Mount Pleasant FHA Loan Rates, Closing Costs & Stats

Mount Pleasant, 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.

Mount Pleasant's 45 lenders originated 109 FHA loans during 2023. The total origination value was $17,815,000, with an average FHA loan value of $163,440.

Mount Pleasant FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mount Pleasant averaged 7.26% for the week of 2024-07-05, compared to the national average (all FHA variants) of 6.724% for the same period.

Mount Pleasant's average FHA mortgage closing costs are $6,296.

The average rate for the prior week (2024-06-28) was 7.12% and one month ago for the week of 2024-05-31, the average rate was 7.01%.

The average rate one year ago was 7.19%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.72%.

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

Mount Pleasant 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 Mount Pleasant level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 14 6.24% $8,200
ACADEMY MORTGAGE CORPORATION 10 6.80% $8,665
UNITED WHOLESALE MORTGAGE, LLC 6 6.43% $7,717
MID AMERICA MORTGAGE, INC. 5 7.00% $5,514
BM Real Estate Services, Inc. 5 7.00% $7,668
Mr. Cooper ( Nationstar Mortgage ) 3 5.92% $12,419
J. VIRGIL, INC. 3 6.75% $9,388
FREEDOM MORTGAGE CORPORATION 3 7.25% $9,624
Neighborhood Loans, Inc. 3 7.00% $6,896
The Dart Bank 3 6.67% $6,199
The Huntington National Bank 3 6.79% $6,632
TOWNE MORTGAGE COMPANY 3 6.54% $7,234
Independent Bank 2 7.38% $6,386
Flagstar Bank, FSB 2 6.44% $10,584
CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $11,363
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.50% $7,486
CALIBER HOME LOANS, INC. 2 6.13% $9,570
Paramount Residential Mortgage Group, Inc. 2 7.56% $12,556
PENNYMAC LOAN SERVICES, LLC 2 6.81% $10,591
Mercantile Bank of Michigan 2 6.19% $5,109
LOANDEPOT.COM, LLC 2 5.94% $8,361
UNION HOME MORTGAGE CORP. 2 7.06% $9,641
RELIANCE FIRST CAPITAL, LLC 1 6.00% $10,258
SUN WEST MORTGAGE COMPANY, INC. 1 6.47% $3,308
AMCAP MORTGAGE, LTD. 1 7.13% $10,959
AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $9,527
AMERISAVE MORTGAGE CORPORATION 1 6.13% $10,335
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $8,405
BROKER SOLUTIONS, INC. 1 6.75% $9,245
CARDINAL FINANCIAL 1 6.88% $5,672
Equity Prime Mortgage LLC 1 7.75% $14,026
Fifth Third Bank 1 6.50% $5,571
FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $6,341
GVC MORTGAGE, INC. 1 7.13% $10,140
HOMESTAR FINANCIAL CORPORATION 1 7.25% $3,775
Horizon Bank 1 6.63% $5,341
LEGEND LENDING CORPORATION 1 6.75% $9,601
MICHIGAN FIRST CREDIT UNION 1 6.75% $6,597
MICHIGAN MUTUAL, INC. 1 8.13% $4,821
MMS MORTGAGE SERVICES, LTD. 1 6.75% $3,242
MORTGAGE 1 INCORPORATED 1 6.75% $15,131
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $13,583
PLAZA HOME MORTGAGE, INC. 1 5.38% $23,007
PNC Bank 1 6.88% $10,051
Preston Home Loans Inc 1 6.99% $10,071

The top Mount Pleasant FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 14 FHA loans originated. Their average total fees are $8,200, which is $464 lower than the next largest lender, ACADEMY MORTGAGE CORPORATION.

The lowest fee Mount Pleasant FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,200), ACADEMY MORTGAGE CORPORATION ($8,665), .

The lowest rate Mount Pleasant FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.24%), ACADEMY MORTGAGE CORPORATION (6.80%), .

