Amsterdam FHA Loan Rates, Closing Costs & Stats

Amsterdam, 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.

    Amsterdam's 28 lenders originated 120 FHA loans during 2023. The total origination value was $21,720,000, with an average FHA loan value of $181,000.

    Amsterdam FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Amsterdam averaged 0.17% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Amsterdam's average FHA mortgage closing costs are $6,058.

    The average rate for the prior week (2024-11-08) was 6.28% and one month ago for the week of 2024-10-11, the average rate was 6.08%.

    The average rate one year ago was 7.42%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.1%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Amsterdam 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 Amsterdam level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 21 6.65% $10,215
    HOMESTEAD FUNDING CORP. 20 6.66% $5,140
    UNITED WHOLESALE MORTGAGE, LLC 11 6.29% $10,605
    NEWREZ LLC 10 7.03% $8,557
    PLAZA HOME MORTGAGE, INC. 6 6.42% $9,632
    SEFCU SERVICES, LLC 4 6.19% $6,476
    KeyBank 3 7.29% $5,866
    NP, Inc. 3 6.58% $11,977
    Premium Mortgage Corporation 3 6.42% $7,925
    AMERICAN FINANCIAL NETWORK, INC. 3 7.21% $11,766
    LOANDEPOT.COM, LLC 2 5.63% $8,380
    Flagstar Bank, FSB 2 6.75% $7,600
    JPMorgan Chase Bank 1 7.00% $3,097
    FREEDOM MORTGAGE CORPORATION 1 7.25% $8,421
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $19,804
    MOVEMENT MORTGAGE, LLC 1 7.25% $10,516
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $5,861
    M&T Bank 1 6.75% $8,460
    Evolve Bank & Trust 1 6.50% $6,625
    East Coast Capital Corp. 1 6.75% $15,690
    Citizens Bank 1 6.88% $8,454
    Berkshire Bank 1 5.75% $6,095
    Bank of England 1 6.63% $7,824
    Bank of America 1 7.50% $13,136
    SUNMARK FEDERAL CREDIT UNION 1 6.63% $5,430
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 6.75% $8,629
    AMERICAN FINANCING CORPORATION 1 6.99% $13,867
    US MORTGAGE CORPORATION 1 7.63% $10,401

    The top Amsterdam FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 21 FHA loans originated. Their average total fees are $10,215, which is $5,075 higher than the next largest lender, HOMESTEAD FUNDING CORP..

    The lowest fee Amsterdam FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($5,140), NEWREZ LLC ($8,557), QUICKEN LOANS, LLC ($10,215), UNITED WHOLESALE MORTGAGE, LLC ($10,605) and .

    The lowest rate Amsterdam FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.29%), QUICKEN LOANS, LLC (6.65%), HOMESTEAD FUNDING CORP. (6.66%), NEWREZ LLC (7.03%) and .

