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 123 lenders originated 2,097 FHA loans during 2022. The total origination value was $519,035,000, with an average FHA loan value of $247,513.
Grand Rapids FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Grand Rapids
averaged
6.74%
for the week of 2023-09-15, compared to the national average (all FHA variants) of
6.991% for the same period.
Grand Rapids's average FHA mortgage closing costs are $6,591.
The average rate for the prior week (2023-09-08) was
6.76% and
one month ago for the week of 2023-08-11, the
average rate was 6.42%.
The average rate one year ago was 5.62%.
For refis of the same type during the week of 2023-09-15, the average rate
was 6.03%.
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.
The top Grand Rapids FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
187 FHA loans originated. Their average total fees are
$9,060, which is $64
higher than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Grand Rapids FHA lenders (with over 10 loans originated) are
Lakeview Community Capital, LLC ($5,474), LAKEVIEW LOAN SERVICING, LLC ($5,852), MMS MORTGAGE SERVICES, LTD. ($5,873), Fifth Third Bank ($6,167) and The Huntington National Bank ($6,527).
The lowest rate Grand Rapids FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (3.97%), LAKEVIEW LOAN SERVICING, LLC (4.13%), Lakeview Community Capital, LLC (4.25%), Mr. Cooper ( Nationstar Mortgage ) (4.33%) and AMERISAVE MORTGAGE CORPORATION (4.47%).
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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $252,400 (-1.5%) | $313,937 (-14.9%) | 0.94 | 1,849 |
2018-02-01 | $261,150 (-3.8%) | $327,838 (-13.1%) | 0.95 | 1,689 |
2018-03-01 | $269,900 (-4.5%) | $339,520 (-13.0%) | 0.95 | 1,671 |
2018-04-01 | $279,125 (-0.3%) | $352,579 (-4.4%) | 0.95 | 1,729 |
2018-05-01 | $279,900 (5.8%) | $353,481 (4.3%) | 0.93 | 1,909 |
2018-06-01 | $279,900 (10.9%) | $352,517 (8.7%) | 0.93 | 2,226 |
2018-07-01 | $277,250 (11.4%) | $346,190 (9.4%) | 0.93 | 2,387 |
2018-08-01 | $269,900 (11.3%) | $340,680 (10.4%) | 0.90 | 2,708 |
2018-09-01 | $269,900 (12.5%) | $336,858 (9.7%) | 0.91 | 2,767 |
2018-10-01 | $272,425 (11.2%) | $340,388 (10.2%) | 0.92 | 2,741 |
2018-11-01 | $269,900 (12.5%) | $335,424 (9.3%) | 0.91 | 2,653 |
2018-12-01 | $274,900 (14.5%) | $332,643 (8.8%) | 0.95 | 2,404 |
2019-01-01 | $274,950 (8.9%) | $330,185 (5.2%) | 0.95 | 2,135 |
2019-02-01 | $279,950 (7.2%) | $337,224 (2.9%) | 0.95 | 1,960 |
2019-03-01 | $286,429 (6.1%) | $351,373 (3.5%) | 0.94 | 1,952 |
2019-04-01 | $296,500 (6.2%) | $370,032 (5.0%) | 0.94 | 2,030 |
2019-05-01 | $294,900 (5.4%) | $371,638 (5.1%) | 0.92 | 2,153 |
2019-06-01 | $291,900 (4.3%) | $369,724 (4.9%) | 0.91 | 2,375 |
2019-07-01 | $290,925 (4.9%) | $365,864 (5.7%) | 0.91 | 2,586 |
2019-08-01 | $284,445 (5.4%) | $358,880 (5.3%) | 0.90 | 2,676 |
2019-09-01 | $276,264 (2.4%) | $350,012 (3.9%) | 0.88 | 2,787 |
2019-10-01 | $269,900 (-0.9%) | $343,806 (1.0%) | 0.87 | 2,843 |
