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
6.53%
for the week of 2025-02-14, compared to the national average (all FHA variants) of
6.515% for the same period.
Detroit's average FHA mortgage closing costs are $6,570.
The average rate for the prior week (2025-02-07) was
6.84% and
one month ago for the week of 2025-01-10, the
average rate was 6.6%.
The average rate one year ago was 6.53%.
For refis of the same type during the week of 2025-02-14, the average rate
was 6.6%.
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
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%) | $309,612 (5.3%) | 0.74 | 9,943 |
| 2018-02-01 | $205,995 (7.1%) | $318,931 (6.5%) | 0.75 | 9,273 |
| 2018-03-01 | $224,900 (5.9%) | $338,115 (8.3%) | 0.79 | 9,085 |
| 2018-04-01 | $242,450 (7.8%) | $343,602 (5.1%) | 0.82 | 9,494 |
| 2018-05-01 | $249,900 (6.6%) | $348,798 (3.2%) | 0.83 | 10,499 |
| 2018-06-01 | $252,900 (7.4%) | $353,472 (3.9%) | 0.84 | 11,784 |
| 2018-07-01 | $249,900 (6.3%) | $346,109 (2.7%) | 0.83 | 12,982 |
| 2018-08-01 | $244,950 (8.1%) | $336,207 (2.9%) | 0.82 | 14,306 |
| 2018-09-01 | $239,900 (6.6%) | $334,438 (2.9%) | 0.81 | 14,961 |
| 2018-10-01 | $231,200 (4.4%) | $326,445 (1.2%) | 0.78 | 14,884 |
| 2018-11-01 | $225,000 (4.1%) | $318,682 (0.1%) | 0.76 | 14,432 |
| 2018-12-01 | $219,900 (4.8%) | $314,529 (-0.2%) | 0.76 | 13,257 |
| 2019-01-01 | $218,750 (9.4%) | $313,352 (1.2%) | 0.76 | 12,164 |
| 2019-02-01 | $219,950 (6.8%) | $317,074 (-0.6%) | 0.74 | 11,497 |
| 2019-03-01 | $232,814 (3.5%) | $329,700 (-2.5%) | 0.76 | 11,352 |
| 2019-04-01 | $250,400 (3.3%) | $345,434 (0.5%) | 0.79 | 11,489 |
| 2019-05-01 | $259,900 (4.0%) | $351,994 (0.9%) | 0.81 | 12,361 |
| 2019-06-01 | $262,000 (3.6%) | $350,214 (-0.9%) | 0.82 | 13,709 |
| 2019-07-01 | $259,900 (4.0%) | $344,100 (-0.6%) | 0.81 | 14,991 |
| 2019-08-01 | $253,355 (3.4%) | $337,148 (0.3%) | 0.80 | 15,527 |
| 2019-09-01 | $243,536 (1.5%) | $328,224 (-1.9%) | 0.78 | 15,830 |
| 2019-10-01 | $236,991 (2.5%) | $321,800 (-1.4%) | 0.76 | 15,906 |
| 2019-11-01 | $229,900 (2.2%) | $317,760 (-0.3%) | 0.75 | 14,872 |
| 2019-12-01 | $224,900 (2.3%) | $311,265 (-1.0%) | 0.75 | 13,036 |
| 2020-01-01 | $219,950 (0.6%) | $310,516 (-0.9%) | 0.74 | 11,629 |
| 2020-02-01 | $222,500 (1.2%) | $315,616 (-0.5%) | 0.73 | 10,735 |
| 2020-03-01 | $237,950 (2.2%) | $329,604 (0.0%) | 0.75 | 10,379 |
| 2020-04-01 | $244,018 (-2.6%) | $333,336 (-3.5%) | 0.76 | 9,897 |
| 2020-05-01 | $249,900 (-3.9%) | $338,741 (-3.8%) | 0.76 | 10,721 |
| 2020-06-01 | $272,725 (4.1%) | $365,221 (4.3%) | 0.80 | 10,264 |
