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 113 lenders originated 2,316 FHA loans during 2021. The total origination value was $368,940,000, with an average FHA loan value of $159,301.

    Flint FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Flint averaged 6.6% for the week of 2023-03-17, compared to the national average (all FHA variants) of 6.45% for the same period.

    Flint's average FHA mortgage closing costs are $5,794.

    The average rate for the prior week (2023-03-10) was 6.55% and one month ago for the week of 2023-02-10, the average rate was 6.26%.

    The average rate one year ago was 4.35%.

    For refis of the same type during the week of 2023-03-17, the average rate was 6.47%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 368 2.78% $5,209
    J. VIRGIL, INC. 243 3.33% $7,802
    Preston Home Loans Inc 119 3.16% $6,213
    MID AMERICA MORTGAGE, INC. 119 3.71% $4,130
    UNITED WHOLESALE MORTGAGE, LLC 70 2.82% $6,917
    CALIBER HOME LOANS, INC. 57 2.94% $6,071
    MORTGAGE 1 INCORPORATED 54 3.34% $7,733
    LAKEVIEW LOAN SERVICING, LLC 44 3.10% $4,002
    FREEDOM MORTGAGE CORPORATION 43 2.84% $3,800
    PENNYMAC LOAN SERVICES, LLC 40 3.21% $3,423
    Mr. Cooper ( Nationstar Mortgage ) 39 3.40% $3,276
    GUARANTEED RATE, INC. 38 3.54% $6,226
    SUCCESS MORTGAGE PARTNERS, INC. 36 3.26% $8,306
    CROSSCOUNTRY MORTGAGE, LLC 31 3.47% $7,448
    TOWNE MORTGAGE COMPANY 31 2.96% $6,372
    ROSS MORTGAGE CORPORATION 29 3.60% $6,559
    INSPIRE HOME LOANS INC. 26 3.28% $6,846
    BLG HOLDINGS, INC. 26 3.36% $6,231
    Dort Financial Credit Union 24 3.58% $4,537
    MICHIGAN MUTUAL, INC. 23 3.26% $6,574
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 22 3.26% $5,878
    The Huntington National Bank 21 3.08% $4,987
    VILLAGE CAPITAL MORTGAGE 21 2.97% $2,504
    Flagstar Bank, FSB 19 3.26% $5,481
    ACADEMY MORTGAGE CORPORATION 18 3.65% $7,428
    BROKER SOLUTIONS, INC. 17 3.35% $7,391
    Platinum Home Mortgage Corporation 16 3.03% $8,924
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 14 3.20% $6,609
    NEWREZ LLC 14 2.94% $4,218
    PLAZA HOME MORTGAGE, INC. 14 3.09% $5,695
    Fifth Third Bank 14 3.51% $4,604
    AmeriHome Mortgage Company, LLC 13 2.97% $3,779
    Carrington Mortgage Services, LLC 12 3.42% $7,582
    UNION HOME MORTGAGE CORP. 12 3.47% $6,669
    HOME POINT FINANCIAL CORPORATION 12 2.99% $5,886
    First Guaranty Mortgage Corporation 9 3.13% $5,552
    Lakeview Community Capital, LLC 9 3.14% $3,957
    ADVISORS CAPITAL, INC. 8 2.89% $5,608
    LOANDEPOT.COM, LLC 8 3.33% $7,021
    LAKE MICHIGAN CREDIT UNION 7 3.21% $5,833
    Paramount Residential Mortgage Group, Inc. 7 3.57% $8,493
    PLANET HOME LENDING, LLC 7 2.84% $4,103
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 3.17% $7,059
    SUMMIT FUNDING, INC. 6 3.79% $5,828
    AMERISAVE MORTGAGE CORPORATION 6 2.98% $7,271
    NATIONS DIRECT MORTGAGE, LLC 6 3.23% $8,377
