Kalamazoo FHA Loan Rates, Closing Costs & Stats

KALAMAZOO-PORTAGE, MI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Kalamazoo's 77 lenders originated 599 FHA loans during 2022. The total origination value was $107,035,000, with an average FHA loan value of $178,689.

    Kalamazoo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kalamazoo averaged 6.17% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Kalamazoo's average FHA mortgage closing costs are $6,267.

    The average rate for the prior week (2023-05-19) was 6.24% and one month ago for the week of 2023-04-21, the average rate was 6.08%.

    The average rate one year ago was 5.3%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.38%.

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

    Kalamazoo 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 Kalamazoo level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 80 4.47% $7,865
    AMERIFIRST FINANCIAL CORPORATION 78 5.30% $8,541
    SUCCESS MORTGAGE PARTNERS, INC. 62 4.96% $9,835
    UNITED WHOLESALE MORTGAGE, LLC 46 4.84% $7,927
    LAKE MICHIGAN CREDIT UNION 19 4.69% $6,938
    PRIMELENDING, A PLAINSCAPITAL COMPANY 17 5.04% $7,187
    FREEDOM MORTGAGE CORPORATION 12 5.39% $8,298
    Flagstar Bank, FSB 12 5.27% $6,507
    CONTOUR MORTGAGE CORPORATION 11 5.27% $10,051
    CALIBER HOME LOANS, INC. 11 4.30% $6,291
    Fifth Third Bank 10 4.95% $6,656
    RUOFF MORTGAGE COMPANY, INC. 8 5.03% $5,592
    MORTGAGE CENTER L.C 8 5.73% $6,809
    LAKEVIEW LOAN SERVICING, LLC 7 4.42% $5,344
    GVC MORTGAGE, INC. 7 5.84% $10,494
    Carrington Mortgage Services, LLC 7 4.91% $8,677
    MICHIGAN MUTUAL, INC. 7 4.62% $8,375
    AMERISAVE MORTGAGE CORPORATION 6 4.63% $9,941
    Neighborhood Loans, Inc. 6 5.08% $7,141
    The Huntington National Bank 6 4.75% $7,212
    NEWREZ LLC 5 5.25% $9,088
    SUMMIT HOME MORTGAGE, LLC 5 4.85% $9,932
    CROSSCOUNTRY MORTGAGE, LLC 5 5.05% $8,794
    LOANDEPOT.COM, LLC 5 5.02% $6,652
    M&T Bank 5 4.58% $6,877
    Mr. Cooper ( Nationstar Mortgage ) 5 4.88% $9,498
    MORTGAGE 1 INCORPORATED 5 5.50% $9,728
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 5.31% $9,153
    VAN DYK MORTGAGE CORPORATION 4 5.44% $7,324
    CHERRY CREEK MORTGAGE, LLC 4 5.72% $5,232
    JPMorgan Chase Bank 4 5.81% $6,476
    BROKER SOLUTIONS, INC. 4 5.22% $9,593
    Mercantile Bank of Michigan 4 5.03% $7,062
    GUARANTEED RATE, INC. 4 5.13% $7,249
    PENNYMAC LOAN SERVICES, LLC 3 5.46% $8,124
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 5.08% $8,099
    HOME POINT FINANCIAL CORPORATION 3 3.75% $7,462
    Hometown Lenders, Inc. 3 4.00% $9,201
    PNC Bank 3 4.92% $5,853
    Lakeview Community Capital, LLC 2 4.00% $4,904
    Independent Bank 2 4.75% $6,335
    MEMBER FIRST MORTGAGE, LLC 2 4.38% $6,610
    Hometown Equity Mortgage, LLC 2 5.44% $8,203
    HOMESIDE FINANCIAL, LLC 2 5.19% $7,883
    First Savings Bank 2 4.94% $11,217
    MUTUAL OF OMAHA MORTGAGE, INC. 2 5.50% $10,602
    Nations Lending Corporation 2 4.50% $10,490
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.94% $5,982
    EVERETT FINANCIAL, INC. 2 4.25% $6,776
    Northpointe Bank 2 5.25% $9,411
    VILLAGE CAPITAL MORTGAGE 2 3.68% $4,418
    Equity Prime Mortgage LLC 2 5.94% $9,061
    ROSS MORTGAGE CORPORATION 2 6.31% $8,744
    Citizens Bank 2 4.88% $8,605
    BETTER MORTGAGE CORPORATION 2 5.19% $6,993
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.50% $8,273
    AMERICAN FINANCING CORPORATION 2 3.06% $8,489
    INLANTA MORTGAGE, INC. 2 4.75% $6,226
    ACADEMY MORTGAGE CORPORATION 1 5.75% $6,942
    Peoples Bank 1 6.75% $8,648
    Horizon Bank 1 5.25% $8,925
    Plains Commerce Bank 1 6.75% $15,780
    PLANET HOME LENDING, LLC 1 2.75% $5,053
    HOMESITE MORTGAGE, LLC 1 5.99% $6,571
    Platinum Home Mortgage Corporation 1 3.25% $8,758
    TOWNE MORTGAGE COMPANY 1 5.63% $9,840
    MOVEMENT MORTGAGE, LLC 1 6.25% $8,694
    FINANCE OF AMERICA MORTGAGE LLC 1 3.99% $12,904
    FAY SERVICING, LLC 1 3.38% $6,765
    T2 FINANCIAL LLC 1 4.75% $7,182
    ENVOY MORTGAGE, LTD 1 5.25% $14,949
    Austin Capital Bank SSB 1 5.75% $14,031
    TOP FLITE FINANCIAL, INC. 1 5.38% $13,435
    NORTHERN MORTGAGE SERVICES, LLC 1 5.75% $3,528
    CARDINAL FINANCIAL 1 5.25% $8,417
    OCMBC, INC. 1 7.25% $8,077
    Paramount Residential Mortgage Group, Inc. 1 4.38% $9,711

