Michigan FHA Loan Rates, Closing Costs & Stats

Michigan

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.

Michigan FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Michigan averaged 6.19% for the week of 2024-03-15, compared to the national average (all FHA variants) of 6.596% for the same period.

Michigan's average FHA mortgage closing costs are $6,151.

The average rate for the prior week (2024-03-08) was 6.39% and one month ago for the week of 2024-02-09, the average rate was 6.51%.

The average rate one year ago was 6.28%.

For refis of the same type during the week of 2024-03-15, the average rate was 5.15%.

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

Michigan 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 Michigan level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 4,630 4.61% $7,524
UNITED WHOLESALE MORTGAGE, LLC 2,460 5.02% $8,207
Flagstar Bank, FSB 814 5.04% $6,632
MORTGAGE 1 INCORPORATED 798 5.21% $9,089
CALIBER HOME LOANS, INC. 775 4.97% $7,611
CROSSCOUNTRY MORTGAGE, LLC 574 5.40% $9,036
The Huntington National Bank 557 4.94% $6,179
AMERIFIRST FINANCIAL CORPORATION 502 5.39% $8,387
EVERETT FINANCIAL, INC. 465 5.49% $5,098
J. VIRGIL, INC. 382 5.27% $8,384
LOANDEPOT.COM, LLC 381 4.95% $8,931
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 369 5.22% $7,571
SUCCESS MORTGAGE PARTNERS, INC. 336 5.12% $9,493
Neighborhood Loans, Inc. 325 5.49% $8,451
FREEDOM MORTGAGE CORPORATION 310 4.94% $7,719
LAKE MICHIGAN CREDIT UNION 298 4.87% $7,426
CARDINAL FINANCIAL 296 5.05% $8,365
UNION HOME MORTGAGE CORP. 294 5.37% $8,066
Mr. Cooper ( Nationstar Mortgage ) 291 4.57% $9,552
MICHIGAN MUTUAL, INC. 280 5.17% $8,284
Preston Home Loans Inc 267 5.43% $7,721
BROKER SOLUTIONS, INC. 261 5.25% $8,731
AMERISAVE MORTGAGE CORPORATION 253 4.70% $9,484
ACADEMY MORTGAGE CORPORATION 247 5.29% $6,945
Carrington Mortgage Services, LLC 229 5.19% $8,979
VAN DYK MORTGAGE CORPORATION 227 5.31% $6,035
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 221 5.36% $7,734
LAKEVIEW LOAN SERVICING, LLC 211 4.27% $6,213
PENNYMAC LOAN SERVICES, LLC 210 4.16% $7,141
RUOFF MORTGAGE COMPANY, INC. 209 5.01% $5,639
Fifth Third Bank 209 4.84% $5,594
STAUNTON FINANCIAL, INC. 202 5.40% $7,583
HOME POINT FINANCIAL CORPORATION 191 4.67% $7,562
GUARANTEED RATE, INC. 191 5.25% $8,075
PRIMELENDING, A PLAINSCAPITAL COMPANY 176 4.97% $8,192
MID AMERICA MORTGAGE, INC. 148 5.53% $4,446
GVC MORTGAGE, INC. 146 5.49% $8,631
TOWNE MORTGAGE COMPANY 145 4.84% $7,221
Nations Lending Corporation 134 5.20% $8,749
NEWREZ LLC 134 4.92% $7,485
Equity Prime Mortgage LLC 131 5.32% $7,950
MICHIGAN FIRST CREDIT UNION 120 5.09% $6,498
BLG HOLDINGS, INC. 110 5.13% $7,715
PLAZA HOME MORTGAGE, INC. 107 5.24% $7,802
ROSS MORTGAGE CORPORATION 107 5.43% $6,877
LEGEND LENDING CORPORATION 99 6.36% $5,010
MEMBER FIRST MORTGAGE, LLC 99 5.11% $6,982
JPMorgan Chase Bank 97 5.11% $4,769
Platinum Home Mortgage Corporation 94 5.04% $10,267
