Traverse City FHA Loan Rates, Closing Costs & Stats

Traverse City, 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.

    Traverse City's 49 lenders originated 219 FHA loans during 2023. The total origination value was $51,605,000, with an average FHA loan value of $235,639.

    Traverse City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Traverse City averaged 6.42% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Traverse City's average FHA mortgage closing costs are $7,400.

    The average rate for the prior week (2024-11-01) was 6.59% and one month ago for the week of 2024-10-04, the average rate was 6.21%.

    The average rate one year ago was 7.56%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.27%.

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

    Traverse City 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 Traverse City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 44 6.65% $10,763
    QUICKEN LOANS, LLC 30 6.20% $10,820
    CALIBER HOME LOANS, INC. 14 6.31% $10,490
    NEWREZ LLC 8 7.03% $10,456
    FREEDOM MORTGAGE CORPORATION 7 7.04% $12,460
    UNION HOME MORTGAGE CORP. 7 6.25% $8,373
    The Huntington National Bank 6 6.96% $6,852
    Neighborhood Loans, Inc. 5 6.75% $10,599
    BROKER SOLUTIONS, INC. 5 6.75% $10,874
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.84% $11,346
    CARDINAL FINANCIAL 4 7.03% $8,964
    LAKE MICHIGAN CREDIT UNION 4 6.84% $7,421
    Mr. Cooper ( Nationstar Mortgage ) 4 6.34% $19,841
    LOANDEPOT.COM, LLC 4 5.96% $14,630
    GUARANTEED RATE, INC. 3 6.79% $13,410
    LAKEVIEW LOAN SERVICING, LLC 3 6.25% $10,451
    T2 FINANCIAL LLC 3 6.71% $15,243
    AMERICAN FINANCIAL NETWORK, INC. 2 7.38% $8,913
    AMERISAVE MORTGAGE CORPORATION 2 6.13% $12,879
    Carrington Mortgage Services, LLC 2 6.63% $11,646
    J. VIRGIL, INC. 2 6.88% $15,894
    MEMBER FIRST MORTGAGE, LLC 2 6.50% $4,463
    MICHIGAN MUTUAL, INC. 2 6.81% $8,535
    STAUNTON FINANCIAL, INC. 2 6.69% $8,588
    STOCKTON MORTGAGE CORPORATION 2 6.63% $11,997
    LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $16,820
    First Federal Bank 1 5.13% $15,211
    Chickasaw Community Bank 1 6.50% $8,670
    Mercantile Bank of Michigan 1 6.63% $9,349
    AmeriHome Mortgage Company, LLC 1 5.75% $13,496
    MICHIGAN SCHOOLS AND GOVERNMENT 1 5.75% $8,789
    MORTGAGE CENTER L.C 1 7.13% $8,697
    Fifth Third Bank 1 7.50% $6,598
    Nations Lending Corporation 1 6.25% $9,714
    NBKC BANK 1 6.13% $5,737
    EVERETT FINANCIAL, INC. 1 6.63% $9,173
    Equity Prime Mortgage LLC 1 7.38% $6,672
    PENNYMAC LOAN SERVICES, LLC 1 4.75% $16,373
    PLANET HOME LENDING, LLC 1 5.50% $7,363
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $8,201
    CROSSCOUNTRY MORTGAGE, LLC 1 6.19% $19,007
    Residential Mortgage Solutions, Inc. 1 6.88% $7,706
    UNITED 1 7.75% $9,196
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $9,522
    GUARANTEED RATE AFFINITY, LLC 1 5.88% $11,018
    Independent Bank 1 6.88% $7,298
    CHURCHILL MORTGAGE CORPORATION 1 5.50% $16,116
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.63% $8,072
    Flagstar Bank, FSB 1 7.25% $10,099

    The top Traverse City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 44 FHA loans originated. Their average total fees are $10,763, which is $57 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Traverse City FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($10,490), UNITED WHOLESALE MORTGAGE, LLC ($10,763), QUICKEN LOANS, LLC ($10,820), .

    The lowest rate Traverse City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.20%), CALIBER HOME LOANS, INC. (6.31%), UNITED WHOLESALE MORTGAGE, LLC (6.65%), .