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 3.17% $6,787
    MYCUMORTGAGE, LLC 6 3.02% $4,755
    DAS Acquisition Company, LLC 6 3.65% $6,265
    STAUNTON FINANCIAL, INC. 5 3.38% $5,707
    U.S. Bank 5 3.40% $4,405
    Sunflower Bank 5 2.99% $6,835
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 3.25% $5,260
    TCF National Bank 4 2.69% $5,257
    Northpointe Bank 4 3.06% $5,482
    Sierra Pacific Mortgage Company, Inc. 4 2.56% $8,386
    EVERETT FINANCIAL, INC. 4 3.72% $4,621
    JPMorgan Chase Bank 3 3.25% $5,443
    PREMIA MORTGAGE, LLC 3 2.66% $5,053
    RUOFF MORTGAGE COMPANY, INC. 3 3.33% $5,629
    UNIVERSITY LENDING GROUP, LLC 3 3.08% $6,274
    FINANCE OF AMERICA MORTGAGE LLC 3 3.00% $6,918
    FIRST HERITAGE FINANCIAL, LLC 3 3.33% $7,644
    First State Bank 3 3.46% $5,317
    HOMESITE MORTGAGE, LLC 3 3.13% $8,467
    Independent Bank 3 3.17% $5,781
    ENVOY MORTGAGE, LTD 3 3.38% $4,929
    Citizens Bank 3 3.13% $6,000
    Nations Lending Corporation 3 3.38% $9,132
    Level One Bank 2 3.13% $7,112
    Bank of Ann Arbor 2 3.13% $6,264
    KELLER MORTGAGE, LLC 2 3.13% $5,787
    AMERICAN FINANCIAL NETWORK, INC. 2 3.31% $15,117
    PNC Bank 2 2.75% $4,794
    BAYSHORE MORTGAGE FUNDING, LLC 2 3.44% $7,632
    Bank of England 2 3.56% $4,988
    SOUTHWEST FUNDING, LP 2 3.75% $14,379
    OCEANSIDE MORTGAGE COMPANY 2 2.63% $2,723
    RESIDENTIAL BANCORP. 2 2.75% $6,903
    Prosperity Home Mortgage, LLC 2 3.31% $7,478
    Mortgage Research Center, LLC 2 3.19% $3,184
    MOVEMENT MORTGAGE, LLC 2 3.44% $6,524
    ZILLOW HOME LOANS, LLC 1 2.25% $9,312
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $6,319
    AMERICAN MORTGAGE SERVICE COMPANY 1 2.75% $6,299
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.63% $7,813
    Amerifirst Financial, Inc. 1 3.63% $4,985
    ARC HOME LLC 1 2.75% $4,295
    BETTER MORTGAGE CORPORATION 1 3.63% $2,887
    BOKF 1 3.13% $9,518
    CHERRY CREEK MORTGAGE, LLC 1 2.75% $5,639
    CHURCHILL MORTGAGE CORPORATION 1 3.13% $6,309
    Equity Prime Mortgage LLC 1 2.63% $7,932
    Fidelity Bank 1 3.63% $5,867
    FINANCIAL PLUS CREDIT UNION 1 2.75% $4,711
    GUILD MORTGAGE COMPANY 1 2.38% $6,063
    GVC MORTGAGE, INC. 1 2.75% $7,071
    HOMESIDE FINANCIAL, LLC 1 2.63% $7,081
    InterContinental Capital Group, Inc 1 3.25% $9,851
    LENOX FINANCIAL MORTGAGE CORPORATION 1 2.75% $7,372
    LIBERTY HOME MORTGAGE CORPORATION 1 2.88% $7,370
    Low VA Rates, LLC 1 2.75% $6,197
    Luxury Mortgage Corp. 1 2.75% $12,721
    MICHIGAN SCHOOLS AND GOVERNMENT 1 3.13% $7,844
    M&T Bank 1 3.25% $8,064
    NATIONS RELIABLE LENDING, LLC 1 3.75% $7,292
    OCMBC, INC. 1 2.75% $6,277
    Old National Bank 1 2.63% $9,054
    PHH Mortgage Corporation 1 3.13% $3,645
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.99% $6,746
    ROYAL UNITED MORTGAGE LLC 1 2.75% $5,673
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.63% $8,050
    UNITED SECURITY FINANCIAL CORP 1 2.50% $5,700

