Detroit FHA Loans

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'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).