Marquette FHA Loan Rates, Closing Costs & Stats

Marquette, 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.

    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 7.09% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.88% and one month ago for the week of 2024-03-15, the average rate was 6.65%.

    The average rate one year ago was 6.48%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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
    Marquette's median listing price for 2024-03-01 was $329,900, a difference of $13,425 (4.2%) versus the prior year and $-2,525 versus the prior month.

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

    Marquette's average listing price for 2024-03-01 was $477,401, a difference of $-29,833 (-5.9%) versus the prior year and $16,869 versus the prior month.

    For the 2024-03-01 period, Marquette had 77 MLS listings, a difference of 3 listings (4%) versus the prior month and 31 listings (67%) 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
    Marquette's median listing age (time on market) for 2024-03-01 was 0 days.

    Marquette's median square footage for active listings during the 2024-03-01 period was 1,584 sqft. One year prior, the average listing was 1,414 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).