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 71 lenders originated 1,736 FHA loans during 2022. The total origination value was $388,780,000, with an average FHA loan value of $223,952.

    Albany FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Albany averaged 5.99% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Albany's average FHA mortgage closing costs are $6,847.

    The average rate for the prior week (2023-05-19) was 5.86% and one month ago for the week of 2023-04-21, the average rate was 5.7%.

    The average rate one year ago was 4.82%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.32%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    HOMESTEAD FUNDING CORP. 310 4.93% $6,814
    QUICKEN LOANS, LLC 191 4.58% $9,820
    UNITED WHOLESALE MORTGAGE, LLC 144 4.90% $11,253
    SEFCU SERVICES, LLC 142 4.57% $7,033
    SUNMARK FEDERAL CREDIT UNION 114 4.50% $8,036
    HOME POINT FINANCIAL CORPORATION 88 4.36% $10,889
    CALIBER HOME LOANS, INC. 77 4.26% $9,692
    Premium Mortgage Corporation 77 4.64% $7,322
    PLAZA HOME MORTGAGE, INC. 40 5.28% $11,641
    M&T Bank 31 4.20% $8,349
    Flagstar Bank, FSB 28 4.33% $9,544
    GUARANTEED RATE, INC. 28 4.83% $10,767
    Mr. Cooper ( Nationstar Mortgage ) 24 4.28% $10,105
    CCFCU FUNDING, LLC 22 4.59% $8,023
    LOANDEPOT.COM, LLC 21 4.77% $11,168
    MOVEMENT MORTGAGE, LLC 21 5.22% $10,438
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 5.04% $10,260
    MLB RESIDENTIAL LENDING, LLC 18 4.42% $11,628
    KeyBank 16 4.79% $8,017
    Carrington Mortgage Services, LLC 15 5.11% $10,198
    HUNT MORTGAGE CORPORATION 14 5.41% $10,240
    1ST PRIORITY MORTGAGE, INC. 14 5.01% $8,769
    Equity Prime Mortgage LLC 13 5.78% $10,974
    NP, Inc. 12 5.63% $12,252
    FREEDOM MORTGAGE CORPORATION 12 5.35% $9,692
    CROSSCOUNTRY MORTGAGE, LLC 11 4.86% $14,483
    NEWREZ LLC 10 4.34% $8,670
    CARDINAL FINANCIAL 9 5.10% $14,423
    Evolve Bank & Trust 8 4.77% $8,007
    Citizens Bank 8 4.95% $8,745
    CONTOUR MORTGAGE CORPORATION 7 4.64% $10,788
    RELIANCE FIRST CAPITAL, LLC 7 5.18% $12,172
    ABSOLUTE HOME MORTGAGE CORPORATION 7 4.95% $10,534
    PENNYMAC LOAN SERVICES, LLC 6 6.83% $9,967
    NATIONWIDE MORTGAGE BANKERS, INC. 6 5.42% $10,597
    JPMorgan Chase Bank 5 4.53% $5,576
    ALLIED MORTGAGE GROUP, INC. 4 4.88% $12,113
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 5.03% $14,725
    TOTAL MORTGAGE SERVICES, LLC 4 5.22% $12,445
    Bank of America 3 4.13% $7,355
    Glens Falls National Bank and Trust Company 3 3.29% $6,051
    EMBRACE HOME LOANS, INC. 3 3.99% $12,386
    EMM LOANS LLC 3 5.33% $12,379
    Berkshire Bank 2 4.50% $8,159
    Wells Fargo Bank 2 4.88% $7,203
    Barrington Bank & Trust Company, N.A. 2 4.79% $11,390
    NBT Bank 2 5.38% $8,148
    AMERICAN FINANCIAL RESOURCES, INC. 2 4.56% $9,442
    VAN DYK MORTGAGE CORPORATION 1 4.50% $9,949
    RESIDENTIAL HOME FUNDING CORP. 1 5.75% $16,175
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 5.75% $10,763
    TD Bank 1 3.13% $10,827
    The Federal Savings Bank 1 6.25% $16,299
    UNITED MORTGAGE CORP. 1 5.25% $15,775
    U.S. Bank 1 5.25% $11,289
    Home Loan Investment Bank, F.S.B. 1 5.25% $10,786
    CMG MORTGAGE, INC. 1 3.25% $8,513
    Civista Bank 1 4.75% $6,828
    Magnolia Bank 1 4.00% $6,864
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 5.75% $13,996
    GUARANTEED RATE AFFINITY, LLC 1 4.75% $9,586
    MORTGAGE ACCESS CORP. 1 6.25% $11,636
    Mortgage Research Center, LLC 1 3.88% $2,403
    FM Home Loans, LLC 1 5.13% $9,114
    NBKC BANK 1 4.88% $9,593
    NETWORK CAPITAL FUNDING CORPORATION 1 4.13% $16,507
    East Coast Capital Corp. 1 6.63% $15,390
    North American Savings Bank, F.S.B. 1 3.38% $6,089
    Plains Commerce Bank 1 5.50% $9,600
    Presidential Bank, FSB 1 3.88% $11,778
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.25% $16,547

