Niles FHA Loans

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 64 lenders originated 431 FHA loans during 2021. The total origination value was $64,865,000, with an average FHA loan value of $150,499.

    Niles FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Niles averaged 5.3% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.33% and one month ago for the week of 2022-04-08, the average rate was 4.9%.

    The average rate one year ago was 3.01%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.27%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Niles level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 84 2.82% $5,559
    AMERIFIRST FINANCIAL CORPORATION 41 3.90% $8,661
    UNITED 39 2.85% $6,191
    RUOFF MORTGAGE COMPANY, INC. 30 3.30% $3,889
    Flagstar Bank, FSB 15 3.10% $6,086
    HALLMARK HOME MORTGAGE, LLC 13 3.67% $5,592
    Horizon Bank 13 3.57% $5,027
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 13 3.59% $6,595
    PENNYMAC LOAN SERVICES, LLC 9 3.14% $3,655
    Mr. Cooper ( Nationstar Mortgage ) 9 3.50% $2,879
    FREEDOM MORTGAGE CORPORATION 7 2.96% $3,057
    LOANDEPOT.COM, LLC 7 4.07% $6,992
    OCEANSIDE MORTGAGE COMPANY 6 2.72% $2,293
    LAKEVIEW LOAN SERVICING, LLC 6 3.06% $4,208
    VILLAGE CAPITAL & INVESTMENT LLC 5 2.73% $1,895
    GUARANTEED RATE, INC. 5 3.23% $6,675
    SUCCESS MORTGAGE PARTNERS, INC. 4 3.22% $9,193
    UNITED WHOLESALE MORTGAGE, LLC 4 2.74% $5,715
    BROKER SOLUTIONS, INC. 4 3.16% $6,115
    UNION HOME MORTGAGE CORP. 3 2.79% $6,455
    Fifth Third Bank 3 2.88% $5,591
    Honor Credit Union 3 3.79% $4,884
    1st Source Bank 3 3.04% $4,875
    NEWREZ LLC 3 2.99% $4,100
    AMERISAVE MORTGAGE CORPORATION 3 3.25% $7,043
    The Huntington National Bank 3 3.38% $5,986
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.50% $6,630
    CALIBER HOME LOANS, INC. 2 2.69% $5,689
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 3.50% $7,680
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.44% $6,500
    FINANCE OF AMERICA MORTGAGE LLC 2 3.31% $10,281
    LAKE MICHIGAN CREDIT UNION 2 3.00% $6,004
    MORTGAGE 1 INCORPORATED 2 3.38% $5,989
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.75% $10,394
    TOP FLITE FINANCIAL, INC. 2 3.50% $6,804
    LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $9,312
    Hometown Equity Mortgage, LLC 1 3.75% $5,141
    Mercantile Bank of Michigan 1 3.25% $5,904
    MICHIGAN MUTUAL, INC. 1 2.88% $8,233
    MID AMERICA MORTGAGE, INC. 1 4.00% $5,556
    CELEBRITY HOME LOANS, LLC 1 3.50% $5,563
    HOMESIDE FINANCIAL, LLC 1 2.75% $4,239
    VAN DYK MORTGAGE CORPORATION 1 3.50% $2,364
    Nations Lending Corporation 1 2.88% $9,088
    Neighborhood Loans, Inc. 1 3.13% $4,400
    HOME POINT FINANCIAL CORPORATION 1 2.38% $3,861
    NORTHERN MORTGAGE SERVICES, LLC 1 3.63% $11,191
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.38% $7,245
    Goldwater Bank, N.A. 1 3.00% $10,651
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.99% $6,429
    RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.63% $5,170
    First Guaranty Mortgage Corporation 1 3.13% $6,107
    Servion, Inc. 1 2.88% $7,498
    CROSSCOUNTRY MORTGAGE, LLC 1 2.88% $4,603
    TEACHERS CREDIT UNION 1 2.75% $5,142
    The Federal Savings Bank 1 3.13% $5,711
    CONTOUR MORTGAGE CORPORATION 1 3.63% $9,408
    Bank of England 1 3.13% $5,662
    COMPASS MORTGAGE, INC. 1 3.63% $9,105
    CMG MORTGAGE, INC. 1 4.38% $5,010
    Independent Bank 1 3.25% $7,984
    JPMorgan Chase Bank 1 2.75% $6,535
    UNITED SECURITY FINANCIAL CORP 1 2.50% $4,696
    Hometown Lenders, Inc. 1 3.25% $7,499

    The top Niles FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 84 FHA loans originated. Their average total fees are $5,559, which is $3,103 lower than the next largest lender, AMERIFIRST FINANCIAL CORPORATION.

