Kalamazoo FHA Loan Rates, Closing Costs & Stats

KALAMAZOO-PORTAGE, 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.

    Kalamazoo's 78 lenders originated 470 FHA loans during 2024. The total origination value was $106,580,000, with an average FHA loan value of $226,766.

    Kalamazoo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kalamazoo averaged 6.48% for the week of 2025-04-11, compared to the national average (all FHA variants) of 6.429% for the same period.

    Kalamazoo's average FHA mortgage closing costs are $6,865.

    The average rate for the prior week (2025-04-04) was 6.41% and one month ago for the week of 2025-03-07, the average rate was 6.67%.

    The average rate one year ago was 7.12%.

    For refis of the same type during the week of 2025-04-11, the average rate was 6.58%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 79 6.37% $9,498
    SUCCESS MORTGAGE PARTNERS, INC. 44 6.59% $11,715
    UNITED WHOLESALE MORTGAGE, LLC 33 6.22% $10,902
    Flagstar Bank, FSB 25 6.73% $8,075
    GVC MORTGAGE, INC. 21 6.55% $10,081
    UNION HOME MORTGAGE CORP. 14 6.79% $9,529
    LAKE MICHIGAN CREDIT UNION 12 6.32% $8,537
    FREEDOM MORTGAGE CORPORATION 11 6.47% $7,784
    LOANDEPOT.COM, LLC 8 6.36% $8,355
    FIRST COMMUNITY MORTGAGE, INC. 8 6.95% $8,734
    BROKER SOLUTIONS, INC. 7 6.63% $10,577
    Carrington Mortgage Services, LLC 7 6.41% $11,459
    CONTOUR MORTGAGE CORPORATION 7 6.68% $7,899
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 6.66% $6,290
    Fifth Third Bank 6 6.46% $6,679
    RUOFF MORTGAGE COMPANY, INC. 5 6.70% $10,084
    MICHIGAN MUTUAL, INC. 5 6.60% $8,232
    Mr. Cooper ( Nationstar Mortgage ) 5 6.63% $12,031
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.88% $15,121
    PENNYMAC LOAN SERVICES, LLC 4 6.06% $7,738
    MORTGAGE CENTER L.C 4 6.53% $11,973
    NEWREZ LLC 4 6.06% $9,202
    GUILD MORTGAGE COMPANY 4 6.69% $10,977
    Horizon Bank 4 6.00% $8,770
    SUMMIT HOME MORTGAGE, LLC 3 6.92% $8,976
    Independent Bank 3 5.50% $15,451
    CHURCHILL MORTGAGE CORPORATION 3 6.42% $12,354
    PLANET HOME LENDING, LLC 3 6.38% $7,177
    Prosperity Home Mortgage, LLC 3 6.04% $13,811
    The Huntington National Bank 3 6.38% $6,253
    PNC Bank 3 6.46% $7,421
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.96% $7,547
    AMERISAVE MORTGAGE CORPORATION 3 6.42% $9,544
    MORTGAGE 1 INCORPORATED 2 6.38% $9,456
    ARBOR FINANCIAL CREDIT UNION 2 6.94% $7,322
    Barrington Bank & Trust Company, N.A. 2 7.00% $8,094
    CARDINAL FINANCIAL 2 7.75% $10,861
    CROSSCOUNTRY MORTGAGE, LLC 2 7.19% $10,215
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.31% $7,949
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.44% $7,664
    GUARANTEED RATE, INC. 2 7.19% $7,680
    Honor Credit Union 2 6.56% $5,291
    LOANPAL, LLC 2 5.44% $10,115
    Northpointe Bank 2 6.94% $10,670
    ROSS MORTGAGE CORPORATION 2 6.69% $6,770
    Texana Bank 2 6.06% $9,765
    TOWNE MORTGAGE COMPANY 2 6.38% $9,275
    University Bank 2 6.13% $6,989
    VILLAGE CAPITAL MORTGAGE 2 5.87% $5,952
    Washington Trust Bank 2 6.75% $5,321
    Waterstone Mortgage Corporation 2 7.00% $9,736
    PHH Mortgage Corporation 1 6.13% $13,724
    MEMBER FIRST MORTGAGE, LLC 1 6.88% $12,423
    PLAZA HOME MORTGAGE, INC. 1 6.25% $12,009
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,374
    INSPIRE HOME LOANS INC. 1 5.88% $8,331
    HOMESIDE FINANCIAL, LLC 1 6.25% $15,246
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.99% $4,423
    Willamette Valley Bank 1 7.13% $11,644
    Equity Prime Mortgage LLC 1 6.75% $10,356
    Sierra Pacific Mortgage Company, Inc. 1 5.50% $11,042
    STAUNTON FINANCIAL, INC. 1 6.63% $8,961
    Comerica Bank 1 6.63% $5,739
    Citizens Bank 1 6.13% $8,660
    VAN DYK MORTGAGE CORPORATION 1 6.38% $7,431
    BLG HOLDINGS, INC. 1 6.25% $9,201
    TOP FLITE FINANCIAL, INC. 1 6.63% $14,675
    ZILLOW HOME LOANS, LLC 1 6.25% $7,415
    AmeriHome Mortgage Company, LLC 1 6.63% $4,686
    UNITED MORTGAGE CORP 1 6.25% $10,114
    M&T Bank 1 4.88% $10,273
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $23,745
    Mortgage Research Center, LLC 1 6.75% $4,802
    NORTHERN MORTGAGE SERVICES, LLC 1 6.13% $725
    AMERICAN FINANCING CORPORATION 1 5.63% $10,990
    OCEANSIDE MORTGAGE COMPANY 1 6.50% $5,440
    OCMBC, INC. 1 7.75% $10,942
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $13,902