    The top Flint FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 368 FHA loans originated. Their average total fees are $5,209, which is $2,594 lower than the next largest lender, J. VIRGIL, INC..

    The lowest fee Flint FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,504), Mr. Cooper ( Nationstar Mortgage ) ($3,276), PENNYMAC LOAN SERVICES, LLC ($3,423), AmeriHome Mortgage Company, LLC ($3,779) and FREEDOM MORTGAGE CORPORATION ($3,800).

    The lowest rate Flint FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.78%), UNITED WHOLESALE MORTGAGE, LLC (2.82%), FREEDOM MORTGAGE CORPORATION (2.84%), CALIBER HOME LOANS, INC. (2.94%) and NEWREZ LLC (2.94%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Flint (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 $139,900 (16.7%) $190,527 (15.1%) 0.52 1,036
    2018-02-01 $148,575 (19.0%) $195,942 (15.9%) 0.54 971
    2018-03-01 $154,900 (24.0%) $203,116 (15.3%) 0.54 946
    2018-04-01 $167,450 (28.9%) $214,213 (15.3%) 0.57 956
    2018-05-01 $169,150 (20.9%) $216,751 (12.5%) 0.56 1,061
    2018-06-01 $168,900 (14.4%) $212,623 (8.3%) 0.56 1,123
    2018-07-01 $169,450 (13.0%) $210,540 (7.6%) 0.57 1,190
    2018-08-01 $165,000 (10.0%) $208,239 (7.1%) 0.55 1,345
    2018-09-01 $162,500 (8.3%) $206,542 (6.5%) 0.55 1,420
    2018-10-01 $159,000 (1.6%) $200,838 (1.1%) 0.54 1,415
    2018-11-01 $151,450 (1.0%) $195,254 (-0.1%) 0.51 1,395
    2018-12-01 $144,850 (3.5%) $188,912 (-0.4%) 0.50 1,326
    2019-01-01 $144,150 (3.0%) $188,133 (-1.3%) 0.50 1,210
    2019-02-01 $147,400 (-0.8%) $191,966 (-2.0%) 0.50 1,108
    2019-03-01 $156,371 (1.0%) $202,154 (-0.5%) 0.51 1,060
    2019-04-01 $165,000 (-1.5%) $215,848 (0.8%) 0.52 1,020
    2019-05-01 $179,900 (6.4%) $227,964 (5.2%) 0.56 1,047
    2019-06-01 $179,900 (6.5%) $226,315 (6.4%) 0.56 1,188
    2019-07-01 $182,400 (7.6%) $228,532 (8.6%) 0.57 1,254
    2019-08-01 $180,809 (9.6%) $223,033 (7.1%) 0.57 1,293
    2019-09-01 $174,673 (7.5%) $213,808 (3.5%) 0.56 1,358
    2019-10-01 $169,450 (6.6%) $206,302 (2.7%) 0.55 1,404
    2019-11-01 $169,695 (12.1%) $210,376 (7.8%) 0.56 1,296
    2019-12-01 $165,123 (14.0%) $211,987 (12.2%) 0.55 1,196
    2020-01-01 $165,475 (14.8%) $214,870 (14.2%) 0.55 1,084
    2020-02-01 $168,900 (14.6%) $216,181 (12.6%) 0.55 1,005
    2020-03-01 $179,900 (15.1%) $225,380 (11.5%) 0.56 946
    2020-04-01 $182,240 (10.5%) $225,979 (4.7%) 0.57 876
    2020-05-01 $189,850 (5.5%) $233,125 (2.3%) 0.58 870
    2020-06-01 $197,375 (9.7%) $250,995 (10.9%) 0.58 762
    2020-07-01 $199,900 (9.6%) $261,541 (14.4%) 0.58 689
    2020-08-01 $209,900 (16.1%) $274,922 (23.3%) 0.60 668
    2020-09-01 $204,975 (17.4%) $268,316 (25.5%) 0.59 650
    2020-10-01 $199,900 (18.0%) $260,757 (26.4%) 0.57 627
    2020-11-01 $199,900 (17.8%) $262,430 (24.7%) 0.58 570
    2020-12-01 $189,950 (15.0%) $260,205 (22.8%) 0.56 526
    2021-01-01 $179,900 (8.7%) $258,324 (20.2%) 0.54 469
    2021-02-01 $175,000 (3.6%) $271,362 (25.5%) 0.51 405
    2021-03-01 $179,900 (0.0%) $261,576 (16.1%) 0.51 426
    2021-04-01 $179,900 (-1.3%) $260,140 (15.1%) 0.49 465
    2021-05-01 $185,000 (-2.6%) $255,205 (9.5%) 0.49 506
    2021-06-01 $192,500 (-2.5%) $257,043 (2.4%) 0.51 591
    2021-07-01 $199,900 (0.0%) $269,692 (3.1%) 0.53 651
    2021-08-01 $209,925 (0.0%) $264,262 (-3.9%) 0.56 735
    2021-09-01 $189,800 (-7.4%) $248,279 (-7.5%) 0.51 765
    2021-10-01 $189,900 (-5.0%) $252,047 (-3.3%) 0.51 789
    2021-11-01 $176,450 (-11.7%) $245,392 (-6.5%) 0.47 734
    2021-12-01 $174,900 (-7.9%) $244,484 (-6.0%) 0.47 656
    2022-01-01 $172,400 (-4.2%) $241,668 (-6.5%) 0.47 598
    2022-02-01 $175,950 (0.5%) $258,750 (-4.7%) 0.46 539
    2022-03-01 $199,950 (11.2%) $262,465 (0.3%) 0.50 553
    2022-04-01 $214,900 (19.5%) $267,037 (2.7%) 0.51 575
    2022-05-01 $219,900 (18.9%) $276,075 (8.2%) 0.50 645
    2022-06-01 $234,975 (22.1%) $287,652 (11.9%) 0.52 726
    2022-07-01 $220,000 (10.1%) $275,315 (2.1%) 0.49 960
    2022-08-01 $219,900 (4.8%) $266,990 (1.0%) 0.51 1,026
    2022-09-01 $214,900 (13.2%) $266,044 (7.2%) 0.50 1,007
    2022-10-01 $209,900 (10.5%) $259,217 (2.8%) 0.49 1,046
    2022-11-01 $198,475 (12.5%) $251,224 (2.4%) 0.48 1,049
    2022-12-01 $185,000 (5.8%) $244,001 (-0.2%) 0.46 947
    2023-01-01 $181,925 (5.5%) $247,240 (2.3%) 0.45 821
    2023-02-01 $189,338 (7.6%) $257,628 (-0.4%) 0.46 746
    Flint's median listing price for 2023-02-01 was $189,338, a difference of $13,388 (7.6%) versus the prior year and $7,413 versus the prior month.

