Niles FHA Loan Rates, Closing Costs & Stats
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
6.33%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Niles's average FHA mortgage closing costs are $5,648.
The average rate for the prior week (2023-01-20) was
6.2% and
one month ago for the week of 2022-12-23, the
average rate was 6.39%.
The average rate one year ago was 3.78%.
For refis of the same type during the week of 2023-01-27, the average rate
was 6.09%.
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.
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 | $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 (5.4%) | $514,845 (6.7%) | 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 (3.8%) | 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%) | $517,300 (0.3%) | 1.10 | 684 |
2019-05-01 | $345,850 (6.1%) | $519,825 (1.1%) | 1.08 | 740 |
2019-06-01 | $334,900 (1.5%) | $509,872 (-1.0%) | 1.05 | 830 |
2019-07-01 | $330,950 (2.2%) | $518,938 (3.8%) | 1.04 | 880 |
2019-08-01 | $325,973 (5.2%) | $507,836 (5.2%) | 1.03 | 897 |
2019-09-01 | $315,582 (5.2%) | $494,917 (-1.5%) | 1.01 | 913 |
2019-10-01 | $309,405 (2.7%) | $484,518 (-0.6%) | 1.00 | 917 |
2019-11-01 | $315,000 (5.6%) | $481,395 (0.5%) | 1.03 | 821 |
2019-12-01 | $299,900 (0.3%) | $452,721 (-5.2%) | 1.00 | 702 |
2020-01-01 | $294,416 (-1.3%) | $442,103 (-5.7%) | 0.98 | 615 |
2020-02-01 | $294,950 (-6.2%) | $445,739 (-10.1%) | 0.96 | 617 |
2020-03-01 | $326,000 (-2.1%) | $469,475 (-8.6%) | 1.02 | 604 |
2020-04-01 | $336,175 (-2.9%) | $509,982 (-1.4%) | 1.05 | 587 |
2020-05-01 | $339,000 (-2.0%) | $501,047 (-3.6%) | 1.03 | 640 |
2020-06-01 | $354,500 (5.9%) | $530,683 (4.1%) | 1.04 | 630 |
2020-07-01 | $356,838 (7.8%) | $528,942 (1.9%) | 1.03 | 594 |
2020-08-01 | $358,750 (10.1%) | $539,367 (6.2%) | 1.03 | 515 |
2020-09-01 | $339,700 (7.6%) | $536,609 (8.4%) | 0.97 | 469 |
2020-10-01 | $355,900 (15.0%) | $593,560 (22.5%) | 1.02 | 409 |
2020-11-01 | $349,950 (11.1%) | $615,271 (27.8%) | 1.02 | 378 |
2020-12-01 | $348,700 (16.3%) | $622,346 (37.5%) | 1.04 | 339 |
2021-01-01 | $339,000 (15.1%) | $645,694 (46.1%) | 1.01 | 281 |
2021-02-01 | $355,425 (20.5%) | $731,561 (64.1%) | 1.03 | 214 |
2021-03-01 | $351,200 (7.7%) | $790,780 (68.4%) | 1.00 | 218 |
2021-04-01 | $421,387 (25.4%) | $817,562 (60.3%) | 1.14 | 216 |
2021-05-01 | $399,900 (18.0%) | $769,782 (53.6%) | 1.06 | 235 |
2021-06-01 | $396,500 (11.9%) | $760,152 (43.2%) | 1.04 | 290 |
2021-07-01 | $350,000 (-1.9%) | $671,906 (27.0%) | 0.92 | 332 |
2021-08-01 | $348,500 (-2.9%) | $641,978 (19.0%) | 0.93 | 360 |
2021-09-01 | $340,875 (0.4%) | $612,887 (14.2%) | 0.91 | 364 |
2021-10-01 | $332,450 (-6.6%) | $618,268 (4.2%) | 0.89 | 311 |
2021-11-01 | $339,900 (-2.9%) | $639,665 (4.0%) | 0.91 | 288 |
2021-12-01 | $337,650 (-3.2%) | $661,548 (6.3%) | 0.92 | 227 |
2022-01-01 | $307,400 (-9.3%) | $657,182 (1.8%) | 0.83 | 199 |
2022-02-01 | $347,500 (-2.2%) | $711,019 (-2.8%) | 0.90 | 189 |
2022-03-01 | $375,875 (7.0%) | $743,769 (-5.9%) | 0.94 | 185 |
2022-04-01 | $397,000 (-5.8%) | $769,450 (-5.9%) | 0.95 | 199 |
2022-05-01 | $418,700 (4.7%) | $773,162 (0.4%) | 0.96 | 243 |
2022-06-01 | $399,000 (0.6%) | $730,650 (-3.9%) | 0.89 | 303 |
2022-07-01 | $394,950 (12.8%) | $681,339 (1.4%) | 0.89 | 368 |
2022-08-01 | $374,950 (7.6%) | $667,468 (4.0%) | 0.87 | 394 |
2022-09-01 | $362,489 (6.3%) | $643,665 (5.0%) | 0.85 | 404 |
2022-10-01 | $379,950 (14.3%) | $673,665 (9.0%) | 0.89 | 402 |
2022-11-01 | $357,425 (5.2%) | $653,918 (2.2%) | 0.86 | 385 |
2022-12-01 | $339,000 (0.4%) | $645,750 (-2.4%) | 0.85 | 341 |
Niles's median listing price comes in at 85% of the national average.
