Alma FHA Loan Rates, Closing Costs & Stats
Alma, MI
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
6.15%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Alma's average FHA mortgage closing costs are $5,667.
The average rate for the prior week (2024-10-04) was
5.97% and
one month ago for the week of 2024-09-06, the
average rate was 6%.
The average rate one year ago was 7.63%.
For refis of the same type during the week of 2024-10-11, the average rate
was 5.9%.
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.
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. LouisDate | 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 |
Alma's median listing price comes in at 0% of the national average.
Alma's average listing price for 2024-09-01 was $249,060, a difference of $20,966 (9.2%) versus the prior year and $-1,076 versus the prior month.
For the 2024-09-01 period, Alma had 77 MLS listings, a difference of 11 listings (17%) versus the prior month and 29 listings (60%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Alma (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
Alma's median square footage for active listings during the 2024-09-01 period was 1,778 sqft. One year prior, the average listing was 1,690 sqft.