Lansing FHA Loan Rates, Closing Costs & Stats

LANSING-EAST LANSING, 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.

    Lansing's 103 lenders originated 1,166 FHA loans during 2023. The total origination value was $216,870,000, with an average FHA loan value of $185,995.

    Lansing FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lansing averaged 6.43% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Lansing's average FHA mortgage closing costs are $6,087.

    The average rate for the prior week (2024-11-01) was 6.71% and one month ago for the week of 2024-10-04, the average rate was 5.93%.

    The average rate one year ago was 7.37%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.82%.

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

    Lansing 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 Lansing level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 174 6.30% $8,732
    UNITED WHOLESALE MORTGAGE, LLC 93 6.51% $9,416
    UNION HOME MORTGAGE CORP. 80 7.01% $9,222
    Flagstar Bank, FSB 53 6.65% $7,539
    The Dart Bank 47 6.90% $7,515
    MORTGAGE 1 INCORPORATED 40 6.81% $8,684
    Preston Home Loans Inc 31 6.66% $7,114
    EVERETT FINANCIAL, INC. 30 7.10% $7,875
    The Huntington National Bank 25 6.86% $5,579
    EMM LOANS LLC 22 6.56% $8,951
    LOANDEPOT.COM, LLC 19 6.39% $10,984
    Fifth Third Bank 19 6.57% $5,228
    CROSSCOUNTRY MORTGAGE, LLC 18 6.75% $8,888
    BROKER SOLUTIONS, INC. 17 6.92% $8,333
    HOMESIDE FINANCIAL, LLC 16 7.05% $9,284
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 16 6.59% $5,880
    SUCCESS MORTGAGE PARTNERS, INC. 14 6.42% $8,757
    J. VIRGIL, INC. 14 6.46% $7,638
    Northpointe Bank 14 6.62% $6,443
    Carrington Mortgage Services, LLC 13 6.37% $11,955
    Mr. Cooper ( Nationstar Mortgage ) 13 6.11% $10,505
    CARDINAL FINANCIAL 13 7.27% $10,146
    MICHIGAN MUTUAL, INC. 12 6.57% $7,731
    MUTUAL OF OMAHA MORTGAGE, INC. 11 6.49% $10,201
    FREEDOM MORTGAGE CORPORATION 11 7.08% $12,558
    VAN DYK MORTGAGE CORPORATION 11 7.17% $4,722
    Independent Bank 10 6.63% $5,421
    NEWREZ LLC 9 6.60% $9,224
    AMERISAVE MORTGAGE CORPORATION 9 6.06% $9,088
    Equity Prime Mortgage LLC 9 7.31% $9,361
    Plains Commerce Bank 8 6.70% $7,548
    PENNYMAC LOAN SERVICES, LLC 8 6.67% $8,343
    CALIBER HOME LOANS, INC. 6 6.63% $7,948
    LAKE MICHIGAN CREDIT UNION 6 6.25% $7,052
    Neighborhood Loans, Inc. 6 6.58% $7,453
    GUILD MORTGAGE COMPANY 5 6.58% $8,800
    MORTGAGE CENTER L.C 5 7.13% $7,661
    Mercantile Bank of Michigan 5 7.10% $7,904
    TOWNE MORTGAGE COMPANY 5 6.85% $9,924
    PNC Bank 5 7.23% $5,683
    Citizens Bank 5 6.43% $7,260
    ACADEMY MORTGAGE CORPORATION 5 6.43% $8,335
    JPMorgan Chase Bank 5 7.10% $5,753
    LAKEVIEW LOAN SERVICING, LLC 5 6.73% $8,853
    BM Real Estate Services, Inc. 4 6.56% $11,743
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 6.72% $8,565
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 6.38% $10,143
    First State Bank 4 7.31% $5,405
    First Merchants Bank 4 7.22% $7,219
    FIRST COMMUNITY MORTGAGE, INC. 4 7.03% $8,779
    MEMBER FIRST MORTGAGE, LLC 4 7.16% $7,951
    CHERRY CREEK MORTGAGE, LLC 4 6.44% $2,077
    RESIDENTIAL BANCORP 4 6.00% $15,673
    DAS Acquisition Company, LLC 4 6.91% $8,990
    Mortgage Research Center, LLC 3 7.08% $4,477
    Semper Home Loans, Inc. 3 7.17% $8,033
    Wells Fargo Bank 3 6.75% $6,684
    GUARANTEED RATE, INC. 3 6.58% $7,937
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.66% $9,125
    Prosperity Home Mortgage, LLC 3 6.04% $12,765
    CHURCHILL MORTGAGE CORPORATION 2 6.50% $12,711
    Hometown Equity Mortgage, LLC 2 6.63% $8,362
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.94% $14,088
    GVC MORTGAGE, INC. 2 7.13% $6,818
    Sunflower Bank 2 6.56% $6,092
    OCMBC, INC. 2 7.25% $9,175
    STAUNTON FINANCIAL, INC. 2 6.75% $8,445
    Dort Financial Credit Union 2 7.06% $5,011
    MID AMERICA MORTGAGE, INC. 2 6.81% $6,124
    LEGEND LENDING CORPORATION 2 6.31% $10,249
    MOVEMENT MORTGAGE, LLC 2 6.69% $11,010
    ROYAL UNITED MORTGAGE LLC 2 7.00% $13,171
    ROSS MORTGAGE CORPORATION 2 6.00% $8,409
    ZILLOW HOME LOANS, LLC 1 7.13% $10,493
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $7,133
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $4,545
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $8,637
    BLG HOLDINGS, INC. 1 7.25% $7,496
    COMPASS MORTGAGE, INC. 1 6.88% $6,637
    CORNERSTONE HOME LENDING, INC. 1 6.75% $10,335
    First Federal Bank, A FSB 1 6.25% $14,979
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.50% $11,465
    HOMESTAR FINANCIAL CORPORATION 1 7.25% $4,990
    KELLER MORTGAGE, LLC 1 5.25% $7,625
    LEADERONE FINANCIAL CORPORATION 1 6.99% $7,284
    LOANPAL, LLC 1 5.63% $11,761
    MICHIGAN FIRST CREDIT UNION 1 6.88% $5,459
    MYCUMORTGAGE, LLC 1 7.63% $5,526
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $4,928
    NFM, INC. 1 7.13% $8,575
    NORTHERN MORTGAGE SERVICES, LLC 1 6.63% $3,378
    PANORAMA MORTGAGE GROUP, LLC 1 6.75% $6,904
    Paramount Residential Mortgage Group, Inc. 1 7.88% $11,348
    PLANET HOME LENDING, LLC 1 6.75% $5,432
    PLAZA HOME MORTGAGE, INC. 1 6.25% $7,579
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.99% $7,957
    RELIANCE FIRST CAPITAL, LLC 1 6.75% $9,732
    SUN WEST MORTGAGE COMPANY, INC. 1 6.75% $14,783
    T2 FINANCIAL LLC 1 6.75% $8,895
    THE MORTGAGE LINK, INC. 1 6.88% $8,073
    UNITED 1 6.75% $4,666
    U.S. Bank 1 6.00% $4,839
    Waterstone Mortgage Corporation 1 6.50% $6,703