    The lowest fee Niles FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($3,889), Horizon Bank ($5,027), QUICKEN LOANS, LLC ($5,559), HALLMARK HOME MORTGAGE, LLC ($5,592) and Flagstar Bank, FSB ($6,086).

    The lowest rate Niles FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.82%), UNITED (2.85%), Flagstar Bank, FSB (3.10%), RUOFF MORTGAGE COMPANY, INC. (3.30%) and Horizon Bank (3.57%).

    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

    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 $259,500 (-13.5%) $465,117 (-10.4%) 0.96 713
    2018-02-01 $284,900 (-11.0%) $492,220 (-5.9%) 1.03 658
    2018-03-01 $299,000 (-13.8%) $504,552 (-6.0%) 1.03 656
    2018-04-01 $321,000 (-7.0%) $523,317 (0.2%) 1.08 704
    2018-05-01 $325,000 (1.3%) $523,593 (5.3%) 1.08 791
    2018-06-01 $335,000 (6.9%) $528,677 (12.1%) 1.12 872
    2018-07-01 $324,950 (8.7%) $502,884 (7.1%) 1.08 944
    2018-08-01 $310,000 (7.3%) $482,970 (2.6%) 1.04 1,017
    2018-09-01 $300,000 (7.5%) $500,595 (6.0%) 1.00 1,017
    2018-10-01 $308,000 (10.2%) $489,339 (3.0%) 1.03 996
    2018-11-01 $298,950 (4.9%) $483,639 (0.5%) 1.00 918
    2018-12-01 $298,500 (12.7%) $475,851 (1.5%) 1.02 785
    2019-01-01 $299,000 (15.2%) $481,845 (3.6%) 1.03 658
    2019-02-01 $315,400 (10.7%) $509,464 (3.5%) 1.06 624
    2019-03-01 $332,229 (11.1%) $521,426 (3.3%) 1.08 656
    2019-04-01 $343,500 (7.0%) $519,811 (-0.7%) 1.08 704
    2019-05-01 $347,450 (6.9%) $520,064 (-0.7%) 1.07 757
    2019-06-01 $335,000 (0.0%) $502,173 (-5.0%) 1.03 844
    2019-07-01 $332,000 (2.2%) $513,851 (2.2%) 1.03 889
    2019-08-01 $328,529 (6.0%) $506,522 (4.9%) 1.03 919
    2019-09-01 $317,900 (6.0%) $490,486 (-2.0%) 1.01 949
    2019-10-01 $315,000 (2.3%) $480,167 (-1.9%) 1.00 929
    2019-11-01 $319,000 (6.7%) $478,541 (-1.1%) 1.03 825
    2019-12-01 $299,900 (0.5%) $452,377 (-4.9%) 1.00 718
    2020-01-01 $295,950 (-1.0%) $445,945 (-7.5%) 0.99 630
    2020-02-01 $294,000 (-6.8%) $441,721 (-13.3%) 0.95 634
    2020-03-01 $322,450 (-2.9%) $465,306 (-10.8%) 1.01 608
    2020-04-01 $334,900 (-2.5%) $497,102 (-4.4%) 1.04 590
    2020-05-01 $339,000 (-2.4%) $488,809 (-6.0%) 1.03 633
    2020-06-01 $359,000 (7.2%) $522,437 (4.0%) 1.05 629
    2020-07-01 $358,900 (8.1%) $522,015 (1.6%) 1.03 594
    2020-08-01 $355,900 (8.3%) $536,364 (5.9%) 1.02 512
    2020-09-01 $339,450 (6.8%) $532,787 (8.6%) 0.97 466
    2020-10-01 $359,000 (14.0%) $584,631 (21.8%) 1.03 412
    2020-11-01 $349,450 (9.6%) $599,913 (25.4%) 1.00 380
    2020-12-01 $342,400 (14.2%) $598,594 (32.3%) 1.00 343
    2021-01-01 $329,000 (11.2%) $619,911 (39.0%) 0.97 281
    2021-02-01 $349,900 (19.0%) $696,681 (57.7%) 1.01 213
    2021-03-01 $349,900 (8.5%) $753,555 (62.0%) 0.98 216
    2021-04-01 $403,450 (20.5%) $774,166 (55.7%) 1.08 215
    2021-05-01 $395,000 (16.5%) $737,557 (50.9%) 1.04 228
    2021-06-01 $389,950 (8.6%) $740,071 (41.7%) 1.01 288
    2021-07-01 $349,950 (-2.5%) $654,088 (25.3%) 0.91 329
    2021-08-01 $347,450 (-2.4%) $632,181 (17.9%) 0.91 367
    2021-09-01 $341,000 (0.5%) $607,302 (14.0%) 0.90 365
    2021-10-01 $339,900 (-5.3%) $607,868 (4.0%) 0.89 313
    2021-11-01 $345,000 (-1.3%) $630,662 (5.1%) 0.91 292
    2021-12-01 $337,400 (-1.5%) $642,680 (7.4%) 0.90 227
    2022-01-01 $299,900 (-8.8%) $653,242 (5.4%) 0.80 196
    2022-02-01 $352,000 (0.6%) $722,994 (3.8%) 0.90 188
    2022-03-01 $389,000 (11.2%) $738,985 (-1.9%) 0.96 184
    2022-04-01 $395,000 (-2.1%) $772,695 (-0.2%) 0.93 202
    Niles's median listing price for 2022-04-01 was $395,000, a difference of $-8,450 (-2.1%) versus the prior year and $6,000 versus the prior month.