    Traverse City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TRAVERSE CITY, MI BENZIE 2022 $420,680 $538,650 $651,050 $809,150
    TRAVERSE CITY, MI GRAND TRAVERSE 2022 $420,680 $538,650 $651,050 $809,150
    TRAVERSE CITY, MI KALKASKA 2022 $420,680 $538,650 $651,050 $809,150
    TRAVERSE CITY, MI LEELANAU 2022 $420,680 $538,650 $651,050 $809,150
    TRAVERSE CITY, MI BENZIE 2023 $472,030 $604,400 $730,525 $907,900
    TRAVERSE CITY, MI GRAND TRAVERSE 2023 $472,030 $604,400 $730,525 $907,900
    TRAVERSE CITY, MI KALKASKA 2023 $472,030 $604,400 $730,525 $907,900
    TRAVERSE CITY, MI LEELANAU 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Traverse City (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 $327,650 (6.7%) $460,418 (4.0%) 1.21 1,136
    2018-02-01 $325,000 (6.8%) $461,184 (6.5%) 1.18 1,108
    2018-03-01 $324,950 (8.3%) $457,845 (6.0%) 1.14 1,155
    2018-04-01 $325,000 (8.4%) $464,115 (10.2%) 1.10 1,228
    2018-05-01 $329,250 (10.0%) $468,541 (10.4%) 1.10 1,367
    2018-06-01 $325,000 (8.1%) $461,995 (7.0%) 1.08 1,582
    2018-07-01 $318,750 (-0.1%) $450,046 (0.7%) 1.06 1,745
    2018-08-01 $315,000 (-1.6%) $448,761 (-1.8%) 1.06 1,772
    2018-09-01 $309,250 (-3.1%) $447,667 (-1.1%) 1.04 1,742
    2018-10-01 $301,225 (-6.5%) $447,610 (-2.1%) 1.02 1,680
    2018-11-01 $309,500 (-5.3%) $454,225 (-2.6%) 1.05 1,582
    2018-12-01 $310,500 (-5.6%) $466,265 (-1.0%) 1.07 1,374
    2019-01-01 $309,892 (-5.4%) $466,426 (1.3%) 1.07 1,248
    2019-02-01 $305,350 (-6.1%) $463,499 (0.5%) 1.03 1,211
    2019-03-01 $318,314 (-2.0%) $468,494 (2.3%) 1.04 1,211
    2019-04-01 $324,950 (0.0%) $470,011 (1.3%) 1.03 1,227
    2019-05-01 $329,000 (-0.1%) $473,545 (1.1%) 1.03 1,345
    2019-06-01 $329,900 (1.5%) $479,102 (3.7%) 1.03 1,530
    2019-07-01 $330,000 (3.5%) $483,432 (7.4%) 1.03 1,606
    2019-08-01 $329,155 (4.5%) $481,978 (7.4%) 1.04 1,595
    2019-09-01 $327,886 (6.0%) $477,557 (6.7%) 1.05 1,564
    2019-10-01 $338,541 (12.4%) $487,750 (9.0%) 1.09 1,350
    2019-11-01 $349,000 (12.8%) $502,983 (10.7%) 1.14 1,075
    2019-12-01 $349,450 (12.5%) $510,393 (9.5%) 1.17 970
    2020-01-01 $349,000 (12.6%) $513,515 (10.1%) 1.17 872
    2020-02-01 $369,000 (20.8%) $536,054 (15.7%) 1.21 786
    2020-03-01 $379,900 (19.4%) $541,905 (15.7%) 1.19 775
    2020-04-01 $387,400 (19.2%) $542,869 (15.5%) 1.21 799
    2020-05-01 $395,000 (20.1%) $560,489 (18.4%) 1.20 856
    2020-06-01 $399,450 (21.1%) $576,902 (20.4%) 1.18 877
    2020-07-01 $389,450 (18.0%) $594,494 (23.0%) 1.13 766
    2020-08-01 $385,000 (17.0%) $595,020 (23.5%) 1.10 712
    2020-09-01 $379,800 (15.8%) $593,811 (24.3%) 1.09 611
    2020-10-01 $379,900 (12.2%) $622,348 (27.6%) 1.09 544
    2020-11-01 $388,500 (11.3%) $646,632 (28.6%) 1.14 464
    2020-12-01 $379,200 (8.5%) $638,267 (25.1%) 1.13 421
