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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.