Sault Ste. Marie FHA Loan Rates, Closing Costs & Stats

Sault Ste. Marie, 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.

    Sault Ste. Marie's 19 lenders originated 48 FHA loans during 2023. The total origination value was $6,750,000, with an average FHA loan value of $140,625.

    Sault Ste. Marie FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sault Ste. Marie averaged 6.65% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Sault Ste. Marie's average FHA mortgage closing costs are $5,717.

    The average rate for the prior week (2024-12-06) was 6.62% and one month ago for the week of 2024-11-08, the average rate was 6.38%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

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

    Sault Ste. Marie 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 Sault Ste. Marie level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 9 5.81% $8,865
    VAN DYK MORTGAGE CORPORATION 9 7.10% $5,629
    MID AMERICA MORTGAGE, INC. 4 7.09% $3,351
    PENNYMAC LOAN SERVICES, LLC 3 6.21% $7,984
    UNITED WHOLESALE MORTGAGE, LLC 3 7.54% $9,814
    LOANDEPOT.COM, LLC 2 6.56% $11,481
    MORTGAGE 1 INCORPORATED 1 7.63% $7,471
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $6,869
    NBKC BANK 1 6.38% $4,744
    OCMBC, INC. 1 7.63% $8,895
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $5,191
    ROYAL UNITED MORTGAGE LLC 1 7.00% $7,062
    The Huntington National Bank 1 6.88% $8,272
    MOVEMENT MORTGAGE, LLC 1 6.63% $5,239
    BLG HOLDINGS, INC. 1 7.25% $8,301
    Carrington Mortgage Services, LLC 1 5.50% $8,144
    CHURCHILL MORTGAGE CORPORATION 1 7.25% $8,563
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.13% $6,477
    MICHIGAN MUTUAL, INC. 1 6.63% $6,096

    The top Sault Ste. Marie FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 9 FHA loans originated. Their average total fees are $8,865, which is $3,236 higher than the next largest lender, VAN DYK MORTGAGE CORPORATION.

    The lowest fee Sault Ste. Marie FHA lenders (with over 10 loans originated) are .

    The lowest rate Sault Ste. Marie FHA lenders (with over 10 loans originated) are .

