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 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
0.07%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Kalamazoo's average FHA mortgage closing costs are $6,575.
The average rate for the prior week (2024-11-22) was
6.36% and
one month ago for the week of 2024-10-25, the
average rate was 6.24%.
The average rate one year ago was 7.33%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.1%.
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
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. 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%) | $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 |
2024-04-01 | $372,400 (7.9%) | $451,246 (1.6%) | 0.87 | 318 |
2024-05-01 | $398,757 (19.1%) | $478,323 (11.3%) | 0.90 | 344 |
2024-06-01 | $374,900 (13.1%) | $459,614 (9.0%) | 0.84 | 376 |
2024-07-01 | $374,925 (15.4%) | $435,083 (3.8%) | 0.86 | 384 |
2024-08-01 | $369,900 (16.0%) | $433,559 (8.0%) | 0.86 | 429 |
2024-09-01 | $359,975 (16.1%) | $435,290 (8.5%) | 0.85 | 477 |
2024-10-01 | $330,694 (8.6%) | $421,064 (8.6%) | 0.78 | 472 |
Kalamazoo's median listing price comes in at 78% of the national average.
Kalamazoo's average listing price for 2024-10-01 was $421,064, a difference of $33,484 (8.6%) versus the prior year and $-14,226 versus the prior month.
For the 2024-10-01 period, Kalamazoo had 472 MLS listings, a difference of -5 listings (-1%) versus the prior month and 105 listings (29%) 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 | 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 |
2024-04-01 | 40 days | 1,963 sqft |
2024-05-01 | 36 days | 2,020 sqft |
2024-06-01 | 40 days | 1,994 sqft |
2024-07-01 | 44 days | 2,015 sqft |
2024-08-01 | 42 days | 2,001 sqft |
2024-09-01 | 40 days | 1,959 sqft |
2024-10-01 | 46 days | 1,942 sqft |
Kalamazoo's median square footage for active listings during the 2024-10-01 period was 1,942 sqft. One year prior, the average listing was 1,827 sqft.