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 109 lenders originated 1,665 FHA loans during 2024. The total origination value was $431,725,000, with an average FHA loan value of $259,294.

    Grand Rapids FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Grand Rapids averaged 6.49% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Grand Rapids's average FHA mortgage closing costs are $7,338.

    The average rate for the prior week (2025-03-28) was 6.48% and one month ago for the week of 2025-02-28, the average rate was 6.37%.

    The average rate one year ago was 6.79%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.23%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 217 6.24% $12,167
    QUICKEN LOANS, LLC 208 6.23% $11,621
    LAKE MICHIGAN CREDIT UNION 90 6.25% $8,973
    SUCCESS MORTGAGE PARTNERS, INC. 58 6.68% $12,089
    FIRST COMMUNITY MORTGAGE, INC. 47 6.68% $10,845
    Flagstar Bank, FSB 37 6.44% $9,777
    FREEDOM MORTGAGE CORPORATION 33 6.38% $13,158
    Fifth Third Bank 33 6.42% $8,237
    Mercantile Bank of Michigan 32 6.61% $8,610
    The Huntington National Bank 31 6.71% $7,245
    CHURCHILL MORTGAGE CORPORATION 31 6.48% $12,917
    GUILD MORTGAGE COMPANY 30 6.95% $11,989
    MORTGAGE 1 INCORPORATED 30 6.90% $11,747
    PENNYMAC LOAN SERVICES, LLC 28 6.09% $8,866
    NORTHERN MORTGAGE SERVICES, LLC 26 6.32% $10,420
    Northpointe Bank 26 6.36% $10,916
    NEWREZ LLC 24 6.45% $9,966
    MMS MORTGAGE SERVICES, LTD. 23 6.42% $8,284
    UNION HOME MORTGAGE CORP. 22 6.77% $10,775
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 21 6.31% $9,495
    VAN DYK MORTGAGE CORPORATION 20 6.78% $7,350
    Carrington Mortgage Services, LLC 19 6.50% $12,996
    AmeriHome Mortgage Company, LLC 17 6.72% $6,963
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.63% $10,465
    AMERICAN PACIFIC MORTGAGE CORPORATION 16 6.76% $14,251
    BM Real Estate Services, Inc. 15 6.87% $8,602
    Mr. Cooper ( Nationstar Mortgage ) 14 6.63% $16,339
    BROKER SOLUTIONS, INC. 13 6.95% $11,986
    Equity Prime Mortgage LLC 13 6.98% $11,228
    LOANDEPOT.COM, LLC 13 6.53% $9,414
    MUTUAL OF OMAHA MORTGAGE, INC. 12 6.68% $15,236
    LAKEVIEW LOAN SERVICING, LLC 12 6.30% $8,326
    CROSSCOUNTRY MORTGAGE, LLC 11 6.61% $11,295
    MICHIGAN MUTUAL, INC. 11 6.51% $11,681
    The Dart Bank 10 6.26% $11,682
    MICHIGAN FIRST CREDIT UNION 10 6.36% $9,143
    Preston Home Loans Inc 9 7.21% $8,973
    AMERICAN FINANCING CORPORATION 9 5.67% $14,203
    TOP FLITE FINANCIAL, INC. 9 6.43% $11,805
    Independent Bank 8 6.67% $5,784
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 6.73% $9,265
    HOMESIDE FINANCIAL, LLC 7 6.54% $10,816
    FIRST COLONY MORTGAGE CORPORATION 7 6.46% $12,939
    VILLAGE CAPITAL MORTGAGE 7 6.39% $7,114
    MEMBER FIRST MORTGAGE, LLC 6 6.58% $10,685
