Alma FHA Loan Rates, Closing Costs & Stats

Alma, 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.

    Alma's 36 lenders originated 103 FHA loans during 2024. The total origination value was $15,635,000, with an average FHA loan value of $151,796.

    Alma FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Alma averaged 6.7% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Alma's average FHA mortgage closing costs are $5,971.

    The average rate for the prior week (2025-07-11) was 6.9% and one month ago for the week of 2025-06-13, the average rate was 7.06%.

    The average rate one year ago was 7.12%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.53%.

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

    Alma 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 Alma level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 19 6.36% $9,335
    Preston Home Loans Inc 11 6.88% $7,511
    CROSSCOUNTRY MORTGAGE, LLC 8 6.73% $7,018
    UNITED WHOLESALE MORTGAGE, LLC 6 6.41% $8,387
    PENNYMAC LOAN SERVICES, LLC 4 5.94% $10,243
    Mercantile Bank of Michigan 4 6.72% $6,730
    BROKER SOLUTIONS, INC. 3 6.75% $7,529
    FIRST COMMUNITY MORTGAGE, INC. 2 6.81% $8,897
    The Dart Bank 2 6.06% $11,927
    The Huntington National Bank 2 6.38% $4,509
    Fifth Third Bank 2 6.56% $5,512
    STAUNTON FINANCIAL, INC. 2 6.44% $5,781
    MMS MORTGAGE SERVICES, LTD. 2 6.50% $4,834
    Carrington Mortgage Services, LLC 2 5.88% $7,955
    PLAZA HOME MORTGAGE, INC. 1 6.63% $12,267
    Prosperity Home Mortgage, LLC 1 7.13% $10,623
    ROYAL UNITED MORTGAGE LLC 1 6.50% $9,272
    RUOFF MORTGAGE COMPANY, INC. 1 6.38% $8,541
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.38% $5,554
    THE MORTGAGE LINK, INC. 1 6.63% $12,883
    TOWNE MORTGAGE COMPANY 1 5.75% $6,836
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.13% $7,445
    VAN DYK MORTGAGE CORPORATION 1 6.63% $5,019
    Century Mortgage Company DBA Century Lending Company 1 5.75% $10,286
    Citizens Bank 1 6.50% $6,531
    FBC MORTGAGE, LLC 1 6.75% $7,135
    Flagstar Bank, FSB 1 7.25% $7,495
    GUILD MORTGAGE COMPANY 1 6.38% $7,250
    GVC MORTGAGE, INC. 1 7.63% $9,272
    J. VIRGIL, INC. 1 6.63% $7,004
    MICHIGAN FIRST CREDIT UNION 1 6.63% $6,139
    MID AMERICA MORTGAGE, INC. 1 6.63% $1,717
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $12,025
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $7,157
    NEWREZ LLC 1 6.25% $6,202
    Plains Commerce Bank 1 6.75% $7,723

    The top Alma FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 19 FHA loans originated. Their average total fees are $9,335, which is $1,824 higher than the next largest lender, Preston Home Loans Inc.

    The lowest fee Alma FHA lenders (with over 10 loans originated) are Preston Home Loans Inc ($7,511), QUICKEN LOANS, LLC ($9,335), .

    The lowest rate Alma FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.36%), Preston Home Loans Inc (6.88%), .

    Alma FHA Loan Limits

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