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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.