Mount Pleasant FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MOUNT PLEASANT, MI ISABELLA 2022 $420,680 $538,650 $651,050 $809,150
MOUNT PLEASANT, MI ISABELLA 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mount Pleasant (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 $145,000 (5.4%) $176,601 (7.4%) 0.00 271
2018-02-01 $144,950 (1.8%) $175,819 (5.6%) 0.00 263
2018-03-01 $149,000 (2.8%) $179,016 (7.0%) 0.00 271
2018-04-01 $149,900 (0.0%) $185,458 (7.2%) 0.00 283
2018-05-01 $152,450 (4.5%) $187,505 (8.2%) 0.00 291
2018-06-01 $149,900 (3.1%) $182,404 (4.5%) 0.00 323
2018-07-01 $150,000 (0.1%) $183,042 (4.6%) 0.00 339
2018-08-01 $149,950 (0.1%) $180,887 (1.9%) 0.00 335
2018-09-01 $149,900 (0.0%) $183,190 (3.9%) 0.00 341
2018-10-01 $150,000 (3.0%) $185,092 (5.8%) 0.00 325
2018-11-01 $150,000 (9.0%) $184,830 (6.7%) 0.00 319
2018-12-01 $150,000 (3.5%) $184,769 (5.2%) 0.00 302
2019-01-01 $154,900 (6.8%) $187,590 (6.2%) 0.00 262
2019-02-01 $149,950 (3.5%) $186,303 (6.0%) 0.00 259
2019-03-01 $152,086 (2.1%) $183,904 (2.7%) 0.00 270
2019-04-01 $157,450 (5.0%) $189,641 (2.3%) 0.00 275
2019-05-01 $162,450 (6.6%) $194,648 (3.8%) 0.00 277
2019-06-01 $159,000 (6.1%) $191,299 (4.9%) 0.00 300
2019-07-01 $158,200 (5.5%) $188,863 (3.2%) 0.00 322
2019-08-01 $161,363 (7.6%) $189,433 (4.7%) 0.00 305
2019-09-01 $163,409 (9.0%) $189,492 (3.4%) 0.00 281
2019-10-01 $167,125 (11.4%) $190,079 (2.7%) 0.00 241
2019-11-01 $169,900 (13.3%) $202,707 (9.7%) 0.00 190
2019-12-01 $169,900 (13.3%) $206,830 (11.9%) 0.00 173
2020-01-01 $169,900 (9.7%) $205,794 (9.7%) 0.00 165
2020-02-01 $174,900 (16.6%) $205,533 (10.3%) 0.00 155
2020-03-01 $181,225 (19.2%) $205,681 (11.8%) 0.00 161
2020-04-01 $182,175 (15.7%) $213,434 (12.6%) 0.00 143
2020-05-01 $168,175 (3.5%) $203,225 (4.4%) 0.00 150
2020-06-01 $179,975 (13.2%) $211,813 (10.7%) 0.00 160
2020-07-01 $182,500 (15.4%) $214,638 (13.7%) 0.00 162
2020-08-01 $179,500 (11.2%) $223,430 (18.0%) 0.00 148
2020-09-01 $187,175 (14.5%) $233,534 (23.2%) 0.00 137
2020-10-01 $194,900 (16.6%) $234,824 (23.5%) 0.00 131
2020-11-01 $185,000 (8.9%) $231,038 (14.0%) 0.00 132
2020-12-01 $169,950 (0.0%) $223,377 (8.0%) 0.00 129
2021-01-01 $159,900 (-5.9%) $216,483 (5.2%) 0.00 97
2021-02-01 $163,675 (-6.4%) $231,378 (12.6%) 0.00 74
