Escanaba FHA Loan Rates, Closing Costs & Stats

Escanaba, 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.

    Escanaba's 16 lenders originated 32 FHA loans during 2023. The total origination value was $3,900,000, with an average FHA loan value of $121,875.

    Escanaba FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Escanaba averaged 6.84% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Escanaba's average FHA mortgage closing costs are $5,418.

    The average rate for the prior week (2024-04-12) was 7.03% and one month ago for the week of 2024-03-15, the average rate was 6.9%.

    The average rate one year ago was 6.33%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Escanaba 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 Escanaba level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 8 6.46% $5,979
    UNITED WHOLESALE MORTGAGE, LLC 4 6.69% $10,137
    GSF Mortgage Corporation 2 7.13% $5,579
    BROKER SOLUTIONS, INC. 1 7.13% $7,069
    Flagstar Bank, FSB 1 7.23% $4,974
    GUILD MORTGAGE COMPANY 1 7.75% $5,946
    Independent Bank 1 6.13% $5,879
    J. VIRGIL, INC. 1 7.13% $10,083
    LAKEVIEW LOAN SERVICING, LLC 1 6.13% $7,238
    LOANDEPOT.COM, LLC 1 8.25% $5,041
    MID AMERICA MORTGAGE, INC. 1 7.38% $7,277
    TOP FLITE FINANCIAL, INC. 1 6.75% $8,483
    AMERICAN FINANCIAL NETWORK, INC. 1 5.50% $5,564
    VILLAGE CAPITAL MORTGAGE 1 5.38% $10,328
    AMERISAVE MORTGAGE CORPORATION 1 5.13% $12,316
    Barrington Bank & Trust Company, N.A. 1 6.25% $5,634

    The top Escanaba FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 FHA loans originated. Their average total fees are $5,979, which is $4,158 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Escanaba FHA lenders (with over 10 loans originated) are .

    The lowest rate Escanaba FHA lenders (with over 10 loans originated) are .

