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 188 lenders originated 9,003 FHA loans during 2023. The total origination value was $1,808,535,000, with an average FHA loan value of $200,881.

Detroit FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Detroit averaged 6.95% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Detroit's average FHA mortgage closing costs are $6,570.

The average rate for the prior week (2024-04-05) was 6.98% and one month ago for the week of 2024-03-08, the average rate was 6.82%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.93%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 1,806 6.31% $8,564
UNITED WHOLESALE MORTGAGE, LLC 1,517 6.51% $10,080
MORTGAGE 1 INCORPORATED 267 6.69% $9,491
Flagstar Bank, FSB 248 6.77% $7,851
CROSSCOUNTRY MORTGAGE, LLC 248 6.85% $9,193
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 213 6.82% $8,284
NEWREZ LLC 178 6.73% $9,032
STAUNTON FINANCIAL, INC. 150 6.61% $8,104
MICHIGAN MUTUAL, INC. 141 6.71% $9,629
LOANDEPOT.COM, LLC 136 6.46% $10,364
EVERETT FINANCIAL, INC. 136 6.79% $7,619
CALIBER HOME LOANS, INC. 123 6.39% $8,250
The Huntington National Bank 114 6.64% $7,044
UNION HOME MORTGAGE CORP. 99 6.99% $9,808
MICHIGAN FIRST CREDIT UNION 91 6.70% $6,788
FREEDOM MORTGAGE CORPORATION 89 6.93% $11,366
ROSS MORTGAGE CORPORATION 86 6.84% $8,524
Carrington Mortgage Services, LLC 82 6.35% $10,651
AMERICAN FINANCIAL NETWORK, INC. 81 7.14% $9,747
First State Bank 79 6.90% $7,903
BROKER SOLUTIONS, INC. 78 6.82% $9,509
Equity Prime Mortgage LLC 77 7.13% $9,175
SUCCESS MORTGAGE PARTNERS, INC. 77 6.72% $9,198
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 76 6.68% $7,576
Mr. Cooper ( Nationstar Mortgage ) 74 6.10% $11,809
Preston Home Loans Inc 73 6.93% $10,099
JPMorgan Chase Bank 70 6.67% $4,636
CARDINAL FINANCIAL 59 6.39% $8,774
Citizens Bank 59 6.43% $7,048
PENNYMAC LOAN SERVICES, LLC 55 6.33% $10,332
J. VIRGIL, INC. 54 6.77% $8,863
GUARANTEED RATE, INC. 54 6.64% $9,768
LAKE MICHIGAN CREDIT UNION 53 6.43% $7,867
INSPIRE HOME LOANS INC. 48 5.97% $9,295
PLAZA HOME MORTGAGE, INC. 48 6.65% $10,824
MUTUAL OF OMAHA MORTGAGE, INC. 48 6.76% $11,209
AMERISAVE MORTGAGE CORPORATION 42 6.10% $12,160
TOWNE MORTGAGE COMPANY 40 6.56% $8,881
THE MORTGAGE LINK, INC. 38 7.25% $8,685
Fifth Third Bank 35 6.49% $4,675
MEMBER FIRST MORTGAGE, LLC 35 6.75% $7,079
MICHIGAN SCHOOLS AND GOVERNMENT 34 5.92% $5,607
TOP FLITE FINANCIAL, INC. 32 6.86% $11,840
SUN WEST MORTGAGE COMPANY, INC. 32 6.78% $9,983
Nations Lending Corporation 31 6.47% $10,063
PRIMELENDING, A PLAINSCAPITAL COMPANY 30 6.73% $10,093
FIRST COMMUNITY MORTGAGE, INC. 30 6.84% $9,329
BLG HOLDINGS, INC. 28 6.80% $8,902
First Merchants Bank 27 6.85% $7,795
Independent Bank 26 6.72% $7,043
TJC Mortgage, Inc. 26 6.63% $13,796