    Sault Ste. Marie FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SAULT STE. MARIE, MI CHIPPEWA 2022 $420,680 $538,650 $651,050 $809,150
    SAULT STE. MARIE, MI CHIPPEWA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sault Ste. Marie (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 $138,750 (15.7%) $186,914 (10.2%) 0.00 398
    2018-02-01 $137,900 (11.1%) $185,743 (-1.1%) 0.00 387
    2018-03-01 $139,000 (11.3%) $192,974 (3.1%) 0.00 366
    2018-04-01 $140,000 (12.0%) $195,088 (4.3%) 0.00 371
    2018-05-01 $148,375 (14.2%) $197,789 (5.1%) 0.00 382
    2018-06-01 $149,000 (14.7%) $194,543 (2.0%) 0.00 443
    2018-07-01 $144,250 (11.1%) $191,157 (0.4%) 0.00 485
    2018-08-01 $146,250 (9.5%) $192,618 (-1.4%) 0.00 489
    2018-09-01 $138,000 (2.2%) $189,185 (-2.5%) 0.00 464
    2018-10-01 $137,225 (0.6%) $193,996 (7.3%) 0.00 427
    2018-11-01 $135,000 (-1.6%) $195,108 (7.6%) 0.00 409
    2018-12-01 $139,000 (0.0%) $196,075 (5.9%) 0.00 373
    2019-01-01 $144,700 (4.3%) $198,948 (6.4%) 0.00 346
    2019-02-01 $149,000 (8.1%) $204,049 (9.9%) 0.00 344
    2019-03-01 $149,386 (7.5%) $206,637 (7.1%) 0.00 329
    2019-04-01 $149,948 (7.1%) $209,033 (7.2%) 0.00 329
    2019-05-01 $149,900 (1.0%) $208,274 (5.3%) 0.00 324
    2019-06-01 $157,000 (5.4%) $208,672 (7.3%) 0.00 354
    2019-07-01 $156,500 (8.5%) $202,736 (6.1%) 0.00 386
    2019-08-01 $155,455 (6.3%) $201,498 (4.6%) 0.00 391
    2019-09-01 $154,636 (12.1%) $199,939 (5.7%) 0.00 389
    2019-10-01 $154,341 (12.5%) $198,900 (2.5%) 0.00 383
    2019-11-01 $154,500 (14.4%) $201,142 (3.1%) 0.00 348
    2019-12-01 $159,000 (14.4%) $200,900 (2.5%) 0.00 313
    2020-01-01 $156,750 (8.3%) $197,433 (-0.8%) 0.00 296
    2020-02-01 $158,000 (6.0%) $202,401 (-0.8%) 0.00 294
    2020-03-01 $159,900 (7.0%) $206,246 (-0.2%) 0.00 286
    2020-04-01 $159,900 (6.6%) $206,158 (-1.4%) 0.00 287
    2020-05-01 $159,900 (6.7%) $200,148 (-3.9%) 0.00 287
    2020-06-01 $159,900 (1.9%) $198,901 (-4.7%) 0.00 279
    2020-07-01 $159,950 (2.2%) $203,568 (0.4%) 0.00 262
    2020-08-01 $167,450 (7.7%) $203,844 (1.2%) 0.00 232
    2020-09-01 $159,450 (3.1%) $201,817 (0.9%) 0.00 202
    2020-10-01 $159,450 (3.3%) $210,772 (6.0%) 0.00 174
    2020-11-01 $153,325 (-0.8%) $213,336 (6.1%) 0.00 173
    2020-12-01 $144,225 (-9.3%) $197,625 (-1.6%) 0.00 158
    2021-01-01 $146,500 (-6.5%) $208,157 (5.4%) 0.00 139
    2021-02-01 $156,000 (-1.3%) $226,140 (11.7%) 0.00 121
    2021-03-01 $175,000 (9.4%) $237,445 (15.1%) 0.00 107
    2021-04-01 $179,667 (12.4%) $276,360 (34.1%) 0.00 94
    2021-05-01 $199,900 (25.0%) $298,525 (49.2%) 0.00 99
    2021-06-01 $198,000 (23.8%) $296,848 (49.2%) 0.00 121
    2021-07-01 $198,000 (23.8%) $297,999 (46.4%) 0.00 116
    2021-08-01 $202,000 (20.6%) $316,545 (55.3%) 0.00 120
    2021-09-01 $202,450 (27.0%) $309,247 (53.2%) 0.00 123
    2021-10-01 $210,000 (31.7%) $298,838 (41.8%) 0.00 110
    2021-11-01 $185,925 (21.3%) $277,405 (30.0%) 0.00 98
    2021-12-01 $176,950 (22.7%) $257,774 (30.4%) 0.00 90
    2022-01-01 $167,450 (14.3%) $262,693 (26.2%) 0.00 75
    2022-02-01 $176,725 (13.3%) $266,736 (18.0%) 0.00 55
    2022-03-01 $222,500 (27.1%) $291,854 (22.9%) 0.00 49
    2022-04-01 $194,950 (8.5%) $276,878 (0.2%) 0.00 53
    2022-05-01 $205,000 (2.6%) $250,996 (-15.9%) 0.00 64
    2022-06-01 $184,500 (-6.8%) $240,062 (-19.1%) 0.00 82
    2022-07-01 $190,000 (-4.0%) $235,083 (-21.1%) 0.00 92
    2022-08-01 $189,300 (-6.3%) $240,017 (-24.2%) 0.00 93
    2022-09-01 $189,925 (-6.2%) $242,577 (-21.6%) 0.00 92
    2022-10-01 $199,900 (-4.8%) $294,351 (-1.5%) 0.00 92
    2022-11-01 $225,000 (21.0%) $367,333 (32.4%) 0.00 80
    2022-12-01 $232,450 (31.4%) $379,511 (47.2%) 0.00 74
    2023-01-01 $247,425 (47.8%) $421,396 (60.4%) 0.00 61
    2023-02-01 $239,900 (35.8%) $403,510 (51.3%) 0.00 63
    2023-03-01 $250,000 (12.4%) $426,657 (46.2%) 0.00 64
    2023-04-01 $270,000 (38.5%) $476,667 (72.2%) 0.00 56
    2023-05-01 $242,400 (18.2%) $367,064 (46.2%) 0.00 71
    2023-06-01 $225,000 (22.0%) $337,424 (40.6%) 0.00 86
    2023-07-01 $239,900 (26.3%) $334,933 (42.5%) 0.00 100
    2023-08-01 $229,725 (21.4%) $328,440 (36.8%) 0.00 103
    2023-09-01 $215,000 (13.2%) $318,327 (31.2%) 0.00 102
    2023-10-01 $212,500 (6.3%) $292,074 (-0.8%) 0.00 103
    2023-11-01 $218,000 (-3.1%) $294,642 (-19.8%) 0.00 94
    2023-12-01 $225,250 (-3.1%) $324,842 (-14.4%) 0.00 84
    2024-01-01 $234,450 (-5.2%) $333,099 (-21.0%) 0.00 73
    2024-02-01 $249,250 (3.9%) $329,927 (-18.2%) 0.00 70
    2024-03-01 $250,000 (0.0%) $352,729 (-17.3%) 0.00 63
    2024-04-01 $261,200 (-3.3%) $354,760 (-25.6%) 0.00 73
    2024-05-01 $278,200 (14.8%) $366,428 (-0.2%) 0.00 81
    2024-06-01 $264,950 (17.8%) $391,361 (16.0%) 0.00 100
    2024-07-01 $262,225 (9.3%) $372,394 (11.2%) 0.00 107
    2024-08-01 $269,000 (17.1%) $360,755 (9.8%) 0.00 115
    2024-09-01 $260,500 (21.2%) $354,279 (11.3%) 0.00 112
    2024-10-01 $259,375 (22.1%) $348,730 (19.4%) 0.00 111
    2024-11-01 $249,000 (14.2%) $340,017 (15.4%) 0.00 101
    Sault Ste. Marie's median listing price for 2024-11-01 was $249,000, a difference of $31,000 (14.2%) versus the prior year and $-10,375 versus the prior month.

