Houghton FHA Loan Rates, Closing Costs & Stats

Houghton, 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.

    Houghton's 9 lenders originated 23 FHA loans during 2023. The total origination value was $2,865,000, with an average FHA loan value of $124,565.

    Houghton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Houghton averaged 7.2% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Houghton's average FHA mortgage closing costs are $5,456.

    The average rate for the prior week (2024-04-12) was 6.99% and one month ago for the week of 2024-03-15, the average rate was 6.96%.

    The average rate one year ago was 6.88%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Houghton 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 Houghton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 12 6.47% $7,384
    UNITED WHOLESALE MORTGAGE, LLC 3 6.42% $7,519
    CROSSCOUNTRY MORTGAGE, LLC 1 7.75% $7,245
    Flagstar Bank, FSB 1 6.75% $6,140
    AMERICAN FINANCING CORPORATION 1 6.75% $6,078
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.63% $8,692
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.88% $4,256
    LOANDEPOT.COM, LLC 1 6.25% $7,707
    BROKER SOLUTIONS, INC. 1 6.25% $11,995

    The top Houghton FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 12 FHA loans originated. Their average total fees are $7,384, which is $134 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Houghton FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,384), .

    The lowest rate Houghton FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.47%), .

    Houghton FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Houghton (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 $119,975 (7.6%) $188,822 (17.7%) 0.00 174
    2018-02-01 $124,375 (12.4%) $191,157 (20.2%) 0.00 170
    2018-03-01 $142,450 (19.0%) $205,596 (30.3%) 0.00 170
    2018-04-01 $152,675 (13.2%) $224,633 (28.8%) 0.00 165
    2018-05-01 $153,450 (-3.2%) $223,789 (12.8%) 0.00 183
    2018-06-01 $155,000 (8.5%) $214,782 (8.0%) 0.00 247
    2018-07-01 $153,950 (10.0%) $207,572 (4.1%) 0.00 260
    2018-08-01 $147,500 (6.1%) $203,458 (1.8%) 0.00 264
    2018-09-01 $134,950 (3.9%) $191,065 (-0.4%) 0.00 253
    2018-10-01 $134,900 (-0.8%) $189,905 (-2.9%) 0.00 228
    2018-11-01 $137,975 (-0.9%) $197,870 (-1.6%) 0.00 195
    2018-12-01 $140,950 (10.6%) $199,707 (3.7%) 0.00 167
    2019-01-01 $131,250 (9.4%) $198,650 (5.2%) 0.00 136
    2019-02-01 $130,750 (5.1%) $203,706 (6.6%) 0.00 127
    2019-03-01 $152,043 (6.7%) $223,317 (8.6%) 0.00 124
    2019-04-01 $172,400 (12.9%) $231,191 (2.9%) 0.00 127
    2019-05-01 $163,175 (6.3%) $230,798 (3.1%) 0.00 172
    2019-06-01 $179,000 (15.5%) $227,164 (5.8%) 0.00 214
    2019-07-01 $165,075 (7.2%) $212,059 (2.2%) 0.00 241
    2019-08-01 $156,600 (6.2%) $205,089 (0.8%) 0.00 243
    2019-09-01 $152,325 (12.9%) $199,341 (4.3%) 0.00 241
    2019-10-01 $146,950 (8.9%) $193,118 (1.7%) 0.00 238
    2019-11-01 $139,000 (0.7%) $186,822 (-5.6%) 0.00 207
    2019-12-01 $145,075 (2.9%) $194,571 (-2.6%) 0.00 183
