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 6.54% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.41% and one month ago for the week of 2024-10-04, the average rate was 6.33%.

    The average rate one year ago was 7.48%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

    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

    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).