Binghamton FHA Loan Rates, Closing Costs & Stats

BINGHAMTON, 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.

Binghamton's 47 lenders originated 735 FHA loans during 2021. The total origination value was $96,175,000, with an average FHA loan value of $130,850.

Binghamton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Binghamton averaged 6.31% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Binghamton's average FHA mortgage closing costs are $4,971.

The average rate for the prior week (2022-11-25) was 6.63% and one month ago for the week of 2022-10-28, the average rate was 6.56%.

The average rate one year ago was 3.2%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.29%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
HOMESTEAD FUNDING CORP. 188 3.10% $3,906
QUICKEN LOANS, LLC 142 2.89% $6,369
PARAGON HOME LOANS INC. 58 3.04% $5,496
1ST PRIORITY MORTGAGE, INC. 43 3.11% $5,511
MOVEMENT MORTGAGE, LLC 35 3.17% $5,757
M&T Bank 34 3.25% $5,621
PLAZA HOME MORTGAGE, INC. 18 2.84% $6,522
Mr. Cooper ( Nationstar Mortgage ) 18 3.39% $2,852
AMERICAN FINANCIAL NETWORK, INC. 17 2.93% $12,886
FREEDOM MORTGAGE CORPORATION 14 2.97% $5,908
SEFCU SERVICES, LLC 11 2.95% $4,070
CALIBER HOME LOANS, INC. 8 2.70% $5,991
Elmira Savings Bank 6 3.02% $5,750
Premium Mortgage Corporation 5 2.73% $4,376
NBT Bank 5 2.95% $4,663
NEWREZ LLC 4 2.94% $5,435
HOME POINT FINANCIAL CORPORATION 4 2.81% $6,279
LOANDEPOT.COM, LLC 4 3.19% $9,070
CCFCU FUNDING, LLC 3 3.21% $5,368
Carrington Mortgage Services, LLC 3 3.38% $8,282
CROSSCOUNTRY MORTGAGE, LLC 3 3.33% $8,284
JPMorgan Chase Bank 3 3.41% $2,843
KeyBank 3 2.79% $5,954
Wells Fargo Bank 3 3.63% $2,938
AMERICAN FINANCING CORPORATION 2 3.38% $7,996
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.44% $8,493
UNITED WHOLESALE MORTGAGE, LLC 2 2.69% $6,518
RELIANCE FIRST CAPITAL, LLC 2 2.44% $6,941
RESIDENTIAL MORTGAGE SERVICES, INC. 2 3.56% $7,224
Citizens Bank 2 2.50% $4,881
Barrington Bank & Trust Company, N.A. 2 4.50% $6,710
Bank of America 2 3.19% $5,875
InterContinental Capital Group, Inc 2 3.13% $9,620
AMERICAN FINANCIAL RESOURCES, INC. 1 2.63% $7,153
Quontic Bank 1 3.25% $9,578
A&D Mortgage LLC 1 3.50% $5,389
GUARANTEED RATE, INC. 1 2.75% $6,030
First Savings Bank 1 2.75% $8,122
HUNT MORTGAGE CORPORATION 1 3.75% $4,963
Ulster Savings Bank 1 3.13% $5,796
First Guaranty Mortgage Corporation 1 3.25% $9,578
Magnolia Bank 1 3.25% $7,515
Mortgage Research Center, LLC 1 2.99% $1,872
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.99% $10,607
CONTOUR MORTGAGE CORPORATION 1 3.25% $8,565
CFCU Community Credit Union 1 3.13% $2,027
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $9,284

The top Binghamton FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 188 FHA loans originated. Their average total fees are $3,906, which is $2,463 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Binghamton FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,852), HOMESTEAD FUNDING CORP. ($3,906), SEFCU SERVICES, LLC ($4,070), PARAGON HOME LOANS INC. ($5,496) and 1ST PRIORITY MORTGAGE, INC. ($5,511).

