Midland FHA Loan Rates, Closing Costs & Stats

MIDLAND, 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.

    Midland's 43 lenders originated 153 FHA loans during 2023. The total origination value was $27,485,000, with an average FHA loan value of $179,641.

    Midland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Midland averaged 6.87% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Midland's average FHA mortgage closing costs are $6,099.

    The average rate for the prior week (2024-04-12) was 7.06% and one month ago for the week of 2024-03-15, the average rate was 6.63%.

    The average rate one year ago was 6.35%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Midland 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 Midland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 24 6.47% $9,838
    FIRST COMMUNITY MORTGAGE, INC. 18 6.83% $7,468
    ACADEMY MORTGAGE CORPORATION 11 6.94% $8,591
    UNITED WHOLESALE MORTGAGE, LLC 11 6.40% $10,067
    STAUNTON FINANCIAL, INC. 8 6.77% $7,512
    CARDINAL FINANCIAL 6 6.83% $9,502
    The Huntington National Bank 5 6.88% $6,648
    FREEDOM MORTGAGE CORPORATION 5 7.25% $10,518
    AMERISAVE MORTGAGE CORPORATION 3 6.29% $9,859
    ROSS MORTGAGE CORPORATION 3 7.00% $10,251
    Neighborhood Loans, Inc. 3 7.13% $8,008
    GENEVA FINANCIAL, LLC 2 7.44% $11,287
    BM Real Estate Services, Inc. 2 7.25% $7,788
    BROKER SOLUTIONS, INC. 2 6.68% $6,465
    Carrington Mortgage Services, LLC 2 6.25% $6,761
    HOMESTAR FINANCIAL CORPORATION 2 6.88% $4,572
    MICHIGAN MUTUAL, INC. 2 6.75% $10,319
    Goldwater Bank, N.A. 1 6.75% $5,153
    GVC MORTGAGE, INC. 1 7.63% $10,344
    VILLAGE CAPITAL MORTGAGE 1 5.75% $3,257
    Independent Bank 1 7.25% $4,438
    JPMorgan Chase Bank 1 7.63% $7,237
    J. VIRGIL, INC. 1 7.25% $10,106
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $7,944
    MEMBER FIRST MORTGAGE, LLC 1 6.50% $5,295
    Mercantile Bank of Michigan 1 6.88% $5,579
    Willamette Valley Bank 1 5.75% $10,538
    MOVEMENT MORTGAGE, LLC 1 6.00% $12,333
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $11,803
    Fifth Third Bank 1 7.13% $3,308
    PENNYMAC LOAN SERVICES, LLC 1 7.00% $9,036
    Preston Home Loans Inc 1 6.63% $14,749
    EMBRACE HOME LOANS, INC. 1 7.25% $7,306
    DAS Acquisition Company, LLC 1 7.13% $10,718
    CROSSCOUNTRY MORTGAGE, LLC 1 6.06% $6,748
    SUN WEST MORTGAGE COMPANY, INC. 1 7.75% $16,184
    The Dart Bank 1 6.38% $6,173
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.50% $9,534
    TOP FLITE FINANCIAL, INC. 1 7.50% $10,384
    UNION HOME MORTGAGE CORP. 1 6.25% $12,478
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $15,353
    First Savings Bank 1 6.25% $19,105
    FINANCIAL PLUS CREDIT UNION 1 7.38% $5,412

    The top Midland FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 24 FHA loans originated. Their average total fees are $9,838, which is $2,370 higher than the next largest lender, FIRST COMMUNITY MORTGAGE, INC..

    The lowest fee Midland FHA lenders (with over 10 loans originated) are FIRST COMMUNITY MORTGAGE, INC. ($7,468), ACADEMY MORTGAGE CORPORATION ($8,591), QUICKEN LOANS, LLC ($9,838), UNITED WHOLESALE MORTGAGE, LLC ($10,067) and .