    Niles's median listing price comes in at 93% of the national average.

    Niles's average listing price for 2022-04-01 was $772,695, a difference of $-1,471 (-0.2%) versus the prior year and $33,710 versus the prior month.

    For the 2022-04-01 period, Niles had 202 MLS listings, a difference of 18 listings (10%) versus the prior month and -13 listings (-6%) 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
    2018-01-01 115 days 1,955 sqft
    2018-02-01 124 days 1,951 sqft
    2018-03-01 115 days 2,000 sqft
    2018-04-01 75 days 2,053 sqft
    2018-05-01 64 days 2,101 sqft
    2018-06-01 63 days 2,128 sqft
    2018-07-01 71 days 2,145 sqft
    2018-08-01 73 days 2,127 sqft
    2018-09-01 78 days 2,102 sqft
    2018-10-01 83 days 2,118 sqft
    2018-11-01 92 days 2,078 sqft
    2018-12-01 105 days 2,044 sqft
    2019-01-01 113 days 2,050 sqft
    2019-02-01 122 days 2,092 sqft
    2019-03-01 101 days 2,123 sqft
    2019-04-01 63 days 2,173 sqft
    2019-05-01 63 days 2,193 sqft
    2019-06-01 64 days 2,203 sqft
    2019-07-01 66 days 2,202 sqft
    2019-08-01 69 days 2,140 sqft
    2019-09-01 74 days 2,088 sqft
    2019-10-01 79 days 2,077 sqft
    2019-11-01 95 days 2,100 sqft
    2019-12-01 113 days 2,029 sqft
    2020-01-01 123 days 1,996 sqft
    2020-02-01 120 days 1,936 sqft
    2020-03-01 94 days 1,987 sqft
    2020-04-01 87 days 1,995 sqft
    2020-05-01 91 days 2,039 sqft
    2020-06-01 87 days 2,171 sqft
    2020-07-01 62 days 2,238 sqft
    2020-08-01 63 days 2,245 sqft
    2020-09-01 64 days 2,168 sqft
    2020-10-01 63 days 2,253 sqft
    2020-11-01 68 days 2,119 sqft
    2020-12-01 75 days 2,064 sqft
    2021-01-01 90 days 2,028 sqft
    2021-02-01 87 days 2,018 sqft
    2021-03-01 72 days 2,062 sqft
    2021-04-01 54 days 2,180 sqft
    2021-05-01 50 days 2,120 sqft
    2021-06-01 39 days 2,107 sqft
    2021-07-01 41 days 2,000 sqft
    2021-08-01 45 days 1,940 sqft
    2021-09-01 50 days 1,908 sqft
    2021-10-01 58 days 1,914 sqft
    2021-11-01 61 days 1,913 sqft
    2021-12-01 71 days 1,826 sqft
    2022-01-01 74 days 1,788 sqft
    2022-02-01 67 days 1,810 sqft
    2022-03-01 52 days 1,870 sqft
    2022-04-01 43 days 1,930 sqft
    Niles's median listing age (time on market) for 2022-04-01 was 43 days. This is -20% shorter than the same period one year ago.

    Niles's median square footage for active listings during the 2022-04-01 period was 1,930 sqft. One year prior, the average listing was 2,180 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).