    CARDINAL FINANCIAL 6 6.46% $14,596
    AMERICAN FINANCIAL NETWORK, INC. 6 7.00% $13,684
    OCMBC, INC. 6 7.46% $11,674
    Prosperity Home Mortgage, LLC 6 6.39% $12,002
    AMERICAN FINANCIAL RESOURCES, INC. 6 6.83% $8,297
    PLANET HOME LENDING, LLC 5 6.12% $8,732
    MILEND, INC. 5 6.63% $13,089
    UNITED 5 6.20% $8,832
    JPMorgan Chase Bank 5 6.83% $6,823
    Horizon Bank 5 6.30% $7,749
    T2 FINANCIAL LLC 5 6.63% $12,305
    AMERISAVE MORTGAGE CORPORATION 5 6.13% $14,639
    PLAZA HOME MORTGAGE, INC. 5 6.70% $10,103
    LEADERONE FINANCIAL CORPORATION 4 6.53% $8,449
    Nations Lending Corporation 4 6.72% $11,336
    Plains Commerce Bank 4 6.13% $13,284
    PHH Mortgage Corporation 4 5.88% $9,091
    UNITED MORTGAGE CORP 4 6.34% $14,575
    RUOFF MORTGAGE COMPANY, INC. 3 6.13% $8,686
    The Loan Store, Inc. 3 5.83% $10,840
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 5.58% $18,421
    CMG MORTGAGE, INC. 3 6.63% $10,262
    Old National Bank 3 5.88% $8,705
    MID AMERICA MORTGAGE, INC. 3 6.58% $8,533
    SUN WEST MORTGAGE COMPANY, INC. 3 6.63% $8,189
    Mortgage Research Center, LLC 2 6.75% $11,150
    COMPASS MORTGAGE, INC. 2 6.25% $7,904
    GUARANTEED RATE, INC. 2 6.25% $14,535
    Paramount Residential Mortgage Group, Inc. 2 6.94% $7,796
    Wells Fargo Bank 2 6.88% $8,190
    ROYAL UNITED MORTGAGE LLC 2 6.88% $12,616
    STOCKTON MORTGAGE CORPORATION 2 6.50% $11,161
    The Federal Savings Bank 2 6.44% $8,948
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 6.56% $8,141
    TOWNE MORTGAGE COMPANY 2 7.63% $6,679
    GVC MORTGAGE, INC. 2 6.38% $14,473
    ZILLOW HOME LOANS, LLC 2 6.69% $9,436
    LOANPAL, LLC 2 5.25% $11,605
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $11,537
    RESIDENTIAL BANCORP 1 6.49% $8,791
    Residential Mortgage Solutions, Inc. 1 6.50% $17,129
    Lakeview Community Capital, LLC 1 6.50% $5,844
    BAY EQUITY LLC 1 5.75% $13,728
    SOUTHWEST FUNDING, LP 1 7.75% $14,111
    DELMAR FINANCIAL COMPANY 1 6.38% $7,096
    First State Bank 1 7.99% $5,164
    NETWORK CAPITAL FUNDING CORPORATION 1 6.13% $16,162
    NATIONS RELIABLE LENDING, LLC 1 6.25% $8,122
    NATIONS DIRECT MORTGAGE, LLC 1 7.13% $14,523
    U.S. Bank 1 6.63% $9,995
    LIBERTY HOME MORTGAGE CORPORATION 1 6.75% $4,693
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $9,485
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $4,314
    Leaders Credit Union 1 6.75% $8,108
    MORTGAGE CENTER L.C 1 7.13% $5,844
    Barrington Bank & Trust Company, N.A. 1 6.25% $11,601
    Washington Trust Bank 1 6.00% $8,893
    OCEANSIDE MORTGAGE COMPANY 1 5.63% $3,003
    PNC Bank 1 6.63% $7,977
    POLARIS HOME FUNDING CORP. 1 6.63% $8,276
    INSPIRE HOME LOANS INC. 1 4.50% $10,277
    EVERETT FINANCIAL, INC. 1 7.13% $15,516
    Associated Bank 1 6.38% $13,764
    RANLIFE, INC. 1 5.25% $16,592

