Hillsdale FHA Loan Rates, Closing Costs & Stats

Hillsdale, 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.

    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 7.1% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.89% and one month ago for the week of 2024-03-15, the average rate was 6.86%.

    The average rate one year ago was 6.59%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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
    Hillsdale's median listing price for 2024-03-01 was $259,900, a difference of $31,250 (13.7%) versus the prior year and $8,725 versus the prior month.

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

    Hillsdale's average listing price for 2024-03-01 was $344,225, a difference of $94,519 (37.9%) versus the prior year and $8,963 versus the prior month.

    For the 2024-03-01 period, Hillsdale had 67 MLS listings, a difference of -2 listings (-3%) versus the prior month and 15 listings (29%) 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
    Hillsdale's median listing age (time on market) for 2024-03-01 was 0 days.

    Hillsdale's median square footage for active listings during the 2024-03-01 period was 1,720 sqft. One year prior, the average listing was 1,778 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).