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 6.55% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    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 6.48%.

    The average rate one year ago was 7.09%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.18%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sturgis (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 $161,200 (15.2%) $205,540 (6.3%) 0.00 157
    2018-02-01 $166,675 (19.1%) $212,100 (11.3%) 0.00 149
    2018-03-01 $169,900 (7.2%) $216,607 (0.4%) 0.00 144
    2018-04-01 $181,425 (9.3%) $230,524 (7.7%) 0.00 146
    2018-05-01 $202,450 (23.8%) $236,456 (12.1%) 0.00 156
    2018-06-01 $199,900 (21.0%) $238,874 (12.1%) 0.00 158
    2018-07-01 $184,975 (12.1%) $243,687 (14.1%) 0.00 184
    2018-08-01 $173,000 (8.2%) $238,035 (13.3%) 0.00 197
    2018-09-01 $167,950 (3.7%) $235,066 (10.8%) 0.00 194
    2018-10-01 $167,400 (3.4%) $238,953 (12.9%) 0.00 181
    2018-11-01 $173,675 (8.6%) $234,879 (9.8%) 0.00 179
    2018-12-01 $159,900 (-3.0%) $226,745 (5.6%) 0.00 174
    2019-01-01 $168,950 (4.8%) $233,003 (13.4%) 0.00 156
    2019-02-01 $178,650 (7.2%) $247,638 (16.8%) 0.00 140
    2019-03-01 $189,729 (11.7%) $271,752 (25.5%) 0.00 140
    2019-04-01 $192,904 (6.3%) $276,797 (20.1%) 0.00 149
    2019-05-01 $213,725 (5.6%) $292,083 (23.5%) 0.00 155
    2019-06-01 $213,500 (6.8%) $284,092 (18.9%) 0.00 163
    2019-07-01 $193,225 (4.5%) $267,110 (9.6%) 0.00 188
    2019-08-01 $188,873 (9.2%) $265,822 (11.7%) 0.00 200
    2019-09-01 $185,007 (10.2%) $262,666 (11.7%) 0.00 216
    2019-10-01 $180,950 (8.1%) $258,573 (8.2%) 0.00 227
    2019-11-01 $179,900 (3.6%) $242,109 (3.1%) 0.00 206
    2019-12-01 $163,825 (2.5%) $231,212 (2.0%) 0.00 198
    2020-01-01 $177,450 (5.0%) $236,874 (1.7%) 0.00 186
    2020-02-01 $181,950 (1.9%) $246,263 (-0.6%) 0.00 186
    2020-03-01 $183,425 (-3.3%) $259,045 (-4.7%) 0.00 167
    2020-04-01 $189,400 (-1.8%) $268,313 (-3.1%) 0.00 157
    2020-05-01 $197,250 (-7.7%) $286,762 (-1.8%) 0.00 148
    2020-06-01 $222,350 (4.2%) $305,475 (7.5%) 0.00 133
    2020-07-01 $212,273 (9.9%) $313,943 (17.5%) 0.00 125
    2020-08-01 $219,950 (16.5%) $316,475 (19.1%) 0.00 102
    2020-09-01 $193,444 (4.6%) $301,610 (14.8%) 0.00 81
    2020-10-01 $169,950 (-6.1%) $289,563 (12.0%) 0.00 88
    2020-11-01 $180,975 (0.6%) $306,961 (26.8%) 0.00 82
    2020-12-01 $156,800 (-4.3%) $302,197 (30.7%) 0.00 82
    2021-01-01 $149,950 (-15.5%) $309,138 (30.5%) 0.00 61
    2021-02-01 $169,150 (-7.0%) $314,921 (27.9%) 0.00 44
    2021-03-01 $162,150 (-11.6%) $372,944 (44.0%) 0.00 42
