Midland FHA Loan Rates, Closing Costs & Stats

MIDLAND, MI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 42 lenders originated 149 FHA loans during 2024. The total origination value was $28,775,000, with an average FHA loan value of $193,121.

    Midland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Midland averaged 6.59% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Midland's average FHA mortgage closing costs are $6,376.

    The average rate for the prior week (2025-03-28) was 6.69% and one month ago for the week of 2025-02-28, the average rate was 6.67%.

    The average rate one year ago was 6.79%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.15%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 23 6.40% $9,116
    STAUNTON FINANCIAL, INC. 16 6.83% $7,113
    FIRST COMMUNITY MORTGAGE, INC. 12 6.65% $9,040
    CANOPY MORTGAGE, LLC 10 6.88% $10,279
    Mercantile Bank of Michigan 5 6.43% $6,728
    UNITED WHOLESALE MORTGAGE, LLC 4 6.53% $10,361
    GENEVA FINANCIAL, LLC 4 6.94% $9,257
    CROSSCOUNTRY MORTGAGE, LLC 4 6.70% $8,283
    LOANPAL, LLC 4 5.63% $10,322
    The Huntington National Bank 4 7.06% $6,372
    Preston Home Loans Inc 4 6.94% $5,188
    FREEDOM MORTGAGE CORPORATION 3 6.63% $8,415
    J. VIRGIL, INC. 3 6.04% $10,653
    GUARANTEED RATE, INC. 3 6.13% $14,546
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.69% $10,573
    AMERICAN FINANCING CORPORATION 2 6.38% $13,443
    AmeriHome Mortgage Company, LLC 2 6.56% $7,999
    LOANDEPOT.COM, LLC 2 5.88% $13,947
    NEWREZ LLC 2 6.25% $9,008
    PLANET HOME LENDING, LLC 2 6.00% $4,071
    SOUTHWEST FUNDING, LP 2 7.19% $9,551
    The Dart Bank 2 6.56% $5,323
    DAS Acquisition Company, LLC 1 6.38% $12,825
    Carrington Mortgage Services, LLC 1 5.63% $8,477
    MICHIGAN MUTUAL, INC. 1 6.75% $9,400
    MILEND, INC. 1 5.75% $8,160
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $11,158
    Barrington Bank & Trust Company, N.A. 1 6.25% $6,892
    Northpointe Bank 1 6.13% $7,213
    TOP FLITE FINANCIAL, INC. 1 6.88% $13,097
    POINT Mortgage 1 6.75% $12,520
    CARDINAL FINANCIAL 1 7.25% $8,951
    Prosperity Home Mortgage, LLC 1 6.75% $8,495
    BROKER SOLUTIONS, INC. 1 6.63% $7,905
    ROSS MORTGAGE CORPORATION 1 7.13% $10,375
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $15,453
    BLG HOLDINGS, INC. 1 7.25% $8,314
    GUILD MORTGAGE COMPANY 1 6.38% $9,234
    FINANCIAL PLUS CREDIT UNION 1 6.00% $7,031
    LAKE MICHIGAN CREDIT UNION 1 5.88% $8,508
    LAKEVIEW LOAN SERVICING, LLC 1 5.50% $14,794
    VILLAGE CAPITAL MORTGAGE 1 6.75% $4,719

    The top Midland FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 23 FHA loans originated. Their average total fees are $9,116, which is $2,003 higher than the next largest lender, STAUNTON FINANCIAL, INC..

    The lowest fee Midland FHA lenders (with over 10 loans originated) are STAUNTON FINANCIAL, INC. ($7,113), FIRST COMMUNITY MORTGAGE, INC. ($9,040), QUICKEN LOANS, LLC ($9,116), CANOPY MORTGAGE, LLC ($10,279) and .

