Michigan FHA Loan Rates, Closing Costs & Stats

Michigan

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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.

    Michigan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Michigan averaged 6.66% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Michigan's average FHA mortgage closing costs are $6,776.

    The average rate for the prior week (2025-03-28) was 6.66% and one month ago for the week of 2025-02-28, the average rate was 6.54%.

    The average rate one year ago was 6.96%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.5%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 3,452 6.39% $9,489
    UNITED WHOLESALE MORTGAGE, LLC 2,566 6.29% $10,587
    Flagstar Bank, FSB 614 6.47% $7,734
    UNION HOME MORTGAGE CORP. 490 6.83% $9,870
    MORTGAGE 1 INCORPORATED 433 6.74% $10,411
    Preston Home Loans Inc 385 6.73% $8,313
    FREEDOM MORTGAGE CORPORATION 364 6.45% $10,753
    CROSSCOUNTRY MORTGAGE, LLC 345 6.75% $10,054
    STAUNTON FINANCIAL, INC. 321 6.63% $7,674
    The Huntington National Bank 300 6.76% $6,931
    NEWREZ LLC 285 6.58% $8,579
    LOANDEPOT.COM, LLC 275 6.39% $9,647
    SUCCESS MORTGAGE PARTNERS, INC. 271 6.62% $10,856
    Equity Prime Mortgage LLC 259 7.05% $10,157
    LAKE MICHIGAN CREDIT UNION 253 6.32% $8,311
    PENNYMAC LOAN SERVICES, LLC 250 6.21% $9,083
    AMERICAN FINANCIAL NETWORK, INC. 230 6.63% $10,088
    BROKER SOLUTIONS, INC. 227 6.91% $9,737
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 222 6.83% $8,720
    MICHIGAN MUTUAL, INC. 211 6.66% $9,864
    FIRST COMMUNITY MORTGAGE, INC. 204 6.73% $9,224
    THE MORTGAGE LINK, INC. 199 6.60% $13,797
    J. VIRGIL, INC. 199 6.74% $8,362
    Fifth Third Bank 182 6.53% $6,673
    Carrington Mortgage Services, LLC 181 6.44% $10,643
    RUOFF MORTGAGE COMPANY, INC. 179 6.60% $6,839
    GVC MORTGAGE, INC. 158 6.78% $9,420
    ROSS MORTGAGE CORPORATION 134 6.69% $7,300
    Mr. Cooper ( Nationstar Mortgage ) 130 6.63% $12,194
    GUARANTEED RATE, INC. 123 6.61% $9,270
    VAN DYK MORTGAGE CORPORATION 114 6.85% $6,748
    GUILD MORTGAGE COMPANY 114 6.79% $10,174
    MUTUAL OF OMAHA MORTGAGE, INC. 113 6.64% $12,906
    BLG HOLDINGS, INC. 109 6.91% $9,162
    MICHIGAN FIRST CREDIT UNION 108 6.59% $7,033
    TOWNE MORTGAGE COMPANY 97 6.62% $9,487
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 96 6.55% $7,454
    First State Bank 95 6.66% $7,699
    CALCON MUTUAL MORTGAGE LLC 95 6.59% $9,008
    PLAZA HOME MORTGAGE, INC. 91 6.97% $9,993
    Mercantile Bank of Michigan 88 6.55% $7,877
    CARDINAL FINANCIAL 87 6.76% $9,636
    DAS Acquisition Company, LLC 86 6.85% $8,683
    AMERISAVE MORTGAGE CORPORATION 84 6.23% $11,399
    The Dart Bank 83 6.49% $8,695
    LAKEVIEW LOAN SERVICING, LLC 80 6.40% $8,333
    VILLAGE CAPITAL MORTGAGE 72 6.63% $5,857
    Prosperity Home Mortgage, LLC 72 6.19% $10,600
    CHURCHILL MORTGAGE CORPORATION 69 6.58% $11,181
