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 18 lenders originated 45 FHA loans during 2024. The total origination value was $8,255,000, with an average FHA loan value of $183,444.

    Marquette FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Marquette averaged 0.33% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Marquette's average FHA mortgage closing costs are $6,670.

    The average rate for the prior week (2025-06-27) was 6.82% and one month ago for the week of 2025-05-30, the average rate was 6.99%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.2%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 10 6.36% $9,682
    Paramount Residential Mortgage Group, Inc. 7 6.89% $7,497
    MICHIGAN MUTUAL, INC. 4 6.69% $7,783
    BROKER SOLUTIONS, INC. 3 6.50% $9,186
    UNITED WHOLESALE MORTGAGE, LLC 2 5.75% $11,714
    Flagstar Bank, FSB 2 6.33% $6,030
    FREEDOM MORTGAGE CORPORATION 2 6.13% $7,896
    LOANDEPOT.COM, LLC 1 6.13% $10,956
    MID AMERICA MORTGAGE, INC. 1 6.75% $6,524
    Mortgage Research Center, LLC 1 7.63% $4,072
    NEW DAY FINANCIAL, LLC 1 7.87% $2,605
    NEWREZ LLC 1 7.25% $4,646
    Equity Prime Mortgage LLC 1 6.50% $12,554
    Prosperity Home Mortgage, LLC 1 5.88% $12,809
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $8,398
    Residential Mortgage Solutions, Inc. 1 6.00% $17,658
    SUMMIT HOME MORTGAGE, LLC 1 7.88% $7,739
    Carrington Mortgage Services, LLC 1 6.63% $8,169

    The top Marquette FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 10 FHA loans originated. Their average total fees are $9,682, which is $2,185 higher than the next largest lender, Paramount Residential Mortgage Group, Inc..

    The lowest fee Marquette FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($9,682), .

    The lowest rate Marquette FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.36%), .

    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 $164,950 (10.2%) $410,011 (73.0%) 0.00 332
    2018-02-01 $172,300 (11.2%) $439,788 (83.1%) 0.00 304
    2018-03-01 $174,900 (9.4%) $444,862 (84.1%) 0.00 306
    2018-04-01 $179,350 (5.6%) $442,984 (69.1%) 0.00 312
    2018-05-01 $189,000 (11.2%) $435,615 (70.7%) 0.00 337
    2018-06-01 $184,700 (9.1%) $392,259 (56.6%) 0.00 389
    2018-07-01 $189,700 (11.7%) $381,605 (50.4%) 0.00 417
    2018-08-01 $189,900 (11.7%) $360,350 (43.2%) 0.00 431
    2018-09-01 $181,000 (11.7%) $384,725 (32.2%) 0.00 445
    2018-10-01 $184,900 (15.6%) $390,744 (25.3%) 0.00 421
    2018-11-01 $179,900 (12.9%) $400,366 (12.9%) 0.00 389
    2018-12-01 $189,700 (18.6%) $424,558 (13.8%) 0.00 340
    2019-01-01 $189,250 (14.7%) $454,992 (11.0%) 0.00 286
    2019-02-01 $187,250 (8.7%) $470,302 (6.9%) 0.00 273
    2019-03-01 $198,243 (13.4%) $425,936 (-4.3%) 0.00 262
    2019-04-01 $209,950 (17.1%) $359,192 (-18.9%) 0.00 255
    2019-05-01 $209,500 (10.9%) $352,392 (-19.1%) 0.00 271
    2019-06-01 $210,000 (13.7%) $326,032 (-16.9%) 0.00 336
    2019-07-01 $196,925 (3.8%) $307,334 (-19.5%) 0.00 364
    2019-08-01 $189,814 (-0.1%) $301,322 (-16.4%) 0.00 375
    2019-09-01 $187,359 (3.5%) $295,022 (-23.3%) 0.00 383
    2019-10-01 $185,723 (0.4%) $288,390 (-26.2%) 0.00 389
    2019-11-01 $178,900 (-0.6%) $254,947 (-36.3%) 0.00 350
    2019-12-01 $179,900 (-5.2%) $265,234 (-37.5%) 0.00 297
    2020-01-01 $177,600 (-6.2%) $262,320 (-42.4%) 0.00 240
    2020-02-01 $189,900 (1.4%) $307,992 (-34.5%) 0.00 221
    2020-03-01 $190,450 (-3.9%) $325,624 (-23.6%) 0.00 204
    2020-04-01 $209,400 (-0.3%) $330,967 (-7.9%) 0.00 202
    2020-05-01 $213,500 (1.9%) $323,044 (-8.3%) 0.00 207
    2020-06-01 $199,900 (-4.8%) $365,955 (12.3%) 0.00 214
    2020-07-01 $223,700 (13.6%) $379,594 (23.5%) 0.00 209
    2020-08-01 $214,000 (12.7%) $345,192 (14.6%) 0.00 198
    2020-09-01 $201,950 (7.8%) $356,967 (21.0%) 0.00 182
    2020-10-01 $189,700 (2.1%) $361,391 (25.3%) 0.00 167
    2020-11-01 $183,700 (2.7%) $333,591 (30.9%) 0.00 152
    2020-12-01 $185,450 (3.1%) $337,338 (27.2%) 0.00 132
    2021-01-01 $189,500 (6.7%) $360,236 (37.3%) 0.00 110
    2021-02-01 $214,000 (12.7%) $426,282 (38.4%) 0.00 88
    2021-03-01 $222,200 (16.7%) $409,479 (25.8%) 0.00 104
    2021-04-01 $233,625 (11.6%) $448,254 (35.4%) 0.00 97
    2021-05-01 $249,900 (17.1%) $425,390 (31.7%) 0.00 121
    2021-06-01 $249,450 (24.8%) $417,224 (14.0%) 0.00 135
    2021-07-01 $250,000 (11.8%) $419,166 (10.4%) 0.00 134
    2021-08-01 $256,250 (19.7%) $441,262 (27.8%) 0.00 129
    2021-09-01 $292,175 (44.7%) $447,700 (25.4%) 0.00 116
    2021-10-01 $250,000 (31.8%) $451,875 (25.0%) 0.00 101
    2021-11-01 $221,175 (20.4%) $464,758 (39.3%) 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 (40.2%) 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 (-30.1%) 0.00 65
    2022-06-01 $239,900 (-3.8%) $373,476 (-10.5%) 0.00 89
    2022-07-01 $242,450 (-3.0%) $380,233 (-9.3%) 0.00 112
    2022-08-01 $254,200 (-0.8%) $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%) $452,337 (14.5%) 0.00 121
    2023-09-01 $304,900 (26.1%) $442,218 (9.5%) 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 $343,250 (16.5%) $494,561 (6.6%) 0.00 100
    2024-06-01 $375,000 (12.8%) $521,560 (15.9%) 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 (-1.7%) 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
    2024-12-01 $328,500 (-10.0%) $481,981 (-1.4%) 0.00 104
    2025-01-01 $344,975 (5.2%) $482,477 (4.5%) 0.00 88
    2025-02-01 $374,925 (12.8%) $503,764 (9.4%) 0.00 80
    2025-03-01 $364,950 (10.6%) $486,226 (1.9%) 0.00 74
    2025-04-01 $379,450 (14.8%) $513,772 (6.9%) 0.00 71
    2025-05-01 $365,000 (6.3%) $514,871 (4.1%) 0.00 98
    Marquette's median listing price for 2025-05-01 was $365,000, a difference of $21,750 (6.3%) versus the prior year and $-14,450 versus the prior month.

