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 6.51% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.58% and one month ago for the week of 2024-11-08, the average rate was 6.64%.

    The average rate one year ago was 6.85%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.63%.

    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).