    Amsterdam FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    AMSTERDAM, NY MONTGOMERY 2022 $420,680 $538,650 $651,050 $809,150
    AMSTERDAM, NY MONTGOMERY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Amsterdam (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 $129,450 (29.5%) $152,946 (14.1%) 0.00 171
    2018-02-01 $134,900 (42.8%) $156,600 (21.6%) 0.00 163
    2018-03-01 $134,950 (40.9%) $158,429 (27.2%) 0.00 169
    2018-04-01 $135,000 (22.8%) $163,344 (25.9%) 0.00 170
    2018-05-01 $137,000 (28.2%) $175,154 (28.6%) 0.00 179
    2018-06-01 $135,000 (24.1%) $176,009 (28.1%) 0.00 188
    2018-07-01 $129,950 (8.3%) $172,473 (20.4%) 0.00 182
    2018-08-01 $129,925 (8.8%) $174,243 (21.4%) 0.00 177
    2018-09-01 $126,500 (5.9%) $174,366 (19.3%) 0.00 182
    2018-10-01 $129,700 (4.5%) $176,169 (17.6%) 0.00 191
    2018-11-01 $129,975 (1.5%) $176,226 (17.9%) 0.00 178
    2018-12-01 $124,950 (0.0%) $172,505 (16.4%) 0.00 168
    2019-01-01 $122,900 (-5.1%) $172,660 (12.9%) 0.00 160
    2019-02-01 $128,425 (-4.8%) $172,905 (10.4%) 0.00 150
    2019-03-01 $127,806 (-5.3%) $174,053 (9.9%) 0.00 145
    2019-04-01 $125,782 (-6.8%) $172,476 (5.6%) 0.00 143
    2019-05-01 $132,400 (-3.4%) $180,089 (2.8%) 0.00 156
    2019-06-01 $144,900 (7.3%) $185,429 (5.4%) 0.00 176
    2019-07-01 $137,450 (5.8%) $185,139 (7.3%) 0.00 188
    2019-08-01 $141,336 (8.8%) $181,514 (4.2%) 0.00 188
    2019-09-01 $143,341 (13.3%) $176,765 (1.4%) 0.00 189
    2019-10-01 $146,700 (13.1%) $182,712 (3.7%) 0.00 190
    2019-11-01 $139,900 (7.6%) $184,342 (4.6%) 0.00 186
    2019-12-01 $132,400 (6.0%) $180,119 (4.4%) 0.00 183
    2020-01-01 $124,900 (1.6%) $181,974 (5.4%) 0.00 166
    2020-02-01 $124,900 (-2.7%) $183,232 (6.0%) 0.00 162
    2020-03-01 $127,400 (-0.3%) $182,810 (5.0%) 0.00 170
    2020-04-01 $132,425 (5.3%) $184,123 (6.8%) 0.00 170
    2020-05-01 $129,900 (-1.9%) $189,857 (5.4%) 0.00 158
    2020-06-01 $135,000 (-6.8%) $193,470 (4.3%) 0.00 143
    2020-07-01 $146,000 (6.2%) $206,477 (11.5%) 0.00 134
    2020-08-01 $152,450 (7.9%) $211,717 (16.6%) 0.00 135
    2020-09-01 $149,563 (4.3%) $205,045 (16.0%) 0.00 139
    2020-10-01 $140,000 (-4.6%) $184,750 (1.1%) 0.00 126
    2020-11-01 $140,350 (0.3%) $181,759 (-1.4%) 0.00 122
    2020-12-01 $155,338 (17.3%) $197,504 (9.7%) 0.00 105
    2021-01-01 $159,000 (27.3%) $211,939 (16.5%) 0.00 92
    2021-02-01 $171,475 (37.3%) $232,513 (26.9%) 0.00 75
    2021-03-01 $173,200 (36.0%) $219,822 (20.3%) 0.00 62
    2021-04-01 $187,375 (41.5%) $265,132 (44.0%) 0.00 58
