Muskegon FHA Loan Rates, Closing Costs & Stats

MUSKEGON, 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.

Muskegon's 73 lenders originated 618 FHA loans during 2023. The total origination value was $110,540,000, with an average FHA loan value of $178,867.

Muskegon FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Muskegon averaged 6.45% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

Muskegon's average FHA mortgage closing costs are $5,970.

The average rate for the prior week (2024-10-04) was 5.97% and one month ago for the week of 2024-09-06, the average rate was 6.3%.

The average rate one year ago was 7.53%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.43%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 71 6.28% $8,775
VAN DYK MORTGAGE CORPORATION 64 6.97% $5,723
LAKE MICHIGAN CREDIT UNION 51 6.40% $7,435
UNITED WHOLESALE MORTGAGE, LLC 47 6.34% $11,092
MORTGAGE 1 INCORPORATED 45 7.09% $10,332
LEADERONE FINANCIAL CORPORATION 25 7.06% $8,994
Neighborhood Loans, Inc. 21 6.76% $7,725
Fifth Third Bank 18 6.48% $4,756
T2 FINANCIAL LLC 16 6.80% $10,074
TOWNE MORTGAGE COMPANY 15 6.93% $8,776
The Huntington National Bank 14 6.87% $5,927
SUCCESS MORTGAGE PARTNERS, INC. 10 6.81% $8,546
ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 6.97% $8,889
LOANDEPOT.COM, LLC 7 6.57% $10,414
FIRST COMMUNITY MORTGAGE, INC. 6 6.42% $6,627
FREEDOM MORTGAGE CORPORATION 6 6.92% $11,484
NEWREZ LLC 5 6.80% $9,052
PENNYMAC LOAN SERVICES, LLC 5 6.97% $10,132
BROKER SOLUTIONS, INC. 5 6.50% $11,013
Carrington Mortgage Services, LLC 5 6.28% $9,007
Flagstar Bank, FSB 5 6.84% $7,775
AMERISAVE MORTGAGE CORPORATION 5 6.38% $13,644
ENVOY MORTGAGE, LTD 4 6.38% $9,476
GUILD MORTGAGE COMPANY 4 7.28% $8,174
GVC MORTGAGE, INC. 4 6.44% $8,441
HOMESTAR FINANCIAL CORPORATION 4 6.72% $6,032
Mr. Cooper ( Nationstar Mortgage ) 4 5.84% $10,430
Paramount Residential Mortgage Group, Inc. 4 6.81% $11,448
The Dart Bank 3 6.25% $9,466
Preston Home Loans Inc 3 6.58% $6,648
MICHIGAN MUTUAL, INC. 3 6.00% $7,685
ZILLOW HOME LOANS, LLC 3 6.67% $11,677
GUARANTEED RATE, INC. 3 6.95% $6,958
NORTHERN MORTGAGE SERVICES, LLC 3 6.50% $4,440
LAKEVIEW LOAN SERVICING, LLC 3 6.08% $11,297
Equity Prime Mortgage LLC 3 6.29% $6,934
SUN WEST MORTGAGE COMPANY, INC. 2 6.50% $13,587
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.50% $5,241
AmeriHome Mortgage Company, LLC 2 6.50% $9,522
CHURCHILL MORTGAGE CORPORATION 2 5.94% $10,117
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.75% $6,251
Horizon Bank 2 6.37% $9,472
J. VIRGIL, INC. 2 6.44% $8,411
MEMBER FIRST MORTGAGE, LLC 2 6.63% $6,514
Mercantile Bank of Michigan 2 6.13% $5,651
OCMBC, INC. 2 7.56% $7,537
Plains Commerce Bank 2 6.75% $8,368
TOP FLITE FINANCIAL, INC. 2 7.00% $16,045
UNION HOME MORTGAGE CORP. 2 7.50% $9,709
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.50% $13,126
Northpointe Bank 1 6.75% $11,039
AMCAP MORTGAGE, LTD. 1 7.50% $15,104
Mortgage Research Center, LLC 1 7.13% $4,043
MMS MORTGAGE SERVICES, LTD. 1 6.63% $9,381
AMERICAN FINANCING CORPORATION 1 6.75% $6,261
PLANET HOME LENDING, LLC 1 5.38% $10,584
PLAZA HOME MORTGAGE, INC. 1 6.25% $5,973
POLARIS HOME FUNDING CORP. 1 6.38% $6,859
Independent Bank 1 6.13% $7,330
GSF Mortgage Corporation 1 6.38% $13,802
RELIANCE FIRST CAPITAL, LLC 1 6.25% $12,107
RUOFF MORTGAGE COMPANY, INC. 1 5.88% $4,805
First Merchants Bank 1 6.75% $7,340
ACADEMY MORTGAGE CORPORATION 1 6.75% $8,219
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $13,535
CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $6,272
CARDINAL FINANCIAL 1 6.25% $10,632
AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $10,046
CALIBER HOME LOANS, INC. 1 6.38% $5,843
Nations Lending Corporation 1 6.13% $8,490
NATIONS DIRECT MORTGAGE, LLC 1 6.75% $8,700
NEW DAY FINANCIAL, LLC 1 7.50% $11,436
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $22,140

