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 6.89% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.88% and one month ago for the week of 2024-03-15, the average rate was 6.65%.

    The average rate one year ago was 6.68%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.38%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Monroe (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 $169,175 (2.5%) $210,985 (7.4%) 0.63 443
    2018-02-01 $172,150 (3.7%) $211,571 (6.0%) 0.63 425
    2018-03-01 $187,000 (13.4%) $217,793 (10.1%) 0.66 406
    2018-04-01 $197,400 (16.2%) $219,405 (7.5%) 0.67 420
    2018-05-01 $199,225 (10.7%) $220,592 (2.4%) 0.67 436
    2018-06-01 $199,999 (6.7%) $226,780 (2.3%) 0.67 497
    2018-07-01 $216,400 (8.9%) $229,790 (2.4%) 0.72 538
    2018-08-01 $211,450 (19.2%) $223,929 (2.5%) 0.71 587
    2018-09-01 $199,450 (10.9%) $223,200 (2.4%) 0.67 577
    2018-10-01 $197,000 (9.4%) $221,064 (0.9%) 0.67 533
    2018-11-01 $203,063 (14.7%) $222,793 (4.1%) 0.69 497
    2018-12-01 $194,900 (19.6%) $221,852 (5.7%) 0.67 460
    2019-01-01 $187,450 (10.8%) $222,207 (5.3%) 0.65 444
    2019-02-01 $196,925 (14.4%) $226,595 (7.1%) 0.67 432
    2019-03-01 $203,614 (8.9%) $228,108 (4.7%) 0.67 417
    2019-04-01 $209,900 (6.3%) $228,921 (4.3%) 0.67 414
    2019-05-01 $199,900 (0.3%) $232,337 (5.3%) 0.62 421
    2019-06-01 $203,900 (2.0%) $233,873 (3.1%) 0.64 458
    2019-07-01 $210,195 (-2.9%) $238,457 (3.8%) 0.66 493
    2019-08-01 $207,173 (-2.0%) $235,591 (5.2%) 0.66 497
    2019-09-01 $203,082 (1.8%) $234,180 (4.9%) 0.65 493
    2019-10-01 $202,855 (3.0%) $235,095 (6.4%) 0.65 491
    2019-11-01 $201,490 (-0.8%) $233,127 (4.6%) 0.66 501
    2019-12-01 $199,900 (2.6%) $226,863 (2.3%) 0.67 452
    2020-01-01 $199,900 (6.6%) $227,342 (2.3%) 0.67 388
    2020-02-01 $209,950 (6.6%) $235,558 (4.0%) 0.69 342
    2020-03-01 $209,950 (3.1%) $240,615 (5.5%) 0.66 294
    2020-04-01 $204,900 (-2.4%) $225,136 (-1.7%) 0.64 265
    2020-05-01 $199,000 (-0.5%) $228,038 (-1.9%) 0.60 281
    2020-06-01 $221,950 (8.9%) $237,540 (1.6%) 0.65 264
    2020-07-01 $227,400 (8.2%) $244,771 (2.7%) 0.66 241
    2020-08-01 $239,900 (15.8%) $254,669 (8.1%) 0.69 247
    2020-09-01 $238,950 (17.7%) $255,979 (9.3%) 0.68 221
    2020-10-01 $229,900 (13.3%) $251,786 (7.1%) 0.66 223
    2020-11-01 $240,088 (19.2%) $260,915 (11.9%) 0.70 212
    2020-12-01 $229,900 (15.0%) $261,655 (15.3%) 0.68 204