    Escanaba FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ESCANABA, MI DELTA 2022 $420,680 $538,650 $651,050 $809,150
    ESCANABA, MI DELTA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Escanaba (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 $117,350 (5.6%) $158,826 (6.7%) 0.00 169
    2018-02-01 $130,975 (15.2%) $171,236 (13.9%) 0.00 144
    2018-03-01 $136,450 (18.7%) $159,905 (2.5%) 0.00 143
    2018-04-01 $139,450 (21.3%) $166,076 (5.0%) 0.00 149
    2018-05-01 $139,925 (17.8%) $165,807 (-1.8%) 0.00 186
    2018-06-01 $139,900 (15.7%) $167,511 (-1.3%) 0.00 238
    2018-07-01 $129,700 (3.8%) $160,089 (-6.7%) 0.00 250
    2018-08-01 $129,950 (4.6%) $159,047 (-5.8%) 0.00 261
    2018-09-01 $124,400 (0.7%) $158,663 (-6.7%) 0.00 259
    2018-10-01 $118,700 (-0.8%) $152,201 (-9.4%) 0.00 253
    2018-11-01 $116,375 (-5.0%) $152,284 (-7.0%) 0.00 232
    2018-12-01 $117,000 (-6.3%) $146,751 (-9.8%) 0.00 206
    2019-01-01 $104,750 (-10.7%) $143,493 (-9.7%) 0.00 181
    2019-02-01 $115,050 (-12.2%) $151,962 (-11.3%) 0.00 169
    2019-03-01 $127,957 (-6.2%) $164,596 (2.9%) 0.00 164
    2019-04-01 $141,075 (1.2%) $178,837 (7.7%) 0.00 161
    2019-05-01 $144,100 (3.0%) $177,225 (6.9%) 0.00 169
    2019-06-01 $149,900 (7.2%) $182,382 (8.9%) 0.00 188
    2019-07-01 $143,700 (10.8%) $178,857 (11.7%) 0.00 199
    2019-08-01 $135,836 (4.5%) $175,290 (10.2%) 0.00 213
    2019-09-01 $129,741 (4.3%) $169,440 (6.8%) 0.00 220
    2019-10-01 $124,975 (5.3%) $165,182 (8.5%) 0.00 228
    2019-11-01 $124,900 (7.3%) $165,768 (8.9%) 0.00 219
    2019-12-01 $120,000 (2.6%) $167,022 (13.8%) 0.00 196
    2020-01-01 $119,925 (14.5%) $170,384 (18.7%) 0.00 170
    2020-02-01 $119,900 (4.2%) $169,064 (11.3%) 0.00 163
    2020-03-01 $118,725 (-7.2%) $173,426 (5.4%) 0.00 159
    2020-04-01 $129,225 (-8.4%) $172,216 (-3.7%) 0.00 148
    2020-05-01 $124,500 (-13.6%) $179,682 (1.4%) 0.00 148
    2020-06-01 $142,225 (-5.1%) $200,254 (9.8%) 0.00 137
    2020-07-01 $139,900 (-2.6%) $201,021 (12.4%) 0.00 129
    2020-08-01 $120,000 (-11.7%) $192,666 (9.9%) 0.00 137
    2020-09-01 $126,175 (-2.8%) $198,642 (17.2%) 0.00 125
    2020-10-01 $137,750 (10.2%) $198,596 (20.2%) 0.00 104
    2020-11-01 $128,350 (2.8%) $192,589 (16.2%) 0.00 97
    2020-12-01 $120,300 (0.3%) $193,201 (15.7%) 0.00 97
    2021-01-01 $118,400 (-1.3%) $186,207 (9.3%) 0.00 76
    2021-02-01 $110,500 (-7.8%) $197,443 (16.8%) 0.00 58
    2021-03-01 $161,475 (36.0%) $244,225 (40.8%) 0.00 44
    2021-04-01 $184,450 (42.7%) $272,932 (58.5%) 0.00 45
    2021-05-01 $159,950 (28.5%) $265,662 (47.9%) 0.00 49
    2021-06-01 $197,450 (38.8%) $274,425 (37.0%) 0.00 61
    2021-07-01 $184,900 (32.2%) $264,371 (31.5%) 0.00 70
    2021-08-01 $166,125 (38.4%) $249,497 (29.5%) 0.00 78
    2021-09-01 $164,925 (30.7%) $258,308 (30.0%) 0.00 78
    2021-10-01 $159,900 (16.1%) $275,803 (38.9%) 0.00 71
    2021-11-01 $159,150 (24.0%) $261,125 (35.6%) 0.00 64
    2021-12-01 $161,150 (34.0%) $273,592 (41.6%) 0.00 54
    2022-01-01 $169,900 (43.5%) $343,850 (84.7%) 0.00 36
    2022-02-01 $189,900 (71.9%) $348,487 (76.5%) 0.00 32
    2022-03-01 $182,625 (13.1%) $354,660 (45.2%) 0.00 30
    2022-04-01 $196,200 (6.4%) $377,265 (38.2%) 0.00 37
    2022-05-01 $259,675 (62.4%) $354,507 (33.4%) 0.00 46
    2022-06-01 $215,950 (9.4%) $329,266 (20.0%) 0.00 49
    2022-07-01 $254,950 (37.9%) $350,098 (32.4%) 0.00 57
    2022-08-01 $277,475 (67.0%) $349,198 (40.0%) 0.00 69
    2022-09-01 $259,950 (57.6%) $343,683 (33.1%) 0.00 68
    2022-10-01 $204,750 (28.1%) $287,008 (4.1%) 0.00 68
    2022-11-01 $177,975 (11.8%) $275,812 (5.6%) 0.00 62
    2022-12-01 $179,000 (11.1%) $290,293 (6.1%) 0.00 57
    2023-01-01 $169,450 (-0.3%) $287,464 (-16.4%) 0.00 48
    2023-02-01 $219,250 (15.5%) $344,180 (-1.2%) 0.00 37
    2023-03-01 $400,225 (119.2%) $425,539 (20.0%) 0.00 32
    2023-04-01 $415,000 (111.5%) $428,408 (13.6%) 0.00 26
    2023-05-01 $317,625 (22.3%) $372,838 (5.2%) 0.00 36
    2023-06-01 $290,000 (34.3%) $376,559 (14.4%) 0.00 44
    2023-07-01 $293,250 (15.0%) $410,013 (17.1%) 0.00 46
    2023-08-01 $314,750 (13.4%) $416,632 (19.3%) 0.00 48
    2023-09-01 $279,000 (7.3%) $384,885 (12.0%) 0.00 59
    2023-10-01 $255,000 (24.5%) $360,811 (25.7%) 0.00 65
    2023-11-01 $204,675 (15.0%) $355,612 (28.9%) 0.00 63
    2023-12-01 $199,900 (11.7%) $345,530 (19.0%) 0.00 63
    2024-01-01 $224,750 (32.6%) $370,940 (29.0%) 0.00 54
    2024-02-01 $225,000 (2.6%) $390,482 (13.5%) 0.00 57
    2024-03-01 $249,900 (-37.6%) $429,893 (1.0%) 0.00 50
    Escanaba's median listing price for 2024-03-01 was $249,900, a difference of $-150,325 (-37.6%) versus the prior year and $24,900 versus the prior month.

