Batavia FHA Loan Rates, Closing Costs & Stats

Batavia, 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.

    Batavia's 28 lenders originated 103 FHA loans during 2023. The total origination value was $16,305,000, with an average FHA loan value of $158,301.

    Batavia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Batavia averaged 6.81% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Batavia's average FHA mortgage closing costs are $5,904.

    The average rate for the prior week (2024-04-12) was 6.91% and one month ago for the week of 2024-03-15, the average rate was 6.87%.

    The average rate one year ago was 6.6%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Batavia 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 Batavia level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Premium Mortgage Corporation 22 6.97% $5,701
    QUICKEN LOANS, LLC 18 6.37% $8,149
    M&T Bank 8 6.66% $7,717
    UNITED WHOLESALE MORTGAGE, LLC 6 6.50% $10,225
    CROSSCOUNTRY MORTGAGE, LLC 5 6.56% $9,542
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.63% $10,389
    1ST PRIORITY MORTGAGE, INC. 3 6.83% $7,445
    EVERETT FINANCIAL, INC. 3 6.83% $8,037
    PLAZA HOME MORTGAGE, INC. 2 6.75% $8,932
    PENNYMAC LOAN SERVICES, LLC 2 7.38% $8,660
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.94% $11,194
    KeyBank 2 5.81% $6,165
    HUNT MORTGAGE CORPORATION 1 6.63% $8,331
    MOVEMENT MORTGAGE, LLC 1 7.13% $6,410
    NEWREZ LLC 1 5.38% $9,461
    RELIANCE FIRST CAPITAL, LLC 1 7.63% $6,424
    US MORTGAGE CORPORATION 1 5.63% $13,768
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $4,482
    CMG MORTGAGE, INC. 1 6.25% $13,114
    ESL Federal Credit Union 1 6.25% $5,831
    Evans Bank 1 7.00% $6,282
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $5,993
    First Federal Bank 1 6.50% $7,525
    Five Star Bank 1 7.00% $5,285
    Flagstar Bank, FSB 1 6.75% $6,843
    FREEDOM MORTGAGE CORPORATION 1 7.25% $8,008
    Genesee Regional Bank 1 7.00% $4,395
    HOMESTEAD FUNDING CORP. 1 6.13% $17,059

    The top Batavia FHA lender as defined by loan originations is Premium Mortgage Corporation, with 22 FHA loans originated. Their average total fees are $5,701, which is $2,448 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Batavia FHA lenders (with over 10 loans originated) are Premium Mortgage Corporation ($5,701), QUICKEN LOANS, LLC ($8,149), .

    The lowest rate Batavia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.37%), Premium Mortgage Corporation (6.97%), .