First State Bank 88 5.30% $7,198
Citizens Bank 88 4.84% $6,475
TOP FLITE FINANCIAL, INC. 87 5.20% $11,034
MUTUAL OF OMAHA MORTGAGE, INC. 84 5.09% $9,581
Independent Bank 83 5.24% $6,657
ENVOY MORTGAGE, LTD 81 5.09% $7,574
The Dart Bank 80 5.19% $8,025
VILLAGE CAPITAL MORTGAGE 75 3.88% $4,787
MORTGAGE CENTER L.C 73 5.12% $6,982
Hometown Lenders, Inc. 71 5.11% $11,481
NORTHERN MORTGAGE SERVICES, LLC 69 5.03% $7,658
GENEVA FINANCIAL, LLC 69 5.34% $8,493
FINANCE OF AMERICA MORTGAGE LLC 67 5.06% $9,235
STOCKTON MORTGAGE CORPORATION 65 5.12% $10,574
CHERRY CREEK MORTGAGE, LLC 63 5.23% $3,301
Mortgage Research Center, LLC 63 5.58% $5,425
HOMESIDE FINANCIAL, LLC 62 5.09% $8,732
INLANTA MORTGAGE, INC. 59 5.40% $8,265
Mercantile Bank of Michigan 58 5.37% $6,534
PNC Bank 58 4.40% $5,380
ARK-LA-TEX FINANCIAL SERVICES, LLC. 57 5.36% $8,319
UNIVERSITY LENDING GROUP, LLC 53 4.80% $7,715
Northpointe Bank 48 5.05% $7,663
CMG MORTGAGE, INC. 48 5.37% $8,754
DAS Acquisition Company, LLC 45 5.93% $9,969
T2 FINANCIAL LLC 44 5.47% $10,402
AMERICAN FINANCING CORPORATION 43 4.63% $7,983
Lakeview Community Capital, LLC 42 4.20% $5,625
HOMEBRIDGE FINANCIAL SERVICES, INC. 42 4.92% $9,299
PLANET HOME LENDING, LLC 40 4.15% $7,575
AMERICAN PORTFOLIO MORTGAGE CORPORATION 39 5.24% $6,517
FIRST HERITAGE FINANCIAL, LLC 39 4.82% $8,361
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 39 4.47% $8,432
TJC Mortgage, Inc. 36 4.86% $11,390
AMERICAN FINANCIAL RESOURCES, INC. 36 5.41% $7,820
CONTOUR MORTGAGE CORPORATION 35 5.59% $9,395
Paramount Residential Mortgage Group, Inc. 34 5.22% $9,456
INSPIRE HOME LOANS INC. 34 5.35% $10,217
NATIONS DIRECT MORTGAGE, LLC 33 4.69% $9,704
CHURCHILL MORTGAGE CORPORATION 33 5.36% $10,295
Old National Bank 32 4.86% $6,274
Wells Fargo Bank 31 4.77% $4,833
MMS MORTGAGE SERVICES, LTD. 30 4.99% $5,903
HOMESITE MORTGAGE, LLC 29 5.30% $7,176
Bank of England 29 5.20% $7,561
Plains Commerce Bank 28 5.77% $9,569
MICHIGAN SCHOOLS AND GOVERNMENT 28 5.50% $5,315
FIRST COMMUNITY MORTGAGE, INC. 28 6.13% $9,899
UNITED 27 5.36% $10,304
Bank of America 27 4.00% $6,234
SOUTHWEST FUNDING, LP 27 5.61% $12,191
SUN WEST MORTGAGE COMPANY, INC. 26 4.98% $8,127
LIBERTY HOME MORTGAGE CORPORATION 26 5.54% $11,610
Ixonia Bank 25 4.65% $8,140
HAMILTON HOME LOANS, INC. 23 5.27% $8,639
First Guaranty Mortgage Corporation 23 4.15% $7,449
ZILLOW HOME LOANS, LLC 22 5.02% $8,536
MOVEMENT MORTGAGE, LLC 22 5.42% $8,623
M&T Bank 20 5.08% $6,769
RELIANCE FIRST CAPITAL, LLC 20 5.24% $8,868
First Savings Bank 20 5.11% $11,644
Waterstone Mortgage Corporation 20 5.08% $8,642
OCMBC, INC. 19 5.58% $9,126
Semper Home Loans, Inc. 19 6.11% $11,016
Century Mortgage Company DBA Century Lending Company 18 5.10% $11,331
EMBRACE HOME LOANS, INC. 17 4.92% $9,087
Barrington Bank & Trust Company, N.A. 17 4.50% $8,176
LAND HOME FINANCIAL SERVICES, INC. 17 4.82% $7,885
ROYAL UNITED MORTGAGE LLC 17 5.34% $8,544
First Merchants Bank 17 5.07% $7,131
U.S. Bank 16 5.04% $5,542
