Buffalo FHA Loan Rates, Closing Costs & Stats

BUFFALO-CHEEKTOWAGA, 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.

Buffalo's 62 lenders originated 2,801 FHA loans during 2021. The total origination value was $492,055,000, with an average FHA loan value of $175,671.

Buffalo FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Buffalo averaged 6.14% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Buffalo's average FHA mortgage closing costs are $6,177.

The average rate for the prior week (2022-11-25) was 6.56% and one month ago for the week of 2022-10-28, the average rate was 6.6%.

The average rate one year ago was 3.53%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.27%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 581 2.85% $6,353
Premium Mortgage Corporation 315 2.91% $5,674
M&T Bank 259 2.93% $6,688
HUNT MORTGAGE CORPORATION 170 3.17% $6,888
UNITED WHOLESALE MORTGAGE, LLC 165 2.77% $9,364
Mr. Cooper ( Nationstar Mortgage ) 131 3.39% $4,052
1ST PRIORITY MORTGAGE, INC. 120 3.11% $6,831
FREEDOM MORTGAGE CORPORATION 104 2.80% $7,826
AMERICAN FINANCIAL NETWORK, INC. 86 2.88% $12,450
NEWREZ LLC 62 2.90% $6,683
MOVEMENT MORTGAGE, LLC 36 3.07% $7,989
Bank of America 35 3.00% $4,180
PLAZA HOME MORTGAGE, INC. 34 2.86% $8,224
CALIBER HOME LOANS, INC. 34 2.91% $7,316
KeyBank 34 2.82% $6,652
PRIMELENDING, A PLAINSCAPITAL COMPANY 31 3.32% $7,266
Carrington Mortgage Services, LLC 31 3.11% $7,647
Citizens Bank 28 2.59% $6,063
EVERETT FINANCIAL, INC. 28 3.53% $5,462
HOME POINT FINANCIAL CORPORATION 25 2.71% $7,201
HOMESTEAD FUNDING CORP. 21 3.05% $5,546
CROSSCOUNTRY MORTGAGE, LLC 20 2.99% $9,330
LOANDEPOT.COM, LLC 17 3.16% $7,935
Five Star Bank 15 2.86% $5,487
Northwest Bank 13 2.95% $6,904
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 2.96% $9,990
RELIANCE FIRST CAPITAL, LLC 11 3.05% $9,740
PARAGON HOME LOANS INC. 10 3.03% $6,896
Equity Prime Mortgage LLC 8 3.22% $6,868
NVR Mortgage Finance, Inc. 7 3.20% $10,250
JPMorgan Chase Bank 6 3.39% $3,724
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.42% $9,155
Flagstar Bank, FSB 5 2.88% $5,954
Barrington Bank & Trust Company, N.A. 4 3.66% $5,730
PHH Mortgage Corporation 4 3.44% $6,944
InterContinental Capital Group, Inc 3 3.25% $8,685
The Federal Savings Bank 3 2.75% $12,772
EMBRACE HOME LOANS, INC. 3 3.50% $9,045
ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 2.96% $6,365
GUARANTEED RATE, INC. 3 3.04% $6,179
Genesee Regional Bank 3 3.33% $7,309
PLANET HOME LENDING, LLC 2 2.75% $7,942
Mortgage Research Center, LLC 2 2.87% $8,614
FINANCE OF AMERICA MORTGAGE LLC 2 2.75% $9,426
SUN WEST MORTGAGE COMPANY, INC. 2 3.00% $9,271
UNITED NORTHERN MORTGAGE BANKERS LIMITED 2 3.25% $9,362
A&D Mortgage LLC 2 3.50% $7,739
Plains Commerce Bank 1 3.13% $7,462
First Savings Bank 1 3.00% $8,623
DRAPER AND KRAMER MORTGAGE CORP. 1 3.25% $9,051
Citibank 1 2.63% $6,391
Bank of England 1 3.13% $7,541
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.50% $7,012
ALLIED MORTGAGE GROUP, INC. 1 3.13% $15,447
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.00% $8,506
SEFCU SERVICES, LLC 1 2.88% $3,606
JET DIRECT FUNDING CORP 1 2.75% $9,481
HOME TOWN FUNDING, INC. 1 3.63% $5,159
UNITED MORTGAGE CORP. 1 3.00% $11,481
FAMILY FIRST FUNDING LLC 1 3.50% $8,326
Paramount Bank 1 2.88% $7,004
Wells Fargo Bank 1 3.63% $6,186

The top Buffalo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 581 FHA loans originated. Their average total fees are $6,353, which is $679 higher than the next largest lender, Premium Mortgage Corporation.

The lowest fee Buffalo FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,052), Bank of America ($4,180), EVERETT FINANCIAL, INC. ($5,462), Five Star Bank ($5,487) and HOMESTEAD FUNDING CORP. ($5,546).