    The top Kalamazoo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 79 FHA loans originated. Their average total fees are $9,498, which is $2,217 lower than the next largest lender, SUCCESS MORTGAGE PARTNERS, INC..

    The lowest fee Kalamazoo FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($7,784), Flagstar Bank, FSB ($8,075), LAKE MICHIGAN CREDIT UNION ($8,537), QUICKEN LOANS, LLC ($9,498) and UNION HOME MORTGAGE CORP. ($9,529).

    The lowest rate Kalamazoo FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.22%), LAKE MICHIGAN CREDIT UNION (6.32%), QUICKEN LOANS, LLC (6.37%), FREEDOM MORTGAGE CORPORATION (6.47%) and GVC MORTGAGE, INC. (6.55%).

    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%) $340,016 (1.3%) 0.93 525
    2018-06-01 $271,438 (13.1%) $335,724 (7.3%) 0.91 580
    2018-07-01 $253,900 (6.2%) $319,044 (2.3%) 0.85 623
    2018-08-01 $239,788 (6.6%) $305,604 (2.8%) 0.80 711
    2018-09-01 $230,000 (7.0%) $292,621 (0.7%) 0.77 767
    2018-10-01 $229,900 (7.0%) $292,087 (0.7%) 0.78 786
    2018-11-01 $227,750 (13.9%) $296,980 (4.7%) 0.77 743
    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 $256,214 (6.8%) $331,709 (2.1%) 0.84 510
    2019-04-01 $279,900 (4.1%) $354,322 (4.0%) 0.89 521
    2019-05-01 $291,325 (4.1%) $362,341 (6.6%) 0.91 534
    2019-06-01 $274,900 (1.3%) $353,251 (5.2%) 0.86 615
    2019-07-01 $260,600 (2.6%) $338,074 (6.0%) 0.82 663
    2019-08-01 $247,245 (3.1%) $326,168 (6.7%) 0.78 725
    2019-09-01 $243,114 (5.7%) $317,702 (8.6%) 0.78 770
    2019-10-01 $239,900 (4.4%) $310,276 (6.2%) 0.77 795
    2019-11-01 $234,900 (3.1%) $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 $282,400 (10.2%) $339,719 (2.4%) 0.89 493
    2020-04-01 $289,900 (3.6%) $345,670 (-2.4%) 0.91 490
    2020-05-01 $299,953 (3.0%) $369,309 (1.9%) 0.91 501
    2020-06-01 $312,975 (13.9%) $377,930 (7.0%) 0.92 483
    2020-07-01 $297,700 (14.2%) $365,692 (8.2%) 0.86 471
    2020-08-01 $299,000 (20.9%) $353,944 (8.5%) 0.86 447
    2020-09-01 $289,900 (19.2%) $345,850 (8.9%) 0.83 423
    2020-10-01 $299,000 (24.6%) $350,016 (12.8%) 0.86 397
    2020-11-01 $304,850 (29.8%) $359,396 (20.1%) 0.89 371
    2020-12-01 $297,800 (29.5%) $353,291 (18.8%) 0.89 323
    2021-01-01 $289,000 (25.7%) $353,624 (17.0%) 0.86 263
    2021-02-01 $307,500 (23.3%) $368,558 (19.5%) 0.90 226
    2021-03-01 $325,725 (15.3%) $379,405 (11.7%) 0.92 213
    2021-04-01 $333,648 (15.1%) $389,880 (12.8%) 0.90 212
    2021-05-01 $338,950 (13.0%) $379,376 (2.7%) 0.90 234
    2021-06-01 $314,950 (0.6%) $362,239 (-4.2%) 0.83 258
    2021-07-01 $299,000 (0.4%) $350,387 (-4.2%) 0.79 298
    2021-08-01 $293,475 (-1.9%) $358,530 (1.3%) 0.78 326
    2021-09-01 $281,250 (-3.0%) $356,149 (3.0%) 0.75 328
