Grand Rapids FHA Loan Rates, Closing Costs & Stats
GRAND RAPIDS-KENTWOOD, 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.
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
6.65%
for the week of 2025-07-18, compared to the national average (all FHA variants) of
6.527% for the same period.
Grand Rapids's average FHA mortgage closing costs are $7,338.
The average rate for the prior week (2025-07-11) was
6.85% and
one month ago for the week of 2025-06-13, the
average rate was 6.91%.
The average rate one year ago was 7.07%.
For refis of the same type during the week of 2025-07-18, the average rate
was 6.8%.
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 |
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).