Saginaw FHA Loan Rates, Closing Costs & Stats

SAGINAW, 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.

Saginaw's 76 lenders originated 515 FHA loans during 2022. The total origination value was $78,415,000, with an average FHA loan value of $152,262.

Saginaw FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Saginaw averaged -0.26% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Saginaw's average FHA mortgage closing costs are $5,322.

The average rate for the prior week (2024-02-16) was 6.58% and one month ago for the week of 2024-01-19, the average rate was 6.42%.

The average rate one year ago was 5.98%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.08%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 76 4.46% $6,901
ACADEMY MORTGAGE CORPORATION 36 5.33% $6,373
J. VIRGIL, INC. 32 4.94% $7,606
The Huntington National Bank 28 4.72% $5,103
Preston Home Loans Inc 21 5.61% $7,340
LAKE MICHIGAN CREDIT UNION 19 4.71% $4,751
CARDINAL FINANCIAL 17 4.82% $6,580
UNITED WHOLESALE MORTGAGE, LLC 17 5.37% $7,248
MID AMERICA MORTGAGE, INC. 15 5.44% $4,039
CALIBER HOME LOANS, INC. 15 5.26% $7,398
ENVOY MORTGAGE, LTD 12 4.93% $7,397
LEGEND LENDING CORPORATION 11 6.49% $4,481
FREEDOM MORTGAGE CORPORATION 8 5.26% $6,940
Mercantile Bank of Michigan 7 5.75% $5,491
CROSSCOUNTRY MORTGAGE, LLC 7 5.52% $6,579
BROKER SOLUTIONS, INC. 7 5.30% $7,751
PENNYMAC LOAN SERVICES, LLC 6 4.17% $4,104
AMERISAVE MORTGAGE CORPORATION 6 4.96% $9,346
Independent Bank 6 5.52% $3,959
MORTGAGE 1 INCORPORATED 5 4.90% $7,106
AMERIFIRST FINANCIAL CORPORATION 5 5.20% $8,836
TOWNE MORTGAGE COMPANY 4 4.78% $6,052
GENEVA FINANCIAL, LLC 4 4.91% $6,001
MICHIGAN MUTUAL, INC. 4 5.72% $5,354
BLG HOLDINGS, INC. 4 5.09% $5,954
LAKEVIEW LOAN SERVICING, LLC 4 4.19% $7,445
Carrington Mortgage Services, LLC 4 4.41% $6,873
SOUTHWEST FUNDING, LP 4 6.00% $12,295
Flagstar Bank, FSB 3 5.05% $5,459
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 5.25% $5,502
Fifth Third Bank 3 5.21% $5,324
NEWREZ LLC 3 4.13% $5,425
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 5.50% $4,082
Wells Fargo Bank 3 4.92% $5,431
Horizon Bank 3 4.24% $4,959
DAS Acquisition Company, LLC 2 7.50% $6,551
SUCCESS MORTGAGE PARTNERS, INC. 2 4.75% $6,754
ROSS MORTGAGE CORPORATION 2 5.38% $6,200
PNC Bank 2 3.25% $5,663
Bank of England 2 4.50% $5,513
AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.50% $7,171
HOME POINT FINANCIAL CORPORATION 2 4.06% $4,133
STAUNTON FINANCIAL, INC. 1 6.13% $8,914
AMERICAN FINANCING CORPORATION 1 4.99% $9,373
AMERICAN MORTGAGE SERVICE COMPANY 1 4.13% $5,127
ARC HOME LLC 1 5.63% $6,547
Barrington Bank & Trust Company, N.A. 1 5.25% $5,370
BAYSHORE MORTGAGE FUNDING, LLC 1 5.63% $8,656
BETTER MORTGAGE CORPORATION 1 4.13% $3,006
CALCON MUTUAL MORTGAGE LLC 1 5.63% $7,881
Cornerstone First Mortgage, Inc 1 4.13% $5,019
CORNERSTONE HOME LENDING, INC. 1 4.25% $7,115
EVERETT FINANCIAL, INC. 1 6.13% $3,489
FINANCIAL PLUS CREDIT UNION 1 3.00% $5,781
FIRST COMMUNITY MORTGAGE, INC. 1 6.50% $6,279
First Guaranty Mortgage Corporation 1 3.00% $5,680
HOMESIDE FINANCIAL, LLC 1 5.49% $4,985
HOMESITE MORTGAGE, LLC 1 4.13% $0
JPMorgan Chase Bank 1 4.13% $5,516
LOANDEPOT.COM, LLC 1 3.99% $14,444
Magnolia Bank 1 5.13% $7,271
MEMBER FIRST MORTGAGE, LLC 1 6.13% $9,603
MICHIGAN SCHOOLS AND GOVERNMENT 1 4.25% $4,703
Mortgage Research Center, LLC 1 5.75% $2,334
MOVEMENT MORTGAGE, LLC 1 5.25% $7,471
Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $7,582
M&T Bank 1 5.75% $4,945
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.75% $10,618
Neighborhood Loans, Inc. 1 4.25% $8,004
NORTHERN MORTGAGE SERVICES, LLC 1 3.75% $5,742
Paramount Residential Mortgage Group, Inc. 1 5.75% $13,681
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.25% $6,708
STOCKTON MORTGAGE CORPORATION 1 5.13% $4,439
The Federal Savings Bank 1 4.75% $9,385
UNION HOME MORTGAGE CORP. 1 4.25% $4,174
UNIVERSITY LENDING GROUP, LLC 1 4.25% $3,588