2021-03-01 $164,925 (-9.0%) $236,707 (15.1%) 0.00 74
2021-04-01 $212,375 (16.6%) $271,221 (27.1%) 0.00 65
2021-05-01 $200,000 (18.9%) $254,037 (25.0%) 0.00 70
2021-06-01 $182,200 (1.2%) $227,470 (7.4%) 0.00 88
2021-07-01 $185,000 (1.4%) $236,134 (10.0%) 0.00 111
2021-08-01 $187,375 (4.4%) $220,721 (-1.2%) 0.00 123
2021-09-01 $182,500 (-2.5%) $216,401 (-7.3%) 0.00 128
2021-10-01 $179,950 (-7.7%) $211,115 (-10.1%) 0.00 126
2021-11-01 $179,400 (-3.0%) $217,132 (-6.0%) 0.00 109
2021-12-01 $179,950 (5.9%) $218,330 (-2.3%) 0.00 92
2022-01-01 $179,950 (12.5%) $228,061 (5.4%) 0.00 80
2022-02-01 $179,900 (9.9%) $227,287 (-1.8%) 0.00 63
2022-03-01 $179,900 (9.1%) $227,673 (-3.8%) 0.00 50
2022-04-01 $184,700 (-13.0%) $235,886 (-13.0%) 0.00 55
2022-05-01 $178,650 (-10.7%) $225,238 (-11.3%) 0.00 70
2022-06-01 $184,925 (1.5%) $234,172 (3.0%) 0.00 89
2022-07-01 $217,400 (17.5%) $242,690 (2.8%) 0.00 96
2022-08-01 $204,250 (9.0%) $250,130 (13.3%) 0.00 121
2022-09-01 $207,250 (13.6%) $249,433 (15.3%) 0.00 127
2022-10-01 $188,450 (4.7%) $249,953 (18.4%) 0.00 121
2022-11-01 $197,250 (10.0%) $259,033 (19.3%) 0.00 106
2022-12-01 $224,900 (25.0%) $271,777 (24.5%) 0.00 91
2023-01-01 $224,700 (24.9%) $263,888 (15.7%) 0.00 79
2023-02-01 $226,350 (25.8%) $276,013 (21.4%) 0.00 76
2023-03-01 $226,975 (26.2%) $271,149 (19.1%) 0.00 66
2023-04-01 $231,350 (25.3%) $279,632 (18.6%) 0.00 74
2023-05-01 $227,489 (27.3%) $286,732 (27.3%) 0.00 71
2023-06-01 $249,450 (34.9%) $310,628 (32.7%) 0.00 75
2023-07-01 $250,000 (15.0%) $309,377 (27.5%) 0.00 75
2023-08-01 $254,500 (24.6%) $301,809 (20.7%) 0.00 79
2023-09-01 $249,000 (20.1%) $298,632 (19.7%) 0.00 80
2023-10-01 $228,475 (21.2%) $286,941 (14.8%) 0.00 89
2023-11-01 $223,450 (13.3%) $278,107 (7.4%) 0.00 90
2023-12-01 $217,450 (-3.3%) $280,089 (3.1%) 0.00 75
2024-01-01 $229,750 (2.3%) $294,625 (11.7%) 0.00 70
2024-02-01 $249,000 (10.0%) $311,525 (12.9%) 0.00 57
2024-03-01 $225,000 (-0.9%) $288,368 (6.4%) 0.00 72
2024-04-01 $249,000 (7.6%) $304,649 (9.0%) 0.00 78
2024-05-01 $245,000 (7.7%) $306,557 (6.9%) 0.00 87
2024-06-01 $254,900 (2.2%) $313,939 (1.1%) 0.00 104
Mount Pleasant's median listing price for 2024-06-01 was $254,900, a difference of $5,450 (2.2%) versus the prior year and $9,900 versus the prior month.