    The lowest rate Midland FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.40%), QUICKEN LOANS, LLC (6.47%), FIRST COMMUNITY MORTGAGE, INC. (6.83%), ACADEMY MORTGAGE CORPORATION (6.94%) and .

    Midland FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Midland (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 $170,000 (20.4%) $237,977 (21.6%) 0.00 264
    2018-02-01 $176,125 (21.8%) $247,667 (18.2%) 0.00 245
    2018-03-01 $170,000 (13.4%) $239,527 (8.2%) 0.00 278
    2018-04-01 $179,950 (7.8%) $242,963 (5.1%) 0.00 268
    2018-05-01 $183,125 (4.7%) $245,799 (5.3%) 0.00 282
    2018-06-01 $184,500 (4.9%) $244,265 (5.1%) 0.00 316
    2018-07-01 $184,500 (11.1%) $242,422 (3.4%) 0.00 338
    2018-08-01 $189,125 (14.8%) $240,418 (7.8%) 0.00 343
    2018-09-01 $180,000 (6.5%) $238,401 (5.7%) 0.00 369
    2018-10-01 $189,900 (13.0%) $241,864 (7.4%) 0.00 353
    2018-11-01 $174,325 (0.4%) $229,588 (-1.7%) 0.00 335
    2018-12-01 $175,000 (1.0%) $231,057 (-3.1%) 0.00 279
    2019-01-01 $174,950 (2.9%) $230,549 (-3.1%) 0.00 242
    2019-02-01 $184,919 (5.0%) $242,460 (-2.1%) 0.00 240
    2019-03-01 $192,336 (13.1%) $245,927 (2.7%) 0.00 232
    2019-04-01 $199,250 (10.7%) $248,438 (2.3%) 0.00 234
    2019-05-01 $219,675 (20.0%) $258,446 (5.2%) 0.00 256
    2019-06-01 $200,000 (8.4%) $251,455 (2.9%) 0.00 279
    2019-07-01 $213,625 (15.8%) $254,787 (5.1%) 0.00 300
    2019-08-01 $201,818 (6.7%) $246,928 (2.7%) 0.00 313
    2019-09-01 $189,545 (5.3%) $234,824 (-1.5%) 0.00 329
    2019-10-01 $183,814 (-3.2%) $226,148 (-6.5%) 0.00 338
    2019-11-01 $187,900 (7.8%) $231,139 (0.7%) 0.00 314
    2019-12-01 $178,725 (2.1%) $229,499 (-0.7%) 0.00 289
    2020-01-01 $174,748 (-0.1%) $227,188 (-1.5%) 0.00 252
    2020-02-01 $199,900 (8.1%) $251,957 (3.9%) 0.00 213
    2020-03-01 $228,475 (18.8%) $271,457 (10.4%) 0.00 200
    2020-04-01 $240,725 (20.8%) $280,087 (12.7%) 0.00 181
    2020-05-01 $238,900 (8.8%) $285,885 (10.6%) 0.00 177
    2020-06-01 $243,575 (21.8%) $292,910 (16.5%) 0.00 163
    2020-07-01 $241,975 (13.3%) $279,739 (9.8%) 0.00 147
    2020-08-01 $229,900 (13.9%) $278,802 (12.9%) 0.00 143
    2020-09-01 $225,000 (18.7%) $281,342 (19.8%) 0.00 139
    2020-10-01 $189,900 (3.3%) $247,044 (9.2%) 0.00 149
    2020-11-01 $199,900 (6.4%) $260,714 (12.8%) 0.00 133
    2020-12-01 $200,950 (12.4%) $259,939 (13.3%) 0.00 128