    2021-05-01 $177,400 (36.6%) $249,309 (31.3%) 0.00 58
    2021-06-01 $163,500 (21.1%) $243,932 (26.1%) 0.00 74
    2021-07-01 $159,950 (9.6%) $236,150 (14.4%) 0.00 85
    2021-08-01 $184,975 (21.3%) $252,401 (19.2%) 0.00 94
    2021-09-01 $185,325 (23.9%) $264,775 (29.1%) 0.00 90
    2021-10-01 $178,500 (27.5%) $242,955 (31.5%) 0.00 96
    2021-11-01 $186,000 (32.5%) $258,038 (42.0%) 0.00 88
    2021-12-01 $213,100 (37.2%) $272,284 (37.9%) 0.00 79
    2022-01-01 $187,000 (17.6%) $269,292 (27.1%) 0.00 75
    2022-02-01 $188,450 (9.9%) $267,557 (15.1%) 0.00 57
    2022-03-01 $207,425 (19.8%) $285,862 (30.0%) 0.00 63
    2022-04-01 $212,450 (13.4%) $302,179 (14.0%) 0.00 53
    2022-05-01 $184,000 (3.7%) $268,940 (7.9%) 0.00 62
    2022-06-01 $204,875 (25.3%) $256,497 (5.2%) 0.00 73
    2022-07-01 $202,250 (26.5%) $255,077 (8.0%) 0.00 78
    2022-08-01 $225,725 (22.0%) $261,404 (3.6%) 0.00 77
    2022-09-01 $221,950 (19.8%) $266,773 (0.8%) 0.00 78
    2022-10-01 $209,450 (17.3%) $260,992 (7.4%) 0.00 90
    2022-11-01 $191,875 (3.2%) $246,186 (-4.6%) 0.00 93
    2022-12-01 $193,950 (-9.0%) $245,475 (-9.9%) 0.00 90
    2023-01-01 $189,450 (1.3%) $247,971 (-7.9%) 0.00 90
    2023-02-01 $193,450 (2.7%) $254,874 (-4.7%) 0.00 82
    2023-03-01 $239,450 (15.4%) $267,385 (-6.5%) 0.00 72
    2023-04-01 $239,000 (12.5%) $265,632 (-12.1%) 0.00 69
    2023-05-01 $234,225 (27.3%) $263,571 (-2.0%) 0.00 78
    2023-06-01 $222,450 (8.6%) $243,015 (-5.3%) 0.00 80
    2023-07-01 $214,450 (6.0%) $238,192 (-6.6%) 0.00 77
    2023-08-01 $214,450 (-5.0%) $239,571 (-8.4%) 0.00 74
    2023-09-01 $192,450 (-13.3%) $235,753 (-11.6%) 0.00 83
    2023-10-01 $185,975 (-11.2%) $224,315 (-14.1%) 0.00 92
    2023-11-01 $186,700 (-2.7%) $223,639 (-9.2%) 0.00 91
    2023-12-01 $187,000 (-3.6%) $222,751 (-9.3%) 0.00 85
    2024-01-01 $181,500 (-4.2%) $220,278 (-11.2%) 0.00 74
    2024-02-01 $178,500 (-7.7%) $217,784 (-14.6%) 0.00 66
    2024-03-01 $169,950 (-29.0%) $218,377 (-18.3%) 0.00 61
    2024-04-01 $169,250 (-29.2%) $233,665 (-12.0%) 0.00 57
    2024-05-01 $199,800 (-14.7%) $256,936 (-2.5%) 0.00 66
    2024-06-01 $209,950 (-5.6%) $250,324 (3.0%) 0.00 73
    2024-07-01 $208,200 (-2.9%) $251,421 (5.6%) 0.00 73
    2024-08-01 $215,000 (0.3%) $248,320 (3.7%) 0.00 85
    2024-09-01 $215,250 (11.9%) $255,972 (8.6%) 0.00 82
    2024-10-01 $210,500 (13.2%) $245,516 (9.5%) 0.00 72
    Amsterdam's median listing price for 2024-10-01 was $210,500, a difference of $24,525 (13.2%) versus the prior year and $-4,750 versus the prior month.

