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%.

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
Alma's median listing price for 2024-09-01 was $229,575, a difference of $47,575 (26.1%) versus the prior year and $-22,875 versus the prior month.

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. 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
Alma's median listing age (time on market) for 2024-09-01 was 0 days.

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.

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).