Grand Rapids FHA Loan Rates, Closing Costs & Stats

GRAND RAPIDS-KENTWOOD, 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.

    Grand Rapids's 111 lenders originated 1,617 FHA loans during 2023. The total origination value was $390,465,000, with an average FHA loan value of $241,475.

    Grand Rapids FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Grand Rapids averaged 6.53% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Grand Rapids's average FHA mortgage closing costs are $6,982.

    The average rate for the prior week (2025-02-07) was 6.44% and one month ago for the week of 2025-01-10, the average rate was 6.8%.

    The average rate one year ago was 6.73%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.92%.

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

    Grand Rapids 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 Grand Rapids level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 222 6.23% $10,222
    UNITED WHOLESALE MORTGAGE, LLC 181 6.43% $11,419
    Neighborhood Loans, Inc. 122 6.92% $11,392
    LAKE MICHIGAN CREDIT UNION 71 6.61% $8,276
    MORTGAGE 1 INCORPORATED 48 6.78% $11,967
    SUCCESS MORTGAGE PARTNERS, INC. 45 6.90% $13,040
    FIRST COMMUNITY MORTGAGE, INC. 45 6.60% $10,950
    Fifth Third Bank 36 6.49% $6,164
    NEWREZ LLC 32 6.61% $10,125
    Mr. Cooper ( Nationstar Mortgage ) 30 6.08% $13,742
    VAN DYK MORTGAGE CORPORATION 28 6.97% $8,122
    Northpointe Bank 28 6.75% $11,667
    Carrington Mortgage Services, LLC 26 6.25% $12,157
    Flagstar Bank, FSB 26 6.82% $9,584
    The Huntington National Bank 25 6.92% $8,494
    HOMESTAR FINANCIAL CORPORATION 23 6.82% $8,061
    Mercantile Bank of Michigan 22 6.81% $7,848
    MMS MORTGAGE SERVICES, LTD. 22 6.70% $7,377
    GUILD MORTGAGE COMPANY 20 6.86% $10,224
    CROSSCOUNTRY MORTGAGE, LLC 20 6.64% $10,005
    NORTHERN MORTGAGE SERVICES, LLC 19 6.69% $10,498
    UNION HOME MORTGAGE CORP. 19 6.89% $10,995
    LOANDEPOT.COM, LLC 18 6.54% $12,603
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 17 6.74% $9,316
    GSF Mortgage Corporation 15 6.38% $8,957
    PENNYMAC LOAN SERVICES, LLC 14 6.43% $10,552
    FREEDOM MORTGAGE CORPORATION 14 6.90% $13,747
    CHURCHILL MORTGAGE CORPORATION 14 6.71% $11,033
    BROKER SOLUTIONS, INC. 14 6.93% $10,433
    Horizon Bank 12 6.46% $9,538
    Independent Bank 12 6.94% $6,550
    MUTUAL OF OMAHA MORTGAGE, INC. 12 6.52% $13,090
    UNITED 11 6.75% $9,830
    Preston Home Loans Inc 10 7.44% $9,835
    CARDINAL FINANCIAL 10 6.80% $12,957
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 6.80% $11,510
    LAKEVIEW LOAN SERVICING, LLC 10 5.98% $10,679
    MICHIGAN FIRST CREDIT UNION 9 6.86% $7,626
    TOP FLITE FINANCIAL, INC. 8 6.75% $15,059
    AMERISAVE MORTGAGE CORPORATION 7 6.23% $12,727
    GUARANTEED RATE, INC. 6 6.63% $8,595
    RUOFF MORTGAGE COMPANY, INC. 6 7.04% $6,857
    The Dart Bank 6 6.98% $10,795
    T2 FINANCIAL LLC 6 6.85% $9,081
    JPMorgan Chase Bank 6 7.17% $6,633
    Paramount Residential Mortgage Group, Inc. 6 6.77% $10,853
