Midland FHA Loan Rates, Closing Costs & Stats
MIDLAND, 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.
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
6.41%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Midland's average FHA mortgage closing costs are $6,099.
The average rate for the prior week (2024-10-04) was
6.03% and
one month ago for the week of 2024-09-06, the
average rate was 6.06%.
The average rate one year ago was 7.69%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.3%.
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.
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. LouisDate | 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 |
2024-04-01 | $316,250 (8.1%) | $361,086 (5.6%) | 0.00 | 79 |
2024-05-01 | $323,900 (7.1%) | $356,125 (5.5%) | 0.00 | 81 |
2024-06-01 | $347,500 (13.5%) | $369,354 (9.4%) | 0.00 | 80 |
2024-07-01 | $304,875 (-1.6%) | $369,514 (7.8%) | 0.00 | 83 |
2024-08-01 | $326,500 (7.5%) | $426,747 (26.7%) | 0.00 | 115 |
2024-09-01 | $312,500 (1.0%) | $408,263 (22.9%) | 0.00 | 131 |
Midland's median listing price comes in at 0% of the national average.
Midland's average listing price for 2024-09-01 was $408,263, a difference of $76,171 (22.9%) versus the prior year and $-18,484 versus the prior month.
For the 2024-09-01 period, Midland had 131 MLS listings, a difference of 16 listings (14%) versus the prior month and 30 listings (30%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Midland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-04-01 | 0 days | 1,642 sqft |
2024-05-01 | 0 days | 1,778 sqft |
2024-06-01 | 0 days | 1,780 sqft |
2024-07-01 | 0 days | 1,745 sqft |
2024-08-01 | 0 days | 1,846 sqft |
2024-09-01 | 0 days | 1,820 sqft |
Midland's median square footage for active listings during the 2024-09-01 period was 1,820 sqft. One year prior, the average listing was 1,847 sqft.