Niles FHA Loan Rates, Closing Costs & Stats

NILES, 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.

    Niles's 63 lenders originated 286 FHA loans during 2023. The total origination value was $50,780,000, with an average FHA loan value of $177,552.

    Niles FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Niles averaged 6.52% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Niles's average FHA mortgage closing costs are $6,412.

    The average rate for the prior week (2024-11-01) was 6.7% and one month ago for the week of 2024-10-04, the average rate was 6.02%.

    The average rate one year ago was 7.46%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.84%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Niles 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 Niles level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 51 6.30% $8,859
    UNION HOME MORTGAGE CORP. 30 7.04% $10,273
    LOANDEPOT.COM, LLC 13 6.55% $10,240
    RUOFF MORTGAGE COMPANY, INC. 13 6.60% $6,184
    UNITED 11 6.75% $8,552
    GUARANTEED RATE, INC. 10 6.68% $8,216
    CARDINAL FINANCIAL 9 7.15% $9,161
    Fifth Third Bank 8 6.67% $8,559
    Flagstar Bank, FSB 7 7.04% $6,749
    UNITED WHOLESALE MORTGAGE, LLC 7 6.57% $9,874
    AMERISAVE MORTGAGE CORPORATION 6 6.50% $10,231
    Honor Credit Union 6 6.67% $6,451
    HALLMARK HOME MORTGAGE, LLC 6 6.96% $6,427
    Carrington Mortgage Services, LLC 6 6.46% $9,056
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.71% $7,890
    Horizon Bank 4 6.25% $7,700
    The Huntington National Bank 4 7.06% $4,659
    Mr. Cooper ( Nationstar Mortgage ) 3 5.71% $8,822
    LAKEVIEW LOAN SERVICING, LLC 3 6.25% $7,382
    CONTOUR MORTGAGE CORPORATION 3 7.00% $13,685
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $8,086
    JPMorgan Chase Bank 3 6.75% $4,499
    FREEDOM MORTGAGE CORPORATION 3 7.00% $10,424
    NEWREZ LLC 2 6.00% $10,031
    United Fidelity Funding Corp. 2 6.81% $23,796
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.19% $8,156
    Neighborhood Loans, Inc. 2 7.00% $8,387
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.00% $6,749
    MYCUMORTGAGE, LLC 2 7.25% $9,750
    CROSSCOUNTRY MORTGAGE, LLC 2 7.25% $10,200
    PLANET HOME LENDING, LLC 2 6.06% $5,781
    MICHIGAN MUTUAL, INC. 2 6.13% $11,852
    NBKC BANK 1 6.00% $7,915
    NEW DAY FINANCIAL, LLC 1 7.25% $3,596
    Paramount Residential Mortgage Group, Inc. 1 6.25% $12,722
    PENNYMAC LOAN SERVICES, LLC 1 7.25% $10,223
    Plains Commerce Bank 1 5.13% $7,203
    PNC Bank 1 6.50% $4,359
    Preston Home Loans Inc 1 6.38% $5,461
    Centier Bank 1 7.25% $5,301
    ROYAL UNITED MORTGAGE LLC 1 6.50% $13,101
    CALIBER HOME LOANS, INC. 1 6.75% $6,246
    TEACHERS CREDIT UNION 1 6.00% $5,654
    ZILLOW HOME LOANS, LLC 1 5.63% $8,302
    TOP FLITE FINANCIAL, INC. 1 6.75% $12,331
    BECKAM FUNDING CORP. 1 7.13% $9,304
    BAY EQUITY LLC 1 6.00% $8,751
    Barrington Bank & Trust Company, N.A. 1 6.25% $7,351
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.63% $10,799
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.50% $14,977
    GUILD MORTGAGE COMPANY 1 7.13% $12,401
    EVERETT FINANCIAL, INC. 1 7.63% $8,926
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $13,836
    Ixonia Bank 1 7.75% $7,699
    KeyBank 1 6.88% $11,766
    LEADERONE FINANCIAL CORPORATION 1 6.50% $5,672
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $11,449
    COMPASS MORTGAGE, INC. 1 6.00% $6,047
    LOANPAL, LLC 1 6.13% $8,719
    MILESTONE HOME LENDING, LLC 1 7.25% $9,260
    MJW Financial LLC 1 7.63% $6,246
    MORTGAGE 1 INCORPORATED 1 5.63% $7,021
    NATIONS RELIABLE LENDING, LLC 1 6.75% $9,569

    The top Niles FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 51 FHA loans originated. Their average total fees are $8,859, which is $1,414 lower than the next largest lender, UNION HOME MORTGAGE CORP..

    The lowest fee Niles FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($6,184), GUARANTEED RATE, INC. ($8,216), UNITED ($8,552), QUICKEN LOANS, LLC ($8,859) and LOANDEPOT.COM, LLC ($10,240).

    The lowest rate Niles FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.30%), LOANDEPOT.COM, LLC (6.55%), RUOFF MORTGAGE COMPANY, INC. (6.60%), GUARANTEED RATE, INC. (6.68%) and UNITED (6.75%).

    Niles FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NILES, MI BERRIEN 2022 $420,680 $538,650 $651,050 $809,150
    NILES, MI BERRIEN 2023 $472,030 $604,400 $730,525 $907,900

    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).