| 2020-07-01 | $278,500 (7.2%) | $374,380 (8.8%) | 0.81 | 9,833 |
| 2020-08-01 | $274,900 (8.5%) | $373,983 (10.9%) | 0.79 | 9,310 |
| 2020-09-01 | $269,950 (10.9%) | $373,511 (13.8%) | 0.77 | 8,991 |
| 2020-10-01 | $265,000 (11.8%) | $373,840 (16.2%) | 0.76 | 8,483 |
| 2020-11-01 | $254,950 (10.9%) | $373,438 (17.5%) | 0.75 | 7,676 |
| 2020-12-01 | $249,950 (11.1%) | $370,831 (19.1%) | 0.74 | 6,753 |
| 2021-01-01 | $249,900 (13.6%) | $372,979 (20.1%) | 0.75 | 5,689 |
| 2021-02-01 | $250,000 (12.4%) | $388,722 (23.2%) | 0.73 | 4,730 |
| 2021-03-01 | $266,294 (11.9%) | $398,162 (20.8%) | 0.76 | 4,596 |
| 2021-04-01 | $269,950 (10.6%) | $405,925 (21.8%) | 0.73 | 4,725 |
| 2021-05-01 | $279,900 (12.0%) | $409,975 (21.0%) | 0.74 | 5,267 |
| 2021-06-01 | $276,575 (1.4%) | $396,675 (8.6%) | 0.73 | 6,498 |
| 2021-07-01 | $275,000 (-1.3%) | $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%) | $345,719 (-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%) | $354,232 (-8.9%) | 0.56 | 4,625 |
| 2022-03-01 | $227,450 (-14.6%) | $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%) | $384,646 (-6.2%) | 0.63 | 6,342 |
| 2022-06-01 | $279,950 (1.2%) | $388,407 (-2.1%) | 0.62 | 7,666 |
| 2022-07-01 | $279,900 (1.8%) | $381,907 (-2.5%) | 0.63 | 9,284 |
| 2022-08-01 | $272,350 (1.9%) | $370,524 (-3.4%) | 0.63 | 9,869 |
| 2022-09-01 | $263,908 (5.6%) | $366,211 (-1.2%) | 0.62 | 9,756 |
| 2022-10-01 | $250,000 (2.9%) | $355,627 (-1.3%) | 0.59 | 9,856 |
| 2022-11-01 | $247,000 (8.6%) | $347,736 (-0.2%) | 0.59 | 9,743 |
| 2022-12-01 | $230,000 (6.0%) | $341,684 (-1.2%) | 0.57 | 8,673 |
| 2023-01-01 | $227,250 (10.9%) | $343,293 (0.6%) | 0.56 | 7,432 |
| 2023-02-01 | $229,450 (6.2%) | $347,618 (-1.9%) | 0.55 | 6,513 |
| 2023-03-01 | $236,950 (4.2%) | $362,607 (0.6%) | 0.56 | 5,939 |
| 2023-04-01 | $250,000 (0.0%) | $384,503 (2.0%) | 0.58 | 5,885 |
| 2023-05-01 | $267,450 (-2.4%) | $399,456 (3.9%) | 0.61 | 6,035 |
| 2023-06-01 | $270,000 (-3.6%) | $402,227 (3.6%) | 0.61 | 6,449 |
| 2023-07-01 | $269,000 (-3.9%) | $393,640 (3.1%) | 0.61 | 6,991 |
| 2023-08-01 | $272,400 (0.0%) | $389,943 (5.2%) | 0.63 | 7,451 |
| 2023-09-01 | $262,500 (-0.5%) | $386,071 (5.4%) | 0.61 | 7,663 |
| 2023-10-01 | $252,450 (1.0%) | $382,614 (7.6%) | 0.59 | 7,910 |
| 2023-11-01 | $247,250 (0.1%) | $373,072 (7.3%) | 0.59 | 8,119 |
| 2023-12-01 | $235,900 (2.6%) | $366,002 (7.1%) | 0.57 | 7,359 |
| 2024-01-01 | $229,575 (1.0%) | $363,506 (5.9%) | 0.56 | 6,427 |
| 2024-02-01 | $229,450 (0.0%) | $368,098 (5.9%) | 0.55 | 6,204 |
