Hillsdale FHA Loan Rates, Closing Costs & Stats

Hillsdale, 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.

Hillsdale's 25 lenders originated 87 FHA loans during 2023. The total origination value was $13,195,000, with an average FHA loan value of $151,667.

Hillsdale FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hillsdale averaged 0.15% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Hillsdale's average FHA mortgage closing costs are $6,268.

The average rate for the prior week (2024-11-22) was 6.54% and one month ago for the week of 2024-10-25, the average rate was 6.72%.

The average rate one year ago was 7.21%.

For refis of the same type during the week of 2024-11-29, the average rate was 0%.

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

Hillsdale 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 Hillsdale level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 24 6.37% $8,403
UNION HOME MORTGAGE CORP. 9 7.22% $7,362
CROSSCOUNTRY MORTGAGE, LLC 6 7.31% $8,048
MORTGAGE 1 INCORPORATED 5 6.80% $9,325
UNITED WHOLESALE MORTGAGE, LLC 5 6.61% $12,514
BROKER SOLUTIONS, INC. 4 6.72% $8,709
The Huntington National Bank 3 6.67% $6,064
Carrington Mortgage Services, LLC 2 6.88% $10,083
LAKEVIEW LOAN SERVICING, LLC 2 6.00% $8,920
AmRes Corporation 2 6.56% $8,024
GVC MORTGAGE, INC. 2 7.13% $6,408
STAUNTON FINANCIAL, INC. 1 6.75% $9,137
TOWNE MORTGAGE COMPANY 1 6.99% $5,839
AMERISAVE MORTGAGE CORPORATION 1 7.75% $7,063
Waterstone Mortgage Corporation 1 6.88% $6,861
CARDINAL FINANCIAL 1 6.38% $6,836
Fifth Third Bank 1 5.63% $5,414
HALLMARK HOME MORTGAGE, LLC 1 6.75% $8,599
LOANDEPOT.COM, LLC 1 6.75% $6,025
Mortgage Research Center, LLC 1 6.13% $4,867
NATIONS RELIABLE LENDING, LLC 1 7.25% $5,870
NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $6,817
NEWREZ LLC 1 6.63% $8,457
Preston Home Loans Inc 1 6.88% $6,625
RUOFF MORTGAGE COMPANY, INC. 1 7.00% $4,086

The top Hillsdale FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 24 FHA loans originated. Their average total fees are $8,403, which is $1,041 higher than the next largest lender, UNION HOME MORTGAGE CORP..

The lowest fee Hillsdale FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,403), .

The lowest rate Hillsdale FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.37%), .

