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%.

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).