Holland FHA Loan Rates, Closing Costs & Stats

Holland, 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.

    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 6.44% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.41% and one month ago for the week of 2024-10-04, the average rate was 5.83%.

    The average rate one year ago was 7.38%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.73%.

    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

    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).