Kalamazoo FHA Loan Rates, Closing Costs & Stats

KALAMAZOO-PORTAGE, 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.

Kalamazoo's 71 lenders originated 464 FHA loans during 2023. The total origination value was $97,850,000, with an average FHA loan value of $210,884.

Kalamazoo FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Kalamazoo averaged 7.01% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Kalamazoo's average FHA mortgage closing costs are $6,575.

The average rate for the prior week (2024-04-05) was 6.64% and one month ago for the week of 2024-03-08, the average rate was 6.78%.

The average rate one year ago was 6.11%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.64%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 91 6.44% $8,610
Neighborhood Loans, Inc. 51 6.74% $8,861
SUCCESS MORTGAGE PARTNERS, INC. 34 6.71% $11,322
UNITED WHOLESALE MORTGAGE, LLC 22 6.41% $9,367
GVC MORTGAGE, INC. 16 6.76% $9,783
Fifth Third Bank 11 6.66% $5,914
LOANDEPOT.COM, LLC 10 6.35% $9,884
Carrington Mortgage Services, LLC 10 6.23% $11,492
MICHIGAN MUTUAL, INC. 8 6.42% $8,415
UNION HOME MORTGAGE CORP. 8 6.50% $8,831
ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 6.53% $9,300
CONTOUR MORTGAGE CORPORATION 7 6.64% $11,726
Prosperity Home Mortgage, LLC 6 6.89% $8,567
MORTGAGE CENTER L.C 6 6.98% $6,722
Mercantile Bank of Michigan 6 6.67% $6,887
NEWREZ LLC 6 6.38% $8,400
BROKER SOLUTIONS, INC. 6 6.48% $9,069
FREEDOM MORTGAGE CORPORATION 6 7.04% $10,984
LAKE MICHIGAN CREDIT UNION 6 6.35% $7,039
CROSSCOUNTRY MORTGAGE, LLC 5 7.00% $9,461
RUOFF MORTGAGE COMPANY, INC. 5 6.85% $6,551
PENNYMAC LOAN SERVICES, LLC 5 6.77% $11,656
AMERISAVE MORTGAGE CORPORATION 5 5.93% $11,089
Flagstar Bank, FSB 5 6.40% $10,158
GUARANTEED RATE, INC. 4 7.22% $8,557
MORTGAGE 1 INCORPORATED 4 6.87% $10,620
PNC Bank 4 6.63% $5,788
Northpointe Bank 4 6.81% $6,853
Horizon Bank 4 6.12% $9,684
Mr. Cooper ( Nationstar Mortgage ) 4 6.25% $9,735
MEMBER FIRST MORTGAGE, LLC 3 6.79% $8,954
CARDINAL FINANCIAL 3 6.25% $9,665
Equity Prime Mortgage LLC 3 7.29% $8,490
The Huntington National Bank 3 7.21% $9,920
INSPIRE HOME LOANS INC. 3 5.38% $8,809
SUMMIT HOME MORTGAGE, LLC 2 6.25% $6,511
FIRST COMMUNITY MORTGAGE, INC. 2 7.06% $10,565
Independent Bank 2 6.31% $9,030
LAKEVIEW LOAN SERVICING, LLC 2 6.69% $13,744
MILEND, INC. 2 7.19% $14,754
M&T Bank 2 6.44% $6,919
MUTUAL OF OMAHA MORTGAGE, INC. 2 7.25% $17,371
PLANET HOME LENDING, LLC 2 6.75% $9,748
Platinum Home Mortgage Corporation 2 5.38% $9,302
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.56% $7,026
TOP FLITE FINANCIAL, INC. 2 6.69% $10,848
VAN DYK MORTGAGE CORPORATION 2 6.50% $4,908
JPMorgan Chase Bank 1 5.75% $2,872
Ixonia Bank 1 6.88% $8,201
Honor Credit Union 1 6.88% $6,261
HOMESIDE FINANCIAL, LLC 1 6.25% $6,160
Plains Commerce Bank 1 5.75% $6,139
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $6,558
AMERICAN FINANCIAL NETWORK, INC. 1 7.00% $7,165
GSF Mortgage Corporation 1 6.50% $8,878
ZILLOW HOME LOANS, LLC 1 5.88% $10,432
FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.25% $9,660
Comerica Bank 1 6.25% $5,812
RELIANCE FIRST CAPITAL, LLC 1 6.00% $12,535
ROYAL UNITED MORTGAGE LLC 1 7.13% $12,696
CHURCHILL MORTGAGE CORPORATION 1 5.38% $15,819
Bank of America 1 7.63% $6,676
1st Source Bank 1 6.13% $9,537
The Dart Bank 1 6.88% $6,487
LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $14,902
Mortgage Research Center, LLC 1 8.13% $2,567
KeyBank 1 6.38% $9,932
AXIA FINANCIAL, LLC 1 6.75% $8,615
VILLAGE CAPITAL MORTGAGE 1 5.38% $13,453
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $6,056
NBKC BANK 1 6.63% $5,060