    The top Kalamazoo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 80 FHA loans originated. Their average total fees are $7,865, which is $676 lower than the next largest lender, AMERIFIRST FINANCIAL CORPORATION.

    The lowest fee Kalamazoo FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($6,291), Flagstar Bank, FSB ($6,507), Fifth Third Bank ($6,656), LAKE MICHIGAN CREDIT UNION ($6,938) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($7,187).

    The lowest rate Kalamazoo FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (4.30%), QUICKEN LOANS, LLC (4.47%), LAKE MICHIGAN CREDIT UNION (4.69%), UNITED WHOLESALE MORTGAGE, LLC (4.84%) and Fifth Third Bank (4.95%).

    Kalamazoo FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    KALAMAZOO-PORTAGE, MI KALAMAZOO 2022 $420,680 $538,650 $651,050 $809,150
    KALAMAZOO-PORTAGE, MI KALAMAZOO 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Kalamazoo (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 $196,250 (-2.6%) $273,353 (-12.6%) 0.73 550
    2018-02-01 $207,225 (-14.7%) $282,733 (-15.2%) 0.75 502
    2018-03-01 $240,000 (-5.3%) $324,828 (-6.2%) 0.84 469
    2018-04-01 $268,950 (-0.4%) $340,615 (-3.6%) 0.91 476
    2018-05-01 $279,900 (9.8%) $339,984 (1.3%) 0.93 526
    2018-06-01 $272,875 (13.7%) $335,654 (7.2%) 0.91 581
    2018-07-01 $253,900 (6.2%) $319,017 (2.3%) 0.85 623
    2018-08-01 $239,900 (6.7%) $305,566 (2.8%) 0.80 712
    2018-09-01 $230,000 (7.0%) $292,594 (0.6%) 0.77 768
    2018-10-01 $229,900 (7.0%) $292,045 (0.7%) 0.78 787
    2018-11-01 $228,250 (14.2%) $296,898 (4.7%) 0.77 744
    2018-12-01 $229,000 (14.6%) $295,655 (5.9%) 0.79 654
    2019-01-01 $224,900 (14.6%) $294,463 (7.7%) 0.78 593
    2019-02-01 $229,450 (10.7%) $307,876 (8.9%) 0.78 528
    2019-03-01 $261,704 (9.0%) $337,374 (3.9%) 0.87 494
    2019-04-01 $279,900 (4.1%) $356,768 (4.7%) 0.89 504
    2019-05-01 $291,325 (4.1%) $362,341 (6.6%) 0.91 534
    2019-06-01 $274,950 (0.8%) $353,251 (5.2%) 0.86 615
    2019-07-01 $260,600 (2.6%) $338,074 (6.0%) 0.82 663
    2019-08-01 $264,900 (10.4%) $341,201 (11.7%) 0.83 692
    2019-09-01 $263,725 (14.7%) $333,465 (14.0%) 0.83 676
    2019-10-01 $239,900 (4.4%) $310,276 (6.2%) 0.77 787
    2019-11-01 $234,900 (2.9%) $299,324 (0.8%) 0.77 739
    2019-12-01 $229,900 (0.4%) $297,442 (0.6%) 0.77 641
    2020-01-01 $230,000 (2.3%) $302,260 (2.7%) 0.77 572