The Federal Savings Bank 16 4.73% $11,770
MORIA DEVELOPMENT, INC. 16 5.13% $9,220
AmeriHome Mortgage Company, LLC 15 4.89% $9,563
EMM LOANS LLC 15 5.52% $10,937
Dort Financial Credit Union 15 4.56% $4,230
HANCOCK MORTGAGE PARTNERS, LLC 14 5.17% $9,240
Horizon Bank 13 5.12% $6,471
CORNERSTONE HOME LENDING, INC. 13 5.77% $6,232
FINANCIAL PLUS CREDIT UNION 13 3.70% $5,427
AMERICAN PACIFIC MORTGAGE CORPORATION 13 5.30% $8,467
RESIDENTIAL BANCORP 13 5.05% $9,064
MYCUMORTGAGE, LLC 12 4.95% $5,282
University Bank 12 6.34% $7,771
Prosperity Home Mortgage, LLC 12 5.34% $7,768
NETWORK CAPITAL FUNDING CORPORATION 12 5.28% $6,322
PRIMARY RESIDENTIAL MORTGAGE, INC. 11 4.95% $10,986
HALLMARK HOME MORTGAGE, LLC 11 5.73% $7,051
SUMMIT FUNDING, INC. 11 4.73% $8,392
M/I FINANCIAL, LLC 11 4.51% $11,765
Austin Capital Bank SSB 10 6.06% $11,891
Hometown Equity Mortgage, LLC 10 5.30% $7,332
KELLER MORTGAGE, LLC 10 4.71% $7,056
Bank of Ann Arbor 10 5.16% $6,784
NATIONS RELIABLE LENDING, LLC 10 5.79% $10,423
EQUITY RESOURCES, INC. 9 5.10% $7,326
Peoples Bank 9 5.53% $11,879
PHH Mortgage Corporation 9 4.71% $10,440
SUMMIT HOME MORTGAGE, LLC 9 4.64% $8,554
ARC HOME LLC 9 4.69% $8,646
HOWARD HANNA FINANCIAL SERVICES, INC. 8 5.13% $8,074
LOANPAL, LLC 8 3.97% $9,246
THE ANDERSON FINANCIAL GROUP, INC. 8 4.73% $7,396
NATIONWIDE MORTGAGE BANKERS, INC. 8 5.61% $11,763
GSF Mortgage Corporation 8 6.47% $8,629
Sunflower Bank 7 4.59% $6,503
OCEANSIDE MORTGAGE COMPANY 7 4.45% $4,136
KeyBank 7 4.34% $7,669
POLARIS HOME FUNDING CORP. 7 4.95% $10,410
NEW DAY FINANCIAL, LLC 7 4.52% $7,187
Wyndham Capital Mortgage, Inc. 6 4.92% $8,023
Luxury Mortgage Corp. 6 4.98% $11,229
BETTER MORTGAGE CORPORATION 6 4.19% $7,075
NFM, INC. 5 5.38% $9,652
SOVEREIGN LENDING GROUP INCORPORATED 5 4.40% $9,874
Texana Bank 5 5.03% $8,652
CIBM Bank 5 4.53% $8,118
BAYSHORE MORTGAGE FUNDING, LLC 5 5.95% $10,203
1st Source Bank 4 5.31% $4,887
ChoiceOne Bank 4 4.41% $4,619
Comerica Bank 4 4.59% $7,880
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 4 5.25% $10,011
DRAPER AND KRAMER MORTGAGE CORP. 4 5.65% $7,504
First Home Bank 4 3.53% $9,656
NORWICH COMMERCIAL GROUP, INC. 4 5.72% $9,083
Residential Mortgage Solutions, Inc. 4 4.25% $10,670
Sierra Pacific Mortgage Company, Inc. 4 4.81% $8,245
Notre Dame Federal Credit Union Corporation 3 5.42% $7,235
PREMIA MORTGAGE, LLC 3 5.54% $9,133
GUARANTY HOME MORTGAGE CORPORATION 3 4.75% $7,085
Magnolia Bank 3 5.54% $12,306
CIBC Bank USA 3 5.54% $6,548
Lend Smart Mortgage, LLC 3 6.79% $14,186
CALCON MUTUAL MORTGAGE LLC 3 4.88% $8,892
AMCAP MORTGAGE, LTD. 3 4.88% $11,321
UNITED MORTGAGE CORP 3 4.00% $9,160
BECKAM FUNDING CORP. 3 5.67% $12,701
BAY EQUITY LLC 3 6.08% $12,301
PLUS RELOCATION MORTGAGE, LLC 3 4.46% $9,503
FIRST CENTENNIAL MORTGAGE CORPORATION 3 5.96% $7,479
FAY SERVICING, LLC 3 5.38% $7,469
NEXERA HOLDING LLC 3 4.88% $6,213
Extra 3 6.63% $8,548
NBKC BANK 3 4.79% $7,596
US MORTGAGE CORPORATION 2 5.38% $11,833
LEADERONE FINANCIAL CORPORATION 2 6.38% $5,513
