Buffalo FHA Loan Rates, Closing Costs & Stats

BUFFALO-CHEEKTOWAGA, 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.

    Buffalo's 69 lenders originated 1,925 FHA loans during 2023. The total origination value was $390,025,000, with an average FHA loan value of $202,610.

    Buffalo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Buffalo averaged -0.04% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Buffalo's average FHA mortgage closing costs are $7,054.

    The average rate for the prior week (2024-11-08) was 6.27% and one month ago for the week of 2024-10-11, the average rate was 6.07%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2024-11-15, the average rate was 1.03%.

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

    Buffalo 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 Buffalo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 328 6.41% $9,372
    UNITED WHOLESALE MORTGAGE, LLC 272 6.30% $11,786
    Premium Mortgage Corporation 190 6.53% $7,670
    M&T Bank 154 6.36% $8,109
    CROSSCOUNTRY MORTGAGE, LLC 116 6.74% $11,718
    HUNT MORTGAGE CORPORATION 79 6.76% $9,988
    PLAZA HOME MORTGAGE, INC. 62 6.49% $11,043
    EVERETT FINANCIAL, INC. 55 6.80% $9,214
    1ST PRIORITY MORTGAGE, INC. 51 6.71% $8,545
    KeyBank 47 6.49% $7,827
    PENNYMAC LOAN SERVICES, LLC 46 6.33% $11,171
    Mr. Cooper ( Nationstar Mortgage ) 31 6.20% $13,029
    MOVEMENT MORTGAGE, LLC 25 6.74% $9,941
    NEWREZ LLC 25 6.60% $10,469
    AMERICAN FINANCIAL NETWORK, INC. 22 6.53% $11,640
    Carrington Mortgage Services, LLC 21 6.27% $11,192
    LOANDEPOT.COM, LLC 21 6.65% $9,520
    NVR Mortgage Finance, Inc. 17 5.65% $16,611
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 6.82% $9,973
    FREEDOM MORTGAGE CORPORATION 17 6.88% $12,757
    Flagstar Bank, FSB 16 6.46% $9,042
    Citizens Bank 16 6.40% $8,906
    PRIMELENDING, A PLAINSCAPITAL COMPANY 16 6.57% $9,192
    Northwest Bank 15 6.18% $8,127
    RELIANCE FIRST CAPITAL, LLC 12 6.75% $11,187
    HOMESTEAD FUNDING CORP. 8 6.83% $7,377
    Five Star Bank 7 6.39% $6,166
    Evans Bank 7 6.30% $8,086
    Wells Fargo Bank 6 6.81% $8,105
    ROYAL UNITED MORTGAGE LLC 5 6.33% $15,393
    SEFCU SERVICES, LLC 4 6.84% $6,807
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 7.22% $10,888
    Bank of America 4 7.03% $5,758
    CARDINAL FINANCIAL 4 6.59% $18,079
    JPMorgan Chase Bank 3 6.58% $5,313
    Barrington Bank & Trust Company, N.A. 2 6.75% $9,128
    Bank of England 2 7.25% $9,315
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.87% $9,457
    The Federal Savings Bank 2 6.44% $17,659
    TOTAL MORTGAGE SERVICES, LLC 2 6.81% $8,583
    MLB RESIDENTIAL LENDING, LLC 2 6.88% $7,969
    U.S. Bank 2 7.25% $6,836
    PARAGON HOME LOANS INC. 2 6.75% $13,433
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.75% $9,049
    PENTAGON FEDERAL CREDIT UNION 2 5.31% $8,384
    PHH Mortgage Corporation 2 6.38% $11,149
    Northpointe Bank 2 6.88% $11,350
    BETTER MORTGAGE CORPORATION 2 6.44% $7,296
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.63% $8,156
    Truist 1 6.20% $8,386
    US MORTGAGE CORPORATION 1 7.00% $14,893
    A&D Mortgage LLC 1 7.00% $17,488
    GUARANTEED RATE, INC. 1 7.25% $10,802
    FM Home Loans, LLC 1 6.63% $13,427
    First Savings Bank 1 6.75% $8,956
    Magnolia Bank 1 5.75% $17,223
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 7.00% $11,776
    MID-ISLAND MORTGAGE CORP. 1 5.99% $9,494
    Mortgage Research Center, LLC 1 7.13% $2,846
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.75% $12,718
    Fifth Third Bank 1 6.13% $10,240
    EMBRACE HOME LOANS, INC. 1 6.75% $16,040
    Nations Lending Corporation 1 6.75% $8,123
    NBKC BANK 1 6.13% $12,964
    East Coast Capital Corp. 1 7.38% $9,590
    CONTOUR MORTGAGE CORPORATION 1 5.50% $16,912
    CMG MORTGAGE, INC. 1 6.63% $7,503
    BOND STREET MORTGAGE, LLC 1 5.88% $10,523
    PNC Bank 1 7.25% $4,891

    The top Buffalo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 328 FHA loans originated. Their average total fees are $9,372, which is $2,413 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Buffalo FHA lenders (with over 10 loans originated) are Premium Mortgage Corporation ($7,670), KeyBank ($7,827), M&T Bank ($8,109), Northwest Bank ($8,127) and 1ST PRIORITY MORTGAGE, INC. ($8,545).

