Detroit FHA Loans

Detroit-Warren-Dearborn, 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 216 lenders originated 17,788 FHA loans during 2021. The total origination value was $3,210,290,000, with an average FHA loan value of $180,475.

Detroit FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Detroit averaged 5.28% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.32% and one month ago for the week of 2022-07-01, the average rate was 5.71%.

The average rate one year ago was 3.01%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.18%.

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 4,247 2.79% $5,213
UNITED WHOLESALE MORTGAGE, LLC 1,409 2.85% $6,886
MORTGAGE 1 INCORPORATED 819 3.43% $7,621
CALIBER HOME LOANS, INC. 727 3.08% $6,013
FREEDOM MORTGAGE CORPORATION 475 2.95% $4,346
Flagstar Bank, FSB 387 3.15% $5,628
CROSSCOUNTRY MORTGAGE, LLC 347 3.32% $7,271
LAKEVIEW LOAN SERVICING, LLC 345 3.10% $4,418
Mr. Cooper ( Nationstar Mortgage ) 336 3.28% $4,028
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 319 3.36% $6,240
MICHIGAN MUTUAL, INC. 304 3.33% $6,491
PENNYMAC LOAN SERVICES, LLC 252 3.15% $4,194
The Huntington National Bank 196 3.18% $6,193
LOANDEPOT.COM, LLC 195 3.26% $6,993
HOME POINT FINANCIAL CORPORATION 188 3.04% $6,182
VILLAGE CAPITAL & INVESTMENT LLC 167 2.91% $2,766
STAUNTON FINANCIAL, INC. 162 3.22% $6,293
Carrington Mortgage Services, LLC 152 3.55% $7,320
MICHIGAN FIRST CREDIT UNION 149 3.50% $5,978
UNION HOME MORTGAGE CORP. 148 3.46% $6,756
ROSS MORTGAGE CORPORATION 143 3.54% $7,012
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 135 3.33% $5,943
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 133 3.07% $6,849
SUCCESS MORTGAGE PARTNERS, INC. 130 3.39% $7,468
BROKER SOLUTIONS, INC. 128 3.24% $7,200
EVERETT FINANCIAL, INC. 125 3.96% $4,955
ACADEMY MORTGAGE CORPORATION 118 3.26% $7,173
BLG HOLDINGS, INC. 115 3.37% $6,261
LAKE MICHIGAN CREDIT UNION 114 2.99% $6,466
AMERIFIRST FINANCIAL CORPORATION 110 3.78% $6,796
NEWREZ LLC 110 3.02% $5,120
Platinum Home Mortgage Corporation 108 3.18% $7,429
AMERISAVE MORTGAGE CORPORATION 92 3.03% $7,471
J. VIRGIL, INC. 91 3.21% $8,659
PRIMELENDING, A PLAINSCAPITAL COMPANY 85 3.65% $7,281
AmeriHome Mortgage Company, LLC 80 3.03% $4,233
HOMEBRIDGE FINANCIAL SERVICES, INC. 78 2.79% $5,762
MEMBER FIRST MORTGAGE, LLC 76 3.23% $5,791
SUMMIT FUNDING, INC. 74 3.36% $7,187
RUOFF MORTGAGE COMPANY, INC. 73 3.43% $5,344
First State Bank 67 3.23% $5,958
NATIONS DIRECT MORTGAGE, LLC 64 3.19% $7,465
Lakeview Community Capital, LLC 63 3.07% $4,032
Citizens Bank 60 2.96% $5,839
UNIVERSITY LENDING GROUP, LLC 59 3.16% $6,523
AMERICAN FINANCIAL NETWORK, INC. 56 3.28% $10,371
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 55 3.22% $7,458
PLAZA HOME MORTGAGE, INC. 53 3.19% $6,690
TOWNE MORTGAGE COMPANY 52 3.33% $7,385
HOMESITE MORTGAGE, LLC 51 3.05% $7,715
CMG MORTGAGE, INC. 47 3.44% $7,995
First Guaranty Mortgage Corporation 46 2.90% $5,544
Independent Bank 45 3.26% $6,406
MORTGAGE CENTER L.C 45 3.20% $5,857
Paramount Residential Mortgage Group, Inc. 43 3.53% $7,799
MICHIGAN SCHOOLS AND GOVERNMENT 43 3.11% $5,799
PLANET HOME LENDING, LLC 43 2.79% $4,345
Preston Home Loans Inc 42 3.01% $7,275