    The lowest rate Midland FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.40%), FIRST COMMUNITY MORTGAGE, INC. (6.65%), STAUNTON FINANCIAL, INC. (6.83%), CANOPY MORTGAGE, LLC (6.88%) 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 (21.6%) $247,667 (18.0%) 0.00 245
    2018-03-01 $170,000 (13.4%) $239,527 (8.0%) 0.00 278
    2018-04-01 $179,950 (7.8%) $242,963 (5.1%) 0.00 268
    2018-05-01 $184,875 (5.7%) $246,849 (5.8%) 0.00 280
    2018-06-01 $187,500 (6.6%) $245,178 (5.5%) 0.00 314
    2018-07-01 $186,250 (12.2%) $243,455 (3.9%) 0.00 335
    2018-08-01 $189,250 (14.8%) $240,566 (7.8%) 0.00 342
    2018-09-01 $180,000 (6.5%) $238,865 (5.9%) 0.00 368
    2018-10-01 $189,800 (12.9%) $241,973 (7.4%) 0.00 352
    2018-11-01 $173,075 (-0.4%) $229,689 (-1.7%) 0.00 334
    2018-12-01 $175,000 (1.0%) $231,189 (-3.0%) 0.00 278
    2019-01-01 $174,950 (2.9%) $230,634 (-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 (18.8%) $258,446 (4.7%) 0.00 256
    2019-06-01 $200,000 (6.7%) $251,455 (2.6%) 0.00 279
    2019-07-01 $213,625 (14.7%) $254,787 (4.7%) 0.00 300
    2019-08-01 $201,818 (6.6%) $246,928 (2.6%) 0.00 313
    2019-09-01 $189,545 (5.3%) $234,824 (-1.7%) 0.00 329
    2019-10-01 $183,814 (-3.2%) $226,148 (-6.5%) 0.00 338
    2019-11-01 $187,900 (8.6%) $231,139 (0.6%) 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%) $287,281 (2.3%) 0.00 57
    2022-02-01 $248,417 (28.6%) $332,530 (15.3%) 0.00 51
    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 (7.4%) 0.00 58
    2023-02-01 $241,475 (-2.8%) $330,429 (-0.6%) 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%) $355,481 (5.3%) 0.00 81
    2024-06-01 $348,700 (13.9%) $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
    2024-10-01 $306,225 (5.6%) $395,032 (22.8%) 0.00 136
    2024-11-01 $307,350 (6.6%) $380,920 (19.4%) 0.00 126
    2024-12-01 $265,000 (-5.2%) $350,120 (12.2%) 0.00 118
    2025-01-01 $272,400 (-5.4%) $359,430 (7.3%) 0.00 105
    2025-02-01 $287,500 (0.0%) $384,849 (15.2%) 0.00 96
    2025-03-01 $292,500 (-2.2%) $382,815 (14.3%) 0.00 101
    Midland's median listing price for 2025-03-01 was $292,500, a difference of $-6,500 (-2.2%) versus the prior year and $5,000 versus the prior month.

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

    Midland's average listing price for 2025-03-01 was $382,815, a difference of $47,838 (14.3%) versus the prior year and $-2,034 versus the prior month.

    For the 2025-03-01 period, Midland had 101 MLS listings, a difference of 5 listings (5%) versus the prior month and 28 listings (38%) 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 1,790 sqft
    2018-04-01 0 days 1,793 sqft
    2018-05-01 0 days 1,763 sqft
    2018-06-01 0 days 1,758 sqft
    2018-07-01 0 days 1,752 sqft
    2018-08-01 0 days 1,802 sqft
    2018-09-01 0 days 1,907 sqft
    2018-10-01 0 days 2,050 sqft
    2018-11-01 0 days 2,032 sqft
    2018-12-01 0 days 1,978 sqft
    2019-01-01 0 days 1,956 sqft
    2019-02-01 0 days 1,977 sqft
    2019-03-01 0 days 1,885 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 1,807 sqft
    2021-10-01 0 days 1,736 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 1,738 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 1,749 sqft
    2022-09-01 0 days 1,711 sqft
    2022-10-01 0 days 1,708 sqft
    2022-11-01 0 days 1,677 sqft
    2022-12-01 0 days 1,600 sqft
    2023-01-01 0 days 1,624 sqft
    2023-02-01 0 days 1,638 sqft
    2023-03-01 0 days 1,617 sqft
    2023-04-01 0 days 1,726 sqft
    2023-05-01 0 days 1,717 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 1,790 sqft
    2024-06-01 0 days 1,760 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
    2024-10-01 0 days 1,808 sqft
    2024-11-01 0 days 1,757 sqft
    2024-12-01 0 days 1,687 sqft
    2025-01-01 0 days 1,718 sqft
    2025-02-01 0 days 1,868 sqft
    2025-03-01 0 days 1,869 sqft
    Midland's median listing age (time on market) for 2025-03-01 was 0 days.

    Midland's median square footage for active listings during the 2025-03-01 period was 1,869 sqft. One year prior, the average listing was 1,762 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).