Sturgis FHA Loan Rates, Closing Costs & Stats

Sturgis, 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.

Sturgis's 41 lenders originated 166 FHA loans during 2022. The total origination value was $27,180,000, with an average FHA loan value of $163,735.

Sturgis FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sturgis averaged 6.26% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Sturgis's average FHA mortgage closing costs are $5,582.

The average rate for the prior week (2024-02-23) was 6.55% and one month ago for the week of 2024-01-26, the average rate was 6.15%.

The average rate one year ago was 6.28%.

For refis of the same type during the week of 2024-03-01, the average rate was 6.89%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 27 4.69% $8,732
RUOFF MORTGAGE COMPANY, INC. 19 5.09% $3,904
AMERIFIRST FINANCIAL CORPORATION 11 5.48% $9,189
CARDINAL FINANCIAL 8 5.42% $8,674
MEMBER FIRST MORTGAGE, LLC 8 4.36% $7,115
The Huntington National Bank 8 4.11% $7,289
UNITED WHOLESALE MORTGAGE, LLC 5 4.29% $6,527
SUCCESS MORTGAGE PARTNERS, INC. 5 4.35% $11,504
AMERISAVE MORTGAGE CORPORATION 5 5.13% $7,667
GUARANTEED RATE, INC. 4 5.53% $7,153
CROSSCOUNTRY MORTGAGE, LLC 4 5.94% $7,989
HANCOCK MORTGAGE PARTNERS, LLC 4 5.00% $10,111
Fifth Third Bank 3 4.54% $5,382
LOANDEPOT.COM, LLC 3 5.54% $8,427
PENNYMAC LOAN SERVICES, LLC 3 3.96% $7,167
BROKER SOLUTIONS, INC. 2 5.86% $7,037
FREEDOM MORTGAGE CORPORATION 2 6.44% $7,690
GVC MORTGAGE, INC. 2 5.25% $8,003
CALIBER HOME LOANS, INC. 2 4.19% $5,276
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.50% $8,513
HOME POINT FINANCIAL CORPORATION 2 4.06% $6,508
HOMESIDE FINANCIAL, LLC 2 4.87% $9,494
LAKEVIEW LOAN SERVICING, LLC 2 4.25% $6,599
Flagstar Bank, FSB 2 6.25% $6,639
CONTOUR MORTGAGE CORPORATION 2 5.31% $9,529
Barrington Bank & Trust Company, N.A. 2 4.62% $8,214
U.S. Bank 1 5.25% $5,176
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.88% $5,415
Carrington Mortgage Services, LLC 1 6.13% $11,406
EMBRACE HOME LOANS, INC. 1 3.99% $11,061
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.75% $6,373
HALLMARK HOME MORTGAGE, LLC 1 4.50% $6,888
MORTGAGE 1 INCORPORATED 1 5.63% $9,016
MORTGAGE CENTER L.C 1 7.25% $6,955
Mortgage Research Center, LLC 1 6.88% $3,597
Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $7,867
M&T Bank 1 5.13% $6,931
NEWREZ LLC 1 4.25% $7,011
OMNI Community Credit Union 1 3.50% $6,645
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $10,926
TOP FLITE FINANCIAL, INC. 1 4.63% $10,916

The top Sturgis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 27 FHA loans originated. Their average total fees are $8,732, which is $4,827 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

The lowest fee Sturgis FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($3,904), QUICKEN LOANS, LLC ($8,732), AMERIFIRST FINANCIAL CORPORATION ($9,189), .

The lowest rate Sturgis FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.69%), RUOFF MORTGAGE COMPANY, INC. (5.09%), AMERIFIRST FINANCIAL CORPORATION (5.48%), .

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
Sturgis's median listing price for 2024-01-01 was $217,250, a difference of $12,300 (6.0%) versus the prior year and $-12,650 versus the prior month.

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

Sturgis's average listing price for 2024-01-01 was $323,614, a difference of $70,097 (27.7%) versus the prior year and $-22,072 versus the prior month.

For the 2024-01-01 period, Sturgis had 76 MLS listings, a difference of -1 listings (-1%) versus the prior month and -8 listings (-10%) 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
Sturgis's median listing age (time on market) for 2024-01-01 was 0 days.

Sturgis's median square footage for active listings during the 2024-01-01 period was 1,655 sqft. One year prior, the average listing was 1,786 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).