    2021-01-01 $230,000 (15.1%) $261,679 (15.1%) 0.69 173
    2021-02-01 $248,008 (18.1%) $269,668 (14.5%) 0.72 156
    2021-03-01 $239,975 (14.3%) $270,163 (12.3%) 0.68 142
    2021-04-01 $260,630 (27.2%) $289,398 (28.5%) 0.71 152
    2021-05-01 $256,905 (29.1%) $278,481 (22.1%) 0.68 150
    2021-06-01 $256,175 (15.4%) $280,627 (18.1%) 0.67 190
    2021-07-01 $245,000 (7.7%) $281,278 (14.9%) 0.65 205
    2021-08-01 $248,050 (3.4%) $281,802 (10.7%) 0.66 243
    2021-09-01 $246,200 (3.0%) $282,759 (10.5%) 0.66 235
    2021-10-01 $239,900 (4.4%) $281,833 (11.9%) 0.64 210
    2021-11-01 $239,925 (-0.1%) $282,363 (8.2%) 0.64 198
    2021-12-01 $234,900 (2.2%) $287,897 (10.0%) 0.64 176
    2022-01-01 $234,900 (2.1%) $289,639 (10.7%) 0.64 164
    2022-02-01 $251,500 (1.4%) $298,795 (10.8%) 0.65 141
    2022-03-01 $250,750 (4.5%) $300,272 (11.1%) 0.63 121
    2022-04-01 $254,000 (-2.5%) $303,202 (4.8%) 0.61 126
    2022-05-01 $259,925 (1.2%) $313,737 (12.7%) 0.59 153
    2022-06-01 $274,950 (7.3%) $319,707 (13.9%) 0.61 183
    2022-07-01 $275,000 (12.2%) $315,035 (12.0%) 0.62 227
    2022-08-01 $246,650 (-0.6%) $292,199 (3.7%) 0.57 251
    2022-09-01 $264,725 (7.5%) $300,343 (6.2%) 0.62 232
    2022-10-01 $259,200 (8.1%) $292,717 (3.9%) 0.61 224
    2022-11-01 $267,500 (11.5%) $298,588 (5.8%) 0.64 221
    2022-12-01 $279,850 (19.1%) $311,298 (8.1%) 0.69 197
    2023-01-01 $275,900 (17.5%) $306,128 (5.7%) 0.68 184
    2023-02-01 $265,000 (5.4%) $306,604 (2.6%) 0.64 169
    2023-03-01 $267,000 (6.5%) $299,210 (-0.4%) 0.63 139
    2023-04-01 $269,950 (6.3%) $305,585 (0.8%) 0.63 143
    2023-05-01 $279,300 (7.5%) $313,670 (0.0%) 0.63 162
    2023-06-01 $296,365 (7.8%) $326,439 (2.1%) 0.67 163
    2023-07-01 $295,000 (7.3%) $347,518 (10.3%) 0.67 168
    2023-08-01 $289,250 (17.3%) $339,244 (16.1%) 0.66 192
    2023-09-01 $299,900 (13.3%) $349,063 (16.2%) 0.70 198
    2023-10-01 $275,000 (6.1%) $326,916 (11.7%) 0.65 200
    2023-11-01 $276,200 (3.3%) $322,622 (8.1%) 0.66 237
    2023-12-01 $275,000 (-1.7%) $326,898 (5.0%) 0.67 240
    2024-01-01 $267,775 (-2.9%) $317,879 (3.8%) 0.65 221
    2024-02-01 $274,500 (3.6%) $329,951 (7.6%) 0.66 201
    2024-03-01 $279,400 (4.6%) $336,768 (12.6%) 0.66 167
    Monroe's median listing price for 2024-03-01 was $279,400, a difference of $12,400 (4.6%) versus the prior year and $4,900 versus the prior month.

