Kalamazoo FHA Loans

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 91 lenders originated 869 FHA loans during 2021. The total origination value was $150,865,000, with an average FHA loan value of $173,608.

    Kalamazoo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kalamazoo averaged 5.37% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.58% and one month ago for the week of 2022-04-15, the average rate was 4.87%.

    The average rate one year ago was 3.44%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.18%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Kalamazoo level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 136 2.76% $5,851
    SUCCESS MORTGAGE PARTNERS, INC. 89 3.29% $8,726
    AMERIFIRST FINANCIAL CORPORATION 70 3.53% $7,168
    FREEDOM MORTGAGE CORPORATION 25 3.06% $3,408
    UNITED WHOLESALE MORTGAGE, LLC 24 2.85% $5,391
    PRIMELENDING, A PLAINSCAPITAL COMPANY 23 3.58% $6,497
    CALIBER HOME LOANS, INC. 22 3.05% $5,039
    Flagstar Bank, FSB 22 3.17% $5,597
    LAKE MICHIGAN CREDIT UNION 18 2.89% $6,273
    VILLAGE CAPITAL & INVESTMENT LLC 16 3.06% $2,442
    LAKEVIEW LOAN SERVICING, LLC 16 2.99% $4,066
    MORTGAGE CENTER L.C 15 3.37% $5,512
    Fifth Third Bank 14 3.05% $5,926
    MORTGAGE 1 INCORPORATED 14 3.56% $7,843
    PENNYMAC LOAN SERVICES, LLC 12 3.14% $4,455
    RUOFF MORTGAGE COMPANY, INC. 11 3.11% $4,665
    SUMMIT HOME MORTGAGE, LLC 10 3.53% $6,574
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 3.10% $6,375
    AmeriHome Mortgage Company, LLC 8 3.06% $4,066
    GUARANTEED RATE, INC. 8 3.33% $6,483
    Neighborhood Loans, Inc. 8 3.39% $5,463
    BROKER SOLUTIONS, INC. 8 3.22% $6,904
    CONTOUR MORTGAGE CORPORATION 7 3.50% $7,193
    NEWREZ LLC 7 2.88% $3,994
    Hometown Lenders, Inc. 7 3.23% $8,687
    Mercantile Bank of Michigan 6 3.17% $5,963
    Carrington Mortgage Services, LLC 6 3.46% $6,117
    The Huntington National Bank 6 2.88% $5,889
    MUTUAL OF OMAHA MORTGAGE, INC. 6 2.98% $6,441
    HOME POINT FINANCIAL CORPORATION 6 2.71% $5,375
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 3.20% $8,726
    First Guaranty Mortgage Corporation 5 2.98% $5,248
    Mr. Cooper ( Nationstar Mortgage ) 5 3.28% $3,429
    LOANDEPOT.COM, LLC 4 3.22% $6,771
    AMERISAVE MORTGAGE CORPORATION 4 3.03% $8,313
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.37% $7,298
    FINANCE OF AMERICA MORTGAGE LLC 4 3.50% $7,807
