Midland FHA Loans

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 56 lenders originated 359 FHA loans during 2021. The total origination value was $52,395,000, with an average FHA loan value of $145,947.

Midland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Midland averaged 5.65% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.28% and one month ago for the week of 2022-04-08, the average rate was 5.05%.

The average rate one year ago was 3.46%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.17%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Midland level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 68 2.78% $5,359
ACADEMY MORTGAGE CORPORATION 42 3.47% $6,392
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 41 3.33% $6,460
UNITED WHOLESALE MORTGAGE, LLC 11 2.96% $6,108
FREEDOM MORTGAGE CORPORATION 10 2.85% $3,665
Mr. Cooper ( Nationstar Mortgage ) 8 3.59% $2,913
GENEVA FINANCIAL, LLC 8 3.89% $6,292
Mercantile Bank of Michigan 6 3.31% $5,193
MID AMERICA MORTGAGE, INC. 5 3.83% $4,070
ENVOY MORTGAGE, LTD 4 3.41% $5,624
LAKEVIEW LOAN SERVICING, LLC 4 3.37% $3,898
Carrington Mortgage Services, LLC 4 3.34% $8,706
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.38% $5,472
The Huntington National Bank 4 2.97% $7,012
AMERIFIRST FINANCIAL CORPORATION 4 3.28% $6,494
PENNYMAC LOAN SERVICES, LLC 4 3.34% $2,917
MORTGAGE 1 INCORPORATED 3 3.75% $6,688
SOUTHWEST FUNDING, LP 3 4.08% $7,121
VILLAGE CAPITAL & INVESTMENT LLC 3 3.66% $1,129
UNION HOME MORTGAGE CORP. 3 3.58% $6,652
NEWREZ LLC 3 3.42% $2,277
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 3.50% $4,302
MICHIGAN MUTUAL, INC. 3 3.42% $5,370
ROYAL UNITED MORTGAGE LLC 2 2.88% $7,355
ADVISORS CAPITAL, INC. 2 2.63% $5,184
AMERISAVE MORTGAGE CORPORATION 2 3.00% $7,046
BROKER SOLUTIONS, INC. 2 3.88% $5,660
CALIBER HOME LOANS, INC. 2 2.95% $6,864
CHURCHILL MORTGAGE CORPORATION 2 3.31% $8,620
CROSSCOUNTRY MORTGAGE, LLC 2 3.56% $11,080
FINANCE OF AMERICA MORTGAGE LLC 2 2.94% $6,173
Flagstar Bank, FSB 2 3.38% $5,391
Independent Bank 2 3.38% $5,041
LOANDEPOT.COM, LLC 2 3.38% $5,550
PNC Bank 2 2.94% $3,924
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.87% $5,127
SUCCESS MORTGAGE PARTNERS, INC. 2 3.56% $11,997
LAKE MICHIGAN CREDIT UNION 1 2.75% $4,803
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $6,052
Neighborhood Loans, Inc. 1 2.63% $7,817
Hometown Lenders, Inc. 1 3.50% $7,999
Northpointe Bank 1 3.00% $4,971
OCEANSIDE MORTGAGE COMPANY 1 2.49% $2,863
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.38% $4,821
PLANET HOME LENDING, LLC 1 2.75% $3,465
BLG HOLDINGS, INC. 1 3.00% $5,100
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $8,500
GUARANTEED RATE, INC. 1 3.50% $6,449
Florida Capital Bank 1 2.63% $9,343
SIGNATURE MORTGAGE CORPORATION 1 3.50% $5,496
First State Bank 1 3.00% $7,733
AMERICAN FINANCING CORPORATION 1 3.50% $4,842
Fifth Third Bank 1 3.13% $7,146
MICHIGAN FIRST CREDIT UNION 1 3.25% $7,464
MMS MORTGAGE SERVICES, LTD. 1 3.75% $5,812
Lakeview Community Capital, LLC 1 2.99% $5,115

The top Midland FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 68 FHA loans originated. Their average total fees are $5,359, which is $1,033 lower than the next largest lender, ACADEMY MORTGAGE CORPORATION.

