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 46 lenders originated 154 FHA loans during 2022. The total origination value was $23,820,000, with an average FHA loan value of $154,675.

Mount Pleasant FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mount Pleasant averaged 6.56% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Mount Pleasant's average FHA mortgage closing costs are $5,924.

The average rate for the prior week (2024-02-09) was 6.27% and one month ago for the week of 2024-01-12, the average rate was 6.41%.

The average rate one year ago was 6.16%.

For refis of the same type during the week of 2024-02-16, the average rate was 6.61%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 24 4.39% $8,945
ACADEMY MORTGAGE CORPORATION 19 5.15% $7,166
MID AMERICA MORTGAGE, INC. 12 5.10% $4,583
UNITED WHOLESALE MORTGAGE, LLC 9 5.42% $9,077
CARDINAL FINANCIAL 6 5.48% $8,061
LEGEND LENDING CORPORATION 4 6.44% $4,818
CROSSCOUNTRY MORTGAGE, LLC 4 5.83% $8,034
FREEDOM MORTGAGE CORPORATION 3 4.17% $8,248
TOWNE MORTGAGE COMPANY 3 5.13% $6,626
Neighborhood Loans, Inc. 3 4.38% $5,411
The Huntington National Bank 2 5.56% $5,185
AMERIFIRST FINANCIAL CORPORATION 2 5.25% $11,020
BLG HOLDINGS, INC. 2 5.50% $8,021
BROKER SOLUTIONS, INC. 2 5.69% $8,024
GENEVA FINANCIAL, LLC 2 4.75% $7,387
J. VIRGIL, INC. 2 5.81% $9,425
SUCCESS MORTGAGE PARTNERS, INC. 2 4.63% $7,852
TOP FLITE FINANCIAL, INC. 2 4.81% $13,248
HOMESIDE FINANCIAL, LLC 1 3.50% $5,158
Lend Smart Mortgage, LLC 1 6.13% $11,405
LOANDEPOT.COM, LLC 1 5.63% $7,045
MEMBER FIRST MORTGAGE, LLC 1 3.38% $4,331
Mercantile Bank of Michigan 1 6.25% $4,011
Carrington Mortgage Services, LLC 1 5.00% $5,448
MORTGAGE 1 INCORPORATED 1 3.99% $5,165
Mortgage Research Center, LLC 1 5.63% $5,964
Mr. Cooper ( Nationstar Mortgage ) 1 4.63% $8,813
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $11,409
Nations Lending Corporation 1 4.38% $8,171
CALIBER HOME LOANS, INC. 1 3.75% $5,072
North American Savings Bank, F.S.B. 1 5.63% $7,967
Northpointe Bank 1 5.75% $8,244
Paramount Residential Mortgage Group, Inc. 1 5.25% $8,241
PENNYMAC LOAN SERVICES, LLC 1 4.63% $4,313
Preston Home Loans Inc 1 6.13% $8,662
CALCON MUTUAL MORTGAGE LLC 1 4.25% $12,196
RELIANCE FIRST CAPITAL, LLC 1 5.00% $8,675
RUOFF MORTGAGE COMPANY, INC. 1 6.75% $6,837
Wells Fargo Bank 1 5.63% $5,694
The Dart Bank 1 6.63% $5,712
Bank of England 1 5.25% $9,016
ZILLOW HOME LOANS, LLC 1 4.25% $9,552
AMERISAVE MORTGAGE CORPORATION 1 3.75% $6,825
Independent Bank 1 6.50% $7,163
AMERICAN FINANCIAL RESOURCES, INC. 1 5.00% $9,191
LAKEVIEW LOAN SERVICING, LLC 1 3.88% $3,954

The top Mount Pleasant FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 24 FHA loans originated. Their average total fees are $8,945, which is $1,779 higher than the next largest lender, ACADEMY MORTGAGE CORPORATION.

The lowest fee Mount Pleasant FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,583), ACADEMY MORTGAGE CORPORATION ($7,166), QUICKEN LOANS, LLC ($8,945), .

The lowest rate Mount Pleasant FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.39%), MID AMERICA MORTGAGE, INC. (5.10%), ACADEMY MORTGAGE CORPORATION (5.15%), .

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
Mount Pleasant's median listing price for 2023-12-01 was $217,450, a difference of $-7,450 (-3.3%) versus the prior year and $-6,000 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 2023-12-01 was $280,089, a difference of $8,312 (3.1%) versus the prior year and $1,982 versus the prior month.

For the 2023-12-01 period, Mount Pleasant had 75 MLS listings, a difference of -15 listings (-17%) versus the prior month and -16 listings (-18%) 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
Mount Pleasant's median listing age (time on market) for 2023-12-01 was 0 days.

Mount Pleasant's median square footage for active listings during the 2023-12-01 period was 1,706 sqft. One year prior, the average listing was 1,718 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).