    CMG MORTGAGE, INC. 63 6.93% $9,121
    Mortgage Research Center, LLC 62 6.81% $5,982
    MEMBER FIRST MORTGAGE, LLC 61 6.82% $8,038
    PLANET HOME LENDING, LLC 60 6.25% $7,391
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 59 6.74% $8,486
    Northpointe Bank 59 6.43% $9,224
    Independent Bank 58 6.33% $6,739
    TOP FLITE FINANCIAL, INC. 58 6.74% $11,416
    AmeriHome Mortgage Company, LLC 56 6.67% $6,795
    MORTGAGE CENTER L.C 55 6.82% $8,987
    AMERICAN FINANCING CORPORATION 54 5.87% $11,946
    INSPIRE HOME LOANS INC. 54 5.64% $9,647
    LOANPAL, LLC 52 5.70% $11,080
    JPMorgan Chase Bank 49 6.69% $5,325
    AMERICAN PACIFIC MORTGAGE CORPORATION 47 6.78% $11,289
    NORTHERN MORTGAGE SERVICES, LLC 44 6.37% $8,569
    Plains Commerce Bank 43 6.87% $9,779
    The Loan Store, Inc. 42 6.48% $11,521
    First Merchants Bank 40 6.52% $7,956
    MICHIGAN SCHOOLS AND GOVERNMENT 40 6.10% $6,007
    Century Mortgage Company DBA Century Lending Company 39 6.28% $11,599
    Citizens Bank 38 6.41% $7,242
    AMERICAN FINANCIAL RESOURCES, INC. 38 6.91% $8,878
    HOMESIDE FINANCIAL, LLC 38 6.53% $11,936
    SUN WEST MORTGAGE COMPANY, INC. 37 6.57% $10,687
    ZILLOW HOME LOANS, LLC 35 6.65% $8,568
    Dort Financial Credit Union 35 6.70% $5,059
    MMS MORTGAGE SERVICES, LTD. 35 6.47% $7,432
    OCMBC, INC. 33 7.14% $10,936
    T2 FINANCIAL LLC 33 6.96% $9,899
    BM Real Estate Services, Inc. 32 6.81% $8,109
    ROYAL UNITED MORTGAGE LLC 31 6.60% $10,182
    MOVEMENT MORTGAGE, LLC 30 6.97% $8,143
    EMM LOANS LLC 30 6.30% $11,418
    SOUTHWEST FUNDING, LP 29 7.44% $8,714
    UNITED 28 6.44% $8,155
    PRIMELENDING, A PLAINSCAPITAL COMPANY 28 6.72% $12,018
    MID AMERICA MORTGAGE, INC. 28 6.80% $6,000
    M/I FINANCIAL, LLC 27 5.18% $17,420
    Paramount Residential Mortgage Group, Inc. 27 6.69% $8,570
    LEADERONE FINANCIAL CORPORATION 26 6.62% $8,096
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 25 6.90% $9,182
    MORTGAGE SOLUTIONS OF COLORADO, LLC 25 6.97% $12,636
    PNC Bank 25 6.81% $6,555
    CONTOUR MORTGAGE CORPORATION 24 6.64% $9,145
    FIRST COLONY MORTGAGE CORPORATION 24 6.60% $10,314
    NATIONS DIRECT MORTGAGE, LLC 24 7.11% $10,482
    STOCKTON MORTGAGE CORPORATION 23 6.53% $11,399
    Lakeview Community Capital, LLC 23 6.30% $7,925
    Horizon Bank 21 6.28% $7,304
    Nations Lending Corporation 20 6.34% $12,780
    EVERETT FINANCIAL, INC. 20 6.93% $8,893
    HALLMARK HOME MORTGAGE, LLC 20 6.92% $8,981
    TJC Mortgage, Inc. 20 6.60% $12,843
    GENEVA FINANCIAL, LLC 19 6.87% $8,979
    Honor Credit Union 19 6.66% $6,682
    MILEND, INC. 17 6.38% $12,854
    HOMESITE MORTGAGE, LLC 17 6.62% $9,063
    PHH Mortgage Corporation 17 6.10% $10,155
    DELMAR FINANCIAL COMPANY 16 6.66% $7,920
    Barrington Bank & Trust Company, N.A. 16 6.65% $8,176
    CANOPY MORTGAGE, LLC 15 6.78% $9,287
    Bank of England 15 6.56% $9,761
    University Bank 15 6.73% $9,064
    U.S. Bank 15 6.43% $7,505
