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 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 6.38% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.75% and one month ago for the week of 2024-10-04, the average rate was 5.87%.

    The average rate one year ago was 7.32%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.76%.

    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
    2024-10-01 $276,750 (-1.1%) $379,403 (2.4%) 0.65 447
    Muskegon's median listing price for 2024-10-01 was $276,750, a difference of $-3,200 (-1.1%) versus the prior year and $-23,150 versus the prior month.

    Muskegon's median listing price comes in at 65% of the national average.

    Muskegon's average listing price for 2024-10-01 was $379,403, a difference of $8,998 (2.4%) versus the prior year and $-17,198 versus the prior month.

    For the 2024-10-01 period, Muskegon had 447 MLS listings, a difference of 10 listings (2%) versus the prior month and 65 listings (17%) 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
    2024-10-01 48 days 1,484 sqft
    Muskegon's median listing age (time on market) for 2024-10-01 was 48 days. This is 11% longer than the same period one year ago.

    Muskegon's median square footage for active listings during the 2024-10-01 period was 1,484 sqft. One year prior, the average listing was 1,547 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).