    2020-01-01 $148,850 (13.4%) $193,952 (-2.4%) 0.00 143
    2020-02-01 $153,750 (17.6%) $202,187 (-0.8%) 0.00 126
    2020-03-01 $182,000 (19.7%) $224,898 (0.7%) 0.00 121
    2020-04-01 $170,000 (-1.4%) $220,045 (-4.8%) 0.00 126
    2020-05-01 $167,500 (2.7%) $224,321 (-2.8%) 0.00 131
    2020-06-01 $167,125 (-6.6%) $222,174 (-2.2%) 0.00 143
    2020-07-01 $164,950 (-0.1%) $226,070 (6.6%) 0.00 150
    2020-08-01 $167,450 (6.9%) $224,539 (9.5%) 0.00 142
    2020-09-01 $169,000 (11.0%) $236,115 (18.5%) 0.00 119
    2020-10-01 $139,900 (-4.8%) $237,845 (23.2%) 0.00 91
    2020-11-01 $139,000 (0.0%) $248,014 (32.8%) 0.00 75
    2020-12-01 $149,450 (3.0%) $265,830 (36.6%) 0.00 55
    2021-01-01 $137,450 (-7.7%) $256,662 (32.3%) 0.00 46
    2021-02-01 $144,450 (-6.1%) $290,803 (43.8%) 0.00 41
    2021-03-01 $173,850 (-4.5%) $318,458 (41.6%) 0.00 37
    2021-04-01 $164,525 (-3.2%) $309,376 (40.6%) 0.00 44
    2021-05-01 $171,610 (2.5%) $308,710 (37.6%) 0.00 51
    2021-06-01 $163,625 (-2.1%) $273,068 (22.9%) 0.00 78
    2021-07-01 $180,000 (9.1%) $272,200 (20.4%) 0.00 82
    2021-08-01 $162,725 (-2.8%) $253,190 (12.8%) 0.00 76
    2021-09-01 $147,475 (-12.7%) $237,190 (0.5%) 0.00 68
    2021-10-01 $157,000 (12.2%) $229,631 (-3.5%) 0.00 67
    2021-11-01 $150,000 (7.9%) $285,025 (14.9%) 0.00 54
    2021-12-01 $151,000 (1.0%) $292,740 (10.1%) 0.00 53
    2022-01-01 $145,000 (5.5%) $322,601 (25.7%) 0.00 36
    2022-02-01 $182,450 (26.3%) $463,878 (59.5%) 0.00 18
    2022-03-01 $244,700 (40.8%) $586,496 (84.2%) 0.00 15
    2022-04-01 $232,250 (41.2%) $447,871 (44.8%) 0.00 17
    2022-05-01 $186,175 (8.5%) $410,839 (33.1%) 0.00 23
    2022-06-01 $214,500 (31.1%) $379,879 (39.1%) 0.00 37
    2022-07-01 $247,450 (37.5%) $373,611 (37.3%) 0.00 51
    2022-08-01 $252,400 (55.1%) $357,228 (41.1%) 0.00 57
    2022-09-01 $195,950 (32.9%) $316,628 (33.5%) 0.00 59
    2022-10-01 $177,000 (12.7%) $316,663 (37.9%) 0.00 57
    2022-11-01 $195,500 (30.3%) $329,969 (15.8%) 0.00 49
    2022-12-01 $259,900 (72.1%) $353,161 (20.6%) 0.00 34
    2023-01-01 $242,500 (67.2%) $380,482 (17.9%) 0.00 29
    2023-02-01 $261,250 (43.2%) $302,172 (-34.9%) 0.00 28
    2023-03-01 $263,750 (7.8%) $338,405 (-42.3%) 0.00 32
    2023-04-01 $214,000 (-7.9%) $348,094 (-22.3%) 0.00 35
    2023-05-01 $162,350 (-12.8%) $318,977 (-22.4%) 0.00 38
    2023-06-01 $164,700 (-23.2%) $297,449 (-21.7%) 0.00 48
    2023-07-01 $239,000 (-3.4%) $360,267 (-3.6%) 0.00 54
    2023-08-01 $244,000 (-3.3%) $352,768 (-1.3%) 0.00 65
    2023-09-01 $229,000 (16.9%) $340,048 (7.4%) 0.00 60
    2023-10-01 $204,500 (15.5%) $322,731 (1.9%) 0.00 58
    2023-11-01 $190,125 (-2.8%) $290,733 (-11.9%) 0.00 58
    2023-12-01 $178,000 (-31.5%) $237,303 (-32.8%) 0.00 56
    2024-01-01 $167,250 (-31.0%) $225,335 (-40.8%) 0.00 46
    2024-02-01 $167,000 (-36.1%) $236,219 (-21.8%) 0.00 41
    2024-03-01 $169,900 (-35.6%) $234,152 (-30.8%) 0.00 45
    Houghton's median listing price for 2024-03-01 was $169,900, a difference of $-93,850 (-35.6%) versus the prior year and $2,900 versus the prior month.