    2021-01-01 $202,500 (15.9%) $280,765 (23.6%) 0.00 91
    2021-02-01 $193,225 (-3.3%) $288,397 (14.5%) 0.00 76
    2021-03-01 $255,975 (12.0%) $322,537 (18.8%) 0.00 79
    2021-04-01 $268,725 (11.6%) $311,188 (11.1%) 0.00 85
    2021-05-01 $252,500 (5.7%) $319,865 (11.9%) 0.00 102
    2021-06-01 $277,000 (13.7%) $347,660 (18.7%) 0.00 105
    2021-07-01 $255,900 (5.8%) $329,334 (17.7%) 0.00 126
    2021-08-01 $244,200 (6.2%) $304,777 (9.3%) 0.00 118
    2021-09-01 $231,175 (2.7%) $292,642 (4.0%) 0.00 106
    2021-10-01 $222,000 (16.9%) $268,556 (8.7%) 0.00 108
    2021-11-01 $199,425 (-0.2%) $266,664 (2.3%) 0.00 98
    2021-12-01 $208,675 (3.8%) $280,370 (7.9%) 0.00 71
    2022-01-01 $217,450 (7.4%) $291,050 (3.7%) 0.00 57
    2022-02-01 $248,808 (28.8%) $338,163 (17.3%) 0.00 50
    2022-03-01 $228,750 (-10.6%) $337,961 (4.8%) 0.00 56
    2022-04-01 $264,450 (-1.6%) $332,199 (6.8%) 0.00 59
    2022-05-01 $252,675 (0.1%) $323,621 (1.2%) 0.00 79
    2022-06-01 $284,475 (2.7%) $327,631 (-5.8%) 0.00 93
    2022-07-01 $293,500 (14.7%) $335,666 (1.9%) 0.00 96
    2022-08-01 $292,450 (19.8%) $328,058 (7.6%) 0.00 102
    2022-09-01 $295,200 (27.7%) $321,166 (9.8%) 0.00 95
    2022-10-01 $240,000 (8.1%) $314,597 (17.1%) 0.00 110
    2022-11-01 $225,000 (12.8%) $311,973 (17.0%) 0.00 99
    2022-12-01 $224,900 (7.8%) $307,151 (9.6%) 0.00 79
    2023-01-01 $223,575 (2.8%) $308,491 (6.0%) 0.00 58
    2023-02-01 $241,475 (-3.0%) $330,429 (-2.3%) 0.00 56
    2023-03-01 $227,125 (-0.7%) $340,813 (0.8%) 0.00 57
    2023-04-01 $292,500 (10.6%) $341,803 (2.9%) 0.00 62
    2023-05-01 $302,500 (19.7%) $337,682 (4.4%) 0.00 68
    2023-06-01 $306,225 (7.7%) $337,569 (3.0%) 0.00 74
    2023-07-01 $309,900 (5.6%) $342,927 (2.2%) 0.00 85
    2023-08-01 $303,700 (3.9%) $336,828 (2.7%) 0.00 106
    2023-09-01 $309,500 (4.8%) $332,092 (3.4%) 0.00 101
    2023-10-01 $289,975 (20.8%) $321,728 (2.3%) 0.00 102
    2023-11-01 $288,250 (28.1%) $318,956 (2.2%) 0.00 110
    2023-12-01 $279,500 (24.3%) $312,123 (1.6%) 0.00 104
    2024-01-01 $287,975 (28.8%) $335,092 (8.6%) 0.00 91
    2024-02-01 $287,425 (19.0%) $334,007 (1.1%) 0.00 68
    2024-03-01 $299,000 (31.7%) $334,977 (-1.7%) 0.00 73
    Midland's median listing price for 2024-03-01 was $299,000, a difference of $71,875 (31.7%) versus the prior year and $11,575 versus the prior month.

