Marquette FHA Loan Rates, Closing Costs & Stats

Marquette, 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.

Marquette's 22 lenders originated 52 FHA loans during 2023. The total origination value was $8,360,000, with an average FHA loan value of $160,769.

Marquette FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Marquette averaged 6.5% for the week of 2024-12-06, compared to the national average (all FHA variants) of 6.363% for the same period.

Marquette's average FHA mortgage closing costs are $6,444.

The average rate for the prior week (2024-11-29) was 6.84% and one month ago for the week of 2024-11-01, the average rate was 6.64%.

The average rate one year ago was 7.17%.

For refis of the same type during the week of 2024-12-06, the average rate was 6.56%.

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

Marquette 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 Marquette level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 11 6.26% $8,629
MICHIGAN MUTUAL, INC. 8 7.38% $8,220
Flagstar Bank, FSB 4 6.97% $7,391
AMERISAVE MORTGAGE CORPORATION 4 5.84% $11,239
FREEDOM MORTGAGE CORPORATION 3 6.92% $11,437
BROKER SOLUTIONS, INC. 2 7.19% $8,414
Paramount Residential Mortgage Group, Inc. 2 7.13% $4,906
LOANDEPOT.COM, LLC 2 6.88% $5,628
PENNYMAC LOAN SERVICES, LLC 1 6.25% $7,215
SeaTrust Mortgage Company 1 8.13% $15,572
The Huntington National Bank 1 6.63% $8,184
TOP FLITE FINANCIAL, INC. 1 7.75% $9,199
UNITED WHOLESALE MORTGAGE, LLC 1 6.12% $16,700
VILLAGE CAPITAL MORTGAGE 1 6.25% $7,282
Wells Fargo Bank 1 7.63% $5,565
BLG HOLDINGS, INC. 1 6.75% $12,296
CARDINAL FINANCIAL 1 5.99% $7,003
CROSSCOUNTRY MORTGAGE, LLC 1 7.75% $6,955
Equity Prime Mortgage LLC 1 6.75% $5,315
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $5,785
MID AMERICA MORTGAGE, INC. 1 6.75% $5,766
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $13,951

The top Marquette FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 11 FHA loans originated. Their average total fees are $8,629, which is $408 higher than the next largest lender, MICHIGAN MUTUAL, INC..

The lowest fee Marquette FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,629), .

The lowest rate Marquette FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.26%), .

