Detroit FHA Loan Rates, Closing Costs & Stats

Detroit-Warren-Dearborn, 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 179 lenders originated 8,977 FHA loans during 2024. The total origination value was $1,944,875,000, with an average FHA loan value of $216,651.

    Detroit FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Detroit averaged 0.11% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Detroit's average FHA mortgage closing costs are $6,866.

    The average rate for the prior week (2025-06-13) was 6.69% and one month ago for the week of 2025-05-16, the average rate was 6.65%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.21%.

    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
    QUICKEN LOANS, LLC 1,710 6.39% $9,434
    UNITED WHOLESALE MORTGAGE, LLC 1,621 6.31% $10,465
    Flagstar Bank, FSB 317 6.46% $7,821
    MORTGAGE 1 INCORPORATED 201 6.70% $10,234
    THE MORTGAGE LINK, INC. 185 6.59% $13,841
    Equity Prime Mortgage LLC 170 7.06% $10,200
    CROSSCOUNTRY MORTGAGE, LLC 168 6.70% $10,206
    UNION HOME MORTGAGE CORP. 160 6.74% $10,087
    FREEDOM MORTGAGE CORPORATION 157 6.43% $11,086
    STAUNTON FINANCIAL, INC. 149 6.54% $8,154
    NEWREZ LLC 139 6.59% $8,818
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 138 6.85% $8,597
    MICHIGAN MUTUAL, INC. 134 6.65% $9,677
    LOANDEPOT.COM, LLC 116 6.40% $10,074
    PENNYMAC LOAN SERVICES, LLC 100 6.23% $9,410
    ROSS MORTGAGE CORPORATION 95 6.68% $7,212
    AMERICAN FINANCIAL NETWORK, INC. 92 6.76% $10,138
    The Huntington National Bank 79 6.69% $7,519
    MICHIGAN FIRST CREDIT UNION 79 6.60% $6,809
    BROKER SOLUTIONS, INC. 75 6.97% $9,675
    Preston Home Loans Inc 75 6.72% $9,262
    First State Bank 74 6.58% $7,664
    GUARANTEED RATE, INC. 64 6.56% $8,710
    SUCCESS MORTGAGE PARTNERS, INC. 64 6.48% $9,619
    Carrington Mortgage Services, LLC 64 6.52% $10,443
    PLAZA HOME MORTGAGE, INC. 56 7.09% $10,094
    Mr. Cooper ( Nationstar Mortgage ) 55 6.62% $12,851
    CALCON MUTUAL MORTGAGE LLC 50 6.67% $8,693
    FIRST COMMUNITY MORTGAGE, INC. 46 6.59% $9,950
    CMG MORTGAGE, INC. 46 6.96% $8,682
    LAKE MICHIGAN CREDIT UNION 43 6.25% $8,425
    RUOFF MORTGAGE COMPANY, INC. 42 6.66% $7,674
    MUTUAL OF OMAHA MORTGAGE, INC. 41 6.57% $12,878
    AMERISAVE MORTGAGE CORPORATION 36 6.29% $11,084
    VILLAGE CAPITAL MORTGAGE 36 6.66% $6,038
    MICHIGAN SCHOOLS AND GOVERNMENT 35 6.14% $6,103
    JPMorgan Chase Bank 35 6.56% $4,973
    TOWNE MORTGAGE COMPANY 35 6.58% $11,356
    LAKEVIEW LOAN SERVICING, LLC 32 6.41% $8,268
    Citizens Bank 31 6.38% $7,358
    Plains Commerce Bank 31 7.02% $10,020
    First Merchants Bank 29 6.56% $7,777
    The Loan Store, Inc. 28 6.53% $11,232
    MORTGAGE CENTER L.C 28 6.73% $9,076
    J. VIRGIL, INC. 28 6.70% $9,758
    PLANET HOME LENDING, LLC 25 6.23% $8,750
    Century Mortgage Company DBA Century Lending Company 25 6.28% $11,914
    CARDINAL FINANCIAL 24 6.41% $10,416
    SUN WEST MORTGAGE COMPANY, INC. 24 6.60% $10,339
    BLG HOLDINGS, INC. 22 6.88% $9,148
    M/I FINANCIAL, LLC 21 5.31% $16,379
    Independent Bank 21 6.18% $6,270
    MOVEMENT MORTGAGE, LLC 21 7.01% $8,058
    Prosperity Home Mortgage, LLC 21 6.13% $11,845
    OCMBC, INC. 20 7.20% $11,194
    INSPIRE HOME LOANS INC. 20 5.61% $9,144
    MEMBER FIRST MORTGAGE, LLC 18 6.93% $7,581
    ZILLOW HOME LOANS, LLC 18 6.67% $8,856
    Lakeview Community Capital, LLC 18 6.33% $7,859
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 18 6.74% $7,570
    HOMESIDE FINANCIAL, LLC 18 6.54% $11,249
    TOP FLITE FINANCIAL, INC. 17 6.80% $10,919
    PRIMELENDING, A PLAINSCAPITAL COMPANY 17 6.75% $11,345
    Mortgage Research Center, LLC 16 7.02% $5,488
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.87% $8,119
    HOMESITE MORTGAGE, LLC 16 6.62% $9,172
    PNC Bank 15 6.85% $6,471
    Fifth Third Bank 14 6.71% $5,187
    SOUTHWEST FUNDING, LP 14 7.50% $9,450
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 14 6.82% $9,476
    ROYAL UNITED MORTGAGE LLC 13 6.60% $10,395
    NATIONS DIRECT MORTGAGE, LLC 13 7.31% $9,558
    AMERICAN FINANCING CORPORATION 13 5.66% $12,040
    LOANPAL, LLC 12 5.60% $12,642
    Bank of England 12 6.60% $9,982
    STOCKTON MORTGAGE CORPORATION 12 6.49% $11,275
    AmeriHome Mortgage Company, LLC 12 6.55% $6,984
    Bank of America 11 6.00% $5,141
    Residential Acceptance Corporation 11 7.09% $9,403
    University Bank 11 6.92% $9,427