    2021-04-01 $197,400 (4.2%) $414,570 (54.5%) 0.00 34
    2021-05-01 $225,000 (14.1%) $419,214 (46.2%) 0.00 38
    2021-06-01 $232,500 (4.6%) $383,613 (25.6%) 0.00 58
    2021-07-01 $231,950 (9.3%) $354,345 (12.9%) 0.00 65
    2021-08-01 $225,000 (2.3%) $346,263 (9.4%) 0.00 74
    2021-09-01 $222,450 (15.0%) $347,732 (15.3%) 0.00 86
    2021-10-01 $225,000 (32.4%) $387,132 (33.7%) 0.00 77
    2021-11-01 $186,250 (2.9%) $320,273 (4.3%) 0.00 72
    2021-12-01 $181,950 (16.0%) $317,323 (5.0%) 0.00 64
    2022-01-01 $175,900 (17.3%) $322,176 (4.2%) 0.00 62
    2022-02-01 $174,950 (3.4%) $287,517 (-8.7%) 0.00 69
    2022-03-01 $175,158 (8.0%) $306,692 (-17.8%) 0.00 56
    2022-04-01 $239,900 (21.5%) $354,518 (-14.5%) 0.00 51
    2022-05-01 $256,200 (13.9%) $340,282 (-18.8%) 0.00 65
    2022-06-01 $267,200 (14.9%) $381,475 (-0.6%) 0.00 83
    2022-07-01 $247,500 (6.7%) $319,078 (-10.0%) 0.00 95
    2022-08-01 $213,725 (-5.0%) $292,578 (-15.5%) 0.00 103
    2022-09-01 $239,450 (7.6%) $302,600 (-13.0%) 0.00 98
    2022-10-01 $229,900 (2.2%) $297,162 (-23.2%) 0.00 92
    2022-11-01 $210,000 (12.8%) $268,350 (-16.2%) 0.00 95
    2022-12-01 $199,900 (9.9%) $258,989 (-18.4%) 0.00 94
    2023-01-01 $204,950 (16.5%) $253,517 (-21.3%) 0.00 84
    2023-02-01 $210,500 (20.3%) $275,279 (-4.3%) 0.00 65
    2023-03-01 $211,400 (20.7%) $311,829 (1.7%) 0.00 42
    2023-04-01 $249,900 (4.2%) $310,953 (-12.3%) 0.00 49
    2023-05-01 $247,475 (-3.4%) $292,771 (-14.0%) 0.00 59
    2023-06-01 $269,225 (0.8%) $341,760 (-10.4%) 0.00 67
    2023-07-01 $254,900 (3.0%) $343,952 (7.8%) 0.00 75
    2023-08-01 $254,900 (19.3%) $340,703 (16.5%) 0.00 85
    2023-09-01 $249,950 (4.4%) $343,936 (13.7%) 0.00 80
    2023-10-01 $233,650 (1.6%) $338,395 (13.9%) 0.00 89
    2023-11-01 $220,225 (4.9%) $317,808 (18.4%) 0.00 82
    2023-12-01 $229,900 (15.0%) $345,686 (33.5%) 0.00 77
    2024-01-01 $217,250 (6.0%) $323,614 (27.7%) 0.00 76
    2024-02-01 $231,500 (10.0%) $296,590 (7.7%) 0.00 71
    2024-03-01 $239,450 (13.3%) $295,803 (-5.1%) 0.00 83
    2024-04-01 $256,950 (2.8%) $335,727 (8.0%) 0.00 90
    2024-05-01 $289,000 (16.8%) $381,839 (30.4%) 0.00 89
    2024-06-01 $299,998 (11.4%) $381,086 (11.5%) 0.00 102
    2024-07-01 $262,450 (3.0%) $328,715 (-4.4%) 0.00 101
    2024-08-01 $269,900 (5.9%) $326,970 (-4.0%) 0.00 114
    2024-09-01 $257,400 (3.0%) $308,897 (-10.2%) 0.00 136
    2024-10-01 $267,675 (14.6%) $318,022 (-6.0%) 0.00 152
    2024-11-01 $250,000 (13.5%) $290,244 (-8.7%) 0.00 122
    Sturgis's median listing price for 2024-11-01 was $250,000, a difference of $29,775 (13.5%) versus the prior year and $-17,675 versus the prior month.