    Paramount Residential Mortgage Group, Inc. 4 3.44% $5,863
    UNION HOME MORTGAGE CORP. 4 3.25% $7,112
    Lakeview Community Capital, LLC 4 3.28% $3,676
    Independent Bank 3 3.58% $5,346
    GVC MORTGAGE, INC. 3 3.54% $5,499
    MICHIGAN MUTUAL, INC. 3 3.13% $8,486
    STOCKTON MORTGAGE CORPORATION 3 3.25% $5,639
    Mortgage Research Center, LLC 3 3.16% $5,121
    PNC Bank 3 2.79% $5,310
    MEMBER FIRST MORTGAGE, LLC 3 3.04% $7,557
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.75% $4,289
    ZILLOW HOME LOANS, LLC 2 2.94% $7,825
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 3.00% $7,548
    Bank of England 2 3.81% $8,381
    Citizens Bank 2 2.50% $6,028
    CROSSCOUNTRY MORTGAGE, LLC 2 3.38% $7,079
    EVERETT FINANCIAL, INC. 2 3.50% $4,884
    Horizon Bank 2 3.19% $9,072
    Ixonia Bank 2 3.69% $5,674
    JPMorgan Chase Bank 2 3.25% $3,875
    Northpointe Bank 2 3.94% $7,706
    Pacor Mortgage Corp 2 3.13% $4,627
    PHH Mortgage Corporation 2 3.13% $2,871
    PLANET HOME LENDING, LLC 2 2.81% $2,817
    SUN WEST MORTGAGE COMPANY, INC. 2 3.25% $6,852
    TOP FLITE FINANCIAL, INC. 2 3.06% $7,780
    Amerifirst Financial, Inc. 1 2.50% $12,667
    Honor Credit Union 1 4.00% $7,401
    Hometown Equity Mortgage, LLC 1 3.13% $9,130
    UNIVERSITY LENDING GROUP, LLC 1 3.13% $7,232
    VAN DYK MORTGAGE CORPORATION 1 3.63% $7,697
    PLAZA HOME MORTGAGE, INC. 1 2.88% $4,993
    HOMESIDE FINANCIAL, LLC 1 3.75% $4,938
    POLARIS HOME FUNDING CORP. 1 3.13% $7,401
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $12,225
    HALLMARK HOME MORTGAGE, LLC 1 3.25% $5,737
    Equity Prime Mortgage LLC 1 3.38% $9,899
    RELIANCE FIRST CAPITAL, LLC 1 3.00% $12,572
    RESIDENTIAL MORTGAGE SERVICES, INC. 1 3.75% $6,537
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.13% $4,934
    STAUNTON FINANCIAL, INC. 1 3.00% $6,010
    DAS Acquisition Company, LLC 1 4.25% $9,619
    CHURCHILL MORTGAGE CORPORATION 1 3.75% $5,949
    CHERRY CREEK MORTGAGE, LLC 1 3.88% $498
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $13,516
    T2 FINANCIAL LLC 1 3.75% $7,916
    Barrington Bank & Trust Company, N.A. 1 3.13% $5,475
    1st Source Bank 1 2.88% $5,176
    NATIONS DIRECT MORTGAGE, LLC 1 4.00% $7,565
    Nations Lending Corporation 1 2.63% $15,547
    MID AMERICA MORTGAGE, INC. 1 3.63% $4,762
    InterContinental Capital Group, Inc 1 3.63% $8,000
    NORTHERN MORTGAGE SERVICES, LLC 1 2.75% $6,868
    Bank of America 1 2.75% $7,123

