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 63 lenders originated 286 FHA loans during 2023. The total origination value was $50,780,000, with an average FHA loan value of $177,552.

Niles FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Niles averaged 7.11% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

Niles's average FHA mortgage closing costs are $6,412.

The average rate for the prior week (2024-06-07) was 7.1% and one month ago for the week of 2024-05-10, the average rate was 6.98%.

The average rate one year ago was 6.94%.

For refis of the same type during the week of 2024-06-14, the average rate was 7.03%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 51 6.30% $8,859
UNION HOME MORTGAGE CORP. 30 7.04% $10,273
LOANDEPOT.COM, LLC 13 6.55% $10,240
RUOFF MORTGAGE COMPANY, INC. 13 6.60% $6,184
UNITED 11 6.75% $8,552
GUARANTEED RATE, INC. 10 6.68% $8,216
CARDINAL FINANCIAL 9 7.15% $9,161
Fifth Third Bank 8 6.67% $8,559
Flagstar Bank, FSB 7 7.04% $6,749
UNITED WHOLESALE MORTGAGE, LLC 7 6.57% $9,874
AMERISAVE MORTGAGE CORPORATION 6 6.50% $10,231
Honor Credit Union 6 6.67% $6,451
HALLMARK HOME MORTGAGE, LLC 6 6.96% $6,427
Carrington Mortgage Services, LLC 6 6.46% $9,056
ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.71% $7,890
Horizon Bank 4 6.25% $7,700
The Huntington National Bank 4 7.06% $4,659
Mr. Cooper ( Nationstar Mortgage ) 3 5.71% $8,822
LAKEVIEW LOAN SERVICING, LLC 3 6.25% $7,382
CONTOUR MORTGAGE CORPORATION 3 7.00% $13,685
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $8,086
JPMorgan Chase Bank 3 6.75% $4,499
FREEDOM MORTGAGE CORPORATION 3 7.00% $10,424
NEWREZ LLC 2 6.00% $10,031
United Fidelity Funding Corp. 2 6.81% $23,796
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.19% $8,156
Neighborhood Loans, Inc. 2 7.00% $8,387
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.00% $6,749
MYCUMORTGAGE, LLC 2 7.25% $9,750
CROSSCOUNTRY MORTGAGE, LLC 2 7.25% $10,200
PLANET HOME LENDING, LLC 2 6.06% $5,781
MICHIGAN MUTUAL, INC. 2 6.13% $11,852
NBKC BANK 1 6.00% $7,915
NEW DAY FINANCIAL, LLC 1 7.25% $3,596
Paramount Residential Mortgage Group, Inc. 1 6.25% $12,722
PENNYMAC LOAN SERVICES, LLC 1 7.25% $10,223
Plains Commerce Bank 1 5.13% $7,203
PNC Bank 1 6.50% $4,359
Preston Home Loans Inc 1 6.38% $5,461
Centier Bank 1 7.25% $5,301
ROYAL UNITED MORTGAGE LLC 1 6.50% $13,101
CALIBER HOME LOANS, INC. 1 6.75% $6,246
TEACHERS CREDIT UNION 1 6.00% $5,654
ZILLOW HOME LOANS, LLC 1 5.63% $8,302
TOP FLITE FINANCIAL, INC. 1 6.75% $12,331
BECKAM FUNDING CORP. 1 7.13% $9,304
BAY EQUITY LLC 1 6.00% $8,751
Barrington Bank & Trust Company, N.A. 1 6.25% $7,351
FIRST STATE MORTGAGE SERVICES, LLC 1 6.63% $10,799
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.50% $14,977
GUILD MORTGAGE COMPANY 1 7.13% $12,401
EVERETT FINANCIAL, INC. 1 7.63% $8,926
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $13,836
Ixonia Bank 1 7.75% $7,699
KeyBank 1 6.88% $11,766
LEADERONE FINANCIAL CORPORATION 1 6.50% $5,672
LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $11,449
COMPASS MORTGAGE, INC. 1 6.00% $6,047
LOANPAL, LLC 1 6.13% $8,719
MILESTONE HOME LENDING, LLC 1 7.25% $9,260
MJW Financial LLC 1 7.63% $6,246
MORTGAGE 1 INCORPORATED 1 5.63% $7,021
NATIONS RELIABLE LENDING, LLC 1 6.75% $9,569

The top Niles FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 51 FHA loans originated. Their average total fees are $8,859, which is $1,414 lower 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. ($6,184), GUARANTEED RATE, INC. ($8,216), UNITED ($8,552), QUICKEN LOANS, LLC ($8,859) and LOANDEPOT.COM, LLC ($10,240).

The lowest rate Niles FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.30%), LOANDEPOT.COM, LLC (6.55%), RUOFF MORTGAGE COMPANY, INC. (6.60%), GUARANTEED RATE, INC. (6.68%) and UNITED (6.75%).

