Niles FHA Loan Rates, Closing Costs & Stats

NILES, MI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 7.05% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 7.04% and one month ago for the week of 2024-03-15, the average rate was 6.81%.

    The average rate one year ago was 6.54%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.27%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Niles (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 $267,000 (-16.3%) $466,576 (-11.3%) 0.99 688
    2018-02-01 $289,511 (-10.9%) $494,835 (-6.3%) 1.05 643
    2018-03-01 $299,000 (-15.0%) $502,497 (-7.6%) 1.05 644
    2018-04-01 $324,450 (-7.0%) $515,886 (-3.3%) 1.10 693
    2018-05-01 $326,000 (-0.4%) $514,292 (1.1%) 1.09 776
    2018-06-01 $329,900 (5.3%) $514,845 (6.6%) 1.10 847
    2018-07-01 $324,000 (8.4%) $499,901 (4.2%) 1.08 925
    2018-08-01 $310,000 (7.3%) $482,881 (0.8%) 1.04 989
    2018-09-01 $299,900 (6.6%) $502,463 (3.9%) 1.01 992
    2018-10-01 $301,200 (6.6%) $487,417 (0.5%) 1.02 969
    2018-11-01 $298,450 (3.3%) $479,032 (-2.0%) 1.01 890
    2018-12-01 $299,000 (10.8%) $477,520 (-0.6%) 1.03 765
    2019-01-01 $298,350 (11.7%) $468,938 (0.5%) 1.03 645
    2019-02-01 $314,490 (8.6%) $495,673 (0.2%) 1.06 615
    2019-03-01 $332,929 (11.4%) $513,891 (2.3%) 1.09 645
    2019-04-01 $346,250 (6.7%) $517,617 (0.3%) 1.10 684
    2019-05-01 $347,175 (6.5%) $520,388 (1.2%) 1.09 739
    2019-06-01 $334,900 (1.5%) $510,413 (-0.9%) 1.05 829
    2019-07-01 $331,450 (2.3%) $519,445 (3.9%) 1.04 879
    2019-08-01 $327,109 (5.5%) $508,328 (5.3%) 1.04 896
    2019-09-01 $316,923 (5.7%) $495,389 (-1.4%) 1.01 912
    2019-10-01 $310,357 (3.0%) $484,982 (-0.5%) 1.00 916
    2019-11-01 $315,000 (5.6%) $481,930 (0.6%) 1.03 820
    2019-12-01 $299,900 (0.3%) $453,263 (-5.1%) 1.00 701
    2020-01-01 $294,925 (-1.2%) $442,728 (-5.6%) 0.99 614
    2020-02-01 $295,000 (-6.2%) $446,369 (-10.0%) 0.97 616
    2020-03-01 $327,000 (-1.8%) $470,157 (-8.5%) 1.03 603
    2020-04-01 $338,400 (-2.3%) $510,745 (-1.3%) 1.06 586
    2020-05-01 $339,000 (-2.4%) $501,727 (-3.6%) 1.03 639
    2020-06-01 $355,725 (6.2%) $531,435 (4.1%) 1.05 629
    2020-07-01 $356,850 (7.7%) $529,699 (2.0%) 1.03 593
    2020-08-01 $358,875 (9.7%) $540,235 (6.3%) 1.03 514
    2020-09-01 $342,725 (8.1%) $538,044 (8.6%) 0.98 468
    2020-10-01 $357,325 (15.1%) $594,778 (22.6%) 1.02 408
    2020-11-01 $349,950 (11.1%) $616,599 (27.9%) 1.02 377
