Holland FHA Loan Rates, Closing Costs & Stats

Holland, 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.

Holland's 58 lenders originated 220 FHA loans during 2023. The total origination value was $51,740,000, with an average FHA loan value of $235,182.

Holland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Holland averaged 6.96% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Holland's average FHA mortgage closing costs are $7,263.

The average rate for the prior week (2024-05-10) was 6.7% and one month ago for the week of 2024-04-12, the average rate was 6.86%.

The average rate one year ago was 6.71%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.05%.

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

Holland 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 Holland level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 32 6.37% $10,615
Neighborhood Loans, Inc. 23 6.94% $10,382
UNITED WHOLESALE MORTGAGE, LLC 21 6.31% $11,033
LAKE MICHIGAN CREDIT UNION 15 6.51% $10,311
SUCCESS MORTGAGE PARTNERS, INC. 8 6.78% $11,682
UNION HOME MORTGAGE CORP. 6 6.96% $11,218
NEWREZ LLC 5 6.80% $9,546
Mercantile Bank of Michigan 5 6.63% $9,691
CROSSCOUNTRY MORTGAGE, LLC 5 6.60% $14,216
Carrington Mortgage Services, LLC 5 6.28% $10,639
The Huntington National Bank 4 6.78% $8,046
MORTGAGE CENTER L.C 4 6.97% $7,149
NORTHERN MORTGAGE SERVICES, LLC 4 6.91% $9,452
MICHIGAN MUTUAL, INC. 4 5.31% $13,434
MUTUAL OF OMAHA MORTGAGE, INC. 3 7.00% $10,267
MORTGAGE 1 INCORPORATED 3 6.79% $12,386
Plains Commerce Bank 3 6.46% $8,231
Fifth Third Bank 3 6.63% $8,278
CARDINAL FINANCIAL 3 7.00% $10,480
GVC MORTGAGE, INC. 3 6.38% $7,771
FREEDOM MORTGAGE CORPORATION 2 6.63% $13,584
CONTOUR MORTGAGE CORPORATION 2 7.13% $14,199
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.13% $11,811
GSF Mortgage Corporation 2 7.06% $10,380
GUILD MORTGAGE COMPANY 2 7.38% $8,063
Independent Bank 2 6.44% $4,432
Northpointe Bank 2 6.94% $9,486
RUOFF MORTGAGE COMPANY, INC. 2 7.50% $10,936
The Dart Bank 2 6.94% $9,064
VAN DYK MORTGAGE CORPORATION 2 6.06% $9,454
Honor Credit Union 1 6.00% $11,176
HOMESIDE FINANCIAL, LLC 1 7.25% $9,926
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $13,265
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.38% $10,382
AMERICAN FINANCING CORPORATION 1 7.25% $16,641
Flagstar Bank, FSB 1 7.75% $6,562
FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $12,297
ZILLOW HOME LOANS, LLC 1 6.38% $14,477
PENNYMAC LOAN SERVICES, LLC 1 6.63% $13,497
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $13,708
Platinum Home Mortgage Corporation 1 5.75% $11,511
Preston Home Loans Inc 1 7.25% $9,227
Equity Prime Mortgage LLC 1 7.75% $9,209
RELIANCE FIRST CAPITAL, LLC 1 7.00% $7,538
ROYAL UNITED MORTGAGE LLC 1 7.50% $7,000
VILLAGE CAPITAL MORTGAGE 1 7.25% $6,266
CHURCHILL MORTGAGE CORPORATION 1 7.50% $12,036
SUMMIT HOME MORTGAGE, LLC 1 6.75% $10,544
T2 FINANCIAL LLC 1 7.75% $13,104
Wells Fargo Bank 1 5.88% $7,191
Century Mortgage Company DBA Century Lending Company 1 4.99% $28,025
BECKAM FUNDING CORP. 1 7.13% $7,795
UNITED 1 6.75% $8,980
AMERISAVE MORTGAGE CORPORATION 1 5.75% $13,690
MICHIGAN FIRST CREDIT UNION 1 5.75% $13,993
LOANDEPOT.COM, LLC 1 5.99% $7,272
MID AMERICA MORTGAGE, INC. 1 7.00% $3,196
MMS MORTGAGE SERVICES, LTD. 1 7.00% $10,397

The top Holland FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 32 FHA loans originated. Their average total fees are $10,615, which is $234 higher than the next largest lender, Neighborhood Loans, Inc..

