Detroit FHA Loans

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 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).