WRIGHT-PATT CREDIT UNION, INC. 2 6.00% $6,110
Honor Credit Union 2 5.25% $6,520
DIRECT MORTGAGE LOANS, LLC 2 4.88% $13,179
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 4.88% $9,885
GUILD MORTGAGE COMPANY 2 5.50% $5,508
VANDERBILT MORTGAGE AND FINANCE, INC. 2 5.13% $8,347
Princeton Mortgage Corporation 2 5.50% $7,833
First Federal Bank 2 5.19% $11,190
GUARANTEED RATE AFFINITY, LLC 2 6.19% $9,835
PENTAGON FEDERAL CREDIT UNION 2 4.69% $9,231
GREENSTATE CREDIT UNION 2 5.94% $6,651
HOMESTEAD FUNDING CORP. 2 4.13% $4,230
OMNI Community Credit Union 2 3.13% $7,767
Home State Bank 2 6.37% $7,119
Florida Capital Bank 2 4.31% $9,200
CERTAINTY HOME LOANS, LLC 2 5.44% $6,946
Auto Club Trust, FSB 2 5.63% $6,748
Union Savings Bank 1 6.00% $7,645
BLUELEAF LENDING, LLC 1 4.75% $9,826
United Fidelity Funding Corp. 1 4.75% $11,017
BELEM SERVICING LLC 1 3.75% $10,165
Associated Bank 1 2.88% $3,896
Arvest Bank 1 2.25% $10,809
ANGEL OAK HOME LOANS LLC 1 6.63% $13,892
AMERICAN MORTGAGE SERVICE COMPANY 1 4.13% $5,127
Willamette Valley Bank 1 4.75% $7,717
North American Savings Bank, F.S.B. 1 5.63% $7,967
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 4.25% $9,671
NP, Inc. 1 3.00% $5,446
OAKTREE FUNDING CORP. 1 6.13% $19,827
MY MORTGAGE, INC. 1 5.25% $8,316
Mutual Federal Bank 1 4.25% $10,779
PANORAMA MORTGAGE GROUP, LLC 1 5.13% $8,988
Paramount Bank 1 5.38% $8,711
MLD MORTGAGE INC. 1 4.88% $5,572
Macatawa Bank 1 3.00% $6,000
INOVA FEDERAL CREDIT UNION 1 4.13% $1,132
HOMESTAR FINANCIAL CORPORATION 1 6.50% $8,421
HARTFORD FUNDING, LTD. 1 3.25% $6,899
PROPER RATE, LLC 1 5.63% $5,524
PULTE MORTGAGE LLC 1 3.88% $12,013
RADIUS FINANCIAL GROUP INC. 1 5.50% $3,510
Gateway First Bank 1 3.50% $10,243
First Option Mortgage, LLC 1 5.13% $18,314
First Internet Bank of Indiana 1 5.25% $5,671
First Federal Bank of the Midwest 1 4.25% $5,966
Servion, Inc. 1 3.88% $6,640
ALLIED MORTGAGE GROUP, INC. 1 6.13% $5,853
SIWELL, INC. 1 2.38% $7,171
Evolve Bank & Trust 1 4.75% $13,367
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 4.13% $5,454
DELMAR FINANCIAL COMPANY 1 3.50% $10,923
DATA MORTGAGE, INC. 1 4.63% $10,841
NASA Federal Credit Union 1 4.75% $5,509
Credence Funding Corporation 1 5.50% $5,390
Cornerstone First Mortgage, Inc 1 4.13% $5,019
COMPASS MORTGAGE, INC. 1 3.13% $5,328
COMMUNITYAMERICA 1 6.13% $10,085
Commerce Home Mortgage, Inc. 1 5.63% $14,077
The State Bank and Trust Company 1 3.13% $6,003
The Union Bank Company 1 4.50% $7,336
Christensen Financial, Inc. 1 4.63% $5,224
BNC National Bank 1 3.75% $8,306

The top Michigan FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 4,630 FHA loans originated. Their average total fees are $7,524, which is $683 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Michigan FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($3,301), Dort Financial Credit Union ($4,230), MID AMERICA MORTGAGE, INC. ($4,446), JPMorgan Chase Bank ($4,769) and VILLAGE CAPITAL MORTGAGE ($4,787).