The lowest fee Holland FHA lenders (with over 10 loans originated) are LAKE MICHIGAN CREDIT UNION ($10,311), Neighborhood Loans, Inc. ($10,382), QUICKEN LOANS, LLC ($10,615), UNITED WHOLESALE MORTGAGE, LLC ($11,033) and .

The lowest rate Holland FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.31%), QUICKEN LOANS, LLC (6.37%), LAKE MICHIGAN CREDIT UNION (6.51%), Neighborhood Loans, Inc. (6.94%) and .

Holland FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Holland (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 $269,675 (-9.9%) $419,705 (-16.0%) 0.00 368
2018-02-01 $274,900 (-12.3%) $445,257 (-15.5%) 0.00 350
2018-03-01 $288,850 (-3.8%) $461,229 (-13.4%) 0.00 353
2018-04-01 $281,725 (-6.2%) $452,372 (-13.2%) 0.00 376
2018-05-01 $299,575 (1.7%) $447,258 (-2.5%) 0.00 419
2018-06-01 $320,000 (12.3%) $455,716 (2.8%) 0.00 457
2018-07-01 $317,975 (14.0%) $445,514 (2.9%) 0.00 504
2018-08-01 $299,000 (7.2%) $429,912 (2.1%) 0.00 504
2018-09-01 $294,900 (9.3%) $435,376 (4.4%) 0.00 490
2018-10-01 $298,810 (10.7%) $438,668 (8.7%) 0.00 481
2018-11-01 $307,470 (11.9%) $456,241 (10.7%) 0.00 463
2018-12-01 $299,000 (11.4%) $453,992 (10.1%) 0.00 403
2019-01-01 $297,475 (10.3%) $444,550 (5.9%) 0.00 356
2019-02-01 $316,975 (15.3%) $475,698 (6.8%) 0.00 336
2019-03-01 $329,207 (14.0%) $485,258 (5.2%) 0.00 361
2019-04-01 $334,975 (18.9%) $501,998 (11.0%) 0.00 376
2019-05-01 $335,000 (11.8%) $487,156 (8.9%) 0.00 419
2019-06-01 $335,000 (4.7%) $472,025 (3.6%) 0.00 477
2019-07-01 $332,456 (4.6%) $466,009 (4.6%) 0.00 522
2019-08-01 $327,200 (9.4%) $458,279 (6.6%) 0.00 529
2019-09-01 $323,150 (9.6%) $455,069 (4.5%) 0.00 540
2019-10-01 $317,500 (6.3%) $451,831 (3.0%) 0.00 552
2019-11-01 $311,950 (1.5%) $449,935 (-1.4%) 0.00 502
2019-12-01 $297,000 (-0.7%) $449,923 (-0.9%) 0.00 459
2020-01-01 $289,175 (-2.8%) $436,679 (-1.8%) 0.00 398
2020-02-01 $325,000 (2.5%) $482,091 (1.3%) 0.00 369
2020-03-01 $337,500 (2.5%) $494,337 (1.9%) 0.00 377
2020-04-01 $339,900 (1.5%) $482,730 (-3.8%) 0.00 384
2020-05-01 $339,900 (1.5%) $486,157 (-0.2%) 0.00 399
2020-06-01 $362,723 (8.3%) $520,848 (10.3%) 0.00 368
2020-07-01 $366,950 (10.4%) $530,034 (13.7%) 0.00 350
2020-08-01 $375,000 (14.6%) $572,108 (24.8%) 0.00 290
2020-09-01 $399,000 (23.5%) $603,228 (32.6%) 0.00 261
2020-10-01 $399,900 (26.0%) $659,058 (45.9%) 0.00 231