    The top Kalamazoo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 136 FHA loans originated. Their average total fees are $5,851, which is $2,875 lower than the next largest lender, SUCCESS MORTGAGE PARTNERS, INC..

    The lowest fee Kalamazoo FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,442), FREEDOM MORTGAGE CORPORATION ($3,408), LAKEVIEW LOAN SERVICING, LLC ($4,066), PENNYMAC LOAN SERVICES, LLC ($4,455) and RUOFF MORTGAGE COMPANY, INC. ($4,665).

    The lowest rate Kalamazoo FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.76%), UNITED WHOLESALE MORTGAGE, LLC (2.85%), LAKE MICHIGAN CREDIT UNION (2.89%), LAKEVIEW LOAN SERVICING, LLC (2.99%) and CALIBER HOME LOANS, INC. (3.05%).

    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

    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 $209,950 (-0.6%) $327,507 (-11.9%) 0.77 879
    2018-02-01 $219,950 (-8.3%) $338,683 (-13.5%) 0.79 817
    2018-03-01 $249,900 (-1.8%) $383,024 (-5.6%) 0.86 790
    2018-04-01 $269,900 (2.3%) $391,380 (-3.0%) 0.91 798
    2018-05-01 $282,492 (8.9%) $395,937 (4.6%) 0.94 888
    2018-06-01 $275,000 (11.8%) $389,904 (9.8%) 0.92 1,000
    2018-07-01 $263,250 (7.5%) $363,615 (3.5%) 0.88 1,055
    2018-08-01 $249,900 (8.7%) $351,571 (4.8%) 0.84 1,161
    2018-09-01 $235,900 (4.8%) $330,534 (-1.7%) 0.79 1,247
    2018-10-01 $238,000 (7.0%) $326,296 (-2.8%) 0.80 1,239
    2018-11-01 $239,450 (9.1%) $331,759 (-0.1%) 0.80 1,168
    2018-12-01 $235,000 (7.4%) $325,325 (-0.5%) 0.80 1,052
    2019-01-01 $229,500 (9.3%) $324,441 (-0.9%) 0.79 954
    2019-02-01 $236,650 (7.6%) $342,335 (1.1%) 0.79 888
    2019-03-01 $258,243 (3.3%) $365,670 (-4.5%) 0.84 877
    2019-04-01 $281,200 (4.2%) $382,221 (-2.3%) 0.89 896
    2019-05-01 $290,500 (2.8%) $387,774 (-2.1%) 0.90 924
    2019-06-01 $284,900 (3.6%) $380,036 (-2.5%) 0.88 1,039
    2019-07-01 $274,950 (4.4%) $373,463 (2.7%) 0.85 1,112
    2019-08-01 $261,371 (4.6%) $361,428 (2.8%) 0.82 1,160
    2019-09-01 $250,000 (6.0%) $348,183 (5.3%) 0.79 1,211
    2019-10-01 $249,950 (5.0%) $343,927 (5.4%) 0.80 1,249
    2019-11-01 $245,000 (2.3%) $335,630 (1.2%) 0.79 1,150
    2019-12-01 $244,150 (3.9%) $333,621 (2.6%) 0.81 994
    2020-01-01 $245,000 (6.8%) $331,583 (2.2%) 0.82 873
    2020-02-01 $259,900 (9.8%) $345,058 (0.8%) 0.84 879
    2020-03-01 $290,950 (12.7%) $378,056 (3.4%) 0.91 794
    2020-04-01 $289,900 (3.1%) $377,856 (-1.1%) 0.90 778
    2020-05-01 $299,900 (3.2%) $405,429 (4.6%) 0.91 825
    2020-06-01 $314,900 (10.5%) $413,841 (8.9%) 0.92 760
    2020-07-01 $299,900 (9.1%) $405,981 (8.7%) 0.86 718
    2020-08-01 $299,900 (14.7%) $396,411 (9.7%) 0.86 660
    2020-09-01 $297,450 (19.0%) $388,990 (11.7%) 0.85 615
    2020-10-01 $299,900 (20.0%) $399,660 (16.2%) 0.86 584
    2020-11-01 $299,900 (22.4%) $404,541 (20.5%) 0.86 556
    2020-12-01 $287,200 (17.6%) $392,368 (17.6%) 0.84 481
    2021-01-01 $284,900 (16.3%) $397,667 (19.9%) 0.84 402
    2021-02-01 $302,450 (16.4%) $412,288 (19.5%) 0.87 353
    2021-03-01 $329,450 (13.2%) $440,081 (16.4%) 0.92 331
    2021-04-01 $337,500 (16.4%) $444,114 (17.5%) 0.91 313
    2021-05-01 $349,900 (16.7%) $442,101 (9.0%) 0.92 359
    2021-06-01 $329,450 (4.6%) $434,902 (5.1%) 0.86 396
    2021-07-01 $307,450 (2.5%) $417,756 (2.9%) 0.80 464
    2021-08-01 $302,500 (0.9%) $410,964 (3.7%) 0.80 507
    2021-09-01 $299,450 (0.7%) $404,821 (4.1%) 0.79 509
    2021-10-01 $290,000 (-3.3%) $409,932 (2.6%) 0.76 483
    2021-11-01 $277,450 (-7.5%) $391,015 (-3.3%) 0.73 427
    2021-12-01 $269,900 (-6.0%) $388,878 (-0.9%) 0.72 343
    2022-01-01 $279,900 (-1.8%) $407,399 (2.5%) 0.75 244
    2022-02-01 $297,400 (-1.7%) $418,132 (1.4%) 0.76 221
    2022-03-01 $317,450 (-3.6%) $438,575 (-0.3%) 0.78 237
    2022-04-01 $329,900 (-2.3%) $459,937 (3.6%) 0.78 263
    Kalamazoo's median listing price for 2022-04-01 was $329,900, a difference of $-7,600 (-2.3%) versus the prior year and $12,450 versus the prior month.