Century Mortgage Company DBA Century Lending Company 25 6.81% $10,726
Bank of England 25 6.40% $10,097
Plains Commerce Bank 25 6.44% $8,575
OCMBC, INC. 24 7.35% $8,632
NATIONS DIRECT MORTGAGE, LLC 24 6.81% $10,613
MORTGAGE CENTER L.C 22 6.95% $8,347
LAKEVIEW LOAN SERVICING, LLC 22 6.10% $10,924
M/I FINANCIAL, LLC 21 6.24% $14,344
DAS Acquisition Company, LLC 19 6.93% $11,785
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 19 6.94% $11,964
Mortgage Research Center, LLC 17 6.87% $6,640
HOMESITE MORTGAGE, LLC 16 6.87% $15,292
PNC Bank 15 6.92% $5,375
BM Real Estate Services, Inc. 15 6.72% $8,322
RUOFF MORTGAGE COMPANY, INC. 15 6.88% $5,316
VILLAGE CAPITAL MORTGAGE 15 6.79% $8,979
DELMAR FINANCIAL COMPANY 14 6.47% $7,929
Platinum Home Mortgage Corporation 14 6.63% $9,229
ZILLOW HOME LOANS, LLC 13 6.40% $8,674
Bank of America 13 6.28% $5,500
University Bank 12 6.82% $11,029
Paramount Residential Mortgage Group, Inc. 12 7.05% $9,645
Prosperity Home Mortgage, LLC 11 6.47% $10,137
M&T Bank 11 6.52% $8,234
ARK-LA-TEX FINANCIAL SERVICES, LLC. 11 6.56% $8,199
STOCKTON MORTGAGE CORPORATION 11 6.38% $12,196
ROYAL UNITED MORTGAGE LLC 10 6.98% $10,539
PLANET HOME LENDING, LLC 10 5.89% $7,818
U.S. Bank 9 6.38% $7,632
MOVEMENT MORTGAGE, LLC 9 7.13% $9,227
CMG MORTGAGE, INC. 8 7.29% $8,561
NATIONS RELIABLE LENDING, LLC 8 6.97% $9,062
NBKC BANK 7 5.93% $9,748
AMERICAN FINANCING CORPORATION 7 6.37% $6,817
AMERICAN FINANCIAL RESOURCES, INC. 7 7.09% $9,378
CIBC Bank USA 6 6.40% $5,959
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.67% $11,867
Cornerstone First Mortgage, Inc 6 6.52% $8,819
RELIANCE FIRST CAPITAL, LLC 6 6.29% $10,097
CORNERSTONE HOME LENDING, INC. 6 6.85% $8,330
The Federal Savings Bank 6 7.00% $15,095
AmeriHome Mortgage Company, LLC 6 6.35% $11,348
First Savings Bank 6 6.67% $10,795
US MORTGAGE CORPORATION 6 6.90% $8,639
ACADEMY MORTGAGE CORPORATION 5 6.83% $6,669
PHH Mortgage Corporation 5 5.95% $11,285
GENEVA FINANCIAL, LLC 5 6.90% $13,118
Neighborhood Loans, Inc. 5 6.85% $9,399
NFM, INC. 5 7.55% $9,777
Northpointe Bank 5 7.08% $10,204
MID AMERICA MORTGAGE, INC. 5 7.08% $6,001
LEGEND LENDING CORPORATION 4 7.03% $10,993
BECKAM FUNDING CORP. 4 7.44% $12,185
KeyBank 4 6.66% $8,419
EMBRACE HOME LOANS, INC. 4 6.87% $11,086
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 4 6.53% $10,813
GUARANTEED RATE AFFINITY, LLC 4 7.09% $10,025
LIBERTY HOME MORTGAGE CORPORATION 4 7.00% $10,109
LOANPAL, LLC 4 6.06% $12,233
PENTAGON FEDERAL CREDIT UNION 4 5.66% $10,351
ON Q FINANCIAL, INC. 3 7.00% $9,865
OPEN MORTGAGE, LLC 3 7.38% $10,079
BETTER MORTGAGE CORPORATION 3 5.92% $14,202
Lakeview Community Capital, LLC 3 6.54% $10,816
CONTOUR MORTGAGE CORPORATION 3 6.67% $9,262
MORTGAGE ACCESS CORP. 3 6.79% $14,247
HOWARD HANNA FINANCIAL SERVICES, INC. 3 6.63% $8,721
