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 5.69% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

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

The average rate for the prior week (2024-02-09) was 5.89% and one month ago for the week of 2024-01-12, the average rate was 5.74%.

The average rate one year ago was 5.58%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.31%.

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%) $331,473 (8.3%) 1.03 3,263
2018-02-01 $284,900 (14.0%) $334,664 (7.8%) 1.03 3,167
2018-03-01 $289,900 (11.7%) $336,706 (6.6%) 1.02 3,125
2018-04-01 $297,900 (12.4%) $339,749 (6.0%) 1.01 3,180
2018-05-01 $296,000 (9.8%) $336,670 (4.5%) 0.99 3,482
2018-06-01 $294,900 (9.3%) $339,172 (5.0%) 0.98 3,868
2018-07-01 $292,200 (8.3%) $339,654 (5.6%) 0.98 4,060
2018-08-01 $288,200 (7.5%) $336,184 (5.5%) 0.97 4,111
2018-09-01 $289,700 (7.7%) $336,643 (5.0%) 0.97 4,209
2018-10-01 $289,900 (8.5%) $337,263 (5.3%) 0.98 4,242
2018-11-01 $292,450 (10.2%) $340,275 (6.4%) 0.99 4,169
2018-12-01 $292,900 (8.5%) $338,333 (3.7%) 1.01 3,823
2019-01-01 $299,663 (8.0%) $343,738 (3.7%) 1.04 3,460
2019-02-01 $306,400 (7.6%) $352,177 (5.2%) 1.04 3,360
2019-03-01 $309,428 (6.7%) $355,005 (5.4%) 1.01 3,355
2019-04-01 $309,878 (4.0%) $356,311 (4.9%) 0.98 3,411
2019-05-01 $299,900 (1.3%) $351,297 (4.3%) 0.94 3,534
2019-06-01 $299,500 (1.6%) $350,339 (3.3%) 0.94 3,692
2019-07-01 $299,450 (2.5%) $346,634 (2.1%) 0.94 3,720
2019-08-01 $294,198 (2.1%) $341,374 (1.5%) 0.93 3,838
2019-09-01 $291,780 (0.7%) $340,545 (1.2%) 0.93 3,896
2019-10-01 $289,900 (0.0%) $340,576 (1.0%) 0.94 3,913
2019-11-01 $289,900 (-0.9%) $338,208 (-0.6%) 0.95 3,510
2019-12-01 $294,300 (0.5%) $340,101 (0.5%) 0.98 3,157
2020-01-01 $295,825 (-1.3%) $339,778 (-1.2%) 0.99 2,854
2020-02-01 $304,900 (-0.5%) $344,026 (-2.3%) 1.00 2,704
2020-03-01 $312,500 (1.0%) $347,697 (-2.1%) 0.98 2,667
2020-04-01 $317,000 (2.3%) $353,712 (-0.7%) 0.99 2,493
2020-05-01 $320,900 (7.0%) $359,151 (2.2%) 0.98 2,452
2020-06-01 $338,950 (13.2%) $372,687 (6.4%) 1.00 2,425
2020-07-01 $342,400 (14.3%) $378,251 (9.1%) 0.99 2,315
2020-08-01 $339,900 (15.5%) $391,242 (14.6%) 0.97 2,242
2020-09-01 $335,000 (14.8%) $393,393 (15.5%) 0.96 2,246
2020-10-01 $335,650 (15.8%) $395,944 (16.3%) 0.96 2,224
2020-11-01 $337,350 (16.4%) $398,023 (17.7%) 0.99 2,135
2020-12-01 $339,000 (15.2%) $399,852 (17.6%) 1.01 1,932
2021-01-01 $344,950 (16.6%) $412,470 (21.4%) 1.03 1,666
2021-02-01 $367,900 (20.7%) $435,353 (26.6%) 1.07 1,398
2021-03-01 $369,450 (18.2%) $459,090 (32.0%) 1.05 1,319
2021-04-01 $370,075 (16.7%) $460,284 (30.1%) 1.00 1,309
2021-05-01 $364,975 (13.7%) $457,022 (27.3%) 0.97 1,343
2021-06-01 $349,900 (3.2%) $450,633 (20.9%) 0.92 1,494
2021-07-01 $349,900 (2.2%) $448,094 (18.5%) 0.92 1,633
2021-08-01 $344,750 (1.4%) $443,189 (13.3%) 0.92 1,728
2021-09-01 $334,950 (0.0%) $438,727 (11.5%) 0.89 1,693
2021-10-01 $325,000 (-3.2%) $433,139 (9.4%) 0.87 1,619
2021-11-01 $324,900 (-3.7%) $430,151 (8.1%) 0.87 1,507
2021-12-01 $344,300 (1.6%) $443,245 (10.9%) 0.93 1,358
2022-01-01 $349,900 (1.4%) $453,949 (10.1%) 0.95 1,132
2022-02-01 $367,725 (-0.1%) $483,053 (11.0%) 0.96 929
2022-03-01 $369,700 (0.1%) $489,862 (6.7%) 0.93 888
2022-04-01 $369,900 (-0.1%) $483,355 (5.0%) 0.88 924
2022-05-01 $369,900 (1.4%) $466,378 (2.1%) 0.85 1,103
2022-06-01 $369,900 (5.7%) $468,908 (4.1%) 0.82 1,281
2022-07-01 $350,000 (0.0%) $431,849 (-3.6%) 0.79 1,468
2022-08-01 $351,950 (2.1%) $430,859 (-2.8%) 0.81 1,476
2022-09-01 $344,000 (2.7%) $440,413 (0.4%) 0.80 1,429
2022-10-01 $347,500 (6.9%) $435,175 (0.5%) 0.82 1,442
2022-11-01 $339,950 (4.6%) $418,702 (-2.7%) 0.82 1,393
2022-12-01 $344,900 (0.2%) $429,195 (-3.2%) 0.85 1,267
2023-01-01 $363,311 (3.8%) $435,254 (-4.1%) 0.90 1,118
2023-02-01 $384,900 (4.7%) $457,060 (-5.4%) 0.93 1,030
2023-03-01 $399,900 (8.2%) $463,576 (-5.4%) 0.94 926
2023-04-01 $408,000 (10.3%) $473,794 (-2.0%) 0.95 886
2023-05-01 $407,475 (10.2%) $493,919 (5.9%) 0.92 965
2023-06-01 $416,950 (12.7%) $506,074 (7.9%) 0.94 1,062
2023-07-01 $419,000 (19.7%) $514,802 (19.2%) 0.95 1,140
2023-08-01 $419,900 (19.3%) $513,154 (19.1%) 0.96 1,220
2023-09-01 $417,140 (21.3%) $509,342 (15.7%) 0.97 1,262
2023-10-01 $399,394 (14.9%) $506,474 (16.4%) 0.94 1,310
2023-11-01 $392,450 (15.4%) $494,369 (18.1%) 0.93 1,337
2023-12-01 $399,000 (15.7%) $495,424 (15.4%) 0.97 1,209
Albany's median listing price for 2023-12-01 was $399,000, a difference of $54,100 (15.7%) versus the prior year and $6,550 versus the prior month.

