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 66 lenders originated 465 FHA loans during 2024. The total origination value was $101,935,000, with an average FHA loan value of $219,215.

    Monroe FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Monroe averaged 0.3% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Monroe's average FHA mortgage closing costs are $7,039.

    The average rate for the prior week (2025-06-13) was 6.88% and one month ago for the week of 2025-05-16, the average rate was 6.94%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.02%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    AMERICAN FINANCIAL NETWORK, INC. 94 6.48% $9,635
    QUICKEN LOANS, LLC 60 6.23% $10,080
    UNITED WHOLESALE MORTGAGE, LLC 37 6.23% $9,823
    CROSSCOUNTRY MORTGAGE, LLC 25 6.65% $9,424
    MORTGAGE 1 INCORPORATED 18 6.53% $11,956
    UNION HOME MORTGAGE CORP. 11 6.91% $8,828
    GVC MORTGAGE, INC. 9 6.94% $9,169
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 8 7.13% $10,552
    FREEDOM MORTGAGE CORPORATION 8 6.67% $12,299
    The Huntington National Bank 8 6.73% $8,078
    INSPIRE HOME LOANS INC. 8 5.94% $9,440
    GUARANTEED RATE, INC. 6 6.59% $11,185
    BROKER SOLUTIONS, INC. 6 6.73% $10,986
    NFM, INC. 5 7.20% $10,017
    KeyBank 5 6.40% $7,871
    SUCCESS MORTGAGE PARTNERS, INC. 5 6.93% $11,219
    Mr. Cooper ( Nationstar Mortgage ) 5 6.33% $10,430
    CMG MORTGAGE, INC. 4 7.13% $8,951
    Equity Prime Mortgage LLC 4 7.31% $10,944
    Flagstar Bank, FSB 4 6.75% $9,693
    NEWREZ LLC 4 6.69% $6,307
    THE MORTGAGE LINK, INC. 4 6.75% $11,314
    VILLAGE CAPITAL MORTGAGE 4 6.72% $4,844
    MORTGAGE CENTER L.C 3 6.88% $10,703
    ROSS MORTGAGE CORPORATION 3 6.83% $5,909
    PENNYMAC LOAN SERVICES, LLC 3 6.21% $5,584
    MICHIGAN MUTUAL, INC. 3 6.54% $11,297
    TJC Mortgage, Inc. 3 6.42% $11,528
    Fifth Third Bank 3 6.83% $6,578
    PLAZA HOME MORTGAGE, INC. 3 6.87% $9,605
    Carrington Mortgage Services, LLC 3 6.33% $9,834
    LOANDEPOT.COM, LLC 3 6.21% $8,921
    EQUITY RESOURCES, INC. 2 7.19% $7,595
    FIRST COMMUNITY MORTGAGE, INC. 2 6.75% $10,623
    Nations Lending Corporation 2 5.69% $13,717
    RUOFF MORTGAGE COMPANY, INC. 2 7.00% $11,204
    STAUNTON FINANCIAL, INC. 2 6.56% $9,386
    LAKEVIEW LOAN SERVICING, LLC 2 6.44% $8,653
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.75% $6,915
    AMERICAN FINANCING CORPORATION 2 7.25% $9,015
    First State Bank 2 6.69% $12,143
    First Merchants Bank 2 6.50% $5,499
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $8,051
    SUN WEST MORTGAGE COMPANY, INC. 1 6.58% $8,143
    The Federal Savings Bank 1 7.13% $10,126
    The Loan Store, Inc. 1 7.63% $13,025
    TOP FLITE FINANCIAL, INC. 1 7.13% $10,220
    GENEVA FINANCIAL, LLC 1 6.75% $9,855
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $6,774
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.13% $16,128
    HOMESIDE FINANCIAL, LLC 1 6.25% $15,071
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.75% $15,033
    LOANPAL, LLC 1 6.50% $7,525
    MICHIGAN SCHOOLS AND GOVERNMENT 1 5.63% $5,799
    MID AMERICA MORTGAGE, INC. 1 6.88% $5,433
    DELMAR FINANCIAL COMPANY 1 6.99% $5,780
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.50% $11,084
    Commerce Home Mortgage, Inc. 1 7.13% $9,560
    AmeriHome Mortgage Company, LLC 1 6.99% $3,764
    Century Mortgage Company DBA Century Lending Company 1 5.38% $10,691
    OCEANSIDE MORTGAGE COMPANY 1 6.25% $3,239
    Old National Bank 1 6.00% $5,795
    PNC Bank 1 6.63% $6,961
    Preston Home Loans Inc 1 7.63% $14,918
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $17,986
    Prosperity Home Mortgage, LLC 1 6.63% $9,852

    The top Monroe FHA lender as defined by loan originations is AMERICAN FINANCIAL NETWORK, INC., with 94 FHA loans originated. Their average total fees are $9,635, which is $446 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Monroe FHA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. ($8,828), CROSSCOUNTRY MORTGAGE, LLC ($9,424), AMERICAN FINANCIAL NETWORK, INC. ($9,635), UNITED WHOLESALE MORTGAGE, LLC ($9,823) and QUICKEN LOANS, LLC ($10,080).

    The lowest rate Monroe FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.23%), QUICKEN LOANS, LLC (6.23%), AMERICAN FINANCIAL NETWORK, INC. (6.48%), MORTGAGE 1 INCORPORATED (6.53%) and CROSSCOUNTRY MORTGAGE, LLC (6.65%).

    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).