Dort Financial Credit Union 3 6.29% $5,748
Encompass Lending Group, LP 3 7.21% $8,633
HOMESIDE FINANCIAL, LLC 3 6.17% $12,238
Colonial Savings, F.A. 3 6.08% $11,359
Bank of Ann Arbor 3 6.21% $10,204
AMERICAN PACIFIC MORTGAGE CORPORATION 3 7.21% $9,004
EMM LOANS LLC 3 6.58% $10,410
DRAPER AND KRAMER MORTGAGE CORP. 3 6.67% $5,854
The Loan Store, Inc. 3 7.12% $12,427
Sunflower Bank 3 6.79% $8,434
Barrington Bank & Trust Company, N.A. 3 7.00% $9,148
Wells Fargo Bank 2 6.13% $8,407
LAND HOME FINANCIAL SERVICES, INC. 2 6.25% $6,243
RESIDENTIAL BANCORP 2 6.25% $9,881
CHURCHILL MORTGAGE CORPORATION 2 6.94% $7,909
THE ANDERSON FINANCIAL GROUP, INC. 2 6.63% $7,719
PREMIA MORTGAGE, LLC 2 5.88% $5,759
MMS MORTGAGE SERVICES, LTD. 2 6.44% $3,765
SUMMIT FUNDING, INC. 2 6.81% $18,522
GSF Mortgage Corporation 2 6.19% $7,090
GVC MORTGAGE, INC. 2 7.06% $8,907
Ixonia Bank 2 6.63% $9,579
PULTE MORTGAGE LLC 2 6.69% $18,857
MILEND, INC. 2 7.13% $16,785
Hometown Equity Mortgage, LLC 2 6.69% $12,958
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.69% $11,464
Willamette Valley Bank 2 6.75% $16,159
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.75% $9,521
GUILD MORTGAGE COMPANY 1 5.38% $8,568
Horizon Bank 1 6.63% $4,713
JET DIRECT FUNDING CORP 1 7.25% $14,389
Goldwater Bank, N.A. 1 6.63% $13,653
Key Mortgage Services, Inc. 1 6.88% $12,286
FLAT BRANCH MORTGAGE, INC. 1 7.50% $11,494
Lend Smart Mortgage, LLC 1 6.75% $7,558
First Horizon Bank 1 7.00% $9,515
First Federal Bank 1 6.13% $3,903
Mercantile Bank of Michigan 1 6.75% $6,475
FINANCIAL PLUS CREDIT UNION 1 5.38% $9,175
Evolve Bank & Trust 1 7.25% $9,872
EQUITY RESOURCES, INC. 1 6.63% $6,798
ENVOY MORTGAGE, LTD 1 6.75% $6,649
MLB RESIDENTIAL LENDING, LLC 1 6.00% $18,024
MLD MORTGAGE INC. 1 6.00% $12,220
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.25% $13,539
MYCUMORTGAGE, LLC 1 6.63% $6,215
Credence Funding Corporation 1 6.13% $15,280
NETWORK CAPITAL FUNDING CORPORATION 1 6.25% $8,001
NEW DAY FINANCIAL, LLC 1 7.00% $5,608
NORWICH COMMERCIAL GROUP, INC. 1 7.25% $10,314
OCEANSIDE MORTGAGE COMPANY 1 5.88% $7,523
Pacor Mortgage Corp 1 7.63% $9,224
Pinnacle Bank 1 5.63% $16,160
Comerica Bank 1 6.75% $3,984
CITYWIDE HOME LOANS, LLC 1 6.25% $12,284
BAY EQUITY LLC 1 6.50% $6,778
S1L, Inc. 1 6.75% $10,086
Servion, Inc. 1 6.63% $6,794
Sierra Pacific Mortgage Company, Inc. 1 5.13% $14,149
SIWELL, INC. 1 4.75% $11,687
SOVEREIGN LENDING GROUP INCORPORATED 1 5.99% $11,075
SUMMIT HOME MORTGAGE, LLC 1 7.25% $11,911
The Dart Bank 1 7.63% $13,297
AmRes Corporation 1 6.75% $4,981
THRIVE MORTGAGE, LLC 1 6.25% $13,327
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.63% $13,614
Truist 1 6.88% $12,582
AMCAP MORTGAGE, LTD. 1 6.13% $9,630
V.I.P. MORTGAGE, INC. 1 7.25% $12,546
Wyndham Capital Mortgage, Inc. 1 6.13% $7,275