    2020-12-01 $349,950 (16.7%) $623,907 (37.7%) 1.04 338
    2021-01-01 $341,950 (15.9%) $646,698 (46.1%) 1.02 280
    2021-02-01 $358,900 (21.7%) $734,365 (64.5%) 1.04 213
    2021-03-01 $351,225 (7.4%) $792,731 (68.6%) 1.00 217
    2021-04-01 $425,700 (25.8%) $820,705 (60.7%) 1.15 215
    2021-05-01 $406,950 (20.0%) $772,468 (54.0%) 1.08 234
    2021-06-01 $397,125 (11.6%) $762,335 (43.5%) 1.05 289
    2021-07-01 $350,000 (-1.9%) $672,401 (26.9%) 0.92 332
    2021-08-01 $348,500 (-2.9%) $642,395 (18.9%) 0.93 360
    2021-09-01 $340,875 (-0.5%) $613,274 (14.0%) 0.91 364
    2021-10-01 $332,450 (-7.0%) $618,682 (4.0%) 0.89 311
    2021-11-01 $339,900 (-2.9%) $640,753 (3.9%) 0.91 288
    2021-12-01 $338,900 (-3.2%) $663,708 (6.4%) 0.92 226
    2022-01-01 $322,400 (-5.7%) $666,659 (3.1%) 0.87 198
    2022-02-01 $348,725 (-2.8%) $713,560 (-2.8%) 0.91 188
    2022-03-01 $384,500 (9.5%) $746,748 (-5.8%) 0.96 184
    2022-04-01 $399,000 (-6.3%) $772,145 (-5.9%) 0.95 198
    2022-05-01 $419,975 (3.2%) $775,776 (0.4%) 0.96 242
    2022-06-01 $399,225 (0.5%) $732,590 (-3.9%) 0.89 302
    2022-07-01 $395,000 (12.9%) $682,874 (1.6%) 0.89 367
    2022-08-01 $374,975 (7.6%) $668,499 (4.1%) 0.87 393
    2022-09-01 $362,719 (6.4%) $643,521 (4.9%) 0.85 403
    2022-10-01 $380,000 (14.3%) $675,027 (9.1%) 0.89 401
    2022-11-01 $357,475 (5.2%) $654,569 (2.2%) 0.86 384
    2022-12-01 $339,977 (0.3%) $648,901 (-2.2%) 0.84 339
    2023-01-01 $315,000 (-2.3%) $653,406 (-2.0%) 0.78 293
    2023-02-01 $339,425 (-2.7%) $648,371 (-9.1%) 0.82 271
    2023-03-01 $345,688 (-10.1%) $643,270 (-13.9%) 0.82 270
    2023-04-01 $360,000 (-9.8%) $679,138 (-12.1%) 0.84 265
    2023-05-01 $418,500 (-0.4%) $740,451 (-4.6%) 0.95 263
    2023-06-01 $450,000 (12.7%) $777,510 (6.1%) 1.01 297
    2023-07-01 $400,000 (1.3%) $721,960 (5.7%) 0.91 327
    2023-08-01 $400,625 (6.8%) $706,425 (5.7%) 0.92 350
    2023-09-01 $364,950 (0.6%) $645,192 (0.3%) 0.85 361
    2023-10-01 $349,675 (-8.0%) $623,444 (-7.6%) 0.82 384
    2023-11-01 $346,175 (-3.2%) $627,977 (-4.1%) 0.82 363
    2023-12-01 $326,500 (-4.0%) $571,339 (-12.0%) 0.80 320
    2024-01-01 $308,675 (-2.0%) $553,718 (-15.3%) 0.75 288
    2024-02-01 $303,698 (-10.5%) $601,543 (-7.2%) 0.73 259
    2024-03-01 $325,000 (-6.0%) $650,526 (1.1%) 0.76 266
    Niles's median listing price for 2024-03-01 was $325,000, a difference of $-20,688 (-6.0%) versus the prior year and $21,302 versus the prior month.

