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 71 lenders originated 394 FHA loans during 2023. The total origination value was $56,750,000, with an average FHA loan value of $144,036.

    Saginaw FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Saginaw averaged 6.93% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Saginaw's average FHA mortgage closing costs are $5,628.

    The average rate for the prior week (2024-07-12) was 6.99% and one month ago for the week of 2024-06-14, the average rate was 6.94%.

    The average rate one year ago was 6.73%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.2%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 70 6.25% $8,085
    UNITED WHOLESALE MORTGAGE, LLC 22 6.60% $8,403
    ACADEMY MORTGAGE CORPORATION 21 7.14% $7,476
    Preston Home Loans Inc 21 6.81% $7,559
    LAKE MICHIGAN CREDIT UNION 17 6.44% $6,157
    FIRST COMMUNITY MORTGAGE, INC. 11 7.22% $6,522
    The Huntington National Bank 11 7.14% $4,911
    MORTGAGE 1 INCORPORATED 10 6.35% $9,197
    Independent Bank 10 6.64% $4,819
    J. VIRGIL, INC. 9 6.75% $6,509
    Carrington Mortgage Services, LLC 8 6.66% $10,971
    PENNYMAC LOAN SERVICES, LLC 8 6.27% $6,952
    LOANDEPOT.COM, LLC 6 6.64% $9,239
    MICHIGAN MUTUAL, INC. 6 6.50% $6,420
    Equity Prime Mortgage LLC 5 7.40% $8,883
    CARDINAL FINANCIAL 5 6.78% $7,800
    LEGEND LENDING CORPORATION 5 6.75% $9,181
    BLG HOLDINGS, INC. 4 7.72% $8,094
    STAUNTON FINANCIAL, INC. 4 7.00% $4,790
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 6.97% $7,103
    Prosperity Home Mortgage, LLC 4 6.87% $6,308
    BROKER SOLUTIONS, INC. 4 6.56% $9,649
    TOWNE MORTGAGE COMPANY 3 6.96% $6,360
    MID AMERICA MORTGAGE, INC. 3 6.75% $3,058
    DAS Acquisition Company, LLC 3 7.50% $9,248
    AMERISAVE MORTGAGE CORPORATION 3 6.50% $8,821
    NEWREZ LLC 3 6.83% $8,564
    Citizens Bank 3 6.46% $6,504
    Mr. Cooper ( Nationstar Mortgage ) 3 6.50% $11,088
    First State Bank 3 6.54% $5,437
    FREEDOM MORTGAGE CORPORATION 3 6.58% $10,204
    Fifth Third Bank 3 6.83% $2,194
    The Dart Bank 2 6.94% $11,851
    Barrington Bank & Trust Company, N.A. 2 6.75% $8,193
    CROSSCOUNTRY MORTGAGE, LLC 2 6.69% $5,631
    GENEVA FINANCIAL, LLC 2 6.88% $5,707
    LAKEVIEW LOAN SERVICING, LLC 2 5.69% $8,712
    LEADERONE FINANCIAL CORPORATION 2 7.00% $10,838
    Mercantile Bank of Michigan 2 6.63% $5,399
    Neighborhood Loans, Inc. 2 6.63% $4,394
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.13% $12,363
    Summit Mortgage Corporation 2 6.69% $6,210
    TOP FLITE FINANCIAL, INC. 2 7.13% $9,397
    UNION HOME MORTGAGE CORP. 2 6.88% $11,187
    M&T Bank 1 6.75% $9,359
    MYCUMORTGAGE, LLC 1 7.63% $7,074
    Nations Lending Corporation 1 6.75% $6,355
    NATIONS RELIABLE LENDING, LLC 1 7.00% $7,661
    ZILLOW HOME LOANS, LLC 1 5.75% $9,172
    HOMESPIRE MORTGAGE CORPORATION 1 7.63% $3,946
    Northpointe Bank 1 6.75% $5,545
    HOMESIDE FINANCIAL, LLC 1 7.13% $7,397
    GVC MORTGAGE, INC. 1 6.88% $4,661
    GUARANTEED RATE, INC. 1 7.00% $11,791
    First Merchants Bank 1 7.25% $9,362
    ROSS MORTGAGE CORPORATION 1 7.63% $8,950
    ROYAL UNITED MORTGAGE LLC 1 6.75% $9,163
    FINANCIAL PLUS CREDIT UNION 1 5.38% $4,730
    STOCKTON MORTGAGE CORPORATION 1 8.13% $8,801
    American Mortgage & Equity Consultants, Inc. 1 7.63% $10,505
    VILLAGE CAPITAL MORTGAGE 1 7.00% $1,263
    SUN WEST MORTGAGE COMPANY, INC. 1 7.08% $8,613
    EVERETT FINANCIAL, INC. 1 6.63% $6,303
    Dort Financial Credit Union 1 6.75% $4,972
    Wells Fargo Bank 1 6.63% $7,694
    CHURCHILL MORTGAGE CORPORATION 1 7.63% $7,704
    MEMBER FIRST MORTGAGE, LLC 1 6.38% $4,563
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.63% $15,013
    Mortgage Research Center, LLC 1 6.13% $1,896
    MOVEMENT MORTGAGE, LLC 1 7.25% $4,299
    JPMorgan Chase Bank 1 5.99% $6,684

    The top Saginaw FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 70 FHA loans originated. Their average total fees are $8,085, which is $317 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Saginaw FHA lenders (with over 10 loans originated) are Independent Bank ($4,819), The Huntington National Bank ($4,911), LAKE MICHIGAN CREDIT UNION ($6,157), FIRST COMMUNITY MORTGAGE, INC. ($6,522) and ACADEMY MORTGAGE CORPORATION ($7,476).

    The lowest rate Saginaw FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.25%), MORTGAGE 1 INCORPORATED (6.35%), LAKE MICHIGAN CREDIT UNION (6.44%), UNITED WHOLESALE MORTGAGE, LLC (6.60%) and Independent Bank (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).