    Bank of America 14 6.13% $5,387
    BETTER MORTGAGE CORPORATION 14 6.17% $8,817
    Cornerstone First Mortgage, Inc 13 6.67% $11,061
    Comerica Bank 13 6.34% $5,897
    HOMEBRIDGE FINANCIAL SERVICES, INC. 13 6.47% $8,558
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 13 6.16% $15,580
    FINANCIAL PLUS CREDIT UNION 13 6.03% $6,449
    The Federal Savings Bank 12 6.63% $11,440
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 12 6.64% $7,216
    SUMMIT HOME MORTGAGE, LLC 12 6.75% $7,867
    FBC MORTGAGE, LLC 12 6.70% $6,934
    M&T Bank 11 6.60% $7,543
    Residential Acceptance Corporation 11 7.09% $9,403
    Wells Fargo Bank 11 6.50% $6,662
    Waterstone Mortgage Corporation 10 6.74% $8,730
    KeyBank 10 6.46% $7,794
    LIBERTY HOME MORTGAGE CORPORATION 9 6.61% $11,160
    OCEANSIDE MORTGAGE COMPANY 9 6.29% $3,463
    Old National Bank 9 5.94% $7,583
    PREMIER MORTGAGE RESOURCES, L.L.C. 9 6.64% $9,765
    Texana Bank 9 6.15% $11,327
    UNITED MORTGAGE CORP 9 6.43% $12,687
    EQUITY RESOURCES, INC. 8 6.58% $6,226
    BAY EQUITY LLC 8 6.45% $9,941
    NFM, INC. 8 7.03% $11,833
    NETWORK CAPITAL FUNDING CORPORATION 8 6.38% $12,653
    American Mortgage & Equity Consultants, Inc. 8 6.78% $9,057
    JMAC LENDING, INC. 7 6.21% $10,039
    NEW DAY FINANCIAL, LLC 7 7.64% $6,639
    Sierra Pacific Mortgage Company, Inc. 7 6.32% $10,720
    ARBOR FINANCIAL CREDIT UNION 6 6.79% $6,824
    NBKC BANK 6 5.92% $8,744
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 6 6.81% $11,108
    RELIANCE FIRST CAPITAL, LLC 6 6.77% $9,714
    Notre Dame Federal Credit Union Corporation 5 6.33% $7,428
    PREMIA MORTGAGE, LLC 5 6.32% $6,878
    MYCUMORTGAGE, LLC 5 7.10% $6,423
    V.I.P. MORTGAGE, INC. 5 6.50% $8,275
    NATIONS RELIABLE LENDING, LLC 4 7.06% $8,059
    GREENSTATE CREDIT UNION 4 6.44% $8,024
    HOWARD HANNA FINANCIAL SERVICES, INC. 4 6.38% $9,209
    First Federal Bank of the Midwest 4 6.38% $8,815
    GUARANTEED RATE AFFINITY, LLC 4 6.31% $6,797
    Washington Trust Bank 3 6.50% $6,512
    Magnolia Bank 3 6.17% $12,700
    Ixonia Bank 3 6.42% $17,608
    US MORTGAGE CORPORATION 3 6.67% $10,015
    DATA MORTGAGE, INC. 3 6.16% $8,882
    TEACHERS CREDIT UNION 3 6.13% $6,656
    Hometown Equity Mortgage, LLC 3 7.79% $12,606
    Residential Mortgage Solutions, Inc. 2 6.25% $17,393
    ALLIED MORTGAGE GROUP, INC. 2 6.88% $7,994
    S1L, Inc. 2 7.00% $14,295
    Servion, Inc. 2 6.44% $8,163
    OPEN MORTGAGE, LLC 2 7.38% $12,158
    COMPASS MORTGAGE, INC. 2 6.25% $7,904
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.19% $11,054
    Goldwater Bank, N.A. 2 7.19% $8,310
    Willamette Valley Bank 2 6.50% $14,131
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.19% $6,521
    CIBC Bank USA 2 6.56% $6,249
    POLARIS HOME FUNDING CORP. 2 7.13% $7,507
    AXIA FINANCIAL, LLC 2 6.69% $15,273
    North American Savings Bank, F.S.B. 2 6.13% $7,869
    Associated Bank 2 6.56% $8,878