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

    Midland's average listing price for 2024-03-01 was $334,977, a difference of $-5,836 (-1.7%) versus the prior year and $970 versus the prior month.

    For the 2024-03-01 period, Midland had 73 MLS listings, a difference of 5 listings (7%) versus the prior month and 16 listings (28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Midland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,795 sqft
    2018-02-01 0 days 1,801 sqft
    2018-03-01 0 days 1,742 sqft
    2018-04-01 0 days 1,747 sqft
    2018-05-01 0 days 1,647 sqft
    2018-06-01 0 days 1,700 sqft
    2018-07-01 0 days 1,706 sqft
    2018-08-01 0 days 1,745 sqft
    2018-09-01 0 days 1,918 sqft
    2018-10-01 0 days 2,050 sqft
    2018-11-01 0 days 2,026 sqft
    2018-12-01 0 days 1,971 sqft
    2019-01-01 0 days 1,952 sqft
    2019-02-01 0 days 1,973 sqft
    2019-03-01 0 days 1,883 sqft
    2019-04-01 0 days 1,808 sqft
    2019-05-01 0 days 1,883 sqft
    2019-06-01 0 days 1,857 sqft
    2019-07-01 0 days 1,830 sqft
    2019-08-01 0 days 1,809 sqft
    2019-09-01 0 days 1,780 sqft
    2019-10-01 0 days 1,754 sqft
    2019-11-01 0 days 1,764 sqft
    2019-12-01 0 days 1,738 sqft
    2020-01-01 0 days 1,730 sqft
    2020-02-01 0 days 1,788 sqft
    2020-03-01 0 days 1,832 sqft
    2020-04-01 0 days 1,830 sqft
    2020-05-01 0 days 1,848 sqft
    2020-06-01 0 days 1,898 sqft
    2020-07-01 0 days 1,838 sqft
    2020-08-01 0 days 1,921 sqft
    2020-09-01 0 days 1,808 sqft
    2020-10-01 0 days 1,631 sqft
    2020-11-01 0 days 1,688 sqft
    2020-12-01 0 days 1,791 sqft
    2021-01-01 0 days 1,813 sqft
    2021-02-01 0 days 1,632 sqft
    2021-03-01 0 days 1,715 sqft
    2021-04-01 0 days 1,661 sqft
    2021-05-01 0 days 1,647 sqft
    2021-06-01 0 days 1,796 sqft
    2021-07-01 0 days 1,809 sqft
    2021-08-01 0 days 1,807 sqft
    2021-09-01 0 days 1,805 sqft
    2021-10-01 0 days 1,732 sqft
    2021-11-01 0 days 1,726 sqft
    2021-12-01 0 days 1,809 sqft
    2022-01-01 0 days 1,608 sqft
    2022-02-01 0 days 1,723 sqft
    2022-03-01 0 days 1,615 sqft
    2022-04-01 0 days 1,650 sqft
    2022-05-01 0 days 1,756 sqft
    2022-06-01 0 days 1,881 sqft
    2022-07-01 0 days 1,881 sqft
    2022-08-01 0 days 1,755 sqft
    2022-09-01 0 days 1,712 sqft
    2022-10-01 0 days 1,716 sqft
    2022-11-01 0 days 1,685 sqft
    2022-12-01 0 days 1,600 sqft
    2023-01-01 0 days 1,632 sqft
    2023-02-01 0 days 1,670 sqft
    2023-03-01 0 days 1,637 sqft
    2023-04-01 0 days 1,748 sqft
    2023-05-01 0 days 1,718 sqft
    2023-06-01 0 days 1,736 sqft
    2023-07-01 0 days 1,800 sqft
    2023-08-01 0 days 1,832 sqft
    2023-09-01 0 days 1,847 sqft
    2023-10-01 0 days 1,833 sqft
    2023-11-01 0 days 1,818 sqft
    2023-12-01 0 days 1,711 sqft
    2024-01-01 0 days 1,734 sqft
    2024-02-01 0 days 1,672 sqft
    2024-03-01 0 days 1,762 sqft
    Midland's median listing age (time on market) for 2024-03-01 was 0 days.

    Midland's median square footage for active listings during the 2024-03-01 period was 1,762 sqft. One year prior, the average listing was 1,637 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).