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 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 6.54% for the week of 2024-05-03, compared to the national average (all FHA variants) of 6.894% for the same period.

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

    The average rate for the prior week (2024-04-26) was 6.42% and one month ago for the week of 2024-03-29, the average rate was 6.11%.

    The average rate one year ago was 6.12%.

    For refis of the same type during the week of 2024-05-03, the average rate was 6.8%.

    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
    Albany's median listing price for 2024-04-01 was $449,899, a difference of $41,899 (10.3%) versus the prior year and $13,999 versus the prior month.

    Albany's median listing price comes in at 105% of the national average.

    Albany's average listing price for 2024-04-01 was $575,787, a difference of $101,993 (21.5%) versus the prior year and $15,202 versus the prior month.

    For the 2024-04-01 period, Albany had 880 MLS listings, a difference of -17 listings (-2%) versus the prior month and -6 listings (-1%) 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
    Albany's median listing age (time on market) for 2024-04-01 was 55 days. This is -11% shorter than the same period one year ago.

    Albany's median square footage for active listings during the 2024-04-01 period was 1,844 sqft. One year prior, the average listing was 1,814 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).