GUARANTEED RATE, INC. 42 3.03% $6,783
JPMorgan Chase Bank 40 3.00% $3,924
GENEVA FINANCIAL, LLC 39 3.19% $6,849
SUN WEST MORTGAGE COMPANY, INC. 36 3.12% $6,344
MID AMERICA MORTGAGE, INC. 35 3.31% $3,978
LAND HOME FINANCIAL SERVICES, INC. 34 3.78% $7,109
ENVOY MORTGAGE, LTD 33 3.42% $7,025
First Savings Bank 29 3.24% $8,502
Fifth Third Bank 28 3.16% $6,341
SOUTHWEST FUNDING, LP 28 3.57% $10,156
Bank of England 28 3.31% $7,611
Nations Lending Corporation 27 3.07% $7,500
Level One Bank 23 3.14% $6,747
HOMESIDE FINANCIAL, LLC 22 3.15% $7,349
STOCKTON MORTGAGE CORPORATION 21 3.27% $8,784
TCF National Bank 21 2.91% $5,567
MUTUAL OF OMAHA MORTGAGE, INC. 21 3.09% $7,597
Equity Prime Mortgage LLC 21 3.43% $7,216
PNC Bank 21 2.88% $4,692
TJC Mortgage, Inc. 21 2.86% $7,581
TOP FLITE FINANCIAL, INC. 21 3.49% $7,697
UNITED SECURITY FINANCIAL CORP 20 2.75% $5,125
OCEANSIDE MORTGAGE COMPANY 18 2.82% $2,530
KELLER MORTGAGE, LLC 18 3.03% $5,242
Luxury Mortgage Corp. 18 3.48% $7,903
Prosperity Home Mortgage, LLC 17 3.85% $6,822
Bank of America 17 2.74% $4,936
InterContinental Capital Group, Inc 17 2.98% $6,504
Northpointe Bank 16 3.40% $6,656
ADVISORS CAPITAL, INC. 16 3.02% $6,761
U.S. Bank 15 3.44% $6,506
MOVEMENT MORTGAGE, LLC 14 3.73% $6,853
NATIONS RELIABLE LENDING, LLC 13 3.38% $6,603
HANCOCK MORTGAGE PARTNERS, LLC 13 3.27% $7,820
Mortgage Research Center, LLC 12 2.98% $6,234
FINANCE OF AMERICA MORTGAGE LLC 12 3.28% $6,497
HARTFORD FUNDING, LTD. 11 2.98% $7,284
The Federal Savings Bank 10 2.63% $9,409
THE ANDERSON FINANCIAL GROUP, INC. 10 2.69% $6,227
AMERICAN PACIFIC MORTGAGE CORPORATION 9 3.39% $6,305
INSPIRE HOME LOANS INC. 9 3.40% $7,413
RELIANCE FIRST CAPITAL, LLC 9 2.96% $9,213
Manufacturers and Traders Trust Company 9 3.14% $7,282
MORIA DEVELOPMENT, INC. 8 3.63% $6,838
Ixonia Bank 8 3.78% $7,339
Christensen Financial, Inc. 8 3.78% $6,389
DAS Acquisition Company, LLC 8 3.23% $7,678
EMBRACE HOME LOANS, INC. 7 3.16% $5,213
GVC MORTGAGE, INC. 7 3.55% $7,558
SOVEREIGN LENDING GROUP INCORPORATED 7 2.95% $7,938
ZILLOW HOME LOANS, LLC 6 3.00% $6,002
AMERICAN FINANCING CORPORATION 6 3.17% $6,605
Century Mortgage Company DBA Century Lending Company 6 3.19% $6,516
CIBC Bank USA 6 3.50% $6,534
EMM LOANS LLC 6 2.71% $12,087
FAY SERVICING, LLC 6 3.04% $6,046
FIRST HERITAGE FINANCIAL, LLC 6 3.46% $7,204
Hometown Equity Mortgage, LLC 6 3.81% $9,085
OCMBC, INC. 6 3.27% $7,069
PREMIA MORTGAGE, LLC 6 2.71% $7,423
HOWARD HANNA FINANCIAL SERVICES, INC. 5 3.03% $8,151
BAYSHORE MORTGAGE FUNDING, LLC 5 3.68% $6,717
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.18% $5,346
ChoiceOne Bank 5 3.33% $5,696
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 5 3.30% $8,068
Plains Commerce Bank 5 3.15% $9,007
PULTE MORTGAGE LLC 5 3.08% $10,646
Goldwater Bank, N.A. 5 3.35% $6,873
Barrington Bank & Trust Company, N.A. 5 3.48% $4,707
ARC HOME LLC 5 3.00% $7,322
Dort Financial Credit Union 4 3.50% $6,823
ROYAL UNITED MORTGAGE LLC 4 3.13% $6,633
Mercantile Bank of Michigan 4 2.75% $5,420
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 2.81% $5,455
Peoples Bank 4 3.22% $9,631
PHH Mortgage Corporation 4 3.19% $4,810
Bank of Ann Arbor 4 3.00% $5,533