    2020-02-01 $249,500 (8.7%) $308,496 (0.2%) 0.82 541
    2020-03-01 $281,150 (7.4%) $339,347 (0.6%) 0.88 494
    2020-04-01 $289,900 (3.6%) $345,472 (-3.2%) 0.91 491
    2020-05-01 $299,953 (3.0%) $369,309 (1.9%) 0.91 501
    2020-06-01 $312,975 (13.8%) $377,930 (7.0%) 0.92 483
    2020-07-01 $297,700 (14.2%) $365,692 (8.2%) 0.86 471
    2020-08-01 $297,250 (12.2%) $353,736 (3.7%) 0.85 446
    2020-09-01 $289,894 (9.9%) $345,386 (3.6%) 0.83 422
    2020-10-01 $299,000 (24.6%) $349,504 (12.6%) 0.86 395
    2020-11-01 $301,975 (28.6%) $358,872 (19.9%) 0.88 369
    2020-12-01 $296,740 (29.1%) $352,676 (18.6%) 0.88 321
    2021-01-01 $286,950 (24.8%) $353,740 (17.0%) 0.86 264
    2021-02-01 $308,975 (23.8%) $370,274 (20.0%) 0.90 227
    2021-03-01 $327,450 (16.5%) $380,188 (12.0%) 0.93 214
    2021-04-01 $335,000 (15.6%) $391,421 (13.3%) 0.91 214
    2021-05-01 $340,000 (13.4%) $379,999 (2.9%) 0.90 236
    2021-06-01 $316,250 (1.1%) $363,078 (-3.9%) 0.83 260
    2021-07-01 $299,000 (0.4%) $350,131 (-4.3%) 0.79 299
    2021-08-01 $294,050 (-1.1%) $359,023 (1.5%) 0.78 327
    2021-09-01 $283,725 (-2.1%) $356,632 (3.3%) 0.76 329
    2021-10-01 $279,900 (-6.4%) $361,828 (3.5%) 0.75 321
    2021-11-01 $270,450 (-10.4%) $358,053 (-0.2%) 0.72 294
    2021-12-01 $258,450 (-12.9%) $346,194 (-1.8%) 0.70 220
    2022-01-01 $271,000 (-5.6%) $350,880 (-0.8%) 0.73 146
    2022-02-01 $307,400 (-0.5%) $366,488 (-1.0%) 0.80 146
    2022-03-01 $299,700 (-8.5%) $369,512 (-2.8%) 0.75 153
    2022-04-01 $327,000 (-2.4%) $399,888 (2.2%) 0.78 160
    2022-05-01 $303,704 (-10.7%) $411,225 (8.2%) 0.69 210
    2022-06-01 $326,225 (3.2%) $418,185 (15.2%) 0.73 255
    2022-07-01 $309,450 (3.5%) $403,464 (15.2%) 0.70 318
    2022-08-01 $289,975 (-1.4%) $384,784 (7.2%) 0.67 364
    2022-09-01 $294,950 (4.0%) $382,446 (7.2%) 0.69 339
    2022-10-01 $287,500 (2.7%) $379,224 (4.8%) 0.68 389
    2022-11-01 $279,945 (3.5%) $360,042 (0.6%) 0.67 397
    2022-12-01 $275,000 (6.4%) $357,061 (3.1%) 0.68 333
    2023-01-01 $298,990 (10.3%) $382,080 (8.9%) 0.74 276
    2023-02-01 $304,475 (-1.0%) $393,474 (7.4%) 0.73 252
    2023-03-01 $294,495 (-1.7%) $397,136 (7.5%) 0.69 227
    2023-04-01 $345,000 (5.5%) $444,260 (11.1%) 0.80 217
    Kalamazoo's median listing price for 2023-04-01 was $345,000, a difference of $18,000 (5.5%) versus the prior year and $50,505 versus the prior month.

