Albany FHA Loans

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 85 lenders originated 2,680 FHA loans during 2021. The total origination value was $539,550,000, with an average FHA loan value of $201,325.

Albany FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Albany averaged 5.35% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.38% and one month ago for the week of 2022-04-08, the average rate was 4.64%.

The average rate one year ago was 3.15%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.98%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Albany level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
HOMESTEAD FUNDING CORP. 590 3.12% $5,724
QUICKEN LOANS, LLC 319 2.81% $6,583
Premium Mortgage Corporation 183 2.88% $5,440
SUNMARK FEDERAL CREDIT UNION 147 2.89% $6,955
SEFCU SERVICES, LLC 135 2.94% $6,322
HOME POINT FINANCIAL CORPORATION 133 2.85% $9,891
CCFCU FUNDING, LLC 80 2.83% $7,135
CALIBER HOME LOANS, INC. 72 2.85% $7,758
Mr. Cooper ( Nationstar Mortgage ) 72 3.34% $3,747
PLAZA HOME MORTGAGE, INC. 70 2.86% $9,413
UNITED WHOLESALE MORTGAGE, LLC 65 2.85% $8,194
Flagstar Bank, FSB 53 2.85% $7,993
NEWREZ LLC 49 3.01% $6,138
FREEDOM MORTGAGE CORPORATION 42 2.87% $7,182
Carrington Mortgage Services, LLC 38 3.38% $8,473
AMERICAN FINANCIAL NETWORK, INC. 35 3.06% $16,711
Manufacturers and Traders Trust Company 31 2.98% $7,290
GUARANTEED RATE, INC. 30 3.02% $8,935
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 3.05% $8,550
1ST PRIORITY MORTGAGE, INC. 25 3.05% $7,763
Equity Prime Mortgage LLC 22 3.19% $10,658
MOVEMENT MORTGAGE, LLC 19 3.16% $7,965
KeyBank 17 2.91% $7,740
HOMEBRIDGE FINANCIAL SERVICES, INC. 15 3.00% $9,488
CROSSCOUNTRY MORTGAGE, LLC 14 3.11% $11,083
LOANDEPOT.COM, LLC 11 3.10% $8,395
Bank of America 10 2.98% $5,620
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 10 3.06% $8,932
HUNT MORTGAGE CORPORATION 10 3.09% $8,106
RESIDENTIAL HOME FUNDING CORP. 8 3.14% $13,140
PRIMELENDING, A PLAINSCAPITAL COMPANY 8 2.95% $8,261
Citizens Bank 7 2.50% $6,334
Barrington Bank & Trust Company, N.A. 7 3.48% $8,612
CONTOUR MORTGAGE CORPORATION 7 2.95% $10,091
MLB RESIDENTIAL LENDING, LLC 7 3.32% $11,186
JPMorgan Chase Bank 6 3.08% $4,223
RELIANCE FIRST CAPITAL, LLC 6 2.98% $9,613
NBT Bank 5 2.95% $7,136
AMERICAN FINANCING CORPORATION 5 2.58% $7,238
NATIONWIDE MORTGAGE BANKERS, INC. 5 3.15% $11,518
TOTAL MORTGAGE SERVICES, LLC 4 3.06% $9,822
SUN WEST MORTGAGE COMPANY, INC. 4 3.12% $6,810
InterContinental Capital Group, Inc 4 3.03% $9,773
UNITED NORTHERN MORTGAGE BANKERS LIMITED 4 2.59% $9,169
ALLIED MORTGAGE GROUP, INC. 3 3.13% $10,518
Wells Fargo Bank 3 3.00% $5,895
EMBRACE HOME LOANS, INC. 3 2.83% $11,253
AMERICAN FINANCIAL RESOURCES, INC. 3 2.88% $12,483
NP, Inc. 2 3.44% $10,228
MLD MORTGAGE INC. 2 2.25% $10,498
ROYAL UNITED MORTGAGE LLC 2 3.31% $8,197
First Home Bank 2 2.94% $10,630
MID-ISLAND MORTGAGE CORP. 2 3.06% $6,518
The Federal Savings Bank 2 3.25% $11,524
PLANET HOME LENDING, LLC 1 2.75% $6,049
Bank of England 1 3.25% $10,163
FM Home Loans, LLC 1 3.00% $11,233
ARC HOME LLC 1 2.75% $7,460
Advisors Mortgage Group, L.L.C. 1 3.25% $9,201
Sierra Pacific Mortgage Company, Inc. 1 2.38% $9,726
A&D Mortgage LLC 1 3.75% $7,783
TD Bank 1 2.88% $5,001
UNITED MORTGAGE CORP. 1 2.75% $13,713
ABSOLUTE HOME MORTGAGE CORPORATION 1 3.75% $11,908
US MORTGAGE CORPORATION 1 3.13% $13,508
HARTFORD FUNDING, LTD. 1 3.25% $13,016
PNC Bank 1 3.13% $9,051
First Guaranty Mortgage Corporation 1 3.00% $9,121
JET DIRECT FUNDING CORP 1 3.25% $11,277
KELLER MORTGAGE, LLC 1 2.75% $6,160
FAMILY FIRST FUNDING LLC 1 2.75% $11,582
LAND HOME FINANCIAL SERVICES, INC. 1 3.25% $4,704
Magnolia Bank 1 2.75% $9,105
Citibank 1 2.88% $6,537
MORTGAGE ACCESS CORP. 1 3.75% $8,468
Mortgage Research Center, LLC 1 3.13% $6,855
BOKF 1 3.25% $6,353
BETTER MORTGAGE CORPORATION 1 3.13% $11,641
Nations Lending Corporation 1 3.25% $3,943
Bethpage Federal Credit Union 1 3.25% $3,343
NJ LENDERS CORP. 1 2.88% $7,559
Northpointe Bank 1 3.00% $8,940
PARAGON HOME LOANS INC. 1 3.25% $6,009
Paramount Bank 1 2.88% $8,923
Plains Commerce Bank 1 3.13% $16,576

