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 37 lenders originated 81 FHA loans during 2023. The total origination value was $12,845,000, with an average FHA loan value of $158,580.

    Alma FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Alma averaged 6.78% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Alma's average FHA mortgage closing costs are $5,667.

    The average rate for the prior week (2024-11-01) was 6.75% and one month ago for the week of 2024-10-04, the average rate was 6.17%.

    The average rate one year ago was 7.62%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 15 6.32% $7,896
    ACADEMY MORTGAGE CORPORATION 5 7.10% $7,269
    BM Real Estate Services, Inc. 4 7.09% $8,867
    Preston Home Loans Inc 4 6.94% $8,227
    Neighborhood Loans, Inc. 3 6.75% $6,460
    The Dart Bank 3 6.75% $8,276
    CROSSCOUNTRY MORTGAGE, LLC 3 6.73% $7,244
    Mercantile Bank of Michigan 2 7.06% $6,030
    CARDINAL FINANCIAL 2 7.62% $7,812
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.25% $6,117
    LOANPAL, LLC 2 5.69% $9,151
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.75% $7,889
    UNITED WHOLESALE MORTGAGE, LLC 2 7.44% $5,956
    GENEVA FINANCIAL, LLC 1 7.25% $5,734
    LAKE MICHIGAN CREDIT UNION 1 7.13% $7,529
    LEGEND LENDING CORPORATION 1 6.75% $6,693
    LOANDEPOT.COM, LLC 1 7.63% $6,684
    VILLAGE CAPITAL MORTGAGE 1 5.88% $13,114
    Citizens Bank 1 6.50% $7,485
    MORTGAGE 1 INCORPORATED 1 6.63% $8,089
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $8,177
    Carrington Mortgage Services, LLC 1 7.63% $6,898
    NEWREZ LLC 1 5.75% $13,015
    Northpointe Bank 1 6.63% $6,617
    PENNYMAC LOAN SERVICES, LLC 1 7.25% $5,925
    Platinum Home Mortgage Corporation 1 6.25% $9,433
    CALIBER HOME LOANS, INC. 1 6.75% $9,245
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $14,632
    RELIANCE FIRST CAPITAL, LLC 1 5.88% $9,452
    STAUNTON FINANCIAL, INC. 1 6.38% $6,100
    VAN DYK MORTGAGE CORPORATION 1 6.38% $7,024
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $7,480
    The Huntington National Bank 1 6.38% $5,873
    Equity Prime Mortgage LLC 1 5.38% $3,965
    UNION HOME MORTGAGE CORP. 1 7.00% $7,066
    Fifth Third Bank 1 6.25% $5,242
    Flagstar Bank, FSB 1 7.25% $7,340

    The top Alma FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 15 FHA loans originated. Their average total fees are $7,896, which is $628 higher than the next largest lender, ACADEMY MORTGAGE CORPORATION.

    The lowest fee Alma FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,896), .

    The lowest rate Alma FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.32%), .

