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 110 lenders originated 1,200 FHA loans during 2024. The total origination value was $228,620,000, with an average FHA loan value of $190,517.

    Lansing FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lansing averaged 6.61% for the week of 2025-04-11, compared to the national average (all FHA variants) of 6.429% for the same period.

    Lansing's average FHA mortgage closing costs are $6,391.

    The average rate for the prior week (2025-04-04) was 6.53% and one month ago for the week of 2025-03-07, the average rate was 6.39%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2025-04-11, the average rate was 6.46%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 184 6.45% $9,242
    UNITED WHOLESALE MORTGAGE, LLC 106 6.20% $9,766
    UNION HOME MORTGAGE CORP. 75 6.82% $9,743
    Flagstar Bank, FSB 66 6.43% $7,209
    FREEDOM MORTGAGE CORPORATION 33 6.51% $11,199
    MORTGAGE 1 INCORPORATED 33 6.73% $9,850
    The Dart Bank 32 6.51% $8,209
    Preston Home Loans Inc 27 6.67% $7,728
    PENNYMAC LOAN SERVICES, LLC 25 6.20% $9,432
    BROKER SOLUTIONS, INC. 24 6.76% $9,503
    Fifth Third Bank 20 6.71% $6,107
    The Huntington National Bank 17 6.63% $7,338
    CROSSCOUNTRY MORTGAGE, LLC 17 6.72% $8,894
    J. VIRGIL, INC. 17 6.63% $7,884
    LOANDEPOT.COM, LLC 15 6.47% $9,934
    EMM LOANS LLC 15 6.38% $10,398
    Mr. Cooper ( Nationstar Mortgage ) 15 6.62% $10,469
    MUTUAL OF OMAHA MORTGAGE, INC. 14 6.66% $11,896
    MICHIGAN MUTUAL, INC. 12 6.68% $13,158
    Carrington Mortgage Services, LLC 11 6.45% $10,407
    FIRST COMMUNITY MORTGAGE, INC. 11 6.83% $8,034
    CARDINAL FINANCIAL 11 7.06% $8,171
    FBC MORTGAGE, LLC 10 6.70% $6,434
    EVERETT FINANCIAL, INC. 10 6.98% $8,013
    Northpointe Bank 10 6.23% $7,200
    SUCCESS MORTGAGE PARTNERS, INC. 10 6.84% $8,301
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 9 6.68% $9,513
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 9 6.72% $6,285
    MORTGAGE CENTER L.C 8 6.88% $7,101
    NEWREZ LLC 7 6.41% $9,350
    VAN DYK MORTGAGE CORPORATION 7 6.95% $5,476
    GUILD MORTGAGE COMPANY 7 6.71% $9,658
    Independent Bank 7 6.27% $7,270
    LOANPAL, LLC 7 5.71% $8,687
    AMERISAVE MORTGAGE CORPORATION 7 6.52% $11,473
    TOWNE MORTGAGE COMPANY 6 6.29% $8,891
    MICHIGAN FIRST CREDIT UNION 6 6.71% $6,976
    Mortgage Research Center, LLC 6 6.54% $6,273
    Equity Prime Mortgage LLC 6 6.73% $12,915
    GUARANTEED RATE, INC. 5 5.96% $8,870
    Prosperity Home Mortgage, LLC 5 5.77% $14,098
    Century Mortgage Company DBA Century Lending Company 5 6.68% $15,581
    LAKE MICHIGAN CREDIT UNION 5 6.43% $6,580
    JPMorgan Chase Bank 5 7.23% $5,247
    AMERICAN FINANCIAL NETWORK, INC. 5 6.83% $10,995
    ZILLOW HOME LOANS, LLC 5 6.23% $9,910
    DAS Acquisition Company, LLC 4 6.72% $7,504
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.81% $8,588
    LAKEVIEW LOAN SERVICING, LLC 4 6.19% $9,024
    PREMIER MORTGAGE RESOURCES, L.L.C. 4 6.63% $10,713
    PLAZA HOME MORTGAGE, INC. 4 6.38% $11,486
