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 6.94% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

Michigan's average FHA mortgage closing costs are $6,477.

The average rate for the prior week (2024-06-07) was 6.63% and one month ago for the week of 2024-05-10, the average rate was 6.82%.

The average rate one year ago was 6.67%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.96%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 3,590 6.32% $8,696
UNITED WHOLESALE MORTGAGE, LLC 2,421 6.50% $10,125
MORTGAGE 1 INCORPORATED 570 6.72% $9,805
Flagstar Bank, FSB 437 6.76% $7,817
CROSSCOUNTRY MORTGAGE, LLC 436 6.84% $9,258
UNION HOME MORTGAGE CORP. 436 6.99% $9,405
The Huntington National Bank 378 6.79% $6,680
NEWREZ LLC 338 6.69% $9,189
Neighborhood Loans, Inc. 324 6.84% $9,628
Preston Home Loans Inc 310 6.86% $8,353
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 290 6.82% $8,656
LOANDEPOT.COM, LLC 290 6.48% $10,421
SUCCESS MORTGAGE PARTNERS, INC. 281 6.80% $10,207
LAKE MICHIGAN CREDIT UNION 260 6.50% $7,793
MICHIGAN MUTUAL, INC. 250 6.69% $9,317
J. VIRGIL, INC. 232 6.72% $8,176
Carrington Mortgage Services, LLC 224 6.36% $10,679
BROKER SOLUTIONS, INC. 218 6.74% $9,480
STAUNTON FINANCIAL, INC. 211 6.67% $8,044
CALIBER HOME LOANS, INC. 209 6.40% $8,319
FREEDOM MORTGAGE CORPORATION 204 6.93% $11,298
Fifth Third Bank 202 6.52% $5,447
Mr. Cooper ( Nationstar Mortgage ) 197 6.12% $12,071
EVERETT FINANCIAL, INC. 193 6.87% $7,856
AMERICAN FINANCIAL NETWORK, INC. 185 6.98% $9,633
CARDINAL FINANCIAL 178 6.66% $9,140
FIRST COMMUNITY MORTGAGE, INC. 168 6.79% $8,978
PENNYMAC LOAN SERVICES, LLC 166 6.36% $9,786
VAN DYK MORTGAGE CORPORATION 137 6.99% $6,353
Equity Prime Mortgage LLC 136 7.06% $8,959
ROSS MORTGAGE CORPORATION 128 6.78% $8,264
AMERISAVE MORTGAGE CORPORATION 123 6.19% $11,207
MUTUAL OF OMAHA MORTGAGE, INC. 122 6.76% $11,145
ACADEMY MORTGAGE CORPORATION 122 6.93% $7,922
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 121 6.69% $8,186
TOWNE MORTGAGE COMPANY 118 6.65% $8,785
RUOFF MORTGAGE COMPANY, INC. 115 6.82% $6,065
GVC MORTGAGE, INC. 114 7.02% $9,099
First State Bank 111 6.90% $7,783
MICHIGAN FIRST CREDIT UNION 109 6.71% $6,964
GUARANTEED RATE, INC. 109 6.74% $9,236
JPMorgan Chase Bank 103 6.75% $4,809
ARK-LA-TEX FINANCIAL SERVICES, LLC. 92 6.80% $8,464
The Dart Bank 88 6.90% $8,055
Mercantile Bank of Michigan 85 6.74% $7,296
MEMBER FIRST MORTGAGE, LLC 77 6.78% $7,214
INSPIRE HOME LOANS INC. 76 5.91% $9,062
Independent Bank 76 6.70% $6,287
LAKEVIEW LOAN SERVICING, LLC 75 6.23% $10,224
TOP FLITE FINANCIAL, INC. 75 6.92% $11,685
PLAZA HOME MORTGAGE, INC. 74 6.66% $10,281
DAS Acquisition Company, LLC 72 7.04% $9,278
Citizens Bank 71 6.43% $7,050
BLG HOLDINGS, INC. 64 7.10% $9,396
Northpointe Bank 64 6.72% $9,345
GUILD MORTGAGE COMPANY 54 6.89% $9,745