The lowest fee Midland FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,665), QUICKEN LOANS, LLC ($5,359), UNITED WHOLESALE MORTGAGE, LLC ($6,108), ACADEMY MORTGAGE CORPORATION ($6,392) and CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP ($6,460).

The lowest rate Midland FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.78%), FREEDOM MORTGAGE CORPORATION (2.85%), UNITED WHOLESALE MORTGAGE, LLC (2.96%), CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP (3.33%) and ACADEMY MORTGAGE CORPORATION (3.47%).

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

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 $171,500 (21.7%) $243,271 (15.3%) 0.00 277
2018-02-01 $179,450 (20.1%) $256,559 (9.4%) 0.00 253
2018-03-01 $179,000 (15.6%) $243,659 (2.9%) 0.00 302
2018-04-01 $180,000 (0.1%) $243,141 (-0.6%) 0.00 285
2018-05-01 $185,500 (-0.2%) $243,261 (-1.5%) 0.00 300
2018-06-01 $180,000 (0.3%) $238,426 (-1.3%) 0.00 352
2018-07-01 $179,900 (4.1%) $237,433 (-0.6%) 0.00 370
2018-08-01 $187,450 (9.5%) $236,231 (0.2%) 0.00 365
2018-09-01 $184,000 (8.2%) $234,443 (-1.8%) 0.00 402
2018-10-01 $184,450 (8.7%) $236,107 (0.0%) 0.00 393
2018-11-01 $167,750 (-5.5%) $224,346 (-7.0%) 0.00 374
2018-12-01 $169,900 (-2.3%) $226,226 (-6.3%) 0.00 313
2019-01-01 $172,400 (0.5%) $224,145 (-7.9%) 0.00 274
2019-02-01 $179,950 (0.3%) $234,198 (-8.7%) 0.00 267
2019-03-01 $183,857 (2.7%) $235,867 (-3.2%) 0.00 267
2019-04-01 $194,000 (7.8%) $239,763 (-1.4%) 0.00 271
2019-05-01 $217,450 (17.2%) $253,443 (4.2%) 0.00 287
2019-06-01 $205,000 (13.9%) $250,701 (5.2%) 0.00 316
2019-07-01 $224,400 (24.7%) $258,690 (9.0%) 0.00 333
2019-08-01 $209,900 (12.0%) $250,209 (5.9%) 0.00 350
2019-09-01 $190,950 (3.8%) $235,757 (0.6%) 0.00 380
2019-10-01 $187,400 (1.6%) $225,140 (-4.7%) 0.00 392
2019-11-01 $187,900 (12.0%) $227,544 (1.4%) 0.00 374
2019-12-01 $184,700 (8.7%) $229,468 (1.4%) 0.00 338
2020-01-01 $179,450 (4.1%) $226,331 (1.0%) 0.00 285
2020-02-01 $205,000 (13.9%) $251,848 (7.5%) 0.00 257
2020-03-01 $224,750 (22.2%) $270,759 (14.8%) 0.00 238
2020-04-01 $234,450 (20.9%) $278,710 (16.2%) 0.00 211
2020-05-01 $234,997 (8.1%) $289,883 (14.4%) 0.00 214
2020-06-01 $239,450 (16.8%) $296,908 (18.4%) 0.00 194
2020-07-01 $249,350 (11.1%) $283,081 (9.4%) 0.00 180
2020-08-01 $230,000 (9.6%) $282,871 (13.1%) 0.00 170
2020-09-01 $217,400 (13.9%) $272,712 (15.7%) 0.00 173
2020-10-01 $184,900 (-1.3%) $239,409 (6.3%) 0.00 189
2020-11-01 $192,450 (2.4%) $260,113 (14.3%) 0.00 172
2020-12-01 $199,950 (8.3%) $259,831 (13.2%) 0.00 163
2021-01-01 $199,900 (11.4%) $278,265 (23.0%) 0.00 112
2021-02-01 $199,400 (-2.7%) $285,556 (13.4%) 0.00 93
2021-03-01 $240,000 (6.8%) $332,795 (22.9%) 0.00 97
2021-04-01 $272,300 (16.1%) $330,933 (18.7%) 0.00 101
2021-05-01 $238,000 (1.3%) $330,497 (14.0%) 0.00 133
2021-06-01 $276,950 (15.7%) $352,654 (18.8%) 0.00 127
2021-07-01 $255,500 (2.5%) $335,564 (18.5%) 0.00 148
2021-08-01 $234,950 (2.2%) $305,572 (8.0%) 0.00 139
2021-09-01 $229,900 (5.8%) $291,485 (6.9%) 0.00 134
2021-10-01 $225,000 (21.7%) $270,890 (13.2%) 0.00 141
2021-11-01 $199,999 (3.9%) $265,389 (2.0%) 0.00 128
2021-12-01 $222,450 (11.3%) $283,091 (9.0%) 0.00 89
2022-01-01 $239,900 (20.0%) $306,121 (10.0%) 0.00 68
2022-02-01 $264,450 (32.6%) $352,496 (23.4%) 0.00 62
2022-03-01 $249,900 (4.1%) $338,073 (1.6%) 0.00 64
2022-04-01 $250,000 (-8.2%) $334,910 (1.2%) 0.00 75
Midland's median listing price for 2022-04-01 was $250,000, a difference of $-22,300 (-8.2%) versus the prior year and $100 versus the prior month.