    Flint's median listing price comes in at 46% of the national average.

    Flint's average listing price for 2023-02-01 was $257,628, a difference of $-1,122 (-0.4%) versus the prior year and $10,388 versus the prior month.

    For the 2023-02-01 period, Flint had 746 MLS listings, a difference of -75 listings (-9%) versus the prior month and 207 listings (38%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Flint (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 83 days 1,511 sqft
    2018-02-01 83 days 1,551 sqft
    2018-03-01 74 days 1,566 sqft
    2018-04-01 59 days 1,615 sqft
    2018-05-01 48 days 1,624 sqft
    2018-06-01 44 days 1,600 sqft
    2018-07-01 47 days 1,608 sqft
    2018-08-01 47 days 1,605 sqft
    2018-09-01 51 days 1,600 sqft
    2018-10-01 56 days 1,586 sqft
    2018-11-01 60 days 1,550 sqft
    2018-12-01 69 days 1,500 sqft
    2019-01-01 80 days 1,498 sqft
    2019-02-01 81 days 1,500 sqft
    2019-03-01 65 days 1,540 sqft
    2019-04-01 53 days 1,576 sqft
    2019-05-01 49 days 1,601 sqft
    2019-06-01 44 days 1,614 sqft
    2019-07-01 46 days 1,628 sqft
    2019-08-01 51 days 1,614 sqft
    2019-09-01 54 days 1,594 sqft
    2019-10-01 56 days 1,570 sqft
    2019-11-01 64 days 1,561 sqft
    2019-12-01 71 days 1,578 sqft
    2020-01-01 86 days 1,599 sqft
    2020-02-01 80 days 1,600 sqft
    2020-03-01 62 days 1,620 sqft
    2020-04-01 74 days 1,623 sqft
    2020-05-01 80 days 1,618 sqft
    2020-06-01 53 days 1,676 sqft
    2020-07-01 48 days 1,708 sqft
    2020-08-01 40 days 1,766 sqft
    2020-09-01 39 days 1,700 sqft
    2020-10-01 37 days 1,691 sqft
    2020-11-01 46 days 1,692 sqft
    2020-12-01 54 days 1,603 sqft
    2021-01-01 52 days 1,521 sqft
    2021-02-01 48 days 1,457 sqft
    2021-03-01 37 days 1,465 sqft
    2021-04-01 32 days 1,462 sqft
    2021-05-01 32 days 1,481 sqft
    2021-06-01 31 days 1,500 sqft
    2021-07-01 31 days 1,576 sqft
    2021-08-01 32 days 1,494 sqft
    2021-09-01 37 days 1,448 sqft
    2021-10-01 39 days 1,478 sqft
    2021-11-01 49 days 1,419 sqft
    2021-12-01 59 days 1,422 sqft
    2022-01-01 67 days 1,418 sqft
    2022-02-01 50 days 1,434 sqft
    2022-03-01 35 days 1,451 sqft
    2022-04-01 37 days 1,451 sqft
    2022-05-01 37 days 1,495 sqft
    2022-06-01 34 days 1,537 sqft
    2022-07-01 32 days 1,536 sqft
    2022-08-01 41 days 1,546 sqft
    2022-09-01 50 days 1,544 sqft
    2022-10-01 51 days 1,516 sqft
    2022-11-01 52 days 1,469 sqft
    2022-12-01 64 days 1,420 sqft
    2023-01-01 74 days 1,400 sqft
    2023-02-01 76 days 1,428 sqft
    Flint's median listing age (time on market) for 2023-02-01 was 76 days. This is 51% longer than the same period one year ago.

    Flint's median square footage for active listings during the 2023-02-01 period was 1,428 sqft. One year prior, the average listing was 1,434 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).