Marquette FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MARQUETTE, MI MARQUETTE 2022 $420,680 $538,650 $651,050 $809,150
MARQUETTE, MI MARQUETTE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Marquette (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 $164,900 (12.0%) $410,398 (73.4%) 0.00 329
2018-02-01 $169,900 (11.0%) $440,510 (83.6%) 0.00 301
2018-03-01 $174,500 (9.1%) $445,632 (84.7%) 0.00 303
2018-04-01 $179,150 (5.4%) $443,281 (69.3%) 0.00 310
2018-05-01 $188,200 (10.8%) $435,812 (71.1%) 0.00 336
2018-06-01 $184,500 (9.8%) $392,320 (57.0%) 0.00 388
2018-07-01 $189,575 (11.6%) $381,634 (50.8%) 0.00 416
2018-08-01 $189,900 (11.8%) $360,330 (43.6%) 0.00 430
2018-09-01 $179,999 (12.6%) $384,761 (32.4%) 0.00 444
2018-10-01 $184,550 (15.4%) $390,794 (25.5%) 0.00 420
2018-11-01 $179,900 (15.2%) $400,366 (12.9%) 0.00 389
2018-12-01 $189,700 (20.5%) $424,558 (13.8%) 0.00 340
2019-01-01 $189,250 (14.8%) $454,992 (10.9%) 0.00 286
2019-02-01 $187,250 (10.2%) $470,302 (6.8%) 0.00 273
2019-03-01 $198,243 (13.6%) $425,936 (-4.4%) 0.00 262
2019-04-01 $210,450 (17.5%) $358,943 (-19.0%) 0.00 255
2019-05-01 $209,500 (11.3%) $352,392 (-19.1%) 0.00 271
2019-06-01 $210,000 (13.8%) $326,032 (-16.9%) 0.00 336
2019-07-01 $196,450 (3.6%) $307,087 (-19.5%) 0.00 363
2019-08-01 $188,564 (-0.7%) $300,993 (-16.5%) 0.00 373
2019-09-01 $186,559 (3.6%) $294,575 (-23.4%) 0.00 382
2019-10-01 $185,200 (0.4%) $287,846 (-26.3%) 0.00 387
2019-11-01 $178,800 (-0.6%) $254,108 (-36.5%) 0.00 348
2019-12-01 $179,900 (-5.2%) $264,576 (-37.7%) 0.00 296
2020-01-01 $177,600 (-6.2%) $261,968 (-42.4%) 0.00 240
2020-02-01 $189,900 (1.4%) $307,578 (-34.6%) 0.00 221
2020-03-01 $190,450 (-3.9%) $325,167 (-23.7%) 0.00 204
2020-04-01 $208,325 (-1.0%) $330,346 (-8.0%) 0.00 201
2020-05-01 $210,000 (0.2%) $322,024 (-8.6%) 0.00 204
2020-06-01 $199,900 (-4.8%) $365,565 (12.1%) 0.00 211
2020-07-01 $221,200 (12.6%) $379,384 (23.5%) 0.00 206
2020-08-01 $209,500 (11.1%) $344,467 (14.4%) 0.00 196
2020-09-01 $199,875 (7.1%) $356,466 (21.0%) 0.00 181
2020-10-01 $189,500 (2.3%) $361,040 (25.4%) 0.00 166
2020-11-01 $182,425 (2.0%) $333,031 (31.1%) 0.00 151
2020-12-01 $185,450 (3.1%) $337,338 (27.5%) 0.00 132
2021-01-01 $189,500 (6.7%) $360,236 (37.5%) 0.00 110
2021-02-01 $214,000 (12.7%) $426,282 (38.6%) 0.00 88
2021-03-01 $222,200 (16.7%) $408,137 (25.5%) 0.00 104
2021-04-01 $233,625 (12.1%) $448,254 (35.7%) 0.00 97
2021-05-01 $249,900 (19.0%) $428,702 (33.1%) 0.00 118
2021-06-01 $249,700 (24.9%) $419,705 (14.8%) 0.00 132
2021-07-01 $250,000 (13.0%) $421,792 (11.2%) 0.00 133
2021-08-01 $250,000 (19.3%) $441,228 (28.1%) 0.00 129
2021-09-01 $292,175 (46.2%) $447,700 (25.6%) 0.00 116
2021-10-01 $250,000 (31.9%) $451,875 (25.2%) 0.00 101
2021-11-01 $221,175 (21.2%) $464,758 (39.6%) 0.00 77
2021-12-01 $183,700 (-0.9%) $429,432 (27.3%) 0.00 74
2022-01-01 $188,500 (-0.5%) $464,400 (28.9%) 0.00 61
2022-02-01 $229,725 (7.4%) $500,450 (17.4%) 0.00 59
2022-03-01 $265,000 (19.3%) $574,008 (40.6%) 0.00 45
2022-04-01 $201,950 (-13.6%) $534,160 (19.2%) 0.00 49
2022-05-01 $208,450 (-16.6%) $297,377 (-30.6%) 0.00 65
2022-06-01 $239,900 (-3.9%) $373,476 (-11.0%) 0.00 89
2022-07-01 $242,450 (-3.0%) $380,233 (-9.9%) 0.00 112
2022-08-01 $254,200 (1.7%) $394,928 (-10.5%) 0.00 124
2022-09-01 $241,750 (-17.3%) $404,000 (-9.8%) 0.00 120
2022-10-01 $249,999 (0.0%) $432,068 (-4.4%) 0.00 106
2022-11-01 $265,000 (19.8%) $437,651 (-5.8%) 0.00 92
2022-12-01 $272,500 (48.3%) $445,368 (3.7%) 0.00 74
2023-01-01 $255,750 (35.7%) $450,665 (-3.0%) 0.00 69
2023-02-01 $264,000 (14.9%) $480,578 (-4.0%) 0.00 52
2023-03-01 $316,475 (19.4%) $507,234 (-11.6%) 0.00 46
2023-04-01 $294,500 (45.8%) $525,809 (-1.6%) 0.00 47
2023-05-01 $294,725 (41.4%) $464,109 (56.1%) 0.00 69
2023-06-01 $332,400 (38.6%) $449,910 (20.5%) 0.00 80
2023-07-01 $326,950 (34.9%) $455,785 (19.9%) 0.00 111
2023-08-01 $299,675 (17.9%) $452,546 (14.6%) 0.00 121
2023-09-01 $304,900 (26.1%) $441,774 (9.4%) 0.00 124
2023-10-01 $332,450 (33.0%) $446,284 (3.3%) 0.00 120
2023-11-01 $336,000 (26.8%) $458,605 (4.8%) 0.00 107
2023-12-01 $364,950 (33.9%) $488,693 (9.7%) 0.00 91
2024-01-01 $328,000 (28.3%) $461,550 (2.4%) 0.00 74
2024-02-01 $332,425 (25.9%) $460,532 (-4.2%) 0.00 74
2024-03-01 $329,900 (4.2%) $477,401 (-5.9%) 0.00 77
2024-04-01 $330,475 (12.2%) $480,799 (-8.6%) 0.00 87
2024-05-01 $340,000 (15.4%) $494,344 (6.5%) 0.00 100
2024-06-01 $375,000 (12.8%) $513,234 (14.1%) 0.00 103
2024-07-01 $349,000 (6.7%) $495,731 (8.8%) 0.00 107
2024-08-01 $299,450 (-0.1%) $445,262 (-1.6%) 0.00 122
2024-09-01 $294,450 (-3.4%) $434,606 (-1.6%) 0.00 114
2024-10-01 $306,975 (-7.7%) $487,030 (9.1%) 0.00 115
2024-11-01 $310,000 (-7.7%) $488,713 (6.6%) 0.00 110
Marquette's median listing price for 2024-11-01 was $310,000, a difference of $-26,000 (-7.7%) versus the prior year and $3,025 versus the prior month.

