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 6.65% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.97% and one month ago for the week of 2024-03-08, the average rate was 6.91%.

The average rate one year ago was 6.25%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.03%.

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 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

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 $135,500 (13.4%) $189,018 (12.7%) 0.50 1,364
2018-02-01 $139,900 (12.0%) $192,728 (10.5%) 0.51 1,306
2018-03-01 $145,000 (11.6%) $201,497 (11.4%) 0.51 1,196
2018-04-01 $157,475 (12.5%) $212,437 (12.3%) 0.53 1,152
2018-05-01 $172,450 (15.2%) $217,140 (10.8%) 0.58 1,267
2018-06-01 $174,900 (11.4%) $219,318 (8.8%) 0.58 1,446
2018-07-01 $175,000 (10.1%) $217,256 (7.6%) 0.58 1,609
2018-08-01 $173,394 (11.9%) $213,369 (7.4%) 0.58 1,790
2018-09-01 $169,900 (11.9%) $211,400 (6.7%) 0.57 1,847
2018-10-01 $165,000 (10.1%) $210,034 (6.5%) 0.56 1,832
2018-11-01 $161,450 (9.9%) $208,944 (8.3%) 0.55 1,737
2018-12-01 $159,900 (14.3%) $206,422 (8.5%) 0.55 1,524
2019-01-01 $157,375 (16.1%) $209,641 (10.9%) 0.54 1,362
2019-02-01 $168,550 (20.5%) $215,778 (12.0%) 0.57 1,235
2019-03-01 $172,686 (19.1%) $224,500 (11.4%) 0.56 1,180
2019-04-01 $180,650 (14.7%) $233,492 (9.9%) 0.57 1,175
2019-05-01 $194,950 (13.1%) $243,248 (12.0%) 0.61 1,262
2019-06-01 $192,990 (10.3%) $239,780 (9.3%) 0.60 1,376
2019-07-01 $192,075 (9.8%) $236,742 (9.0%) 0.60 1,478
2019-08-01 $181,745 (4.8%) $229,969 (7.8%) 0.58 1,558
2019-09-01 $169,514 (-0.2%) $220,758 (4.4%) 0.54 1,638
2019-10-01 $159,950 (-3.1%) $215,436 (2.6%) 0.52 1,668
2019-11-01 $155,000 (-4.0%) $209,365 (0.2%) 0.51 1,594
2019-12-01 $149,250 (-6.7%) $205,976 (-0.2%) 0.50 1,432
2020-01-01 $147,450 (-6.3%) $207,084 (-1.2%) 0.49 1,293
2020-02-01 $149,900 (-11.1%) $217,757 (0.9%) 0.49 1,165
2020-03-01 $163,975 (-5.0%) $224,092 (-0.2%) 0.51 1,050
2020-04-01 $169,900 (-6.0%) $232,635 (-0.4%) 0.53 1,020
2020-05-01 $184,900 (-5.2%) $234,893 (-3.4%) 0.56 1,033
2020-06-01 $209,900 (8.8%) $257,088 (7.2%) 0.62 925
2020-07-01 $205,000 (6.7%) $258,441 (9.2%) 0.59 915
2020-08-01 $205,000 (12.8%) $254,149 (10.5%) 0.59 896
2020-09-01 $199,925 (17.9%) $254,061 (15.1%) 0.57 888
2020-10-01 $189,900 (18.7%) $251,176 (16.6%) 0.54 872
2020-11-01 $175,000 (12.9%) $244,858 (17.0%) 0.51 825
2020-12-01 $165,825 (11.1%) $237,463 (15.3%) 0.49 734
2021-01-01 $160,000 (8.5%) $235,870 (13.9%) 0.48 584
2021-02-01 $160,225 (6.9%) $233,999 (7.5%) 0.47 455
2021-03-01 $174,950 (6.7%) $238,383 (6.4%) 0.50 421
2021-04-01 $184,900 (8.8%) $249,667 (7.3%) 0.50 395
2021-05-01 $184,900 (0.0%) $240,965 (2.6%) 0.49 489
2021-06-01 $190,350 (-9.3%) $254,685 (-0.9%) 0.50 579
2021-07-01 $184,900 (-9.8%) $248,738 (-3.8%) 0.49 718
2021-08-01 $184,925 (-9.8%) $246,392 (-3.1%) 0.49 851
2021-09-01 $179,900 (-10.0%) $242,810 (-4.4%) 0.48 871
2021-10-01 $179,900 (-5.3%) $236,169 (-6.0%) 0.48 801
2021-11-01 $166,000 (-5.1%) $223,620 (-8.7%) 0.44 741
2021-12-01 $155,000 (-6.5%) $218,694 (-7.9%) 0.42 616
2022-01-01 $149,900 (-6.3%) $216,850 (-8.1%) 0.41 490
2022-02-01 $152,450 (-4.9%) $225,989 (-3.4%) 0.40 390
2022-03-01 $159,450 (-8.9%) $230,672 (-3.2%) 0.40 356
2022-04-01 $189,900 (2.7%) $256,931 (2.9%) 0.45 348
2022-05-01 $199,450 (7.9%) $252,129 (4.6%) 0.46 459
2022-06-01 $199,900 (5.0%) $261,520 (2.7%) 0.45 589
2022-07-01 $209,450 (13.3%) $261,901 (5.3%) 0.47 715
2022-08-01 $202,500 (9.5%) $258,301 (4.8%) 0.47 841
2022-09-01 $199,950 (11.2%) $261,589 (7.7%) 0.47 819
2022-10-01 $209,900 (16.7%) $261,971 (10.9%) 0.49 873
2022-11-01 $194,450 (17.1%) $251,210 (12.3%) 0.47 905
2022-12-01 $189,900 (22.5%) $248,068 (13.4%) 0.47 786
2023-01-01 $187,700 (25.2%) $249,150 (14.9%) 0.46 605
2023-02-01 $199,925 (31.1%) $257,020 (13.7%) 0.48 482
2023-03-01 $227,450 (42.7%) $274,497 (19.0%) 0.54 444
2023-04-01 $229,900 (21.1%) $273,541 (6.5%) 0.53 430
2023-05-01 $246,250 (23.5%) $282,115 (11.9%) 0.56 466
2023-06-01 $259,850 (30.0%) $294,605 (12.7%) 0.58 521
2023-07-01 $257,750 (23.1%) $306,179 (16.9%) 0.59 564
2023-08-01 $249,900 (23.4%) $297,437 (15.2%) 0.57 625
2023-09-01 $244,000 (22.0%) $289,683 (10.7%) 0.57 691
2023-10-01 $244,100 (16.3%) $287,651 (9.8%) 0.57 750
2023-11-01 $232,450 (19.5%) $281,466 (12.0%) 0.55 762
2023-12-01 $224,900 (18.4%) $274,559 (10.7%) 0.55 721
2024-01-01 $224,950 (19.9%) $279,094 (12.0%) 0.55 596
2024-02-01 $209,975 (5.0%) $273,633 (6.5%) 0.51 558
2024-03-01 $224,950 (-1.1%) $279,289 (1.8%) 0.53 539
Lansing's median listing price for 2024-03-01 was $224,950, a difference of $-2,500 (-1.1%) versus the prior year and $14,975 versus the prior month.