The lowest rate Michigan FHA lenders (with over 10 loans originated) are FINANCIAL PLUS CREDIT UNION (3.70%), VILLAGE CAPITAL MORTGAGE (3.88%), Bank of America (4.00%), PLANET HOME LENDING, LLC (4.15%) and First Guaranty Mortgage Corporation (4.15%).

Michigan FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
NON-METRO ALCONA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ALGER 2022 $420,680 $538,650 $651,050 $809,150
HOLLAND, MI ALLEGAN 2022 $420,680 $538,650 $651,050 $809,150
ALPENA, MI ALPENA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ANTRIM 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ARENAC 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BARAGA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BARRY 2022 $420,680 $538,650 $651,050 $809,150
BAY CITY, MI BAY 2022 $420,680 $538,650 $651,050 $809,150
TRAVERSE CITY, MI BENZIE 2022 $420,680 $538,650 $651,050 $809,150
NILES, MI BERRIEN 2022 $420,680 $538,650 $651,050 $809,150
COLDWATER, MI BRANCH 2022 $420,680 $538,650 $651,050 $809,150
BATTLE CREEK, MI CALHOUN 2022 $420,680 $538,650 $651,050 $809,150
SOUTH BEND-MISHAWAKA, IN-MI CASS 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CHARLEVOIX 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CHEBOYGAN 2022 $420,680 $538,650 $651,050 $809,150
SAULT STE. MARIE, MI CHIPPEWA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CLARE 2022 $420,680 $538,650 $651,050 $809,150
LANSING-EAST LANSING, MI CLINTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CRAWFORD 2022 $420,680 $538,650 $651,050 $809,150
ESCANABA, MI DELTA 2022 $420,680 $538,650 $651,050 $809,150
IRON MOUNTAIN, MI-WI DICKINSON 2022 $420,680 $538,650 $651,050 $809,150
LANSING-EAST LANSING, MI EATON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO EMMET 2022 $420,680 $538,650 $651,050 $809,150
FLINT, MI GENESEE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO GLADWIN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO GOGEBIC 2022 $420,680 $538,650 $651,050 $809,150
TRAVERSE CITY, MI GRAND TRAVERSE 2022 $420,680 $538,650 $651,050 $809,150
ALMA, MI GRATIOT 2022 $420,680 $538,650 $651,050 $809,150
HILLSDALE, MI HILLSDALE 2022 $420,680 $538,650 $651,050 $809,150
HOUGHTON, MI HOUGHTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HURON 2022 $420,680 $538,650 $651,050 $809,150
LANSING-EAST LANSING, MI INGHAM 2022 $420,680 $538,650 $651,050 $809,150
GRAND RAPIDS-KENTWOOD, MI IONIA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO IOSCO 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO IRON 2022 $420,680 $538,650 $651,050 $809,150
MOUNT PLEASANT, MI ISABELLA 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MI JACKSON 2022 $420,680 $538,650 $651,050 $809,150
KALAMAZOO-PORTAGE, MI KALAMAZOO 2022 $420,680 $538,650 $651,050 $809,150
TRAVERSE CITY, MI KALKASKA 2022 $420,680 $538,650 $651,050 $809,150
GRAND RAPIDS-KENTWOOD, MI KENT 2022 $420,680 $538,650 $651,050 $809,150
HOUGHTON, MI KEWEENAW 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LAKE 2022 $420,680 $538,650 $651,050 $809,150
DETROIT-WARREN-DEARBORN, MI LAPEER 2022 $420,680 $538,650 $651,050 $809,150
TRAVERSE CITY, MI LEELANAU 2022 $420,680 $538,650 $651,050 $809,150
ADRIAN, MI LENAWEE 2022 $420,680 $538,650 $651,050 $809,150
DETROIT-WARREN-DEARBORN, MI LIVINGSTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LUCE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MACKINAC 2022 $420,680 $538,650 $651,050 $809,150
DETROIT-WARREN-DEARBORN, MI MACOMB 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MANISTEE 2022 $420,680 $538,650 $651,050 $809,150
MARQUETTE, MI MARQUETTE 2022 $420,680 $538,650 $651,050 $809,150
LUDINGTON, MI MASON 2022 $420,680 $538,650 $651,050 $809,150
