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 0.38% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2025-06-13) was 7.06% and one month ago for the week of 2025-05-16, the average rate was 6.92%.

    The average rate one year ago was 6.98%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.03%.

    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

    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).