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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.