    The top Albany FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 310 FHA loans originated. Their average total fees are $6,814, which is $3,005 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Albany FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($6,814), SEFCU SERVICES, LLC ($7,033), Premium Mortgage Corporation ($7,322), KeyBank ($8,017) and CCFCU FUNDING, LLC ($8,023).

    The lowest rate Albany FHA lenders (with over 10 loans originated) are M&T Bank (4.20%), CALIBER HOME LOANS, INC. (4.26%), Mr. Cooper ( Nationstar Mortgage ) (4.28%), Flagstar Bank, FSB (4.33%) and NEWREZ LLC (4.34%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Albany (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 $277,450 (14.5%) $330,590 (7.9%) 1.03 3,267
    2018-02-01 $284,800 (14.0%) $334,472 (7.7%) 1.04 3,172
    2018-03-01 $289,900 (11.7%) $336,471 (6.7%) 1.02 3,133
    2018-04-01 $297,900 (12.4%) $339,563 (6.1%) 1.01 3,189
    2018-05-01 $296,000 (9.8%) $336,751 (4.6%) 0.99 3,492
    2018-06-01 $294,900 (9.3%) $339,293 (5.1%) 0.98 3,876
    2018-07-01 $292,200 (8.3%) $339,758 (5.6%) 0.98 4,068
    2018-08-01 $288,792 (7.6%) $336,327 (5.5%) 0.97 4,120
    2018-09-01 $289,700 (7.5%) $336,601 (5.1%) 0.97 4,219
    2018-10-01 $289,825 (8.3%) $337,199 (5.3%) 0.98 4,251
    2018-11-01 $292,449 (10.0%) $340,287 (6.5%) 0.99 4,180
    2018-12-01 $292,450 (8.3%) $338,478 (3.8%) 1.01 3,828
    2019-01-01 $299,450 (7.9%) $343,858 (4.0%) 1.03 3,465
    2019-02-01 $306,339 (7.6%) $352,211 (5.3%) 1.03 3,363
    2019-03-01 $310,000 (6.9%) $356,727 (6.0%) 1.03 3,276
    2019-04-01 $309,948 (4.0%) $357,250 (5.2%) 0.98 3,403
    2019-05-01 $299,900 (1.3%) $351,035 (4.2%) 0.94 3,533
    2019-06-01 $299,335 (1.5%) $350,205 (3.2%) 0.94 3,693
    2019-07-01 $299,450 (2.5%) $346,644 (2.0%) 0.94 3,723
    2019-08-01 $299,000 (3.5%) $344,697 (2.5%) 0.94 3,805
    2019-09-01 $292,450 (1.0%) $342,896 (1.9%) 0.92 3,737
    2019-10-01 $289,900 (0.0%) $340,364 (0.9%) 0.94 3,920
    2019-11-01 $289,900 (-0.9%) $338,128 (-0.6%) 0.95 3,509
    2019-12-01 $294,150 (0.6%) $340,012 (0.5%) 0.98 3,156
    2020-01-01 $295,750 (-1.2%) $339,746 (-1.2%) 0.99 2,853
    2020-02-01 $304,900 (-0.5%) $344,086 (-2.3%) 1.00 2,701
    2020-03-01 $312,425 (0.8%) $347,600 (-2.6%) 0.98 2,671