The lowest rate Binghamton FHA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. (2.84%), QUICKEN LOANS, LLC (2.89%), AMERICAN FINANCIAL NETWORK, INC. (2.93%), SEFCU SERVICES, LLC (2.95%) and FREEDOM MORTGAGE CORPORATION (2.97%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Binghamton (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 $120,000 (4.4%) $151,158 (5.7%) 0.44 890
2018-02-01 $120,000 (2.8%) $152,736 (5.7%) 0.44 855
2018-03-01 $120,000 (2.2%) $157,514 (6.0%) 0.42 822
2018-04-01 $124,900 (0.7%) $157,216 (3.6%) 0.42 806
2018-05-01 $129,938 (3.0%) $166,881 (6.1%) 0.43 842
2018-06-01 $134,900 (6.8%) $170,274 (7.8%) 0.45 936
2018-07-01 $136,125 (5.6%) $170,257 (8.0%) 0.45 1,017
2018-08-01 $131,750 (2.6%) $165,215 (6.4%) 0.44 1,051
2018-09-01 $129,900 (3.9%) $162,440 (5.6%) 0.44 1,019
2018-10-01 $127,373 (1.9%) $160,112 (3.7%) 0.43 1,002
2018-11-01 $124,900 (0.0%) $158,345 (2.4%) 0.42 966
2018-12-01 $124,900 (0.0%) $160,137 (4.4%) 0.43 870
2019-01-01 $123,700 (3.1%) $159,929 (5.8%) 0.43 799
2019-02-01 $124,900 (4.1%) $160,170 (4.9%) 0.42 739
2019-03-01 $126,229 (5.2%) $161,094 (2.3%) 0.41 768
2019-04-01 $128,500 (2.9%) $163,758 (4.2%) 0.41 793
2019-05-01 $133,325 (2.6%) $169,827 (1.8%) 0.42 865
2019-06-01 $139,900 (3.7%) $175,321 (3.0%) 0.44 962
2019-07-01 $139,900 (2.8%) $174,879 (2.7%) 0.44 993
2019-08-01 $139,641 (6.0%) $172,990 (4.7%) 0.44 1,014
2019-09-01 $139,252 (7.2%) $173,170 (6.6%) 0.45 1,014
2019-10-01 $138,975 (9.1%) $173,256 (8.2%) 0.45 1,015
2019-11-01 $134,900 (8.0%) $169,581 (7.1%) 0.44 949
2019-12-01 $129,950 (4.0%) $167,158 (4.4%) 0.43 858
2020-01-01 $129,900 (5.0%) $167,071 (4.5%) 0.43 763
2020-02-01 $134,900 (8.0%) $171,330 (7.0%) 0.44 726
2020-03-01 $139,450 (10.5%) $177,583 (10.2%) 0.44 707
2020-04-01 $138,375 (7.7%) $176,938 (8.1%) 0.43 621
2020-05-01 $144,900 (8.7%) $188,052 (10.7%) 0.44 587
2020-06-01 $156,400 (11.8%) $200,545 (14.4%) 0.46 589
2020-07-01 $160,975 (15.1%) $203,071 (16.1%) 0.47 550
2020-08-01 $159,900 (14.5%) $209,172 (20.9%) 0.46 552
2020-09-01 $158,000 (13.5%) $211,435 (22.1%) 0.45 551
2020-10-01 $153,000 (10.1%) $209,537 (20.9%) 0.44 553
2020-11-01 $149,450 (10.8%) $219,678 (29.5%) 0.44 516
2020-12-01 $149,000 (14.7%) $219,724 (31.5%) 0.44 455
2021-01-01 $139,900 (7.7%) $224,217 (34.2%) 0.42 398
2021-02-01 $141,150 (4.6%) $244,809 (42.9%) 0.41 327
2021-03-01 $154,450 (10.8%) $259,670 (46.2%) 0.44 301
2021-04-01 $172,400 (24.6%) $271,573 (53.5%) 0.47 277
2021-05-01 $189,900 (31.1%) $251,075 (33.5%) 0.50 302
2021-06-01 $189,175 (21.0%) $248,031 (23.7%) 0.50 347
2021-07-01 $187,250 (16.3%) $249,942 (23.1%) 0.49 385
2021-08-01 $183,500 (14.8%) $251,653 (20.3%) 0.49 414
2021-09-01 $166,875 (5.6%) $246,173 (16.4%) 0.45 424
2021-10-01 $159,000 (3.9%) $239,001 (14.1%) 0.42 433
2021-11-01 $157,000 (5.1%) $239,569 (9.1%) 0.42 409
2021-12-01 $154,725 (3.8%) $233,428 (6.2%) 0.42 371
2022-01-01 $154,900 (10.7%) $236,768 (5.6%) 0.42 308
2022-02-01 $159,900 (13.3%) $249,999 (2.1%) 0.42 254
2022-03-01 $165,000 (6.8%) $259,643 (0.0%) 0.41 262
2022-04-01 $170,000 (-1.4%) $267,994 (-1.3%) 0.41 260
2022-05-01 $197,000 (3.7%) $275,828 (9.9%) 0.45 281
2022-06-01 $187,450 (-0.9%) $260,820 (5.2%) 0.42 325
2022-07-01 $189,950 (1.4%) $261,565 (4.7%) 0.43 376
2022-08-01 $185,225 (0.9%) $255,839 (1.7%) 0.43 383
2022-09-01 $192,400 (15.3%) $259,504 (5.4%) 0.45 373
2022-10-01 $210,000 (32.1%) $263,109 (10.1%) 0.49 367
2022-11-01 $204,500 (30.3%) $268,582 (12.1%) 0.49 361
Binghamton's median listing price for 2022-11-01 was $204,500, a difference of $47,500 (30.3%) versus the prior year and $-5,500 versus the prior month.