    Sturgis's median listing price comes in at 0% of the national average.

    Sturgis's average listing price for 2024-11-01 was $290,244, a difference of $-27,564 (-8.7%) versus the prior year and $-27,778 versus the prior month.

    For the 2024-11-01 period, Sturgis had 122 MLS listings, a difference of -30 listings (-20%) versus the prior month and 40 listings (49%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sturgis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,754 sqft
    2018-02-01 0 days 1,734 sqft
    2018-03-01 0 days 1,741 sqft
    2018-04-01 0 days 1,783 sqft
    2018-05-01 0 days 1,804 sqft
    2018-06-01 0 days 1,775 sqft
    2018-07-01 0 days 1,789 sqft
    2018-08-01 0 days 1,733 sqft
    2018-09-01 0 days 1,877 sqft
    2018-10-01 0 days 1,880 sqft
    2018-11-01 0 days 1,935 sqft
    2018-12-01 0 days 1,850 sqft
    2019-01-01 0 days 1,946 sqft
    2019-02-01 0 days 1,935 sqft
    2019-03-01 0 days 1,894 sqft
    2019-04-01 0 days 1,836 sqft
    2019-05-01 0 days 1,879 sqft
    2019-06-01 0 days 1,840 sqft
    2019-07-01 0 days 1,767 sqft
    2019-08-01 0 days 1,829 sqft
    2019-09-01 0 days 1,818 sqft
    2019-10-01 0 days 1,805 sqft
    2019-11-01 0 days 1,800 sqft
    2019-12-01 0 days 1,710 sqft
    2020-01-01 0 days 1,766 sqft
    2020-02-01 0 days 1,741 sqft
    2020-03-01 0 days 1,783 sqft
    2020-04-01 0 days 1,770 sqft
    2020-05-01 0 days 1,801 sqft
    2020-06-01 0 days 1,893 sqft
    2020-07-01 0 days 1,849 sqft
    2020-08-01 0 days 1,931 sqft
    2020-09-01 0 days 1,756 sqft
    2020-10-01 0 days 1,720 sqft
    2020-11-01 0 days 1,708 sqft
    2020-12-01 0 days 1,624 sqft
    2021-01-01 0 days 1,654 sqft
    2021-02-01 0 days 1,669 sqft
    2021-03-01 0 days 1,628 sqft
    2021-04-01 0 days 1,664 sqft
    2021-05-01 0 days 1,844 sqft
    2021-06-01 0 days 1,922 sqft
    2021-07-01 0 days 1,890 sqft
    2021-08-01 0 days 1,977 sqft
    2021-09-01 0 days 1,799 sqft
    2021-10-01 0 days 1,800 sqft
    2021-11-01 0 days 1,741 sqft
    2021-12-01 0 days 1,701 sqft
    2022-01-01 0 days 1,700 sqft
    2022-02-01 0 days 1,737 sqft
    2022-03-01 0 days 1,675 sqft
    2022-04-01 0 days 1,816 sqft
    2022-05-01 0 days 1,822 sqft
    2022-06-01 0 days 1,802 sqft
    2022-07-01 0 days 1,783 sqft
    2022-08-01 0 days 1,769 sqft
    2022-09-01 0 days 1,731 sqft
    2022-10-01 0 days 1,833 sqft
    2022-11-01 0 days 1,802 sqft
    2022-12-01 0 days 1,730 sqft
    2023-01-01 0 days 1,786 sqft
    2023-02-01 0 days 1,800 sqft
    2023-03-01 0 days 1,755 sqft
    2023-04-01 0 days 1,800 sqft
    2023-05-01 0 days 1,703 sqft
    2023-06-01 0 days 1,867 sqft
    2023-07-01 0 days 1,830 sqft
    2023-08-01 0 days 1,785 sqft
    2023-09-01 0 days 1,826 sqft
    2023-10-01 0 days 1,628 sqft
    2023-11-01 0 days 1,619 sqft
    2023-12-01 0 days 1,700 sqft
    2024-01-01 0 days 1,655 sqft
    2024-02-01 0 days 1,635 sqft
    2024-03-01 0 days 1,645 sqft
    2024-04-01 0 days 1,863 sqft
    2024-05-01 0 days 1,988 sqft
    2024-06-01 0 days 2,000 sqft
    2024-07-01 0 days 1,793 sqft
    2024-08-01 0 days 1,822 sqft
    2024-09-01 0 days 1,772 sqft
    2024-10-01 0 days 1,745 sqft
    2024-11-01 0 days 1,690 sqft
    Sturgis's median listing age (time on market) for 2024-11-01 was 0 days.

    Sturgis's median square footage for active listings during the 2024-11-01 period was 1,690 sqft. One year prior, the average listing was 1,619 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).