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 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 6.35% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Albany's average FHA mortgage closing costs are $6,443.

The average rate for the prior week (2022-11-25) was 6.17% and one month ago for the week of 2022-10-28, the average rate was 6.81%.

The average rate one year ago was 3.34%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.28%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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
M&T Bank 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
SUN WEST MORTGAGE COMPANY, INC. 4 3.12% $6,810
UNITED NORTHERN MORTGAGE BANKERS LIMITED 4 2.59% $9,169
InterContinental Capital Group, Inc 4 3.03% $9,773
TOTAL MORTGAGE SERVICES, LLC 4 3.06% $9,822
ALLIED MORTGAGE GROUP, INC. 3 3.13% $10,518
EMBRACE HOME LOANS, INC. 3 2.83% $11,253
Wells Fargo Bank 3 3.00% $5,895
AMERICAN FINANCIAL RESOURCES, INC. 3 2.88% $12,483
MLD MORTGAGE INC. 2 2.25% $10,498
First Home Bank 2 2.94% $10,630
ROYAL UNITED MORTGAGE LLC 2 3.31% $8,197
NP, Inc. 2 3.44% $10,228
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
MORTGAGE ACCESS CORP. 1 3.75% $8,468
Mortgage Research Center, LLC 1 3.13% $6,855
Citibank 1 2.88% $6,537
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 $277,450 (14.5%) $330,494 (7.9%) 1.03 3,269
2018-02-01 $284,800 (14.0%) $334,397 (7.7%) 1.03 3,174
2018-03-01 $289,900 (11.8%) $336,400 (6.7%) 1.02 3,134
2018-04-01 $297,800 (12.4%) $339,493 (6.1%) 1.01 3,190
2018-05-01 $295,975 (9.8%) $336,688 (4.6%) 0.99 3,493
2018-06-01 $294,900 (9.3%) $339,237 (5.1%) 0.98 3,877
2018-07-01 $292,200 (8.3%) $339,703 (5.6%) 0.98 4,069
2018-08-01 $288,747 (7.6%) $336,273 (5.5%) 0.97 4,121
2018-09-01 $289,700 (7.7%) $336,548 (5.1%) 0.97 4,219
2018-10-01 $289,850 (8.4%) $337,194 (5.4%) 0.98 4,250
2018-11-01 $292,450 (10.1%) $340,283 (6.5%) 0.99 4,179
2018-12-01 $292,900 (8.5%) $338,441 (3.8%) 1.01 3,829
2019-01-01 $299,550 (8.0%) $343,815 (4.0%) 1.03 3,466
2019-02-01 $306,369 (7.6%) $352,184 (5.3%) 1.03 3,364
2019-03-01 $309,427 (6.7%) $354,935 (5.5%) 1.01 3,359
2019-04-01 $309,877 (4.1%) $356,162 (4.9%) 0.98 3,415
2019-05-01 $299,900 (1.3%) $350,999 (4.3%) 0.94 3,537
2019-06-01 $299,335 (1.5%) $350,137 (3.2%) 0.94 3,699
2019-07-01 $299,450 (2.5%) $346,542 (2.0%) 0.94 3,729
2019-08-01 $294,198 (1.9%) $341,240 (1.5%) 0.93 3,847
2019-09-01 $291,780 (0.7%) $340,341 (1.1%) 0.93 3,905
2019-10-01 $289,900 (0.0%) $340,346 (0.9%) 0.94 3,922
2019-11-01 $289,900 (-0.9%) $338,004 (-0.7%) 0.95 3,518
2019-12-01 $294,150 (0.4%) $339,865 (0.4%) 0.98 3,165
2020-01-01 $295,750 (-1.3%) $339,585 (-1.2%) 0.99 2,862
2020-02-01 $304,900 (-0.5%) $343,905 (-2.4%) 1.00 2,710
2020-03-01 $312,400 (1.0%) $347,412 (-2.1%) 0.98 2,679
2020-04-01 $316,975 (2.3%) $353,411 (-0.8%) 0.99 2,505
2020-05-01 $320,000 (6.7%) $359,049 (2.3%) 0.97 2,462
2020-06-01 $337,400 (12.7%) $372,375 (6.4%) 0.99 2,436
2020-07-01 $341,111 (13.9%) $378,041 (9.1%) 0.99 2,324
2020-08-01 $339,900 (15.5%) $390,740 (14.5%) 0.97 2,247
2020-09-01 $334,925 (14.8%) $392,742 (15.4%) 0.96 2,254
2020-10-01 $335,000 (15.6%) $395,494 (16.2%) 0.96 2,236
2020-11-01 $336,275 (16.0%) $397,567 (17.6%) 0.98 2,146
2020-12-01 $338,925 (15.2%) $399,268 (17.5%) 1.01 1,943
2021-01-01 $344,900 (16.6%) $411,769 (21.3%) 1.03 1,679
2021-02-01 $367,400 (20.5%) $435,061 (26.5%) 1.07 1,405
2021-03-01 $369,325 (18.2%) $458,228 (31.9%) 1.05 1,331
2021-04-01 $368,700 (16.3%) $459,150 (29.9%) 1.00 1,322
2021-05-01 $364,400 (13.9%) $456,112 (27.0%) 0.96 1,355
2021-06-01 $349,900 (3.7%) $450,266 (20.9%) 0.92 1,503
2021-07-01 $349,900 (2.6%) $446,950 (18.2%) 0.92 1,655
2021-08-01 $344,750 (1.4%) $442,916 (13.4%) 0.92 1,736
2021-09-01 $334,950 (0.0%) $439,484 (11.9%) 0.89 1,701
2021-10-01 $325,000 (-3.0%) $433,643 (9.7%) 0.87 1,627
2021-11-01 $325,000 (-3.4%) $430,607 (8.3%) 0.87 1,518
2021-12-01 $344,300 (1.6%) $443,868 (11.2%) 0.93 1,366
2022-01-01 $350,000 (1.5%) $454,235 (10.3%) 0.95 1,138
2022-02-01 $367,750 (0.1%) $483,036 (11.0%) 0.96 935
2022-03-01 $369,800 (0.1%) $490,249 (7.0%) 0.93 895
2022-04-01 $369,900 (0.3%) $482,692 (5.1%) 0.88 933
2022-05-01 $369,450 (1.4%) $466,494 (2.3%) 0.84 1,112
2022-06-01 $369,900 (5.7%) $469,161 (4.2%) 0.82 1,292
2022-07-01 $350,000 (0.0%) $432,385 (-3.3%) 0.79 1,478
2022-08-01 $351,950 (2.1%) $431,411 (-2.6%) 0.81 1,487
2022-09-01 $344,000 (2.7%) $440,873 (0.3%) 0.81 1,440
2022-10-01 $347,250 (6.9%) $435,731 (0.5%) 0.82 1,452
2022-11-01 $339,950 (4.6%) $419,365 (-2.6%) 0.82 1,403
Albany's median listing price for 2022-11-01 was $339,950, a difference of $14,950 (4.6%) versus the prior year and $-7,300 versus the prior month.