The lowest rate Buffalo FHA lenders (with over 10 loans originated) are Citizens Bank (2.59%), HOME POINT FINANCIAL CORPORATION (2.71%), UNITED WHOLESALE MORTGAGE, LLC (2.77%), FREEDOM MORTGAGE CORPORATION (2.80%) and KeyBank (2.82%).

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

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 $159,923 (3.9%) $230,436 (7.2%) 0.59 1,659
2018-02-01 $167,029 (4.5%) $234,966 (5.0%) 0.61 1,491
2018-03-01 $175,900 (6.8%) $241,002 (6.1%) 0.62 1,490
2018-04-01 $187,450 (10.3%) $257,472 (9.2%) 0.64 1,533
2018-05-01 $197,000 (9.5%) $264,786 (7.6%) 0.66 1,726
2018-06-01 $199,000 (10.6%) $266,112 (7.8%) 0.66 1,988
2018-07-01 $195,000 (8.4%) $262,638 (6.5%) 0.65 2,186
2018-08-01 $195,000 (8.4%) $262,962 (8.3%) 0.65 2,339
2018-09-01 $198,000 (11.0%) $263,748 (11.3%) 0.66 2,373
2018-10-01 $189,925 (8.6%) $259,267 (9.1%) 0.64 2,362
2018-11-01 $185,000 (8.9%) $252,985 (6.7%) 0.63 2,165
2018-12-01 $179,900 (5.9%) $247,777 (4.9%) 0.62 1,975
2019-01-01 $179,900 (12.5%) $247,838 (7.6%) 0.62 1,765
2019-02-01 $182,400 (9.2%) $254,843 (8.5%) 0.62 1,613
2019-03-01 $195,643 (11.2%) $272,977 (13.3%) 0.64 1,543
2019-04-01 $212,400 (13.3%) $288,326 (12.0%) 0.67 1,557
2019-05-01 $220,745 (12.1%) $290,538 (9.7%) 0.69 1,700
2019-06-01 $221,490 (11.3%) $288,824 (8.5%) 0.69 1,858
2019-07-01 $219,900 (12.8%) $285,139 (8.6%) 0.69 1,984
2019-08-01 $214,445 (10.0%) $279,737 (6.4%) 0.68 2,015
2019-09-01 $206,264 (4.2%) $273,905 (3.9%) 0.66 2,080
2019-10-01 $199,900 (5.3%) $268,958 (3.7%) 0.64 2,114
2019-11-01 $189,900 (2.7%) $258,737 (2.3%) 0.62 1,912
2019-12-01 $189,900 (5.6%) $256,668 (3.6%) 0.63 1,635
2020-01-01 $189,900 (5.6%) $257,420 (3.9%) 0.63 1,462
2020-02-01 $189,900 (4.1%) $266,873 (4.7%) 0.62 1,343
2020-03-01 $199,900 (2.2%) $274,204 (0.5%) 0.63 1,262
2020-04-01 $217,450 (2.4%) $282,291 (-2.1%) 0.68 1,203
2020-05-01 $229,900 (4.2%) $294,448 (1.4%) 0.70 1,197
2020-06-01 $234,900 (6.1%) $296,073 (2.5%) 0.69 1,257
2020-07-01 $233,450 (6.2%) $300,752 (5.5%) 0.68 1,241
2020-08-01 $224,450 (4.7%) $296,716 (6.1%) 0.64 1,213
2020-09-01 $221,948 (7.6%) $293,765 (7.3%) 0.64 1,203
2020-10-01 $210,000 (5.1%) $288,300 (7.2%) 0.60 1,130
2020-11-01 $209,950 (10.6%) $286,472 (10.7%) 0.61 995
2020-12-01 $202,500 (6.6%) $283,180 (10.3%) 0.60 844
2021-01-01 $210,000 (10.6%) $289,732 (12.6%) 0.63 697
2021-02-01 $232,675 (22.5%) $306,260 (14.8%) 0.68 650
2021-03-01 $242,200 (21.2%) $309,111 (12.7%) 0.69 687
2021-04-01 $249,300 (14.7%) $323,721 (14.7%) 0.67 708
2021-05-01 $249,250 (8.4%) $317,287 (7.8%) 0.66 786
2021-06-01 $248,125 (5.6%) $322,218 (8.8%) 0.65 912
2021-07-01 $239,900 (2.8%) $316,991 (5.4%) 0.63 1,073
2021-08-01 $227,450 (1.3%) $310,473 (4.6%) 0.61 1,165
2021-09-01 $229,900 (3.6%) $311,525 (6.1%) 0.61 1,104
2021-10-01 $225,000 (7.1%) $313,285 (8.7%) 0.60 1,065
2021-11-01 $217,450 (3.6%) $310,296 (8.3%) 0.58 963
2021-12-01 $213,475 (5.4%) $314,183 (11.0%) 0.58 772
2022-01-01 $210,750 (0.4%) $318,369 (9.9%) 0.57 631
2022-02-01 $209,950 (-9.8%) $325,158 (6.2%) 0.55 571
2022-03-01 $219,900 (-9.2%) $332,797 (7.7%) 0.55 599
2022-04-01 $225,000 (-9.8%) $342,368 (5.8%) 0.54 681
2022-05-01 $238,950 (-4.1%) $344,344 (8.5%) 0.55 828
2022-06-01 $244,675 (-1.4%) $333,315 (3.4%) 0.54 1,029
2022-07-01 $249,900 (4.2%) $338,328 (6.7%) 0.57 1,223
2022-08-01 $244,925 (7.7%) $335,758 (8.1%) 0.57 1,280
2022-09-01 $239,900 (4.4%) $332,498 (6.7%) 0.56 1,199
2022-10-01 $239,900 (6.6%) $324,649 (3.6%) 0.56 1,169
2022-11-01 $239,900 (10.3%) $325,491 (4.9%) 0.58 1,127
Buffalo's median listing price for 2022-11-01 was $239,900, a difference of $22,450 (10.3%) versus the prior year and $0 versus the prior month.