    Sault Ste. Marie's median listing price comes in at 0% of the national average.

    Sault Ste. Marie's average listing price for 2024-11-01 was $340,017, a difference of $45,375 (15.4%) versus the prior year and $-8,713 versus the prior month.

    For the 2024-11-01 period, Sault Ste. Marie had 101 MLS listings, a difference of -10 listings (-9%) versus the prior month and 7 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sault Ste. Marie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,355 sqft
    2018-02-01 0 days 1,400 sqft
    2018-03-01 0 days 1,433 sqft
    2018-04-01 0 days 1,429 sqft
    2018-05-01 0 days 1,420 sqft
    2018-06-01 0 days 1,424 sqft
    2018-07-01 0 days 1,389 sqft
    2018-08-01 0 days 1,391 sqft
    2018-09-01 0 days 1,350 sqft
    2018-10-01 0 days 1,365 sqft
    2018-11-01 0 days 1,358 sqft
    2018-12-01 0 days 1,352 sqft
    2019-01-01 0 days 1,362 sqft
    2019-02-01 0 days 1,392 sqft
    2019-03-01 0 days 1,395 sqft
    2019-04-01 0 days 1,403 sqft
    2019-05-01 0 days 1,400 sqft
    2019-06-01 0 days 1,400 sqft
    2019-07-01 0 days 1,371 sqft
    2019-08-01 0 days 1,361 sqft
    2019-09-01 0 days 1,383 sqft
    2019-10-01 0 days 1,400 sqft
    2019-11-01 0 days 1,394 sqft
    2019-12-01 0 days 1,391 sqft
    2020-01-01 0 days 1,321 sqft
    2020-02-01 0 days 1,354 sqft
    2020-03-01 0 days 1,404 sqft
    2020-04-01 0 days 1,400 sqft
    2020-05-01 0 days 1,400 sqft
    2020-06-01 0 days 1,375 sqft
    2020-07-01 0 days 1,387 sqft
    2020-08-01 0 days 1,400 sqft
    2020-09-01 0 days 1,351 sqft
    2020-10-01 0 days 1,325 sqft
    2020-11-01 0 days 1,354 sqft
    2020-12-01 0 days 1,388 sqft
    2021-01-01 0 days 1,400 sqft
    2021-02-01 0 days 1,420 sqft
    2021-03-01 0 days 1,388 sqft
    2021-04-01 0 days 1,346 sqft
    2021-05-01 0 days 1,440 sqft
    2021-06-01 0 days 1,488 sqft
    2021-07-01 0 days 1,512 sqft
    2021-08-01 0 days 1,512 sqft
    2021-09-01 0 days 1,428 sqft
    2021-10-01 0 days 1,432 sqft
    2021-11-01 0 days 1,392 sqft
    2021-12-01 0 days 1,334 sqft
    2022-01-01 0 days 1,360 sqft
    2022-02-01 0 days 1,427 sqft
    2022-03-01 0 days 1,522 sqft
    2022-04-01 0 days 1,418 sqft
    2022-05-01 0 days 1,378 sqft
    2022-06-01 0 days 1,350 sqft
    2022-07-01 0 days 1,337 sqft
    2022-08-01 0 days 1,376 sqft
    2022-09-01 0 days 1,346 sqft
    2022-10-01 0 days 1,451 sqft
    2022-11-01 0 days 1,570 sqft
    2022-12-01 0 days 1,600 sqft
    2023-01-01 0 days 1,600 sqft
    2023-02-01 0 days 1,586 sqft
    2023-03-01 0 days 1,613 sqft
    2023-04-01 0 days 1,613 sqft
    2023-05-01 0 days 1,462 sqft
    2023-06-01 0 days 1,459 sqft
    2023-07-01 0 days 1,443 sqft
    2023-08-01 0 days 1,412 sqft
    2023-09-01 0 days 1,380 sqft
    2023-10-01 0 days 1,347 sqft
    2023-11-01 0 days 1,408 sqft
    2023-12-01 0 days 1,440 sqft
    2024-01-01 0 days 1,420 sqft
    2024-02-01 0 days 1,476 sqft
    2024-03-01 0 days 1,500 sqft
    2024-04-01 0 days 1,500 sqft
    2024-05-01 0 days 1,677 sqft
    2024-06-01 0 days 1,628 sqft
    2024-07-01 0 days 1,509 sqft
    2024-08-01 0 days 1,600 sqft
    2024-09-01 0 days 1,600 sqft
    2024-10-01 0 days 1,604 sqft
    2024-11-01 0 days 1,604 sqft
    Sault Ste. Marie's median listing age (time on market) for 2024-11-01 was 0 days.

    Sault Ste. Marie's median square footage for active listings during the 2024-11-01 period was 1,604 sqft. One year prior, the average listing was 1,408 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).