    Kalamazoo's median listing price comes in at 80% of the national average.

    Kalamazoo's average listing price for 2023-04-01 was $444,260, a difference of $44,372 (11.1%) versus the prior year and $47,124 versus the prior month.

    For the 2023-04-01 period, Kalamazoo had 217 MLS listings, a difference of -10 listings (-4%) versus the prior month and 57 listings (36%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Kalamazoo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 71 days 1,902 sqft
    2018-02-01 63 days 1,951 sqft
    2018-03-01 44 days 2,100 sqft
    2018-04-01 39 days 2,253 sqft
    2018-05-01 34 days 2,356 sqft
    2018-06-01 33 days 2,291 sqft
    2018-07-01 37 days 2,238 sqft
    2018-08-01 34 days 2,142 sqft
    2018-09-01 40 days 2,121 sqft
    2018-10-01 46 days 2,052 sqft
    2018-11-01 51 days 1,997 sqft
    2018-12-01 60 days 2,012 sqft
    2019-01-01 67 days 1,944 sqft
    2019-02-01 64 days 1,923 sqft
    2019-03-01 53 days 2,066 sqft
    2019-04-01 37 days 2,180 sqft
    2019-05-01 32 days 2,256 sqft
    2019-06-01 32 days 2,224 sqft
    2019-07-01 34 days 2,197 sqft
    2019-08-01 46 days 2,210 sqft
    2019-09-01 51 days 2,175 sqft
    2019-10-01 43 days 2,076 sqft
    2019-11-01 46 days 2,048 sqft
    2019-12-01 63 days 2,002 sqft
    2020-01-01 73 days 2,004 sqft
    2020-02-01 65 days 1,983 sqft
    2020-03-01 52 days 2,064 sqft
    2020-04-01 59 days 2,078 sqft
    2020-05-01 66 days 2,196 sqft
    2020-06-01 46 days 2,300 sqft
    2020-07-01 46 days 2,193 sqft
    2020-08-01 47 days 2,227 sqft
    2020-09-01 47 days 2,085 sqft
    2020-10-01 47 days 2,075 sqft
    2020-11-01 49 days 2,075 sqft
    2020-12-01 57 days 2,047 sqft
    2021-01-01 59 days 1,900 sqft
    2021-02-01 53 days 1,887 sqft
    2021-03-01 45 days 1,978 sqft
    2021-04-01 39 days 2,003 sqft
    2021-05-01 31 days 2,011 sqft
    2021-06-01 33 days 2,049 sqft
    2021-07-01 33 days 1,989 sqft
    2021-08-01 34 days 2,019 sqft
    2021-09-01 39 days 1,969 sqft
    2021-10-01 39 days 1,911 sqft
    2021-11-01 43 days 1,884 sqft
    2021-12-01 49 days 1,771 sqft
    2022-01-01 56 days 1,800 sqft
    2022-02-01 33 days 1,834 sqft
    2022-03-01 31 days 1,810 sqft
    2022-04-01 33 days 1,810 sqft
    2022-05-01 25 days 1,849 sqft
    2022-06-01 28 days 1,902 sqft
    2022-07-01 31 days 1,873 sqft
    2022-08-01 34 days 1,941 sqft
    2022-09-01 43 days 1,976 sqft
    2022-10-01 39 days 1,910 sqft
    2022-11-01 41 days 1,879 sqft
    2022-12-01 54 days 1,794 sqft
    2023-01-01 53 days 1,790 sqft
    2023-02-01 43 days 1,779 sqft
    2023-03-01 45 days 1,739 sqft
    2023-04-01 44 days 1,851 sqft
    Kalamazoo's median listing age (time on market) for 2023-04-01 was 44 days. This is 35% longer than the same period one year ago.

    Kalamazoo's median square footage for active listings during the 2023-04-01 period was 1,851 sqft. One year prior, the average listing was 1,810 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).