The top Kalamazoo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 91 FHA loans originated. Their average total fees are $8,610, which is $251 lower than the next largest lender, Neighborhood Loans, Inc..

The lowest fee Kalamazoo FHA lenders (with over 10 loans originated) are Fifth Third Bank ($5,914), QUICKEN LOANS, LLC ($8,610), Neighborhood Loans, Inc. ($8,861), UNITED WHOLESALE MORTGAGE, LLC ($9,367) and GVC MORTGAGE, INC. ($9,783).

The lowest rate Kalamazoo FHA lenders (with over 10 loans originated) are Carrington Mortgage Services, LLC (6.23%), LOANDEPOT.COM, LLC (6.35%), UNITED WHOLESALE MORTGAGE, LLC (6.41%), QUICKEN LOANS, LLC (6.44%) and Fifth Third Bank (6.66%).

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%) $290,390 (0.1%) 0.78 786
2018-11-01 $227,750 (13.9%) $293,915 (3.6%) 0.77 743
2018-12-01 $229,000 (14.6%) $293,938 (5.3%) 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%) $330,046 (1.6%) 0.84 509
2019-04-01 $279,900 (4.1%) $350,467 (2.9%) 0.89 520
2019-05-01 $290,950 (4.0%) $358,659 (5.5%) 0.91 533
2019-06-01 $274,900 (0.7%) $353,251 (5.2%) 0.86 614
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 (6.9%) 0.77 795
2019-11-01 $234,900 (3.1%) $299,324 (1.8%) 0.77 739
2019-12-01 $229,900 (0.4%) $297,442 (1.2%) 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 (2.9%) 0.89 493
2020-04-01 $289,900 (3.6%) $345,670 (-1.4%) 0.91 490
2020-05-01 $299,953 (3.1%) $369,309 (3.0%) 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 $297,250 (20.2%) $353,736 (8.5%) 0.85 446
2020-09-01 $289,894 (19.2%) $345,386 (8.7%) 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 $284,900 (23.9%) $352,941 (16.8%) 0.85 263
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 $333,423 (15.0%) $389,711 (12.7%) 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 $298,444 (0.3%) $349,615 (-4.4%) 0.79 298
2021-08-01 $293,475 (-1.3%) $358,530 (1.4%) 0.78 326
2021-09-01 $281,250 (-3.0%) $356,149 (3.1%) 0.75 328
2021-10-01 $279,900 (-6.4%) $361,308 (3.4%) 0.75 320
2021-11-01 $270,200 (-10.5%) $357,492 (-0.4%) 0.72 293
2021-12-01 $258,450 (-12.9%) $345,859 (-1.9%) 0.70 219
2022-01-01 $271,000 (-4.9%) $350,880 (-0.6%) 0.73 146
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 (-1.3%) $399,888 (2.6%) 0.78 160
2022-05-01 $303,704 (-10.4%) $411,225 (8.4%) 0.69 210
2022-06-01 $326,225 (3.6%) $418,185 (15.4%) 0.73 255
2022-07-01 $310,000 (3.9%) $403,187 (15.3%) 0.70 317
2022-08-01 $291,250 (-0.8%) $384,345 (7.2%) 0.67 364
2022-09-01 $295,000 (4.9%) $382,339 (7.4%) 0.69 339
2022-10-01 $288,250 (3.0%) $379,030 (4.9%) 0.68 389
2022-11-01 $279,945 (3.6%) $359,967 (0.7%) 0.67 397
2022-12-01 $275,000 (6.4%) $357,273 (3.3%) 0.68 333
2023-01-01 $295,993 (9.2%) $381,584 (8.8%) 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 $345,000 (4.9%) $444,260 (11.1%) 0.80 217
2023-05-01 $334,900 (10.3%) $429,679 (4.5%) 0.76 249
2023-06-01 $331,627 (1.7%) $421,615 (0.8%) 0.75 296
2023-07-01 $325,000 (4.8%) $419,292 (4.0%) 0.74 326
2023-08-01 $318,900 (9.5%) $401,405 (4.4%) 0.73 344
2023-09-01 $309,990 (5.1%) $401,248 (5.0%) 0.72 359
2023-10-01 $304,450 (5.6%) $387,580 (2.3%) 0.72 367
2023-11-01 $289,150 (3.3%) $372,287 (3.4%) 0.69 383
2023-12-01 $284,900 (3.6%) $373,529 (4.6%) 0.69 370
2024-01-01 $294,975 (-0.3%) $378,359 (-0.9%) 0.72 331
2024-02-01 $329,900 (8.3%) $419,764 (6.7%) 0.79 308
2024-03-01 $350,000 (18.9%) $442,967 (11.7%) 0.82 301
Kalamazoo's median listing price for 2024-03-01 was $350,000, a difference of $55,500 (18.9%) versus the prior year and $20,100 versus the prior month.