    2020-04-01 $316,975 (2.3%) $353,628 (-1.0%) 0.99 2,497
    2020-05-01 $320,000 (6.7%) $359,038 (2.3%) 0.97 2,453
    2020-06-01 $337,525 (12.8%) $372,505 (6.4%) 0.99 2,428
    2020-07-01 $342,050 (14.2%) $378,184 (9.1%) 0.99 2,316
    2020-08-01 $339,900 (13.7%) $391,157 (13.5%) 0.97 2,240
    2020-09-01 $334,950 (14.5%) $393,131 (14.7%) 0.96 2,246
    2020-10-01 $335,000 (15.6%) $395,720 (16.3%) 0.96 2,227
    2020-11-01 $336,050 (15.9%) $397,558 (17.6%) 0.98 2,145
    2020-12-01 $338,875 (15.2%) $399,253 (17.4%) 1.01 1,942
    2021-01-01 $344,900 (16.6%) $411,696 (21.2%) 1.03 1,678
    2021-02-01 $367,209 (20.4%) $434,874 (26.4%) 1.07 1,407
    2021-03-01 $368,116 (17.8%) $457,953 (31.8%) 1.04 1,333
    2021-04-01 $368,650 (16.3%) $459,324 (29.9%) 1.00 1,320
    2021-05-01 $364,900 (14.0%) $456,610 (27.2%) 0.97 1,350
    2021-06-01 $349,900 (3.7%) $450,225 (20.9%) 0.92 1,501
    2021-07-01 $349,900 (2.3%) $446,991 (18.2%) 0.92 1,653
    2021-08-01 $344,750 (1.4%) $442,698 (13.2%) 0.92 1,732
    2021-09-01 $334,925 (0.0%) $439,483 (11.8%) 0.89 1,698
    2021-10-01 $325,000 (-3.0%) $434,005 (9.7%) 0.87 1,623
    2021-11-01 $325,000 (-3.3%) $431,064 (8.4%) 0.87 1,513
    2021-12-01 $344,900 (1.8%) $443,810 (11.2%) 0.93 1,361
    2022-01-01 $349,950 (1.5%) $453,808 (10.2%) 0.95 1,133
    2022-02-01 $368,625 (0.4%) $483,552 (11.2%) 0.96 930
    2022-03-01 $369,900 (0.5%) $490,785 (7.2%) 0.93 890
    2022-04-01 $369,900 (0.3%) $483,009 (5.2%) 0.88 926
    2022-05-01 $369,900 (1.4%) $466,872 (2.3%) 0.85 1,104
    2022-06-01 $369,900 (5.7%) $469,801 (4.4%) 0.82 1,283
    2022-07-01 $350,000 (0.0%) $432,656 (-3.2%) 0.79 1,470
    2022-08-01 $352,200 (2.2%) $431,678 (-2.5%) 0.81 1,478
    2022-09-01 $344,000 (2.7%) $441,322 (0.4%) 0.80 1,431
    2022-10-01 $349,000 (7.4%) $436,035 (0.5%) 0.82 1,444
    2022-11-01 $339,950 (4.6%) $419,589 (-2.7%) 0.82 1,395
    2022-12-01 $345,000 (0.0%) $430,204 (-3.1%) 0.85 1,269
    2023-01-01 $364,336 (4.1%) $436,277 (-3.9%) 0.90 1,120
    2023-02-01 $384,900 (4.4%) $458,242 (-5.2%) 0.93 1,031
    2023-03-01 $399,900 (8.1%) $463,576 (-5.5%) 0.94 926
    2023-04-01 $408,000 (10.3%) $473,968 (-1.9%) 0.95 885
    Albany's median listing price for 2023-04-01 was $408,000, a difference of $38,100 (10.3%) versus the prior year and $8,100 versus the prior month.