    The top Grand Rapids FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 217 FHA loans originated. Their average total fees are $12,167, which is $547 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Grand Rapids FHA lenders (with over 10 loans originated) are AmeriHome Mortgage Company, LLC ($6,963), The Huntington National Bank ($7,245), VAN DYK MORTGAGE CORPORATION ($7,350), Fifth Third Bank ($8,237) and MMS MORTGAGE SERVICES, LTD. ($8,284).

    The lowest rate Grand Rapids FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.09%), QUICKEN LOANS, LLC (6.23%), UNITED WHOLESALE MORTGAGE, LLC (6.24%), LAKE MICHIGAN CREDIT UNION (6.25%) and The Dart Bank (6.26%).

    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%) 0.92 2,015
    2018-02-01 $255,703 (-1.6%) $325,117 (-10.9%) 0.93 1,843
    2018-03-01 $269,000 (-3.2%) $335,985 (-11.5%) 0.94 1,823
    2018-04-01 $274,900 (0.0%) $349,463 (-2.8%) 0.93 1,893
    2018-05-01 $274,950 (5.8%) $348,787 (4.8%) 0.92 2,102
    2018-06-01 $275,450 (10.2%) $347,336 (8.3%) 0.92 2,440
    2018-07-01 $274,500 (12.1%) $341,002 (8.8%) 0.92 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%) 0.89 3,032
    2018-10-01 $268,900 (12.1%) $334,725 (9.3%) 0.91 3,012
    2018-11-01 $266,475 (11.1%) $331,275 (8.5%) 0.90 2,896
    2018-12-01 $269,900 (12.5%) $328,816 (8.3%) 0.93 2,612
    2019-01-01 $269,900 (8.2%) $325,933 (4.5%) 0.93 2,325
    2019-02-01 $276,567 (8.2%) $332,369 (2.2%) 0.93 2,144
    2019-03-01 $282,929 (5.2%) $346,650 (3.2%) 0.93 2,137
    2019-04-01 $289,900 (5.5%) $365,255 (4.5%) 0.92 2,210
    2019-05-01 $289,900 (5.4%) $366,137 (5.0%) 0.91 2,364
    2019-06-01 $285,000 (3.5%) $364,305 (4.9%) 0.89 2,603
    2019-07-01 $284,950 (3.8%) $360,727 (5.8%) 0.89 2,826
    2019-08-01 $280,564 (4.1%) $354,061 (5.3%) 0.89 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%) 0.88 2,793
    2019-12-01 $269,900 (0.0%) $339,447 (3.2%) 0.90 2,442
    2020-01-01 $275,900 (2.2%) $340,896 (4.6%) 0.92 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%) 0.94 1,882
    2020-05-01 $310,000 (6.9%) $390,759 (6.7%) 0.94 2,078
    2020-06-01 $309,900 (8.7%) $402,018 (10.4%) 0.91 1,920
    2020-07-01 $307,400 (7.9%) $400,371 (11.0%) 0.89 1,792
    2020-08-01 $300,000 (6.9%) $393,541 (11.2%) 0.86 1,710
    2020-09-01 $299,450 (9.3%) $396,470 (14.7%) 0.86 1,551
    2020-10-01 $289,900 (7.5%) $384,339 (13.0%) 0.83 1,542
    2020-11-01 $295,949 (9.7%) $390,679 (14.3%) 0.87 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%) 0.90 970
    2021-02-01 $312,450 (4.5%) $416,314 (14.4%) 0.91 811
    2021-03-01 $309,500 (3.2%) $414,162 (12.5%) 0.88 797
    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%) 0.82 964
    2021-07-01 $299,900 (-2.4%) $431,233 (7.7%) 0.79 1,126
    2021-08-01 $304,950 (1.7%) $430,116 (9.3%) 0.81 1,210
    2021-09-01 $300,000 (0.2%) $417,142 (5.2%) 0.80 1,242
    2021-10-01 $299,900 (3.5%) $406,021 (5.6%) 0.80 1,215
    2021-11-01 $309,950 (4.7%) $416,597 (6.6%) 0.83 1,062
    2021-12-01 $304,331 (1.5%) $415,013 (5.5%) 0.82 851
    2022-01-01 $325,000 (8.4%) $441,022 (12.1%) 0.88 660
    2022-02-01 $341,500 (9.3%) $445,726 (7.1%) 0.89 576
    2022-03-01 $336,950 (8.9%) $446,184 (7.7%) 0.84 635
    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%) 0.82 975
    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%) 0.85 1,504
    2022-12-01 $359,900 (18.3%) $432,590 (4.2%) 0.89 1,262
    2023-01-01 $366,218 (12.7%) $451,939 (2.5%) 0.91 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%) 0.94 913
    2023-05-01 $410,221 (14.0%) $521,961 (13.7%) 0.93 971
    2023-06-01 $414,925 (10.7%) $533,586 (15.7%) 0.93 1,049
    2023-07-01 $402,450 (7.3%) $527,804 (14.3%) 0.91 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%) 0.92 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%) 0.95 1,142
    2024-01-01 $399,900 (9.2%) $525,251 (16.2%) 0.98 990
    2024-02-01 $409,950 (3.2%) $540,227 (12.1%) 0.99 918
    2024-03-01 $415,000 (3.9%) $544,284 (8.6%) 0.98 940
    2024-04-01 $407,450 (0.6%) $542,917 (5.2%) 0.95 1,071
    2024-05-01 $412,500 (0.6%) $569,788 (9.2%) 0.94 1,175
    2024-06-01 $409,900 (-1.2%) $541,623 (1.5%) 0.93 1,357
    2024-07-01 $399,950 (-0.6%) $529,191 (0.3%) 0.91 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%) 0.93 1,502
    2025-01-01 $374,500 (-6.4%) $487,650 (-7.2%) 0.94 1,305
    2025-02-01 $384,725 (-6.2%) $500,665 (-7.3%) 0.93 1,192
    2025-03-01 $385,000 (-7.2%) $493,620 (-9.3%) 0.00 1,198
    Grand Rapids's median listing price for 2025-03-01 was $385,000, a difference of $-30,000 (-7.2%) versus the prior year and $275 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 2025-03-01 was $493,620, a difference of $-50,664 (-9.3%) versus the prior year and $-7,045 versus the prior month.

