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 7.1% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 7.09% and one month ago for the week of 2024-03-15, the average rate was 6.86%.

    The average rate one year ago was 6.29%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.57%.

    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

    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 $143,250 (-1.8%) $214,033 (8.0%) 0.32 197
    2023-06-01 $139,900 (-5.9%) $219,719 (6.1%) 0.31 211
    2023-07-01 $129,900 (-22.0%) $226,310 (-0.7%) 0.30 267
    2023-08-01 $147,000 (-7.9%) $216,738 (0.2%) 0.34 316
    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
    2024-01-01 $159,900 (8.5%) $205,227 (2.0%) 0.39 311
    2024-02-01 $154,950 (18.1%) $202,724 (0.3%) 0.37 286
    2024-03-01 $159,950 (25.6%) $214,235 (3.5%) 0.38 253
    Saginaw's median listing price for 2024-03-01 was $159,950, a difference of $32,550 (25.6%) versus the prior year and $5,000 versus the prior month.

    Saginaw's median listing price comes in at 38% of the national average.

    Saginaw's average listing price for 2024-03-01 was $214,235, a difference of $7,227 (3.5%) versus the prior year and $11,511 versus the prior month.

    For the 2024-03-01 period, Saginaw had 253 MLS listings, a difference of -33 listings (-12%) versus the prior month and 63 listings (33%) 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 1,549 sqft
    2023-06-01 32 days 1,542 sqft
    2023-07-01 29 days 1,430 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
    2024-01-01 69 days 1,443 sqft
    2024-02-01 71 days 1,456 sqft
    2024-03-01 52 days 1,486 sqft
    Saginaw's median listing age (time on market) for 2024-03-01 was 52 days. This is -10% shorter than the same period one year ago.

    Saginaw's median square footage for active listings during the 2024-03-01 period was 1,486 sqft. One year prior, the average listing was 1,462 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).