    ABSOLUTE HOME MORTGAGE CORPORATION 2 6.63% $6,964
    Home Mortgage Alliance Corp 2 6.69% $11,347
    AMERITRUST MORTGAGE CORPORATION 2 7.25% $11,757
    Ameris Bank 2 6.63% $12,601
    PROPER RATE, LLC 2 7.16% $7,475
    PULTE MORTGAGE LLC 2 5.75% $13,000
    RANLIFE, INC. 2 5.94% $12,158
    RESIDENTIAL BANCORP 2 6.56% $9,378
    Stride Bank 1 6.88% $7,656
    LAND HOME FINANCIAL SERVICES, INC. 1 6.63% $7,310
    MY MORTGAGE, INC. 1 7.25% $11,423
    INTERRA CREDIT UNION 1 6.63% $5,541
    HOMEXPRESS MORTGAGE CORP. 1 6.88% $8,142
    NEXERA HOLDING LLC 1 5.75% $7,478
    NORWICH COMMERCIAL GROUP, INC. 1 7.25% $11,356
    HFG HOLDINGS, LLC 1 5.25% $13,853
    ONY GLO, INC. 1 7.88% $13,333
    GSF Mortgage Corporation 1 6.13% $12,216
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $9,412
    GARDNER FINANCIAL SERVICES, LTD. 1 6.63% $8,139
    FREEDOM FIRST 1 5.75% $11,996
    PLUS RELOCATION MORTGAGE, LLC 1 6.75% $12,736
    FIRST STATE MORTGAGE SERVICES, LLC 1 5.75% $9,076
    POINT Mortgage 1 6.75% $12,520
    Alliance Credit Union 1 6.63% $4,560
    First National Bank Texas 1 7.13% $9,834
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $11,450
    First Horizon Bank 1 7.25% $8,636
    First Federal Bank 1 6.13% $12,557
    FirstBank 1 6.25% $6,804
    ENVOY MORTGAGE, LTD 1 6.63% $10,061
    Encompass Lending Group, LP 1 7.00% $12,004
    DIRECT MORTGAGE LOANS, LLC 1 6.63% $14,743
    Leaders Credit Union 1 6.75% $8,108
    CORNERSTONE HOME LENDING, INC. 1 7.75% $6,874
    Summit Mortgage Corporation 1 6.50% $7,811
    Sunflower Bank 1 6.63% $6,424
    Commerce Home Mortgage, Inc. 1 7.13% $9,560
    City Lending Inc. 1 8.25% $9,259
    The Central Trust Bank 1 6.99% $5,621
    Capital Bank 1 6.25% $5,289
    Bethpage Federal Credit Union 1 7.13% $4,030
    Bell Bank 1 6.13% $12,455
    The Union Bank Company 1 6.75% $12,310
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.63% $7,920
    TRISTAR FINANCE, INC. 1 7.75% $9,462
    Truist 1 7.10% $5,383
    Armed Forces Bank 1 5.88% $9,188
    AmRes Corporation 1 6.25% $12,905
    MLB RESIDENTIAL LENDING, LLC 1 6.88% $9,910
    MORTGAGE ACCESS CORP. 1 6.25% $15,859
    Meridian Bank Corporation 1 6.13% $10,345
    1st Source Bank 1 7.63% $6,287

    The top Michigan FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 3,452 FHA loans originated. Their average total fees are $9,489, which is $1,099 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Michigan FHA lenders (with over 10 loans originated) are Dort Financial Credit Union ($5,059), JPMorgan Chase Bank ($5,325), Bank of America ($5,387), VILLAGE CAPITAL MORTGAGE ($5,857) and Comerica Bank ($5,897).

    The lowest rate Michigan FHA lenders (with over 10 loans originated) are M/I FINANCIAL, LLC (5.18%), INSPIRE HOME LOANS INC. (5.64%), LOANPAL, LLC (5.70%), AMERICAN FINANCING CORPORATION (5.87%) and FINANCIAL PLUS CREDIT UNION (6.03%).

    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).