542
    2024-06-01 $274,900 (1.8%) $420,987 (4.7%) 0.62 7,088
    2024-07-01 $279,900 (4.1%) $430,572 (9.4%) 0.64 7,736
    2024-08-01 $279,900 (2.8%) $417,041 (7.0%) 0.65 8,525
    2024-09-01 $277,000 (5.5%) $407,313 (5.5%) 0.65 8,921
    2024-10-01 $271,200 (7.4%) $399,253 (4.4%) 0.64 8,920
    2024-11-01 $260,000 (5.2%) $388,539 (4.2%) 0.62 8,789
    2024-12-01 $249,900 (5.9%) $382,461 (4.5%) 0.62 7,942
    2025-01-01 $239,950 (4.5%) $376,317 (3.5%) 0.60 7,125
    2025-02-01 $239,900 (4.6%) $378,684 (2.9%) 0.58 6,587
    2025-03-01 $245,000 (2.1%) $385,499 (1.5%) 0.58 6,735
    Detroit's median listing price for 2025-03-01 was $245,000, a difference of $5,100 (2.1%) versus the prior year and $5,100 versus the prior month.

    Detroit's median listing price comes in at 58% of the national average.

    Detroit's average listing price for 2025-03-01 was $385,499, a difference of $5,497 (1.5%) versus the prior year and $6,815 versus the prior month.

    For the 2025-03-01 period, Detroit had 6,735 MLS listings, a difference of 148 listings (2%) versus the prior month and 582 listings (9%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Detroit (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 63 days 1,578 sqft
    2018-02-01 58 days 1,581 sqft
    2018-03-01 45 days 1,644 sqft
    2018-04-01 36 days 1,686 sqft
    2018-05-01 33 days 1,713 sqft
    2018-06-01 33 days 1,734 sqft
    2018-07-01 36 days 1,723 sqft
    2018-08-01 35 days 1,700 sqft
    2018-09-01 40 days 1,692 sqft
    2018-10-01 43 days 1,642 sqft
    2018-11-01 46 days 1,613 sqft
    2018-12-01 56 days 1,585 sqft
    2019-01-01 61 days 1,582 sqft
    2019-02-01 60 days 1,596 sqft
    2019-03-01 45 days 1,632 sqft
    2019-04-01 36 days 1,684 sqft
    2019-05-01 34 days 1,717 sqft
    2019-06-01 36 days 1,728 sqft
    2019-07-01 37 days 1,724 sqft
    2019-08-01 40 days 1,706 sqft
    2019-09-01 43 days 1,675 sqft
    2019-10-01 45 days 1,651 sqft
    2019-11-01 51 days 1,624 sqft
    2019-12-01 62 days 1,598 sqft
    2020-01-01 69 days 1,584 sqft
    2020-02-01 58 days 1,586 sqft
    2020-03-01 47 days 1,605 sqft
    2020-04-01 59 days 1,620 sqft
    2020-05-01 65 days 1,640 sqft
    2020-06-01 38 days 1,725 sqft
    2020-07-01 37 days 1,740 sqft
    2020-08-01 33 days 1,710 sqft
    2020-09-01 36 days 1,669 sqft
    2020-10-01 36 days 1,641 sqft
    2020-11-01 40 days 1,600 sqft
    2020-12-01 48 days 1,576 sqft
    2021-01-01 51 days 1,557 sqft
    2021-02-01 39 days 1,562 sqft
    2021-03-01 28 days 1,577 sqft
    2021-04-01 22 days 1,595 sqft
    2021-05-01 18 days 1,604 sqft
    2021-06-01 19 days 1,600 sqft
    2021-07-01 22 days 1,590 sqft
    2021-08-01 24 days 1,558 sqft
    2021-09-01 30 days 1,514 sqft
    2021-10-01 31 days 1,493 sqft
    2021-11-01 36 days 1,451 sqft
    2021-12-01 43 days 1,421 sqft
    2022-01-01 52 days 1,406 sqft
    2022-02-01 34 days 1,416 sqft
    2022-03-01 25 days 1,441 sqft
    2022-04-01 22 days 1,486 sqft
    2022-05-01 20 days 1,537 sqft
    2022-06-01 23 days 1,559 sqft
    2022-07-01 28 days 1,551 sqft
    2022-08-01 32 days 1,531 sqft
    2022-09-01 39 days 1,522 sqft
    2022-10-01 39 days 1,500 sqft
    2022-11-01 43 days 1,484 sqft
    2022-12-01 52 days 1,453 sqft
    2023-01-01 62 days 1,443 sqft
    2023-02-01 55 days 1,455 sqft
    2023-03-01 46 days 1,473 sqft
    2023-04-01 37 days 1,508 sqft
    2023-05-01 30 days 1,530 sqft
    2023-06-01 31 days 1,536 sqft
    2023-07-01 32 days 1,531 sqft
    2023-08-01 36 days 1,522 sqft
    2023-09-01 40 days 1,508 sqft
    2023-10-01 40 days 1,480 sqft
    2023-11-01 41 days 1,461 sqft
    2023-12-01 50 days 1,445 sqft
    2024-01-01 50 days 1,457 sqft
    2024-02-01 46 days 1,447 sqft
    2024-03-01 42 days 1,462 sqft
    2024-04-01 39 days 1,479 sqft
    2024-05-01 34 days 1,497 sqft
    2024-06-01 35 days 1,511 sqft
    2024-07-01 37 days 1,521 sqft
    2024-08-01 36 days 1,519 sqft
    2024-09-01 39 days 1,510 sqft
    2024-10-01 40 days 1,504 sqft
    2024-11-01 44 days 1,514 sqft
    2024-12-01 50 days 1,487 sqft
    2025-01-01 57 days 1,447 sqft
    2025-02-01 52 days 1,447 sqft
    2025-03-01 42 days 1,454 sqft
    Detroit's median listing age (time on market) for 2025-03-01 was 42 days. This is 0% longer than the same period one year ago.

    Detroit's median square footage for active listings during the 2025-03-01 period was 1,454 sqft. One year prior, the average listing was 1,462 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).