BIG RAPIDS, MI MECOSTA 2022 $420,680 $538,650 $651,050 $809,150
MARINETTE, WI-MI MENOMINEE 2022 $420,680 $538,650 $651,050 $809,150
MIDLAND, MI MIDLAND 2022 $420,680 $538,650 $651,050 $809,150
CADILLAC, MI MISSAUKEE 2022 $420,680 $538,650 $651,050 $809,150
MONROE, MI MONROE 2022 $420,680 $538,650 $651,050 $809,150
GRAND RAPIDS-KENTWOOD, MI MONTCALM 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MONTMORENCY 2022 $420,680 $538,650 $651,050 $809,150
MUSKEGON, MI MUSKEGON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO NEWAYGO 2022 $420,680 $538,650 $651,050 $809,150
DETROIT-WARREN-DEARBORN, MI OAKLAND 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO OCEANA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO OGEMAW 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ONTONAGON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO OSCEOLA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO OSCODA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO OTSEGO 2022 $420,680 $538,650 $651,050 $809,150
GRAND RAPIDS-KENTWOOD, MI OTTAWA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO PRESQUE ISLE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ROSCOMMON 2022 $420,680 $538,650 $651,050 $809,150
SAGINAW, MI SAGINAW 2022 $420,680 $538,650 $651,050 $809,150
DETROIT-WARREN-DEARBORN, MI ST. CLAIR 2022 $420,680 $538,650 $651,050 $809,150
STURGIS, MI ST. JOSEPH 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SANILAC 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SCHOOLCRAFT 2022 $420,680 $538,650 $651,050 $809,150
LANSING-EAST LANSING, MI SHIAWASSEE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO TUSCOLA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO VAN BUREN 2022 $420,680 $538,650 $651,050 $809,150
ANN ARBOR, MI WASHTENAW 2022 $420,680 $538,650 $651,050 $809,150
DETROIT-WARREN-DEARBORN, MI WAYNE 2022 $420,680 $538,650 $651,050 $809,150
CADILLAC, MI WEXFORD 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ALCONA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO ALGER 2023 $472,030 $604,400 $730,525 $907,900
HOLLAND, MI ALLEGAN 2023 $472,030 $604,400 $730,525 $907,900
ALPENA, MI ALPENA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO ANTRIM 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO ARENAC 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BARAGA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BARRY 2023 $472,030 $604,400 $730,525 $907,900
BAY CITY, MI BAY 2023 $472,030 $604,400 $730,525 $907,900
TRAVERSE CITY, MI BENZIE 2023 $472,030 $604,400 $730,525 $907,900
NILES, MI BERRIEN 2023 $472,030 $604,400 $730,525 $907,900
COLDWATER, MI BRANCH 2023 $472,030 $604,400 $730,525 $907,900
BATTLE CREEK, MI CALHOUN 2023 $472,030 $604,400 $730,525 $907,900
SOUTH BEND-MISHAWAKA, IN-MI CASS 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CHARLEVOIX 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CHEBOYGAN 2023 $472,030 $604,400 $730,525 $907,900
SAULT STE. MARIE, MI CHIPPEWA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CLARE 2023 $472,030 $604,400 $730,525 $907,900
LANSING-EAST LANSING, MI CLINTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CRAWFORD 2023 $472,030 $604,400 $730,525 $907,900
ESCANABA, MI DELTA 2023 $472,030 $604,400 $730,525 $907,900
IRON MOUNTAIN, MI-WI DICKINSON 2023 $472,030 $604,400 $730,525 $907,900
LANSING-EAST LANSING, MI EATON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO EMMET 2023 $472,030 $604,400 $730,525 $907,900
FLINT, MI GENESEE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO GLADWIN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO GOGEBIC 2023 $472,030 $604,400 $730,525 $907,900