2019-11-01 | $274,000 (1.5%) | $345,034 (2.9%) | 0.90 | 2,597 |
2019-12-01 | $274,900 (0.0%) | $343,704 (3.3%) | 0.92 | 2,267 |
2020-01-01 | $282,400 (2.7%) | $346,033 (4.8%) | 0.94 | 1,952 |
2020-02-01 | $299,900 (7.1%) | $371,065 (10.0%) | 0.98 | 1,801 |
2020-03-01 | $299,900 (4.7%) | $374,477 (6.6%) | 0.94 | 1,743 |
2020-04-01 | $309,000 (4.2%) | $380,893 (2.9%) | 0.97 | 1,749 |
2020-05-01 | $315,000 (6.8%) | $398,132 (7.1%) | 0.96 | 1,944 |
2020-06-01 | $314,950 (7.9%) | $410,161 (10.9%) | 0.93 | 1,789 |
2020-07-01 | $310,450 (6.7%) | $406,712 (11.2%) | 0.90 | 1,679 |
2020-08-01 | $309,000 (8.6%) | $399,822 (11.4%) | 0.89 | 1,606 |
2020-09-01 | $304,450 (10.2%) | $402,155 (14.9%) | 0.87 | 1,463 |
2020-10-01 | $294,135 (9.0%) | $388,214 (12.9%) | 0.84 | 1,456 |
2020-11-01 | $299,400 (9.3%) | $395,018 (14.5%) | 0.88 | 1,320 |
2020-12-01 | $299,950 (9.1%) | $397,105 (15.5%) | 0.89 | 1,100 |
2021-01-01 | $304,900 (8.0%) | $397,717 (14.9%) | 0.91 | 900 |
2021-02-01 | $314,950 (5.0%) | $416,800 (12.3%) | 0.92 | 766 |
2021-03-01 | $312,450 (4.2%) | $415,840 (11.1%) | 0.89 | 758 |
2021-04-01 | $309,950 (0.3%) | $424,674 (11.5%) | 0.84 | 705 |
2021-05-01 | $310,000 (-1.6%) | $435,642 (9.4%) | 0.82 | 739 |
2021-06-01 | $316,975 (0.6%) | $435,538 (6.2%) | 0.83 | 898 |
2021-07-01 | $307,000 (-1.1%) | $438,295 (7.8%) | 0.81 | 1,033 |
2021-08-01 | $307,400 (-0.5%) | $436,714 (9.2%) | 0.82 | 1,109 |
2021-09-01 | $307,500 (1.0%) | $424,793 (5.6%) | 0.82 | 1,138 |
2021-10-01 | $308,000 (4.7%) | $415,747 (7.1%) | 0.82 | 1,115 |
2021-11-01 | $314,950 (5.2%) | $425,926 (7.8%) | 0.84 | 975 |
2021-12-01 | $310,188 (3.4%) | $423,869 (6.7%) | 0.84 | 779 |
2022-01-01 | $332,000 (8.9%) | $449,273 (13.0%) | 0.90 | 607 |
2022-02-01 | $346,950 (10.2%) | $452,318 (8.5%) | 0.90 | 539 |
2022-03-01 | $342,450 (9.6%) | $450,685 (8.4%) | 0.86 | 596 |
2022-04-01 | $349,950 (12.9%) | $451,418 (6.3%) | 0.83 | 652 |
2022-05-01 | $362,450 (16.9%) | $462,861 (6.3%) | 0.83 | 898 |
2022-06-01 | $375,000 (18.3%) | $463,534 (6.4%) | 0.84 | 1,168 |
2022-07-01 | $375,000 (22.2%) | $463,277 (5.7%) | 0.84 | 1,396 |
2022-08-01 | $377,450 (22.8%) | $465,651 (6.6%) | 0.87 | 1,436 |
2022-09-01 | $364,900 (18.7%) | $453,749 (6.8%) | 0.85 | 1,430 |
2022-10-01 | $355,000 (15.3%) | $446,291 (7.4%) | 0.84 | 1,436 |
2022-11-01 | $359,900 (14.3%) | $438,756 (3.0%) | 0.87 | 1,405 |
2022-12-01 | $364,900 (17.6%) | $435,574 (2.8%) | 0.90 | 1,170 |
2023-01-01 | $374,900 (12.9%) | $454,885 (1.3%) | 0.93 | 1,001 |
2023-02-01 | $399,450 (15.1%) | $484,943 (7.2%) | 0.96 | 870 |
2023-03-01 | $399,850 (16.8%) | $503,018 (11.6%) | 0.94 | 826 |
2023-04-01 | $410,000 (17.2%) | $516,179 (14.4%) | 0.95 | 857 |
2023-05-01 | $412,400 (13.8%) | $521,910 (12.8%) | 0.93 | 915 |
2023-06-01 | $419,900 (12.0%) | $533,677 (15.1%) | 0.94 | 994 |
2023-07-01 | $414,088 (10.4%) | $535,608 (15.6%) | 0.94 | 1,066 |
2023-08-01 | $399,900 (6.0%) | $522,685 (12.3%) | 0.92 | 1,212 |
Grand Rapids's median listing price comes in at 92% of the national average.