Plains Commerce Bank 53 6.52% $8,734
Nations Lending Corporation 53 6.46% $9,678
SUN WEST MORTGAGE COMPANY, INC. 48 6.74% $10,148
MORTGAGE CENTER L.C 47 7.00% $7,843
MID AMERICA MORTGAGE, INC. 44 7.01% $4,910
THE MORTGAGE LINK, INC. 42 7.24% $8,660
Prosperity Home Mortgage, LLC 40 6.57% $9,021
PRIMELENDING, A PLAINSCAPITAL COMPANY 40 6.81% $9,483
First Merchants Bank 40 6.84% $7,711
Mortgage Research Center, LLC 38 6.94% $5,982
MICHIGAN SCHOOLS AND GOVERNMENT 38 5.92% $5,610
BM Real Estate Services, Inc. 37 6.91% $9,123
VILLAGE CAPITAL MORTGAGE 37 6.33% $9,139
Paramount Residential Mortgage Group, Inc. 36 7.03% $10,170
PNC Bank 35 6.91% $5,878
HOMESTAR FINANCIAL CORPORATION 35 6.84% $7,370
LEGEND LENDING CORPORATION 35 6.78% $10,463
NORTHERN MORTGAGE SERVICES, LLC 34 6.74% $8,638
NATIONS DIRECT MORTGAGE, LLC 34 6.88% $10,269
Platinum Home Mortgage Corporation 34 6.19% $10,797
ZILLOW HOME LOANS, LLC 33 6.38% $9,306
CONTOUR MORTGAGE CORPORATION 33 6.76% $11,922
Horizon Bank 33 6.49% $8,139
T2 FINANCIAL LLC 33 6.86% $10,171
LEADERONE FINANCIAL CORPORATION 32 7.00% $8,930
CHURCHILL MORTGAGE CORPORATION 32 6.68% $10,569
OCMBC, INC. 32 7.39% $8,736
MMS MORTGAGE SERVICES, LTD. 30 6.75% $7,007
EMM LOANS LLC 30 6.45% $9,603
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 30 6.86% $11,218
University Bank 30 6.78% $11,008
UNITED 29 6.82% $8,773
Century Mortgage Company DBA Century Lending Company 29 6.70% $11,645
PLANET HOME LENDING, LLC 29 6.09% $7,640
Bank of England 27 6.39% $10,184
TJC Mortgage, Inc. 27 6.61% $13,657
GSF Mortgage Corporation 27 6.44% $8,599
Dort Financial Credit Union 27 6.66% $5,319
AMERICAN PACIFIC MORTGAGE CORPORATION 26 7.00% $9,450
AMERICAN FINANCIAL RESOURCES, INC. 25 7.12% $8,489
HOMESIDE FINANCIAL, LLC 25 6.89% $9,622
M/I FINANCIAL, LLC 24 6.28% $14,092
ROYAL UNITED MORTGAGE LLC 23 6.96% $10,228
AmeriHome Mortgage Company, LLC 22 6.67% $10,315
STOCKTON MORTGAGE CORPORATION 22 6.59% $10,097
MOVEMENT MORTGAGE, LLC 21 6.92% $8,676
HOMESITE MORTGAGE, LLC 19 6.91% $13,852
AMERICAN FINANCING CORPORATION 19 6.45% $8,649
AMERICAN PORTFOLIO MORTGAGE CORPORATION 18 6.58% $6,379
RELIANCE FIRST CAPITAL, LLC 17 6.44% $10,096
GENEVA FINANCIAL, LLC 16 7.09% $9,494
Bank of America 16 6.35% $5,361
DELMAR FINANCIAL COMPANY 16 6.53% $8,321
M&T Bank 16 6.47% $8,008
PHH Mortgage Corporation 14 6.38% $10,356
HOWARD HANNA FINANCIAL SERVICES, INC. 14 6.62% $7,779
Waterstone Mortgage Corporation 13 6.98% $8,519
U.S. Bank 13 6.39% $6,946
The Federal Savings Bank 13 6.62% $14,329
CMG MORTGAGE, INC. 13 7.14% $9,100
NATIONS RELIABLE LENDING, LLC 13 7.02% $8,273
Wells Fargo Bank 13 6.61% $7,106
HALLMARK HOME MORTGAGE, LLC 12 7.01% $8,221
LIBERTY HOME MORTGAGE CORPORATION 12 6.93% $11,367
Barrington Bank & Trust Company, N.A. 12 6.81% $8,080
MYCUMORTGAGE, LLC 12 7.18% $7,506
Old National Bank 12 6.23% $6,944