Hillsdale FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HILLSDALE, MI HILLSDALE 2022 $420,680 $538,650 $651,050 $809,150
HILLSDALE, MI HILLSDALE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hillsdale (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 $141,900 (-3.0%) $167,164 (-7.3%) 0.00 156
2018-02-01 $140,400 (-0.9%) $169,808 (-5.3%) 0.00 152
2018-03-01 $139,900 (-0.4%) $170,638 (-5.3%) 0.00 158
2018-04-01 $139,900 (-3.5%) $166,582 (-7.1%) 0.00 163
2018-05-01 $139,900 (-1.4%) $165,250 (-6.8%) 0.00 164
2018-06-01 $149,250 (7.0%) $177,599 (3.9%) 0.00 171
2018-07-01 $149,500 (10.7%) $182,564 (11.9%) 0.00 191
2018-08-01 $144,900 (4.2%) $176,910 (10.4%) 0.00 204
2018-09-01 $144,900 (3.6%) $176,403 (9.1%) 0.00 217
2018-10-01 $139,900 (2.9%) $173,676 (7.6%) 0.00 206
2018-11-01 $142,400 (1.8%) $168,298 (0.4%) 0.00 199
2018-12-01 $145,200 (1.7%) $169,999 (1.7%) 0.00 171
2019-01-01 $130,400 (-8.1%) $157,791 (-5.6%) 0.00 149
2019-02-01 $133,425 (-5.0%) $163,678 (-3.6%) 0.00 131
2019-03-01 $143,471 (2.6%) $179,413 (5.1%) 0.00 132
2019-04-01 $153,471 (9.7%) $195,553 (17.4%) 0.00 137
2019-05-01 $165,400 (18.2%) $205,146 (24.1%) 0.00 153
2019-06-01 $169,900 (13.8%) $208,325 (17.3%) 0.00 166
2019-07-01 $161,450 (8.0%) $199,865 (9.5%) 0.00 181
2019-08-01 $159,123 (9.8%) $197,124 (11.4%) 0.00 185
2019-09-01 $159,307 (9.9%) $195,879 (11.0%) 0.00 188
2019-10-01 $159,675 (14.1%) $195,048 (12.3%) 0.00 187
2019-11-01 $164,950 (15.8%) $193,065 (14.7%) 0.00 178
2019-12-01 $162,500 (11.9%) $185,448 (9.1%) 0.00 157
2020-01-01 $159,950 (22.7%) $182,842 (15.9%) 0.00 130
2020-02-01 $159,900 (19.8%) $184,790 (12.9%) 0.00 126
2020-03-01 $164,350 (14.6%) $194,252 (8.3%) 0.00 124
2020-04-01 $160,575 (4.6%) $193,323 (-1.1%) 0.00 118
2020-05-01 $160,950 (-2.7%) $195,715 (-4.6%) 0.00 120
2020-06-01 $174,400 (2.7%) $205,786 (-1.2%) 0.00 119
2020-07-01 $189,450 (17.3%) $213,024 (6.6%) 0.00 116
2020-08-01 $175,000 (10.0%) $207,013 (5.0%) 0.00 103
2020-09-01 $194,700 (22.2%) $226,886 (15.8%) 0.00 83
2020-10-01 $199,900 (25.2%) $238,571 (22.3%) 0.00 77
2020-11-01 $169,900 (3.0%) $218,472 (13.2%) 0.00 78
2020-12-01 $164,975 (1.5%) $207,789 (12.1%) 0.00 78
2021-01-01 $156,500 (-2.2%) $199,972 (9.4%) 0.00 70
2021-02-01 $147,450 (-7.8%) $191,527 (3.7%) 0.00 57
2021-03-01 $156,500 (-4.8%) $206,417 (6.3%) 0.00 44
2021-04-01 $164,450 (2.4%) $221,553 (14.6%) 0.00 44
2021-05-01 $189,900 (18.0%) $231,983 (18.5%) 0.00 46
2021-06-01 $197,400 (13.2%) $242,533 (17.9%) 0.00 48
2021-07-01 $174,900 (-7.7%) $228,241 (7.1%) 0.00 60
2021-08-01 $183,425 (4.8%) $233,944 (13.0%) 0.00 51
2021-09-01 $178,650 (-8.2%) $229,734 (1.3%) 0.00 59
2021-10-01 $167,900 (-16.0%) $235,017 (-1.5%) 0.00 60
2021-11-01 $163,675 (-3.7%) $227,087 (3.9%) 0.00 65
2021-12-01 $157,900 (-4.3%) $218,285 (5.1%) 0.00 64
2022-01-01 $152,900 (-2.3%) $218,494 (9.3%) 0.00 55
2022-02-01 $165,750 (12.4%) $235,730 (23.1%) 0.00 40
2022-03-01 $194,950 (24.6%) $271,447 (31.5%) 0.00 42
2022-04-01 $215,000 (30.7%) $311,794 (40.7%) 0.00 42
2022-05-01 $224,950 (18.5%) $306,669 (32.2%) 0.00 56
2022-06-01 $217,000 (9.9%) $308,767 (27.3%) 0.00 76
2022-07-01 $195,000 (11.5%) $282,257 (23.7%) 0.00 87
2022-08-01 $189,900 (3.5%) $263,606 (12.7%) 0.00 99
2022-09-01 $201,050 (12.5%) $278,766 (21.3%) 0.00 92
2022-10-01 $199,997 (19.1%) $278,820 (18.6%) 0.00 89
2022-11-01 $205,300 (25.4%) $279,251 (23.0%) 0.00 87
2022-12-01 $214,500 (35.9%) $281,807 (29.1%) 0.00 77
2023-01-01 $207,400 (35.6%) $284,802 (30.4%) 0.00 63
2023-02-01 $222,400 (34.2%) $299,873 (27.2%) 0.00 53
2023-03-01 $228,650 (17.3%) $249,706 (-8.0%) 0.00 52
2023-04-01 $239,900 (11.6%) $256,925 (-17.6%) 0.00 49
2023-05-01 $259,925 (15.6%) $277,480 (-9.5%) 0.00 53
2023-06-01 $253,675 (16.9%) $313,635 (1.6%) 0.00 63
2023-07-01 $249,900 (28.2%) $303,509 (7.5%) 0.00 70
2023-08-01 $248,000 (30.6%) $295,278 (12.0%) 0.00 76
2023-09-01 $259,000 (28.8%) $313,730 (12.5%) 0.00 92
2023-10-01 $249,900 (25.0%) $306,873 (10.1%) 0.00 102
2023-11-01 $229,900 (12.0%) $316,245 (13.3%) 0.00 97
2023-12-01 $225,000 (4.9%) $320,517 (13.7%) 0.00 90
2024-01-01 $232,450 (12.1%) $332,914 (16.9%) 0.00 78
2024-02-01 $251,175 (12.9%) $335,262 (11.8%) 0.00 69
2024-03-01 $259,900 (13.7%) $344,225 (37.9%) 0.00 67
2024-04-01 $292,450 (21.9%) $368,702 (43.5%) 0.00 73
2024-05-01 $298,000 (14.7%) $347,015 (25.1%) 0.00 91
2024-06-01 $290,900 (14.7%) $330,413 (5.4%) 0.00 103
2024-07-01 $299,000 (19.7%) $342,649 (12.9%) 0.00 104
2024-08-01 $272,400 (9.8%) $323,405 (9.5%) 0.00 109
2024-09-01 $267,400 (3.2%) $311,762 (-0.6%) 0.00 124
2024-10-01 $261,150 (4.5%) $316,296 (3.1%) 0.00 130
Hillsdale's median listing price for 2024-10-01 was $261,150, a difference of $11,250 (4.5%) versus the prior year and $-6,250 versus the prior month.