    The lowest rate Buffalo FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.65%), Northwest Bank (6.18%), Mr. Cooper ( Nationstar Mortgage ) (6.20%), Carrington Mortgage Services, LLC (6.27%) and UNITED WHOLESALE MORTGAGE, LLC (6.30%).

    Buffalo FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Buffalo (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 $159,945 (3.6%) $230,486 (7.2%) 0.59 1,658
    2018-02-01 $167,057 (4.5%) $235,025 (5.1%) 0.61 1,490
    2018-03-01 $175,900 (6.7%) $241,065 (6.1%) 0.62 1,489
    2018-04-01 $187,450 (10.3%) $257,470 (9.2%) 0.64 1,533
    2018-05-01 $197,000 (9.5%) $264,800 (7.7%) 0.66 1,727
    2018-06-01 $199,000 (10.6%) $266,124 (7.8%) 0.66 1,988
    2018-07-01 $195,000 (8.4%) $262,649 (6.5%) 0.65 2,186
    2018-08-01 $195,000 (8.4%) $262,915 (8.3%) 0.65 2,338
    2018-09-01 $198,000 (11.0%) $263,742 (11.3%) 0.67 2,372
    2018-10-01 $189,900 (8.6%) $259,259 (9.1%) 0.64 2,361
    2018-11-01 $185,000 (8.9%) $252,979 (6.8%) 0.63 2,165
    2018-12-01 $179,900 (6.1%) $247,777 (4.9%) 0.62 1,975
    2019-01-01 $179,900 (12.5%) $247,838 (7.5%) 0.62 1,765
    2019-02-01 $182,400 (9.2%) $254,843 (8.4%) 0.62 1,613
    2019-03-01 $195,643 (11.2%) $272,977 (13.2%) 0.64 1,543
    2019-04-01 $212,400 (13.3%) $288,372 (12.0%) 0.67 1,556
    2019-05-01 $220,847 (12.1%) $290,625 (9.8%) 0.69 1,699
    2019-06-01 $222,245 (11.7%) $288,903 (8.6%) 0.69 1,857
    2019-07-01 $219,900 (12.8%) $285,113 (8.6%) 0.69 1,982
    2019-08-01 $214,445 (10.0%) $279,611 (6.4%) 0.68 2,013
    2019-09-01 $206,264 (4.2%) $273,784 (3.8%) 0.66 2,078
    2019-10-01 $199,900 (5.3%) $268,797 (3.7%) 0.65 2,112
    2019-11-01 $189,900 (2.7%) $258,529 (2.2%) 0.62 1,910
    2019-12-01 $189,900 (5.6%) $256,498 (3.5%) 0.63 1,633
    2020-01-01 $189,900 (5.6%) $257,238 (3.8%) 0.63 1,460
    2020-02-01 $189,900 (4.1%) $266,682 (4.7%) 0.62 1,341
    2020-03-01 $199,900 (2.2%) $274,018 (0.4%) 0.63 1,260
    2020-04-01 $217,450 (2.4%) $282,140 (-2.2%) 0.68 1,201
    2020-05-01 $229,900 (4.1%) $294,276 (1.3%) 0.70 1,195
    2020-06-01 $234,900 (5.7%) $295,908 (2.4%) 0.69 1,255
    2020-07-01 $233,450 (6.2%) $300,594 (5.4%) 0.68 1,239
    2020-08-01 $224,450 (4.7%) $296,557 (6.1%) 0.64 1,211
    2020-09-01 $221,948 (7.6%) $293,599 (7.2%) 0.64 1,201
    2020-10-01 $210,000 (5.1%) $288,123 (7.2%) 0.60 1,128
    2020-11-01 $209,950 (10.6%) $286,274 (10.7%) 0.61 993
    2020-12-01 $202,500 (6.6%) $282,953 (10.3%) 0.60 842
    2021-01-01 $210,000 (10.6%) $289,465 (12.5%) 0.63 695
    2021-02-01 $232,675 (22.5%) $305,980 (14.7%) 0.68 648
    2021-03-01 $242,200 (21.2%) $308,863 (12.7%) 0.69 685
    2021-04-01 $249,300 (14.7%) $323,513 (14.7%) 0.67 706
