Monroe FHA Loan Rates, Closing Costs & Stats

MONROE, 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.

    Monroe's 68 lenders originated 410 FHA loans during 2023. The total origination value was $85,310,000, with an average FHA loan value of $208,073.

    Monroe FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Monroe averaged 6.72% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Monroe's average FHA mortgage closing costs are $6,717.

    The average rate for the prior week (2024-07-12) was 6.98% and one month ago for the week of 2024-06-14, the average rate was 6.73%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.12%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Monroe 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 Monroe level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    AMERICAN FINANCIAL NETWORK, INC. 71 6.76% $9,907
    QUICKEN LOANS, LLC 60 6.28% $9,698
    UNITED WHOLESALE MORTGAGE, LLC 35 6.61% $11,279
    CROSSCOUNTRY MORTGAGE, LLC 22 6.95% $9,126
    MORTGAGE 1 INCORPORATED 14 6.42% $11,435
    EVERETT FINANCIAL, INC. 10 7.06% $10,567
    UNION HOME MORTGAGE CORP. 10 6.63% $9,003
    The Huntington National Bank 9 6.53% $8,420
    Mr. Cooper ( Nationstar Mortgage ) 9 6.22% $11,559
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.43% $10,580
    NEWREZ LLC 7 6.38% $9,957
    LOANDEPOT.COM, LLC 7 6.77% $9,568
    STAUNTON FINANCIAL, INC. 5 6.58% $11,641
    BROKER SOLUTIONS, INC. 5 6.70% $9,465
    CALIBER HOME LOANS, INC. 5 6.53% $9,467
    Carrington Mortgage Services, LLC 5 6.60% $11,127
    University Bank 4 6.53% $13,893
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 7.56% $9,832
    Flagstar Bank, FSB 4 6.98% $8,559
    FREEDOM MORTGAGE CORPORATION 3 6.88% $11,374
    PENNYMAC LOAN SERVICES, LLC 3 6.46% $10,324
    LAND HOME FINANCIAL SERVICES, INC. 3 7.21% $9,183
    MICHIGAN MUTUAL, INC. 3 7.04% $8,846
    BLG HOLDINGS, INC. 3 7.17% $10,075
    Fifth Third Bank 3 6.29% $6,156
    HOWARD HANNA FINANCIAL SERVICES, INC. 3 6.58% $7,195
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.63% $10,502
    Mortgage Research Center, LLC 2 7.00% $4,285
    PLAZA HOME MORTGAGE, INC. 2 7.00% $16,558
    GUARANTEED RATE, INC. 2 6.19% $8,460
    GVC MORTGAGE, INC. 2 7.13% $10,588
    ROSS MORTGAGE CORPORATION 2 6.50% $5,861
    Nations Lending Corporation 2 7.00% $12,185
    THE MORTGAGE LINK, INC. 2 7.25% $7,034
    JPMorgan Chase Bank 2 6.56% $6,296
    Equity Prime Mortgage LLC 2 7.00% $7,896
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.50% $10,547
    CARDINAL FINANCIAL 2 6.13% $9,334
    ZILLOW HOME LOANS, LLC 1 6.75% $9,925
    AMERISAVE MORTGAGE CORPORATION 1 5.13% $13,845
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.63% $18,104
    Civista Bank 1 7.50% $6,018
    EQUITY RESOURCES, INC. 1 7.25% $8,682
    First Federal Bank of the Midwest 1 6.13% $7,051
    First Merchants Bank 1 6.75% $5,944
    HOMESIDE FINANCIAL, LLC 1 7.63% $6,527
    HOMESITE MORTGAGE, LLC 1 7.50% $5,859
    INSPIRE HOME LOANS INC. 1 7.00% $10,697
    KeyBank 1 7.00% $6,195
    LAKE MICHIGAN CREDIT UNION 1 6.50% $6,291
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $7,678
    Magnolia Bank 1 5.63% $14,718
    MEMBER FIRST MORTGAGE, LLC 1 7.25% $9,653
    Mercantile Bank of Michigan 1 7.25% $14,121
    MICHIGAN FIRST CREDIT UNION 1 6.63% $9,531
    Plains Commerce Bank 1 6.25% $7,752
    PLANET HOME LENDING, LLC 1 6.38% $10,967
    Platinum Home Mortgage Corporation 1 6.50% $8,570
    PNC Bank 1 6.25% $5,483
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.50% $12,000
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $10,189
    RUOFF MORTGAGE COMPANY, INC. 1 7.00% $7,239
    Servion, Inc. 1 7.38% $4,857
    The Genoa Banking Company 1 6.75% $8,884
    TOP FLITE FINANCIAL, INC. 1 6.75% $14,593
    TOWNE MORTGAGE COMPANY 1 6.25% $15,809
    VAN DYK MORTGAGE CORPORATION 1 6.50% $11,555
    VILLAGE CAPITAL MORTGAGE 1 5.25% $10,277

    The top Monroe FHA lender as defined by loan originations is AMERICAN FINANCIAL NETWORK, INC., with 71 FHA loans originated. Their average total fees are $9,907, which is $210 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Monroe FHA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. ($9,003), CROSSCOUNTRY MORTGAGE, LLC ($9,126), QUICKEN LOANS, LLC ($9,698), AMERICAN FINANCIAL NETWORK, INC. ($9,907) and EVERETT FINANCIAL, INC. ($10,567).

    The lowest rate Monroe FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.28%), MORTGAGE 1 INCORPORATED (6.42%), UNITED WHOLESALE MORTGAGE, LLC (6.61%), UNION HOME MORTGAGE CORP. (6.63%) and AMERICAN FINANCIAL NETWORK, INC. (6.76%).

    Monroe FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MONROE, MI MONROE 2022 $420,680 $538,650 $651,050 $809,150
    MONROE, MI MONROE 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).