Kalamazoo's median listing price comes in at 82% of the national average.

Kalamazoo's average listing price for 2024-03-01 was $442,967, a difference of $46,536 (11.7%) versus the prior year and $23,203 versus the prior month.

For the 2024-03-01 period, Kalamazoo had 301 MLS listings, a difference of -7 listings (-2%) versus the prior month and 74 listings (33%) 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 2,356 sqft
2018-06-01 32 days 2,291 sqft
2018-07-01 36 days 2,238 sqft
2018-08-01 32 days 2,142 sqft
2018-09-01 39 days 2,121 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 2,254 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 46 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 2,230 sqft
2020-09-01 46 days 2,087 sqft
2020-10-01 44 days 2,075 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 38 days 1,996 sqft
2021-05-01 30 days 2,003 sqft
2021-06-01 33 days 2,048 sqft
2021-07-01 32 days 1,988 sqft
2021-08-01 34 days 2,014 sqft
2021-09-01 39 days 1,965 sqft
2021-10-01 39 days 1,904 sqft
2021-11-01 43 days 1,880 sqft
2021-12-01 48 days 1,770 sqft
2022-01-01 55 days 1,800 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 1,898 sqft
2022-07-01 31 days 1,873 sqft
2022-08-01 33 days 1,939 sqft
2022-09-01 42 days 1,976 sqft
2022-10-01 39 days 1,905 sqft
2022-11-01 41 days 1,880 sqft
2022-12-01 54 days 1,794 sqft
2023-01-01 52 days 1,803 sqft
2023-02-01 42 days 1,780 sqft
2023-03-01 44 days 1,741 sqft
2023-04-01 44 days 1,860 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 1,840 sqft
2023-10-01 44 days 1,827 sqft
2023-11-01 38 days 1,802 sqft
2023-12-01 49 days 1,782 sqft
2024-01-01 65 days 1,779 sqft
2024-02-01 52 days 1,828 sqft
2024-03-01 45 days 1,904 sqft
Kalamazoo's median listing age (time on market) for 2024-03-01 was 45 days. This is 2% longer than the same period one year ago.

Kalamazoo's median square footage for active listings during the 2024-03-01 period was 1,904 sqft. One year prior, the average listing was 1,741 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).