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Alma (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $87,400 (-12.5%) $112,982 (-10.1%) 0.00 135
    2018-02-01 $84,675 (-15.2%) $114,882 (-6.0%) 0.00 132
    2018-03-01 $82,450 (-17.4%) $115,176 (-9.6%) 0.00 141
    2018-04-01 $84,450 (-16.8%) $115,644 (-10.4%) 0.00 141
    2018-05-01 $89,075 (-10.8%) $126,365 (-1.7%) 0.00 146
    2018-06-01 $94,900 (-3.7%) $135,945 (5.6%) 0.00 153
    2018-07-01 $97,175 (-1.8%) $134,250 (4.3%) 0.00 163
    2018-08-01 $105,000 (5.1%) $145,598 (12.3%) 0.00 161
    2018-09-01 $105,000 (3.5%) $143,891 (10.7%) 0.00 154
    2018-10-01 $102,450 (2.6%) $145,120 (14.1%) 0.00 156
    2018-11-01 $97,125 (6.2%) $133,685 (9.5%) 0.00 154
    2018-12-01 $88,900 (-1.1%) $126,798 (10.5%) 0.00 146
    2019-01-01 $88,800 (1.6%) $127,448 (12.8%) 0.00 136
    2019-02-01 $87,450 (3.3%) $127,097 (10.6%) 0.00 130
    2019-03-01 $89,386 (8.4%) $122,859 (6.7%) 0.00 128
    2019-04-01 $96,900 (14.7%) $128,434 (11.1%) 0.00 133
    2019-05-01 $98,100 (10.1%) $131,239 (3.9%) 0.00 129
    2019-06-01 $99,900 (5.3%) $136,844 (0.7%) 0.00 135
    2019-07-01 $99,900 (2.8%) $130,959 (-2.5%) 0.00 132
    2019-08-01 $108,518 (3.4%) $131,768 (-9.5%) 0.00 129
    2019-09-01 $109,295 (4.1%) $128,884 (-10.4%) 0.00 130
    2019-10-01 $112,663 (10.0%) $129,346 (-10.9%) 0.00 118
    2019-11-01 $107,400 (10.6%) $130,701 (-2.2%) 0.00 91
    2019-12-01 $134,975 (51.8%) $143,449 (13.1%) 0.00 81
    2020-01-01 $119,900 (35.0%) $134,833 (5.8%) 0.00 79
    2020-02-01 $119,900 (37.1%) $133,035 (4.7%) 0.00 81
    2020-03-01 $110,700 (23.9%) $134,974 (9.9%) 0.00 72
    2020-04-01 $119,900 (23.7%) $141,375 (10.1%) 0.00 66
    2020-05-01 $114,900 (17.1%) $141,888 (8.1%) 0.00 66
    2020-06-01 $146,175 (46.3%) $158,947 (16.2%) 0.00 57
    2020-07-01 $136,850 (37.0%) $165,997 (26.8%) 0.00 58
    2020-08-01 $119,900 (10.5%) $153,905 (16.8%) 0.00 63
    2020-09-01 $129,900 (18.9%) $181,538 (40.9%) 0.00 55
    2020-10-01 $129,900 (15.3%) $178,078 (37.7%) 0.00 60
    2020-11-01 $127,600 (18.8%) $170,360 (30.3%) 0.00 66
    2020-12-01 $124,900 (-7.5%) $171,917 (19.9%) 0.00 61
    2021-01-01 $124,900 (4.2%) $163,026 (20.9%) 0.00 54
    2021-02-01 $124,900 (4.2%) $174,144 (30.9%) 0.00 35
    2021-03-01 $131,200 (18.5%) $191,583 (41.9%) 0.00 35
    2021-04-01 $133,950 (11.7%) $189,522 (34.1%) 0.00 30
    2021-05-01 $149,900 (30.5%) $195,946 (38.1%) 0.00 35