Grand Rapids's average listing price for 2023-08-01 was $522,685, a difference of $57,034 (12.3%) versus the prior year and $-12,923 versus the prior month.
For the 2023-08-01 period, Grand Rapids had 1,212 MLS listings, a difference of 146 listings (14%) versus the prior month and -224 listings (-16%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Grand Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 72 days | 2,036 sqft |
2018-02-01 | 59 days | 2,040 sqft |
2018-03-01 | 37 days | 2,061 sqft |
2018-04-01 | 33 days | 2,084 sqft |
2018-05-01 | 26 days | 2,113 sqft |
2018-06-01 | 29 days | 2,106 sqft |
2018-07-01 | 33 days | 2,131 sqft |
2018-08-01 | 33 days | 2,077 sqft |
2018-09-01 | 40 days | 2,050 sqft |
2018-10-01 | 45 days | 2,051 sqft |
2018-11-01 | 51 days | 2,040 sqft |
2018-12-01 | 64 days | 2,021 sqft |
2019-01-01 | 72 days | 1,989 sqft |
2019-02-01 | 70 days | 2,010 sqft |
2019-03-01 | 50 days | 2,032 sqft |
2019-04-01 | 36 days | 2,067 sqft |
2019-05-01 | 29 days | 2,083 sqft |
2019-06-01 | 31 days | 2,104 sqft |
2019-07-01 | 35 days | 2,114 sqft |
2019-08-01 | 38 days | 2,092 sqft |
2019-09-01 | 39 days | 2,056 sqft |
2019-10-01 | 41 days | 2,031 sqft |
2019-11-01 | 51 days | 2,004 sqft |
2019-12-01 | 64 days | 1,958 sqft |
2020-01-01 | 70 days | 1,950 sqft |
2020-02-01 | 62 days | 2,008 sqft |
2020-03-01 | 44 days | 2,027 sqft |
2020-04-01 | 52 days | 2,048 sqft |
2020-05-01 | 57 days | 2,074 sqft |
2020-06-01 | 39 days | 2,066 sqft |
2020-07-01 | 44 days | 2,059 sqft |
2020-08-01 | 42 days | 2,058 sqft |
2020-09-01 | 41 days | 2,037 sqft |
2020-10-01 | 40 days | 1,958 sqft |
2020-11-01 | 43 days | 1,921 sqft |
2020-12-01 | 54 days | 1,893 sqft |
2021-01-01 | 58 days | 1,870 sqft |
2021-02-01 | 38 days | 1,899 sqft |
2021-03-01 | 35 days | 1,915 sqft |
2021-04-01 | 32 days | 1,931 sqft |
2021-05-01 | 31 days | 1,944 sqft |
2021-06-01 | 27 days | 1,969 sqft |
2021-07-01 | 32 days | 1,968 sqft |
2021-08-01 | 31 days | 1,944 sqft |
2021-09-01 | 35 days | 1,923 sqft |
2021-10-01 | 36 days | 1,871 sqft |
2021-11-01 | 39 days | 1,873 sqft |
2021-12-01 | 46 days | 1,846 sqft |
2022-01-01 | 52 days | 1,874 sqft |
2022-02-01 | 35 days | 1,881 sqft |
2022-03-01 | 30 days | 1,874 sqft |
2022-04-01 | 25 days | 1,948 sqft |
2022-05-01 | 20 days | 1,998 sqft |
2022-06-01 | 23 days | 2,028 sqft |
2022-07-01 | 30 days | 2,060 sqft |
2022-08-01 | 34 days | 2,058 sqft |
2022-09-01 | 38 days | 2,011 sqft |
2022-10-01 | 38 days | 2,007 sqft |
2022-11-01 | 42 days | 1,974 sqft |
2022-12-01 | 57 days | 1,961 sqft |
2023-01-01 | 63 days | 1,975 sqft |
2023-02-01 | 50 days | 2,017 sqft |
2023-03-01 | 43 days | 2,033 sqft |
2023-04-01 | 38 days | 2,092 sqft |
2023-05-01 | 33 days | 2,080 sqft |
2023-06-01 | 32 days | 2,107 sqft |
2023-07-01 | 33 days | 2,092 sqft |
2023-08-01 | 34 days | 2,053 sqft |
Grand Rapids's median square footage for active listings during the 2023-08-01 period was 2,053 sqft. One year prior, the average listing was 2,058 sqft.