    Niles's median listing price comes in at 76% of the national average.

    Niles's average listing price for 2024-03-01 was $650,526, a difference of $7,256 (1.1%) versus the prior year and $48,983 versus the prior month.

    For the 2024-03-01 period, Niles had 266 MLS listings, a difference of 7 listings (3%) versus the prior month and -4 listings (-1%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Niles (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 105 days 1,950 sqft
    2018-02-01 111 days 1,947 sqft
    2018-03-01 93 days 1,988 sqft
    2018-04-01 62 days 2,037 sqft
    2018-05-01 53 days 2,075 sqft
    2018-06-01 54 days 2,100 sqft
    2018-07-01 64 days 2,121 sqft
    2018-08-01 64 days 2,077 sqft
    2018-09-01 68 days 2,062 sqft
    2018-10-01 76 days 2,092 sqft
    2018-11-01 85 days 2,052 sqft
    2018-12-01 95 days 2,040 sqft
    2019-01-01 108 days 2,040 sqft
    2019-02-01 114 days 2,063 sqft
    2019-03-01 90 days 2,106 sqft
    2019-04-01 57 days 2,153 sqft
    2019-05-01 55 days 2,175 sqft
    2019-06-01 57 days 2,193 sqft
    2019-07-01 59 days 2,185 sqft
    2019-08-01 66 days 2,131 sqft
    2019-09-01 69 days 2,091 sqft
    2019-10-01 73 days 2,067 sqft
    2019-11-01 89 days 2,098 sqft
    2019-12-01 108 days 2,032 sqft
    2020-01-01 115 days 2,000 sqft
    2020-02-01 113 days 1,932 sqft
    2020-03-01 72 days 1,962 sqft
    2020-04-01 77 days 1,999 sqft
    2020-05-01 84 days 2,039 sqft
    2020-06-01 70 days 2,178 sqft
    2020-07-01 53 days 2,218 sqft
    2020-08-01 56 days 2,236 sqft
    2020-09-01 57 days 2,162 sqft
    2020-10-01 57 days 2,184 sqft
    2020-11-01 62 days 2,101 sqft
    2020-12-01 69 days 2,056 sqft
    2021-01-01 81 days 2,012 sqft
    2021-02-01 79 days 2,058 sqft
    2021-03-01 54 days 2,105 sqft
    2021-04-01 46 days 2,258 sqft
    2021-05-01 45 days 2,201 sqft
    2021-06-01 35 days 2,141 sqft
    2021-07-01 42 days 2,004 sqft
    2021-08-01 43 days 1,943 sqft
    2021-09-01 46 days 1,887 sqft
    2021-10-01 54 days 1,883 sqft
    2021-11-01 57 days 1,894 sqft
    2021-12-01 66 days 1,823 sqft
    2022-01-01 72 days 1,808 sqft
    2022-02-01 61 days 1,807 sqft
    2022-03-01 47 days 1,881 sqft
    2022-04-01 39 days 1,917 sqft
    2022-05-01 34 days 1,953 sqft
    2022-06-01 33 days 1,918 sqft
    2022-07-01 42 days 1,942 sqft
    2022-08-01 47 days 1,959 sqft
    2022-09-01 45 days 1,975 sqft
    2022-10-01 49 days 1,935 sqft
    2022-11-01 60 days 1,943 sqft
    2022-12-01 72 days 1,908 sqft
    2023-01-01 83 days 1,848 sqft
    2023-02-01 89 days 1,833 sqft
    2023-03-01 74 days 1,833 sqft
    2023-04-01 51 days 1,846 sqft
    2023-05-01 38 days 1,951 sqft
    2023-06-01 42 days 2,080 sqft
    2023-07-01 44 days 2,038 sqft
    2023-08-01 47 days 2,028 sqft
    2023-09-01 48 days 2,014 sqft
    2023-10-01 51 days 1,919 sqft
    2023-11-01 53 days 1,841 sqft
    2023-12-01 64 days 1,800 sqft
    2024-01-01 77 days 1,748 sqft
    2024-02-01 69 days 1,745 sqft
    2024-03-01 50 days 1,800 sqft
    Niles's median listing age (time on market) for 2024-03-01 was 50 days. This is -33% shorter than the same period one year ago.

    Niles's median square footage for active listings during the 2024-03-01 period was 1,800 sqft. One year prior, the average listing was 1,833 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).