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 112 lenders originated 1,580 FHA loans during 2022. The total origination value was $257,130,000, with an average FHA loan value of $162,741.

    Flint FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Flint averaged -0.02% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Flint's average FHA mortgage closing costs are $6,043.

    The average rate for the prior week (2023-11-17) was 7.27% and one month ago for the week of 2023-10-20, the average rate was 7.28%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.36%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 221 4.61% $7,382
    J. VIRGIL, INC. 158 5.34% $7,955
    Preston Home Loans Inc 157 5.33% $7,172
    UNITED WHOLESALE MORTGAGE, LLC 106 4.89% $7,699
    MID AMERICA MORTGAGE, INC. 63 5.68% $4,205
    LEGEND LENDING CORPORATION 48 6.52% $4,669
    CALIBER HOME LOANS, INC. 47 5.25% $6,836
    GUARANTEED RATE, INC. 36 5.44% $7,151
    Flagstar Bank, FSB 33 5.31% $7,074
    SUCCESS MORTGAGE PARTNERS, INC. 26 5.26% $8,940
    The Huntington National Bank 25 4.94% $6,185
    MORTGAGE 1 INCORPORATED 22 5.32% $8,647
    LAKEVIEW LOAN SERVICING, LLC 21 4.34% $5,956
    TOWNE MORTGAGE COMPANY 21 4.49% $7,814
    CROSSCOUNTRY MORTGAGE, LLC 18 5.28% $9,123
    PLAZA HOME MORTGAGE, INC. 18 4.92% $6,881
    PENNYMAC LOAN SERVICES, LLC 18 4.03% $5,746
    ROSS MORTGAGE CORPORATION 16 5.11% $6,416
    Fifth Third Bank 15 4.74% $4,231
    ACADEMY MORTGAGE CORPORATION 15 5.30% $7,936
    FREEDOM MORTGAGE CORPORATION 15 4.94% $8,198
    Dort Financial Credit Union 12 4.71% $3,815
    Mr. Cooper ( Nationstar Mortgage ) 12 4.75% $10,276
    DAS Acquisition Company, LLC 12 6.31% $8,847
    LOANDEPOT.COM, LLC 11 5.31% $8,692
    STAUNTON FINANCIAL, INC. 11 5.22% $7,215
    BROKER SOLUTIONS, INC. 10 5.08% $9,313
    AMERISAVE MORTGAGE CORPORATION 10 4.65% $9,910
    CARDINAL FINANCIAL 10 5.40% $7,199
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 5.31% $6,745
    HOME POINT FINANCIAL CORPORATION 10 5.25% $7,099
    FINANCIAL PLUS CREDIT UNION 9 3.99% $5,277
    MICHIGAN MUTUAL, INC. 9 5.22% $8,714
    EVERETT FINANCIAL, INC. 9 5.07% $4,103
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 9 5.86% $7,887
    BLG HOLDINGS, INC. 9 4.69% $6,602
    INSPIRE HOME LOANS INC. 8 5.09% $10,222
    JPMorgan Chase Bank 8 5.68% $4,290
    Equity Prime Mortgage LLC 7 5.96% $8,031
    Carrington Mortgage Services, LLC 7 5.14% $8,924
    MUTUAL OF OMAHA MORTGAGE, INC. 7 5.86% $9,165
    LAKE MICHIGAN CREDIT UNION 7 4.70% $7,844
    Mortgage Research Center, LLC 6 5.33% $5,478
    Platinum Home Mortgage Corporation 6 5.48% $11,828
    NEWREZ LLC 6 5.85% $9,701
    Sunflower Bank 5 4.55% $6,843
    First State Bank 5 6.30% $7,223
    MYCUMORTGAGE, LLC 5 4.55% $4,810
    NATIONS DIRECT MORTGAGE, LLC 5 4.64% $11,083
    Nations Lending Corporation 5 4.90% $10,762
    VILLAGE CAPITAL MORTGAGE 5 3.50% $1,973
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 5.34% $9,747
    ENVOY MORTGAGE, LTD 4 5.63% $6,863
    Bank of Ann Arbor 3 4.79% $6,382
    Independent Bank 3 5.83% $6,492
    Bank of England 3 4.38% $4,631
    Citizens Bank 3 4.63% $7,388
    UNION HOME MORTGAGE CORP. 3 5.46% $7,684
    FIRST HERITAGE FINANCIAL, LLC 3 4.38% $8,706
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 4.58% $7,913
    PLANET HOME LENDING, LLC 2 4.31% $7,238
    HOMESIDE FINANCIAL, LLC 2 5.38% $7,924
    MEMBER FIRST MORTGAGE, LLC 2 4.94% $6,250
    SUMMIT FUNDING, INC. 2 5.00% $7,960
    CMG MORTGAGE, INC. 2 6.44% $8,066
    Paramount Residential Mortgage Group, Inc. 2 5.56% $6,603
    RESIDENTIAL BANCORP 2 4.50% $8,606
    UNIVERSITY LENDING GROUP, LLC 2 4.63% $5,602
    U.S. Bank 2 6.13% $4,897
    MOVEMENT MORTGAGE, LLC 2 5.56% $9,955
    Northpointe Bank 1 3.75% $5,906
    EMM LOANS LLC 1 6.50% $5,836
    Peoples Bank 1 5.62% $15,483
    PHH Mortgage Corporation 1 3.50% $3,042
    DATA MORTGAGE, INC. 1 4.63% $10,841
    CORNERSTONE HOME LENDING, INC. 1 5.75% $2,807
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $5,715
    Prosperity Home Mortgage, LLC 1 4.75% $7,550
    RADIUS FINANCIAL GROUP INC. 1 5.50% $3,510
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $10,495
    SOUTHWEST FUNDING, LP 1 6.13% $8,519
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.25% $10,231
    Bank of America 1 4.63% $11,456
    Arvest Bank 1 2.25% $10,809
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $8,056
    T2 FINANCIAL LLC 1 5.63% $10,312
    The Dart Bank 1 4.00% $5,061
    AmeriHome Mortgage Company, LLC 1 4.99% $10,523
    AMERIFIRST FINANCIAL CORPORATION 1 5.38% $21,957
    KELLER MORTGAGE, LLC 1 5.25% $7,053
    University Bank 1 6.75% $7,810
    Home State Bank 1 5.99% $7,996
    HOMESITE MORTGAGE, LLC 1 5.50% $10,795
    AMCAP MORTGAGE, LTD. 1 4.38% $13,810
    Lakeview Community Capital, LLC 1 4.50% $4,248
    GSF Mortgage Corporation 1 6.63% $6,770
    Lend Smart Mortgage, LLC 1 7.00% $17,390
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $3,429
    First Savings Bank 1 4.63% $14,498
    LOANPAL, LLC 1 4.99% $7,094
    Magnolia Bank 1 4.75% $15,543
    MICHIGAN FIRST CREDIT UNION 1 4.13% $6,976
    First Merchants Bank 1 3.50% $7,186
    MICHIGAN SCHOOLS AND GOVERNMENT 1 6.63% $5,581
    First Home Bank 1 3.25% $11,864
    First Guaranty Mortgage Corporation 1 5.00% $12,262
    FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $6,918
    M&T Bank 1 3.00% $6,717
    FINANCE OF AMERICA MORTGAGE LLC 1 3.99% $9,229
    Wyndham Capital Mortgage, Inc. 1 4.13% $5,000
    Wells Fargo Bank 1 3.75% $0
    WRIGHT-PATT CREDIT UNION, INC. 1 6.63% $3,966