    Kalamazoo's median listing price comes in at 78% of the national average.

    Kalamazoo's average listing price for 2022-04-01 was $459,937, a difference of $15,823 (3.6%) versus the prior year and $21,362 versus the prior month.

    For the 2022-04-01 period, Kalamazoo had 263 MLS listings, a difference of 26 listings (11%) versus the prior month and -50 listings (-16%) 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 86 days 1,858 sqft
    2018-02-01 85 days 1,843 sqft
    2018-03-01 62 days 1,956 sqft
    2018-04-01 53 days 2,072 sqft
    2018-05-01 48 days 2,149 sqft
    2018-06-01 45 days 2,107 sqft
    2018-07-01 48 days 2,070 sqft
    2018-08-01 48 days 2,040 sqft
    2018-09-01 51 days 2,008 sqft
    2018-10-01 57 days 1,996 sqft
    2018-11-01 63 days 1,947 sqft
    2018-12-01 73 days 1,932 sqft
    2019-01-01 78 days 1,885 sqft
    2019-02-01 78 days 1,873 sqft
    2019-03-01 63 days 1,969 sqft
    2019-04-01 48 days 2,050 sqft
    2019-05-01 45 days 2,057 sqft
    2019-06-01 46 days 2,060 sqft
    2019-07-01 47 days 2,066 sqft
    2019-08-01 49 days 2,038 sqft
    2019-09-01 50 days 2,021 sqft
    2019-10-01 54 days 2,016 sqft
    2019-11-01 58 days 1,975 sqft
    2019-12-01 72 days 1,937 sqft
    2020-01-01 84 days 1,928 sqft
    2020-02-01 80 days 1,899 sqft
    2020-03-01 59 days 1,977 sqft
    2020-04-01 68 days 2,006 sqft
    2020-05-01 74 days 2,044 sqft
    2020-06-01 60 days 2,078 sqft
    2020-07-01 54 days 2,069 sqft
    2020-08-01 52 days 2,100 sqft
    2020-09-01 52 days 2,078 sqft
    2020-10-01 52 days 2,075 sqft
    2020-11-01 52 days 2,058 sqft
    2020-12-01 61 days 1,985 sqft
    2021-01-01 69 days 1,924 sqft
    2021-02-01 63 days 1,865 sqft
    2021-03-01 53 days 1,983 sqft
    2021-04-01 48 days 1,972 sqft
    2021-05-01 39 days 2,007 sqft
    2021-06-01 38 days 2,056 sqft
    2021-07-01 38 days 1,959 sqft
    2021-08-01 39 days 1,965 sqft
    2021-09-01 43 days 1,913 sqft
    2021-10-01 46 days 1,946 sqft
    2021-11-01 51 days 1,852 sqft
    2021-12-01 54 days 1,849 sqft
    2022-01-01 63 days 1,866 sqft
    2022-02-01 48 days 1,879 sqft
    2022-03-01 37 days 1,863 sqft
    2022-04-01 38 days 1,870 sqft
    Kalamazoo's median listing age (time on market) for 2022-04-01 was 38 days. This is -21% shorter than the same period one year ago.

    Kalamazoo's median square footage for active listings during the 2022-04-01 period was 1,870 sqft. One year prior, the average listing was 1,972 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).