Niles's average listing price for 2022-12-01 was $645,750, a difference of $-15,798 (-2.4%) versus the prior year and $-8,168 versus the prior month.
For the 2022-12-01 period, Niles had 341 MLS listings, a difference of -44 listings (-11%) versus the prior month and 114 listings (50%) 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 | 119 days | 1,955 sqft |
2018-02-01 | 127 days | 1,948 sqft |
2018-03-01 | 116 days | 1,992 sqft |
2018-04-01 | 76 days | 2,037 sqft |
2018-05-01 | 65 days | 2,075 sqft |
2018-06-01 | 64 days | 2,100 sqft |
2018-07-01 | 73 days | 2,121 sqft |
2018-08-01 | 74 days | 2,077 sqft |
2018-09-01 | 78 days | 2,062 sqft |
2018-10-01 | 84 days | 2,092 sqft |
2018-11-01 | 93 days | 2,052 sqft |
2018-12-01 | 107 days | 2,040 sqft |
2019-01-01 | 116 days | 2,040 sqft |
2019-02-01 | 126 days | 2,063 sqft |
2019-03-01 | 99 days | 2,106 sqft |
2019-04-01 | 62 days | 2,153 sqft |
2019-05-01 | 62 days | 2,176 sqft |
2019-06-01 | 61 days | 2,192 sqft |
2019-07-01 | 66 days | 2,184 sqft |
2019-08-01 | 69 days | 2,130 sqft |
2019-09-01 | 72 days | 2,090 sqft |
2019-10-01 | 76 days | 2,066 sqft |
2019-11-01 | 94 days | 2,097 sqft |
2019-12-01 | 114 days | 2,028 sqft |
2020-01-01 | 126 days | 1,999 sqft |
2020-02-01 | 123 days | 1,932 sqft |
2020-03-01 | 87 days | 1,957 sqft |
2020-04-01 | 86 days | 1,994 sqft |
2020-05-01 | 90 days | 2,037 sqft |
2020-06-01 | 86 days | 2,176 sqft |
2020-07-01 | 60 days | 2,216 sqft |
2020-08-01 | 62 days | 2,236 sqft |
2020-09-01 | 64 days | 2,154 sqft |
2020-10-01 | 63 days | 2,179 sqft |
2020-11-01 | 69 days | 2,091 sqft |
2020-12-01 | 75 days | 2,054 sqft |
2021-01-01 | 86 days | 2,004 sqft |
2021-02-01 | 86 days | 2,044 sqft |
2021-03-01 | 60 days | 2,090 sqft |
2021-04-01 | 48 days | 2,252 sqft |
2021-05-01 | 50 days | 2,201 sqft |
2021-06-01 | 37 days | 2,130 sqft |
2021-07-01 | 43 days | 2,002 sqft |
2021-08-01 | 43 days | 1,930 sqft |
2021-09-01 | 46 days | 1,881 sqft |
2021-10-01 | 56 days | 1,878 sqft |
2021-11-01 | 58 days | 1,890 sqft |
2021-12-01 | 69 days | 1,820 sqft |
2022-01-01 | 72 days | 1,804 sqft |
2022-02-01 | 64 days | 1,804 sqft |
2022-03-01 | 50 days | 1,869 sqft |
2022-04-01 | 40 days | 1,912 sqft |
2022-05-01 | 35 days | 1,951 sqft |
2022-06-01 | 35 days | 1,914 sqft |
2022-07-01 | 43 days | 1,937 sqft |
2022-08-01 | 48 days | 1,955 sqft |
2022-09-01 | 46 days | 1,969 sqft |
2022-10-01 | 49 days | 1,931 sqft |
2022-11-01 | 62 days | 1,937 sqft |
2022-12-01 | 75 days | 1,901 sqft |
Niles's median square footage for active listings during the 2022-12-01 period was 1,901 sqft. One year prior, the average listing was 1,820 sqft.