Adrian FHA Loan Rates, Closing Costs & Stats

Adrian, MI

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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.

    Adrian's 53 lenders originated 256 FHA loans during 2024. The total origination value was $46,740,000, with an average FHA loan value of $182,578.

    Adrian FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Adrian averaged 6.88% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Adrian's average FHA mortgage closing costs are $6,613.

    The average rate for the prior week (2025-07-11) was 6.88% and one month ago for the week of 2025-06-13, the average rate was 6.83%.

    The average rate one year ago was 6.99%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.49%.

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

    Adrian 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 Adrian level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    GVC MORTGAGE, INC. 49 7.11% $8,833
    QUICKEN LOANS, LLC 36 6.35% $10,272
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 13 6.94% $8,351
    UNITED WHOLESALE MORTGAGE, LLC 11 6.31% $10,209
    Flagstar Bank, FSB 10 6.28% $6,448
    CROSSCOUNTRY MORTGAGE, LLC 7 7.18% $9,425
    LOANDEPOT.COM, LLC 7 6.44% $9,435
    AMERICAN FINANCIAL NETWORK, INC. 5 6.28% $8,762
    PLAZA HOME MORTGAGE, INC. 5 6.70% $8,241
    PENNYMAC LOAN SERVICES, LLC 5 6.37% $8,524
    The Huntington National Bank 4 6.31% $7,470
    RUOFF MORTGAGE COMPANY, INC. 4 6.59% $5,745
    Old National Bank 3 6.08% $7,143
    FREEDOM MORTGAGE CORPORATION 3 6.25% $7,554
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.92% $12,723
    UNION HOME MORTGAGE CORP. 3 6.75% $6,770
    AMERISAVE MORTGAGE CORPORATION 3 6.21% $11,020
    KeyBank 2 6.25% $6,942
    AMERICAN FINANCING CORPORATION 2 6.00% $7,469
    Equity Prime Mortgage LLC 2 7.38% $10,442
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.56% $7,742
    First Merchants Bank 2 6.88% $8,805
    MICHIGAN FIRST CREDIT UNION 2 6.56% $5,000
    MORTGAGE 1 INCORPORATED 2 7.06% $14,645
    Mortgage Research Center, LLC 2 7.06% $3,880
    NATIONS DIRECT MORTGAGE, LLC 2 7.00% $16,227
    NEWREZ LLC 2 6.25% $10,573
    STAUNTON FINANCIAL, INC. 2 6.00% $9,761
    TOWNE MORTGAGE COMPANY 2 7.00% $9,868
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.13% $11,821
    M&T Bank 1 6.75% $10,531
    HOMESIDE FINANCIAL, LLC 1 5.75% $16,775
    THE MORTGAGE LINK, INC. 1 7.25% $13,723
    NBKC BANK 1 5.88% $10,213
    NEW DAY FINANCIAL, LLC 1 7.87% $7,105
    American Mortgage & Equity Consultants, Inc. 1 6.99% $7,137
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.13% $8,336
    Fifth Third Bank 1 7.38% $5,825
    Plains Commerce Bank 1 6.50% $6,187
    PLANET HOME LENDING, LLC 1 6.25% $6,526
    EQUITY RESOURCES, INC. 1 6.13% $6,346
    Prosperity Home Mortgage, LLC 1 6.25% $9,948
    Comerica Bank 1 5.63% $7,085
    ROSS MORTGAGE CORPORATION 1 7.13% $9,693
    ROYAL UNITED MORTGAGE LLC 1 5.88% $10,991
    CHURCHILL MORTGAGE CORPORATION 1 7.25% $7,192
    LAKE MICHIGAN CREDIT UNION 1 6.00% $7,453
    LOANPAL, LLC 1 5.25% $10,064
    Mercantile Bank of Michigan 1 6.13% $8,149
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $7,031
    MICHIGAN MUTUAL, INC. 1 6.25% $6,361
    Carrington Mortgage Services, LLC 1 6.88% $5,367
    The Loan Store, Inc. 1 6.13% $13,243

    The top Adrian FHA lender as defined by loan originations is GVC MORTGAGE, INC., with 49 FHA loans originated. Their average total fees are $8,833, which is $1,438 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Adrian FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB ($6,448), GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION ($8,351), GVC MORTGAGE, INC. ($8,833), UNITED WHOLESALE MORTGAGE, LLC ($10,209) and QUICKEN LOANS, LLC ($10,272).

    The lowest rate Adrian FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (6.28%), UNITED WHOLESALE MORTGAGE, LLC (6.31%), QUICKEN LOANS, LLC (6.35%), GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION (6.94%) and GVC MORTGAGE, INC. (7.11%).

    Adrian FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ADRIAN, MI LENAWEE 2022 $420,680 $538,650 $651,050 $809,150
    ADRIAN, MI LENAWEE 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).