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 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 6.14% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.12% and one month ago for the week of 2024-05-03, the average rate was 6.32%.

The average rate one year ago was 6.29%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.4%.

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

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
2024-01-01 $423,775 (16.6%) $516,146 (18.6%) 1.03 1,058
2024-02-01 $433,960 (12.8%) $524,089 (14.7%) 1.04 985
2024-03-01 $435,900 (9.0%) $560,585 (20.9%) 1.03 897
2024-04-01 $449,899 (10.3%) $575,787 (21.5%) 1.05 880
2024-05-01 $449,900 (10.4%) $578,526 (17.1%) 1.02 1,017
Albany's median listing price for 2024-05-01 was $449,900, a difference of $42,425 (10.4%) versus the prior year and $1 versus the prior month.

Albany's median listing price comes in at 102% of the national average.

Albany's average listing price for 2024-05-01 was $578,526, a difference of $84,607 (17.1%) versus the prior year and $2,739 versus the prior month.

For the 2024-05-01 period, Albany had 1,017 MLS listings, a difference of 137 listings (16%) versus the prior month and 52 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 1,810 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 1,816 sqft
2023-04-01 62 days 1,814 sqft
2023-05-01 45 days 1,846 sqft
2023-06-01 44 days 1,833 sqft
2023-07-01 49 days 1,829 sqft
2023-08-01 50 days 1,829 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
2024-01-01 73 days 1,800 sqft
2024-02-01 73 days 1,838 sqft
2024-03-01 62 days 1,821 sqft
2024-04-01 55 days 1,844 sqft
2024-05-01 32 days 1,862 sqft
Albany's median listing age (time on market) for 2024-05-01 was 32 days. This is -30% shorter than the same period one year ago.

Albany's median square footage for active listings during the 2024-05-01 period was 1,862 sqft. One year prior, the average listing was 1,846 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).