Midland FHA Loans

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 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).