    For the 2025-03-01 period, Grand Rapids had 1,198 MLS listings, a difference of 6 listings (1%) versus the prior month and 258 listings (27%) 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 73 days 2,027 sqft
    2018-02-01 62 days 2,032 sqft
    2018-03-01 38 days 2,047 sqft
    2018-04-01 33 days 2,070 sqft
    2018-05-01 27 days 2,092 sqft
    2018-06-01 29 days 2,091 sqft
    2018-07-01 35 days 2,101 sqft
    2018-08-01 34 days 2,069 sqft
    2018-09-01 42 days 2,040 sqft
    2018-10-01 46 days 2,039 sqft
    2018-11-01 52 days 2,032 sqft
    2018-12-01 65 days 2,001 sqft
    2019-01-01 72 days 1,969 sqft
    2019-02-01 71 days 1,982 sqft
    2019-03-01 51 days 2,013 sqft
    2019-04-01 36 days 2,059 sqft
    2019-05-01 30 days 2,074 sqft
    2019-06-01 32 days 2,085 sqft
    2019-07-01 36 days 2,100 sqft
    2019-08-01 38 days 2,078 sqft
    2019-09-01 41 days 2,045 sqft
    2019-10-01 43 days 2,020 sqft
    2019-11-01 51 days 2,000 sqft
    2019-12-01 65 days 1,953 sqft
    2020-01-01 70 days 1,940 sqft
    2020-02-01 65 days 2,000 sqft
    2020-03-01 45 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 43 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 55 days 1,887 sqft
    2021-01-01 59 days 1,861 sqft
    2021-02-01 39 days 1,897 sqft
    2021-03-01 36 days 1,911 sqft
    2021-04-01 32 days 1,935 sqft
    2021-05-01 30 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 45 days 1,842 sqft
    2022-01-01 52 days 1,874 sqft
    2022-02-01 36 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 24 days 2,025 sqft
    2022-07-01 30 days 2,058 sqft
    2022-08-01 35 days 2,048 sqft
    2022-09-01 38 days 2,008 sqft
    2022-10-01 39 days 2,007 sqft
    2022-11-01 43 days 1,963 sqft
    2022-12-01 56 days 1,961 sqft
    2023-01-01 64 days 1,959 sqft
    2023-02-01 52 days 2,003 sqft
    2023-03-01 44 days 2,018 sqft
    2023-04-01 39 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 35 days 2,052 sqft
    2023-09-01 37 days 2,010 sqft
    2023-10-01 41 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 37 days 2,006 sqft
    2024-04-01 32 days 2,007 sqft
    2024-05-01 27 days 2,020 sqft
    2024-06-01 31 days 1,994 sqft
    2024-07-01 34 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 65 days 1,879 sqft
    2025-02-01 56 days 1,876 sqft
    2025-03-01 0 days 1,862 sqft
    Grand Rapids's median listing age (time on market) for 2025-03-01 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 2025-03-01 period was 1,862 sqft. One year prior, the average listing was 2,006 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).