| 2024-03-01 | $239,900 (1.2%) | $380,002 (4.8%) | 0.56 | 6,153 |
| 2024-04-01 | $250,000 (0.0%) | $387,719 (0.8%) | 0.58 | 6,146 |
| 2024-05-01 | $261,950 (-2.1%) | $407,746 (2.1%) | 0.59 | 6,542 |
| 2024-06-01 | $274,900 (1.8%) | $420,987 (4.7%) | 0.62 | 7,088 |
| 2024-07-01 | $279,900 (4.1%) | $430,572 (9.4%) | 0.64 | 7,736 |
| 2024-08-01 | $279,900 (2.8%) | $417,041 (7.0%) | 0.65 | 8,525 |
| 2024-09-01 | $277,000 (5.5%) | $407,313 (5.5%) | 0.65 | 8,921 |
| 2024-10-01 | $271,200 (7.4%) | $399,253 (4.4%) | 0.64 | 8,920 |
| 2024-11-01 | $260,000 (5.2%) | $388,539 (4.2%) | 0.62 | 8,789 |
| 2024-12-01 | $249,900 (5.9%) | $382,461 (4.5%) | 0.62 | 7,942 |
| 2025-01-01 | $239,950 (4.5%) | $376,317 (3.5%) | 0.00 | 7,125 |
Detroit's median listing price comes in at 0% of the national average.
Detroit's average listing price for 2025-01-01 was $376,317, a difference of $12,811 (3.5%) versus the prior year and $-6,144 versus the prior month.
For the 2025-01-01 period, Detroit had 7,125 MLS listings, a difference of -817 listings (-10%) versus the prior month and 698 listings (11%) 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 | 1,582 sqft |
| 2019-02-01 | 60 days | 1,596 sqft |
| 2019-03-01 | 45 days | 1,632 sqft |
| 2019-04-01 | 36 days | 1,684 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 | 1,605 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 | 1,421 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 | 1,531 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 | 1,443 sqft |
| 2023-02-01 | 55 days | 1,455 sqft |
| 2023-03-01 | 46 days | 1,473 sqft |
| 2023-04-01 | 37 days | 1,508 sqft |
| 2023-05-01 | 30 days | 1,530 sqft |
| 2023-06-01 | 31 days | 1,536 sqft |
| 2023-07-01 | 32 days | 1,531 sqft |
| 2023-08-01 | 36 days | 1,522 sqft |
| 2023-09-01 | 40 days | 1,508 sqft |
| 2023-10-01 | 40 days | 1,480 sqft |
| 2023-11-01 | 41 days | 1,461 sqft |
| 2023-12-01 | 50 days | 1,445 sqft |
| 2024-01-01 | 50 days | 1,457 sqft |
| 2024-02-01 | 46 days | 1,447 sqft |
| 2024-03-01 | 42 days | 1,462 sqft |
| 2024-04-01 | 39 days | 1,479 sqft |
| 2024-05-01 | 32 days | 1,497 sqft |
| 2024-06-01 | 31 days | 1,511 sqft |
| 2024-07-01 | 37 days | 1,521 sqft |
| 2024-08-01 | 36 days | 1,519 sqft |
| 2024-09-01 | 39 days | 1,510 sqft |
| 2024-10-01 | 40 days | 1,504 sqft |
| 2024-11-01 | 44 days | 1,514 sqft |
| 2024-12-01 | 50 days | 1,487 sqft |
| 2025-01-01 | 0 days | 1,447 sqft |
Detroit's median square footage for active listings during the 2025-01-01 period was 1,447 sqft. One year prior, the average listing was 1,457 sqft.