Lansing FHA Loan Rates, Closing Costs & Stats
LANSING-EAST LANSING, 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.
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
6.21%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Lansing's average FHA mortgage closing costs are $6,087.
The average rate for the prior week (2024-10-04) was
5.93% and
one month ago for the week of 2024-09-06, the
average rate was 6.36%.
The average rate one year ago was 7.18%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.19%.
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).