    The top Lansing FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 174 FHA loans originated. Their average total fees are $8,732, which is $684 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lansing FHA lenders (with over 10 loans originated) are VAN DYK MORTGAGE CORPORATION ($4,722), Fifth Third Bank ($5,228), Independent Bank ($5,421), The Huntington National Bank ($5,579) and AMERICAN PORTFOLIO MORTGAGE CORPORATION ($5,880).

    The lowest rate Lansing FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) (6.11%), QUICKEN LOANS, LLC (6.30%), Carrington Mortgage Services, LLC (6.37%), LOANDEPOT.COM, LLC (6.39%) and SUCCESS MORTGAGE PARTNERS, INC. (6.42%).

    Lansing FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LANSING-EAST LANSING, MI CLINTON 2022 $420,680 $538,650 $651,050 $809,150
    LANSING-EAST LANSING, MI EATON 2022 $420,680 $538,650 $651,050 $809,150
    LANSING-EAST LANSING, MI INGHAM 2022 $420,680 $538,650 $651,050 $809,150
    LANSING-EAST LANSING, MI SHIAWASSEE 2022 $420,680 $538,650 $651,050 $809,150
    LANSING-EAST LANSING, MI CLINTON 2023 $472,030 $604,400 $730,525 $907,900
    LANSING-EAST LANSING, MI EATON 2023 $472,030 $604,400 $730,525 $907,900
    LANSING-EAST LANSING, MI INGHAM 2023 $472,030 $604,400 $730,525 $907,900
    LANSING-EAST LANSING, MI SHIAWASSEE 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).