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 6.99% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.58% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.73%.

    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

    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 $119,925 (4.3%) $150,928 (5.9%) 0.44 886
    2018-02-01 $120,000 (3.5%) $152,506 (5.8%) 0.44 851
    2018-03-01 $120,000 (3.1%) $157,511 (6.3%) 0.42 819
    2018-04-01 $124,900 (2.0%) $157,203 (3.8%) 0.42 804
    2018-05-01 $129,725 (3.2%) $166,797 (6.2%) 0.43 841
    2018-06-01 $134,900 (7.1%) $170,234 (8.0%) 0.45 935
    2018-07-01 $136,000 (6.3%) $170,264 (8.3%) 0.45 1,016
    2018-08-01 $131,250 (2.6%) $165,203 (6.5%) 0.44 1,051
    2018-09-01 $129,900 (3.9%) $162,459 (5.6%) 0.44 1,019
    2018-10-01 $127,373 (1.9%) $160,132 (3.8%) 0.43 1,003
    2018-11-01 $124,900 (0.0%) $158,417 (2.6%) 0.42 967
    2018-12-01 $124,900 (0.0%) $160,215 (4.7%) 0.43 871
    2019-01-01 $123,800 (3.2%) $160,014 (6.0%) 0.43 800
    2019-02-01 $124,925 (4.1%) $160,215 (5.1%) 0.42 739
    2019-03-01 $126,229 (5.2%) $161,094 (2.3%) 0.41 768
    2019-04-01 $128,500 (2.9%) $163,761 (4.2%) 0.41 793
    2019-05-01 $133,325 (2.8%) $169,827 (1.8%) 0.42 865
    2019-06-01 $139,900 (3.7%) $175,321 (3.0%) 0.44 961
    2019-07-01 $139,900 (2.9%) $175,027 (2.8%) 0.44 993
    2019-08-01 $139,655 (6.4%) $173,155 (4.8%) 0.44 1,013
    2019-09-01 $139,286 (7.2%) $173,364 (6.7%) 0.45 1,013
    2019-10-01 $139,000 (9.1%) $173,468 (8.3%) 0.45 1,013
    2019-11-01 $134,900 (8.0%) $169,805 (7.2%) 0.44 947
    2019-12-01 $130,975 (4.9%) $167,619 (4.6%) 0.44 855
    2020-01-01 $129,900 (4.9%) $167,581 (4.7%) 0.43 759
    2020-02-01 $134,900 (8.0%) $171,708 (7.2%) 0.44 723
    2020-03-01 $139,675 (10.7%) $178,085 (10.6%) 0.44 703
    2020-04-01 $138,850 (8.1%) $177,486 (8.4%) 0.43 617
    2020-05-01 $145,450 (9.1%) $188,599 (11.1%) 0.44 584
    2020-06-01 $156,950 (12.2%) $201,460 (14.9%) 0.46 585
    2020-07-01 $161,900 (15.7%) $203,996 (16.6%) 0.47 546
    2020-08-01 $159,900 (14.5%) $210,170 (21.4%) 0.46 549
    2020-09-01 $159,000 (14.2%) $211,813 (22.2%) 0.46 550
    2020-10-01 $153,500 (10.4%) $210,136 (21.1%) 0.44 551
    2020-11-01 $149,725 (11.0%) $220,103 (29.6%) 0.44 514
    2020-12-01 $149,000 (13.8%) $220,087 (31.3%) 0.44 454
    2021-01-01 $139,900 (7.7%) $224,287 (33.8%) 0.42 398
