Flint FHA Loan Rates, Closing Costs & Stats
FLINT, 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.
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
6.17%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Flint's average FHA mortgage closing costs are $6,324.
The average rate for the prior week (2024-10-18) was
6.06% and
one month ago for the week of 2024-09-20, the
average rate was 5.98%.
The average rate one year ago was 7.62%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.41%.
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).