The top Saginaw FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 76 FHA loans originated. Their average total fees are $6,901, which is $528 higher than the next largest lender, ACADEMY MORTGAGE CORPORATION.

The lowest fee Saginaw FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,039), LEGEND LENDING CORPORATION ($4,481), LAKE MICHIGAN CREDIT UNION ($4,751), The Huntington National Bank ($5,103) and ACADEMY MORTGAGE CORPORATION ($6,373).

The lowest rate Saginaw FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.46%), LAKE MICHIGAN CREDIT UNION (4.71%), The Huntington National Bank (4.72%), CARDINAL FINANCIAL (4.82%) and ENVOY MORTGAGE, LTD (4.93%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Saginaw (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 $89,450 (-6.4%) $128,689 (-0.3%) 0.33 562
2018-02-01 $86,481 (-10.3%) $129,229 (0.8%) 0.31 542
2018-03-01 $87,125 (-3.2%) $131,117 (1.6%) 0.31 516
2018-04-01 $98,900 (8.4%) $136,482 (3.8%) 0.34 491
2018-05-01 $107,425 (4.9%) $148,642 (7.4%) 0.36 477
2018-06-01 $112,450 (6.4%) $153,196 (10.0%) 0.38 514
2018-07-01 $117,075 (6.5%) $154,973 (12.5%) 0.39 539
2018-08-01 $114,900 (4.5%) $150,892 (8.8%) 0.38 570
2018-09-01 $119,900 (9.1%) $156,322 (10.5%) 0.40 601
2018-10-01 $123,125 (21.9%) $156,617 (13.8%) 0.42 590
2018-11-01 $122,250 (23.2%) $153,680 (13.6%) 0.41 567
2018-12-01 $119,900 (27.2%) $151,128 (14.8%) 0.41 540
2019-01-01 $116,125 (29.8%) $147,294 (14.5%) 0.40 480
2019-02-01 $119,900 (38.6%) $149,555 (15.7%) 0.41 425
2019-03-01 $122,900 (41.1%) $157,765 (20.3%) 0.40 382
2019-04-01 $128,400 (29.8%) $164,605 (20.6%) 0.41 358
2019-05-01 $132,113 (23.0%) $173,453 (16.7%) 0.41 394
2019-06-01 $129,900 (15.5%) $165,738 (8.2%) 0.41 460
2019-07-01 $129,250 (10.4%) $172,181 (11.1%) 0.40 477
2019-08-01 $127,882 (11.3%) $170,431 (13.0%) 0.41 511
2019-09-01 $126,205 (5.3%) $165,642 (6.0%) 0.40 526
2019-10-01 $125,086 (1.6%) $162,502 (3.8%) 0.40 535
2019-11-01 $119,950 (-1.9%) $156,573 (1.9%) 0.39 522
2019-12-01 $119,900 (0.0%) $154,498 (2.2%) 0.40 459
2020-01-01 $116,749 (0.5%) $150,676 (2.3%) 0.39 403
2020-02-01 $107,700 (-10.2%) $145,034 (-3.0%) 0.35 368
2020-03-01 $109,400 (-11.0%) $152,429 (-3.4%) 0.34 306
2020-04-01 $119,900 (-6.6%) $156,642 (-4.8%) 0.38 290
2020-05-01 $124,900 (-5.5%) $166,473 (-4.0%) 0.38 262
2020-06-01 $130,425 (0.4%) $182,082 (9.9%) 0.38 212