Binghamton's median listing price comes in at 49% of the national average.

Binghamton's average listing price for 2022-11-01 was $268,582, a difference of $29,013 (12.1%) versus the prior year and $5,473 versus the prior month.

For the 2022-11-01 period, Binghamton had 361 MLS listings, a difference of -6 listings (-2%) versus the prior month and -48 listings (-12%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Binghamton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 109 days 1,750 sqft
2018-02-01 110 days 1,752 sqft
2018-03-01 107 days 1,765 sqft
2018-04-01 86 days 1,796 sqft
2018-05-01 71 days 1,824 sqft
2018-06-01 63 days 1,826 sqft
2018-07-01 65 days 1,852 sqft
2018-08-01 71 days 1,813 sqft
2018-09-01 80 days 1,800 sqft
2018-10-01 83 days 1,785 sqft
2018-11-01 85 days 1,765 sqft
2018-12-01 92 days 1,744 sqft
2019-01-01 100 days 1,726 sqft
2019-02-01 106 days 1,752 sqft
2019-03-01 91 days 1,773 sqft
2019-04-01 69 days 1,808 sqft
2019-05-01 63 days 1,850 sqft
2019-06-01 61 days 1,851 sqft
2019-07-01 64 days 1,812 sqft
2019-08-01 69 days 1,824 sqft
2019-09-01 75 days 1,842 sqft
2019-10-01 81 days 1,854 sqft
2019-11-01 86 days 1,824 sqft
2019-12-01 95 days 1,804 sqft
2020-01-01 99 days 1,803 sqft
2020-02-01 102 days 1,850 sqft
2020-03-01 85 days 1,872 sqft
2020-04-01 95 days 1,855 sqft
2020-05-01 99 days 1,860 sqft
2020-06-01 82 days 1,935 sqft
2020-07-01 47 days 1,928 sqft
2020-08-01 50 days 1,870 sqft
2020-09-01 53 days 1,940 sqft
2020-10-01 54 days 1,872 sqft
2020-11-01 66 days 1,879 sqft
2020-12-01 79 days 1,801 sqft
2021-01-01 92 days 1,744 sqft
2021-02-01 102 days 1,800 sqft
2021-03-01 65 days 1,866 sqft
2021-04-01 45 days 1,872 sqft
2021-05-01 33 days 1,879 sqft
2021-06-01 33 days 1,862 sqft
2021-07-01 36 days 1,872 sqft
2021-08-01 39 days 1,856 sqft
2021-09-01 43 days 1,840 sqft
2021-10-01 48 days 1,807 sqft
2021-11-01 59 days 1,812 sqft
2021-12-01 65 days 1,738 sqft
2022-01-01 80 days 1,745 sqft
2022-02-01 84 days 1,850 sqft
2022-03-01 53 days 1,862 sqft
2022-04-01 51 days 1,830 sqft
2022-05-01 46 days 1,925 sqft
2022-06-01 33 days 1,871 sqft
2022-07-01 37 days 1,867 sqft
2022-08-01 44 days 1,812 sqft
2022-09-01 52 days 1,821 sqft
2022-10-01 54 days 1,872 sqft
2022-11-01 54 days 1,881 sqft
Binghamton's median listing age (time on market) for 2022-11-01 was 54 days. This is -8% shorter than the same period one year ago.

Binghamton's median square footage for active listings during the 2022-11-01 period was 1,881 sqft. One year prior, the average listing was 1,812 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).