    2021-01-01 $389,000 (11.5%) $592,696 (15.4%) 1.16 342
    2021-02-01 $410,000 (11.1%) $633,807 (18.2%) 1.19 274
    2021-03-01 $424,400 (11.7%) $700,259 (29.2%) 1.20 270
    2021-04-01 $427,100 (10.3%) $715,891 (31.9%) 1.16 260
    2021-05-01 $449,000 (13.7%) $717,080 (27.9%) 1.19 317
    2021-06-01 $475,000 (18.9%) $749,391 (29.9%) 1.25 354
    2021-07-01 $450,000 (15.6%) $739,264 (24.4%) 1.19 372
    2021-08-01 $455,000 (18.2%) $732,227 (23.1%) 1.21 388
    2021-09-01 $450,000 (18.5%) $740,610 (24.7%) 1.20 376
    2021-10-01 $434,900 (14.5%) $742,207 (19.3%) 1.16 355
    2021-11-01 $424,900 (9.4%) $762,077 (17.9%) 1.14 312
    2021-12-01 $429,900 (13.4%) $773,135 (21.1%) 1.16 261
    2022-01-01 $450,000 (15.7%) $793,090 (33.8%) 1.22 237
    2022-02-01 $453,450 (10.6%) $811,637 (28.1%) 1.18 204
    2022-03-01 $492,500 (16.1%) $844,214 (20.6%) 1.23 206
    2022-04-01 $485,000 (13.6%) $862,664 (20.5%) 1.16 214
    2022-05-01 $499,000 (11.1%) $857,224 (19.5%) 1.14 298
    2022-06-01 $499,500 (5.2%) $860,393 (14.8%) 1.11 389
    2022-07-01 $534,950 (18.9%) $813,042 (10.0%) 1.21 507
    2022-08-01 $520,000 (14.3%) $790,376 (7.9%) 1.20 529
    2022-09-01 $506,750 (12.6%) $780,532 (5.4%) 1.18 483
    2022-10-01 $499,950 (15.0%) $764,063 (2.9%) 1.18 472
    2022-11-01 $481,050 (13.2%) $748,948 (-1.7%) 1.16 430
    2022-12-01 $479,900 (11.6%) $763,714 (-1.2%) 1.18 361
    2023-01-01 $464,950 (3.3%) $773,499 (-2.5%) 1.15 286
    2023-02-01 $485,975 (7.2%) $786,699 (-3.1%) 1.17 293
    2023-03-01 $486,475 (-1.2%) $794,078 (-5.9%) 1.15 293
    2023-04-01 $499,000 (2.9%) $809,578 (-6.2%) 1.16 315
    2023-05-01 $534,000 (7.0%) $827,017 (-3.5%) 1.21 367
    2023-06-01 $524,500 (5.0%) $811,622 (-5.7%) 1.18 451
    2023-07-01 $497,500 (-7.0%) $772,506 (-5.0%) 1.13 508
    2023-08-01 $495,000 (-4.8%) $757,657 (-4.1%) 1.14 514
    2023-09-01 $499,000 (-1.5%) $755,802 (-3.2%) 1.16 556
    2023-10-01 $499,000 (-0.2%) $747,081 (-2.2%) 1.17 565
    2023-11-01 $477,250 (-0.8%) $722,174 (-3.6%) 1.14 559
    2023-12-01 $485,000 (1.1%) $724,312 (-5.2%) 1.18 469
    2024-01-01 $459,188 (-1.2%) $675,119 (-12.7%) 1.12 390
    2024-02-01 $459,375 (-5.5%) $694,065 (-11.8%) 1.11 391
    2024-03-01 $480,000 (-1.3%) $700,635 (-11.8%) 1.13 428
    2024-04-01 $464,950 (-6.8%) $723,188 (-10.7%) 1.08 489
    2024-05-01 $481,200 (-9.9%) $751,047 (-9.2%) 1.09 566
    2024-06-01 $495,000 (-5.6%) $812,967 (0.2%) 1.11 646
    2024-07-01 $479,900 (-3.5%) $780,695 (1.1%) 1.10 735
    2024-08-01 $475,000 (-4.0%) $761,650 (0.5%) 1.10 769
    2024-09-01 $479,450 (-3.9%) $766,049 (1.4%) 1.13 791
    2024-10-01 $472,450 (-5.3%) $767,962 (2.8%) 1.11 760
    Traverse City's median listing price for 2024-10-01 was $472,450, a difference of $-26,550 (-5.3%) versus the prior year and $-7,000 versus the prior month.