    Escanaba's median listing price comes in at 0% of the national average.

    Escanaba's average listing price for 2024-03-01 was $429,893, a difference of $4,354 (1.0%) versus the prior year and $39,411 versus the prior month.

    For the 2024-03-01 period, Escanaba had 50 MLS listings, a difference of -7 listings (-12%) versus the prior month and 18 listings (56%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Escanaba (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,447 sqft
    2018-02-01 0 days 1,536 sqft
    2018-03-01 0 days 1,506 sqft
    2018-04-01 0 days 1,499 sqft
    2018-05-01 0 days 1,465 sqft
    2018-06-01 0 days 1,445 sqft
    2018-07-01 0 days 1,484 sqft
    2018-08-01 0 days 1,484 sqft
    2018-09-01 0 days 1,484 sqft
    2018-10-01 0 days 1,442 sqft
    2018-11-01 0 days 1,423 sqft
    2018-12-01 0 days 1,472 sqft
    2019-01-01 0 days 1,389 sqft
    2019-02-01 0 days 1,441 sqft
    2019-03-01 0 days 1,470 sqft
    2019-04-01 0 days 1,492 sqft
    2019-05-01 0 days 1,525 sqft
    2019-06-01 0 days 1,568 sqft
    2019-07-01 0 days 1,539 sqft
    2019-08-01 0 days 1,529 sqft
    2019-09-01 0 days 1,524 sqft
    2019-10-01 0 days 1,520 sqft
    2019-11-01 0 days 1,501 sqft
    2019-12-01 0 days 1,505 sqft
    2020-01-01 0 days 1,497 sqft
    2020-02-01 0 days 1,482 sqft
    2020-03-01 0 days 1,480 sqft
    2020-04-01 0 days 1,489 sqft
    2020-05-01 0 days 1,493 sqft
    2020-06-01 0 days 1,503 sqft
    2020-07-01 0 days 1,503 sqft
    2020-08-01 0 days 1,491 sqft
    2020-09-01 0 days 1,520 sqft
    2020-10-01 0 days 1,522 sqft
    2020-11-01 0 days 1,489 sqft
    2020-12-01 0 days 1,491 sqft
    2021-01-01 0 days 1,500 sqft
    2021-02-01 0 days 1,570 sqft
    2021-03-01 0 days 1,600 sqft
    2021-04-01 0 days 1,546 sqft
    2021-05-01 0 days 1,499 sqft
    2021-06-01 0 days 1,462 sqft
    2021-07-01 0 days 1,545 sqft
    2021-08-01 0 days 1,727 sqft
    2021-09-01 0 days 1,699 sqft
    2021-10-01 0 days 1,648 sqft
    2021-11-01 0 days 1,526 sqft
    2021-12-01 0 days 1,668 sqft
    2022-01-01 0 days 1,497 sqft
    2022-02-01 0 days 1,416 sqft
    2022-03-01 0 days 1,528 sqft
    2022-04-01 0 days 1,875 sqft
    2022-05-01 0 days 1,829 sqft
    2022-06-01 0 days 1,840 sqft
    2022-07-01 0 days 1,870 sqft
    2022-08-01 0 days 1,859 sqft
    2022-09-01 0 days 1,826 sqft
    2022-10-01 0 days 1,808 sqft
    2022-11-01 0 days 1,713 sqft
    2022-12-01 0 days 1,672 sqft
    2023-01-01 0 days 1,535 sqft
    2023-02-01 0 days 1,717 sqft
    2023-03-01 0 days 2,019 sqft
    2023-04-01 0 days 1,829 sqft
    2023-05-01 0 days 1,872 sqft
    2023-06-01 0 days 1,844 sqft
    2023-07-01 0 days 1,847 sqft
    2023-08-01 0 days 1,890 sqft
    2023-09-01 0 days 1,790 sqft
    2023-10-01 0 days 1,742 sqft
    2023-11-01 0 days 1,788 sqft
    2023-12-01 0 days 1,792 sqft
    2024-01-01 0 days 1,846 sqft
    2024-02-01 0 days 1,810 sqft
    2024-03-01 0 days 1,824 sqft
    Escanaba's median listing age (time on market) for 2024-03-01 was 0 days.

    Escanaba's median square footage for active listings during the 2024-03-01 period was 1,824 sqft. One year prior, the average listing was 2,019 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).