    AMERICAN FINANCING CORPORATION 4 6.13% $9,293
    BLG HOLDINGS, INC. 3 7.00% $8,954
    RUOFF MORTGAGE COMPANY, INC. 3 6.79% $8,433
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.67% $5,880
    STAUNTON FINANCIAL, INC. 3 6.63% $7,914
    Mercantile Bank of Michigan 3 6.54% $7,251
    NORTHERN MORTGAGE SERVICES, LLC 3 6.42% $2,997
    AmeriHome Mortgage Company, LLC 3 6.79% $6,318
    CHURCHILL MORTGAGE CORPORATION 3 6.46% $9,345
    TOP FLITE FINANCIAL, INC. 3 6.41% $12,029
    NATIONS DIRECT MORTGAGE, LLC 2 6.69% $8,709
    Bank of America 2 6.44% $5,974
    BETTER MORTGAGE CORPORATION 2 6.25% $7,059
    Dort Financial Credit Union 2 6.81% $5,570
    First State Bank 2 7.06% $6,627
    GUARANTEED RATE AFFINITY, LLC 2 6.06% $6,613
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 7.06% $6,959
    HOMESIDE FINANCIAL, LLC 2 6.31% $13,764
    MEMBER FIRST MORTGAGE, LLC 2 6.00% $8,449
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.25% $10,428
    ABSOLUTE HOME MORTGAGE CORPORATION 2 6.63% $6,964
    PNC Bank 2 7.31% $4,566
    ROSS MORTGAGE CORPORATION 2 6.81% $9,047
    ROYAL UNITED MORTGAGE LLC 2 5.81% $12,514
    Sierra Pacific Mortgage Company, Inc. 2 6.50% $10,015
    SOUTHWEST FUNDING, LP 2 6.94% $8,864
    PLANET HOME LENDING, LLC 1 7.13% $4,664
    MID AMERICA MORTGAGE, INC. 1 6.75% $7,863
    UNITED MORTGAGE CORP 1 5.75% $17,384
    PREMIA MORTGAGE, LLC 1 5.98% $7,574
    MICHIGAN SCHOOLS AND GOVERNMENT 1 5.88% $4,967
    Magnolia Bank 1 6.25% $18,428
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.50% $13,947
    GVC MORTGAGE, INC. 1 6.13% $11,102
    GREENSTATE CREDIT UNION 1 6.13% $8,215
    BAY EQUITY LLC 1 6.63% $6,899
    U.S. Bank 1 6.13% $11,606
    FINANCIAL PLUS CREDIT UNION 1 5.63% $4,885
    Bank of England 1 6.63% $9,363
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.88% $19,157
    DATA MORTGAGE, INC. 1 5.75% $9,196
    STOCKTON MORTGAGE CORPORATION 1 7.25% $8,457
    CORNERSTONE HOME LENDING, INC. 1 7.75% $6,874
    SUN WEST MORTGAGE COMPANY, INC. 1 5.25% $11,361
    TEACHERS CREDIT UNION 1 6.75% $7,711
    Texana Bank 1 5.13% $9,194
    CONTOUR MORTGAGE CORPORATION 1 6.75% $12,202
    Comerica Bank 1 7.13% $5,396
    The Loan Store, Inc. 1 6.25% $22,096
    THE MORTGAGE LINK, INC. 1 6.75% $17,853
    CMG MORTGAGE, INC. 1 6.38% $11,284
    Citizens Bank 1 7.38% $3,679
    BM Real Estate Services, Inc. 1 6.63% $7,327
    UNITED 1 6.50% $7,145
    NEXERA HOLDING LLC 1 5.75% $7,478
    Nations Lending Corporation 1 6.75% $6,973
    OCMBC, INC. 1 7.25% $17,247
    Paramount Residential Mortgage Group, Inc. 1 6.25% $6,217
    MILEND, INC. 1 6.63% $12,912

    The top Lansing FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 184 FHA loans originated. Their average total fees are $9,242, which is $524 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lansing FHA lenders (with over 10 loans originated) are Fifth Third Bank ($6,107), FBC MORTGAGE, LLC ($6,434), Northpointe Bank ($7,200), Flagstar Bank, FSB ($7,209) and The Huntington National Bank ($7,338).