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

Hillsdale's average listing price for 2024-10-01 was $316,296, a difference of $9,423 (3.1%) versus the prior year and $4,534 versus the prior month.

For the 2024-10-01 period, Hillsdale had 130 MLS listings, a difference of 6 listings (5%) versus the prior month and 28 listings (27%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hillsdale (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,630 sqft
2018-02-01 0 days 1,680 sqft
2018-03-01 0 days 1,600 sqft
2018-04-01 0 days 1,628 sqft
2018-05-01 0 days 1,673 sqft
2018-06-01 0 days 1,594 sqft
2018-07-01 0 days 1,515 sqft
2018-08-01 0 days 1,512 sqft
2018-09-01 0 days 1,536 sqft
2018-10-01 0 days 1,616 sqft
2018-11-01 0 days 1,602 sqft
2018-12-01 0 days 1,655 sqft
2019-01-01 0 days 1,646 sqft
2019-02-01 0 days 1,635 sqft
2019-03-01 0 days 1,638 sqft
2019-04-01 0 days 1,654 sqft
2019-05-01 0 days 1,743 sqft
2019-06-01 0 days 1,757 sqft
2019-07-01 0 days 1,684 sqft
2019-08-01 0 days 1,697 sqft
2019-09-01 0 days 1,741 sqft
2019-10-01 0 days 1,774 sqft
2019-11-01 0 days 1,769 sqft
2019-12-01 0 days 1,762 sqft
2020-01-01 0 days 1,803 sqft
2020-02-01 0 days 1,719 sqft
2020-03-01 0 days 1,740 sqft
2020-04-01 0 days 1,773 sqft
2020-05-01 0 days 1,790 sqft
2020-06-01 0 days 1,779 sqft
2020-07-01 0 days 1,872 sqft
2020-08-01 0 days 1,650 sqft
2020-09-01 0 days 1,648 sqft
2020-10-01 0 days 1,746 sqft
2020-11-01 0 days 1,622 sqft
2020-12-01 0 days 1,683 sqft
2021-01-01 0 days 1,649 sqft
2021-02-01 0 days 1,598 sqft
2021-03-01 0 days 1,519 sqft
2021-04-01 0 days 1,528 sqft
2021-05-01 0 days 1,650 sqft
2021-06-01 0 days 1,667 sqft
2021-07-01 0 days 1,664 sqft
2021-08-01 0 days 1,600 sqft
2021-09-01 0 days 1,586 sqft
2021-10-01 0 days 1,650 sqft
2021-11-01 0 days 1,665 sqft
2021-12-01 0 days 1,677 sqft
2022-01-01 0 days 1,588 sqft
2022-02-01 0 days 1,562 sqft
2022-03-01 0 days 1,645 sqft
2022-04-01 0 days 1,650 sqft
2022-05-01 0 days 1,637 sqft
2022-06-01 0 days 1,702 sqft
2022-07-01 0 days 1,721 sqft
2022-08-01 0 days 1,720 sqft
2022-09-01 0 days 1,673 sqft
2022-10-01 0 days 1,748 sqft
2022-11-01 0 days 1,742 sqft
2022-12-01 0 days 1,747 sqft
2023-01-01 0 days 1,658 sqft
2023-02-01 0 days 1,705 sqft
2023-03-01 0 days 1,778 sqft
2023-04-01 0 days 1,768 sqft
2023-05-01 0 days 1,768 sqft
2023-06-01 0 days 1,843 sqft
2023-07-01 0 days 1,800 sqft
2023-08-01 0 days 1,779 sqft
2023-09-01 0 days 1,818 sqft
2023-10-01 0 days 1,718 sqft
2023-11-01 0 days 1,674 sqft
2023-12-01 0 days 1,646 sqft
2024-01-01 0 days 1,701 sqft
2024-02-01 0 days 1,713 sqft
2024-03-01 0 days 1,720 sqft
2024-04-01 0 days 1,810 sqft
2024-05-01 0 days 1,773 sqft
2024-06-01 0 days 1,796 sqft
2024-07-01 0 days 1,745 sqft
2024-08-01 0 days 1,724 sqft
2024-09-01 0 days 1,688 sqft
2024-10-01 0 days 1,679 sqft
Hillsdale's median listing age (time on market) for 2024-10-01 was 0 days.

Hillsdale's median square footage for active listings during the 2024-10-01 period was 1,679 sqft. One year prior, the average listing was 1,718 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).