Monroe FHA Loans

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 88 lenders originated 911 FHA loans during 2021. The total origination value was $155,425,000, with an average FHA loan value of $170,609.

    Monroe FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Monroe averaged 5.26% 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 5.49% and one month ago for the week of 2022-04-08, the average rate was 4.85%.

    The average rate one year ago was 3.16%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.23%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Monroe level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 182 2.74% $5,584
    AMERICAN FINANCIAL NETWORK, INC. 78 3.28% $10,207
    Nations Lending Corporation 61 2.93% $4,911
    UNION HOME MORTGAGE CORP. 47 3.25% $6,367
    CROSSCOUNTRY MORTGAGE, LLC 40 3.00% $6,318
    MORTGAGE 1 INCORPORATED 38 3.33% $8,271
    UNITED WHOLESALE MORTGAGE, LLC 23 2.74% $6,844
    FREEDOM MORTGAGE CORPORATION 22 3.06% $4,585
    CALIBER HOME LOANS, INC. 17 2.85% $5,676
    The Huntington National Bank 16 2.94% $6,111
    LAKEVIEW LOAN SERVICING, LLC 15 2.99% $4,016
    PENNYMAC LOAN SERVICES, LLC 13 3.20% $3,718
    Mr. Cooper ( Nationstar Mortgage ) 13 3.23% $3,219
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 2.92% $8,010
    Platinum Home Mortgage Corporation 11 3.26% $8,367
    Flagstar Bank, FSB 9 2.93% $5,704
    ROSS MORTGAGE CORPORATION 9 3.65% $7,204
    VILLAGE CAPITAL & INVESTMENT LLC 9 2.89% $2,945
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 2.96% $7,166
    Citizens Bank 7 2.98% $7,141
    HOME POINT FINANCIAL CORPORATION 7 2.98% $4,810
    ACADEMY MORTGAGE CORPORATION 7 3.25% $8,797
    GUARANTEED RATE, INC. 6 3.08% $5,948
    EQUITY RESOURCES, INC. 6 2.92% $5,982
    INSPIRE HOME LOANS INC. 6 3.08% $8,121
    LOANDEPOT.COM, LLC 6 3.12% $5,786
    GVC MORTGAGE, INC. 5 3.43% $9,962
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 3.55% $6,616
    EVERETT FINANCIAL, INC. 5 4.13% $5,423
    NEWREZ LLC 5 3.02% $4,148
    PLAZA HOME MORTGAGE, INC. 4 4.06% $4,431
    SUN WEST MORTGAGE COMPANY, INC. 4 3.12% $3,698
    RUOFF MORTGAGE COMPANY, INC. 4 3.53% $3,827
    First Guaranty Mortgage Corporation 4 3.47% $4,904
    LAND HOME FINANCIAL SERVICES, INC. 4 3.59% $7,633
    TOWNE MORTGAGE COMPANY 3 3.08% $7,919
    LIBERTY HOME MORTGAGE CORPORATION 3 3.00% $7,955
    BLG HOLDINGS, INC. 3 3.17% $7,519
    GENEVA FINANCIAL, LLC 3 3.21% $8,030
    MUTUAL OF OMAHA MORTGAGE, INC. 3 3.25% $9,146
    Fifth Third Bank 3 3.00% $4,609
    Carrington Mortgage Services, LLC 3 3.79% $8,238
    ENVOY MORTGAGE, LTD 2 3.00% $8,147
    BROKER SOLUTIONS, INC. 2 3.19% $7,211
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.75% $4,763
    Hometown Lenders, Inc. 2 3.75% $11,714
    MICHIGAN MUTUAL, INC. 2 3.06% $8,553
    AMERISAVE MORTGAGE CORPORATION 2 2.69% $8,356
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 3.31% $10,256
    J. VIRGIL, INC. 2 3.25% $10,693
    STAUNTON FINANCIAL, INC. 2 3.44% $7,062
    STEARNS LENDING, LLC 2 3.06% $6,057
    Mortgage Research Center, LLC 2 2.94% $4,641
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.75% $8,905
    AMERIFIRST FINANCIAL CORPORATION 2 3.69% $8,047
    AMERICAN FINANCIAL RESOURCES, INC. 2 4.00% $7,779
    NATIONS DIRECT MORTGAGE, LLC 2 3.31% $6,528
    AmeriHome Mortgage Company, LLC 1 3.99% $2,334
    First Merchants Bank 1 2.50% $3,605
    EMBRACE HOME LOANS, INC. 1 2.38% $8,598
    DAS Acquisition Company, LLC 1 4.00% $9,872
    Colten Mortgage, LLC 1 3.50% $4,281
    Colonial Savings, F.A. 1 3.38% $6,109
    CMG MORTGAGE, INC. 1 4.38% $11,522
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 2.63% $8,094
    INLANTA MORTGAGE, INC. 1 3.25% $8,819
    VAN DYK MORTGAGE CORPORATION 1 3.00% $4,834
    LAKE MICHIGAN CREDIT UNION 1 2.25% $8,031
    Lakeview Community Capital, LLC 1 3.50% $2,985
    CHURCHILL MORTGAGE CORPORATION 1 3.00% $8,167
    ALL WESTERN MORTGAGE, INC. 1 4.50% $12,704
    MICHIGAN SCHOOLS AND GOVERNMENT 1 3.00% $3,069
    MID AMERICA MORTGAGE, INC. 1 3.38% $5,873
    MORTGAGE CENTER L.C 1 3.38% $5,732
    NATIONS RELIABLE LENDING, LLC 1 2.75% $9,701
    Paramount Residential Mortgage Group, Inc. 1 3.88% $10,357
    PLANET HOME LENDING, LLC 1 2.75% $3,875
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $4,710
    PNC Bank 1 3.13% $4,152
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.75% $6,713
    Residential Mortgage Solutions, Inc. 1 2.50% $7,726
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.00% $7,334
    Servion, Inc. 1 2.88% $6,598
    SIRVA MORTGAGE, INC. 1 2.50% $4,751
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $9,136
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.88% $8,799
    The State Bank and Trust Company 1 3.00% $4,752
    UNIVERSITY LENDING GROUP, LLC 1 3.13% $8,753

    The top Monroe FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 182 FHA loans originated. Their average total fees are $5,584, which is $4,623 lower than the next largest lender, AMERICAN FINANCIAL NETWORK, INC..

    The lowest fee Monroe FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,219), PENNYMAC LOAN SERVICES, LLC ($3,718), LAKEVIEW LOAN SERVICING, LLC ($4,016), FREEDOM MORTGAGE CORPORATION ($4,585) and Nations Lending Corporation ($4,911).

    The lowest rate Monroe FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.74%), UNITED WHOLESALE MORTGAGE, LLC (2.74%), CALIBER HOME LOANS, INC. (2.85%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (2.92%) and Nations Lending Corporation (2.93%).

    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

    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).