    The lowest rate Lansing FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.20%), UNITED WHOLESALE MORTGAGE, LLC (6.20%), Northpointe Bank (6.23%), EMM LOANS LLC (6.38%) and Flagstar Bank, FSB (6.43%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lansing (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 $139,900 (14.7%) $193,469 (12.1%) 0.52 1,176
    2018-02-01 $145,000 (12.7%) $199,300 (10.5%) 0.53 1,127
    2018-03-01 $149,900 (11.1%) $207,339 (11.4%) 0.53 1,047
    2018-04-01 $162,400 (12.1%) $216,811 (11.8%) 0.55 1,009
    2018-05-01 $179,000 (19.4%) $223,433 (11.6%) 0.60 1,084
    2018-06-01 $179,950 (14.3%) $225,655 (9.5%) 0.60 1,239
    2018-07-01 $179,995 (10.8%) $224,205 (8.2%) 0.60 1,386
    2018-08-01 $179,900 (12.7%) $220,093 (7.9%) 0.60 1,528
    2018-09-01 $174,900 (9.4%) $217,303 (5.8%) 0.59 1,571
    2018-10-01 $169,900 (8.6%) $215,966 (6.3%) 0.58 1,577
    2018-11-01 $169,450 (13.4%) $214,592 (8.3%) 0.57 1,509
    2018-12-01 $165,000 (16.2%) $211,869 (8.3%) 0.57 1,327
    2019-01-01 $165,000 (17.9%) $216,844 (12.1%) 0.57 1,172
    2019-02-01 $174,283 (20.2%) $224,328 (12.6%) 0.59 1,047
    2019-03-01 $180,329 (20.3%) $232,950 (12.4%) 0.59 1,007
    2019-04-01 $191,900 (18.2%) $242,457 (11.8%) 0.61 1,017
    2019-05-01 $202,450 (13.1%) $250,943 (12.3%) 0.63 1,110
    2019-06-01 $204,900 (13.9%) $247,990 (9.9%) 0.64 1,194
    2019-07-01 $199,950 (11.1%) $244,202 (8.9%) 0.63 1,285
    2019-08-01 $190,336 (5.8%) $236,489 (7.5%) 0.60 1,356
    2019-09-01 $176,028 (0.7%) $225,773 (3.9%) 0.56 1,432
    2019-10-01 $164,925 (-2.9%) $219,754 (1.8%) 0.53 1,459
    2019-11-01 $159,900 (-5.6%) $212,798 (-0.8%) 0.52 1,405
    2019-12-01 $151,825 (-8.0%) $209,842 (-1.0%) 0.51 1,257
    2020-01-01 $151,575 (-8.1%) $211,408 (-2.5%) 0.51 1,134
    2020-02-01 $157,900 (-9.4%) $224,122 (-0.1%) 0.52 1,015
    2020-03-01 $172,400 (-4.4%) $233,759 (0.4%) 0.54 907
    2020-04-01 $189,900 (-1.0%) $244,135 (0.7%) 0.59 870
    2020-05-01 $195,000 (-3.7%) $243,436 (-3.0%) 0.59 893
    2020-06-01 $220,000 (7.4%) $270,498 (9.1%) 0.65 814
    2020-07-01 $219,350 (9.7%) $268,788 (10.1%) 0.64 804
    2020-08-01 $214,900 (12.9%) $260,875 (10.3%) 0.62 794
    2020-09-01 $216,200 (22.8%) $262,861 (16.4%) 0.62 792
    2020-10-01 $199,900 (21.2%) $260,093 (18.4%) 0.57 770
    2020-11-01 $180,100 (12.6%) $253,167 (19.0%) 0.53 723
    2020-12-01 $169,900 (11.9%) $248,721 (18.5%) 0.51 625
    2021-01-01 $159,900 (5.5%) $244,097 (15.5%) 0.48 495
    2021-02-01 $160,000 (1.3%) $242,999 (8.4%) 0.47 384
    2021-03-01 $169,900 (-1.5%) $245,887 (5.2%) 0.48 363
    2021-04-01 $187,400 (-1.3%) $259,490 (6.3%) 0.51 339
    2021-05-01 $179,900 (-7.7%) $247,340 (1.6%) 0.48 418
    2021-06-01 $189,975 (-13.7%) $260,551 (-3.7%) 0.50 503
    2021-07-01 $185,000 (-15.7%) $254,368 (-5.4%) 0.49 615
    2021-08-01 $184,200 (-14.3%) $249,733 (-4.3%) 0.49 746