The top Albany FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 590 FHA loans originated. Their average total fees are $5,724, which is $859 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Albany FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,747), Premium Mortgage Corporation ($5,440), Bank of America ($5,620), HOMESTEAD FUNDING CORP. ($5,724) and NEWREZ LLC ($6,138).

The lowest rate Albany FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.81%), CCFCU FUNDING, LLC (2.83%), HOME POINT FINANCIAL CORPORATION (2.85%), CALIBER HOME LOANS, INC. (2.85%) and UNITED WHOLESALE MORTGAGE, LLC (2.85%).

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

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 $277,000 (14.3%) $327,943 (7.3%) 1.02 3,475
2018-02-01 $280,950 (11.4%) $330,850 (5.8%) 1.01 3,366
2018-03-01 $286,900 (10.4%) $332,376 (5.1%) 0.99 3,336
2018-04-01 $291,400 (10.0%) $334,811 (4.8%) 0.98 3,410
2018-05-01 $292,200 (9.9%) $331,561 (3.8%) 0.97 3,732
2018-06-01 $289,900 (7.4%) $335,307 (4.0%) 0.97 4,167
2018-07-01 $289,450 (5.3%) $337,245 (4.0%) 0.97 4,342
2018-08-01 $284,250 (5.3%) $333,348 (3.9%) 0.95 4,377
2018-09-01 $285,000 (5.6%) $332,766 (3.5%) 0.95 4,481
2018-10-01 $285,444 (6.6%) $331,942 (3.4%) 0.95 4,513
2018-11-01 $288,500 (8.1%) $333,598 (4.3%) 0.97 4,386
2018-12-01 $285,900 (5.9%) $330,281 (1.7%) 0.98 3,969
2019-01-01 $289,900 (4.7%) $332,110 (1.3%) 1.00 3,560
2019-02-01 $298,450 (6.2%) $337,204 (1.9%) 1.00 3,290
2019-03-01 $302,329 (5.4%) $344,348 (3.6%) 0.99 3,375
2019-04-01 $308,079 (5.7%) $352,606 (5.3%) 0.97 3,671
2019-05-01 $299,900 (2.6%) $346,835 (4.6%) 0.92 3,739
2019-06-01 $299,000 (3.1%) $346,003 (3.2%) 0.92 3,902
2019-07-01 $299,450 (3.5%) $342,655 (1.6%) 0.93 3,952
2019-08-01 $290,714 (2.3%) $336,558 (1.0%) 0.91 4,087
2019-09-01 $289,000 (1.4%) $336,148 (1.0%) 0.92 4,188
2019-10-01 $289,900 (1.6%) $336,517 (1.4%) 0.92 4,193
2019-11-01 $295,000 (2.3%) $337,278 (1.1%) 0.95 3,775
2019-12-01 $299,000 (4.6%) $340,304 (3.0%) 1.00 3,379
2020-01-01 $299,900 (3.5%) $343,849 (3.5%) 1.00 3,073
2020-02-01 $309,900 (3.8%) $347,226 (3.0%) 1.00 2,869
2020-03-01 $319,900 (5.8%) $348,954 (1.3%) 1.00 2,821
2020-04-01 $319,900 (3.8%) $353,688 (0.3%) 1.00 2,666
2020-05-01 $325,200 (8.4%) $361,673 (4.3%) 0.99 2,612
2020-06-01 $340,550 (13.9%) $373,769 (8.0%) 0.99 2,555
2020-07-01 $348,950 (16.5%) $381,117 (11.2%) 1.00 2,456
2020-08-01 $346,900 (19.3%) $395,547 (17.5%) 0.99 2,392
2020-09-01 $345,250 (19.5%) $400,998 (19.3%) 0.99 2,398
2020-10-01 $344,900 (19.0%) $404,013 (20.1%) 0.99 2,387
2020-11-01 $346,950 (17.6%) $404,034 (19.8%) 0.99 2,321
2020-12-01 $346,950 (16.0%) $402,472 (18.3%) 1.02 2,065
2021-01-01 $350,000 (16.7%) $415,501 (20.8%) 1.03 1,782
2021-02-01 $372,900 (20.3%) $434,195 (25.1%) 1.07 1,473
2021-03-01 $375,750 (17.5%) $435,259 (24.7%) 1.05 1,374
2021-04-01 $369,200 (15.4%) $431,659 (22.1%) 0.99 1,348
2021-05-01 $359,000 (10.4%) $426,209 (17.8%) 0.95 1,388
2021-06-01 $348,900 (2.5%) $425,436 (13.8%) 0.91 1,552
2021-07-01 $348,900 (0.0%) $421,591 (10.6%) 0.91 1,676
2021-08-01 $339,900 (-2.0%) $421,929 (6.7%) 0.89 1,807
2021-09-01 $327,000 (-5.3%) $416,199 (3.8%) 0.86 1,769
2021-10-01 $319,900 (-7.3%) $410,517 (1.6%) 0.84 1,679
2021-11-01 $319,900 (-7.8%) $407,395 (0.8%) 0.84 1,570
2021-12-01 $334,950 (-3.5%) $416,759 (3.6%) 0.89 1,381
2022-01-01 $349,900 (0.0%) $430,020 (3.5%) 0.93 1,170
2022-02-01 $362,450 (-2.8%) $455,119 (4.8%) 0.92 971
2022-03-01 $367,150 (-2.3%) $457,041 (5.0%) 0.91 931
2022-04-01 $360,000 (-2.5%) $450,969 (4.5%) 0.85 980
Albany's median listing price for 2022-04-01 was $360,000, a difference of $-9,200 (-2.5%) versus the prior year and $-7,150 versus the prior month.