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

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 $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 (5.3%) $514,845 (6.6%) 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 (3.9%) 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%) $517,617 (0.3%) 1.10 684
2019-05-01 $347,175 (6.5%) $520,388 (1.2%) 1.09 739
2019-06-01 $334,900 (1.5%) $510,413 (-0.9%) 1.05 829
2019-07-01 $331,450 (2.3%) $519,445 (3.9%) 1.04 879
2019-08-01 $327,109 (5.5%) $508,328 (5.3%) 1.04 896
2019-09-01 $316,923 (5.7%) $495,389 (-1.4%) 1.01 912
2019-10-01 $310,357 (3.0%) $484,982 (-0.5%) 1.00 916
2019-11-01 $315,000 (5.6%) $481,930 (0.6%) 1.03 820
2019-12-01 $299,900 (0.3%) $453,263 (-5.1%) 1.00 701
2020-01-01 $294,925 (-1.2%) $442,728 (-5.6%) 0.99 614
2020-02-01 $295,000 (-6.2%) $446,369 (-10.0%) 0.97 616
2020-03-01 $327,000 (-1.8%) $470,157 (-8.5%) 1.03 603
2020-04-01 $338,400 (-2.3%) $510,745 (-1.3%) 1.06 586
2020-05-01 $339,000 (-2.4%) $501,727 (-3.6%) 1.03 639
2020-06-01 $355,725 (6.2%) $531,435 (4.1%) 1.05 629
2020-07-01 $356,850 (7.7%) $529,699 (2.0%) 1.03 593
2020-08-01 $358,875 (9.7%) $540,235 (6.3%) 1.03 514
2020-09-01 $342,725 (8.1%) $538,044 (8.6%) 0.98 468
2020-10-01 $357,325 (15.1%) $594,778 (22.6%) 1.02 408
2020-11-01 $349,950 (11.1%) $616,599 (27.9%) 1.02 377
2020-12-01 $349,950 (16.7%) $623,907 (37.7%) 1.04 338
2021-01-01 $341,950 (15.9%) $646,698 (46.1%) 1.02 280
2021-02-01 $358,900 (21.7%) $734,365 (64.5%) 1.04 213
2021-03-01 $351,225 (7.4%) $792,731 (68.6%) 1.00 217
2021-04-01 $425,700 (25.8%) $820,705 (60.7%) 1.15 215
2021-05-01 $406,950 (20.0%) $772,468 (54.0%) 1.08 234
2021-06-01 $397,125 (11.6%) $762,335 (43.5%) 1.05 289
2021-07-01 $350,000 (-1.9%) $672,401 (26.9%) 0.92 332
2021-08-01 $348,500 (-2.9%) $642,395 (18.9%) 0.93 360
2021-09-01 $340,875 (-0.5%) $613,274 (14.0%) 0.91 364
2021-10-01 $332,450 (-7.0%) $618,682 (4.0%) 0.89 311
2021-11-01 $339,900 (-2.9%) $640,753 (3.9%) 0.91 288
2021-12-01 $338,900 (-3.2%) $663,708 (6.4%) 0.92 226
2022-01-01 $322,400 (-5.7%) $666,659 (3.1%) 0.87 198
2022-02-01 $348,725 (-2.8%) $713,560 (-2.8%) 0.91 188
2022-03-01 $384,500 (9.5%) $746,748 (-5.8%) 0.96 184
2022-04-01 $399,000 (-6.3%) $772,145 (-5.9%) 0.95 198
2022-05-01 $419,975 (3.2%) $775,776 (0.4%) 0.96 242
2022-06-01 $399,225 (0.5%) $732,590 (-3.9%) 0.89 302
2022-07-01 $395,000 (12.9%) $682,874 (1.6%) 0.89 367
2022-08-01 $374,975 (7.6%) $668,499 (4.1%) 0.87 393
2022-09-01 $362,719 (6.4%) $643,521 (4.9%) 0.85 403
2022-10-01 $380,000 (14.3%) $675,027 (9.1%) 0.89 401
2022-11-01 $357,475 (5.2%) $654,569 (2.2%) 0.86 384
2022-12-01 $339,977 (0.3%) $648,901 (-2.2%) 0.84 339
2023-01-01 $315,000 (-2.3%) $653,406 (-2.0%) 0.78 293
2023-02-01 $339,425 (-2.7%) $648,371 (-9.1%) 0.82 271
2023-03-01 $345,688 (-10.1%) $643,270 (-13.9%) 0.82 270
2023-04-01 $360,000 (-9.8%) $679,138 (-12.1%) 0.84 265
2023-05-01 $418,500 (-0.4%) $740,451 (-4.6%) 0.95 263
2023-06-01 $450,000 (12.7%) $777,510 (6.1%) 1.01 297
2023-07-01 $400,000 (1.3%) $721,960 (5.7%) 0.91 327
2023-08-01 $400,625 (6.8%) $706,425 (5.7%) 0.92 350
2023-09-01 $364,950 (0.6%) $645,192 (0.3%) 0.85 361
2023-10-01 $349,675 (-8.0%) $623,444 (-7.6%) 0.82 384
2023-11-01 $346,175 (-3.2%) $627,977 (-4.1%) 0.82 363
2023-12-01 $326,500 (-4.0%) $571,339 (-12.0%) 0.80 320
2024-01-01 $308,675 (-2.0%) $553,718 (-15.3%) 0.75 288
2024-02-01 $303,698 (-10.5%) $601,543 (-7.2%) 0.73 259
2024-03-01 $325,000 (-6.0%) $650,526 (1.1%) 0.76 266
2024-04-01 $343,750 (-4.5%) $675,059 (-0.6%) 0.80 288
2024-05-01 $377,450 (-9.8%) $723,444 (-2.3%) 0.85 337
Niles's median listing price for 2024-05-01 was $377,450, a difference of $-41,050 (-9.8%) versus the prior year and $33,700 versus the prior month.