    2021-06-01 $176,400 (20.7%) $198,816 (25.1%) 0.00 43
    2021-07-01 $162,400 (18.7%) $200,908 (21.0%) 0.00 52
    2021-08-01 $161,250 (34.5%) $200,269 (30.1%) 0.00 65
    2021-09-01 $141,800 (9.2%) $190,094 (4.7%) 0.00 74
    2021-10-01 $134,950 (3.9%) $186,481 (4.7%) 0.00 72
    2021-11-01 $129,575 (1.6%) $177,121 (4.0%) 0.00 62
    2021-12-01 $135,175 (8.2%) $192,178 (11.8%) 0.00 48
    2022-01-01 $169,000 (35.3%) $219,647 (34.7%) 0.00 43
    2022-02-01 $147,500 (18.1%) $204,086 (17.2%) 0.00 35
    2022-03-01 $165,925 (26.5%) $218,142 (13.9%) 0.00 33
    2022-04-01 $149,900 (11.9%) $193,808 (2.3%) 0.00 45
    2022-05-01 $159,875 (6.7%) $207,162 (5.7%) 0.00 51
    2022-06-01 $164,925 (-6.5%) $227,682 (14.5%) 0.00 53
    2022-07-01 $179,900 (10.8%) $246,127 (22.5%) 0.00 60
    2022-08-01 $182,450 (13.2%) $245,149 (22.4%) 0.00 71
    2022-09-01 $167,200 (17.9%) $227,328 (19.6%) 0.00 76
    2022-10-01 $167,000 (23.8%) $224,329 (20.3%) 0.00 78
    2022-11-01 $169,925 (31.1%) $222,608 (25.7%) 0.00 87
    2022-12-01 $155,500 (15.0%) $206,296 (7.4%) 0.00 73
    2023-01-01 $149,675 (-11.4%) $214,139 (-2.5%) 0.00 62
    2023-02-01 $160,000 (8.5%) $218,497 (7.1%) 0.00 46
    2023-03-01 $170,675 (2.9%) $226,207 (3.7%) 0.00 42
    2023-04-01 $169,850 (13.3%) $215,092 (11.0%) 0.00 33
    2023-05-01 $219,475 (37.3%) $256,208 (23.7%) 0.00 35
    2023-06-01 $210,975 (27.9%) $264,729 (16.3%) 0.00 35
    2023-07-01 $199,000 (10.6%) $259,304 (5.4%) 0.00 41
    2023-08-01 $185,950 (1.9%) $242,994 (-0.9%) 0.00 49
    2023-09-01 $182,000 (8.9%) $228,094 (0.3%) 0.00 48
    2023-10-01 $184,000 (10.2%) $219,045 (-2.4%) 0.00 58
    2023-11-01 $183,000 (7.7%) $226,233 (1.6%) 0.00 68
    2023-12-01 $179,000 (15.1%) $220,125 (6.7%) 0.00 53
    2024-01-01 $177,800 (18.8%) $222,336 (3.8%) 0.00 45
    2024-02-01 $169,500 (5.9%) $215,988 (-1.2%) 0.00 46
    2024-03-01 $180,000 (5.5%) $230,466 (1.9%) 0.00 48
    2024-04-01 $179,950 (6.0%) $220,791 (2.7%) 0.00 53
    2024-05-01 $179,725 (-18.1%) $221,905 (-13.4%) 0.00 48
    2024-06-01 $189,900 (-10.0%) $231,321 (-12.6%) 0.00 54
    2024-07-01 $224,950 (13.0%) $238,488 (-8.0%) 0.00 54
    2024-08-01 $252,450 (35.8%) $250,136 (2.9%) 0.00 66
    2024-09-01 $229,575 (26.1%) $249,060 (9.2%) 0.00 77
    2024-10-01 $223,225 (21.3%) $242,909 (10.9%) 0.00 75
    Alma's median listing price for 2024-10-01 was $223,225, a difference of $39,225 (21.3%) versus the prior year and $-6,350 versus the prior month.