GUARANTY HOME MORTGAGE CORPORATION 4 3.06% $6,142
US MORTGAGE CORPORATION 4 3.34% $7,311
LIBERTY HOME MORTGAGE CORPORATION 4 3.12% $10,209
STEARNS LENDING, LLC 4 2.69% $13,337
First Home Bank 3 3.17% $11,596
Hometown Lenders, Inc. 3 3.63% $9,727
North American Savings Bank, F.S.B. 3 2.63% $6,520
RESIDENTIAL BANCORP. 3 2.79% $6,225
NORTHERN MORTGAGE SERVICES, LLC 3 3.29% $4,220
GUARANTEED RATE AFFINITY, LLC 3 2.71% $5,060
CHURCHILL MORTGAGE CORPORATION 3 3.21% $6,788
M/I FINANCIAL, LLC 3 2.71% $9,444
BETTER MORTGAGE CORPORATION 3 2.83% $6,252
BECKAM FUNDING CORP. 3 3.54% $9,081
Ameris Bank 3 2.75% $6,884
ALL WESTERN MORTGAGE, INC. 3 3.08% $7,229
Florida Capital Bank 2 2.56% $9,653
AmRes Corporation 2 4.00% $7,779
First Federal Bank 2 2.94% $10,416
COMPASS MORTGAGE, INC. 2 3.31% $4,793
PANORAMA MORTGAGE GROUP, LLC 2 2.50% $5,608
CELEBRITY HOME LOANS, LLC 2 3.63% $8,259
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.00% $7,038
AMERICAN FINANCIAL RESOURCES, INC. 2 3.13% $6,887
INLANTA MORTGAGE, INC. 2 3.13% $9,028
VANDERBILT MORTGAGE AND FINANCE, INC. 2 3.06% $9,165
NETWORK CAPITAL FUNDING CORPORATION 2 3.25% $11,703
Residential Mortgage Solutions, Inc. 2 2.75% $8,199
Servion, Inc. 2 3.06% $8,178
Willamette Valley Bank 2 3.19% $8,165
EQUITY RESOURCES, INC. 2 3.06% $7,389
MMS MORTGAGE SERVICES, LTD. 2 3.00% $8,297
UNITED MORTGAGE CORP. 1 4.00% $7,964
KeyBank 1 3.50% $4,982
INLAND BANK & TRUST 1 2.38% $6,730
Midwest Community Bank 1 3.63% $8,894
MLD MORTGAGE INC. 1 2.50% $7,991
HALLMARK HOME MORTGAGE, LLC 1 3.63% $8,336
GUILD MORTGAGE COMPANY 1 3.13% $4,703
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $7,991
GSF Mortgage Corporation 1 4.25% $10,323
First Western Trust Bank 1 3.25% $8,629
First Merchants Bank 1 3.25% $4,690
First Federal Savings and Loan Association of Lakewood 1 3.38% $6,679
NEXERA HOLDING LLC 1 3.63% $9,308
NFM, INC. 1 3.38% $3,385
Extra 1 2.88% $6,012
Wyndham Capital Mortgage, Inc. 1 2.50% $4,614
Old National Bank 1 3.88% $4,167
OPEN MORTGAGE, LLC 1 3.13% $4,767
Paramount Bank 1 3.13% $5,547
Evolve Bank & Trust 1 2.63% $8,868
EVANSVILLE TEACHERS 1 2.63% $7,846
DRAPER AND KRAMER MORTGAGE CORP. 1 2.75% $8,033
POLARIS HOME FUNDING CORP. 1 4.00% $5,750
Allied First Bank,sb 1 3.00% $7,836
DEVELOPER'S MORTGAGE COMPANY 1 2.88% $4,493
COMMUNITYAMERICA 1 3.13% $7,471
Commerce Home Mortgage, Inc. 1 3.63% $4,155
Comerica Bank 1 2.75% $5,701
Colten Mortgage, LLC 1 3.13% $4,765
CLEARPATH LENDING 1 2.75% $4,373
SECURITYNATIONAL MORTGAGE COMPANY 1 4.25% $16,007
Sierra Pacific Mortgage Company, Inc. 1 2.25% $7,951
CALCON MUTUAL MORTGAGE LLC 1 2.75% $8,738
Strong Home Mortgage, LLC 1 2.50% $6,924
BNC National Bank 1 3.25% $7,868
Sunflower Bank 1 2.49% $6,676
SWBC MORTGAGE CORPORATION 1 3.63% $6,392
T2 FINANCIAL LLC 1 3.25% $6,468
Texana Bank 1 3.13% $6,825
The Dart Bank 1 3.50% $5,591
Austin Capital Bank SSB 1 3.25% $4,738
TIAA, FSB 1 2.88% $4,744
LEADERONE FINANCIAL CORPORATION 1 2.88% $12,692
Amerifirst Financial, Inc. 1 2.75% $12,148
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.50% $9,564
AMERICAN MORTGAGE SERVICE COMPANY 1 3.50% $8,630
VAN DYK MORTGAGE CORPORATION 1 3.88% $6,060
Wells Fargo Bank 1 2.88% $5,995
Low VA Rates, LLC 1 2.75% $3,794