    Albany's median listing price comes in at 95% of the national average.

    Albany's average listing price for 2023-04-01 was $473,968, a difference of $-9,041 (-1.9%) versus the prior year and $10,392 versus the prior month.

    For the 2023-04-01 period, Albany had 885 MLS listings, a difference of -41 listings (-4%) versus the prior month and -41 listings (-4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Albany (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 110 days 1,831 sqft
    2018-02-01 109 days 1,850 sqft
    2018-03-01 102 days 1,851 sqft
    2018-04-01 84 days 1,868 sqft
    2018-05-01 70 days 1,875 sqft
    2018-06-01 62 days 1,872 sqft
    2018-07-01 67 days 1,885 sqft
    2018-08-01 74 days 1,874 sqft
    2018-09-01 80 days 1,876 sqft
    2018-10-01 82 days 1,875 sqft
    2018-11-01 85 days 1,888 sqft
    2018-12-01 94 days 1,874 sqft
    2019-01-01 99 days 1,881 sqft
    2019-02-01 103 days 1,900 sqft
    2019-03-01 96 days 1,920 sqft
    2019-04-01 79 days 1,907 sqft
    2019-05-01 67 days 1,907 sqft
    2019-06-01 68 days 1,906 sqft
    2019-07-01 74 days 1,904 sqft
    2019-08-01 79 days 1,900 sqft
    2019-09-01 84 days 1,883 sqft
    2019-10-01 79 days 1,873 sqft
    2019-11-01 88 days 1,867 sqft
    2019-12-01 105 days 1,851 sqft
    2020-01-01 115 days 1,851 sqft
    2020-02-01 107 days 1,877 sqft
    2020-03-01 90 days 1,896 sqft
    2020-04-01 88 days 1,888 sqft
    2020-05-01 96 days 1,904 sqft
    2020-06-01 100 days 1,932 sqft
    2020-07-01 79 days 1,987 sqft
    2020-08-01 69 days 1,945 sqft
    2020-09-01 61 days 1,916 sqft
    2020-10-01 63 days 1,900 sqft
    2020-11-01 73 days 1,888 sqft
    2020-12-01 83 days 1,878 sqft
    2021-01-01 98 days 1,860 sqft
    2021-02-01 101 days 1,891 sqft
    2021-03-01 84 days 1,892 sqft
    2021-04-01 70 days 1,889 sqft
    2021-05-01 55 days 1,876 sqft
    2021-06-01 48 days 1,878 sqft
    2021-07-01 53 days 1,870 sqft
    2021-08-01 57 days 1,866 sqft
    2021-09-01 59 days 1,837 sqft
    2021-10-01 63 days 1,800 sqft
    2021-11-01 65 days 1,783 sqft
    2021-12-01 70 days 1,858 sqft
    2022-01-01 82 days 2,040 sqft
    2022-02-01 88 days 1,926 sqft
    2022-03-01 64 days 1,863 sqft
    2022-04-01 53 days 1,825 sqft
    2022-05-01 39 days 1,819 sqft
    2022-06-01 40 days 1,824 sqft
    2022-07-01 44 days 1,800 sqft
    2022-08-01 54 days 1,818 sqft
    2022-09-01 61 days 1,811 sqft
    2022-10-01 61 days 1,800 sqft
    2022-11-01 64 days 1,776 sqft
    2022-12-01 71 days 1,762 sqft
    2023-01-01 81 days 1,762 sqft
    2023-02-01 77 days 1,791 sqft
    2023-03-01 72 days 1,814 sqft
    2023-04-01 68 days 1,814 sqft
    Albany's median listing age (time on market) for 2023-04-01 was 68 days. This is 27% longer than the same period one year ago.

    Albany's median square footage for active listings during the 2023-04-01 period was 1,814 sqft. One year prior, the average listing was 1,825 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).