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%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 80 4.47% $7,865
AMERIFIRST FINANCIAL CORPORATION 78 5.30% $8,541
SUCCESS MORTGAGE PARTNERS, INC. 62 4.96% $9,835
UNITED WHOLESALE MORTGAGE, LLC 46 4.84% $7,927
LAKE MICHIGAN CREDIT UNION 19 4.69% $6,938
PRIMELENDING, A PLAINSCAPITAL COMPANY 17 5.04% $7,187
FREEDOM MORTGAGE CORPORATION 12 5.39% $8,298
Flagstar Bank, FSB 12 5.27% $6,507
CONTOUR MORTGAGE CORPORATION 11 5.27% $10,051
CALIBER HOME LOANS, INC. 11 4.30% $6,291
Fifth Third Bank 10 4.95% $6,656
RUOFF MORTGAGE COMPANY, INC. 8 5.03% $5,592
MORTGAGE CENTER L.C 8 5.73% $6,809
LAKEVIEW LOAN SERVICING, LLC 7 4.42% $5,344
GVC MORTGAGE, INC. 7 5.84% $10,494
Carrington Mortgage Services, LLC 7 4.91% $8,677
MICHIGAN MUTUAL, INC. 7 4.62% $8,375
AMERISAVE MORTGAGE CORPORATION 6 4.63% $9,941
Neighborhood Loans, Inc. 6 5.08% $7,141
The Huntington National Bank 6 4.75% $7,212
NEWREZ LLC 5 5.25% $9,088
SUMMIT HOME MORTGAGE, LLC 5 4.85% $9,932
CROSSCOUNTRY MORTGAGE, LLC 5 5.05% $8,794
LOANDEPOT.COM, LLC 5 5.02% $6,652
M&T Bank 5 4.58% $6,877
Mr. Cooper ( Nationstar Mortgage ) 5 4.88% $9,498
MORTGAGE 1 INCORPORATED 5 5.50% $9,728
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 5.31% $9,153
VAN DYK MORTGAGE CORPORATION 4 5.44% $7,324
CHERRY CREEK MORTGAGE, LLC 4 5.72% $5,232
JPMorgan Chase Bank 4 5.81% $6,476
BROKER SOLUTIONS, INC. 4 5.22% $9,593
Mercantile Bank of Michigan 4 5.03% $7,062
GUARANTEED RATE, INC. 4 5.13% $7,249
PENNYMAC LOAN SERVICES, LLC 3 5.46% $8,124
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 5.08% $8,099
HOME POINT FINANCIAL CORPORATION 3 3.75% $7,462
Hometown Lenders, Inc. 3 4.00% $9,201
PNC Bank 3 4.92% $5,853
Lakeview Community Capital, LLC 2 4.00% $4,904
Independent Bank 2 4.75% $6,335
MEMBER FIRST MORTGAGE, LLC 2 4.38% $6,610
Hometown Equity Mortgage, LLC 2 5.44% $8,203
HOMESIDE FINANCIAL, LLC 2 5.19% $7,883
First Savings Bank 2 4.94% $11,217
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.50% $10,602
Nations Lending Corporation 2 4.50% $10,490
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.94% $5,982
EVERETT FINANCIAL, INC. 2 4.25% $6,776
Northpointe Bank 2 5.25% $9,411
VILLAGE CAPITAL MORTGAGE 2 3.68% $4,418
Equity Prime Mortgage LLC 2 5.94% $9,061
ROSS MORTGAGE CORPORATION 2 6.31% $8,744
Citizens Bank 2 4.88% $8,605
BETTER MORTGAGE CORPORATION 2 5.19% $6,993
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.50% $8,273
AMERICAN FINANCING CORPORATION 2 3.06% $8,489
INLANTA MORTGAGE, INC. 2 4.75% $6,226
ACADEMY MORTGAGE CORPORATION 1 5.75% $6,942
Peoples Bank 1 6.75% $8,648
Horizon Bank 1 5.25% $8,925
Plains Commerce Bank 1 6.75% $15,780
PLANET HOME LENDING, LLC 1 2.75% $5,053
HOMESITE MORTGAGE, LLC 1 5.99% $6,571
Platinum Home Mortgage Corporation 1 3.25% $8,758
TOWNE MORTGAGE COMPANY 1 5.63% $9,840
MOVEMENT MORTGAGE, LLC 1 6.25% $8,694
FINANCE OF AMERICA MORTGAGE LLC 1 3.99% $12,904
FAY SERVICING, LLC 1 3.38% $6,765
T2 FINANCIAL LLC 1 4.75% $7,182
ENVOY MORTGAGE, LTD 1 5.25% $14,949
Austin Capital Bank SSB 1 5.75% $14,031
TOP FLITE FINANCIAL, INC. 1 5.38% $13,435
NORTHERN MORTGAGE SERVICES, LLC 1 5.75% $3,528
CARDINAL FINANCIAL 1 5.25% $8,417
OCMBC, INC. 1 7.25% $8,077
Paramount Residential Mortgage Group, Inc. 1 4.38% $9,711

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. 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%) $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 for 2023-04-01 was $345,000, a difference of $18,000 (5.5%) versus the prior year and $50,505 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2023-04-01 was 44 days. This is 35% longer than the same period one year ago.

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.

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).