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 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 7.13% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.72% and one month ago for the week of 2024-03-15, the average rate was 6.79%.

    The average rate one year ago was 6.62%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

    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).