    2021-09-01 $179,900 (-16.8%) $244,743 (-6.9%) 0.48 770
    2021-10-01 $176,400 (-11.8%) $237,369 (-8.7%) 0.47 696
    2021-11-01 $163,875 (-9.0%) $224,512 (-11.3%) 0.44 644
    2021-12-01 $149,950 (-11.7%) $217,235 (-12.7%) 0.41 535
    2022-01-01 $145,000 (-9.3%) $215,246 (-11.8%) 0.39 418
    2022-02-01 $152,175 (-4.9%) $229,422 (-5.6%) 0.40 336
    2022-03-01 $159,450 (-6.2%) $233,684 (-5.0%) 0.40 313
    2022-04-01 $189,900 (1.3%) $261,197 (0.7%) 0.45 308
    2022-05-01 $199,675 (11.0%) $257,224 (4.0%) 0.46 402
    2022-06-01 $200,000 (5.3%) $265,649 (2.0%) 0.45 516
    2022-07-01 $209,950 (13.5%) $265,989 (4.6%) 0.47 618
    2022-08-01 $209,450 (13.7%) $264,906 (6.1%) 0.48 724
    2022-09-01 $205,000 (14.0%) $266,744 (9.0%) 0.48 711
    2022-10-01 $219,900 (24.7%) $266,486 (12.3%) 0.52 760
    2022-11-01 $194,950 (19.0%) $256,450 (14.2%) 0.47 802
    2022-12-01 $194,450 (29.7%) $252,512 (16.2%) 0.48 696
    2023-01-01 $191,425 (32.0%) $254,287 (18.1%) 0.47 524
    2023-02-01 $201,175 (32.2%) $259,718 (13.2%) 0.49 422
    2023-03-01 $228,808 (43.5%) $280,397 (20.0%) 0.54 376
    2023-04-01 $229,900 (21.1%) $276,388 (5.8%) 0.53 362
    2023-05-01 $246,075 (23.2%) $284,825 (10.7%) 0.56 403
    2023-06-01 $259,000 (29.5%) $295,279 (11.2%) 0.58 463
    2023-07-01 $259,900 (23.8%) $305,335 (14.8%) 0.59 513
    2023-08-01 $249,950 (19.3%) $300,323 (13.4%) 0.57 562
    2023-09-01 $244,900 (19.5%) $292,197 (9.5%) 0.57 607
    2023-10-01 $245,725 (11.7%) $287,144 (7.8%) 0.58 662
    2023-11-01 $237,400 (21.8%) $282,381 (10.1%) 0.57 669
    2023-12-01 $225,000 (15.7%) $273,716 (8.4%) 0.55 626
    2024-01-01 $224,950 (17.5%) $278,301 (9.4%) 0.55 527
    2024-02-01 $210,000 (4.4%) $271,517 (4.5%) 0.51 486
    2024-03-01 $225,000 (-1.7%) $275,111 (-1.9%) 0.53 470
    2024-04-01 $234,950 (2.2%) $284,209 (2.8%) 0.55 474
    2024-05-01 $252,450 (2.6%) $297,476 (4.4%) 0.57 475
    2024-06-01 $250,000 (-3.5%) $304,308 (3.1%) 0.57 528
    2024-07-01 $249,900 (-3.9%) $303,101 (-0.7%) 0.57 580
    2024-08-01 $239,900 (-4.0%) $292,122 (-2.7%) 0.56 682
    2024-09-01 $237,450 (-3.0%) $282,839 (-3.2%) 0.56 754
    2024-10-01 $234,900 (-4.4%) $282,438 (-1.6%) 0.55 790
    2024-11-01 $230,000 (-3.1%) $276,878 (-2.0%) 0.55 810
    2024-12-01 $213,500 (-5.1%) $273,248 (-0.2%) 0.53 730
    2025-01-01 $214,950 (-4.5%) $278,885 (0.2%) 0.54 673
    2025-02-01 $219,800 (4.7%) $280,299 (3.2%) 0.53 613
    2025-03-01 $240,000 (6.7%) $286,259 (4.1%) 0.00 573
    Lansing's median listing price for 2025-03-01 was $240,000, a difference of $15,000 (6.7%) versus the prior year and $20,200 versus the prior month.

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

    Lansing's average listing price for 2025-03-01 was $286,259, a difference of $11,148 (4.1%) versus the prior year and $5,960 versus the prior month.