    PHH Mortgage Corporation 5 6.80% $11,867
    Platinum Home Mortgage Corporation 5 6.08% $14,329
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.02% $10,024
    ACADEMY MORTGAGE CORPORATION 5 6.98% $9,646
    BM Real Estate Services, Inc. 5 6.95% $10,893
    TOWNE MORTGAGE COMPANY 4 6.44% $13,264
    J. VIRGIL, INC. 4 7.34% $8,878
    CONTOUR MORTGAGE CORPORATION 4 6.63% $12,445
    AMERICAN FINANCIAL RESOURCES, INC. 4 6.75% $10,546
    MICHIGAN MUTUAL, INC. 4 6.69% $10,850
    PLANET HOME LENDING, LLC 4 6.31% $7,578
    GVC MORTGAGE, INC. 3 6.96% $10,263
    AMERICAN FINANCING CORPORATION 3 6.71% $11,091
    AmeriHome Mortgage Company, LLC 3 6.50% $9,476
    CALIBER HOME LOANS, INC. 3 6.25% $8,436
    EMM LOANS LLC 3 5.71% $11,255
    NATIONS DIRECT MORTGAGE, LLC 3 7.42% $11,066
    Nations Lending Corporation 3 6.25% $9,745
    Plains Commerce Bank 3 7.13% $13,757
    STOCKTON MORTGAGE CORPORATION 3 6.50% $8,254
    SUN WEST MORTGAGE COMPANY, INC. 3 6.92% $16,110
    The Federal Savings Bank 3 6.58% $13,444
    The Loan Store, Inc. 2 7.06% $14,922
    ROSS MORTGAGE CORPORATION 2 6.06% $10,165
    Old National Bank 2 6.44% $8,792
    MID AMERICA MORTGAGE, INC. 2 7.31% $5,363
    Bank of America 2 6.19% $3,800
    Comerica Bank 2 6.75% $7,440
    VILLAGE CAPITAL MORTGAGE 2 6.13% $10,561
    LIBERTY HOME MORTGAGE CORPORATION 2 7.13% $12,492
    CMG MORTGAGE, INC. 2 6.44% $9,199
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.13% $9,633
    First State Bank 1 7.38% $11,327
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.38% $7,119
    First Merchants Bank 1 5.75% $8,902
    FIRST COLONY MORTGAGE CORPORATION 1 7.25% $11,162
    PLAZA HOME MORTGAGE, INC. 1 6.63% $10,642
    EVERETT FINANCIAL, INC. 1 7.63% $10,263
    Prosperity Home Mortgage, LLC 1 6.63% $11,647
    Equity Prime Mortgage LLC 1 7.13% $7,884
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $13,643
    Residential Mortgage Solutions, Inc. 1 6.13% $11,246
    ROYAL UNITED MORTGAGE LLC 1 7.25% $9,744
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.63% $10,240
    STAUNTON FINANCIAL, INC. 1 6.99% $10,506
    LEGEND LENDING CORPORATION 1 7.13% $18,210
    Dakota Community Bank & Trust 1 5.75% $10,042
    SUMMIT FUNDING, INC. 1 7.25% $14,682
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $14,054
    COMPASS MORTGAGE, INC. 1 7.13% $8,901
    Century Mortgage Company DBA Century Lending Company 1 6.25% $21,082
    BECKAM FUNDING CORP. 1 8.25% $13,874
    MEMBER FIRST MORTGAGE, LLC 1 7.13% $10,477
    MORTGAGE CENTER L.C 1 7.25% $6,710
    Mortgage Research Center, LLC 1 6.25% $15,591
    M&T Bank 1 6.13% $8,097
    U.S. Bank 1 7.25% $5,065
    Barrington Bank & Trust Company, N.A. 1 7.25% $9,609
    LEADERONE FINANCIAL CORPORATION 1 6.75% $12,040
    Lakeview Community Capital, LLC 1 5.75% $9,232
    Honor Credit Union 1 6.75% $8,488
    HOMESIDE FINANCIAL, LLC 1 7.12% $17,971
    OCMBC, INC. 1 7.75% $11,713
    ON Q FINANCIAL, INC. 1 7.13% $12,959
    GUARANTEED RATE AFFINITY, LLC 1 7.38% $8,468

