Mount Pleasant FHA Loan Rates, Closing Costs & Stats

Mount Pleasant, 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.

    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 7.23% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 7.28% and one month ago for the week of 2024-06-14, the average rate was 7.14%.

    The average rate one year ago was 7.33%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.79%.

    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

    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).