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

    Houghton's average listing price for 2024-03-01 was $234,152, a difference of $-104,253 (-30.8%) versus the prior year and $-2,067 versus the prior month.

    For the 2024-03-01 period, Houghton had 45 MLS listings, a difference of 4 listings (10%) versus the prior month and 13 listings (41%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Houghton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,572 sqft
    2018-02-01 0 days 1,568 sqft
    2018-03-01 0 days 1,576 sqft
    2018-04-01 0 days 1,581 sqft
    2018-05-01 0 days 1,566 sqft
    2018-06-01 0 days 1,593 sqft
    2018-07-01 0 days 1,592 sqft
    2018-08-01 0 days 1,579 sqft
    2018-09-01 0 days 1,552 sqft
    2018-10-01 0 days 1,550 sqft
    2018-11-01 0 days 1,540 sqft
    2018-12-01 0 days 1,572 sqft
    2019-01-01 0 days 1,558 sqft
    2019-02-01 0 days 1,578 sqft
    2019-03-01 0 days 1,653 sqft
    2019-04-01 0 days 1,704 sqft
    2019-05-01 0 days 1,693 sqft
    2019-06-01 0 days 1,696 sqft
    2019-07-01 0 days 1,656 sqft
    2019-08-01 0 days 1,665 sqft
    2019-09-01 0 days 1,654 sqft
    2019-10-01 0 days 1,643 sqft
    2019-11-01 0 days 1,649 sqft
    2019-12-01 0 days 1,625 sqft
    2020-01-01 0 days 1,606 sqft
    2020-02-01 0 days 1,588 sqft
    2020-03-01 0 days 1,604 sqft
    2020-04-01 0 days 1,588 sqft
    2020-05-01 0 days 1,672 sqft
    2020-06-01 0 days 1,635 sqft
    2020-07-01 0 days 1,709 sqft
    2020-08-01 0 days 1,672 sqft
    2020-09-01 0 days 1,731 sqft
    2020-10-01 0 days 1,588 sqft
    2020-11-01 0 days 1,537 sqft
    2020-12-01 0 days 1,588 sqft
    2021-01-01 0 days 1,536 sqft
    2021-02-01 0 days 1,575 sqft
    2021-03-01 0 days 1,770 sqft
    2021-04-01 0 days 1,877 sqft
    2021-05-01 0 days 1,861 sqft
    2021-06-01 0 days 1,687 sqft
    2021-07-01 0 days 1,855 sqft
    2021-08-01 0 days 1,810 sqft
    2021-09-01 0 days 1,850 sqft
    2021-10-01 0 days 1,829 sqft
    2021-11-01 0 days 1,827 sqft
    2021-12-01 0 days 1,773 sqft
    2022-01-01 0 days 1,583 sqft
    2022-02-01 0 days 1,468 sqft
    2022-03-01 0 days 1,680 sqft
    2022-04-01 0 days 1,824 sqft
    2022-05-01 0 days 1,628 sqft
    2022-06-01 0 days 1,762 sqft
    2022-07-01 0 days 1,584 sqft
    2022-08-01 0 days 1,737 sqft
    2022-09-01 0 days 1,649 sqft
    2022-10-01 0 days 1,556 sqft
    2022-11-01 0 days 1,624 sqft
    2022-12-01 0 days 1,656 sqft
    2023-01-01 0 days 1,637 sqft
    2023-02-01 0 days 1,653 sqft
    2023-03-01 0 days 1,926 sqft
    2023-04-01 0 days 1,840 sqft
    2023-05-01 0 days 1,702 sqft
    2023-06-01 0 days 1,653 sqft
    2023-07-01 0 days 1,613 sqft
    2023-08-01 0 days 1,438 sqft
    2023-09-01 0 days 1,381 sqft
    2023-10-01 0 days 1,410 sqft
    2023-11-01 0 days 1,379 sqft
    2023-12-01 0 days 1,380 sqft
    2024-01-01 0 days 1,502 sqft
    2024-02-01 0 days 1,446 sqft
    2024-03-01 0 days 1,451 sqft
    Houghton's median listing age (time on market) for 2024-03-01 was 0 days.

    Houghton's median square footage for active listings during the 2024-03-01 period was 1,451 sqft. One year prior, the average listing was 1,926 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).