Detroit FHA Loans

DETROIT-DEARBORN-LIVONIA, 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.

Detroit's 166 lenders originated 7,382 FHA loans during 2021. The total origination value was $1,162,230,000, with an average FHA loan value of $157,441.

Detroit FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Detroit averaged 4.78% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

The average rate for the prior week (2022-03-18) was 4.69% and one month ago for the week of 2022-02-18, the average rate was 4.02%.

The average rate one year ago was 3.26%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.25%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Detroit level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 1,861 2.83% $4,824
UNITED WHOLESALE MORTGAGE, LLC 496 2.87% $6,414
CALIBER HOME LOANS, INC. 330 3.14% $5,703
MORTGAGE 1 INCORPORATED 320 3.52% $7,154
Flagstar Bank, FSB 206 3.21% $5,282
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 184 3.42% $5,856
FREEDOM MORTGAGE CORPORATION 169 3.01% $4,077
CROSSCOUNTRY MORTGAGE, LLC 146 3.35% $6,908
Mr. Cooper ( Nationstar Mortgage ) 115 3.36% $3,254
LAKEVIEW LOAN SERVICING, LLC 103 3.14% $4,140
MICHIGAN MUTUAL, INC. 95 3.33% $6,136
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 86 3.33% $5,721
EVERETT FINANCIAL, INC. 85 3.97% $4,629
LOANDEPOT.COM, LLC 85 3.34% $6,646
SUCCESS MORTGAGE PARTNERS, INC. 84 3.45% $6,851
ROSS MORTGAGE CORPORATION 83 3.65% $6,592
The Huntington National Bank 82 3.29% $5,956
PENNYMAC LOAN SERVICES, LLC 82 3.19% $3,956
MICHIGAN FIRST CREDIT UNION 81 3.56% $5,762
ACADEMY MORTGAGE CORPORATION 81 3.27% $7,069
BLG HOLDINGS, INC. 74 3.39% $6,018
STAUNTON FINANCIAL, INC. 74 3.37% $5,744
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 65 3.04% $6,539
HOME POINT FINANCIAL CORPORATION 64 3.04% $6,049
LAKE MICHIGAN CREDIT UNION 63 3.02% $5,963
BROKER SOLUTIONS, INC. 59 3.32% $7,000
PRIMELENDING, A PLAINSCAPITAL COMPANY 57 3.62% $7,032
VILLAGE CAPITAL & INVESTMENT LLC 56 2.95% $2,400
Carrington Mortgage Services, LLC 53 3.50% $6,637
UNION HOME MORTGAGE CORP. 50 3.60% $6,121
NATIONS DIRECT MORTGAGE, LLC 44 3.19% $6,739
AMERISAVE MORTGAGE CORPORATION 43 3.11% $6,925
AMERICAN FINANCIAL NETWORK, INC. 38 3.35% $9,895
MEMBER FIRST MORTGAGE, LLC 38 3.21% $5,516
NEWREZ LLC 37 3.07% $4,381
LAND HOME FINANCIAL SERVICES, INC. 33 3.78% $7,085
Citizens Bank 27 3.07% $5,601
RUOFF MORTGAGE COMPANY, INC. 26 3.48% $4,887
Lakeview Community Capital, LLC 26 3.09% $3,904
AmeriHome Mortgage Company, LLC 26 3.11% $3,748