TRAVERSE CITY, MI GRAND TRAVERSE 2023 $472,030 $604,400 $730,525 $907,900
ALMA, MI GRATIOT 2023 $472,030 $604,400 $730,525 $907,900
HILLSDALE, MI HILLSDALE 2023 $472,030 $604,400 $730,525 $907,900
HOUGHTON, MI HOUGHTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HURON 2023 $472,030 $604,400 $730,525 $907,900
LANSING-EAST LANSING, MI INGHAM 2023 $472,030 $604,400 $730,525 $907,900
GRAND RAPIDS-KENTWOOD, MI IONIA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO IOSCO 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO IRON 2023 $472,030 $604,400 $730,525 $907,900
MOUNT PLEASANT, MI ISABELLA 2023 $472,030 $604,400 $730,525 $907,900
JACKSON, MI JACKSON 2023 $472,030 $604,400 $730,525 $907,900
KALAMAZOO-PORTAGE, MI KALAMAZOO 2023 $472,030 $604,400 $730,525 $907,900
TRAVERSE CITY, MI KALKASKA 2023 $472,030 $604,400 $730,525 $907,900
GRAND RAPIDS-KENTWOOD, MI KENT 2023 $472,030 $604,400 $730,525 $907,900
HOUGHTON, MI KEWEENAW 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LAKE 2023 $472,030 $604,400 $730,525 $907,900
DETROIT-WARREN-DEARBORN, MI LAPEER 2023 $472,030 $604,400 $730,525 $907,900
TRAVERSE CITY, MI LEELANAU 2023 $472,030 $604,400 $730,525 $907,900
ADRIAN, MI LENAWEE 2023 $472,030 $604,400 $730,525 $907,900
DETROIT-WARREN-DEARBORN, MI LIVINGSTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LUCE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MACKINAC 2023 $472,030 $604,400 $730,525 $907,900
DETROIT-WARREN-DEARBORN, MI MACOMB 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MANISTEE 2023 $472,030 $604,400 $730,525 $907,900
MARQUETTE, MI MARQUETTE 2023 $472,030 $604,400 $730,525 $907,900
LUDINGTON, MI MASON 2023 $472,030 $604,400 $730,525 $907,900
BIG RAPIDS, MI MECOSTA 2023 $472,030 $604,400 $730,525 $907,900
MARINETTE, WI-MI MENOMINEE 2023 $472,030 $604,400 $730,525 $907,900
MIDLAND, MI MIDLAND 2023 $472,030 $604,400 $730,525 $907,900
CADILLAC, MI MISSAUKEE 2023 $472,030 $604,400 $730,525 $907,900
MONROE, MI MONROE 2023 $472,030 $604,400 $730,525 $907,900
GRAND RAPIDS-KENTWOOD, MI MONTCALM 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MONTMORENCY 2023 $472,030 $604,400 $730,525 $907,900
MUSKEGON, MI MUSKEGON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO NEWAYGO 2023 $472,030 $604,400 $730,525 $907,900
DETROIT-WARREN-DEARBORN, MI OAKLAND 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO OCEANA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO OGEMAW 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO ONTONAGON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO OSCEOLA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO OSCODA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO OTSEGO 2023 $472,030 $604,400 $730,525 $907,900
GRAND RAPIDS-KENTWOOD, MI OTTAWA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO PRESQUE ISLE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO ROSCOMMON 2023 $472,030 $604,400 $730,525 $907,900
SAGINAW, MI SAGINAW 2023 $472,030 $604,400 $730,525 $907,900
DETROIT-WARREN-DEARBORN, MI ST. CLAIR 2023 $472,030 $604,400 $730,525 $907,900
STURGIS, MI ST. JOSEPH 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO SANILAC 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO SCHOOLCRAFT 2023 $472,030 $604,400 $730,525 $907,900
LANSING-EAST LANSING, MI SHIAWASSEE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO TUSCOLA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO VAN BUREN 2023 $472,030 $604,400 $730,525 $907,900
ANN ARBOR, MI WASHTENAW 2023 $472,030 $604,400 $730,525 $907,900
DETROIT-WARREN-DEARBORN, MI WAYNE 2023 $472,030 $604,400 $730,525 $907,900
CADILLAC, MI WEXFORD 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).