Niles FHA Loans
NILES, 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.
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.