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

Marquette's average listing price for 2024-11-01 was $488,713, a difference of $30,108 (6.6%) versus the prior year and $1,683 versus the prior month.

For the 2024-11-01 period, Marquette had 110 MLS listings, a difference of -5 listings (-4%) versus the prior month and 3 listings (3%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Marquette (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,618 sqft
2018-02-01 0 days 1,624 sqft
2018-03-01 0 days 1,603 sqft
2018-04-01 0 days 1,604 sqft
2018-05-01 0 days 1,585 sqft
2018-06-01 0 days 1,540 sqft
2018-07-01 0 days 1,534 sqft
2018-08-01 0 days 1,553 sqft
2018-09-01 0 days 1,544 sqft
2018-10-01 0 days 1,540 sqft
2018-11-01 0 days 1,515 sqft
2018-12-01 0 days 1,512 sqft
2019-01-01 0 days 1,494 sqft
2019-02-01 0 days 1,493 sqft
2019-03-01 0 days 1,495 sqft
2019-04-01 0 days 1,517 sqft
2019-05-01 0 days 1,527 sqft
2019-06-01 0 days 1,576 sqft
2019-07-01 0 days 1,560 sqft
2019-08-01 0 days 1,568 sqft
2019-09-01 0 days 1,579 sqft
2019-10-01 0 days 1,586 sqft
2019-11-01 0 days 1,552 sqft
2019-12-01 0 days 1,569 sqft
2020-01-01 0 days 1,560 sqft
2020-02-01 0 days 1,568 sqft
2020-03-01 0 days 1,534 sqft
2020-04-01 0 days 1,528 sqft
2020-05-01 0 days 1,520 sqft
2020-06-01 0 days 1,486 sqft
2020-07-01 0 days 1,544 sqft
2020-08-01 0 days 1,494 sqft
2020-09-01 0 days 1,479 sqft
2020-10-01 0 days 1,440 sqft
2020-11-01 0 days 1,352 sqft
2020-12-01 0 days 1,348 sqft
2021-01-01 0 days 1,430 sqft
2021-02-01 0 days 1,526 sqft
2021-03-01 0 days 1,560 sqft
2021-04-01 0 days 1,560 sqft
2021-05-01 0 days 1,560 sqft
2021-06-01 0 days 1,560 sqft
2021-07-01 0 days 1,560 sqft
2021-08-01 0 days 1,560 sqft
2021-09-01 0 days 1,560 sqft
2021-10-01 0 days 1,555 sqft
2021-11-01 0 days 1,531 sqft
2021-12-01 0 days 1,314 sqft
2022-01-01 0 days 1,316 sqft
2022-02-01 0 days 1,496 sqft
2022-03-01 0 days 1,389 sqft
2022-04-01 0 days 1,352 sqft
2022-05-01 0 days 1,387 sqft
2022-06-01 0 days 1,555 sqft
2022-07-01 0 days 1,491 sqft
2022-08-01 0 days 1,599 sqft
2022-09-01 0 days 1,471 sqft
2022-10-01 0 days 1,359 sqft
2022-11-01 0 days 1,433 sqft
2022-12-01 0 days 1,350 sqft
2023-01-01 0 days 1,279 sqft
2023-02-01 0 days 1,274 sqft
2023-03-01 0 days 1,414 sqft
2023-04-01 0 days 1,597 sqft
2023-05-01 0 days 1,592 sqft
2023-06-01 0 days 1,503 sqft
2023-07-01 0 days 1,339 sqft
2023-08-01 0 days 1,349 sqft
2023-09-01 0 days 1,443 sqft
2023-10-01 0 days 1,409 sqft
2023-11-01 0 days 1,362 sqft
2023-12-01 0 days 1,527 sqft
2024-01-01 0 days 1,312 sqft
2024-02-01 0 days 1,513 sqft
2024-03-01 0 days 1,584 sqft
2024-04-01 0 days 1,619 sqft
2024-05-01 0 days 1,692 sqft
2024-06-01 0 days 1,678 sqft
2024-07-01 0 days 1,680 sqft
2024-08-01 0 days 1,674 sqft
2024-09-01 0 days 1,740 sqft
2024-10-01 0 days 1,795 sqft
2024-11-01 0 days 1,785 sqft
Marquette's median listing age (time on market) for 2024-11-01 was 0 days.

Marquette's median square footage for active listings during the 2024-11-01 period was 1,785 sqft. One year prior, the average listing was 1,362 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).