    2021-05-01 $248,072 (7.9%) $316,915 (7.7%) 0.66 785
    2021-06-01 $247,625 (5.4%) $321,818 (8.8%) 0.65 911
    2021-07-01 $239,900 (2.8%) $316,994 (5.5%) 0.63 1,073
    2021-08-01 $227,475 (1.4%) $310,479 (4.7%) 0.61 1,165
    2021-09-01 $229,925 (3.6%) $311,442 (6.1%) 0.61 1,103
    2021-10-01 $225,000 (7.1%) $313,139 (8.7%) 0.60 1,063
    2021-11-01 $217,450 (3.6%) $310,134 (8.3%) 0.58 961
    2021-12-01 $213,475 (5.4%) $313,998 (11.0%) 0.58 770
    2022-01-01 $210,750 (0.4%) $318,143 (9.9%) 0.57 629
    2022-02-01 $209,950 (-9.8%) $324,928 (6.2%) 0.55 569
    2022-03-01 $219,900 (-9.2%) $332,589 (7.7%) 0.55 597
    2022-04-01 $225,000 (-9.8%) $342,206 (5.8%) 0.54 679
    2022-05-01 $238,950 (-3.7%) $344,207 (8.6%) 0.55 826
    2022-06-01 $244,675 (-1.2%) $333,222 (3.5%) 0.54 1,027
    2022-07-01 $249,900 (4.2%) $338,229 (6.7%) 0.56 1,221
    2022-08-01 $244,925 (7.7%) $335,657 (8.1%) 0.57 1,278
    2022-09-01 $239,900 (4.3%) $332,388 (6.7%) 0.56 1,197
    2022-10-01 $239,900 (6.6%) $324,532 (3.6%) 0.56 1,167
    2022-11-01 $239,900 (10.3%) $325,363 (4.9%) 0.58 1,125
    2022-12-01 $229,900 (7.7%) $316,837 (0.9%) 0.57 985
    2023-01-01 $225,000 (6.8%) $322,535 (1.4%) 0.56 803
    2023-02-01 $227,450 (8.3%) $319,473 (-1.7%) 0.55 749
    2023-03-01 $246,175 (12.0%) $338,458 (1.8%) 0.58 730
    2023-04-01 $249,900 (11.1%) $347,138 (1.4%) 0.58 766
    2023-05-01 $252,925 (5.9%) $351,050 (2.0%) 0.57 883
    2023-06-01 $277,697 (13.5%) $357,820 (7.4%) 0.62 988
    2023-07-01 $267,900 (7.2%) $348,338 (3.0%) 0.61 1,068
    2023-08-01 $259,725 (6.0%) $347,052 (3.4%) 0.60 1,064
    2023-09-01 $259,900 (8.3%) $350,891 (5.6%) 0.61 1,151
    2023-10-01 $254,900 (6.3%) $353,094 (8.8%) 0.60 1,196
    2023-11-01 $249,900 (4.2%) $355,570 (9.3%) 0.60 1,122
    2023-12-01 $249,000 (8.3%) $363,533 (14.7%) 0.61 960
    2024-01-01 $240,000 (6.7%) $358,849 (11.3%) 0.59 789
    2024-02-01 $251,125 (10.4%) $373,126 (16.8%) 0.60 715
    2024-03-01 $269,980 (9.7%) $377,876 (11.7%) 0.64 761
    2024-04-01 $284,900 (14.0%) $383,630 (10.5%) 0.66 805
    2024-05-01 $299,900 (18.6%) $397,825 (13.3%) 0.68 931
    2024-06-01 $299,000 (7.7%) $392,641 (9.7%) 0.67 1,087
    2024-07-01 $279,950 (4.5%) $380,818 (9.3%) 0.64 1,172
    2024-08-01 $279,900 (7.8%) $379,203 (9.3%) 0.65 1,246
    2024-09-01 $277,450 (6.8%) $377,723 (7.7%) 0.65 1,311
    2024-10-01 $269,900 (5.9%) $375,320 (6.3%) 0.64 1,316
    Buffalo's median listing price for 2024-10-01 was $269,900, a difference of $15,000 (5.9%) versus the prior year and $-7,550 versus the prior month.

    Buffalo's median listing price comes in at 64% of the national average.

