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 6.66% 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).