Iron Mountain FHA Loan Rates, Closing Costs & Stats

Iron Mountain, MI-WI

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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.

    Iron Mountain's 15 lenders originated 37 FHA loans during 2023. The total origination value was $5,325,000, with an average FHA loan value of $143,919.

    Iron Mountain FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Iron Mountain averaged 7.19% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Iron Mountain's average FHA mortgage closing costs are $5,879.

    The average rate for the prior week (2024-04-12) was 6.98% and one month ago for the week of 2024-03-15, the average rate was 6.85%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Iron Mountain 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 Iron Mountain level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 10 6.26% $7,621
    Flagstar Bank, FSB 4 7.24% $5,594
    UNITED WHOLESALE MORTGAGE, LLC 3 6.61% $12,154
    BROKER SOLUTIONS, INC. 2 6.94% $10,742
    JPMorgan Chase Bank 1 6.49% $5,491
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.00% $11,851
    NEWREZ LLC 1 7.25% $6,181
    Paramount Residential Mortgage Group, Inc. 1 7.25% $8,688
    ROYAL UNITED MORTGAGE LLC 1 7.13% $9,667
    The Huntington National Bank 1 7.75% $7,137
    AMERICAN FINANCING CORPORATION 1 6.50% $10,522
    Wells Fargo Bank 1 7.13% $6,324
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $6,908
    Barrington Bank & Trust Company, N.A. 1 7.25% $7,670
    FREEDOM MORTGAGE CORPORATION 1 7.25% $6,620

    The top Iron Mountain FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 10 FHA loans originated. Their average total fees are $7,621, which is $2,027 higher than the next largest lender, Flagstar Bank, FSB.

    The lowest fee Iron Mountain FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,621), .

    The lowest rate Iron Mountain FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.26%), .

