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 41 lenders originated 98 FHA loans during 2024. The total origination value was $16,250,000, with an average FHA loan value of $165,816.

    Mount Pleasant FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mount Pleasant averaged 6.93% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Mount Pleasant's average FHA mortgage closing costs are $6,506.

    The average rate for the prior week (2025-05-16) was 7.26% and one month ago for the week of 2025-04-18, the average rate was 6.89%.

    The average rate one year ago was 7.16%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.41%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 15 6.46% $8,431
    The Dart Bank 8 6.73% $6,925
    FREEDOM MORTGAGE CORPORATION 5 6.30% $8,478
    UNITED WHOLESALE MORTGAGE, LLC 4 6.06% $9,978
    FIRST COMMUNITY MORTGAGE, INC. 4 6.37% $7,638
    GUILD MORTGAGE COMPANY 3 6.29% $7,860
    Fifth Third Bank 3 6.63% $6,428
    BM Real Estate Services, Inc. 3 6.83% $7,458
    STAUNTON FINANCIAL, INC. 2 6.13% $8,123
    NEWREZ LLC 2 6.50% $6,074
    MID AMERICA MORTGAGE, INC. 2 6.88% $5,000
    MILEND, INC. 2 6.38% $11,527
    MORTGAGE 1 INCORPORATED 2 6.31% $7,232
    Preston Home Loans Inc 2 6.87% $8,070
    CROSSCOUNTRY MORTGAGE, LLC 2 6.69% $9,100
    LOANDEPOT.COM, LLC 1 7.75% $9,520
    Mercantile Bank of Michigan 1 6.63% $9,239
    MMS MORTGAGE SERVICES, LTD. 1 6.63% $6,982
    MORTGAGE CENTER L.C 1 7.25% $12,479
    Paramount Residential Mortgage Group, Inc. 1 5.75% $13,675
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $14,889
    PLANET HOME LENDING, LLC 1 6.13% $5,030
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.13% $8,986
    The Huntington National Bank 1 6.88% $4,964
    The Loan Store, Inc. 1 5.38% $10,493
    UNION HOME MORTGAGE CORP. 1 7.25% $13,404
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $7,661
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.13% $10,802
    AmeriHome Mortgage Company, LLC 1 6.63% $4,125
    Barrington Bank & Trust Company, N.A. 1 7.25% $6,832
    BLG HOLDINGS, INC. 1 7.63% $6,992
    BROKER SOLUTIONS, INC. 1 7.00% $5,819
    Carrington Mortgage Services, LLC 1 7.63% $11,189
    CMG MORTGAGE, INC. 1 6.75% $10,319
    DAS Acquisition Company, LLC 1 6.13% $6,446
    First State Bank 1 7.13% $5,723
    GENEVA FINANCIAL, LLC 1 6.38% $11,745
    J. VIRGIL, INC. 1 7.13% $6,180
    LAKE MICHIGAN CREDIT UNION 1 5.50% $11,565
    Lakeview Community Capital, LLC 1 6.25% $7,593
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $5,962

    The top Mount Pleasant FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 15 FHA loans originated. Their average total fees are $8,431, which is $1,506 higher than the next largest lender, The Dart Bank.

    The lowest fee Mount Pleasant FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,431), .

    The lowest rate Mount Pleasant FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.46%), .

