Kalamazoo FHA Loans

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 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).