Albany's median listing price comes in at 85% of the national average.

Albany's average listing price for 2022-04-01 was $450,969, a difference of $19,310 (4.5%) versus the prior year and $-6,072 versus the prior month.

For the 2022-04-01 period, Albany had 980 MLS listings, a difference of 49 listings (5%) versus the prior month and -368 listings (-27%) 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
2018-01-01 109 days 1,830 sqft
2018-02-01 109 days 1,848 sqft
2018-03-01 101 days 1,850 sqft
2018-04-01 80 days 1,860 sqft
2018-05-01 70 days 1,868 sqft
2018-06-01 61 days 1,856 sqft
2018-07-01 66 days 1,881 sqft
2018-08-01 74 days 1,871 sqft
2018-09-01 80 days 1,872 sqft
2018-10-01 81 days 1,873 sqft
2018-11-01 85 days 1,878 sqft
2018-12-01 93 days 1,864 sqft
2019-01-01 97 days 1,866 sqft
2019-02-01 100 days 1,875 sqft
2019-03-01 112 days 1,886 sqft
2019-04-01 72 days 1,898 sqft
2019-05-01 64 days 1,892 sqft
2019-06-01 66 days 1,893 sqft
2019-07-01 72 days 1,888 sqft
2019-08-01 73 days 1,864 sqft
2019-09-01 76 days 1,852 sqft
2019-10-01 78 days 1,850 sqft
2019-11-01 81 days 1,860 sqft
2019-12-01 96 days 1,840 sqft
2020-01-01 106 days 1,844 sqft
2020-02-01 99 days 1,874 sqft
2020-03-01 82 days 1,872 sqft
2020-04-01 83 days 1,858 sqft
2020-05-01 92 days 1,887 sqft
2020-06-01 94 days 1,935 sqft
2020-07-01 76 days 1,996 sqft
2020-08-01 63 days 1,951 sqft
2020-09-01 53 days 1,933 sqft
2020-10-01 53 days 1,920 sqft
2020-11-01 67 days 1,911 sqft
2020-12-01 78 days 1,894 sqft
2021-01-01 92 days 1,877 sqft
2021-02-01 94 days 1,900 sqft
2021-03-01 79 days 1,904 sqft
2021-04-01 67 days 1,904 sqft
2021-05-01 55 days 1,875 sqft
2021-06-01 50 days 1,883 sqft
2021-07-01 53 days 1,875 sqft
2021-08-01 56 days 1,869 sqft
2021-09-01 58 days 1,834 sqft
2021-10-01 63 days 1,800 sqft
2021-11-01 66 days 1,779 sqft
2021-12-01 70 days 1,796 sqft
2022-01-01 81 days 1,888 sqft
2022-02-01 87 days 1,920 sqft
2022-03-01 63 days 1,855 sqft
2022-04-01 53 days 1,801 sqft
Albany's median listing age (time on market) for 2022-04-01 was 53 days. This is -21% shorter than the same period one year ago.

Albany's median square footage for active listings during the 2022-04-01 period was 1,801 sqft. One year prior, the average listing was 1,904 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).