    Iron Mountain FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Iron Mountain (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 $129,900 (18.2%) $174,268 (10.0%) 0.00 189
    2018-02-01 $135,000 (8.1%) $181,639 (6.5%) 0.00 197
    2018-03-01 $139,000 (5.0%) $186,136 (8.5%) 0.00 195
    2018-04-01 $139,400 (0.3%) $189,205 (7.9%) 0.00 203
    2018-05-01 $139,900 (0.0%) $189,662 (9.1%) 0.00 229
    2018-06-01 $145,900 (4.3%) $198,473 (9.6%) 0.00 236
    2018-07-01 $157,000 (13.0%) $202,960 (13.3%) 0.00 248
    2018-08-01 $153,350 (11.6%) $198,834 (10.8%) 0.00 268
    2018-09-01 $149,900 (7.8%) $200,477 (13.0%) 0.00 250
    2018-10-01 $149,900 (12.8%) $198,194 (9.7%) 0.00 233
    2018-11-01 $146,200 (12.6%) $195,759 (9.0%) 0.00 228
    2018-12-01 $145,000 (11.8%) $192,085 (10.9%) 0.00 203
    2019-01-01 $139,900 (7.7%) $186,024 (6.8%) 0.00 178
    2019-02-01 $138,725 (2.8%) $186,608 (2.7%) 0.00 168
    2019-03-01 $143,043 (2.9%) $190,547 (2.4%) 0.00 162
    2019-04-01 $149,900 (7.5%) $202,515 (7.0%) 0.00 160
    2019-05-01 $150,550 (7.6%) $211,889 (11.7%) 0.00 161
    2019-06-01 $149,900 (2.7%) $214,756 (8.2%) 0.00 177
    2019-07-01 $149,900 (-4.5%) $211,684 (4.3%) 0.00 200
    2019-08-01 $145,264 (-5.3%) $208,905 (5.1%) 0.00 197
    2019-09-01 $138,309 (-7.7%) $202,837 (1.2%) 0.00 196
    2019-10-01 $132,150 (-11.8%) $198,792 (0.3%) 0.00 197
    2019-11-01 $129,900 (-11.2%) $200,746 (2.6%) 0.00 194
    2019-12-01 $129,900 (-10.4%) $200,979 (4.6%) 0.00 179
    2020-01-01 $133,725 (-4.4%) $201,128 (8.1%) 0.00 154
    2020-02-01 $132,900 (-4.2%) $206,783 (10.8%) 0.00 141
    2020-03-01 $142,400 (-0.5%) $218,264 (14.6%) 0.00 129
    2020-04-01 $147,225 (-1.8%) $247,139 (22.0%) 0.00 123
    2020-05-01 $145,000 (-3.7%) $257,270 (21.4%) 0.00 126
    2020-06-01 $146,250 (-2.4%) $260,336 (21.2%) 0.00 121
    2020-07-01 $175,975 (17.4%) $269,449 (27.3%) 0.00 131
    2020-08-01 $149,900 (3.2%) $252,877 (21.1%) 0.00 126
    2020-09-01 $155,500 (12.4%) $265,207 (30.8%) 0.00 113
    2020-10-01 $142,400 (7.8%) $252,985 (27.3%) 0.00 105
    2020-11-01 $143,650 (10.6%) $244,219 (21.7%) 0.00 107
    2020-12-01 $139,900 (7.7%) $255,812 (27.3%) 0.00 90
    2021-01-01 $144,900 (8.4%) $271,993 (35.2%) 0.00 70
    2021-02-01 $144,925 (9.1%) $297,133 (43.7%) 0.00 60
    2021-03-01 $157,400 (10.5%) $315,133 (44.4%) 0.00 55
    2021-04-01 $169,000 (14.8%) $277,165 (12.2%) 0.00 53
    2021-05-01 $174,000 (20.0%) $255,000 (-0.9%) 0.00 55
    2021-06-01 $179,000 (22.4%) $334,206 (28.4%) 0.00 64
    2021-07-01 $180,850 (2.8%) $374,041 (38.8%) 0.00 69
    2021-08-01 $174,225 (16.2%) $336,955 (33.3%) 0.00 81
    2021-09-01 $171,725 (10.4%) $327,174 (23.4%) 0.00 83
    2021-10-01 $179,900 (26.3%) $348,493 (37.8%) 0.00 80
    2021-11-01 $165,700 (15.4%) $346,183 (41.8%) 0.00 66
    2021-12-01 $169,975 (21.5%) $359,310 (40.5%) 0.00 59
    2022-01-01 $164,900 (13.8%) $364,190 (33.9%) 0.00 48
    2022-02-01 $176,750 (22.0%) $395,288 (33.0%) 0.00 42
    2022-03-01 $228,000 (44.9%) $492,293 (56.2%) 0.00 30
    2022-04-01 $265,500 (57.1%) $481,715 (73.8%) 0.00 37
    2022-05-01 $168,750 (-3.0%) $438,481 (72.0%) 0.00 45
    2022-06-01 $179,500 (0.3%) $393,319 (17.7%) 0.00 52
    2022-07-01 $214,900 (18.8%) $338,187 (-9.6%) 0.00 59
    2022-08-01 $214,900 (23.4%) $309,530 (-8.1%) 0.00 77
    2022-09-01 $187,300 (9.1%) $287,875 (-12.0%) 0.00 79
    2022-10-01 $197,450 (9.8%) $285,369 (-18.1%) 0.00 78
    2022-11-01 $199,900 (20.6%) $287,402 (-17.0%) 0.00 61
    2022-12-01 $179,000 (5.3%) $261,095 (-27.3%) 0.00 59
    2023-01-01 $189,225 (14.8%) $259,025 (-28.9%) 0.00 52
    2023-02-01 $186,725 (5.6%) $319,666 (-19.1%) 0.00 41
    2023-03-01 $186,000 (-18.4%) $308,730 (-37.3%) 0.00 48
    2023-04-01 $189,450 (-28.6%) $307,283 (-36.2%) 0.00 45
    2023-05-01 $202,450 (20.0%) $309,473 (-29.4%) 0.00 46
    2023-06-01 $189,225 (5.4%) $316,833 (-19.5%) 0.00 50
    2023-07-01 $192,400 (-10.5%) $332,781 (-1.6%) 0.00 52
    2023-08-01 $189,225 (-12.0%) $254,465 (-17.8%) 0.00 60
    2023-09-01 $189,900 (1.4%) $333,280 (15.8%) 0.00 60
    2023-10-01 $182,750 (-7.4%) $315,905 (10.7%) 0.00 68
    2023-11-01 $175,925 (-12.0%) $262,372 (-8.7%) 0.00 62
    2023-12-01 $172,250 (-3.8%) $251,491 (-3.7%) 0.00 60
    2024-01-01 $164,900 (-12.9%) $242,888 (-6.2%) 0.00 56
    2024-02-01 $159,900 (-14.4%) $254,371 (-20.4%) 0.00 45
    2024-03-01 $179,900 (-3.3%) $358,095 (16.0%) 0.00 40
    Iron Mountain's median listing price for 2024-03-01 was $179,900, a difference of $-6,100 (-3.3%) versus the prior year and $20,000 versus the prior month.

