Detroit FHA Loan Rates, Closing Costs & Stats
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 206 lenders originated 12,092 FHA loans during 2022. The total origination value was $2,324,690,000, with an average FHA loan value of $192,250.
Detroit FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Detroit
averaged
6.37%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Detroit's average FHA mortgage closing costs are $6,258.
The average rate for the prior week (2023-05-19) was
6.05% and
one month ago for the week of 2023-04-21, the
average rate was 6.39%.
The average rate one year ago was 4.91%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.14%.
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.
The top Detroit FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
2,546 FHA loans originated. Their average total fees are
$7,409, which is $846
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Detroit FHA lenders (with over 10 loans originated) are
Wells Fargo Bank ($3,868), JPMorgan Chase Bank ($4,609), MID AMERICA MORTGAGE, INC. ($4,678), PNC Bank ($5,081) and EVERETT FINANCIAL, INC. ($5,095).
The lowest rate Detroit FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE (3.80%), Bank of America (4.04%), Lakeview Community Capital, LLC (4.05%), PNC Bank (4.07%) and PENNYMAC LOAN SERVICES, LLC (4.11%).
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 |
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%) | $309,546 (5.2%) | 0.74 | 9,945 |
| 2018-02-01 | $206,000 (7.1%) | $318,858 (6.5%) | 0.75 | 9,275 |
| 2018-03-01 | $224,900 (5.9%) | $338,000 (8.2%) | 0.79 | 9,086 |
| 2018-04-01 | $242,450 (7.8%) | $343,562 (5.1%) | 0.82 | 9,495 |
| 2018-05-01 | $249,900 (6.6%) | $348,825 (3.2%) | 0.83 | 10,501 |
| 2018-06-01 | $253,650 (7.7%) | $353,504 (3.9%) | 0.85 | 11,786 |
| 2018-07-01 | $249,900 (6.3%) | $346,143 (2.7%) | 0.83 | 12,984 |
| 2018-08-01 | $244,950 (8.1%) | $336,232 (2.9%) | 0.82 | 14,307 |
| 2018-09-01 | $239,900 (6.6%) | $334,464 (2.9%) | 0.81 | 14,962 |
| 2018-10-01 | $231,215 (4.4%) | $326,470 (1.2%) | 0.78 | 14,886 |
| 2018-11-01 | $225,000 (4.1%) | $318,718 (0.1%) | 0.76 | 14,433 |
| 2018-12-01 | $219,900 (4.8%) | $314,557 (-0.2%) | 0.76 | 13,258 |
| 2019-01-01 | $218,750 (9.4%) | $313,385 (1.2%) | 0.76 | 12,165 |
| 2019-02-01 | $219,950 (6.8%) | $317,098 (-0.6%) | 0.74 | 11,497 |
| 2019-03-01 | $234,995 (4.5%) | $331,936 (-1.8%) | 0.78 | 10,919 |
| 2019-04-01 | $250,900 (3.5%) | $345,562 (0.6%) | 0.80 | 11,349 |
| 2019-05-01 | $259,900 (4.0%) | $351,986 (0.9%) | 0.81 | 12,361 |
| 2019-06-01 | $262,000 (3.3%) | $350,206 (-0.9%) | 0.82 | 13,710 |
| 2019-07-01 | $259,900 (4.0%) | $344,093 (-0.6%) | 0.81 | 14,992 |
| 2019-08-01 | $249,900 (2.0%) | $329,921 (-1.9%) | 0.78 | 16,248 |
| 2019-09-01 | $244,950 (2.1%) | $333,509 (-0.3%) | 0.77 | 14,657 |
| 2019-10-01 | $237,200 (2.6%) | $321,800 (-1.4%) | 0.77 | 15,940 |
