Muskegon FHA Loan Rates, Closing Costs & Stats

MUSKEGON, 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.

    Muskegon's 75 lenders originated 616 FHA loans during 2024. The total origination value was $114,520,000, with an average FHA loan value of $185,909.

    Muskegon FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Muskegon averaged 6.7% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Muskegon's average FHA mortgage closing costs are $6,257.

    The average rate for the prior week (2025-07-11) was 6.8% and one month ago for the week of 2025-06-13, the average rate was 7.06%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.57%.

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

    Muskegon 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 Muskegon level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 71 6.32% $9,024
    VAN DYK MORTGAGE CORPORATION 65 6.84% $6,623
    MORTGAGE 1 INCORPORATED 42 7.07% $10,609
    UNITED WHOLESALE MORTGAGE, LLC 42 6.11% $10,901
    LAKE MICHIGAN CREDIT UNION 36 6.31% $7,747
    T2 FINANCIAL LLC 22 7.07% $9,603
    Fifth Third Bank 20 6.69% $5,836
    LEADERONE FINANCIAL CORPORATION 19 6.61% $7,759
    The Huntington National Bank 12 6.61% $6,955
    TOWNE MORTGAGE COMPANY 10 6.63% $7,063
    Equity Prime Mortgage LLC 9 6.81% $8,262
    SUCCESS MORTGAGE PARTNERS, INC. 8 6.56% $9,666
    NEWREZ LLC 8 6.75% $7,512
    GUILD MORTGAGE COMPANY 7 7.02% $10,055
    PENNYMAC LOAN SERVICES, LLC 7 6.18% $8,320
    LOANDEPOT.COM, LLC 7 6.28% $11,124
    Flagstar Bank, FSB 6 5.88% $8,064
    NORTHERN MORTGAGE SERVICES, LLC 5 6.35% $6,725
    BM Real Estate Services, Inc. 5 6.80% $7,196
    AMERICAN FINANCIAL RESOURCES, INC. 5 6.68% $12,751
    Carrington Mortgage Services, LLC 5 6.53% $10,622
    FREEDOM MORTGAGE CORPORATION 5 6.43% $9,773
    RUOFF MORTGAGE COMPANY, INC. 5 6.63% $7,428
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.38% $8,672
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 7.21% $9,697
    MMS MORTGAGE SERVICES, LTD. 4 6.66% $5,459
    AmeriHome Mortgage Company, LLC 4 6.59% $6,040
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.50% $7,907
    CHURCHILL MORTGAGE CORPORATION 4 6.84% $7,142
    LAKEVIEW LOAN SERVICING, LLC 3 6.42% $7,955
    AMERISAVE MORTGAGE CORPORATION 3 5.63% $9,672
    TOP FLITE FINANCIAL, INC. 3 6.79% $14,895
    MICHIGAN MUTUAL, INC. 3 6.38% $6,967
    Mr. Cooper ( Nationstar Mortgage ) 2 7.00% $9,746
    AMERICAN FINANCING CORPORATION 2 5.56% $9,462
    BROKER SOLUTIONS, INC. 2 7.00% $16,365
    FIRST COMMUNITY MORTGAGE, INC. 2 6.63% $8,984
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.13% $7,412
    GUARANTEED RATE, INC. 2 6.94% $11,354
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.63% $9,608
    HOMESIDE FINANCIAL, LLC 2 6.69% $11,516
    Horizon Bank 2 6.00% $5,511
    JPMorgan Chase Bank 2 7.25% $5,477
    Lakeview Community Capital, LLC 2 5.75% $9,609
    Mortgage Research Center, LLC 2 6.44% $9,983
    RELIANCE FIRST CAPITAL, LLC 2 6.63% $7,360
    STOCKTON MORTGAGE CORPORATION 2 6.56% $13,855
    The Dart Bank 2 6.19% $7,964
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $9,419
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $10,591
    Nations Lending Corporation 1 5.63% $16,193
    NBKC BANK 1 6.13% $9,209
    MID AMERICA MORTGAGE, INC. 1 6.50% $4,818
    MICHIGAN FIRST CREDIT UNION 1 6.63% $7,726
    OCEANSIDE MORTGAGE COMPANY 1 6.25% $5,875
    Mercantile Bank of Michigan 1 5.75% $7,906
    PLUS RELOCATION MORTGAGE, LLC 1 6.75% $12,736
    Independent Bank 1 6.50% $6,701
    American Mortgage & Equity Consultants, Inc. 1 7.13% $5,993
    ROYAL UNITED MORTGAGE LLC 1 6.63% $8,797
    HALLMARK HOME MORTGAGE, LLC 1 6.75% $9,184
    VILLAGE CAPITAL MORTGAGE 1 6.25% $4,021
    DELMAR FINANCIAL COMPANY 1 6.25% $8,029
    CROSSCOUNTRY MORTGAGE, LLC 1 6.63% $7,528
    Wells Fargo Bank 1 5.63% $5,948
    Comerica Bank 1 7.13% $3,362
    THE MORTGAGE LINK, INC. 1 6.63% $12,730
    Bank of America 1 7.00% $6,918
    Ameris Bank 1 6.75% $7,526
    UNION HOME MORTGAGE CORP. 1 6.63% $15,338
    UNITED MORTGAGE CORP 1 7.00% $8,202
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.00% $13,743
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $16,958
    AMERICAN FINANCIAL NETWORK, INC. 1 5.75% $11,723
    M&T Bank 1 6.00% $6,228

    The top Muskegon FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 71 FHA loans originated. Their average total fees are $9,024, which is $2,401 higher than the next largest lender, VAN DYK MORTGAGE CORPORATION.

    The lowest fee Muskegon FHA lenders (with over 10 loans originated) are Fifth Third Bank ($5,836), VAN DYK MORTGAGE CORPORATION ($6,623), The Huntington National Bank ($6,955), TOWNE MORTGAGE COMPANY ($7,063) and LAKE MICHIGAN CREDIT UNION ($7,747).

    The lowest rate Muskegon FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.11%), LAKE MICHIGAN CREDIT UNION (6.31%), QUICKEN LOANS, LLC (6.32%), LEADERONE FINANCIAL CORPORATION (6.61%) and The Huntington National Bank (6.61%).

    Muskegon FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MUSKEGON, MI MUSKEGON 2022 $420,680 $538,650 $651,050 $809,150
    MUSKEGON, MI MUSKEGON 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).