2020-07-01 $129,650 (0.3%) $184,224 (7.0%) 0.38 204
2020-08-01 $139,900 (9.4%) $195,366 (14.6%) 0.40 215
2020-09-01 $131,650 (4.3%) $196,092 (18.4%) 0.38 249
2020-10-01 $130,900 (4.7%) $205,458 (26.4%) 0.38 262
2020-11-01 $132,400 (10.4%) $187,504 (19.8%) 0.39 240
2020-12-01 $124,400 (3.8%) $178,749 (15.7%) 0.37 211
2021-01-01 $102,400 (-12.3%) $171,314 (13.7%) 0.31 162
2021-02-01 $113,600 (5.5%) $188,343 (29.9%) 0.33 140
2021-03-01 $105,250 (-3.8%) $173,697 (14.0%) 0.30 125
2021-04-01 $112,300 (-6.3%) $187,637 (19.8%) 0.30 114
2021-05-01 $137,450 (10.1%) $214,484 (28.8%) 0.37 135
2021-06-01 $137,150 (5.2%) $202,650 (11.3%) 0.36 191
2021-07-01 $139,900 (7.9%) $196,172 (6.5%) 0.37 231
2021-08-01 $141,900 (1.4%) $193,145 (-1.1%) 0.38 282
2021-09-01 $117,500 (-10.8%) $174,610 (-11.0%) 0.31 298
2021-10-01 $119,900 (-8.4%) $181,138 (-11.8%) 0.32 303
2021-11-01 $122,400 (-7.6%) $179,884 (-4.1%) 0.33 312
2021-12-01 $114,800 (-7.7%) $177,845 (-0.5%) 0.31 281
2022-01-01 $99,900 (-2.4%) $170,594 (-0.4%) 0.27 220
2022-02-01 $105,325 (-7.3%) $181,830 (-3.5%) 0.27 194
2022-03-01 $116,200 (10.4%) $187,473 (7.9%) 0.29 182
2022-04-01 $146,400 (30.4%) $210,864 (12.4%) 0.35 166
2022-05-01 $145,925 (6.2%) $198,236 (-7.6%) 0.33 178
2022-06-01 $148,650 (8.4%) $207,046 (2.2%) 0.33 216
2022-07-01 $166,500 (19.0%) $227,832 (16.1%) 0.38 256
2022-08-01 $159,675 (12.5%) $216,297 (12.0%) 0.37 321
2022-09-01 $155,000 (31.9%) $206,203 (18.1%) 0.36 318
2022-10-01 $159,900 (33.4%) $207,741 (14.7%) 0.38 309
2022-11-01 $139,900 (14.3%) $198,285 (10.2%) 0.34 313
2022-12-01 $149,900 (30.6%) $202,487 (13.9%) 0.37 266
2023-01-01 $147,400 (47.6%) $201,289 (18.0%) 0.37 235
2023-02-01 $131,225 (24.6%) $202,041 (11.1%) 0.32 209
2023-03-01 $127,400 (9.6%) $207,008 (10.4%) 0.30 190
2023-04-01 $149,000 (1.8%) $219,364 (4.0%) 0.35 185
2023-05-01 $143,100 (-1.9%) $213,722 (7.8%) 0.32 196
2023-06-01 $139,675 (-6.0%) $219,176 (5.9%) 0.31 210
2023-07-01 $129,900 (-22.0%) $225,873 (-0.9%) 0.30 266
2023-08-01 $146,225 (-8.4%) $216,376 (0.0%) 0.34 315
2023-09-01 $149,900 (-3.3%) $214,330 (3.9%) 0.35 340
2023-10-01 $149,900 (-6.3%) $218,701 (5.3%) 0.35 334
2023-11-01 $152,450 (9.0%) $213,994 (7.9%) 0.36 375
2023-12-01 $159,900 (6.7%) $211,058 (4.2%) 0.39 347
Saginaw's median listing price for 2023-12-01 was $159,900, a difference of $10,000 (6.7%) versus the prior year and $7,450 versus the prior month.