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

Midland's average listing price for 2022-04-01 was $334,910, a difference of $3,977 (1.2%) versus the prior year and $-3,163 versus the prior month.

For the 2022-04-01 period, Midland had 75 MLS listings, a difference of 11 listings (17%) versus the prior month and -26 listings (-26%) 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 1,802 sqft
2018-02-01 0 days 1,837 sqft
2018-03-01 0 days 1,591 sqft
2018-04-01 0 days 1,404 sqft
2018-05-01 0 days 1,427 sqft
2018-06-01 0 days 1,450 sqft
2018-07-01 0 days 1,488 sqft
2018-08-01 0 days 1,523 sqft
2018-09-01 0 days 1,817 sqft
2018-10-01 0 days 1,991 sqft
2018-11-01 0 days 1,950 sqft
2018-12-01 0 days 1,900 sqft
2019-01-01 0 days 1,818 sqft
2019-02-01 0 days 1,847 sqft
2019-03-01 0 days 1,766 sqft
2019-04-01 0 days 1,738 sqft
2019-05-01 0 days 1,855 sqft
2019-06-01 0 days 1,808 sqft
2019-07-01 0 days 1,850 sqft
2019-08-01 0 days 1,829 sqft
2019-09-01 0 days 1,804 sqft
2019-10-01 0 days 1,750 sqft
2019-11-01 0 days 1,755 sqft
2019-12-01 0 days 1,749 sqft
2020-01-01 0 days 1,768 sqft
2020-02-01 0 days 1,808 sqft
2020-03-01 0 days 1,824 sqft
2020-04-01 0 days 1,826 sqft
2020-05-01 0 days 1,829 sqft
2020-06-01 0 days 1,808 sqft
2020-07-01 0 days 1,851 sqft
2020-08-01 0 days 1,936 sqft
2020-09-01 0 days 1,746 sqft
2020-10-01 0 days 1,636 sqft
2020-11-01 0 days 1,652 sqft
2020-12-01 0 days 1,733 sqft
2021-01-01 0 days 1,778 sqft
2021-02-01 0 days 1,612 sqft
2021-03-01 0 days 1,680 sqft
2021-04-01 0 days 1,755 sqft
2021-05-01 0 days 1,700 sqft
2021-06-01 0 days 1,958 sqft
2021-07-01 0 days 1,804 sqft
2021-08-01 0 days 1,800 sqft
2021-09-01 0 days 1,770 sqft
2021-10-01 0 days 1,695 sqft
2021-11-01 0 days 1,517 sqft
2021-12-01 0 days 1,640 sqft
2022-01-01 0 days 1,592 sqft
2022-02-01 0 days 1,668 sqft
2022-03-01 0 days 1,555 sqft
2022-04-01 0 days 1,636 sqft
Midland's median listing age (time on market) for 2022-04-01 was 0 days.

Midland's median square footage for active listings during the 2022-04-01 period was 1,636 sqft. One year prior, the average listing was 1,755 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).