The top Muskegon FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 71 FHA loans originated. Their average total fees are $8,775, which is $3,052 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 ($4,756), VAN DYK MORTGAGE CORPORATION ($5,723), The Huntington National Bank ($5,927), LAKE MICHIGAN CREDIT UNION ($7,435) and Neighborhood Loans, Inc. ($7,725).

The lowest rate Muskegon FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.28%), UNITED WHOLESALE MORTGAGE, LLC (6.34%), LAKE MICHIGAN CREDIT UNION (6.40%), Fifth Third Bank (6.48%) and Neighborhood Loans, Inc. (6.76%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Muskegon (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 $149,900 (11.1%) $240,646 (-2.8%) 0.56 439
2018-02-01 $164,900 (22.2%) $256,099 (1.5%) 0.60 395
2018-03-01 $179,900 (21.0%) $272,687 (4.6%) 0.63 360
2018-04-01 $172,175 (14.9%) $271,315 (7.1%) 0.58 374
2018-05-01 $183,675 (18.2%) $270,623 (11.9%) 0.61 395
2018-06-01 $179,900 (14.6%) $267,568 (12.3%) 0.60 438
2018-07-01 $164,900 (6.5%) $251,741 (5.1%) 0.55 494
2018-08-01 $161,900 (5.0%) $246,666 (5.0%) 0.54 531
2018-09-01 $154,900 (3.3%) $241,272 (3.8%) 0.52 556
2018-10-01 $162,600 (8.5%) $239,960 (-0.3%) 0.55 573
2018-11-01 $157,700 (5.2%) $233,546 (-5.5%) 0.53 533
2018-12-01 $160,000 (6.7%) $233,817 (-2.7%) 0.55 489
2019-01-01 $161,950 (8.0%) $229,913 (-4.5%) 0.56 452
2019-02-01 $172,200 (4.4%) $242,884 (-5.2%) 0.58 412
2019-03-01 $183,121 (1.8%) $248,999 (-8.7%) 0.60 387
2019-04-01 $191,975 (11.5%) $251,005 (-7.5%) 0.61 366
2019-05-01 $209,925 (14.3%) $259,867 (-4.0%) 0.66 350
2019-06-01 $219,900 (22.2%) $317,974 (18.8%) 0.69 369
2019-07-01 $211,425 (28.2%) $302,124 (20.0%) 0.66 410
2019-08-01 $194,445 (20.1%) $278,339 (12.8%) 0.62 466
2019-09-01 $186,264 (20.3%) $262,067 (8.6%) 0.60 513
2019-10-01 $179,900 (10.6%) $250,534 (4.4%) 0.58 545
2019-11-01 $174,900 (10.9%) $250,063 (7.1%) 0.57 519
2019-12-01 $163,675 (2.3%) $251,438 (7.5%) 0.55 477
2020-01-01 $169,675 (4.8%) $261,550 (13.8%) 0.57 413
2020-02-01 $174,900 (1.6%) $266,556 (9.8%) 0.57 412
2020-03-01 $186,400 (1.8%) $279,193 (12.1%) 0.58 406
2020-04-01 $207,400 (8.0%) $287,990 (14.7%) 0.65 360
2020-05-01 $215,000 (2.4%) $305,819 (17.7%) 0.65 358
2020-06-01 $243,900 (10.9%) $338,076 (6.3%) 0.72 307
2020-07-01 $244,500 (15.6%) $344,794 (14.1%) 0.71 307
2020-08-01 $239,900 (23.4%) $362,562 (30.3%) 0.69 298
2020-09-01 $234,900 (26.1%) $337,954 (29.0%) 0.67 281
2020-10-01 $209,950 (16.7%) $306,432 (22.3%) 0.60 302
2020-11-01 $192,450 (10.0%) $290,705 (16.3%) 0.56 275