    The top Flint FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 221 FHA loans originated. Their average total fees are $7,382, which is $572 lower than the next largest lender, J. VIRGIL, INC..

    The lowest fee Flint FHA lenders (with over 10 loans originated) are Dort Financial Credit Union ($3,815), MID AMERICA MORTGAGE, INC. ($4,205), Fifth Third Bank ($4,231), LEGEND LENDING CORPORATION ($4,669) and PENNYMAC LOAN SERVICES, LLC ($5,746).

    The lowest rate Flint FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.03%), LAKEVIEW LOAN SERVICING, LLC (4.34%), TOWNE MORTGAGE COMPANY (4.49%), QUICKEN LOANS, LLC (4.61%) and AMERISAVE MORTGAGE CORPORATION (4.65%).

    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

    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%) $206,244 (6.4%) 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%) $202,158 (-0.5%) 0.51 1,060
    2019-04-01 $165,000 (-1.5%) $216,039 (0.9%) 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 (3.7%) 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%) $214,853 (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 (4.6%) 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%) 0.57 526
    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%) $269,783 (3.2%) 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 $214,950 (19.5%) $267,178 (2.7%) 0.51 575
    2022-05-01 $219,900 (18.9%) $276,155 (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%) 0.50 960
    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%) $259,385 (2.9%) 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 $181,950 (5.5%) $247,261 (2.3%) 0.45 821
    2023-02-01 $189,338 (7.6%) $257,628 (-0.4%) 0.46 746
    2023-03-01 $181,975 (-9.0%) $253,016 (-3.6%) 0.43 662
    2023-04-01 $184,250 (-14.3%) $258,197 (-3.4%) 0.43 614
    2023-05-01 $184,925 (-15.9%) $259,012 (-6.2%) 0.42 638
    2023-06-01 $179,450 (-23.6%) $261,576 (-9.1%) 0.40 649
    2023-07-01 $207,500 (-5.7%) $268,610 (-2.4%) 0.47 654
    2023-08-01 $209,925 (-4.5%) $260,099 (-2.6%) 0.48 742
    2023-09-01 $199,900 (-7.0%) $254,818 (-4.2%) 0.47 794
    2023-10-01 $192,000 (-8.5%) $252,667 (-2.6%) 0.45 829
    Flint's median listing price for 2023-10-01 was $192,000, a difference of $-17,900 (-8.5%) versus the prior year and $-7,900 versus the prior month.

