Detroit FHA Loan Rates, Closing Costs & Stats

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 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).