    GUILD MORTGAGE COMPANY 11 6.68% $9,737
    TJC Mortgage, Inc. 11 6.74% $13,573
    Cornerstone First Mortgage, Inc 11 6.74% $9,681
    DELMAR FINANCIAL COMPANY 11 6.68% $8,541
    U.S. Bank 10 6.49% $7,125
    GENEVA FINANCIAL, LLC 10 6.91% $9,404
    MORTGAGE SOLUTIONS OF COLORADO, LLC 9 6.86% $14,146
    The Dart Bank 8 6.45% $9,413
    AMERICAN FINANCIAL RESOURCES, INC. 8 7.11% $9,349
    PHH Mortgage Corporation 7 6.30% $11,926
    The Federal Savings Bank 7 6.57% $12,828
    EMM LOANS LLC 7 6.25% $10,829
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 6.46% $8,335
    LIBERTY HOME MORTGAGE CORPORATION 6 6.71% $12,762
    BETTER MORTGAGE CORPORATION 6 6.21% $7,848
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 6.46% $14,894
    Comerica Bank 6 6.25% $6,011
    DAS Acquisition Company, LLC 6 6.85% $12,565
    M&T Bank 6 6.79% $7,281
    Northpointe Bank 5 6.60% $5,659
    Nations Lending Corporation 5 6.48% $15,036
    Texana Bank 5 6.30% $12,516
    Barrington Bank & Trust Company, N.A. 5 6.55% $8,779
    Paramount Residential Mortgage Group, Inc. 5 6.55% $9,809
    MILEND, INC. 5 6.30% $12,838
    American Mortgage & Equity Consultants, Inc. 4 6.69% $10,424
    GVC MORTGAGE, INC. 4 7.09% $6,603
    CHURCHILL MORTGAGE CORPORATION 4 6.72% $10,487
    BAY EQUITY LLC 4 6.63% $10,392
    OCEANSIDE MORTGAGE COMPANY 4 6.50% $3,052
    NETWORK CAPITAL FUNDING CORPORATION 4 6.59% $10,563
    NATIONS RELIABLE LENDING, LLC 3 7.33% $8,038
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 3 6.79% $11,431
    Dort Financial Credit Union 3 6.92% $5,562
    EQUITY RESOURCES, INC. 3 6.33% $6,157
    FIRST COLONY MORTGAGE CORPORATION 3 7.13% $12,671
    JMAC LENDING, INC. 3 6.38% $9,484
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 6.50% $10,745
    RELIANCE FIRST CAPITAL, LLC 3 6.71% $10,676
    US MORTGAGE CORPORATION 3 6.67% $10,015
    Wells Fargo Bank 3 7.00% $6,043
    CIBC Bank USA 2 6.56% $6,249
    PREMIA MORTGAGE, LLC 2 6.25% $7,305
    Home Mortgage Alliance Corp 2 6.69% $11,347
    GUARANTEED RATE AFFINITY, LLC 2 6.56% $6,981
    First Federal Bank of the Midwest 2 6.50% $8,434
    BM Real Estate Services, Inc. 2 6.63% $7,607
    S1L, Inc. 2 7.00% $14,295
    AMERITRUST MORTGAGE CORPORATION 2 7.25% $11,757
    Waterstone Mortgage Corporation 2 6.88% $12,281
    GREENSTATE CREDIT UNION 2 6.56% $9,149
    MID AMERICA MORTGAGE, INC. 2 7.44% $10,159
    V.I.P. MORTGAGE, INC. 2 6.19% $8,324
    DATA MORTGAGE, INC. 2 6.37% $8,725
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.69% $9,283
    MMS MORTGAGE SERVICES, LTD. 2 6.18% $7,382
    NEW DAY FINANCIAL, LLC 2 7.44% $9,141
    HOMEXPRESS MORTGAGE CORP. 1 6.88% $8,142
    Hometown Equity Mortgage, LLC 1 7.63% $11,089
    Sierra Pacific Mortgage Company, Inc. 1 5.75% $12,102
    Goldwater Bank, N.A. 1 6.63% $9,178
    GARDNER FINANCIAL SERVICES, LTD. 1 6.63% $8,139
    Stride Bank 1 6.88% $7,656
    FREEDOM FIRST 1 5.75% $11,996
    Summit Mortgage Corporation 1 6.50% $7,811
    First Horizon Bank 1 7.25% $8,636
    First Federal Bank 1 6.13% $12,557
    FINANCIAL PLUS CREDIT UNION 1 6.38% $7,458
    EVERETT FINANCIAL, INC. 1 7.75% $6,690
    Encompass Lending Group, LP 1 7.00% $12,004
    The Union Bank Company 1 6.75% $12,310
    City Lending Inc. 1 8.25% $9,259
    Capital Bank 1 6.25% $5,289
    Truist 1 7.10% $5,383
    CANOPY MORTGAGE, LLC 1 6.25% $11,988
    UNITED 1 7.00% $6,945
    AXIA FINANCIAL, LLC 1 6.63% $12,323
    Willamette Valley Bank 1 5.88% $16,618
    VAN DYK MORTGAGE CORPORATION 1 6.63% $4,028
    Ameris Bank 1 6.50% $17,677
    North American Savings Bank, F.S.B. 1 6.50% $4,659
    NFM, INC. 1 6.63% $15,369
    NORWICH COMMERCIAL GROUP, INC. 1 7.25% $11,356
    Notre Dame Federal Credit Union Corporation 1 6.63% $7,737
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $11,822
    Old National Bank 1 5.50% $6,246
    ONY GLO, INC. 1 7.88% $13,333
    OPEN MORTGAGE, LLC 1 7.50% $6,987
    Alliance Credit Union 1 6.63% $4,560
    MYCUMORTGAGE, LLC 1 7.25% $7,736
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $9,412
    MORTGAGE ACCESS CORP. 1 6.25% $15,859
    MLB RESIDENTIAL LENDING, LLC 1 6.88% $9,910
    Magnolia Bank 1 6.25% $12,605
    LAND HOME FINANCIAL SERVICES, INC. 1 6.63% $7,310
    KeyBank 1 6.38% $11,341
    Ixonia Bank 1 6.63% $11,727
    PULTE MORTGAGE LLC 1 7.13% $13,572
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.13% $7,813