The top Detroit FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,806 FHA loans originated. Their average total fees are $8,564, which is $1,516 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 ($4,636), Fifth Third Bank ($4,675), RUOFF MORTGAGE COMPANY, INC. ($5,316), PNC Bank ($5,375) and Bank of America ($5,500).

The lowest rate Detroit FHA lenders (with over 10 loans originated) are PLANET HOME LENDING, LLC (5.89%), MICHIGAN SCHOOLS AND GOVERNMENT (5.92%), INSPIRE HOME LOANS INC. (5.97%), LAKEVIEW LOAN SERVICING, LLC (6.10%) and AMERISAVE MORTGAGE CORPORATION (6.10%).

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%) $309,468 (5.2%) 0.74 9,939
2018-02-01 $205,500 (6.8%) $318,782 (6.5%) 0.75 9,269
2018-03-01 $224,900 (5.9%) $337,975 (8.2%) 0.79 9,082
2018-04-01 $242,450 (7.8%) $343,455 (5.1%) 0.82 9,491
2018-05-01 $249,900 (6.6%) $348,685 (3.2%) 0.83 10,496
2018-06-01 $253,200 (7.5%) $353,380 (3.9%) 0.84 11,781
2018-07-01 $249,900 (6.3%) $346,045 (2.7%) 0.83 12,978
2018-08-01 $244,950 (8.0%) $336,152 (2.9%) 0.82 14,301
2018-09-01 $239,900 (6.6%) $334,379 (2.9%) 0.81 14,957
2018-10-01 $230,950 (4.3%) $326,364 (1.2%) 0.78 14,879
2018-11-01 $225,000 (4.2%) $318,603 (0.1%) 0.76 14,428
2018-12-01 $219,900 (4.8%) $314,446 (-0.2%) 0.76 13,252
2019-01-01 $218,550 (9.3%) $313,254 (1.2%) 0.76 12,159
2019-02-01 $219,950 (7.0%) $316,952 (-0.6%) 0.74 11,495
2019-03-01 $232,814 (3.5%) $329,647 (-2.5%) 0.76 11,352
2019-04-01 $249,950 (3.1%) $345,374 (0.6%) 0.79 11,488
2019-05-01 $259,900 (4.0%) $351,992 (1.0%) 0.81 12,362
2019-06-01 $262,000 (3.5%) $350,214 (-0.9%) 0.82 13,710
2019-07-01 $259,900 (4.0%) $344,094 (-0.6%) 0.81 14,992
2019-08-01 $253,355 (3.4%) $337,144 (0.3%) 0.80 15,526
2019-09-01 $243,536 (1.5%) $328,210 (-1.8%) 0.78 15,829
2019-10-01 $236,991 (2.6%) $321,784 (-1.4%) 0.76 15,906
2019-11-01 $229,900 (2.2%) $317,751 (-0.3%) 0.75 14,871
2019-12-01 $224,900 (2.3%) $311,231 (-1.0%) 0.75 13,035
2020-01-01 $219,950 (0.6%) $310,474 (-0.9%) 0.74 11,629
2020-02-01 $222,250 (1.1%) $315,582 (-0.4%) 0.73 10,735
2020-03-01 $237,850 (2.2%) $329,570 (0.0%) 0.75 10,380
2020-04-01 $243,950 (-2.4%) $333,299 (-3.5%) 0.76 9,897
2020-05-01 $249,900 (-3.9%) $338,713 (-3.8%) 0.76 10,722
2020-06-01 $272,725 (4.1%) $365,212 (4.3%) 0.80 10,264
2020-07-01 $278,375 (7.1%) $374,372 (8.8%) 0.81 9,832
2020-08-01 $274,900 (8.5%) $373,949 (10.9%) 0.79 9,311
2020-09-01 $269,950 (10.9%) $373,481 (13.8%) 0.77 8,992
2020-10-01 $264,975 (11.8%) $373,814 (16.2%) 0.76 8,484
2020-11-01 $254,950 (10.9%) $373,410 (17.5%) 0.75 7,677
2020-12-01 $249,950 (11.1%) $370,800 (19.1%) 0.74 6,754
2021-01-01 $249,900 (13.6%) $372,940 (20.1%) 0.75 5,690
2021-02-01 $250,000 (12.5%) $388,674 (23.2%) 0.73 4,731
2021-03-01 $266,138 (11.9%) $398,112 (20.8%) 0.76 4,597
2021-04-01 $269,950 (10.7%) $405,925 (21.8%) 0.73 4,725
2021-05-01 $279,900 (12.0%) $409,975 (21.0%) 0.74 5,266
2021-06-01 $276,575 (1.4%) $396,675 (8.6%) 0.73 6,498
2021-07-01 $275,000 (-1.2%) $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%) $345,696 (-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%) $354,193 (-8.9%) 0.56 4,626
2022-03-01 $227,450 (-14.5%) $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%) $384,656 (-6.2%) 0.63 6,341
2022-06-01 $279,950 (1.2%) $388,401 (-2.1%) 0.62 7,666
2022-07-01 $279,900 (1.8%) $381,932 (-2.5%) 0.63 9,283
2022-08-01 $272,400 (1.9%) $370,532 (-3.4%) 0.63 9,869
2022-09-01 $263,950 (5.6%) $366,213 (-1.2%) 0.62 9,757
2022-10-01 $250,000 (2.9%) $355,627 (-1.3%) 0.59 9,855
2022-11-01 $247,000 (8.6%) $347,733 (-0.2%) 0.59 9,742
2022-12-01 $230,000 (6.0%) $341,678 (-1.2%) 0.57 8,672
2023-01-01 $227,125 (10.8%) $343,290 (0.6%) 0.56 7,431
2023-02-01 $229,450 (6.2%) $347,618 (-1.9%) 0.55 6,513
2023-03-01 $236,950 (4.2%) $362,617 (0.6%) 0.56 5,940
2023-04-01 $250,000 (0.0%) $384,503 (2.0%) 0.58 5,885
2023-05-01 $267,450 (-2.4%) $399,457 (3.9%) 0.61 6,033
2023-06-01 $270,000 (-3.6%) $402,235 (3.6%) 0.61 6,448
2023-07-01 $269,000 (-3.9%) $393,621 (3.1%) 0.61 6,988
2023-08-01 $272,400 (0.0%) $389,930 (5.2%) 0.63 7,448
2023-09-01 $262,000 (-0.7%) $386,050 (5.4%) 0.61 7,660
2023-10-01 $252,250 (0.9%) $382,592 (7.6%) 0.59 7,907
2023-11-01 $247,000 (0.0%) $373,047 (7.3%) 0.59 8,116
2023-12-01 $235,250 (2.3%) $365,972 (7.1%) 0.57 7,356
2024-01-01 $229,450 (1.0%) $363,472 (5.9%) 0.56 6,424
2024-02-01 $229,450 (0.0%) $368,064 (5.9%) 0.55 6,201
2024-03-01 $239,900 (1.2%) $380,019 (4.8%) 0.56 6,151
Detroit's median listing price for 2024-03-01 was $239,900, a difference of $2,950 (1.2%) versus the prior year and $10,450 versus the prior month.