SUMMIT FUNDING, INC. 24 3.56% $6,751
UNIVERSITY LENDING GROUP, LLC 23 3.18% $5,960
HOMEBRIDGE FINANCIAL SERVICES, INC. 23 2.73% $5,625
GENEVA FINANCIAL, LLC 23 3.17% $6,303
Independent Bank 20 3.33% $5,810
SUN WEST MORTGAGE COMPANY, INC. 19 3.30% $6,488
GUARANTEED RATE, INC. 19 3.12% $6,964
TJC Mortgage, Inc. 17 2.85% $7,622
Platinum Home Mortgage Corporation 16 3.11% $8,089
PLAZA HOME MORTGAGE, INC. 16 3.33% $6,396
PLANET HOME LENDING, LLC 16 2.78% $4,102
Nations Lending Corporation 15 2.99% $5,454
HOMESITE MORTGAGE, LLC 15 3.00% $7,692
Paramount Residential Mortgage Group, Inc. 15 3.59% $6,654
CMG MORTGAGE, INC. 15 3.47% $6,199
First State Bank 14 3.18% $6,271
MORTGAGE CENTER L.C 13 3.12% $5,610
HOMESIDE FINANCIAL, LLC 13 3.27% $6,433
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 12 3.25% $6,903
Northpointe Bank 12 3.27% $6,835
SOUTHWEST FUNDING, LP 12 3.68% $9,588
Fifth Third Bank 12 3.19% $7,310
JPMorgan Chase Bank 11 3.06% $3,536
TOWNE MORTGAGE COMPANY 11 3.35% $6,733
First Guaranty Mortgage Corporation 10 2.76% $5,581
Level One Bank 9 3.11% $5,960
NATIONS RELIABLE LENDING, LLC 9 3.44% $6,386
KELLER MORTGAGE, LLC 8 2.95% $4,950
J. VIRGIL, INC. 8 3.44% $7,064
AMERIFIRST FINANCIAL CORPORATION 8 3.59% $6,394
Bank of England 8 3.30% $6,978
Equity Prime Mortgage LLC 8 3.56% $7,023
MUTUAL OF OMAHA MORTGAGE, INC. 8 3.09% $7,481
MOVEMENT MORTGAGE, LLC 7 3.89% $6,350
PNC Bank 7 3.00% $3,931
ENVOY MORTGAGE, LTD 7 3.46% $6,976
TCF National Bank 7 3.32% $4,461
First Savings Bank 7 3.32% $6,528
InterContinental Capital Group, Inc 6 3.13% $6,061
MORIA DEVELOPMENT, INC. 6 3.58% $6,723
ADVISORS CAPITAL, INC. 6 2.88% $6,063
Christensen Financial, Inc. 6 3.90% $5,916
HARTFORD FUNDING, LTD. 6 2.90% $6,868
Bank of America 6 2.83% $4,913
The Federal Savings Bank 6 2.63% $9,367
FAY SERVICING, LLC 6 3.04% $6,046
MID AMERICA MORTGAGE, INC. 5 3.32% $4,113
STOCKTON MORTGAGE CORPORATION 5 3.63% $7,844
Ixonia Bank 5 3.53% $7,049
CIBC Bank USA 5 3.73% $6,006
Luxury Mortgage Corp. 5 3.63% $6,716
Prosperity Home Mortgage, LLC 5 4.15% $6,738
OCMBC, INC. 5 3.48% $6,691
OCEANSIDE MORTGAGE COMPANY 5 2.75% $2,343
U.S. Bank 5 3.45% $6,206
Preston Home Loans Inc 4 2.72% $5,285
AMERICAN PACIFIC MORTGAGE CORPORATION 4 3.13% $6,740
HANCOCK MORTGAGE PARTNERS, LLC 4 3.47% $7,677
HOWARD HANNA FINANCIAL SERVICES, INC. 4 3.06% $7,556
INSPIRE HOME LOANS INC. 4 3.31% $7,799
RELIANCE FIRST CAPITAL, LLC 4 2.75% $10,412
FINANCE OF AMERICA MORTGAGE LLC 4 3.28% $6,196
UNITED SECURITY FINANCIAL CORP 4 2.59% $4,434
Manufacturers and Traders Trust Company 3 3.00% $7,128