2020-12-01 $188,650 (15.3%) $261,977 (4.2%) 0.56 218
2021-01-01 $184,900 (9.0%) $267,870 (2.4%) 0.55 178
2021-02-01 $200,000 (14.4%) $278,278 (4.4%) 0.58 130
2021-03-01 $193,650 (3.9%) $279,046 (-0.1%) 0.55 140
2021-04-01 $196,900 (-5.1%) $300,294 (4.3%) 0.53 131
2021-05-01 $200,000 (-7.0%) $285,791 (-6.6%) 0.53 152
2021-06-01 $211,175 (-13.4%) $285,301 (-15.6%) 0.56 183
2021-07-01 $210,000 (-14.1%) $273,145 (-20.8%) 0.55 220
2021-08-01 $199,900 (-16.7%) $282,396 (-22.1%) 0.53 234
2021-09-01 $194,950 (-17.0%) $289,945 (-14.2%) 0.52 247
2021-10-01 $204,950 (-2.4%) $294,946 (-3.8%) 0.55 232
2021-11-01 $189,675 (-1.4%) $283,227 (-2.6%) 0.51 212
2021-12-01 $191,825 (1.7%) $285,431 (9.0%) 0.52 177
2022-01-01 $199,450 (7.9%) $319,953 (19.4%) 0.54 122
2022-02-01 $219,400 (9.7%) $324,331 (16.6%) 0.57 119
2022-03-01 $201,200 (3.9%) $321,952 (15.4%) 0.50 141
2022-04-01 $204,900 (4.1%) $310,214 (3.3%) 0.49 137
2022-05-01 $214,900 (7.5%) $311,658 (9.1%) 0.49 192
2022-06-01 $233,850 (10.7%) $308,988 (8.3%) 0.52 219
2022-07-01 $239,900 (14.2%) $304,472 (11.5%) 0.54 269
2022-08-01 $247,450 (23.8%) $311,849 (10.4%) 0.57 301
2022-09-01 $238,900 (22.5%) $305,692 (5.4%) 0.56 275
2022-10-01 $229,700 (12.1%) $300,907 (2.0%) 0.54 305
2022-11-01 $219,950 (16.0%) $297,048 (4.9%) 0.53 299
2022-12-01 $199,900 (4.2%) $264,299 (-7.4%) 0.49 279
2023-01-01 $192,450 (-3.5%) $262,692 (-17.9%) 0.48 237
2023-02-01 $196,000 (-10.7%) $266,914 (-17.7%) 0.47 201
2023-03-01 $218,675 (8.7%) $277,251 (-13.9%) 0.52 166
2023-04-01 $220,000 (7.4%) $298,155 (-3.9%) 0.51 161
2023-05-01 $235,475 (9.6%) $311,686 (0.0%) 0.53 167
2023-06-01 $277,400 (18.6%) $333,474 (7.9%) 0.62 213
2023-07-01 $309,995 (29.2%) $375,052 (23.2%) 0.70 263
2023-08-01 $287,400 (16.1%) $365,056 (17.1%) 0.66 304
2023-09-01 $299,900 (25.5%) $381,193 (24.7%) 0.70 345
2023-10-01 $279,950 (21.9%) $370,405 (23.1%) 0.66 382
2023-11-01 $269,925 (22.7%) $345,262 (16.2%) 0.64 378
2023-12-01 $259,900 (30.0%) $342,422 (29.6%) 0.63 355
2024-01-01 $254,900 (32.5%) $346,292 (31.8%) 0.62 344
2024-02-01 $249,900 (27.5%) $337,228 (26.3%) 0.60 328
2024-03-01 $301,500 (37.9%) $380,623 (37.3%) 0.71 281
2024-04-01 $303,950 (38.2%) $407,201 (36.6%) 0.71 271
2024-05-01 $341,450 (45.0%) $452,429 (45.2%) 0.77 299
2024-06-01 $339,900 (22.5%) $448,179 (34.4%) 0.76 319
2024-07-01 $311,425 (0.5%) $407,871 (8.8%) 0.71 381
2024-08-01 $300,000 (4.4%) $396,859 (8.7%) 0.70 427
2024-09-01 $299,900 (0.0%) $396,601 (4.0%) 0.71 437
Muskegon's median listing price for 2024-09-01 was $299,900, a difference of $0 (0.0%) versus the prior year and $-100 versus the prior month.