Albany's median listing price comes in at 82% of the national average.

Albany's average listing price for 2022-11-01 was $419,365, a difference of $-11,242 (-2.6%) versus the prior year and $-16,366 versus the prior month.

For the 2022-11-01 period, Albany had 1,403 MLS listings, a difference of -49 listings (-3%) versus the prior month and -115 listings (-8%) 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
2018-01-01 110 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 1,873 sqft
2018-07-01 67 days 1,886 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 94 days 1,905 sqft
2019-04-01 79 days 1,901 sqft
2019-05-01 67 days 1,906 sqft
2019-06-01 68 days 1,904 sqft
2019-07-01 74 days 1,902 sqft
2019-08-01 75 days 1,892 sqft
2019-09-01 77 days 1,882 sqft
2019-10-01 79 days 1,872 sqft
2019-11-01 88 days 1,867 sqft
2019-12-01 105 days 1,850 sqft
2020-01-01 115 days 1,850 sqft
2020-02-01 108 days 1,877 sqft
2020-03-01 90 days 1,896 sqft
2020-04-01 88 days 1,888 sqft
2020-05-01 97 days 1,905 sqft
2020-06-01 100 days 1,931 sqft
2020-07-01 80 days 1,987 sqft
2020-08-01 71 days 1,945 sqft
2020-09-01 62 days 1,916 sqft
2020-10-01 64 days 1,900 sqft
2020-11-01 74 days 1,888 sqft
2020-12-01 84 days 1,878 sqft
2021-01-01 99 days 1,860 sqft
2021-02-01 102 days 1,888 sqft
2021-03-01 87 days 1,892 sqft
2021-04-01 70 days 1,888 sqft
2021-05-01 56 days 1,878 sqft
2021-06-01 49 days 1,880 sqft
2021-07-01 53 days 1,872 sqft
2021-08-01 57 days 1,867 sqft
2021-09-01 59 days 1,837 sqft
2021-10-01 63 days 1,800 sqft
2021-11-01 66 days 1,782 sqft
2021-12-01 70 days 1,862 sqft
2022-01-01 82 days 2,046 sqft
2022-02-01 89 days 1,924 sqft
2022-03-01 65 days 1,861 sqft
2022-04-01 53 days 1,825 sqft
2022-05-01 39 days 1,815 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 62 days 1,809 sqft
2022-10-01 61 days 1,800 sqft
2022-11-01 65 days 1,776 sqft
Albany's median listing age (time on market) for 2022-11-01 was 65 days. This is -2% shorter than the same period one year ago.

Albany's median square footage for active listings during the 2022-11-01 period was 1,776 sqft. One year prior, the average listing was 1,782 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).