NBKC BANK 11 6.06% $8,335
Honor Credit Union 11 6.75% $6,674
LOANPAL, LLC 11 5.92% $10,932
CORNERSTONE HOME LENDING, INC. 10 6.83% $8,741
HOMEBRIDGE FINANCIAL SERVICES, INC. 10 6.63% $12,105
ENVOY MORTGAGE, LTD 10 6.28% $9,425
KeyBank 10 6.65% $8,362
First Savings Bank 9 6.72% $12,231
SUMMIT HOME MORTGAGE, LLC 9 6.97% $7,482
FINANCIAL PLUS CREDIT UNION 9 5.96% $6,622
V.I.P. MORTGAGE, INC. 8 7.19% $9,155
NFM, INC. 8 7.44% $9,500
CHERRY CREEK MORTGAGE, LLC 8 6.34% $2,160
Lakeview Community Capital, LLC 7 6.41% $9,743
GUARANTEED RATE AFFINITY, LLC 7 6.93% $9,337
RESIDENTIAL BANCORP 7 6.11% $14,885
BECKAM FUNDING CORP. 7 7.46% $11,387
Ixonia Bank 7 6.93% $7,567
Sunflower Bank 7 6.80% $8,150
PENTAGON FEDERAL CREDIT UNION 6 5.73% $8,592
CIBC Bank USA 6 6.40% $5,959
Cornerstone First Mortgage, Inc 6 6.52% $8,819
US MORTGAGE CORPORATION 6 6.90% $8,639
The Loan Store, Inc. 6 7.10% $13,748
MILEND, INC. 5 7.20% $15,359
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 5 6.57% $9,942
LAND HOME FINANCIAL SERVICES, INC. 5 6.83% $8,007
EQUITY RESOURCES, INC. 5 6.82% $6,656
EMBRACE HOME LOANS, INC. 5 6.95% $10,330
BETTER MORTGAGE CORPORATION 5 6.18% $10,857
Comerica Bank 5 6.65% $5,877
ON Q FINANCIAL, INC. 5 7.02% $10,606
Servion, Inc. 4 7.16% $7,052
Hometown Equity Mortgage, LLC 4 6.66% $10,660
DRAPER AND KRAMER MORTGAGE CORP. 4 6.66% $6,950
MORTGAGE ACCESS CORP. 4 6.78% $13,301
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 7.44% $12,049
NATIONWIDE MORTGAGE BANKERS, INC. 4 5.97% $11,480
NETWORK CAPITAL FUNDING CORPORATION 4 6.19% $8,647
PREMIER MORTGAGE RESOURCES, L.L.C. 4 7.28% $8,433
PULTE MORTGAGE LLC 4 6.47% $13,005
Bank of Ann Arbor 4 6.25% $9,413
Summit Mortgage Corporation 4 6.84% $6,208
First Federal Bank of the Midwest 3 6.17% $7,408
Willamette Valley Bank 3 6.42% $14,285
AMCAP MORTGAGE, LTD. 3 6.92% $11,898
BAY EQUITY LLC 3 6.04% $7,574
PREMIA MORTGAGE, LLC 3 6.17% $5,684
First Federal Bank 3 5.92% $8,517
Colonial Savings, F.A. 3 6.08% $11,359
OPEN MORTGAGE, LLC 3 7.38% $10,079
NEW DAY FINANCIAL, LLC 3 7.25% $6,880
FIRST CENTENNIAL MORTGAGE CORPORATION 3 6.79% $10,527
COMPASS MORTGAGE, INC. 3 6.67% $7,195
AmRes Corporation 3 6.63% $7,009
SUMMIT FUNDING, INC. 3 6.96% $17,242
Encompass Lending Group, LP 3 7.21% $8,633
AXIA FINANCIAL, LLC 3 6.88% $8,929
FIRST STATE MORTGAGE SERVICES, LLC 3 6.67% $9,854
Semper Home Loans, Inc. 3 7.17% $8,033
POLARIS HOME FUNDING CORP. 2 6.31% $7,700
Notre Dame Federal Credit Union Corporation 2 7.19% $8,315
OCEANSIDE MORTGAGE COMPANY 2 5.75% $6,935
Pacor Mortgage Corp 2 7.13% $7,253
Credence Funding Corporation 2 5.94% $9,949
Residential Mortgage Solutions, Inc. 2 6.50% $9,476
Sierra Pacific Mortgage Company, Inc. 2 6.19% $9,959
SOVEREIGN LENDING GROUP INCORPORATED 2 6.62% $14,173
INTERCAP LENDING INC. 2 6.81% $8,582
TEACHERS CREDIT UNION 2 6.31% $5,925