    Alma's median listing price comes in at 0% of the national average.

    Alma's average listing price for 2024-10-01 was $242,909, a difference of $23,864 (10.9%) versus the prior year and $-6,151 versus the prior month.

    For the 2024-10-01 period, Alma had 75 MLS listings, a difference of -2 listings (-3%) versus the prior month and 17 listings (29%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Alma (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,523 sqft
    2018-02-01 0 days 1,512 sqft
    2018-03-01 0 days 1,460 sqft
    2018-04-01 0 days 1,454 sqft
    2018-05-01 0 days 1,479 sqft
    2018-06-01 0 days 1,506 sqft
    2018-07-01 0 days 1,546 sqft
    2018-08-01 0 days 1,562 sqft
    2018-09-01 0 days 1,557 sqft
    2018-10-01 0 days 1,579 sqft
    2018-11-01 0 days 1,500 sqft
    2018-12-01 0 days 1,450 sqft
    2019-01-01 0 days 1,450 sqft
    2019-02-01 0 days 1,473 sqft
    2019-03-01 0 days 1,471 sqft
    2019-04-01 0 days 1,499 sqft
    2019-05-01 0 days 1,507 sqft
    2019-06-01 0 days 1,612 sqft
    2019-07-01 0 days 1,600 sqft
    2019-08-01 0 days 1,568 sqft
    2019-09-01 0 days 1,558 sqft
    2019-10-01 0 days 1,579 sqft
    2019-11-01 0 days 1,600 sqft
    2019-12-01 0 days 1,760 sqft
    2020-01-01 0 days 1,736 sqft
    2020-02-01 0 days 1,702 sqft
    2020-03-01 0 days 1,576 sqft
    2020-04-01 0 days 1,653 sqft
    2020-05-01 0 days 1,569 sqft
    2020-06-01 0 days 1,775 sqft
    2020-07-01 0 days 1,703 sqft
    2020-08-01 0 days 1,680 sqft
    2020-09-01 0 days 1,708 sqft
    2020-10-01 0 days 1,660 sqft
    2020-11-01 0 days 1,653 sqft
    2020-12-01 0 days 1,600 sqft
    2021-01-01 0 days 1,570 sqft
    2021-02-01 0 days 1,511 sqft
    2021-03-01 0 days 1,509 sqft
    2021-04-01 0 days 1,593 sqft
    2021-05-01 0 days 1,726 sqft
    2021-06-01 0 days 1,728 sqft
    2021-07-01 0 days 1,749 sqft
    2021-08-01 0 days 1,590 sqft
    2021-09-01 0 days 1,536 sqft
    2021-10-01 0 days 1,552 sqft
    2021-11-01 0 days 1,458 sqft
    2021-12-01 0 days 1,458 sqft
    2022-01-01 0 days 1,633 sqft
    2022-02-01 0 days 1,566 sqft
    2022-03-01 0 days 1,601 sqft
    2022-04-01 0 days 1,604 sqft
    2022-05-01 0 days 1,642 sqft
    2022-06-01 0 days 1,657 sqft
    2022-07-01 0 days 1,681 sqft
    2022-08-01 0 days 1,708 sqft
    2022-09-01 0 days 1,654 sqft
    2022-10-01 0 days 1,669 sqft
    2022-11-01 0 days 1,716 sqft
    2022-12-01 0 days 1,653 sqft
    2023-01-01 0 days 1,612 sqft
    2023-02-01 0 days 1,614 sqft
    2023-03-01 0 days 1,477 sqft
    2023-04-01 0 days 1,573 sqft
    2023-05-01 0 days 1,805 sqft
    2023-06-01 0 days 1,853 sqft
    2023-07-01 0 days 1,878 sqft
    2023-08-01 0 days 1,771 sqft
    2023-09-01 0 days 1,690 sqft
    2023-10-01 0 days 1,758 sqft
    2023-11-01 0 days 1,844 sqft
    2023-12-01 0 days 1,860 sqft
    2024-01-01 0 days 1,791 sqft
    2024-02-01 0 days 1,752 sqft
    2024-03-01 0 days 1,755 sqft
    2024-04-01 0 days 1,622 sqft
    2024-05-01 0 days 1,759 sqft
    2024-06-01 0 days 1,788 sqft
    2024-07-01 0 days 1,792 sqft
    2024-08-01 0 days 1,798 sqft
    2024-09-01 0 days 1,778 sqft
    2024-10-01 0 days 1,809 sqft
    Alma's median listing age (time on market) for 2024-10-01 was 0 days.

    Alma's median square footage for active listings during the 2024-10-01 period was 1,809 sqft. One year prior, the average listing was 1,758 sqft.

    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).