Albany FHA Loan Rates, Closing Costs & Stats
ALBANY-SCHENECTADY-TROY, NY
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.