ALL WESTERN MORTGAGE, INC. 3 3.08% $7,229
NORTHERN MORTGAGE SERVICES, LLC 3 3.29% $4,220
MICHIGAN SCHOOLS AND GOVERNMENT 3 3.13% $5,618
Plains Commerce Bank 3 3.17% $7,568
SOVEREIGN LENDING GROUP INCORPORATED 3 2.92% $8,809
ZILLOW HOME LOANS, LLC 3 3.08% $5,053
US MORTGAGE CORPORATION 3 3.04% $7,375
BAYSHORE MORTGAGE FUNDING, LLC 3 3.79% $7,524
GVC MORTGAGE, INC. 3 3.42% $9,193
PHH Mortgage Corporation 2 3.13% $5,947
Ameris Bank 2 2.81% $7,526
Barrington Bank & Trust Company, N.A. 2 3.69% $4,748
Century Mortgage Company DBA Century Lending Company 2 3.56% $5,951
EMBRACE HOME LOANS, INC. 2 3.43% $3,595
EMM LOANS LLC 2 2.88% $13,939
EQUITY RESOURCES, INC. 2 3.06% $7,389
FIRST HERITAGE FINANCIAL, LLC 2 3.56% $7,576
GUARANTEED RATE AFFINITY, LLC 2 2.69% $5,153
Hometown Lenders, Inc. 2 3.81% $9,045
M/I FINANCIAL, LLC 2 2.69% $9,883
Mortgage Research Center, LLC 2 3.19% $5,263
NETWORK CAPITAL FUNDING CORPORATION 2 3.25% $11,703
ROYAL UNITED MORTGAGE LLC 2 3.00% $6,373
TOP FLITE FINANCIAL, INC. 2 3.63% $9,076
OPEN MORTGAGE, LLC 1 3.13% $4,767
Old National Bank 1 3.88% $4,167
North American Savings Bank, F.S.B. 1 2.25% $4,740
PREMIA MORTGAGE, LLC 1 2.25% $8,738
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $7,991
MLD MORTGAGE INC. 1 2.50% $7,991
Mercantile Bank of Michigan 1 2.75% $3,825
PULTE MORTGAGE LLC 1 3.00% $7,799
Low VA Rates, LLC 1 2.75% $3,794
KeyBank 1 3.50% $4,982
GUARANTY HOME MORTGAGE CORPORATION 1 3.00% $5,735
ARC HOME LLC 1 2.99% $4,979
Goldwater Bank, N.A. 1 3.50% $5,877
SECURITYNATIONAL MORTGAGE COMPANY 1 4.25% $16,007
Florida Capital Bank 1 2.63% $11,720
First Home Bank 1 2.75% $12,764
First Federal Savings and Loan Association of Lakewood 1 3.38% $6,679
STEARNS LENDING, LLC 1 2.99% $9,596
Evolve Bank & Trust 1 2.63% $8,868
DRAPER AND KRAMER MORTGAGE CORP. 1 2.75% $8,033
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.63% $7,129
COMPASS MORTGAGE, INC. 1 3.88% $5,525
Commerce Home Mortgage, Inc. 1 3.63% $4,155
THE ANDERSON FINANCIAL GROUP, INC. 1 3.00% $4,025
Comerica Bank 1 2.75% $5,701
Colten Mortgage, LLC 1 3.13% $4,765
CLEARPATH LENDING 1 2.75% $4,373
AMERICAN FINANCING CORPORATION 1 3.63% $6,973
CELEBRITY HOME LOANS, LLC 1 4.25% $8,471
BNC National Bank 1 3.25% $7,868
BETTER MORTGAGE CORPORATION 1 2.75% $7,707
BECKAM FUNDING CORP. 1 4.00% $4,914
Bank of Ann Arbor 1 3.38% $5,425
Austin Capital Bank SSB 1 3.25% $4,738
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.25% $1,702
VAN DYK MORTGAGE CORPORATION 1 3.88% $6,060
Peoples Bank 1 3.25% $6,591
Paramount Bank 1 3.13% $5,547

