Muskegon FHA Loan Rates, Closing Costs & Stats

MUSKEGON, MI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.74% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

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

    The average rate for the prior week (2025-03-28) was 6.43% and one month ago for the week of 2025-02-28, the average rate was 6.72%.

    The average rate one year ago was 6.74%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.1%.

    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

    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 $213,650 (-12.4%) $286,447 (-15.3%) 0.56 184
    2021-07-01 $212,450 (-13.1%) $274,068 (-20.5%) 0.56 221
    2021-08-01 $201,200 (-16.1%) $283,306 (-21.9%) 0.54 235
    2021-09-01 $197,200 (-16.1%) $290,763 (-14.0%) 0.53 248
    2021-10-01 $205,000 (-2.4%) $295,767 (-3.5%) 0.55 233
    2021-11-01 $189,900 (-1.3%) $284,309 (-2.2%) 0.51 213
    2021-12-01 $191,950 (1.8%) $286,511 (9.4%) 0.52 178
    2022-01-01 $199,900 (8.1%) $321,407 (20.0%) 0.54 123
    2022-02-01 $219,650 (9.8%) $325,764 (17.1%) 0.57 120
    2022-03-01 $202,450 (4.5%) $323,161 (15.8%) 0.51 142
    2022-04-01 $209,900 (6.6%) $311,316 (3.7%) 0.50 138
    2022-05-01 $214,925 (7.5%) $312,592 (9.4%) 0.49 193
    2022-06-01 $233,850 (9.5%) $308,988 (7.9%) 0.52 220
    2022-07-01 $239,900 (12.9%) $304,472 (11.1%) 0.54 269
    2022-08-01 $247,450 (23.0%) $312,595 (10.3%) 0.57 301
    2022-09-01 $238,900 (21.2%) $305,692 (5.1%) 0.56 275
    2022-10-01 $229,700 (12.1%) $300,907 (1.7%) 0.54 305
    2022-11-01 $219,950 (15.8%) $297,048 (4.5%) 0.53 299
    2022-12-01 $199,900 (4.1%) $264,299 (-7.8%) 0.49 279
    2023-01-01 $192,450 (-3.7%) $262,692 (-18.3%) 0.48 237
    2023-02-01 $196,000 (-10.8%) $266,914 (-18.1%) 0.47 201
    2023-03-01 $218,675 (8.0%) $277,251 (-14.2%) 0.52 166
    2023-04-01 $220,000 (4.8%) $298,155 (-4.2%) 0.51 161
    2023-05-01 $235,475 (9.6%) $311,686 (-0.3%) 0.53 167
    2023-06-01 $276,175 (18.1%) $333,351 (7.9%) 0.62 212
    2023-07-01 $305,000 (27.1%) $375,086 (23.2%) 0.69 262
    2023-08-01 $286,150 (15.6%) $365,056 (16.8%) 0.66 303
    2023-09-01 $299,900 (25.5%) $381,237 (24.7%) 0.70 344
    2023-10-01 $279,925 (21.9%) $370,419 (23.1%) 0.66 381
    2023-11-01 $269,900 (22.7%) $344,308 (15.9%) 0.64 375
    2023-12-01 $254,900 (27.5%) $341,431 (29.2%) 0.62 352
    2024-01-01 $253,650 (31.8%) $345,215 (31.4%) 0.62 341
    2024-02-01 $249,400 (27.2%) $336,324 (26.0%) 0.60 326
    2024-03-01 $299,950 (37.2%) $380,194 (37.1%) 0.71 279
    2024-04-01 $299,950 (36.3%) $407,062 (36.5%) 0.70 269
    2024-05-01 $333,950 (41.8%) $440,187 (41.2%) 0.76 298
    2024-06-01 $319,900 (15.8%) $420,613 (26.2%) 0.73 318
    2024-07-01 $309,400 (1.4%) $407,673 (8.7%) 0.71 377
    2024-08-01 $299,900 (4.8%) $396,580 (8.6%) 0.70 423
    2024-09-01 $299,900 (0.0%) $396,325 (4.0%) 0.71 433
    2024-10-01 $272,450 (-2.7%) $379,218 (2.4%) 0.64 445
    2024-11-01 $265,000 (-1.8%) $363,919 (5.7%) 0.64 467
    2024-12-01 $249,900 (-2.0%) $352,653 (3.3%) 0.62 404
    2025-01-01 $247,400 (-2.5%) $350,055 (1.4%) 0.62 370
    2025-02-01 $259,900 (4.2%) $359,060 (6.8%) 0.63 320
    2025-03-01 $265,000 (-11.7%) $370,796 (-2.5%) 0.00 298
    Muskegon's median listing price for 2025-03-01 was $265,000, a difference of $-34,950 (-11.7%) versus the prior year and $5,100 versus the prior month.

    Muskegon's median listing price comes in at 0% of the national average.

    Muskegon's average listing price for 2025-03-01 was $370,796, a difference of $-9,398 (-2.5%) versus the prior year and $11,736 versus the prior month.

    For the 2025-03-01 period, Muskegon had 298 MLS listings, a difference of -22 listings (-7%) versus the prior month and 19 listings (7%) 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 1,679 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 1,657 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 1,375 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 1,513 sqft
    2021-07-01 29 days 1,512 sqft
    2021-08-01 30 days 1,536 sqft
    2021-09-01 35 days 1,519 sqft
    2021-10-01 38 days 1,524 sqft
    2021-11-01 46 days 1,455 sqft
    2021-12-01 50 days 1,434 sqft
    2022-01-01 53 days 1,422 sqft
    2022-02-01 44 days 1,454 sqft
    2022-03-01 30 days 1,455 sqft
    2022-04-01 29 days 1,484 sqft
    2022-05-01 26 days 1,472 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 1,480 sqft
    2023-04-01 37 days 1,560 sqft
    2023-05-01 32 days 1,496 sqft
    2023-06-01 29 days 1,523 sqft
    2023-07-01 31 days 1,527 sqft
    2023-08-01 37 days 1,540 sqft
    2023-09-01 44 days 1,564 sqft
    2023-10-01 43 days 1,548 sqft
    2023-11-01 53 days 1,498 sqft
    2023-12-01 58 days 1,484 sqft
    2024-01-01 67 days 1,484 sqft
    2024-02-01 69 days 1,484 sqft
    2024-03-01 57 days 1,484 sqft
    2024-04-01 58 days 1,484 sqft
    2024-05-01 45 days 1,495 sqft
    2024-06-01 39 days 1,484 sqft
    2024-07-01 37 days 1,484 sqft
    2024-08-01 38 days 1,521 sqft
    2024-09-01 42 days 1,532 sqft
    2024-10-01 48 days 1,484 sqft
    2024-11-01 48 days 1,484 sqft
    2024-12-01 58 days 1,484 sqft
    2025-01-01 65 days 1,480 sqft
    2025-02-01 66 days 1,484 sqft
    2025-03-01 0 days 1,484 sqft
    Muskegon's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Muskegon's median square footage for active listings during the 2025-03-01 period was 1,484 sqft. One year prior, the average listing was 1,484 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).