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 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 6.34% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

The average rate for the prior week (2024-10-04) was 5.96% and one month ago for the week of 2024-09-06, the average rate was 6.39%.

The average rate one year ago was 7.52%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.51%.

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).