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

    Iron Mountain's average listing price for 2024-03-01 was $358,095, a difference of $49,365 (16.0%) versus the prior year and $103,724 versus the prior month.

    For the 2024-03-01 period, Iron Mountain had 40 MLS listings, a difference of -5 listings (-11%) versus the prior month and -8 listings (-17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Iron Mountain (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,424 sqft
    2018-02-01 0 days 1,489 sqft
    2018-03-01 0 days 1,550 sqft
    2018-04-01 0 days 1,558 sqft
    2018-05-01 0 days 1,551 sqft
    2018-06-01 0 days 1,566 sqft
    2018-07-01 0 days 1,565 sqft
    2018-08-01 0 days 1,566 sqft
    2018-09-01 0 days 1,595 sqft
    2018-10-01 0 days 1,600 sqft
    2018-11-01 0 days 1,593 sqft
    2018-12-01 0 days 1,566 sqft
    2019-01-01 0 days 1,514 sqft
    2019-02-01 0 days 1,507 sqft
    2019-03-01 0 days 1,568 sqft
    2019-04-01 0 days 1,665 sqft
    2019-05-01 0 days 1,621 sqft
    2019-06-01 0 days 1,596 sqft
    2019-07-01 0 days 1,593 sqft
    2019-08-01 0 days 1,577 sqft
    2019-09-01 0 days 1,584 sqft
    2019-10-01 0 days 1,562 sqft
    2019-11-01 0 days 1,526 sqft
    2019-12-01 0 days 1,488 sqft
    2020-01-01 0 days 1,455 sqft
    2020-02-01 0 days 1,456 sqft
    2020-03-01 0 days 1,555 sqft
    2020-04-01 0 days 1,562 sqft
    2020-05-01 0 days 1,564 sqft
    2020-06-01 0 days 1,571 sqft
    2020-07-01 0 days 1,563 sqft
    2020-08-01 0 days 1,548 sqft
    2020-09-01 0 days 1,509 sqft
    2020-10-01 0 days 1,491 sqft
    2020-11-01 0 days 1,524 sqft
    2020-12-01 0 days 1,535 sqft
    2021-01-01 0 days 1,510 sqft
    2021-02-01 0 days 1,508 sqft
    2021-03-01 0 days 1,553 sqft
    2021-04-01 0 days 1,575 sqft
    2021-05-01 0 days 1,580 sqft
    2021-06-01 0 days 1,560 sqft
    2021-07-01 0 days 1,481 sqft
    2021-08-01 0 days 1,557 sqft
    2021-09-01 0 days 1,530 sqft
    2021-10-01 0 days 1,488 sqft
    2021-11-01 0 days 1,409 sqft
    2021-12-01 0 days 1,396 sqft
    2022-01-01 0 days 1,374 sqft
    2022-02-01 0 days 1,442 sqft
    2022-03-01 0 days 1,400 sqft
    2022-04-01 0 days 1,618 sqft
    2022-05-01 0 days 1,337 sqft
    2022-06-01 0 days 1,429 sqft
    2022-07-01 0 days 1,421 sqft
    2022-08-01 0 days 1,535 sqft
    2022-09-01 0 days 1,422 sqft
    2022-10-01 0 days 1,482 sqft
    2022-11-01 0 days 1,473 sqft
    2022-12-01 0 days 1,512 sqft
    2023-01-01 0 days 1,525 sqft
    2023-02-01 0 days 1,443 sqft
    2023-03-01 0 days 1,488 sqft
    2023-04-01 0 days 1,581 sqft
    2023-05-01 0 days 1,452 sqft
    2023-06-01 0 days 1,519 sqft
    2023-07-01 0 days 1,497 sqft
    2023-08-01 0 days 1,500 sqft
    2023-09-01 0 days 1,600 sqft
    2023-10-01 0 days 1,633 sqft
    2023-11-01 0 days 1,578 sqft
    2023-12-01 0 days 1,510 sqft
    2024-01-01 0 days 1,452 sqft
    2024-02-01 0 days 1,432 sqft
    2024-03-01 0 days 1,504 sqft
    Iron Mountain's median listing age (time on market) for 2024-03-01 was 0 days.

    Iron Mountain's median square footage for active listings during the 2024-03-01 period was 1,504 sqft. One year prior, the average listing was 1,488 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).