Niles's median listing price comes in at 85% of the national average.

Niles's average listing price for 2024-05-01 was $723,444, a difference of $-17,007 (-2.3%) versus the prior year and $48,385 versus the prior month.

For the 2024-05-01 period, Niles had 337 MLS listings, a difference of 49 listings (17%) versus the prior month and 74 listings (28%) 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
2018-01-01 105 days 1,950 sqft
2018-02-01 111 days 1,947 sqft
2018-03-01 93 days 1,988 sqft
2018-04-01 62 days 2,037 sqft
2018-05-01 53 days 2,075 sqft
2018-06-01 54 days 2,100 sqft
2018-07-01 64 days 2,121 sqft
2018-08-01 64 days 2,077 sqft
2018-09-01 68 days 2,062 sqft
2018-10-01 76 days 2,092 sqft
2018-11-01 85 days 2,052 sqft
2018-12-01 95 days 2,040 sqft
2019-01-01 108 days 2,040 sqft
2019-02-01 114 days 2,063 sqft
2019-03-01 90 days 2,106 sqft
2019-04-01 57 days 2,153 sqft
2019-05-01 55 days 2,175 sqft
2019-06-01 57 days 2,193 sqft
2019-07-01 59 days 2,185 sqft
2019-08-01 66 days 2,131 sqft
2019-09-01 69 days 2,091 sqft
2019-10-01 73 days 2,067 sqft
2019-11-01 89 days 2,098 sqft
2019-12-01 108 days 2,032 sqft
2020-01-01 115 days 2,000 sqft
2020-02-01 113 days 1,932 sqft
2020-03-01 72 days 1,962 sqft
2020-04-01 77 days 1,999 sqft
2020-05-01 84 days 2,039 sqft
2020-06-01 70 days 2,178 sqft
2020-07-01 53 days 2,218 sqft
2020-08-01 56 days 2,236 sqft
2020-09-01 57 days 2,162 sqft
2020-10-01 57 days 2,184 sqft
2020-11-01 62 days 2,101 sqft
2020-12-01 69 days 2,056 sqft
2021-01-01 81 days 2,012 sqft
2021-02-01 79 days 2,058 sqft
2021-03-01 54 days 2,105 sqft
2021-04-01 46 days 2,258 sqft
2021-05-01 45 days 2,201 sqft
2021-06-01 35 days 2,141 sqft
2021-07-01 42 days 2,004 sqft
2021-08-01 43 days 1,943 sqft
2021-09-01 46 days 1,887 sqft
2021-10-01 54 days 1,883 sqft
2021-11-01 57 days 1,894 sqft
2021-12-01 66 days 1,823 sqft
2022-01-01 72 days 1,808 sqft
2022-02-01 61 days 1,807 sqft
2022-03-01 47 days 1,881 sqft
2022-04-01 39 days 1,917 sqft
2022-05-01 34 days 1,953 sqft
2022-06-01 33 days 1,918 sqft
2022-07-01 42 days 1,942 sqft
2022-08-01 47 days 1,959 sqft
2022-09-01 45 days 1,975 sqft
2022-10-01 49 days 1,935 sqft
2022-11-01 60 days 1,943 sqft
2022-12-01 72 days 1,908 sqft
2023-01-01 83 days 1,848 sqft
2023-02-01 89 days 1,833 sqft
2023-03-01 74 days 1,833 sqft
2023-04-01 51 days 1,846 sqft
2023-05-01 38 days 1,951 sqft
2023-06-01 42 days 2,080 sqft
2023-07-01 44 days 2,038 sqft
2023-08-01 47 days 2,028 sqft
2023-09-01 48 days 2,014 sqft
2023-10-01 51 days 1,919 sqft
2023-11-01 53 days 1,841 sqft
2023-12-01 64 days 1,800 sqft
2024-01-01 77 days 1,748 sqft
2024-02-01 69 days 1,745 sqft
2024-03-01 50 days 1,800 sqft
2024-04-01 45 days 1,841 sqft
2024-05-01 38 days 1,930 sqft
Niles's median listing age (time on market) for 2024-05-01 was 38 days. This is -1% shorter than the same period one year ago.

Niles's median square footage for active listings during the 2024-05-01 period was 1,930 sqft. One year prior, the average listing was 1,951 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).