Monroe FHA Loan Rates, Closing Costs & Stats

MONROE, MI

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 6.63% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.71% and one month ago for the week of 2024-05-03, the average rate was 6.81%.

The average rate one year ago was 6.88%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.92%.

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
2024-04-01 $277,450 (2.8%) $342,803 (12.2%) 0.65 156
2024-05-01 $272,788 (-2.3%) $374,472 (19.4%) 0.62 175
Monroe's median listing price for 2024-05-01 was $272,788, a difference of $-6,512 (-2.3%) versus the prior year and $-4,662 versus the prior month.

Monroe's median listing price comes in at 62% of the national average.

Monroe's average listing price for 2024-05-01 was $374,472, a difference of $60,802 (19.4%) versus the prior year and $31,669 versus the prior month.

For the 2024-05-01 period, Monroe had 175 MLS listings, a difference of 19 listings (12%) versus the prior month and 13 listings (8%) 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
2024-04-01 46 days 1,654 sqft
2024-05-01 35 days 1,668 sqft
Monroe's median listing age (time on market) for 2024-05-01 was 35 days. This is 9% longer than the same period one year ago.

Monroe's median square footage for active listings during the 2024-05-01 period was 1,668 sqft. One year prior, the average listing was 1,661 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).