The top Detroit FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 4,247 FHA loans originated. Their average total fees are $5,213, which is $1,672 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Detroit FHA lenders (with over 10 loans originated) are OCEANSIDE MORTGAGE COMPANY ($2,530), VILLAGE CAPITAL & INVESTMENT LLC ($2,766), JPMorgan Chase Bank ($3,924), MID AMERICA MORTGAGE, INC. ($3,978) and Mr. Cooper ( Nationstar Mortgage ) ($4,028).

The lowest rate Detroit FHA lenders (with over 10 loans originated) are The Federal Savings Bank (2.63%), THE ANDERSON FINANCIAL GROUP, INC. (2.69%), Bank of America (2.74%), UNITED SECURITY FINANCIAL CORP (2.75%) and QUICKEN LOANS, LLC (2.79%).

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

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
2022-02-01 $217,000 (-16.5%) $357,338 (-9.6%) 0.55 4,569
2022-03-01 $229,450 (-15.4%) $363,136 (-10.1%) 0.57 4,714
2022-04-01 $249,900 (-9.1%) $380,891 (-7.4%) 0.59 4,952
2022-05-01 $274,900 (-1.8%) $388,945 (-6.1%) 0.62 6,293
2022-06-01 $284,700 (2.0%) $390,519 (-2.7%) 0.63 7,678
Detroit's median listing price for 2022-06-01 was $284,700, a difference of $5,500 (2.0%) versus the prior year and $9,800 versus the prior month.

Detroit's median listing price comes in at 63% of the national average.

Detroit's average listing price for 2022-06-01 was $390,519, a difference of $-10,701 (-2.7%) versus the prior year and $1,574 versus the prior month.

For the 2022-06-01 period, Detroit had 7,678 MLS listings, a difference of 1,385 listings (22%) versus the prior month and 1,180 listings (18%) 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
2022-02-01 38 days 1,424 sqft
2022-03-01 29 days 1,446 sqft
2022-04-01 24 days 1,491 sqft
2022-05-01 23 days 1,546 sqft
2022-06-01 24 days 1,563 sqft
Detroit's median listing age (time on market) for 2022-06-01 was 24 days. This is 17% longer than the same period one year ago.

Detroit's median square footage for active listings during the 2022-06-01 period was 1,563 sqft. One year prior, the average listing was 1,601 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).