2020-11-01 $379,950 (21.8%) $635,900 (41.3%) 0.00 206
2020-12-01 $362,686 (22.1%) $631,055 (40.3%) 0.00 188
2021-01-01 $356,300 (23.2%) $609,793 (39.6%) 0.00 163
2021-02-01 $364,761 (12.2%) $641,134 (33.0%) 0.00 136
2021-03-01 $348,678 (3.3%) $626,695 (26.8%) 0.00 127
2021-04-01 $358,766 (5.6%) $668,120 (38.4%) 0.00 132
2021-05-01 $360,000 (5.9%) $681,865 (40.3%) 0.00 150
2021-06-01 $364,675 (0.5%) $667,801 (28.2%) 0.00 168
2021-07-01 $360,000 (-1.9%) $638,071 (20.4%) 0.00 187
2021-08-01 $367,450 (-2.0%) $621,239 (8.6%) 0.00 206
2021-09-01 $367,000 (-8.0%) $597,435 (-1.0%) 0.00 191
2021-10-01 $397,450 (-0.6%) $651,362 (-1.2%) 0.00 174
2021-11-01 $402,425 (5.9%) $675,168 (6.2%) 0.00 144
2021-12-01 $398,950 (10.0%) $662,433 (5.0%) 0.00 124
2022-01-01 $359,450 (0.9%) $621,724 (2.0%) 0.00 88
2022-02-01 $383,225 (5.1%) $632,531 (-1.3%) 0.00 75
2022-03-01 $377,975 (8.4%) $624,954 (-0.3%) 0.00 84
2022-04-01 $410,000 (14.3%) $616,129 (-7.8%) 0.00 103
2022-05-01 $399,950 (11.1%) $621,807 (-8.8%) 0.00 137
2022-06-01 $429,900 (17.9%) $637,613 (-4.5%) 0.00 181
2022-07-01 $425,000 (18.1%) $586,192 (-8.1%) 0.00 233
2022-08-01 $431,197 (17.4%) $587,014 (-5.5%) 0.00 248
2022-09-01 $439,675 (19.8%) $606,697 (1.6%) 0.00 230
2022-10-01 $422,000 (6.2%) $612,548 (-6.0%) 0.00 233
2022-11-01 $399,225 (-0.8%) $572,483 (-15.2%) 0.00 234
2022-12-01 $389,900 (-2.3%) $563,390 (-15.0%) 0.00 190
2023-01-01 $396,088 (10.2%) $547,403 (-12.0%) 0.00 156
2023-02-01 $399,788 (4.3%) $605,528 (-4.3%) 0.00 123
2023-03-01 $399,995 (5.8%) $663,594 (6.2%) 0.00 115
2023-04-01 $459,000 (12.0%) $718,191 (16.6%) 0.00 122
2023-05-01 $459,675 (14.9%) $698,632 (12.4%) 0.00 137
2023-06-01 $473,725 (10.2%) $690,668 (8.3%) 0.00 140
2023-07-01 $449,900 (5.9%) $641,820 (9.5%) 0.00 156
2023-08-01 $433,450 (0.5%) $703,833 (19.9%) 0.00 172
2023-09-01 $429,900 (-2.2%) $703,368 (15.9%) 0.00 198
2023-10-01 $422,450 (0.1%) $702,743 (14.7%) 0.00 218
2023-11-01 $406,225 (1.8%) $686,103 (19.9%) 0.00 205
2023-12-01 $412,450 (5.8%) $689,221 (22.3%) 0.00 179
2024-01-01 $402,425 (1.6%) $605,523 (10.6%) 0.00 152
2024-02-01 $423,500 (5.9%) $627,773 (3.7%) 0.00 138
2024-03-01 $475,000 (18.8%) $655,123 (-1.3%) 0.00 145
2024-04-01 $472,793 (3.0%) $684,468 (-4.7%) 0.00 160
Holland's median listing price for 2024-04-01 was $472,793, a difference of $13,793 (3.0%) versus the prior year and $-2,207 versus the prior month.