    Buffalo's average listing price for 2024-10-01 was $375,320, a difference of $22,226 (6.3%) versus the prior year and $-2,403 versus the prior month.

    For the 2024-10-01 period, Buffalo had 1,316 MLS listings, a difference of 5 listings (0%) versus the prior month and 120 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Buffalo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 69 days 1,635 sqft
    2018-02-01 60 days 1,648 sqft
    2018-03-01 40 days 1,668 sqft
    2018-04-01 32 days 1,701 sqft
    2018-05-01 26 days 1,716 sqft
    2018-06-01 31 days 1,715 sqft
    2018-07-01 35 days 1,726 sqft
    2018-08-01 38 days 1,737 sqft
    2018-09-01 45 days 1,741 sqft
    2018-10-01 49 days 1,728 sqft
    2018-11-01 54 days 1,709 sqft
    2018-12-01 60 days 1,684 sqft
    2019-01-01 67 days 1,650 sqft
    2019-02-01 67 days 1,667 sqft
    2019-03-01 49 days 1,702 sqft
    2019-04-01 39 days 1,737 sqft
    2019-05-01 34 days 1,775 sqft
    2019-06-01 33 days 1,768 sqft
    2019-07-01 37 days 1,750 sqft
    2019-08-01 39 days 1,722 sqft
    2019-09-01 42 days 1,705 sqft
    2019-10-01 45 days 1,688 sqft
    2019-11-01 57 days 1,641 sqft
    2019-12-01 72 days 1,634 sqft
    2020-01-01 81 days 1,639 sqft
    2020-02-01 67 days 1,659 sqft
    2020-03-01 55 days 1,646 sqft
    2020-04-01 64 days 1,690 sqft
    2020-05-01 68 days 1,730 sqft
    2020-06-01 42 days 1,734 sqft
    2020-07-01 34 days 1,730 sqft
    2020-08-01 34 days 1,704 sqft
    2020-09-01 37 days 1,684 sqft
    2020-10-01 45 days 1,632 sqft
    2020-11-01 57 days 1,648 sqft
    2020-12-01 70 days 1,633 sqft
    2021-01-01 77 days 1,630 sqft
    2021-02-01 56 days 1,615 sqft
    2021-03-01 41 days 1,620 sqft
    2021-04-01 32 days 1,658 sqft
    2021-05-01 26 days 1,652 sqft
    2021-06-01 23 days 1,643 sqft
    2021-07-01 26 days 1,660 sqft
    2021-08-01 30 days 1,639 sqft
    2021-09-01 40 days 1,632 sqft
    2021-10-01 47 days 1,609 sqft
    2021-11-01 49 days 1,583 sqft
    2021-12-01 65 days 1,563 sqft
    2022-01-01 75 days 1,527 sqft
    2022-02-01 65 days 1,518 sqft
    2022-03-01 42 days 1,542 sqft
    2022-04-01 26 days 1,556 sqft
    2022-05-01 21 days 1,591 sqft
    2022-06-01 21 days 1,591 sqft
    2022-07-01 30 days 1,624 sqft
    2022-08-01 36 days 1,616 sqft
    2022-09-01 45 days 1,586 sqft
    2022-10-01 52 days 1,587 sqft
    2022-11-01 53 days 1,590 sqft
    2022-12-01 61 days 1,586 sqft
    2023-01-01 71 days 1,580 sqft
    2023-02-01 62 days 1,557 sqft
    2023-03-01 45 days 1,574 sqft
    2023-04-01 40 days 1,584 sqft
    2023-05-01 30 days 1,606 sqft
    2023-06-01 31 days 1,640 sqft
    2023-07-01 38 days 1,614 sqft
    2023-08-01 39 days 1,599 sqft
    2023-09-01 39 days 1,600 sqft
    2023-10-01 39 days 1,584 sqft
    2023-11-01 45 days 1,606 sqft
    2023-12-01 59 days 1,589 sqft
    2024-01-01 68 days 1,607 sqft
    2024-02-01 67 days 1,594 sqft
    2024-03-01 38 days 1,603 sqft
    2024-04-01 34 days 1,609 sqft
    2024-05-01 21 days 1,645 sqft
    2024-06-01 22 days 1,611 sqft
    2024-07-01 38 days 1,596 sqft
    2024-08-01 39 days 1,590 sqft
    2024-09-01 40 days 1,577 sqft
    2024-10-01 42 days 1,557 sqft
    Buffalo's median listing age (time on market) for 2024-10-01 was 42 days. This is 8% longer than the same period one year ago.

    Buffalo's median square footage for active listings during the 2024-10-01 period was 1,557 sqft. One year prior, the average listing was 1,584 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).