| 2019-11-01 | $229,900 (2.2%) | $317,760 (-0.3%) | 0.75 | 14,872 |
| 2019-12-01 | $224,900 (2.3%) | $311,261 (-1.1%) | 0.75 | 13,036 |
| 2020-01-01 | $219,950 (0.6%) | $310,507 (-0.9%) | 0.74 | 11,630 |
| 2020-02-01 | $222,500 (1.2%) | $315,613 (-0.5%) | 0.73 | 10,735 |
| 2020-03-01 | $237,950 (1.3%) | $329,652 (-0.7%) | 0.75 | 10,381 |
| 2020-04-01 | $244,018 (-2.7%) | $333,355 (-3.5%) | 0.76 | 9,897 |
| 2020-05-01 | $249,900 (-3.9%) | $338,721 (-3.8%) | 0.76 | 10,720 |
| 2020-06-01 | $272,450 (4.0%) | $365,198 (4.3%) | 0.80 | 10,261 |
| 2020-07-01 | $278,000 (7.0%) | $374,371 (8.8%) | 0.81 | 9,828 |
| 2020-08-01 | $274,900 (10.0%) | $373,948 (13.3%) | 0.79 | 9,307 |
| 2020-09-01 | $269,950 (10.2%) | $373,482 (12.0%) | 0.77 | 8,987 |
| 2020-10-01 | $264,900 (11.7%) | $373,821 (16.2%) | 0.76 | 8,479 |
| 2020-11-01 | $254,950 (10.9%) | $373,400 (17.5%) | 0.75 | 7,673 |
| 2020-12-01 | $249,900 (11.1%) | $370,777 (19.1%) | 0.74 | 6,750 |
| 2021-01-01 | $249,900 (13.6%) | $372,921 (20.1%) | 0.75 | 5,686 |
| 2021-02-01 | $250,000 (12.4%) | $388,653 (23.1%) | 0.73 | 4,727 |
| 2021-03-01 | $265,738 (11.7%) | $398,112 (20.8%) | 0.75 | 4,597 |
| 2021-04-01 | $269,950 (10.6%) | $405,846 (21.8%) | 0.73 | 4,725 |
| 2021-05-01 | $279,900 (12.0%) | $409,925 (21.0%) | 0.74 | 5,267 |
| 2021-06-01 | $276,575 (1.5%) | $396,675 (8.6%) | 0.73 | 6,498 |
| 2021-07-01 | $275,000 (-1.1%) | $391,506 (4.6%) | 0.73 | 7,192 |
| 2021-08-01 | $267,400 (-2.7%) | $383,734 (2.6%) | 0.71 | 7,991 |
| 2021-09-01 | $249,950 (-7.4%) | $370,603 (-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%) | $348,416 (-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%) | $341,406 (-8.5%) | 0.55 | 5,189 |
| 2022-02-01 | $215,525 (-13.8%) | $354,224 (-8.9%) | 0.56 | 4,626 |
| 2022-03-01 | $227,450 (-14.4%) | $360,379 (-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%) | $384,513 (-6.2%) | 0.63 | 6,342 |
| 2022-06-01 | $279,950 (1.2%) | $388,230 (-2.1%) | 0.62 | 7,666 |
| 2022-07-01 | $279,900 (1.8%) | $381,897 (-2.5%) | 0.63 | 9,283 |
| 2022-08-01 | $272,275 (1.8%) | $370,500 (-3.5%) | 0.63 | 9,869 |
| 2022-09-01 | $263,904 (5.6%) | $366,078 (-1.2%) | 0.62 | 9,756 |
| 2022-10-01 | $250,000 (2.9%) | $355,642 (-1.3%) | 0.59 | 9,857 |
| 2022-11-01 | $247,000 (8.6%) | $347,739 (-0.2%) | 0.59 | 9,743 |
| 2022-12-01 | $230,000 (6.0%) | $341,661 (-1.2%) | 0.57 | 8,673 |
| 2023-01-01 | $227,125 (10.8%) | $343,269 (0.6%) | 0.56 | 7,432 |
| 2023-02-01 | $229,450 (6.5%) | $347,495 (-1.9%) | 0.55 | 6,513 |
| 2023-03-01 | $236,139 (3.8%) | $362,561 (0.6%) | 0.56 | 5,940 |
| 2023-04-01 | $250,000 (0.0%) | $384,429 (2.0%) | 0.58 | 5,887 |
Detroit's median listing price comes in at 58% of the national average.
Detroit's average listing price for 2023-04-01 was $384,429, a difference of $7,449 (2.0%) versus the prior year and $21,868 versus the prior month.