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

Holland's average listing price for 2024-04-01 was $684,468, a difference of $-33,723 (-4.7%) versus the prior year and $29,345 versus the prior month.

For the 2024-04-01 period, Holland had 160 MLS listings, a difference of 15 listings (10%) versus the prior month and 38 listings (31%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Holland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,037 sqft
2018-02-01 0 days 2,055 sqft
2018-03-01 0 days 2,090 sqft
2018-04-01 0 days 2,002 sqft
2018-05-01 0 days 2,041 sqft
2018-06-01 0 days 2,059 sqft
2018-07-01 0 days 2,062 sqft
2018-08-01 0 days 2,017 sqft
2018-09-01 0 days 1,955 sqft
2018-10-01 0 days 2,013 sqft
2018-11-01 0 days 2,032 sqft
2018-12-01 0 days 2,000 sqft
2019-01-01 0 days 1,927 sqft
2019-02-01 0 days 1,914 sqft
2019-03-01 0 days 1,959 sqft
2019-04-01 0 days 1,995 sqft
2019-05-01 0 days 1,979 sqft
2019-06-01 0 days 2,028 sqft
2019-07-01 0 days 2,084 sqft
2019-08-01 0 days 2,073 sqft
2019-09-01 0 days 2,052 sqft
2019-10-01 0 days 2,028 sqft
2019-11-01 0 days 2,007 sqft
2019-12-01 0 days 1,993 sqft
2020-01-01 0 days 1,976 sqft
2020-02-01 0 days 2,002 sqft
2020-03-01 0 days 1,984 sqft
2020-04-01 0 days 2,016 sqft
2020-05-01 0 days 2,023 sqft
2020-06-01 0 days 2,018 sqft
2020-07-01 0 days 2,009 sqft
2020-08-01 0 days 2,069 sqft
2020-09-01 0 days 2,215 sqft
2020-10-01 0 days 2,193 sqft
2020-11-01 0 days 2,151 sqft
2020-12-01 0 days 2,115 sqft
2021-01-01 0 days 2,167 sqft
2021-02-01 0 days 2,187 sqft
2021-03-01 0 days 2,152 sqft
2021-04-01 0 days 2,136 sqft
2021-05-01 0 days 2,005 sqft
2021-06-01 0 days 1,996 sqft
2021-07-01 0 days 1,980 sqft
2021-08-01 0 days 2,074 sqft
2021-09-01 0 days 1,994 sqft
2021-10-01 0 days 2,069 sqft
2021-11-01 0 days 2,068 sqft
2021-12-01 0 days 2,068 sqft
2022-01-01 0 days 2,073 sqft
2022-02-01 0 days 2,072 sqft
2022-03-01 0 days 2,091 sqft
2022-04-01 0 days 2,169 sqft
2022-05-01 0 days 2,103 sqft
2022-06-01 0 days 2,149 sqft
2022-07-01 0 days 2,150 sqft
2022-08-01 0 days 2,050 sqft
2022-09-01 0 days 2,074 sqft
2022-10-01 0 days 2,112 sqft
2022-11-01 0 days 2,038 sqft
2022-12-01 0 days 1,992 sqft
2023-01-01 0 days 1,996 sqft
2023-02-01 0 days 2,067 sqft
2023-03-01 0 days 2,058 sqft
2023-04-01 0 days 2,069 sqft
2023-05-01 0 days 2,166 sqft
2023-06-01 0 days 2,184 sqft
2023-07-01 0 days 2,137 sqft
2023-08-01 0 days 2,203 sqft
2023-09-01 0 days 2,146 sqft
2023-10-01 0 days 2,120 sqft
2023-11-01 0 days 2,088 sqft
2023-12-01 0 days 2,133 sqft
2024-01-01 0 days 2,019 sqft
2024-02-01 0 days 2,071 sqft
2024-03-01 0 days 2,099 sqft
2024-04-01 0 days 2,160 sqft
Holland's median listing age (time on market) for 2024-04-01 was 0 days.

Holland's median square footage for active listings during the 2024-04-01 period was 2,160 sqft. One year prior, the average listing was 2,069 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).