    2021-02-01 $142,400 (5.6%) $245,266 (42.8%) 0.41 326
    2021-03-01 $154,675 (10.7%) $260,215 (46.1%) 0.44 300
    2021-04-01 $172,400 (24.2%) $272,190 (53.4%) 0.47 276
    2021-05-01 $189,900 (30.6%) $251,582 (33.4%) 0.50 301
    2021-06-01 $189,175 (20.5%) $248,040 (23.1%) 0.50 347
    2021-07-01 $187,000 (15.5%) $249,919 (22.5%) 0.49 384
    2021-08-01 $182,675 (14.2%) $251,725 (19.8%) 0.49 413
    2021-09-01 $166,750 (4.9%) $246,447 (16.4%) 0.44 423
    2021-10-01 $159,000 (3.6%) $239,422 (13.9%) 0.42 431
    2021-11-01 $157,875 (5.4%) $240,070 (9.1%) 0.42 407
    2021-12-01 $155,200 (4.2%) $234,119 (6.4%) 0.42 369
    2022-01-01 $154,900 (10.7%) $237,635 (6.0%) 0.42 306
    2022-02-01 $163,450 (14.8%) $251,103 (2.4%) 0.43 252
    2022-03-01 $165,000 (6.7%) $260,260 (0.0%) 0.41 261
    2022-04-01 $173,700 (0.8%) $268,651 (-1.3%) 0.41 259
    2022-05-01 $197,750 (4.1%) $276,456 (9.9%) 0.45 280
    2022-06-01 $187,450 (-0.9%) $261,327 (5.4%) 0.42 324
    2022-07-01 $190,000 (1.6%) $262,011 (4.8%) 0.43 375
    2022-08-01 $185,450 (1.5%) $256,256 (1.8%) 0.43 382
    2022-09-01 $192,425 (15.4%) $259,932 (5.5%) 0.45 372
    2022-10-01 $210,000 (32.1%) $263,548 (10.1%) 0.49 366
    2022-11-01 $204,500 (29.5%) $269,053 (12.1%) 0.49 360
    2022-12-01 $199,900 (28.8%) $268,989 (14.9%) 0.49 336
    2023-01-01 $177,000 (14.3%) $257,154 (8.2%) 0.44 292
    2023-02-01 $184,450 (12.9%) $265,557 (5.8%) 0.45 266
    2023-03-01 $186,875 (13.3%) $272,817 (4.8%) 0.44 241
    2023-04-01 $209,450 (20.6%) $292,762 (9.0%) 0.49 219
    2023-05-01 $192,000 (-2.9%) $287,550 (4.0%) 0.44 225
    2023-06-01 $199,974 (6.7%) $288,624 (10.5%) 0.45 248
    2023-07-01 $199,000 (4.7%) $286,148 (9.2%) 0.45 260
    2023-08-01 $198,500 (7.0%) $279,941 (9.2%) 0.46 270
    2023-09-01 $189,900 (-1.3%) $270,617 (4.1%) 0.44 305
    2023-10-01 $189,450 (-9.8%) $260,826 (-1.0%) 0.45 336
    2023-11-01 $182,225 (-10.9%) $257,073 (-4.5%) 0.43 322
    2023-12-01 $179,000 (-10.5%) $253,528 (-5.8%) 0.44 291
    2024-01-01 $164,450 (-7.1%) $245,452 (-4.6%) 0.40 264
    2024-02-01 $169,000 (-8.4%) $254,305 (-4.2%) 0.41 228
    2024-03-01 $185,000 (-1.0%) $286,965 (5.2%) 0.44 203
    Binghamton's median listing price for 2024-03-01 was $185,000, a difference of $-1,875 (-1.0%) versus the prior year and $16,000 versus the prior month.

