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 0.15% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2025-06-13) was 6.83% and one month ago for the week of 2025-05-16, the average rate was 6.7%.

    The average rate one year ago was 7.05%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.05%.

    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

    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).