    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 $144,950 (5.4%) $176,471 (7.5%) 0.00 272
    2018-02-01 $143,700 (1.1%) $175,689 (5.5%) 0.00 264
    2018-03-01 $149,000 (2.8%) $178,876 (6.9%) 0.00 272
    2018-04-01 $149,900 (0.0%) $185,458 (7.3%) 0.00 283
    2018-05-01 $152,425 (4.5%) $187,386 (7.1%) 0.00 292
    2018-06-01 $149,900 (3.1%) $182,197 (3.5%) 0.00 324
    2018-07-01 $150,000 (0.1%) $182,794 (3.5%) 0.00 340
    2018-08-01 $149,900 (0.1%) $180,797 (0.9%) 0.00 336
    2018-09-01 $149,900 (0.0%) $183,197 (3.3%) 0.00 342
    2018-10-01 $150,000 (3.5%) $185,142 (5.9%) 0.00 326
    2018-11-01 $150,500 (8.7%) $184,861 (6.8%) 0.00 320
    2018-12-01 $150,000 (3.5%) $184,805 (5.3%) 0.00 303
    2019-01-01 $154,900 (6.9%) $187,589 (6.3%) 0.00 262
    2019-02-01 $149,950 (4.4%) $186,303 (6.0%) 0.00 259
    2019-03-01 $152,086 (2.1%) $186,264 (4.1%) 0.00 271
    2019-04-01 $157,450 (5.0%) $191,908 (3.5%) 0.00 276
    2019-05-01 $163,100 (7.0%) $196,844 (5.1%) 0.00 278
    2019-06-01 $159,000 (6.1%) $192,495 (5.7%) 0.00 301
    2019-07-01 $158,200 (5.5%) $188,863 (3.3%) 0.00 322
    2019-08-01 $161,363 (7.7%) $189,433 (4.8%) 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 (12.9%) $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 (10.4%) 0.00 161
    2020-04-01 $182,175 (15.7%) $213,434 (11.2%) 0.00 143
    2020-05-01 $168,175 (3.1%) $203,225 (3.2%) 0.00 150
    2020-06-01 $179,975 (13.2%) $211,813 (10.0%) 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%) $301,204 (20.4%) 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 $243,975 (7.3%) $304,097 (6.1%) 0.00 87
    2024-06-01 $249,900 (0.2%) $307,111 (-1.1%) 0.00 103
    2024-07-01 $248,450 (-0.6%) $293,584 (-5.1%) 0.00 109
    2024-08-01 $227,450 (-10.6%) $271,915 (-9.7%) 0.00 115
    2024-09-01 $225,000 (-9.6%) $264,582 (-11.4%) 0.00 126
    2024-10-01 $229,250 (0.3%) $273,370 (-4.7%) 0.00 124
    2024-11-01 $242,950 (8.7%) $278,043 (0.0%) 0.00 124
    2024-12-01 $241,150 (10.9%) $271,962 (-2.9%) 0.00 104
    2025-01-01 $240,925 (4.9%) $270,935 (-8.0%) 0.00 98
    2025-02-01 $232,450 (-6.7%) $256,313 (-17.7%) 0.00 92
    2025-03-01 $244,900 (8.8%) $273,678 (-5.1%) 0.00 79
    2025-04-01 $254,900 (2.4%) $288,491 (-5.3%) 0.00 87
    Mount Pleasant's median listing price for 2025-04-01 was $254,900, a difference of $5,900 (2.4%) versus the prior year and $10,000 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 2025-04-01 was $288,491, a difference of $-16,158 (-5.3%) versus the prior year and $14,813 versus the prior month.

    For the 2025-04-01 period, Mount Pleasant had 87 MLS listings, a difference of 8 listings (10%) versus the prior month and 9 listings (12%) 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 1,763 sqft
    2018-02-01 0 days 1,769 sqft
    2018-03-01 0 days 1,774 sqft
    2018-04-01 0 days 1,850 sqft
    2018-05-01 0 days 1,850 sqft
    2018-06-01 0 days 1,794 sqft
    2018-07-01 0 days 1,806 sqft
    2018-08-01 0 days 1,818 sqft
    2018-09-01 0 days 1,740 sqft
    2018-10-01 0 days 1,774 sqft
    2018-11-01 0 days 1,771 sqft
    2018-12-01 0 days 1,740 sqft
    2019-01-01 0 days 1,739 sqft
    2019-02-01 0 days 1,703 sqft
    2019-03-01 0 days 1,721 sqft
    2019-04-01 0 days 1,759 sqft
    2019-05-01 0 days 1,771 sqft
    2019-06-01 0 days 1,731 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 1,752 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 1,835 sqft
    2024-06-01 0 days 1,800 sqft
    2024-07-01 0 days 1,741 sqft
    2024-08-01 0 days 1,570 sqft
    2024-09-01 0 days 1,554 sqft
    2024-10-01 0 days 1,614 sqft
    2024-11-01 0 days 1,779 sqft
    2024-12-01 0 days 1,680 sqft
    2025-01-01 0 days 1,688 sqft
    2025-02-01 0 days 1,621 sqft
    2025-03-01 0 days 1,608 sqft
    2025-04-01 0 days 1,755 sqft
    Mount Pleasant's median listing age (time on market) for 2025-04-01 was 0 days.

    Mount Pleasant's median square footage for active listings during the 2025-04-01 period was 1,755 sqft. One year prior, the average listing was 1,890 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).