The top Detroit FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,861 FHA loans originated. Their average total fees are $4,824, which is $1,590 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Detroit FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,400), Mr. Cooper ( Nationstar Mortgage ) ($3,254), JPMorgan Chase Bank ($3,536), AmeriHome Mortgage Company, LLC ($3,748) and Lakeview Community Capital, LLC ($3,904).

The lowest rate Detroit FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.73%), First Guaranty Mortgage Corporation (2.76%), PLANET HOME LENDING, LLC (2.78%), QUICKEN LOANS, LLC (2.83%) and TJC Mortgage, Inc. (2.85%).


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 $199,450 (7.2%) $307,748 (4.8%) 0.73 10,243
2018-02-01 $202,400 (5.3%) $316,034 (4.9%) 0.73 9,588
2018-03-01 $223,000 (5.0%) $337,028 (7.2%) 0.77 9,395
2018-04-01 $242,450 (7.8%) $342,600 (4.1%) 0.81 9,811
2018-05-01 $249,900 (6.4%) $348,144 (2.6%) 0.83 10,802
2018-06-01 $252,000 (5.7%) $353,204 (3.4%) 0.84 12,035
2018-07-01 $249,950 (6.4%) $347,899 (3.9%) 0.83 13,283
2018-08-01 $244,900 (8.8%) $335,598 (2.8%) 0.82 14,600
2018-09-01 $239,900 (6.7%) $334,488 (2.9%) 0.80 15,246
2018-10-01 $231,700 (5.4%) $325,656 (1.7%) 0.77 15,179
2018-11-01 $225,000 (4.7%) $318,611 (0.7%) 0.75 14,782
2018-12-01 $219,900 (7.3%) $313,544 (0.2%) 0.75 13,506
2019-01-01 $219,700 (10.2%) $312,979 (1.7%) 0.76 12,424
2019-02-01 $219,952 (8.7%) $316,633 (0.2%) 0.74 11,742
2019-03-01 $234,971 (5.4%) $329,887 (-2.1%) 0.77 11,477
2019-04-01 $252,450 (4.1%) $345,866 (1.0%) 0.79 11,469
2019-05-01 $259,900 (4.0%) $353,689 (1.6%) 0.80 12,508
2019-06-01 $264,900 (5.1%) $352,225 (-0.3%) 0.82 13,857
2019-07-01 $259,950 (4.0%) $347,048 (-0.2%) 0.81 15,141
2019-08-01 $251,329 (2.6%) $336,777 (0.4%) 0.79 15,754
2019-09-01 $239,900 (0.0%) $324,126 (-3.1%) 0.76 16,121
2019-10-01 $239,150 (3.2%) $323,824 (-0.6%) 0.76 15,975
2019-11-01 $232,900 (3.5%) $319,873 (0.4%) 0.75 14,923
2019-12-01 $225,000 (2.3%) $314,459 (0.3%) 0.75 13,067
2020-01-01 $224,400 (2.1%) $314,583 (0.5%) 0.75 11,700
2020-02-01 $224,999 (2.3%) $319,395 (0.9%) 0.73 10,745
2020-03-01 $239,900 (2.1%) $334,475 (1.4%) 0.75 10,285
2020-04-01 $244,950 (-3.0%) $334,393 (-3.3%) 0.76 9,984
2020-05-01 $254,700 (-2.0%) $345,247 (-2.4%) 0.77 10,708
2020-06-01 $274,900 (3.8%) $368,856 (4.7%) 0.80 10,239
2020-07-01 $279,950 (7.7%) $380,207 (9.6%) 0.80 9,825
2020-08-01 $279,900 (11.4%) $381,969 (13.4%) 0.80 9,338
2020-09-01 $274,950 (14.6%) $381,087 (17.6%) 0.79 9,033
2020-10-01 $269,900 (12.9%) $381,166 (17.7%) 0.77 8,406
2020-11-01 $259,900 (11.6%) $380,076 (18.8%) 0.74 7,714
2020-12-01 $253,500 (12.7%) $378,211 (20.3%) 0.74 6,749
2021-01-01 $250,000 (11.4%) $379,714 (20.7%) 0.74 5,642
2021-02-01 $259,900 (15.5%) $395,378 (23.8%) 0.75 4,705
2021-03-01 $271,200 (13.1%) $404,090 (20.8%) 0.76 4,548
2021-04-01 $274,950 (12.3%) $411,182 (23.0%) 0.74 4,651
2021-05-01 $279,900 (9.9%) $414,150 (20.0%) 0.74 5,253
2021-06-01 $279,200 (1.6%) $401,220 (8.8%) 0.73 6,498
2021-07-01 $277,450 (-0.9%) $399,822 (5.2%) 0.72 7,033
2021-08-01 $267,500 (-4.4%) $387,080 (1.3%) 0.70 7,884
2021-09-01 $252,500 (-8.2%) $374,582 (-1.7%) 0.66 8,067
2021-10-01 $245,000 (-9.2%) $363,449 (-4.7%) 0.64 7,805
2021-11-01 $230,900 (-11.2%) $351,438 (-7.5%) 0.61 7,238
2021-12-01 $217,450 (-14.2%) $348,174 (-7.9%) 0.58 6,279
2022-01-01 $210,000 (-16.0%) $344,377 (-9.3%) 0.56 5,163
Detroit's median listing price for 2022-01-01 was $210,000, a difference of $-40,000 (-16.0%) versus the prior year and $-7,450 versus the prior month.