    Monroe's median listing price comes in at 66% of the national average.

    Monroe's average listing price for 2024-03-01 was $336,768, a difference of $37,558 (12.6%) versus the prior year and $6,817 versus the prior month.

    For the 2024-03-01 period, Monroe had 167 MLS listings, a difference of -34 listings (-17%) versus the prior month and 28 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Monroe (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 83 days 1,644 sqft
    2018-02-01 84 days 1,622 sqft
    2018-03-01 72 days 1,641 sqft
    2018-04-01 50 days 1,684 sqft
    2018-05-01 47 days 1,699 sqft
    2018-06-01 44 days 1,726 sqft
    2018-07-01 45 days 1,759 sqft
    2018-08-01 45 days 1,734 sqft
    2018-09-01 52 days 1,691 sqft
    2018-10-01 59 days 1,682 sqft
    2018-11-01 71 days 1,685 sqft
    2018-12-01 80 days 1,705 sqft
    2019-01-01 89 days 1,678 sqft
    2019-02-01 89 days 1,700 sqft
    2019-03-01 69 days 1,716 sqft
    2019-04-01 53 days 1,733 sqft
    2019-05-01 46 days 1,705 sqft
    2019-06-01 49 days 1,732 sqft
    2019-07-01 44 days 1,766 sqft
    2019-08-01 48 days 1,753 sqft
    2019-09-01 54 days 1,742 sqft
    2019-10-01 53 days 1,735 sqft
    2019-11-01 54 days 1,715 sqft
    2019-12-01 70 days 1,697 sqft
    2020-01-01 86 days 1,699 sqft
    2020-02-01 94 days 1,702 sqft
    2020-03-01 104 days 1,675 sqft
    2020-04-01 92 days 1,636 sqft
    2020-05-01 67 days 1,629 sqft
    2020-06-01 47 days 1,669 sqft
    2020-07-01 46 days 1,675 sqft
    2020-08-01 46 days 1,706 sqft
    2020-09-01 48 days 1,734 sqft
    2020-10-01 50 days 1,737 sqft
    2020-11-01 54 days 1,728 sqft
    2020-12-01 51 days 1,662 sqft
    2021-01-01 63 days 1,686 sqft
    2021-02-01 56 days 1,690 sqft
    2021-03-01 49 days 1,672 sqft
    2021-04-01 30 days 1,681 sqft
    2021-05-01 43 days 1,675 sqft
    2021-06-01 29 days 1,664 sqft
    2021-07-01 31 days 1,664 sqft
    2021-08-01 29 days 1,659 sqft
    2021-09-01 37 days 1,659 sqft
    2021-10-01 46 days 1,680 sqft
    2021-11-01 57 days 1,621 sqft
    2021-12-01 54 days 1,526 sqft
    2022-01-01 48 days 1,544 sqft
    2022-02-01 54 days 1,566 sqft
    2022-03-01 53 days 1,601 sqft
    2022-04-01 46 days 1,662 sqft
    2022-05-01 25 days 1,736 sqft
    2022-06-01 26 days 1,774 sqft
    2022-07-01 31 days 1,752 sqft
    2022-08-01 31 days 1,642 sqft
    2022-09-01 42 days 1,638 sqft
    2022-10-01 50 days 1,617 sqft
    2022-11-01 53 days 1,632 sqft
    2022-12-01 55 days 1,650 sqft
    2023-01-01 62 days 1,666 sqft
    2023-02-01 55 days 1,653 sqft
    2023-03-01 49 days 1,642 sqft
    2023-04-01 42 days 1,642 sqft
    2023-05-01 32 days 1,661 sqft
    2023-06-01 35 days 1,708 sqft
    2023-07-01 37 days 1,731 sqft
    2023-08-01 34 days 1,684 sqft
    2023-09-01 33 days 1,757 sqft
    2023-10-01 38 days 1,698 sqft
    2023-11-01 37 days 1,699 sqft
    2023-12-01 46 days 1,696 sqft
    2024-01-01 58 days 1,649 sqft
    2024-02-01 66 days 1,702 sqft
    2024-03-01 52 days 1,664 sqft
    Monroe's median listing age (time on market) for 2024-03-01 was 52 days. This is 7% longer than the same period one year ago.

    Monroe's median square footage for active listings during the 2024-03-01 period was 1,664 sqft. One year prior, the average listing was 1,642 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).