    Traverse City's median listing price comes in at 111% of the national average.

    Traverse City's average listing price for 2024-10-01 was $767,962, a difference of $20,881 (2.8%) versus the prior year and $1,913 versus the prior month.

    For the 2024-10-01 period, Traverse City had 760 MLS listings, a difference of -31 listings (-4%) versus the prior month and 195 listings (35%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Traverse City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 121 days 1,703 sqft
    2018-02-01 122 days 1,700 sqft
    2018-03-01 127 days 1,719 sqft
    2018-04-01 84 days 1,718 sqft
    2018-05-01 55 days 1,750 sqft
    2018-06-01 48 days 1,778 sqft
    2018-07-01 56 days 1,771 sqft
    2018-08-01 66 days 1,793 sqft
    2018-09-01 75 days 1,800 sqft
    2018-10-01 80 days 1,739 sqft
    2018-11-01 85 days 1,717 sqft
    2018-12-01 100 days 1,725 sqft
    2019-01-01 111 days 1,681 sqft
    2019-02-01 117 days 1,638 sqft
    2019-03-01 101 days 1,631 sqft
    2019-04-01 76 days 1,641 sqft
    2019-05-01 50 days 1,660 sqft
    2019-06-01 46 days 1,700 sqft
    2019-07-01 54 days 1,709 sqft
    2019-08-01 60 days 1,713 sqft
    2019-09-01 67 days 1,719 sqft
    2019-10-01 76 days 1,732 sqft
    2019-11-01 89 days 1,722 sqft
    2019-12-01 101 days 1,692 sqft
    2020-01-01 114 days 1,651 sqft
    2020-02-01 106 days 1,628 sqft
    2020-03-01 78 days 1,618 sqft
    2020-04-01 83 days 1,652 sqft
    2020-05-01 81 days 1,732 sqft
    2020-06-01 72 days 1,781 sqft
    2020-07-01 60 days 1,967 sqft
    2020-08-01 68 days 1,888 sqft
    2020-09-01 73 days 1,827 sqft
    2020-10-01 64 days 1,792 sqft
    2020-11-01 67 days 1,665 sqft
    2020-12-01 77 days 1,604 sqft
    2021-01-01 80 days 1,608 sqft
    2021-02-01 79 days 1,584 sqft
    2021-03-01 49 days 1,625 sqft
    2021-04-01 44 days 1,660 sqft
    2021-05-01 37 days 1,708 sqft
    2021-06-01 38 days 1,823 sqft
    2021-07-01 40 days 1,794 sqft
    2021-08-01 40 days 1,758 sqft
    2021-09-01 42 days 1,771 sqft
    2021-10-01 54 days 1,753 sqft
    2021-11-01 58 days 1,744 sqft
    2021-12-01 66 days 1,622 sqft
    2022-01-01 68 days 1,545 sqft
    2022-02-01 72 days 1,510 sqft
    2022-03-01 64 days 1,515 sqft
    2022-04-01 44 days 1,531 sqft
    2022-05-01 30 days 1,672 sqft
    2022-06-01 31 days 1,806 sqft
    2022-07-01 33 days 1,800 sqft
    2022-08-01 47 days 1,770 sqft
    2022-09-01 58 days 1,741 sqft
    2022-10-01 61 days 1,700 sqft
    2022-11-01 70 days 1,648 sqft
    2022-12-01 87 days 1,603 sqft
    2023-01-01 81 days 1,628 sqft
    2023-02-01 60 days 1,567 sqft
    2023-03-01 56 days 1,567 sqft
    2023-04-01 52 days 1,632 sqft
    2023-05-01 42 days 1,684 sqft
    2023-06-01 38 days 1,763 sqft
    2023-07-01 40 days 1,766 sqft
    2023-08-01 51 days 1,716 sqft
    2023-09-01 48 days 1,708 sqft
    2023-10-01 51 days 1,719 sqft
    2023-11-01 59 days 1,610 sqft
    2023-12-01 80 days 1,585 sqft
    2024-01-01 82 days 1,528 sqft
    2024-02-01 67 days 1,526 sqft
    2024-03-01 47 days 1,550 sqft
    2024-04-01 44 days 1,539 sqft
    2024-05-01 43 days 1,550 sqft
    2024-06-01 44 days 1,573 sqft
    2024-07-01 45 days 1,626 sqft
    2024-08-01 53 days 1,609 sqft
    2024-09-01 59 days 1,594 sqft
    2024-10-01 68 days 1,621 sqft
    Traverse City's median listing age (time on market) for 2024-10-01 was 68 days. This is 32% longer than the same period one year ago.

    Traverse City's median square footage for active listings during the 2024-10-01 period was 1,621 sqft. One year prior, the average listing was 1,719 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).