Sturgis FHA Loan Rates, Closing Costs & Stats

Sturgis, 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.

    Sturgis's 50 lenders originated 138 FHA loans during 2023. The total origination value was $24,260,000, with an average FHA loan value of $175,797.

    Sturgis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sturgis averaged 6.6% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Sturgis's average FHA mortgage closing costs are $5,952.

    The average rate for the prior week (2024-11-01) was 6.57% and one month ago for the week of 2024-10-04, the average rate was 6.29%.

    The average rate one year ago was 7.74%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Sturgis 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 Sturgis level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 11 7.27% $5,945
    QUICKEN LOANS, LLC 11 6.63% $7,611
    Neighborhood Loans, Inc. 9 6.76% $9,786
    UNITED WHOLESALE MORTGAGE, LLC 8 6.56% $9,947
    Carrington Mortgage Services, LLC 6 6.33% $8,548
    UNION HOME MORTGAGE CORP. 5 7.03% $8,577
    FREEDOM MORTGAGE CORPORATION 5 6.93% $7,491
    Flagstar Bank, FSB 5 6.29% $10,166
    GVC MORTGAGE, INC. 4 7.16% $9,109
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 7.53% $9,460
    CARDINAL FINANCIAL 4 6.81% $8,087
    MEMBER FIRST MORTGAGE, LLC 4 6.59% $8,500
    BROKER SOLUTIONS, INC. 3 6.83% $9,432
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.54% $12,723
    Fifth Third Bank 3 6.42% $4,801
    TOWNE MORTGAGE COMPANY 2 7.13% $7,706
    CONTOUR MORTGAGE CORPORATION 2 6.56% $10,638
    HALLMARK HOME MORTGAGE, LLC 2 7.06% $9,788
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $9,548
    Prosperity Home Mortgage, LLC 2 6.49% $9,237
    LAKEVIEW LOAN SERVICING, LLC 2 6.68% $10,926
    CROSSCOUNTRY MORTGAGE, LLC 2 6.50% $7,277
    Preston Home Loans Inc 1 7.63% $8,608
    ROYAL UNITED MORTGAGE LLC 1 7.13% $9,797
    STAUNTON FINANCIAL, INC. 1 7.63% $4,590
    The Huntington National Bank 1 6.88% $3,357
    VAN DYK MORTGAGE CORPORATION 1 6.63% $7,477
    AMERISAVE MORTGAGE CORPORATION 1 7.25% $10,449
    VILLAGE CAPITAL MORTGAGE 1 6.50% $11,491
    Citizens Bank 1 6.75% $3,759
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.63% $6,462
    First Federal Bank 1 6.50% $6,438
    GUARANTEED RATE, INC. 1 7.25% $10,928
    Horizon Bank 1 6.63% $7,216
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 5.88% $8,247
    INOVA FEDERAL CREDIT UNION 1 6.50% $5,009
    JPMorgan Chase Bank 1 6.25% $4,473
    J. VIRGIL, INC. 1 6.25% $6,762
    LOANDEPOT.COM, LLC 1 5.99% $9,337
    Mercantile Bank of Michigan 1 7.50% $7,130
    MORTGAGE CENTER L.C 1 7.13% $8,768
    Mortgage Research Center, LLC 1 6.75% $5,187
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $13,025
    NEWREZ LLC 1 6.75% $8,900
    NORTHERN MORTGAGE SERVICES, LLC 1 7.00% $3,250
    Northpointe Bank 1 7.63% $10,770
    PENNYMAC LOAN SERVICES, LLC 1 7.25% $8,548
    Platinum Home Mortgage Corporation 1 5.75% $12,191
    POLARIS HOME FUNDING CORP. 1 6.25% $8,542
    PREMIA MORTGAGE, LLC 1 6.75% $5,535

    The top Sturgis FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 11 FHA loans originated. Their average total fees are $5,945, which is $1,666 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Sturgis FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,945), QUICKEN LOANS, LLC ($7,611), .

    The lowest rate Sturgis FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.63%), RUOFF MORTGAGE COMPANY, INC. (7.27%), .

    Sturgis FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    STURGIS, MI ST. JOSEPH 2022 $420,680 $538,650 $651,050 $809,150
    STURGIS, MI ST. JOSEPH 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).