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 59 lenders originated 319 FHA loans during 2024. The total origination value was $64,845,000, with an average FHA loan value of $203,276.

    Niles FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Niles averaged 0.39% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Niles's average FHA mortgage closing costs are $6,758.

    The average rate for the prior week (2025-06-13) was 6.97% and one month ago for the week of 2025-05-16, the average rate was 6.73%.

    The average rate one year ago was 7.09%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.32%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 43 6.21% $10,323
    UNION HOME MORTGAGE CORP. 38 6.85% $10,200
    RUOFF MORTGAGE COMPANY, INC. 18 6.53% $6,632
    UNITED 15 6.44% $7,645
    UNITED WHOLESALE MORTGAGE, LLC 11 6.20% $17,710
    Fifth Third Bank 11 6.42% $7,118
    INSPIRE HOME LOANS INC. 9 5.57% $9,300
    LOANDEPOT.COM, LLC 9 6.78% $9,004
    HALLMARK HOME MORTGAGE, LLC 8 6.77% $8,304
    GUARANTEED RATE, INC. 8 6.78% $10,525
    Honor Credit Union 8 6.58% $6,570
    PENNYMAC LOAN SERVICES, LLC 6 6.00% $6,316
    CARDINAL FINANCIAL 5 6.93% $8,066
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.06% $9,589
    Horizon Bank 4 6.38% $6,819
    Flagstar Bank, FSB 4 6.21% $9,116
    FREEDOM MORTGAGE CORPORATION 3 6.75% $8,400
    CROSSCOUNTRY MORTGAGE, LLC 3 6.71% $10,140
    Northpointe Bank 3 6.92% $9,486
    Carrington Mortgage Services, LLC 3 6.29% $11,526
    GVC MORTGAGE, INC. 3 6.88% $10,213
    TOP FLITE FINANCIAL, INC. 3 6.71% $6,966
    NETWORK CAPITAL FUNDING CORPORATION 2 6.00% $13,773
    PROPER RATE, LLC 2 7.16% $7,475
    LAKE MICHIGAN CREDIT UNION 2 6.31% $9,757
    Mr. Cooper ( Nationstar Mortgage ) 2 6.69% $12,500
    MORTGAGE 1 INCORPORATED 2 6.31% $11,666
    NORTHERN MORTGAGE SERVICES, LLC 2 6.38% $4,172
    BROKER SOLUTIONS, INC. 2 7.19% $14,396
    The Huntington National Bank 2 6.94% $6,538
    Mortgage Research Center, LLC 2 6.19% $3,989
    CMG MORTGAGE, INC. 2 7.19% $6,738
    NEWREZ LLC 2 6.19% $7,275
    Wells Fargo Bank 1 5.88% $5,390
    ARBOR FINANCIAL CREDIT UNION 1 6.88% $4,539
    Bell Bank 1 6.13% $12,455
    Bethpage Federal Credit Union 1 7.13% $4,030
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $12,192
    CONTOUR MORTGAGE CORPORATION 1 6.75% $11,058
    Dort Financial Credit Union 1 6.50% $5,196
    Equity Prime Mortgage LLC 1 6.75% $6,913
    EVERETT FINANCIAL, INC. 1 7.63% $3,904
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.63% $6,154
    Hometown Equity Mortgage, LLC 1 8.25% $8,217
    Independent Bank 1 5.50% $9,856
    LOANPAL, LLC 1 5.63% $7,398
    MID AMERICA MORTGAGE, INC. 1 6.13% $6,820
    MILEND, INC. 1 5.75% $16,606
    MMS MORTGAGE SERVICES, LTD. 1 6.63% $5,938
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $18,957
    MYCUMORTGAGE, LLC 1 6.63% $5,117
    Notre Dame Federal Credit Union Corporation 1 6.25% $7,653
    PLANET HOME LENDING, LLC 1 6.63% $7,477
    RANLIFE, INC. 1 6.63% $7,723
    TEACHERS CREDIT UNION 1 5.63% $6,173
    The Dart Bank 1 6.63% $9,253
    The Loan Store, Inc. 1 5.63% $8,629
    TOWNE MORTGAGE COMPANY 1 7.75% $9,845
    AMERICAN FINANCIAL NETWORK, INC. 1 5.75% $14,735

    The top Niles FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 43 FHA loans originated. Their average total fees are $10,323, which is $123 higher 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. ($6,632), Fifth Third Bank ($7,118), UNITED ($7,645), UNION HOME MORTGAGE CORP. ($10,200) and QUICKEN LOANS, LLC ($10,323).

    The lowest rate Niles FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.20%), QUICKEN LOANS, LLC (6.21%), Fifth Third Bank (6.42%), UNITED (6.44%) and RUOFF MORTGAGE COMPANY, INC. (6.53%).

    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).