Mount Pleasant's median listing price comes in at 0% of the national average.

Mount Pleasant's average listing price for 2024-06-01 was $313,939, a difference of $3,311 (1.1%) versus the prior year and $7,382 versus the prior month.

For the 2024-06-01 period, Mount Pleasant had 104 MLS listings, a difference of 17 listings (20%) versus the prior month and 29 listings (39%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mount Pleasant (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,757 sqft
2018-02-01 0 days 1,764 sqft
2018-03-01 0 days 1,769 sqft
2018-04-01 0 days 1,850 sqft
2018-05-01 0 days 1,852 sqft
2018-06-01 0 days 1,795 sqft
2018-07-01 0 days 1,814 sqft
2018-08-01 0 days 1,821 sqft
2018-09-01 0 days 1,740 sqft
2018-10-01 0 days 1,773 sqft
2018-11-01 0 days 1,768 sqft
2018-12-01 0 days 1,738 sqft
2019-01-01 0 days 1,739 sqft
2019-02-01 0 days 1,700 sqft
2019-03-01 0 days 1,714 sqft
2019-04-01 0 days 1,753 sqft
2019-05-01 0 days 1,764 sqft
2019-06-01 0 days 1,728 sqft
2019-07-01 0 days 1,730 sqft
2019-08-01 0 days 1,750 sqft
2019-09-01 0 days 1,778 sqft
2019-10-01 0 days 1,797 sqft
2019-11-01 0 days 1,752 sqft
2019-12-01 0 days 1,800 sqft
2020-01-01 0 days 1,800 sqft
2020-02-01 0 days 1,815 sqft
2020-03-01 0 days 1,834 sqft
2020-04-01 0 days 1,805 sqft
2020-05-01 0 days 1,780 sqft
2020-06-01 0 days 1,900 sqft
2020-07-01 0 days 1,931 sqft
2020-08-01 0 days 1,912 sqft
2020-09-01 0 days 1,901 sqft
2020-10-01 0 days 1,938 sqft
2020-11-01 0 days 1,909 sqft
2020-12-01 0 days 1,861 sqft
2021-01-01 0 days 1,848 sqft
2021-02-01 0 days 1,850 sqft
2021-03-01 0 days 1,901 sqft
2021-04-01 0 days 2,139 sqft
2021-05-01 0 days 1,915 sqft
2021-06-01 0 days 1,757 sqft
2021-07-01 0 days 1,739 sqft
2021-08-01 0 days 1,684 sqft
2021-09-01 0 days 1,660 sqft
2021-10-01 0 days 1,600 sqft
2021-11-01 0 days 1,623 sqft
2021-12-01 0 days 1,634 sqft
2022-01-01 0 days 1,569 sqft
2022-02-01 0 days 1,585 sqft
2022-03-01 0 days 1,653 sqft
2022-04-01 0 days 1,580 sqft
2022-05-01 0 days 1,618 sqft
2022-06-01 0 days 1,664 sqft
2022-07-01 0 days 1,714 sqft
2022-08-01 0 days 1,814 sqft
2022-09-01 0 days 1,800 sqft
2022-10-01 0 days 1,728 sqft
2022-11-01 0 days 1,756 sqft
2022-12-01 0 days 1,718 sqft
2023-01-01 0 days 1,738 sqft
2023-02-01 0 days 1,744 sqft
2023-03-01 0 days 1,716 sqft
2023-04-01 0 days 1,729 sqft
2023-05-01 0 days 1,744 sqft
2023-06-01 0 days 1,832 sqft
2023-07-01 0 days 1,856 sqft
2023-08-01 0 days 1,750 sqft
2023-09-01 0 days 1,795 sqft
2023-10-01 0 days 1,757 sqft
2023-11-01 0 days 1,703 sqft
2023-12-01 0 days 1,706 sqft
2024-01-01 0 days 1,865 sqft
2024-02-01 0 days 1,864 sqft
2024-03-01 0 days 1,932 sqft
2024-04-01 0 days 1,890 sqft
2024-05-01 0 days 1,812 sqft
2024-06-01 0 days 1,837 sqft
Mount Pleasant's median listing age (time on market) for 2024-06-01 was 0 days.

Mount Pleasant's median square footage for active listings during the 2024-06-01 period was 1,837 sqft. One year prior, the average listing was 1,832 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).