Detroit's median listing price comes in at 56% of the national average.

Detroit's average listing price for 2022-01-01 was $344,377, a difference of $-35,337 (-9.3%) versus the prior year and $-3,797 versus the prior month.

For the 2022-01-01 period, Detroit had 5,163 MLS listings, a difference of -1,116 listings (-18%) versus the prior month and -479 listings (-8%) 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 67 days 1,571 sqft
2018-02-01 64 days 1,575 sqft
2018-03-01 50 days 1,635 sqft
2018-04-01 39 days 1,686 sqft
2018-05-01 36 days 1,713 sqft
2018-06-01 36 days 1,740 sqft
2018-07-01 37 days 1,728 sqft
2018-08-01 37 days 1,700 sqft
2018-09-01 40 days 1,686 sqft
2018-10-01 45 days 1,648 sqft
2018-11-01 47 days 1,616 sqft
2018-12-01 58 days 1,585 sqft
2019-01-01 65 days 1,585 sqft
2019-02-01 63 days 1,596 sqft
2019-03-01 51 days 1,634 sqft
2019-04-01 38 days 1,685 sqft
2019-05-01 36 days 1,721 sqft
2019-06-01 36 days 1,732 sqft
2019-07-01 37 days 1,730 sqft
2019-08-01 39 days 1,705 sqft
2019-09-01 46 days 1,668 sqft
2019-10-01 46 days 1,658 sqft
2019-11-01 50 days 1,635 sqft
2019-12-01 62 days 1,600 sqft
2020-01-01 68 days 1,592 sqft
2020-02-01 59 days 1,592 sqft
2020-03-01 48 days 1,615 sqft
2020-04-01 60 days 1,624 sqft
2020-05-01 67 days 1,650 sqft
2020-06-01 39 days 1,730 sqft
2020-07-01 38 days 1,753 sqft
2020-08-01 36 days 1,722 sqft
2020-09-01 37 days 1,684 sqft
2020-10-01 37 days 1,655 sqft
2020-11-01 42 days 1,606 sqft
2020-12-01 51 days 1,587 sqft
2021-01-01 56 days 1,570 sqft
2021-02-01 45 days 1,580 sqft
2021-03-01 34 days 1,594 sqft
2021-04-01 25 days 1,598 sqft
2021-05-01 22 days 1,609 sqft
2021-06-01 21 days 1,601 sqft
2021-07-01 23 days 1,598 sqft
2021-08-01 25 days 1,564 sqft
2021-09-01 30 days 1,520 sqft
2021-10-01 32 days 1,499 sqft
2021-11-01 36 days 1,456 sqft
2021-12-01 44 days 1,426 sqft
2022-01-01 55 days 1,413 sqft
Detroit's median listing age (time on market) for 2022-01-01 was 55 days. This is -2% shorter than the same period one year ago.

Detroit's median square footage for active listings during the 2022-01-01 period was 1,413 sqft. One year prior, the average listing was 1,570 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).