    The top Grand Rapids FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 222 FHA loans originated. Their average total fees are $10,222, which is $1,197 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Grand Rapids FHA lenders (with over 10 loans originated) are Fifth Third Bank ($6,164), Independent Bank ($6,550), MMS MORTGAGE SERVICES, LTD. ($7,377), Mercantile Bank of Michigan ($7,848) and HOMESTAR FINANCIAL CORPORATION ($8,061).

    The lowest rate Grand Rapids FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (5.98%), Mr. Cooper ( Nationstar Mortgage ) (6.08%), QUICKEN LOANS, LLC (6.23%), Carrington Mortgage Services, LLC (6.25%) and GSF Mortgage Corporation (6.38%).

    Grand Rapids FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    GRAND RAPIDS-KENTWOOD, MI IONIA 2022 $420,680 $538,650 $651,050 $809,150
    GRAND RAPIDS-KENTWOOD, MI KENT 2022 $420,680 $538,650 $651,050 $809,150
    GRAND RAPIDS-KENTWOOD, MI MONTCALM 2022 $420,680 $538,650 $651,050 $809,150
    GRAND RAPIDS-KENTWOOD, MI OTTAWA 2022 $420,680 $538,650 $651,050 $809,150
    GRAND RAPIDS-KENTWOOD, MI IONIA 2023 $472,030 $604,400 $730,525 $907,900
    GRAND RAPIDS-KENTWOOD, MI KENT 2023 $472,030 $604,400 $730,525 $907,900
    GRAND RAPIDS-KENTWOOD, MI MONTCALM 2023 $472,030 $604,400 $730,525 $907,900
    GRAND RAPIDS-KENTWOOD, MI OTTAWA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Grand Rapids (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 $249,450 (-0.1%) $312,008 (-12.8%) 0.94 2,015
    2018-02-01 $255,703 (-1.6%) $325,117 (-10.9%) 0.95 1,843
    2018-03-01 $269,000 (-3.2%) $335,985 (-11.5%) 0.95 1,823
    2018-04-01 $274,900 (0.0%) $349,463 (-2.8%) 0.95 1,893
    2018-05-01 $274,950 (5.8%) $348,787 (4.8%) 0.93 2,102
    2018-06-01 $275,450 (10.2%) $347,336 (8.3%) 0.93 2,440
    2018-07-01 $274,500 (12.1%) $341,002 (8.8%) 0.93 2,630
    2018-08-01 $269,450 (12.3%) $336,274 (9.9%) 0.90 2,969
    2018-09-01 $265,000 (10.5%) $331,637 (8.9%) 0.91 3,032
    2018-10-01 $268,900 (12.1%) $334,725 (9.3%) 0.92 3,012
    2018-11-01 $266,475 (11.1%) $331,275 (8.5%) 0.91 2,896
    2018-12-01 $269,900 (12.5%) $328,816 (8.3%) 0.95 2,612
    2019-01-01 $269,900 (8.2%) $325,933 (4.5%) 0.95 2,325
    2019-02-01 $276,567 (8.2%) $332,369 (2.2%) 0.95 2,144
    2019-03-01 $282,929 (5.2%) $346,650 (3.2%) 0.94 2,137
    2019-04-01 $289,900 (5.5%) $365,255 (4.5%) 0.94 2,210
    2019-05-01 $289,900 (5.4%) $366,137 (5.0%) 0.92 2,364
    2019-06-01 $285,000 (3.5%) $364,305 (4.9%) 0.91 2,603
    2019-07-01 $284,950 (3.8%) $360,727 (5.8%) 0.91 2,826
    2019-08-01 $280,564 (4.1%) $354,061 (5.3%) 0.90 2,913
    2019-09-01 $274,059 (3.4%) $345,757 (4.3%) 0.88 3,017
    2019-10-01 $269,700 (0.3%) $340,061 (1.6%) 0.87 3,066
    2019-11-01 $269,900 (1.3%) $341,909 (3.2%) 0.90 2,793
    2019-12-01 $269,900 (0.0%) $339,447 (3.2%) 0.92 2,442
    2020-01-01 $275,900 (2.2%) $340,896 (4.6%) 0.94 2,100
    2020-02-01 $299,000 (8.1%) $363,920 (9.5%) 0.98 1,930
    2020-03-01 $299,900 (6.0%) $368,057 (6.2%) 0.94 1,873
    2020-04-01 $299,950 (3.5%) $374,854 (2.6%) 0.97 1,882
    2020-05-01 $310,000 (6.9%) $390,759 (6.7%) 0.96 2,078
    2020-06-01 $309,900 (8.7%) $402,018 (10.4%) 0.93 1,920
    2020-07-01 $307,400 (7.9%) $400,371 (11.0%) 0.90 1,792