    Flint's median listing price comes in at 45% of the national average.

    Flint's average listing price for 2023-10-01 was $252,667, a difference of $-6,718 (-2.6%) versus the prior year and $-2,151 versus the prior month.

    For the 2023-10-01 period, Flint had 829 MLS listings, a difference of 35 listings (4%) versus the prior month and -217 listings (-21%) 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 74 days 1,511 sqft
    2018-02-01 68 days 1,551 sqft
    2018-03-01 60 days 1,566 sqft
    2018-04-01 47 days 1,615 sqft
    2018-05-01 39 days 1,624 sqft
    2018-06-01 38 days 1,600 sqft
    2018-07-01 43 days 1,608 sqft
    2018-08-01 40 days 1,605 sqft
    2018-09-01 47 days 1,600 sqft
    2018-10-01 51 days 1,586 sqft
    2018-11-01 55 days 1,550 sqft
    2018-12-01 63 days 1,500 sqft
    2019-01-01 73 days 1,498 sqft
    2019-02-01 69 days 1,500 sqft
    2019-03-01 56 days 1,540 sqft
    2019-04-01 46 days 1,576 sqft
    2019-05-01 43 days 1,601 sqft
    2019-06-01 38 days 1,614 sqft
    2019-07-01 43 days 1,628 sqft
    2019-08-01 46 days 1,614 sqft
    2019-09-01 49 days 1,594 sqft
    2019-10-01 51 days 1,570 sqft
    2019-11-01 59 days 1,561 sqft
    2019-12-01 67 days 1,578 sqft
    2020-01-01 79 days 1,599 sqft
    2020-02-01 72 days 1,600 sqft
    2020-03-01 53 days 1,620 sqft
    2020-04-01 67 days 1,623 sqft
    2020-05-01 72 days 1,618 sqft
    2020-06-01 40 days 1,676 sqft
    2020-07-01 39 days 1,708 sqft
    2020-08-01 33 days 1,766 sqft
    2020-09-01 32 days 1,700 sqft
    2020-10-01 31 days 1,691 sqft
    2020-11-01 39 days 1,692 sqft
    2020-12-01 45 days 1,603 sqft
    2021-01-01 40 days 1,521 sqft
    2021-02-01 34 days 1,457 sqft
    2021-03-01 30 days 1,465 sqft
    2021-04-01 25 days 1,462 sqft
    2021-05-01 26 days 1,481 sqft
    2021-06-01 26 days 1,500 sqft
    2021-07-01 25 days 1,576 sqft
    2021-08-01 29 days 1,494 sqft
    2021-09-01 33 days 1,448 sqft
    2021-10-01 36 days 1,478 sqft
    2021-11-01 45 days 1,419 sqft
    2021-12-01 51 days 1,422 sqft
    2022-01-01 52 days 1,418 sqft
    2022-02-01 41 days 1,434 sqft
    2022-03-01 29 days 1,451 sqft
    2022-04-01 32 days 1,451 sqft
    2022-05-01 31 days 1,495 sqft
    2022-06-01 31 days 1,537 sqft
    2022-07-01 29 days 1,536 sqft
    2022-08-01 39 days 1,546 sqft
    2022-09-01 46 days 1,544 sqft
    2022-10-01 45 days 1,516 sqft
    2022-11-01 48 days 1,469 sqft
    2022-12-01 59 days 1,420 sqft
    2023-01-01 68 days 1,400 sqft
    2023-02-01 65 days 1,428 sqft
    2023-03-01 50 days 1,395 sqft
    2023-04-01 40 days 1,400 sqft
    2023-05-01 31 days 1,437 sqft
    2023-06-01 33 days 1,406 sqft
    2023-07-01 37 days 1,450 sqft
    2023-08-01 35 days 1,450 sqft
    2023-09-01 44 days 1,450 sqft
    2023-10-01 43 days 1,425 sqft
    Flint's median listing age (time on market) for 2023-10-01 was 43 days. This is -4% shorter than the same period one year ago.

    Flint's median square footage for active listings during the 2023-10-01 period was 1,425 sqft. One year prior, the average listing was 1,516 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).