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

    Marquette's average listing price for 2025-05-01 was $514,871, a difference of $20,310 (4.1%) versus the prior year and $1,099 versus the prior month.

    For the 2025-05-01 period, Marquette had 98 MLS listings, a difference of 27 listings (38%) versus the prior month and -2 listings (-2%) 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 1,607 sqft
    2018-05-01 0 days 1,586 sqft
    2018-06-01 0 days 1,540 sqft
    2018-07-01 0 days 1,538 sqft
    2018-08-01 0 days 1,556 sqft
    2018-09-01 0 days 1,544 sqft
    2018-10-01 0 days 1,541 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 1,516 sqft
    2019-05-01 0 days 1,533 sqft
    2019-06-01 0 days 1,580 sqft
    2019-07-01 0 days 1,562 sqft
    2019-08-01 0 days 1,569 sqft
    2019-09-01 0 days 1,582 sqft
    2019-10-01 0 days 1,591 sqft
    2019-11-01 0 days 1,552 sqft
    2019-12-01 0 days 1,566 sqft
    2020-01-01 0 days 1,555 sqft
    2020-02-01 0 days 1,564 sqft
    2020-03-01 0 days 1,528 sqft
    2020-04-01 0 days 1,516 sqft
    2020-05-01 0 days 1,520 sqft
    2020-06-01 0 days 1,484 sqft
    2020-07-01 0 days 1,532 sqft
    2020-08-01 0 days 1,494 sqft
    2020-09-01 0 days 1,465 sqft
    2020-10-01 0 days 1,435 sqft
    2020-11-01 0 days 1,354 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 1,430 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
    2024-12-01 0 days 1,771 sqft
    2025-01-01 0 days 1,705 sqft
    2025-02-01 0 days 1,722 sqft
    2025-03-01 0 days 1,696 sqft
    2025-04-01 0 days 1,654 sqft
    2025-05-01 0 days 1,620 sqft
    Marquette's median listing age (time on market) for 2025-05-01 was 0 days.

    Marquette's median square footage for active listings during the 2025-05-01 period was 1,620 sqft. One year prior, the average listing was 1,692 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).