    The top Detroit FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,710 FHA loans originated. Their average total fees are $9,434, which is $1,031 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Detroit FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($4,973), Bank of America ($5,141), Fifth Third Bank ($5,187), Mortgage Research Center, LLC ($5,488) and VILLAGE CAPITAL MORTGAGE ($6,038).

    The lowest rate Detroit FHA lenders (with over 10 loans originated) are M/I FINANCIAL, LLC (5.31%), LOANPAL, LLC (5.60%), INSPIRE HOME LOANS INC. (5.61%), AMERICAN FINANCING CORPORATION (5.66%) and Bank of America (6.00%).

    Detroit FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DETROIT-WARREN-DEARBORN, MI LAPEER 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI LIVINGSTON 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI MACOMB 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI OAKLAND 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI ST. CLAIR 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI WAYNE 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI LAPEER 2023 $472,030 $604,400 $730,525 $907,900
    DETROIT-WARREN-DEARBORN, MI LIVINGSTON 2023 $472,030 $604,400 $730,525 $907,900
    DETROIT-WARREN-DEARBORN, MI MACOMB 2023 $472,030 $604,400 $730,525 $907,900
    DETROIT-WARREN-DEARBORN, MI OAKLAND 2023 $472,030 $604,400 $730,525 $907,900
    DETROIT-WARREN-DEARBORN, MI ST. CLAIR 2023 $472,030 $604,400 $730,525 $907,900
    DETROIT-WARREN-DEARBORN, MI WAYNE 2023 $472,030 $604,400 $730,525 $907,900

    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).