    2020-08-01 $300,000 (6.9%) $393,541 (11.2%) 0.89 1,710
    2020-09-01 $299,450 (9.3%) $396,470 (14.7%) 0.87 1,551
    2020-10-01 $289,900 (7.5%) $384,339 (13.0%) 0.84 1,542
    2020-11-01 $295,949 (9.7%) $390,679 (14.3%) 0.88 1,403
    2020-12-01 $299,900 (11.1%) $393,396 (15.9%) 0.89 1,169
    2021-01-01 $299,950 (8.7%) $393,433 (15.4%) 0.91 970
    2021-02-01 $312,450 (4.5%) $416,314 (14.4%) 0.92 811
    2021-03-01 $309,500 (3.2%) $414,162 (12.5%) 0.89 797
    2021-04-01 $309,950 (3.3%) $424,725 (13.3%) 0.84 741
    2021-05-01 $309,900 (0.0%) $432,564 (10.7%) 0.82 803
    2021-06-01 $312,450 (0.8%) $432,528 (7.6%) 0.84 964
    2021-07-01 $299,900 (-2.4%) $431,233 (7.7%) 0.81 1,126
    2021-08-01 $304,950 (1.7%) $430,116 (9.3%) 0.82 1,210
    2021-09-01 $300,000 (0.2%) $417,142 (5.2%) 0.82 1,242
    2021-10-01 $299,900 (3.5%) $406,021 (5.6%) 0.83 1,215
    2021-11-01 $309,950 (4.7%) $416,597 (6.6%) 0.84 1,062
    2021-12-01 $304,331 (1.5%) $415,013 (5.5%) 0.84 851
    2022-01-01 $325,000 (8.4%) $441,022 (12.1%) 0.90 660
    2022-02-01 $341,500 (9.3%) $445,726 (7.1%) 0.90 576
    2022-03-01 $336,950 (8.9%) $446,184 (7.7%) 0.86 635
    2022-04-01 $349,900 (12.9%) $448,139 (5.5%) 0.83 699
    2022-05-01 $359,950 (16.2%) $459,047 (6.1%) 0.83 975
    2022-06-01 $374,950 (20.0%) $461,006 (6.6%) 0.84 1,248
    2022-07-01 $375,000 (25.0%) $461,956 (7.1%) 0.84 1,493
    2022-08-01 $374,950 (23.0%) $462,280 (7.5%) 0.87 1,551
    2022-09-01 $362,450 (20.8%) $450,867 (8.1%) 0.85 1,534
    2022-10-01 $354,900 (18.3%) $444,510 (9.5%) 0.84 1,533
    2022-11-01 $352,450 (13.7%) $435,383 (4.5%) 0.87 1,504
    2022-12-01 $359,900 (18.3%) $432,590 (4.2%) 0.90 1,262
    2023-01-01 $366,218 (12.7%) $451,939 (2.5%) 0.93 1,079
    2023-02-01 $397,400 (16.4%) $482,074 (8.2%) 0.96 936
    2023-03-01 $399,425 (18.5%) $501,346 (12.4%) 0.94 885
    2023-04-01 $404,900 (15.7%) $516,285 (15.2%) 0.95 913
    2023-05-01 $410,221 (14.0%) $521,961 (13.7%) 0.94 971
    2023-06-01 $414,925 (10.7%) $533,586 (15.7%) 0.94 1,049
    2023-07-01 $402,450 (7.3%) $527,804 (14.3%) 0.94 1,155
    2023-08-01 $399,900 (6.7%) $520,599 (12.6%) 0.92 1,300
    2023-09-01 $396,200 (9.3%) $502,105 (11.4%) 0.93 1,393
    2023-10-01 $389,950 (9.9%) $502,421 (13.0%) 0.92 1,488
    2023-11-01 $389,325 (10.5%) $501,773 (15.3%) 0.93 1,354
    2023-12-01 $389,900 (8.3%) $505,455 (16.8%) 0.96 1,142
    2024-01-01 $399,900 (9.2%) $525,251 (16.2%) 0.99 990
    2024-02-01 $409,950 (3.2%) $540,227 (12.1%) 1.00 918
    2024-03-01 $415,000 (3.9%) $544,284 (8.6%) 0.99 940
    2024-04-01 $407,450 (0.6%) $542,917 (5.2%) 0.96 1,071
    2024-05-01 $412,500 (0.6%) $569,788 (9.2%) 0.98 1,175
    2024-06-01 $409,900 (-1.2%) $541,623 (1.5%) 0.96 1,357
    2024-07-01 $399,950 (-0.6%) $529,191 (0.3%) 0.92 1,575
    2024-08-01 $399,900 (0.0%) $527,844 (1.4%) 0.93 1,678
    2024-09-01 $389,675 (-1.7%) $514,018 (2.4%) 0.92 1,849
    2024-10-01 $377,000 (-3.3%) $498,731 (-0.7%) 0.89 1,926
    2024-11-01 $374,900 (-3.7%) $485,271 (-3.3%) 0.90 1,824
    2024-12-01 $375,000 (-3.8%) $491,161 (-2.8%) 0.94 1,502
    2025-01-01 $374,500 (-6.4%) $487,620 (-7.2%) 0.00 1,305
    Grand Rapids's median listing price for 2025-01-01 was $374,500, a difference of $-25,400 (-6.4%) versus the prior year and $-500 versus the prior month.