    Batavia FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Batavia (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 $102,425 (-5.8%) $122,233 (-8.5%) 0.00 119
    2018-02-01 $101,450 (-9.7%) $124,056 (-7.5%) 0.00 105
    2018-03-01 $110,950 (-2.4%) $132,042 (-3.8%) 0.00 88
    2018-04-01 $113,675 (3.3%) $131,989 (-2.4%) 0.00 88
    2018-05-01 $116,175 (-6.6%) $135,943 (-2.2%) 0.00 94
    2018-06-01 $114,900 (-8.4%) $138,754 (-4.7%) 0.00 106
    2018-07-01 $114,900 (-8.0%) $139,508 (-7.4%) 0.00 121
    2018-08-01 $119,000 (-0.8%) $144,011 (0.0%) 0.00 137
    2018-09-01 $119,900 (4.4%) $148,054 (4.3%) 0.00 127
    2018-10-01 $113,900 (-0.9%) $141,416 (2.6%) 0.00 110
    2018-11-01 $102,450 (-10.8%) $140,188 (3.1%) 0.00 94
    2018-12-01 $102,500 (-10.8%) $140,960 (4.5%) 0.00 74
    2019-01-01 $97,225 (-5.1%) $135,698 (11.0%) 0.00 74
    2019-02-01 $98,225 (-3.2%) $127,905 (3.1%) 0.00 79
    2019-03-01 $103,171 (-7.0%) $137,004 (3.8%) 0.00 73
    2019-04-01 $113,650 (0.0%) $149,072 (12.9%) 0.00 65
    2019-05-01 $141,725 (22.0%) $164,156 (20.8%) 0.00 72
    2019-06-01 $154,900 (34.8%) $186,613 (34.5%) 0.00 67
    2019-07-01 $167,400 (45.7%) $210,172 (50.7%) 0.00 71
    2019-08-01 $162,627 (36.7%) $199,858 (38.8%) 0.00 88
    2019-09-01 $166,718 (39.1%) $198,281 (33.9%) 0.00 96
    2019-10-01 $169,445 (48.8%) $196,267 (38.8%) 0.00 102
    2019-11-01 $153,450 (49.8%) $191,813 (36.8%) 0.00 89
    2019-12-01 $142,950 (39.5%) $177,219 (25.7%) 0.00 74
    2020-01-01 $149,150 (53.4%) $182,930 (34.8%) 0.00 69
    2020-02-01 $139,900 (42.4%) $183,007 (43.1%) 0.00 66
    2020-03-01 $149,900 (45.3%) $198,431 (44.8%) 0.00 55
    2020-04-01 $149,900 (31.9%) $204,160 (37.0%) 0.00 49
    2020-05-01 $149,900 (5.8%) $209,324 (27.5%) 0.00 45
    2020-06-01 $162,200 (4.7%) $204,630 (9.7%) 0.00 55
    2020-07-01 $185,975 (11.1%) $217,130 (3.3%) 0.00 52
    2020-08-01 $179,950 (10.7%) $211,078 (5.6%) 0.00 57
    2020-09-01 $154,900 (-7.1%) $186,409 (-6.0%) 0.00 63
    2020-10-01 $149,900 (-11.5%) $186,557 (-5.0%) 0.00 68
    2020-11-01 $153,675 (0.2%) $192,455 (0.3%) 0.00 52
    2020-12-01 $142,725 (-0.2%) $180,909 (2.1%) 0.00 38
    2021-01-01 $142,000 (-4.8%) $169,597 (-7.3%) 0.00 30
    2021-02-01 $147,450 (5.4%) $185,210 (1.2%) 0.00 33
    2021-03-01 $143,650 (-4.2%) $192,128 (-3.2%) 0.00 33
    2021-04-01 $146,175 (-2.5%) $173,083 (-15.2%) 0.00 25
    2021-05-01 $174,900 (16.7%) $207,904 (-0.7%) 0.00 33
    2021-06-01 $177,450 (9.4%) $219,168 (7.1%) 0.00 51
    2021-07-01 $179,900 (-3.3%) $225,733 (4.0%) 0.00 57
    2021-08-01 $179,800 (-0.1%) $228,290 (8.2%) 0.00 64
    2021-09-01 $169,900 (9.7%) $216,685 (16.2%) 0.00 58
    2021-10-01 $171,999 (14.7%) $237,978 (27.6%) 0.00 57
    2021-11-01 $179,700 (16.9%) $229,255 (19.1%) 0.00 46
    2021-12-01 $186,225 (30.5%) $256,879 (42.0%) 0.00 31
    2022-01-01 $179,900 (26.7%) $253,337 (49.4%) 0.00 26
    2022-02-01 $172,450 (17.0%) $241,658 (30.5%) 0.00 28
    2022-03-01 $171,200 (19.2%) $250,402 (30.3%) 0.00 26
    2022-04-01 $174,900 (19.7%) $229,562 (32.6%) 0.00 26
    2022-05-01 $173,650 (-0.7%) $225,975 (8.7%) 0.00 37
    2022-06-01 $193,425 (9.0%) $256,746 (17.2%) 0.00 43
    2022-07-01 $199,900 (11.1%) $264,329 (17.1%) 0.00 54
    2022-08-01 $174,675 (-2.9%) $240,580 (5.4%) 0.00 56
    2022-09-01 $183,675 (8.1%) $233,581 (7.8%) 0.00 62
    2022-10-01 $174,900 (1.7%) $222,266 (-6.6%) 0.00 59
    2022-11-01 $182,175 (1.4%) $226,922 (-1.0%) 0.00 48
    2022-12-01 $174,950 (-6.1%) $199,244 (-22.4%) 0.00 34
    2023-01-01 $177,400 (-1.4%) $201,208 (-20.6%) 0.00 28
    2023-02-01 $135,125 (-21.6%) $186,443 (-22.9%) 0.00 23
    2023-03-01 $157,450 (-8.0%) $215,522 (-13.9%) 0.00 29
    2023-04-01 $199,900 (14.3%) $234,107 (2.0%) 0.00 21
    2023-05-01 $186,725 (7.5%) $233,973 (3.5%) 0.00 30
    2023-06-01 $176,150 (-8.9%) $241,389 (-6.0%) 0.00 41
    2023-07-01 $224,500 (12.3%) $280,404 (6.1%) 0.00 43
    2023-08-01 $204,900 (17.3%) $266,809 (10.9%) 0.00 49
    2023-09-01 $199,900 (8.8%) $256,362 (9.8%) 0.00 51
    2023-10-01 $194,925 (11.5%) $249,296 (12.2%) 0.00 50
    2023-11-01 $179,450 (-1.5%) $218,875 (-3.6%) 0.00 43
    2023-12-01 $192,500 (10.0%) $295,214 (48.2%) 0.00 34
    2024-01-01 $211,175 (19.0%) $330,944 (64.5%) 0.00 41
    2024-02-01 $213,225 (57.8%) $352,684 (89.2%) 0.00 36
    2024-03-01 $239,900 (52.4%) $344,465 (59.8%) 0.00 37
    Batavia's median listing price for 2024-03-01 was $239,900, a difference of $82,450 (52.4%) versus the prior year and $26,675 versus the prior month.

