Albany FHA Loan Rates, Closing Costs & Stats

ALBANY-SCHENECTADY-TROY, NY

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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.

    Albany's 73 lenders originated 1,273 FHA loans during 2023. The total origination value was $295,615,000, with an average FHA loan value of $232,219.

    Albany FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Albany averaged 5.87% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Albany's average FHA mortgage closing costs are $7,182.

    The average rate for the prior week (2024-11-01) was 5.94% and one month ago for the week of 2024-10-04, the average rate was 5.56%.

    The average rate one year ago was 6.91%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.24%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Albany 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 Albany level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HOMESTEAD FUNDING CORP. 225 6.66% $7,337
    QUICKEN LOANS, LLC 157 6.31% $11,084
    UNITED WHOLESALE MORTGAGE, LLC 127 6.47% $12,071
    SEFCU SERVICES, LLC 100 6.27% $8,325
    SUNMARK FEDERAL CREDIT UNION 63 6.12% $8,198
    Premium Mortgage Corporation 53 6.70% $7,982
    PLAZA HOME MORTGAGE, INC. 47 6.59% $11,474
    NEWREZ LLC 44 6.81% $11,298
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 33 7.15% $11,180
    KeyBank 27 6.39% $7,273
    M&T Bank 18 6.27% $10,520
    Mr. Cooper ( Nationstar Mortgage ) 17 6.20% $13,606
    HUNT MORTGAGE CORPORATION 16 6.41% $12,268
    GUARANTEED RATE, INC. 15 6.47% $11,587
    MOVEMENT MORTGAGE, LLC 14 6.77% $9,923
    PENNYMAC LOAN SERVICES, LLC 14 6.69% $12,714
    LOANDEPOT.COM, LLC 13 6.35% $10,770
    EMM LOANS LLC 13 6.47% $16,265
    NATIONWIDE MORTGAGE BANKERS, INC. 11 6.61% $13,677
    US MORTGAGE CORPORATION 10 6.76% $13,986
    Carrington Mortgage Services, LLC 10 6.44% $13,944
    RELIANCE FIRST CAPITAL, LLC 10 6.64% $13,746
    1ST PRIORITY MORTGAGE, INC. 7 6.61% $10,242
    NP, Inc. 7 6.64% $11,750
    FREEDOM MORTGAGE CORPORATION 7 6.80% $14,924
    Citizens Bank 7 6.29% $11,057
    CARDINAL FINANCIAL 7 6.59% $13,455
    CROSSCOUNTRY MORTGAGE, LLC 6 6.28% $14,154
    AMERICAN FINANCING CORPORATION 5 5.98% $14,404
    PLANET HOME LENDING, LLC 5 6.15% $8,832
    Berkshire Bank 5 6.48% $8,847
    PHH Mortgage Corporation 5 6.48% $10,868
    JPMorgan Chase Bank 5 6.60% $5,332
    ABSOLUTE HOME MORTGAGE CORPORATION 4 6.88% $15,190
    AMERICAN FINANCIAL RESOURCES, INC. 4 6.19% $9,943
    Evolve Bank & Trust 4 6.28% $10,885
    CONTOUR MORTGAGE CORPORATION 4 6.25% $12,421
    SUN WEST MORTGAGE COMPANY, INC. 3 6.77% $12,592
    East Coast Capital Corp. 3 6.63% $21,959
    The Federal Savings Bank 3 6.83% $12,622
    TD Bank 3 6.63% $8,873
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.63% $14,042
    Flagstar Bank, FSB 3 6.71% $11,968
    Barrington Bank & Trust Company, N.A. 3 6.25% $12,356
    AMERICAN FINANCIAL NETWORK, INC. 3 6.63% $12,795
    Plains Commerce Bank 3 6.63% $10,618
    Wells Fargo Bank 2 6.38% $8,429
    EMBRACE HOME LOANS, INC. 2 7.12% $10,502
    Glens Falls National Bank and Trust Company 2 6.38% $9,559
    CLIFFCO, INC. 2 6.25% $9,195
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 2 6.56% $13,711
    MLB RESIDENTIAL LENDING, LLC 2 7.38% $18,412
    NBT Bank 2 6.63% $6,737
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.25% $10,908
    ROYAL UNITED MORTGAGE LLC 2 6.75% $10,545
    PNC Bank 1 7.25% $12,124
    Bank of America 1 5.00% $8,664
    WALL STREET MORTGAGE BANKERS, LTD. 1 6.13% $19,744
    BETTER MORTGAGE CORPORATION 1 7.25% $14,256
    BLAIR SERVICES OF AMERICA INC. 1 6.63% $7,727
    Equity Prime Mortgage LLC 1 6.25% $23,078
    MID-ISLAND MORTGAGE CORP. 1 7.88% $6,179
    SIRVA MORTGAGE, INC. 1 5.63% $5,993
    Magnolia Bank 1 6.63% $13,587
    CIBM Bank 1 6.75% $11,573
    HARTFORD FUNDING, LTD. 1 6.75% $22,214
    CMG MORTGAGE, INC. 1 7.13% $12,919
    TOTAL MORTGAGE SERVICES, LLC 1 5.75% $9,922
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.25% $14,524
    Community Bank 1 6.88% $6,288
    Valley National Bank 1 6.75% $11,912
    Northpointe Bank 1 5.75% $19,157
    Bank of England 1 6.63% $11,070

    The top Albany FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 225 FHA loans originated. Their average total fees are $7,337, which is $3,747 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Albany FHA lenders (with over 10 loans originated) are KeyBank ($7,273), HOMESTEAD FUNDING CORP. ($7,337), Premium Mortgage Corporation ($7,982), SUNMARK FEDERAL CREDIT UNION ($8,198) and SEFCU SERVICES, LLC ($8,325).

    The lowest rate Albany FHA lenders (with over 10 loans originated) are SUNMARK FEDERAL CREDIT UNION (6.12%), Mr. Cooper ( Nationstar Mortgage ) (6.20%), M&T Bank (6.27%), SEFCU SERVICES, LLC (6.27%) and QUICKEN LOANS, LLC (6.31%).

    Albany FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ALBANY-SCHENECTADY-TROY, NY ALBANY 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY-SCHENECTADY-TROY, NY RENSSELAER 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY-SCHENECTADY-TROY, NY SARATOGA 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY-SCHENECTADY-TROY, NY SCHENECTADY 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY-SCHENECTADY-TROY, NY SCHOHARIE 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY-SCHENECTADY-TROY, NY ALBANY 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY-SCHENECTADY-TROY, NY RENSSELAER 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY-SCHENECTADY-TROY, NY SARATOGA 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY-SCHENECTADY-TROY, NY SCHENECTADY 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY-SCHENECTADY-TROY, NY SCHOHARIE 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).