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

    Grand Rapids's average listing price for 2025-01-01 was $487,620, a difference of $-37,631 (-7.2%) versus the prior year and $-3,541 versus the prior month.

    For the 2025-01-01 period, Grand Rapids had 1,305 MLS listings, a difference of -197 listings (-13%) versus the prior month and 315 listings (32%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Grand Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 72 days 2,027 sqft
    2018-02-01 59 days 2,032 sqft
    2018-03-01 37 days 2,047 sqft
    2018-04-01 33 days 2,070 sqft
    2018-05-01 26 days 2,092 sqft
    2018-06-01 29 days 2,091 sqft
    2018-07-01 33 days 2,101 sqft
    2018-08-01 33 days 2,069 sqft
    2018-09-01 40 days 2,040 sqft
    2018-10-01 45 days 2,039 sqft
    2018-11-01 51 days 2,032 sqft
    2018-12-01 64 days 2,001 sqft
    2019-01-01 72 days 1,969 sqft
    2019-02-01 70 days 1,982 sqft
    2019-03-01 49 days 2,013 sqft
    2019-04-01 36 days 2,059 sqft
    2019-05-01 29 days 2,074 sqft
    2019-06-01 31 days 2,085 sqft
    2019-07-01 35 days 2,100 sqft
    2019-08-01 38 days 2,078 sqft
    2019-09-01 38 days 2,045 sqft
    2019-10-01 41 days 2,020 sqft
    2019-11-01 51 days 2,000 sqft
    2019-12-01 64 days 1,953 sqft
    2020-01-01 70 days 1,940 sqft
    2020-02-01 62 days 2,000 sqft
    2020-03-01 44 days 2,027 sqft
    2020-04-01 52 days 2,046 sqft
    2020-05-01 57 days 2,070 sqft
    2020-06-01 39 days 2,060 sqft
    2020-07-01 44 days 2,059 sqft
    2020-08-01 42 days 2,052 sqft
    2020-09-01 41 days 2,029 sqft
    2020-10-01 40 days 1,956 sqft
    2020-11-01 43 days 1,910 sqft
    2020-12-01 54 days 1,887 sqft
    2021-01-01 58 days 1,861 sqft
    2021-02-01 38 days 1,897 sqft
    2021-03-01 35 days 1,911 sqft
    2021-04-01 32 days 1,935 sqft
    2021-05-01 31 days 1,932 sqft
    2021-06-01 27 days 1,946 sqft
    2021-07-01 32 days 1,944 sqft
    2021-08-01 31 days 1,932 sqft
    2021-09-01 35 days 1,912 sqft
    2021-10-01 36 days 1,857 sqft
    2021-11-01 39 days 1,870 sqft
    2021-12-01 46 days 1,842 sqft
    2022-01-01 52 days 1,874 sqft
    2022-02-01 35 days 1,882 sqft
    2022-03-01 30 days 1,874 sqft
    2022-04-01 25 days 1,944 sqft
    2022-05-01 20 days 1,994 sqft
    2022-06-01 23 days 2,025 sqft
    2022-07-01 30 days 2,058 sqft
    2022-08-01 34 days 2,048 sqft
    2022-09-01 38 days 2,008 sqft
    2022-10-01 38 days 2,007 sqft
    2022-11-01 42 days 1,963 sqft
    2022-12-01 57 days 1,961 sqft
    2023-01-01 63 days 1,959 sqft
    2023-02-01 50 days 2,003 sqft
    2023-03-01 43 days 2,018 sqft
    2023-04-01 38 days 2,070 sqft
    2023-05-01 33 days 2,074 sqft
    2023-06-01 32 days 2,100 sqft
    2023-07-01 33 days 2,061 sqft
    2023-08-01 34 days 2,052 sqft
    2023-09-01 37 days 2,010 sqft
    2023-10-01 40 days 1,973 sqft
    2023-11-01 44 days 1,963 sqft
    2023-12-01 53 days 1,952 sqft
    2024-01-01 60 days 1,996 sqft
    2024-02-01 51 days 1,966 sqft
    2024-03-01 36 days 2,006 sqft
    2024-04-01 31 days 2,007 sqft
    2024-05-01 23 days 2,020 sqft
    2024-06-01 25 days 1,994 sqft
    2024-07-01 33 days 2,003 sqft
    2024-08-01 35 days 2,000 sqft
    2024-09-01 37 days 1,975 sqft
    2024-10-01 39 days 1,938 sqft
    2024-11-01 46 days 1,912 sqft
    2024-12-01 56 days 1,905 sqft
    2025-01-01 0 days 1,879 sqft
    Grand Rapids's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Grand Rapids's median square footage for active listings during the 2025-01-01 period was 1,879 sqft. One year prior, the average listing was 1,996 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).