Binghamton FHA Loan Rates, Closing Costs & Stats

BINGHAMTON, 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.

    Binghamton's 42 lenders originated 396 FHA loans during 2023. The total origination value was $61,200,000, with an average FHA loan value of $154,545.

    Binghamton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Binghamton averaged 6.36% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Binghamton's average FHA mortgage closing costs are $5,500.

    The average rate for the prior week (2024-11-01) was 6.33% and one month ago for the week of 2024-10-04, the average rate was 6.05%.

    The average rate one year ago was 7.29%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.1%.

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

    Binghamton 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 Binghamton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HOMESTEAD FUNDING CORP. 85 6.71% $5,166
    QUICKEN LOANS, LLC 83 6.64% $8,749
    PARAGON HOME LOANS INC. 28 6.56% $7,915
    1ST PRIORITY MORTGAGE, INC. 22 6.38% $7,177
    M&T Bank 22 6.39% $6,914
    Premium Mortgage Corporation 16 6.66% $5,844
    AMERICAN FINANCIAL NETWORK, INC. 11 6.69% $8,471
    PLAZA HOME MORTGAGE, INC. 9 6.56% $10,806
    NEWREZ LLC 7 6.66% $9,140
    Wells Fargo Bank 6 6.54% $5,431
    MOVEMENT MORTGAGE, LLC 6 7.12% $10,071
    PENNYMAC LOAN SERVICES, LLC 6 6.40% $6,998
    SEFCU SERVICES, LLC 4 6.53% $5,951
    Citizens Bank 4 6.78% $6,612
    UNITED WHOLESALE MORTGAGE, LLC 4 6.47% $10,264
    KeyBank 4 6.34% $4,761
    Mr. Cooper ( Nationstar Mortgage ) 3 6.25% $10,010
    CARDINAL FINANCIAL 3 5.83% $8,486
    FREEDOM MORTGAGE CORPORATION 2 7.56% $13,320
    AMERICAN FINANCING CORPORATION 2 6.44% $8,242
    RELIANCE FIRST CAPITAL, LLC 2 7.19% $8,588
    TOTAL MORTGAGE SERVICES, LLC 2 6.94% $12,328
    CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $8,957
    JPMorgan Chase Bank 2 7.00% $6,052
    LOANDEPOT.COM, LLC 2 6.63% $9,232
    Carrington Mortgage Services, LLC 2 6.13% $11,618
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.88% $9,732
    The Freedom Bank of Virginia 1 6.13% $5,854
    Bank of England 1 7.25% $8,144
    Barrington Bank & Trust Company, N.A. 1 5.88% $12,902
    Bethpage Federal Credit Union 1 7.00% $3,737
    BRIDGEVIEW MORTGAGE CORP. 1 7.13% $14,480
    CLIFFCO, INC. 1 6.50% $19,002
    EMBRACE HOME LOANS, INC. 1 6.25% $10,583
    Fifth Third Bank 1 6.13% $6,334
    MLB RESIDENTIAL LENDING, LLC 1 7.25% $9,355
    NBT Bank 1 5.25% $6,294
    North American Savings Bank, F.S.B. 1 5.63% $12,968
    Northpointe Bank 1 6.50% $10,797
    PNC Bank 1 6.63% $9,197
    Truist 1 6.75% $6,024
    US MORTGAGE CORPORATION 1 7.25% $11,725

    The top Binghamton FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 85 FHA loans originated. Their average total fees are $5,166, which is $3,583 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Binghamton FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($5,166), Premium Mortgage Corporation ($5,844), M&T Bank ($6,914), 1ST PRIORITY MORTGAGE, INC. ($7,177) and PARAGON HOME LOANS INC. ($7,915).

    The lowest rate Binghamton FHA lenders (with over 10 loans originated) are 1ST PRIORITY MORTGAGE, INC. (6.38%), M&T Bank (6.39%), PARAGON HOME LOANS INC. (6.56%), QUICKEN LOANS, LLC (6.64%) and Premium Mortgage Corporation (6.66%).

    Binghamton FHA Loan Limits

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

    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).