Flint FHA Loan Rates, Closing Costs & Stats

FLINT, 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.

    Flint's 94 lenders originated 1,302 FHA loans during 2023. The total origination value was $222,280,000, with an average FHA loan value of $170,722.

    Flint FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Flint averaged 6.91% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Flint's average FHA mortgage closing costs are $6,324.

    The average rate for the prior week (2024-07-12) was 6.86% and one month ago for the week of 2024-06-14, the average rate was 7.02%.

    The average rate one year ago was 7.01%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.95%.

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

    Flint 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 Flint level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 166 6.30% $8,480
    Preston Home Loans Inc 132 6.80% $7,744
    UNITED WHOLESALE MORTGAGE, LLC 119 6.45% $9,053
    J. VIRGIL, INC. 93 6.66% $7,741
    SUCCESS MORTGAGE PARTNERS, INC. 40 6.88% $8,658
    DAS Acquisition Company, LLC 36 7.03% $8,085
    MORTGAGE 1 INCORPORATED 34 6.77% $9,479
    CALIBER HOME LOANS, INC. 28 6.42% $7,608
    ROSS MORTGAGE CORPORATION 24 6.67% $7,127
    INSPIRE HOME LOANS INC. 24 5.83% $8,559
    The Huntington National Bank 22 6.86% $6,246
    BLG HOLDINGS, INC. 22 7.28% $10,184
    First State Bank 22 6.89% $8,179
    CROSSCOUNTRY MORTGAGE, LLC 20 6.89% $9,511
    PENNYMAC LOAN SERVICES, LLC 20 6.40% $8,153
    Dort Financial Credit Union 18 6.65% $5,332
    NEWREZ LLC 18 6.99% $7,696
    TOWNE MORTGAGE COMPANY 17 6.43% $8,877
    MUTUAL OF OMAHA MORTGAGE, INC. 16 7.03% $10,178
    LEGEND LENDING CORPORATION 15 6.89% $9,659
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 15 7.04% $8,607
    Flagstar Bank, FSB 14 6.85% $7,090
    MID AMERICA MORTGAGE, INC. 12 6.89% $4,782
    LOANDEPOT.COM, LLC 11 6.38% $12,490
    FREEDOM MORTGAGE CORPORATION 9 6.75% $11,368
    Mr. Cooper ( Nationstar Mortgage ) 9 6.33% $10,507
    Carrington Mortgage Services, LLC 9 6.32% $10,169
    Equity Prime Mortgage LLC 9 6.97% $9,938
    JPMorgan Chase Bank 8 6.91% $3,039
    Fifth Third Bank 8 6.63% $4,490
    MICHIGAN MUTUAL, INC. 8 6.41% $9,326
    PLAZA HOME MORTGAGE, INC. 8 6.25% $7,731
    GUARANTEED RATE, INC. 7 6.64% $8,395
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 6.64% $6,737
    BROKER SOLUTIONS, INC. 7 6.88% $8,742
    STAUNTON FINANCIAL, INC. 7 6.70% $7,157
    Prosperity Home Mortgage, LLC 6 6.46% $7,074
    LAKE MICHIGAN CREDIT UNION 6 6.67% $6,371
    FINANCIAL PLUS CREDIT UNION 6 5.92% $6,714
    FIRST COMMUNITY MORTGAGE, INC. 5 7.05% $8,088
    The Dart Bank 5 7.08% $7,868
    MYCUMORTGAGE, LLC 5 7.08% $5,492
    Platinum Home Mortgage Corporation 5 6.05% $9,346
    ACADEMY MORTGAGE CORPORATION 5 6.70% $9,267
    EVERETT FINANCIAL, INC. 5 7.25% $7,550
    CARDINAL FINANCIAL 5 6.27% $9,043
    UNION HOME MORTGAGE CORP. 4 6.91% $10,109
    AMERISAVE MORTGAGE CORPORATION 4 6.56% $10,655
    TOP FLITE FINANCIAL, INC. 3 6.83% $12,321
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 6.33% $13,140
    MOVEMENT MORTGAGE, LLC 3 7.13% $8,546
    VILLAGE CAPITAL MORTGAGE 3 5.21% $12,140
    AmeriHome Mortgage Company, LLC 3 6.29% $8,821
    ZILLOW HOME LOANS, LLC 3 6.33% $10,392
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.96% $11,678
    AMERICAN FINANCIAL NETWORK, INC. 3 6.33% $11,295
    Sunflower Bank 2 7.06% $9,782
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.25% $5,036
    First Merchants Bank 2 6.06% $5,971
    LAKEVIEW LOAN SERVICING, LLC 2 6.00% $13,109
    Mortgage Research Center, LLC 2 7.13% $6,480
    NATIONWIDE MORTGAGE BANKERS, INC. 2 5.94% $13,708
    Paramount Residential Mortgage Group, Inc. 2 7.31% $15,089
    PLANET HOME LENDING, LLC 2 6.56% $5,509
    PNC Bank 2 6.63% $5,588
    RUOFF MORTGAGE COMPANY, INC. 2 5.81% $6,078
    University Bank 2 7.13% $10,904
    Wells Fargo Bank 2 6.63% $6,867
    BM Real Estate Services, Inc. 1 7.63% $13,722
    NFM, INC. 1 7.38% $6,955
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $10,629
    Barrington Bank & Trust Company, N.A. 1 7.25% $6,689
    M&T Bank 1 6.00% $6,262
    MICHIGAN FIRST CREDIT UNION 1 6.00% $7,015
    LIBERTY HOME MORTGAGE CORPORATION 1 7.63% $12,674
    INTERCAP LENDING INC. 1 6.63% $8,732
    Bell Bank 1 7.25% $8,185
    SOVEREIGN LENDING GROUP INCORPORATED 1 7.25% $17,271
    HOMESTEAD FUNDING CORP. 1 7.13% $5,858
    STOCKTON MORTGAGE CORPORATION 1 7.25% $5,291
    GSF Mortgage Corporation 1 5.88% $5,197
    Summit Mortgage Corporation 1 6.75% $4,484
    GENEVA FINANCIAL, LLC 1 7.25% $9,403
    SUN WEST MORTGAGE COMPANY, INC. 1 6.59% $11,547
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.00% $8,114
    Credence Funding Corporation 1 5.75% $4,618
    Comerica Bank 1 6.75% $4,709
    Citizens Bank 1 5.88% $12,916
    Old National Bank 1 5.88% $7,580
    Century Mortgage Company DBA Century Lending Company 1 6.13% $11,003
    OCEANSIDE MORTGAGE COMPANY 1 5.63% $6,348
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $6,034
    PHH Mortgage Corporation 1 5.88% $3,553
    Plains Commerce Bank 1 6.63% $7,072

    The top Flint FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 166 FHA loans originated. Their average total fees are $8,480, which is $736 higher than the next largest lender, Preston Home Loans Inc.

    The lowest fee Flint FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,782), Dort Financial Credit Union ($5,332), The Huntington National Bank ($6,246), Flagstar Bank, FSB ($7,090) and ROSS MORTGAGE CORPORATION ($7,127).

    The lowest rate Flint FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. (5.83%), QUICKEN LOANS, LLC (6.30%), LOANDEPOT.COM, LLC (6.38%), PENNYMAC LOAN SERVICES, LLC (6.40%) and CALIBER HOME LOANS, INC. (6.42%).

    Flint FHA Loan Limits

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

    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).