Saginaw FHA Loan Rates, Closing Costs & Stats

SAGINAW, 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.

    Saginaw's 68 lenders originated 402 FHA loans during 2024. The total origination value was $66,150,000, with an average FHA loan value of $164,552.

    Saginaw FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Saginaw averaged 0.37% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Saginaw's average FHA mortgage closing costs are $5,937.

    The average rate for the prior week (2025-06-13) was 6.65% and one month ago for the week of 2025-05-16, the average rate was 6.71%.

    The average rate one year ago was 6.87%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.01%.

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

    Saginaw 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 Saginaw level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 69 6.39% $8,084
    Preston Home Loans Inc 30 6.64% $8,752
    STAUNTON FINANCIAL, INC. 28 6.74% $7,240
    UNITED WHOLESALE MORTGAGE, LLC 25 6.39% $10,142
    BLG HOLDINGS, INC. 19 7.07% $8,518
    LAKE MICHIGAN CREDIT UNION 18 6.54% $6,631
    FIRST COMMUNITY MORTGAGE, INC. 15 6.68% $7,666
    DAS Acquisition Company, LLC 11 6.64% $8,013
    The Huntington National Bank 8 6.83% $5,726
    LOANDEPOT.COM, LLC 8 6.28% $8,992
    J. VIRGIL, INC. 8 6.83% $6,929
    Carrington Mortgage Services, LLC 6 6.08% $6,164
    MORTGAGE 1 INCORPORATED 5 6.83% $8,442
    Mr. Cooper ( Nationstar Mortgage ) 5 6.73% $10,457
    NEWREZ LLC 5 6.55% $7,715
    SOUTHWEST FUNDING, LP 5 7.42% $6,888
    Independent Bank 5 6.62% $4,428
    Mortgage Research Center, LLC 4 6.66% $6,524
    CROSSCOUNTRY MORTGAGE, LLC 4 6.83% $11,829
    FINANCIAL PLUS CREDIT UNION 4 6.00% $6,007
    TOP FLITE FINANCIAL, INC. 3 6.79% $11,943
    AmeriHome Mortgage Company, LLC 3 6.63% $5,621
    FREEDOM MORTGAGE CORPORATION 3 6.42% $12,057
    BROKER SOLUTIONS, INC. 3 6.71% $8,052
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $8,628
    GUARANTEED RATE, INC. 2 6.13% $11,243
    GUILD MORTGAGE COMPANY 2 6.88% $10,931
    Mercantile Bank of Michigan 2 6.38% $5,595
    CARDINAL FINANCIAL 2 7.06% $3,634
    Equity Prime Mortgage LLC 2 6.50% $9,166
    MOVEMENT MORTGAGE, LLC 2 7.00% $10,222
    ROYAL UNITED MORTGAGE LLC 2 6.31% $9,698
    MEMBER FIRST MORTGAGE, LLC 2 6.88% $5,555
    ROSS MORTGAGE CORPORATION 2 6.94% $9,981
    Prosperity Home Mortgage, LLC 2 6.19% $6,245
    GENEVA FINANCIAL, LLC 2 7.06% $6,439
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.31% $7,558
    TOWNE MORTGAGE COMPANY 2 5.63% $13,145
    VAN DYK MORTGAGE CORPORATION 2 6.81% $5,751
    AMERICAN FINANCIAL NETWORK, INC. 2 7.25% $8,356
    VILLAGE CAPITAL MORTGAGE 1 6.25% $8,507
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $11,872
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $9,039
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.00% $4,526
    Armed Forces Bank 1 5.88% $9,188
    CANOPY MORTGAGE, LLC 1 6.63% $5,267
    Citizens Bank 1 6.50% $6,211
    CMG MORTGAGE, INC. 1 6.75% $9,432
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.13% $10,792
    EMM LOANS LLC 1 6.25% $12,176
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.63% $5,620
    Fifth Third Bank 1 6.63% $5,880
    First Merchants Bank 1 6.13% $7,686
    First State Bank 1 7.38% $6,509
    Flagstar Bank, FSB 1 6.25% $6,050
    Goldwater Bank, N.A. 1 7.75% $7,441
    Ixonia Bank 1 6.00% $22,285
    KeyBank 1 6.75% $4,839
    LOANPAL, LLC 1 5.25% $9,985
    MORTGAGE CENTER L.C 1 7.25% $10,587
    Nations Lending Corporation 1 6.75% $15,456
    PHH Mortgage Corporation 1 6.13% $4,657
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $5,887
    RUOFF MORTGAGE COMPANY, INC. 1 5.50% $9,641
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $5,959
    The Dart Bank 1 6.63% $6,967
    The Loan Store, Inc. 1 6.25% $13,629
    THE MORTGAGE LINK, INC. 1 6.25% $9,767

    The top Saginaw FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 69 FHA loans originated. Their average total fees are $8,084, which is $668 lower than the next largest lender, Preston Home Loans Inc.

    The lowest fee Saginaw FHA lenders (with over 10 loans originated) are LAKE MICHIGAN CREDIT UNION ($6,631), STAUNTON FINANCIAL, INC. ($7,240), FIRST COMMUNITY MORTGAGE, INC. ($7,666), DAS Acquisition Company, LLC ($8,013) and QUICKEN LOANS, LLC ($8,084).

    The lowest rate Saginaw FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.39%), QUICKEN LOANS, LLC (6.39%), LAKE MICHIGAN CREDIT UNION (6.54%), DAS Acquisition Company, LLC (6.64%) and Preston Home Loans Inc (6.64%).

    Saginaw FHA Loan Limits

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