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 7.06% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

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

The average rate for the prior week (2024-05-10) was 7% and one month ago for the week of 2024-04-12, the average rate was 7.16%.

The average rate one year ago was 6.61%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.64%.

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
2024-04-01 $316,250 (8.1%) $361,086 (5.6%) 0.00 79
Midland's median listing price for 2024-04-01 was $316,250, a difference of $23,750 (8.1%) versus the prior year and $17,250 versus the prior month.

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

Midland's average listing price for 2024-04-01 was $361,086, a difference of $19,283 (5.6%) versus the prior year and $26,109 versus the prior month.

For the 2024-04-01 period, Midland had 79 MLS listings, a difference of 6 listings (8%) versus the prior month and 17 listings (27%) 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
2024-04-01 0 days 1,642 sqft
Midland's median listing age (time on market) for 2024-04-01 was 0 days.

Midland's median square footage for active listings during the 2024-04-01 period was 1,642 sqft. One year prior, the average listing was 1,748 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).