Lansing's median listing price comes in at 53% of the national average.

Lansing's average listing price for 2024-03-01 was $279,289, a difference of $4,792 (1.8%) versus the prior year and $5,656 versus the prior month.

For the 2024-03-01 period, Lansing had 539 MLS listings, a difference of -19 listings (-3%) versus the prior month and 95 listings (21%) 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 1,600 sqft
2018-02-01 66 days 1,620 sqft
2018-03-01 52 days 1,650 sqft
2018-04-01 46 days 1,684 sqft
2018-05-01 38 days 1,700 sqft
2018-06-01 39 days 1,727 sqft
2018-07-01 43 days 1,727 sqft
2018-08-01 42 days 1,755 sqft
2018-09-01 51 days 1,728 sqft
2018-10-01 58 days 1,729 sqft
2018-11-01 60 days 1,695 sqft
2018-12-01 70 days 1,650 sqft
2019-01-01 77 days 1,625 sqft
2019-02-01 74 days 1,662 sqft
2019-03-01 63 days 1,675 sqft
2019-04-01 48 days 1,732 sqft
2019-05-01 38 days 1,787 sqft
2019-06-01 38 days 1,800 sqft
2019-07-01 43 days 1,798 sqft
2019-08-01 44 days 1,750 sqft
2019-09-01 47 days 1,711 sqft
2019-10-01 49 days 1,681 sqft
2019-11-01 53 days 1,652 sqft
2019-12-01 67 days 1,595 sqft
2020-01-01 74 days 1,586 sqft
2020-02-01 68 days 1,617 sqft
2020-03-01 55 days 1,664 sqft
2020-04-01 58 days 1,664 sqft
2020-05-01 59 days 1,704 sqft
2020-06-01 43 days 1,805 sqft
2020-07-01 39 days 1,758 sqft
2020-08-01 36 days 1,779 sqft
2020-09-01 33 days 1,765 sqft
2020-10-01 36 days 1,722 sqft
2020-11-01 42 days 1,662 sqft
2020-12-01 51 days 1,629 sqft
2021-01-01 58 days 1,579 sqft
2021-02-01 45 days 1,487 sqft
2021-03-01 40 days 1,498 sqft
2021-04-01 37 days 1,575 sqft
2021-05-01 29 days 1,596 sqft
2021-06-01 22 days 1,500 sqft
2021-07-01 24 days 1,496 sqft
2021-08-01 24 days 1,553 sqft
2021-09-01 34 days 1,571 sqft
2021-10-01 37 days 1,567 sqft
2021-11-01 45 days 1,475 sqft
2021-12-01 52 days 1,445 sqft
2022-01-01 54 days 1,440 sqft
2022-02-01 44 days 1,447 sqft
2022-03-01 38 days 1,457 sqft
2022-04-01 28 days 1,593 sqft
2022-05-01 22 days 1,572 sqft
2022-06-01 23 days 1,595 sqft
2022-07-01 26 days 1,618 sqft
2022-08-01 30 days 1,612 sqft
2022-09-01 40 days 1,600 sqft
2022-10-01 40 days 1,632 sqft
2022-11-01 44 days 1,600 sqft
2022-12-01 54 days 1,592 sqft
2023-01-01 61 days 1,561 sqft
2023-02-01 54 days 1,584 sqft
2023-03-01 44 days 1,628 sqft
2023-04-01 35 days 1,652 sqft
2023-05-01 28 days 1,689 sqft
2023-06-01 30 days 1,734 sqft
2023-07-01 34 days 1,779 sqft
2023-08-01 35 days 1,746 sqft
2023-09-01 37 days 1,700 sqft
2023-10-01 37 days 1,684 sqft
2023-11-01 42 days 1,661 sqft
2023-12-01 50 days 1,601 sqft
2024-01-01 58 days 1,599 sqft
2024-02-01 52 days 1,533 sqft
2024-03-01 40 days 1,581 sqft
Lansing's median listing age (time on market) for 2024-03-01 was 40 days. This is -10% shorter than the same period one year ago.

Lansing's median square footage for active listings during the 2024-03-01 period was 1,581 sqft. One year prior, the average listing was 1,628 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).