Detroit's median listing price comes in at 56% of the national average.

Detroit's average listing price for 2024-03-01 was $380,019, a difference of $17,402 (4.8%) versus the prior year and $11,955 versus the prior month.

For the 2024-03-01 period, Detroit had 6,151 MLS listings, a difference of -50 listings (-1%) versus the prior month and 211 listings (4%) 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 1,581 sqft
2019-02-01 60 days 1,595 sqft
2019-03-01 45 days 1,631 sqft
2019-04-01 36 days 1,683 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 1,604 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 35 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 1,420 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 1,532 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 1,444 sqft
2023-02-01 55 days 1,456 sqft
2023-03-01 46 days 1,473 sqft
2023-04-01 37 days 1,508 sqft
2023-05-01 30 days 1,531 sqft
2023-06-01 31 days 1,536 sqft
2023-07-01 32 days 1,532 sqft
2023-08-01 36 days 1,523 sqft
2023-09-01 40 days 1,508 sqft
2023-10-01 40 days 1,480 sqft
2023-11-01 41 days 1,460 sqft
2023-12-01 50 days 1,445 sqft
2024-01-01 50 days 1,458 sqft
2024-02-01 46 days 1,448 sqft
2024-03-01 42 days 1,463 sqft
Detroit's median listing age (time on market) for 2024-03-01 was 42 days. This is -8% shorter than the same period one year ago.

Detroit's median square footage for active listings during the 2024-03-01 period was 1,463 sqft. One year prior, the average listing was 1,473 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).