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

Sault Ste. Marie, 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.

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 0.27% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.76% and one month ago for the week of 2024-10-25, the average rate was 6.24%.

The average rate one year ago was 7.43%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.2%.

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
Sault Ste. Marie's median listing price for 2024-10-01 was $259,375, a difference of $46,875 (22.1%) versus the prior year and $-1,125 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 2024-10-01 was $348,730, a difference of $56,656 (19.4%) versus the prior year and $-5,549 versus the prior month.

For the 2024-10-01 period, Sault Ste. Marie had 111 MLS listings, a difference of -1 listings (-1%) versus the prior month and 8 listings (8%) 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
Sault Ste. Marie's median listing age (time on market) for 2024-10-01 was 0 days.

Sault Ste. Marie's median square footage for active listings during the 2024-10-01 period was 1,604 sqft. One year prior, the average listing was 1,347 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).