For the 2023-04-01 period, Detroit had 5,887 MLS listings, a difference of -53 listings (-1%) versus the prior month and 875 listings (17%) 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 | 1,578 sqft |
| 2018-02-01 | 64 days | 1,582 sqft |
| 2018-03-01 | 49 days | 1,644 sqft |
| 2018-04-01 | 39 days | 1,686 sqft |
| 2018-05-01 | 36 days | 1,713 sqft |
| 2018-06-01 | 36 days | 1,734 sqft |
| 2018-07-01 | 37 days | 1,723 sqft |
| 2018-08-01 | 37 days | 1,700 sqft |
| 2018-09-01 | 43 days | 1,692 sqft |
| 2018-10-01 | 45 days | 1,642 sqft |
| 2018-11-01 | 47 days | 1,613 sqft |
| 2018-12-01 | 58 days | 1,585 sqft |
| 2019-01-01 | 65 days | 1,582 sqft |
| 2019-02-01 | 64 days | 1,595 sqft |
| 2019-03-01 | 52 days | 1,632 sqft |
| 2019-04-01 | 38 days | 1,685 sqft |
| 2019-05-01 | 36 days | 1,717 sqft |
| 2019-06-01 | 37 days | 1,728 sqft |
| 2019-07-01 | 38 days | 1,724 sqft |
| 2019-08-01 | 50 days | 1,728 sqft |
| 2019-09-01 | 58 days | 1,711 sqft |
| 2019-10-01 | 47 days | 1,651 sqft |
| 2019-11-01 | 52 days | 1,624 sqft |
| 2019-12-01 | 64 days | 1,598 sqft |
| 2020-01-01 | 72 days | 1,584 sqft |
| 2020-02-01 | 62 days | 1,586 sqft |
| 2020-03-01 | 51 days | 1,605 sqft |
| 2020-04-01 | 62 days | 1,620 sqft |
| 2020-05-01 | 68 days | 1,640 sqft |
| 2020-06-01 | 41 days | 1,725 sqft |
| 2020-07-01 | 40 days | 1,740 sqft |
| 2020-08-01 | 37 days | 1,710 sqft |
| 2020-09-01 | 38 days | 1,669 sqft |
| 2020-10-01 | 38 days | 1,641 sqft |
| 2020-11-01 | 44 days | 1,600 sqft |
| 2020-12-01 | 52 days | 1,576 sqft |
| 2021-01-01 | 56 days | 1,557 sqft |
| 2021-02-01 | 45 days | 1,562 sqft |
| 2021-03-01 | 32 days | 1,577 sqft |
| 2021-04-01 | 24 days | 1,594 sqft |
| 2021-05-01 | 19 days | 1,604 sqft |
| 2021-06-01 | 19 days | 1,600 sqft |
| 2021-07-01 | 23 days | 1,590 sqft |
| 2021-08-01 | 25 days | 1,558 sqft |
| 2021-09-01 | 30 days | 1,514 sqft |
| 2021-10-01 | 33 days | 1,493 sqft |
| 2021-11-01 | 37 days | 1,450 sqft |
| 2021-12-01 | 45 days | 1,420 sqft |
| 2022-01-01 | 54 days | 1,406 sqft |
| 2022-02-01 | 37 days | 1,416 sqft |
| 2022-03-01 | 27 days | 1,441 sqft |
| 2022-04-01 | 24 days | 1,486 sqft |
| 2022-05-01 | 22 days | 1,537 sqft |
| 2022-06-01 | 24 days | 1,559 sqft |
| 2022-07-01 | 29 days | 1,552 sqft |
| 2022-08-01 | 34 days | 1,531 sqft |
| 2022-09-01 | 40 days | 1,522 sqft |
| 2022-10-01 | 41 days | 1,500 sqft |
| 2022-11-01 | 44 days | 1,484 sqft |
| 2022-12-01 | 54 days | 1,454 sqft |
| 2023-01-01 | 64 days | 1,444 sqft |
| 2023-02-01 | 59 days | 1,456 sqft |
| 2023-03-01 | 49 days | 1,473 sqft |
| 2023-04-01 | 39 days | 1,508 sqft |
Detroit's median square footage for active listings during the 2023-04-01 period was 1,508 sqft. One year prior, the average listing was 1,486 sqft.