    2021-10-01 $279,900 (-6.4%) $361,868 (3.4%) 0.75 321
    2021-11-01 $270,450 (-11.3%) $358,094 (-0.4%) 0.72 294
    2021-12-01 $258,950 (-13.1%) $346,582 (-1.9%) 0.70 220
    2022-01-01 $275,450 (-4.7%) $351,898 (-0.5%) 0.74 147
    2022-02-01 $307,400 (0.0%) $366,488 (-0.6%) 0.80 146
    2022-03-01 $299,700 (-8.0%) $369,024 (-2.7%) 0.75 152
    2022-04-01 $329,000 (-1.4%) $399,888 (2.6%) 0.78 160
    2022-05-01 $304,907 (-10.0%) $408,047 (7.6%) 0.70 209
    2022-06-01 $325,250 (3.3%) $410,005 (13.2%) 0.72 254
    2022-07-01 $305,000 (2.0%) $397,123 (13.3%) 0.69 316
    2022-08-01 $290,000 (-1.2%) $379,051 (5.7%) 0.67 363
    2022-09-01 $294,975 (4.9%) $376,837 (5.8%) 0.69 338
    2022-10-01 $287,500 (2.7%) $373,887 (3.3%) 0.68 388
    2022-11-01 $279,945 (3.5%) $360,414 (0.7%) 0.67 397
    2022-12-01 $275,000 (6.2%) $357,273 (3.1%) 0.68 333
    2023-01-01 $295,993 (7.5%) $381,584 (8.4%) 0.73 276
    2023-02-01 $304,700 (-0.9%) $393,334 (7.3%) 0.74 252
    2023-03-01 $294,500 (-1.7%) $396,431 (7.4%) 0.69 227
    2023-04-01 $345,450 (5.0%) $448,822 (12.2%) 0.80 222
    2023-05-01 $334,900 (9.8%) $429,679 (5.3%) 0.76 249
    2023-06-01 $331,627 (2.0%) $421,615 (2.8%) 0.75 296
    2023-07-01 $325,000 (6.6%) $420,371 (5.9%) 0.74 325
    2023-08-01 $319,400 (10.1%) $401,881 (6.0%) 0.73 343
    2023-09-01 $313,000 (6.1%) $402,762 (6.9%) 0.73 361
    2023-10-01 $304,900 (6.1%) $389,846 (4.3%) 0.72 369
    2023-11-01 $289,900 (3.6%) $375,923 (4.3%) 0.69 386
    2023-12-01 $288,000 (4.7%) $375,658 (5.2%) 0.70 372
    2024-01-01 $297,450 (0.5%) $381,139 (-0.1%) 0.73 333
    2024-02-01 $329,950 (8.3%) $422,103 (7.3%) 0.79 310
    2024-03-01 $357,500 (21.4%) $446,327 (12.6%) 0.84 303
    2024-04-01 $372,450 (7.8%) $452,951 (0.9%) 0.87 320
    2024-05-01 $386,975 (15.6%) $473,314 (10.2%) 0.88 342
    2024-06-01 $369,000 (11.3%) $453,338 (7.5%) 0.84 375
    2024-07-01 $375,000 (15.4%) $437,213 (4.0%) 0.86 387
    2024-08-01 $369,900 (15.8%) $435,567 (8.4%) 0.86 429
    2024-09-01 $356,225 (13.8%) $434,465 (7.9%) 0.84 476
    2024-10-01 $329,072 (7.9%) $420,203 (7.8%) 0.77 471
    2024-11-01 $329,900 (13.8%) $413,335 (10.0%) 0.79 470
    2024-12-01 $299,950 (4.2%) $383,830 (2.2%) 0.75 411
    2025-01-01 $304,950 (2.5%) $394,021 (3.4%) 0.76 356
    2025-02-01 $324,950 (-1.5%) $408,172 (-3.3%) 0.79 327
    2025-03-01 $325,000 (-9.1%) $397,246 (-11.0%) 0.00 323
    Kalamazoo's median listing price for 2025-03-01 was $325,000, a difference of $-32,500 (-9.1%) versus the prior year and $50 versus the prior month.

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

    Kalamazoo's average listing price for 2025-03-01 was $397,246, a difference of $-49,081 (-11.0%) versus the prior year and $-10,926 versus the prior month.