Saginaw's median listing price comes in at 39% of the national average.

Saginaw's average listing price for 2023-12-01 was $211,058, a difference of $8,571 (4.2%) versus the prior year and $-2,936 versus the prior month.

For the 2023-12-01 period, Saginaw had 347 MLS listings, a difference of -28 listings (-7%) versus the prior month and 81 listings (30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Saginaw (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 81 days 1,453 sqft
2018-02-01 81 days 1,433 sqft
2018-03-01 68 days 1,449 sqft
2018-04-01 64 days 1,460 sqft
2018-05-01 49 days 1,482 sqft
2018-06-01 45 days 1,512 sqft
2018-07-01 48 days 1,539 sqft
2018-08-01 45 days 1,508 sqft
2018-09-01 51 days 1,466 sqft
2018-10-01 51 days 1,536 sqft
2018-11-01 59 days 1,532 sqft
2018-12-01 73 days 1,520 sqft
2019-01-01 80 days 1,479 sqft
2019-02-01 83 days 1,519 sqft
2019-03-01 72 days 1,521 sqft
2019-04-01 59 days 1,535 sqft
2019-05-01 40 days 1,530 sqft
2019-06-01 37 days 1,520 sqft
2019-07-01 44 days 1,575 sqft
2019-08-01 48 days 1,563 sqft
2019-09-01 50 days 1,545 sqft
2019-10-01 53 days 1,533 sqft
2019-11-01 58 days 1,520 sqft
2019-12-01 71 days 1,531 sqft
2020-01-01 78 days 1,508 sqft
2020-02-01 74 days 1,453 sqft
2020-03-01 61 days 1,472 sqft
2020-04-01 73 days 1,480 sqft
2020-05-01 74 days 1,456 sqft
2020-06-01 39 days 1,539 sqft
2020-07-01 32 days 1,547 sqft
2020-08-01 29 days 1,578 sqft
2020-09-01 26 days 1,561 sqft
2020-10-01 31 days 1,568 sqft
2020-11-01 37 days 1,521 sqft
2020-12-01 45 days 1,489 sqft
2021-01-01 47 days 1,422 sqft
2021-02-01 44 days 1,434 sqft
2021-03-01 37 days 1,390 sqft
2021-04-01 25 days 1,396 sqft
2021-05-01 17 days 1,486 sqft
2021-06-01 22 days 1,460 sqft
2021-07-01 24 days 1,422 sqft
2021-08-01 27 days 1,469 sqft
2021-09-01 35 days 1,403 sqft
2021-10-01 39 days 1,404 sqft
2021-11-01 46 days 1,385 sqft
2021-12-01 54 days 1,367 sqft
2022-01-01 66 days 1,317 sqft
2022-02-01 69 days 1,353 sqft
2022-03-01 40 days 1,364 sqft
2022-04-01 30 days 1,454 sqft
2022-05-01 24 days 1,419 sqft
2022-06-01 26 days 1,450 sqft
2022-07-01 30 days 1,522 sqft
2022-08-01 31 days 1,498 sqft
2022-09-01 42 days 1,456 sqft
2022-10-01 46 days 1,493 sqft
2022-11-01 45 days 1,473 sqft
2022-12-01 53 days 1,472 sqft
2023-01-01 54 days 1,494 sqft
2023-02-01 61 days 1,483 sqft
2023-03-01 58 days 1,462 sqft
2023-04-01 54 days 1,552 sqft
2023-05-01 35 days 1,540 sqft
2023-06-01 32 days 1,541 sqft
2023-07-01 29 days 1,423 sqft
2023-08-01 31 days 1,427 sqft
2023-09-01 40 days 1,430 sqft
2023-10-01 46 days 1,430 sqft
2023-11-01 45 days 1,451 sqft
2023-12-01 57 days 1,443 sqft
Saginaw's median listing age (time on market) for 2023-12-01 was 57 days. This is 8% longer than the same period one year ago.

Saginaw's median square footage for active listings during the 2023-12-01 period was 1,443 sqft. One year prior, the average listing was 1,472 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).