Muskegon's median listing price comes in at 71% of the national average.

Muskegon's average listing price for 2024-09-01 was $396,601, a difference of $15,408 (4.0%) versus the prior year and $-258 versus the prior month.

For the 2024-09-01 period, Muskegon had 437 MLS listings, a difference of 10 listings (2%) versus the prior month and 92 listings (27%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Muskegon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,613 sqft
2018-02-01 67 days 1,639 sqft
2018-03-01 54 days 1,698 sqft
2018-04-01 45 days 1,660 sqft
2018-05-01 45 days 1,680 sqft
2018-06-01 36 days 1,710 sqft
2018-07-01 41 days 1,652 sqft
2018-08-01 39 days 1,648 sqft
2018-09-01 47 days 1,641 sqft
2018-10-01 50 days 1,647 sqft
2018-11-01 49 days 1,612 sqft
2018-12-01 60 days 1,574 sqft
2019-01-01 69 days 1,565 sqft
2019-02-01 70 days 1,607 sqft
2019-03-01 63 days 1,649 sqft
2019-04-01 52 days 1,677 sqft
2019-05-01 46 days 1,800 sqft
2019-06-01 32 days 1,830 sqft
2019-07-01 36 days 1,820 sqft
2019-08-01 36 days 1,774 sqft
2019-09-01 38 days 1,736 sqft
2019-10-01 41 days 1,720 sqft
2019-11-01 54 days 1,661 sqft
2019-12-01 66 days 1,593 sqft
2020-01-01 71 days 1,607 sqft
2020-02-01 65 days 1,539 sqft
2020-03-01 48 days 1,550 sqft
2020-04-01 61 days 1,566 sqft
2020-05-01 71 days 1,652 sqft
2020-06-01 58 days 1,652 sqft
2020-07-01 44 days 1,663 sqft
2020-08-01 44 days 1,621 sqft
2020-09-01 48 days 1,557 sqft
2020-10-01 46 days 1,521 sqft
2020-11-01 45 days 1,511 sqft
2020-12-01 57 days 1,456 sqft
2021-01-01 52 days 1,434 sqft
2021-02-01 38 days 1,379 sqft
2021-03-01 34 days 1,396 sqft
2021-04-01 34 days 1,423 sqft
2021-05-01 31 days 1,480 sqft
2021-06-01 28 days 1,510 sqft
2021-07-01 29 days 1,510 sqft
2021-08-01 29 days 1,535 sqft
2021-09-01 35 days 1,521 sqft
2021-10-01 38 days 1,522 sqft
2021-11-01 46 days 1,449 sqft
2021-12-01 50 days 1,426 sqft
2022-01-01 53 days 1,421 sqft
2022-02-01 44 days 1,448 sqft
2022-03-01 30 days 1,454 sqft
2022-04-01 29 days 1,476 sqft
2022-05-01 26 days 1,462 sqft
2022-06-01 30 days 1,562 sqft
2022-07-01 32 days 1,560 sqft
2022-08-01 36 days 1,565 sqft
2022-09-01 42 days 1,565 sqft
2022-10-01 39 days 1,565 sqft
2022-11-01 44 days 1,533 sqft
2022-12-01 45 days 1,502 sqft
2023-01-01 57 days 1,430 sqft
2023-02-01 55 days 1,429 sqft
2023-03-01 39 days 1,479 sqft
2023-04-01 36 days 1,563 sqft
2023-05-01 32 days 1,496 sqft
2023-06-01 29 days 1,521 sqft
2023-07-01 31 days 1,525 sqft
2023-08-01 38 days 1,534 sqft
2023-09-01 44 days 1,560 sqft
2023-10-01 43 days 1,547 sqft
2023-11-01 53 days 1,499 sqft
2023-12-01 58 days 1,484 sqft
2024-01-01 67 days 1,484 sqft
2024-02-01 70 days 1,484 sqft
2024-03-01 59 days 1,484 sqft
2024-04-01 59 days 1,484 sqft
2024-05-01 45 days 1,506 sqft
2024-06-01 37 days 1,484 sqft
2024-07-01 37 days 1,484 sqft
2024-08-01 37 days 1,512 sqft
2024-09-01 43 days 1,532 sqft
Muskegon's median listing age (time on market) for 2024-09-01 was 43 days. This is -3% shorter than the same period one year ago.

Muskegon's median square footage for active listings during the 2024-09-01 period was 1,532 sqft. One year prior, the average listing was 1,560 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).