Portage remains a seller’s market, but the frenzy of 2021-22 has cooled into a steadier rhythm. April 2024 data from the Greater Kalamazoo Association of Realtors shows:

• Median days on market: 9 (down from 14 in March)
• List-to-sale ratio: 99.3 %—sellers rarely accept more than 1 % below asking
• New listings under $300,000: up 12 % year-over-year, giving first-time buyers breathing room
• Inventory above $400,000: still razor-thin, with only 2.3 months of supply

Interest-rate bumps hit every city, yet Portage’s employment base—Pfizer, Stryker, and the 130th Airlift wing—keeps foreclosure filings under 0.2 %. Translation: prices soften slowly, so waiting for a crash is a risky bet. If you’re renting a two-bedroom near Texas Corners for $1,650, owning a $250,000 condo with 5 % down and a 6.75 % fixed rate lands you at roughly $1,950 all-in after tax savings. NMHL’s rent-vs-own calculator pulls live Portage tax and HOA data so you can see the real delta before you fall in love with a listing.

Moorsbridge: Tree-lined streets, Portage Northern schools, and 2,200-sq-ft colonials built in the 90s trading around $275,000. FHA 3.5 % down works, but anything above $322,000 triggers jumbo territory—our conventional 5 % down high-balance program bridges that gap.

Lakestone: New-construction mecca; Ryan and Eastbrook are releasing 40 lots this summer. Expect base prices from $350,000. VA and USDA One-Time-Close construction loans eliminate double closing costs, and NMHL locks the permanent rate 90 days before completion.

Ramona Park: Bungalow charm, 0.25-acre lots, and a 5-minute dash to I-94. Investors have driven cash sales to 35 % of transactions, but owner-occupants using our conventional 97 % can still compete by waiving inspection up to $5,000 with our Repair-Escrow program.

Portage West (49024): Older housing stock, but Portage Central schools and proximity to the Crossroads Mall keep demand high. Rehab loans are king here—NMHL’s FHA 203(k) limited lets you roll $35,000 of flooring, windows, and kitchens into the purchase loan at only 3.5 % down.

Portage levies a total summer & winter millage of 48.9 mills—about 1.6 % of taxable value. On a $250,000 home with a $125,000 taxable value, expect roughly $2,000 per year. Key breakdown:

• City of Portage: 12.3 mills
• Portage Public Schools: 18.4 mills
• Kalamazoo County: 7.9 mills
• Kalamazoo Valley Community College: 0.4 mills
• State Education: 6.0 mills

Homestead exemption knocks off 18 mills once you file at City Hall—do it by May 1 to see savings on July’s bill. If you’re coming from Illinois or Indiana, Michigan’s uncapped taxable value resets on transfer, so escrow shortages in year two are common. NMHL builds a 5 % cushion into every debt-to-income calculation so you’re not blindsided when the assessor lifts the cap. We also track pending millage renewals; Portage schools have a sinking-fund request on the November ballot that could add 0.9 mills, translating to $112 per year on that same $125k taxable value.

Portage checks three boxes—stable prices, below-average insurance, and generous state grants—so first-time buyers can enter with surprisingly little cash:

MSHDA MI Home Loan: 3 % fixed-rate mortgage plus $7,500 forgivable DPA. Income cap for Portage (Kalamoozo County) is $60,800 for two people; purchase price cap is $224,500. Combine with seller concessions up to 6 % to wipe out most closing costs.

Mortgage Credit Certificate (MCC): Converts 20 % of annual mortgage interest into a federal tax credit for the life of the loan. On a $240,000 mortgage at 6.75 %, that’s about $3,240 back in your pocket every year—effectively lowering your rate by 1.35 %.

Portage HOME Program: City-funded $5,000 for down-payment or closing costs. Must be first-time buyer, attend a two-hour HUD workshop at the Portage District Library, and buy within city limits. Funds are released on a first-come basis each October; NMHL reserves your spot the day you sign a purchase agreement.

NMHL JumpStart Grant: Our internal program gifts $1,000 at closing if your household income is under 100 % AMI. Stack it with MSHDA and HOME for a total of $13,500 in free equity.

With Western Michigan University and the Kalamazoo startup corridor, 18 % of Portage households file Schedule C or K-1 income. Traditional lenders balk when write-offs decimate your AGI, but NMHL’s alternative-documentation suite uses top-line cash flow:

• 12-Month Bank-Statement Conventional: Qualify with 100 % of business deposits averaged over 12 months. Only 5 % down required up to $715,000. No tax returns, no 1099s.
• Profit-&-Loss Only: CPA-prepared YTD P&L plus three months business bank statements. Max 50 % DTI, minimum 660 score. Perfect for S-corp owners who retain earnings.
• 1099 High-Tier: Use gross 1099 income with expense factor of just 5 %. Rates trade only 0.25 % above prime conventional.

Last quarter we closed a couple who owns two smoothie shops on Westnedge. Their tax returns showed $42,000 net, but gross deposits hit $185,000. Bank-statement underwriting qualified them for a $385,000 build on South Shore Drive with 10 % down, no PMI, and a 30-year fixed at 6.99 %.

Between the Air National Guard base on Kilgore Road and the veterans’ clinic on Romence, Portage has one of Michigan’s densest military populations. That translates to VA loan volume—and lenders who actually understand entitlement:

Zero-Down Up to $647,200: Even with funding-fee roll-in, total payment beats conventional 97 % once you factor in no PMI. On a $300,000 purchase, a 580-credit-score veteran saves $312 per month versus FHA.

VA IRRRL Streamline: Already own in Portage? Reduce your rate without an appraisal or income docs. Average closing costs run $1,800 and we roll them into the loan—no payment until the second month.

Military Relocation Shortcut: PCS orders to Battle Creek or Selfridge? We’ll accept a verbal verification of employment from your gaining command and close in 17 days. Last May we moved a Major from Fort Hood into a $425,000 colonial on Oakland Drive while his household goods were still on a truck.