    Binghamton's median listing price comes in at 44% of the national average.

    Binghamton's average listing price for 2024-03-01 was $286,965, a difference of $14,148 (5.2%) versus the prior year and $32,660 versus the prior month.

    For the 2024-03-01 period, Binghamton had 203 MLS listings, a difference of -25 listings (-11%) versus the prior month and -38 listings (-16%) 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
    2018-01-01 103 days 1,751 sqft
    2018-02-01 103 days 1,754 sqft
    2018-03-01 99 days 1,769 sqft
    2018-04-01 77 days 1,799 sqft
    2018-05-01 64 days 1,824 sqft
    2018-06-01 57 days 1,827 sqft
    2018-07-01 61 days 1,854 sqft
    2018-08-01 66 days 1,813 sqft
    2018-09-01 74 days 1,800 sqft
    2018-10-01 79 days 1,785 sqft
    2018-11-01 77 days 1,762 sqft
    2018-12-01 85 days 1,743 sqft
    2019-01-01 95 days 1,726 sqft
    2019-02-01 100 days 1,752 sqft
    2019-03-01 83 days 1,773 sqft
    2019-04-01 63 days 1,808 sqft
    2019-05-01 60 days 1,850 sqft
    2019-06-01 57 days 1,851 sqft
    2019-07-01 59 days 1,812 sqft
    2019-08-01 64 days 1,825 sqft
    2019-09-01 71 days 1,845 sqft
    2019-10-01 77 days 1,858 sqft
    2019-11-01 80 days 1,824 sqft
    2019-12-01 92 days 1,807 sqft
    2020-01-01 95 days 1,807 sqft
    2020-02-01 96 days 1,852 sqft
    2020-03-01 79 days 1,875 sqft
    2020-04-01 86 days 1,860 sqft
    2020-05-01 92 days 1,864 sqft
    2020-06-01 71 days 1,942 sqft
    2020-07-01 42 days 1,935 sqft
    2020-08-01 46 days 1,878 sqft
    2020-09-01 47 days 1,950 sqft
    2020-10-01 52 days 1,872 sqft
    2020-11-01 60 days 1,879 sqft
    2020-12-01 73 days 1,801 sqft
    2021-01-01 86 days 1,744 sqft
    2021-02-01 93 days 1,800 sqft
    2021-03-01 59 days 1,864 sqft
    2021-04-01 38 days 1,869 sqft
    2021-05-01 31 days 1,880 sqft
    2021-06-01 30 days 1,862 sqft
    2021-07-01 33 days 1,874 sqft
    2021-08-01 38 days 1,858 sqft
    2021-09-01 41 days 1,838 sqft
    2021-10-01 47 days 1,806 sqft
    2021-11-01 56 days 1,815 sqft
    2021-12-01 64 days 1,770 sqft
    2022-01-01 77 days 1,761 sqft
    2022-02-01 78 days 1,868 sqft
    2022-03-01 49 days 1,870 sqft
    2022-04-01 46 days 1,832 sqft
    2022-05-01 41 days 1,928 sqft
    2022-06-01 31 days 1,872 sqft
    2022-07-01 35 days 1,862 sqft
    2022-08-01 42 days 1,808 sqft
    2022-09-01 51 days 1,821 sqft
    2022-10-01 51 days 1,872 sqft
    2022-11-01 52 days 1,882 sqft
    2022-12-01 67 days 1,924 sqft
    2023-01-01 81 days 1,812 sqft
    2023-02-01 81 days 1,862 sqft
    2023-03-01 60 days 1,888 sqft
    2023-04-01 42 days 1,903 sqft
    2023-05-01 37 days 1,873 sqft
    2023-06-01 35 days 1,880 sqft
    2023-07-01 37 days 1,858 sqft
    2023-08-01 39 days 1,828 sqft
    2023-09-01 36 days 1,744 sqft
    2023-10-01 42 days 1,735 sqft
    2023-11-01 47 days 1,720 sqft
    2023-12-01 58 days 1,704 sqft
    2024-01-01 64 days 1,690 sqft
    2024-02-01 71 days 1,638 sqft
    2024-03-01 46 days 1,743 sqft
    Binghamton's median listing age (time on market) for 2024-03-01 was 46 days. This is -24% shorter than the same period one year ago.

    Binghamton's median square footage for active listings during the 2024-03-01 period was 1,743 sqft. One year prior, the average listing was 1,888 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).