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

    Batavia's average listing price for 2024-03-01 was $344,465, a difference of $128,943 (59.8%) versus the prior year and $-8,219 versus the prior month.

    For the 2024-03-01 period, Batavia had 37 MLS listings, a difference of 1 listings (3%) versus the prior month and 8 listings (28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Batavia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,530 sqft
    2018-02-01 0 days 1,492 sqft
    2018-03-01 0 days 1,466 sqft
    2018-04-01 0 days 1,455 sqft
    2018-05-01 0 days 1,520 sqft
    2018-06-01 0 days 1,553 sqft
    2018-07-01 0 days 1,536 sqft
    2018-08-01 0 days 1,626 sqft
    2018-09-01 0 days 1,700 sqft
    2018-10-01 0 days 1,609 sqft
    2018-11-01 0 days 1,568 sqft
    2018-12-01 0 days 1,551 sqft
    2019-01-01 0 days 1,542 sqft
    2019-02-01 0 days 1,524 sqft
    2019-03-01 0 days 1,521 sqft
    2019-04-01 0 days 1,544 sqft
    2019-05-01 0 days 1,654 sqft
    2019-06-01 0 days 1,719 sqft
    2019-07-01 0 days 1,745 sqft
    2019-08-01 0 days 1,720 sqft
    2019-09-01 0 days 1,725 sqft
    2019-10-01 0 days 1,727 sqft
    2019-11-01 0 days 1,682 sqft
    2019-12-01 0 days 1,673 sqft
    2020-01-01 0 days 1,671 sqft
    2020-02-01 0 days 1,673 sqft
    2020-03-01 0 days 1,756 sqft
    2020-04-01 0 days 1,718 sqft
    2020-05-01 0 days 1,688 sqft
    2020-06-01 0 days 1,688 sqft
    2020-07-01 0 days 1,650 sqft
    2020-08-01 0 days 1,709 sqft
    2020-09-01 0 days 1,657 sqft
    2020-10-01 0 days 1,568 sqft
    2020-11-01 0 days 1,617 sqft
    2020-12-01 0 days 1,534 sqft
    2021-01-01 0 days 1,496 sqft
    2021-02-01 0 days 1,623 sqft
    2021-03-01 0 days 1,556 sqft
    2021-04-01 0 days 1,440 sqft
    2021-05-01 0 days 1,660 sqft
    2021-06-01 0 days 1,556 sqft
    2021-07-01 0 days 1,740 sqft
    2021-08-01 0 days 1,547 sqft
    2021-09-01 0 days 1,611 sqft
    2021-10-01 0 days 1,716 sqft
    2021-11-01 0 days 1,726 sqft
    2021-12-01 0 days 1,691 sqft
    2022-01-01 0 days 1,648 sqft
    2022-02-01 0 days 1,605 sqft
    2022-03-01 0 days 1,660 sqft
    2022-04-01 0 days 1,664 sqft
    2022-05-01 0 days 1,593 sqft
    2022-06-01 0 days 1,675 sqft
    2022-07-01 0 days 1,602 sqft
    2022-08-01 0 days 1,583 sqft
    2022-09-01 0 days 1,532 sqft
    2022-10-01 0 days 1,596 sqft
    2022-11-01 0 days 1,653 sqft
    2022-12-01 0 days 1,607 sqft
    2023-01-01 0 days 1,520 sqft
    2023-02-01 0 days 1,388 sqft
    2023-03-01 0 days 1,506 sqft
    2023-04-01 0 days 1,605 sqft
    2023-05-01 0 days 1,510 sqft
    2023-06-01 0 days 1,563 sqft
    2023-07-01 0 days 1,807 sqft
    2023-08-01 0 days 1,608 sqft
    2023-09-01 0 days 1,592 sqft
    2023-10-01 0 days 1,558 sqft
    2023-11-01 0 days 1,499 sqft
    2023-12-01 0 days 1,620 sqft
    2024-01-01 0 days 1,710 sqft
    2024-02-01 0 days 1,690 sqft
    2024-03-01 0 days 1,690 sqft
    Batavia's median listing age (time on market) for 2024-03-01 was 0 days.

    Batavia's median square footage for active listings during the 2024-03-01 period was 1,690 sqft. One year prior, the average listing was 1,506 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).