    Amsterdam's median listing price comes in at 0% of the national average.

    Amsterdam's average listing price for 2024-10-01 was $245,516, a difference of $21,201 (9.5%) versus the prior year and $-10,456 versus the prior month.

    For the 2024-10-01 period, Amsterdam had 72 MLS listings, a difference of -10 listings (-12%) versus the prior month and -20 listings (-22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Amsterdam (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,750 sqft
    2018-02-01 0 days 1,756 sqft
    2018-03-01 0 days 1,800 sqft
    2018-04-01 0 days 1,834 sqft
    2018-05-01 0 days 1,815 sqft
    2018-06-01 0 days 1,800 sqft
    2018-07-01 0 days 1,752 sqft
    2018-08-01 0 days 1,744 sqft
    2018-09-01 0 days 1,766 sqft
    2018-10-01 0 days 1,774 sqft
    2018-11-01 0 days 1,835 sqft
    2018-12-01 0 days 1,815 sqft
    2019-01-01 0 days 1,725 sqft
    2019-02-01 0 days 1,736 sqft
    2019-03-01 0 days 1,719 sqft
    2019-04-01 0 days 1,701 sqft
    2019-05-01 0 days 1,824 sqft
    2019-06-01 0 days 1,728 sqft
    2019-07-01 0 days 1,665 sqft
    2019-08-01 0 days 1,720 sqft
    2019-09-01 0 days 1,709 sqft
    2019-10-01 0 days 1,715 sqft
    2019-11-01 0 days 1,730 sqft
    2019-12-01 0 days 1,696 sqft
    2020-01-01 0 days 1,675 sqft
    2020-02-01 0 days 1,680 sqft
    2020-03-01 0 days 1,694 sqft
    2020-04-01 0 days 1,694 sqft
    2020-05-01 0 days 1,696 sqft
    2020-06-01 0 days 1,750 sqft
    2020-07-01 0 days 1,795 sqft
    2020-08-01 0 days 1,848 sqft
    2020-09-01 0 days 1,775 sqft
    2020-10-01 0 days 1,732 sqft
    2020-11-01 0 days 1,700 sqft
    2020-12-01 0 days 1,649 sqft
    2021-01-01 0 days 1,690 sqft
    2021-02-01 0 days 1,678 sqft
    2021-03-01 0 days 1,644 sqft
    2021-04-01 0 days 1,821 sqft
    2021-05-01 0 days 1,912 sqft
    2021-06-01 0 days 1,746 sqft
    2021-07-01 0 days 1,736 sqft
    2021-08-01 0 days 1,794 sqft
    2021-09-01 0 days 1,847 sqft
    2021-10-01 0 days 1,830 sqft
    2021-11-01 0 days 1,832 sqft
    2021-12-01 0 days 1,905 sqft
    2022-01-01 0 days 2,000 sqft
    2022-02-01 0 days 1,851 sqft
    2022-03-01 0 days 1,911 sqft
    2022-04-01 0 days 1,901 sqft
    2022-05-01 0 days 1,867 sqft
    2022-06-01 0 days 1,801 sqft
    2022-07-01 0 days 1,855 sqft
    2022-08-01 0 days 1,857 sqft
    2022-09-01 0 days 1,677 sqft
    2022-10-01 0 days 1,674 sqft
    2022-11-01 0 days 1,660 sqft
    2022-12-01 0 days 1,815 sqft
    2023-01-01 0 days 1,922 sqft
    2023-02-01 0 days 1,943 sqft
    2023-03-01 0 days 1,939 sqft
    2023-04-01 0 days 1,924 sqft
    2023-05-01 0 days 1,835 sqft
    2023-06-01 0 days 1,802 sqft
    2023-07-01 0 days 1,743 sqft
    2023-08-01 0 days 1,661 sqft
    2023-09-01 0 days 1,628 sqft
    2023-10-01 0 days 1,588 sqft
    2023-11-01 0 days 1,605 sqft
    2023-12-01 0 days 1,600 sqft
    2024-01-01 0 days 1,603 sqft
    2024-02-01 0 days 1,636 sqft
    2024-03-01 0 days 1,512 sqft
    2024-04-01 0 days 1,603 sqft
    2024-05-01 0 days 1,744 sqft
    2024-06-01 0 days 1,824 sqft
    2024-07-01 0 days 1,708 sqft
    2024-08-01 0 days 1,848 sqft
    2024-09-01 0 days 1,742 sqft
    2024-10-01 0 days 1,722 sqft
    Amsterdam's median listing age (time on market) for 2024-10-01 was 0 days.

    Amsterdam's median square footage for active listings during the 2024-10-01 period was 1,722 sqft. One year prior, the average listing was 1,588 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).