Albany's median listing price comes in at 97% of the national average.

Albany's average listing price for 2023-12-01 was $495,424, a difference of $66,229 (15.4%) versus the prior year and $1,055 versus the prior month.

For the 2023-12-01 period, Albany had 1,209 MLS listings, a difference of -128 listings (-10%) versus the prior month and -58 listings (-5%) 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
2018-01-01 101 days 1,832 sqft
2018-02-01 101 days 1,850 sqft
2018-03-01 89 days 1,852 sqft
2018-04-01 73 days 1,869 sqft
2018-05-01 62 days 1,874 sqft
2018-06-01 57 days 1,872 sqft
2018-07-01 62 days 1,885 sqft
2018-08-01 68 days 1,874 sqft
2018-09-01 75 days 1,875 sqft
2018-10-01 75 days 1,876 sqft
2018-11-01 77 days 1,890 sqft
2018-12-01 85 days 1,874 sqft
2019-01-01 93 days 1,882 sqft
2019-02-01 95 days 1,901 sqft
2019-03-01 85 days 1,907 sqft
2019-04-01 71 days 1,901 sqft
2019-05-01 59 days 1,908 sqft
2019-06-01 62 days 1,908 sqft
2019-07-01 68 days 1,905 sqft
2019-08-01 69 days 1,893 sqft
2019-09-01 71 days 1,883 sqft
2019-10-01 73 days 1,874 sqft
2019-11-01 80 days 1,867 sqft
2019-12-01 97 days 1,851 sqft
2020-01-01 106 days 1,852 sqft
2020-02-01 92 days 1,877 sqft
2020-03-01 72 days 1,896 sqft
2020-04-01 78 days 1,886 sqft
2020-05-01 86 days 1,900 sqft
2020-06-01 84 days 1,930 sqft
2020-07-01 64 days 1,987 sqft
2020-08-01 58 days 1,941 sqft
2020-09-01 53 days 1,914 sqft
2020-10-01 55 days 1,900 sqft
2020-11-01 66 days 1,886 sqft
2020-12-01 76 days 1,876 sqft
2021-01-01 88 days 1,857 sqft
2021-02-01 92 days 1,885 sqft
2021-03-01 71 days 1,885 sqft
2021-04-01 60 days 1,886 sqft
2021-05-01 50 days 1,876 sqft
2021-06-01 44 days 1,878 sqft
2021-07-01 49 days 1,872 sqft
2021-08-01 52 days 1,864 sqft
2021-09-01 55 days 1,831 sqft
2021-10-01 59 days 1,800 sqft
2021-11-01 60 days 1,780 sqft
2021-12-01 66 days 1,826 sqft
2022-01-01 78 days 2,034 sqft
2022-02-01 82 days 1,925 sqft
2022-03-01 56 days 1,860 sqft
2022-04-01 49 days 1,824 sqft
2022-05-01 36 days 1,817 sqft
2022-06-01 38 days 1,823 sqft
2022-07-01 40 days 1,800 sqft
2022-08-01 52 days 1,818 sqft
2022-09-01 58 days 1,809 sqft
2022-10-01 58 days 1,800 sqft
2022-11-01 60 days 1,773 sqft
2022-12-01 68 days 1,762 sqft
2023-01-01 78 days 1,762 sqft
2023-02-01 73 days 1,791 sqft
2023-03-01 68 days 1,814 sqft
2023-04-01 62 days 1,812 sqft
2023-05-01 45 days 1,845 sqft
2023-06-01 44 days 1,831 sqft
2023-07-01 49 days 1,828 sqft
2023-08-01 50 days 1,828 sqft
2023-09-01 52 days 1,819 sqft
2023-10-01 54 days 1,800 sqft
2023-11-01 58 days 1,803 sqft
2023-12-01 64 days 1,800 sqft
Albany's median listing age (time on market) for 2023-12-01 was 64 days. This is -6% shorter than the same period one year ago.

Albany's median square footage for active listings during the 2023-12-01 period was 1,800 sqft. One year prior, the average listing was 1,762 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).