    For the 2025-03-01 period, Lansing had 573 MLS listings, a difference of -40 listings (-7%) versus the prior month and 103 listings (22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lansing (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 74 days 1,603 sqft
    2018-02-01 65 days 1,636 sqft
    2018-03-01 51 days 1,676 sqft
    2018-04-01 46 days 1,710 sqft
    2018-05-01 40 days 1,747 sqft
    2018-06-01 40 days 1,760 sqft
    2018-07-01 43 days 1,774 sqft
    2018-08-01 44 days 1,795 sqft
    2018-09-01 50 days 1,769 sqft
    2018-10-01 57 days 1,762 sqft
    2018-11-01 59 days 1,717 sqft
    2018-12-01 67 days 1,683 sqft
    2019-01-01 77 days 1,665 sqft
    2019-02-01 75 days 1,702 sqft
    2019-03-01 62 days 1,721 sqft
    2019-04-01 46 days 1,787 sqft
    2019-05-01 37 days 1,821 sqft
    2019-06-01 38 days 1,840 sqft
    2019-07-01 42 days 1,838 sqft
    2019-08-01 44 days 1,789 sqft
    2019-09-01 46 days 1,737 sqft
    2019-10-01 49 days 1,704 sqft
    2019-11-01 53 days 1,683 sqft
    2019-12-01 67 days 1,616 sqft
    2020-01-01 73 days 1,606 sqft
    2020-02-01 67 days 1,639 sqft
    2020-03-01 53 days 1,691 sqft
    2020-04-01 56 days 1,699 sqft
    2020-05-01 58 days 1,737 sqft
    2020-06-01 40 days 1,851 sqft
    2020-07-01 38 days 1,789 sqft
    2020-08-01 34 days 1,804 sqft
    2020-09-01 33 days 1,802 sqft
    2020-10-01 35 days 1,775 sqft
    2020-11-01 41 days 1,685 sqft
    2020-12-01 51 days 1,629 sqft
    2021-01-01 57 days 1,550 sqft
    2021-02-01 39 days 1,441 sqft
    2021-03-01 35 days 1,488 sqft
    2021-04-01 36 days 1,565 sqft
    2021-05-01 29 days 1,578 sqft
    2021-06-01 22 days 1,455 sqft
    2021-07-01 23 days 1,454 sqft
    2021-08-01 24 days 1,531 sqft
    2021-09-01 33 days 1,557 sqft
    2021-10-01 36 days 1,549 sqft
    2021-11-01 44 days 1,467 sqft
    2021-12-01 52 days 1,428 sqft
    2022-01-01 52 days 1,422 sqft
    2022-02-01 43 days 1,424 sqft
    2022-03-01 38 days 1,448 sqft
    2022-04-01 28 days 1,600 sqft
    2022-05-01 22 days 1,596 sqft
    2022-06-01 23 days 1,605 sqft
    2022-07-01 27 days 1,640 sqft
    2022-08-01 31 days 1,629 sqft
    2022-09-01 40 days 1,611 sqft
    2022-10-01 40 days 1,650 sqft
    2022-11-01 43 days 1,608 sqft
    2022-12-01 54 days 1,596 sqft
    2023-01-01 63 days 1,553 sqft
    2023-02-01 54 days 1,575 sqft
    2023-03-01 45 days 1,660 sqft
    2023-04-01 33 days 1,656 sqft
    2023-05-01 28 days 1,703 sqft
    2023-06-01 29 days 1,757 sqft
    2023-07-01 33 days 1,808 sqft
    2023-08-01 35 days 1,762 sqft
    2023-09-01 38 days 1,704 sqft
    2023-10-01 37 days 1,692 sqft
    2023-11-01 44 days 1,669 sqft
    2023-12-01 51 days 1,597 sqft
    2024-01-01 57 days 1,590 sqft
    2024-02-01 52 days 1,519 sqft
    2024-03-01 40 days 1,566 sqft
    2024-04-01 36 days 1,633 sqft
    2024-05-01 28 days 1,716 sqft
    2024-06-01 30 days 1,753 sqft
    2024-07-01 35 days 1,741 sqft
    2024-08-01 33 days 1,692 sqft
    2024-09-01 36 days 1,665 sqft
    2024-10-01 38 days 1,635 sqft
    2024-11-01 44 days 1,619 sqft
    2024-12-01 56 days 1,560 sqft
    2025-01-01 62 days 1,568 sqft
    2025-02-01 50 days 1,561 sqft
    2025-03-01 0 days 1,584 sqft
    Lansing's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Lansing's median square footage for active listings during the 2025-03-01 period was 1,584 sqft. One year prior, the average listing was 1,566 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).