THE ANDERSON FINANCIAL GROUP, INC. 2 6.63% $7,719
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.69% $11,464
United Fidelity Funding Corp. 2 6.81% $23,796
FIRST COLONY MORTGAGE CORPORATION 2 7.50% $8,824
Goldwater Bank, N.A. 2 6.69% $9,403
Chickasaw Community Bank 1 6.50% $8,670
MILESTONE HOME LENDING, LLC 1 7.25% $9,260
Key Mortgage Services, Inc. 1 6.88% $12,286
KELLER MORTGAGE, LLC 1 5.25% $7,625
S1L, Inc. 1 6.75% $10,086
SeaTrust Mortgage Company 1 8.13% $15,572
MJW Financial LLC 1 7.63% $6,246
CANOPY MORTGAGE, LLC 1 7.63% $8,058
Civista Bank 1 7.50% $6,018
SIWELL, INC. 1 4.75% $11,687
MY MORTGAGE, INC. 1 5.75% $6,590
Pinnacle Bank 1 5.63% $16,160
MLB RESIDENTIAL LENDING, LLC 1 6.00% $18,024
Associated Bank 1 6.50% $5,764
MLD MORTGAGE INC. 1 6.00% $12,220
JET DIRECT FUNDING CORP 1 7.25% $14,389
First Horizon Bank 1 7.00% $9,515
Advisors Mortgage Group, L.L.C. 1 6.25% $10,924
Centier Bank 1 7.25% $5,301
1st Source Bank 1 6.13% $9,537
First Federal Bank, A FSB 1 6.25% $14,979
FLAT BRANCH MORTGAGE, INC. 1 7.50% $11,494
INOVA FEDERAL CREDIT UNION 1 6.50% $5,009
Evolve Bank & Trust 1 7.25% $9,872
The Genoa Banking Company 1 6.75% $8,884
Wyndham Capital Mortgage, Inc. 1 6.13% $7,275
HOMESTEAD FUNDING CORP. 1 7.13% $5,858
HOMESPIRE MORTGAGE CORPORATION 1 7.63% $3,946
THRIVE MORTGAGE, LLC 1 6.25% $13,327
FirstBank 1 7.00% $4,943
NORWICH COMMERCIAL GROUP, INC. 1 7.25% $10,314
American Mortgage & Equity Consultants, Inc. 1 7.63% $10,505
Truist 1 6.88% $12,582
PANORAMA MORTGAGE GROUP, LLC 1 6.75% $6,904
GUARANTY HOME MORTGAGE CORPORATION 1 7.13% $13,446
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.63% $6,462
North American Savings Bank, F.S.B. 1 5.88% $16,608
GoPrime Mortgage, Inc. 1 6.13% $6,113
Flanagan State Bank 1 6.25% $13,579
BAYSHORE MORTGAGE FUNDING, LLC 1 7.63% $9,894
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $7,735
CITYWIDE HOME LOANS, LLC 1 6.25% $12,284
Dakota Community Bank & Trust 1 5.75% $10,042
Bell Bank 1 7.25% $8,185
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.63% $15,013
Regions Bank 1 6.63% $6,111
Magnolia Bank 1 5.63% $14,718
Lend Smart Mortgage, LLC 1 6.75% $7,558

The top Michigan FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 3,590 FHA loans originated. Their average total fees are $8,696, which is $1,429 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Michigan FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($4,809), MID AMERICA MORTGAGE, INC. ($4,910), Dort Financial Credit Union ($5,319), Bank of America ($5,361) and Fifth Third Bank ($5,447).

The lowest rate Michigan FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. (5.91%), LOANPAL, LLC (5.92%), MICHIGAN SCHOOLS AND GOVERNMENT (5.92%), NBKC BANK (6.06%) and PLANET HOME LENDING, LLC (6.09%).

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).