    For the 2025-03-01 period, Kalamazoo had 323 MLS listings, a difference of -4 listings (-1%) versus the prior month and 20 listings (7%) 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 68 days 1,902 sqft
    2018-02-01 61 days 1,951 sqft
    2018-03-01 44 days 2,100 sqft
    2018-04-01 38 days 2,253 sqft
    2018-05-01 31 days 2,355 sqft
    2018-06-01 32 days 2,291 sqft
    2018-07-01 36 days 2,237 sqft
    2018-08-01 32 days 2,139 sqft
    2018-09-01 39 days 2,120 sqft
    2018-10-01 45 days 2,050 sqft
    2018-11-01 50 days 1,994 sqft
    2018-12-01 59 days 2,012 sqft
    2019-01-01 66 days 1,940 sqft
    2019-02-01 57 days 1,922 sqft
    2019-03-01 46 days 2,061 sqft
    2019-04-01 36 days 2,180 sqft
    2019-05-01 32 days 2,256 sqft
    2019-06-01 31 days 2,221 sqft
    2019-07-01 34 days 2,197 sqft
    2019-08-01 39 days 2,119 sqft
    2019-09-01 41 days 2,097 sqft
    2019-10-01 42 days 2,076 sqft
    2019-11-01 45 days 2,048 sqft
    2019-12-01 62 days 2,002 sqft
    2020-01-01 70 days 2,004 sqft
    2020-02-01 62 days 1,983 sqft
    2020-03-01 50 days 2,068 sqft
    2020-04-01 56 days 2,084 sqft
    2020-05-01 65 days 2,197 sqft
    2020-06-01 44 days 2,304 sqft
    2020-07-01 45 days 2,194 sqft
    2020-08-01 46 days 2,232 sqft
    2020-09-01 46 days 2,088 sqft
    2020-10-01 44 days 2,084 sqft
    2020-11-01 47 days 2,075 sqft
    2020-12-01 55 days 2,060 sqft
    2021-01-01 58 days 1,894 sqft
    2021-02-01 51 days 1,876 sqft
    2021-03-01 45 days 1,975 sqft
    2021-04-01 39 days 1,996 sqft
    2021-05-01 30 days 2,003 sqft
    2021-06-01 33 days 2,047 sqft
    2021-07-01 32 days 1,990 sqft
    2021-08-01 34 days 2,014 sqft
    2021-09-01 39 days 1,965 sqft
    2021-10-01 39 days 1,911 sqft
    2021-11-01 43 days 1,884 sqft
    2021-12-01 48 days 1,773 sqft
    2022-01-01 55 days 1,801 sqft
    2022-02-01 33 days 1,834 sqft
    2022-03-01 31 days 1,809 sqft
    2022-04-01 32 days 1,811 sqft
    2022-05-01 25 days 1,849 sqft
    2022-06-01 28 days 1,894 sqft
    2022-07-01 30 days 1,872 sqft
    2022-08-01 33 days 1,936 sqft
    2022-09-01 42 days 1,975 sqft
    2022-10-01 39 days 1,902 sqft
    2022-11-01 41 days 1,883 sqft
    2022-12-01 54 days 1,794 sqft
    2023-01-01 51 days 1,800 sqft
    2023-02-01 42 days 1,780 sqft
    2023-03-01 44 days 1,741 sqft
    2023-04-01 45 days 1,861 sqft
    2023-05-01 33 days 1,842 sqft
    2023-06-01 33 days 1,835 sqft
    2023-07-01 37 days 1,832 sqft
    2023-08-01 35 days 1,851 sqft
    2023-09-01 39 days 1,845 sqft
    2023-10-01 43 days 1,829 sqft
    2023-11-01 37 days 1,816 sqft
    2023-12-01 49 days 1,785 sqft
    2024-01-01 65 days 1,780 sqft
    2024-02-01 52 days 1,833 sqft
    2024-03-01 45 days 1,908 sqft
    2024-04-01 40 days 1,971 sqft
    2024-05-01 38 days 2,027 sqft
    2024-06-01 41 days 2,001 sqft
    2024-07-01 44 days 2,035 sqft
    2024-08-01 43 days 2,001 sqft
    2024-09-01 41 days 1,956 sqft
    2024-10-01 46 days 1,940 sqft
    2024-11-01 50 days 1,873 sqft
    2024-12-01 56 days 1,849 sqft
    2025-01-01 63 days 1,810 sqft
    2025-02-01 57 days 1,827 sqft
    2025-03-01 0 days 1,798 sqft
    Kalamazoo's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Kalamazoo's median square footage for active listings during the 2025-03-01 period was 1,798 sqft. One year prior, the average listing was 1,908 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).