Buffalo's median listing price comes in at 58% of the national average.

Buffalo's average listing price for 2022-11-01 was $325,491, a difference of $15,195 (4.9%) versus the prior year and $842 versus the prior month.

For the 2022-11-01 period, Buffalo had 1,127 MLS listings, a difference of -42 listings (-4%) versus the prior month and 164 listings (17%) 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 71 days 1,634 sqft
2018-02-01 62 days 1,647 sqft
2018-03-01 40 days 1,667 sqft
2018-04-01 33 days 1,701 sqft
2018-05-01 27 days 1,714 sqft
2018-06-01 32 days 1,715 sqft
2018-07-01 35 days 1,724 sqft
2018-08-01 39 days 1,736 sqft
2018-09-01 45 days 1,740 sqft
2018-10-01 49 days 1,728 sqft
2018-11-01 56 days 1,708 sqft
2018-12-01 61 days 1,682 sqft
2019-01-01 68 days 1,649 sqft
2019-02-01 68 days 1,667 sqft
2019-03-01 50 days 1,702 sqft
2019-04-01 40 days 1,737 sqft
2019-05-01 35 days 1,773 sqft
2019-06-01 33 days 1,768 sqft
2019-07-01 37 days 1,751 sqft
2019-08-01 40 days 1,722 sqft
2019-09-01 43 days 1,704 sqft
2019-10-01 46 days 1,687 sqft
2019-11-01 58 days 1,641 sqft
2019-12-01 73 days 1,635 sqft
2020-01-01 82 days 1,639 sqft
2020-02-01 71 days 1,659 sqft
2020-03-01 57 days 1,646 sqft
2020-04-01 67 days 1,690 sqft
2020-05-01 69 days 1,730 sqft
2020-06-01 45 days 1,734 sqft
2020-07-01 37 days 1,730 sqft
2020-08-01 38 days 1,704 sqft
2020-09-01 40 days 1,684 sqft
2020-10-01 47 days 1,632 sqft
2020-11-01 60 days 1,648 sqft
2020-12-01 71 days 1,632 sqft
2021-01-01 78 days 1,620 sqft
2021-02-01 58 days 1,615 sqft
2021-03-01 43 days 1,620 sqft
2021-04-01 33 days 1,658 sqft
2021-05-01 29 days 1,654 sqft
2021-06-01 24 days 1,643 sqft
2021-07-01 27 days 1,661 sqft
2021-08-01 30 days 1,640 sqft
2021-09-01 41 days 1,633 sqft
2021-10-01 50 days 1,609 sqft
2021-11-01 51 days 1,583 sqft
2021-12-01 66 days 1,563 sqft
2022-01-01 76 days 1,527 sqft
2022-02-01 66 days 1,518 sqft
2022-03-01 44 days 1,542 sqft
2022-04-01 29 days 1,556 sqft
2022-05-01 24 days 1,591 sqft
2022-06-01 21 days 1,592 sqft
2022-07-01 31 days 1,624 sqft
2022-08-01 37 days 1,616 sqft
2022-09-01 46 days 1,586 sqft
2022-10-01 53 days 1,587 sqft
2022-11-01 53 days 1,590 sqft
Buffalo's median listing age (time on market) for 2022-11-01 was 53 days. This is 5% longer than the same period one year ago.

Buffalo's median square footage for active listings during the 2022-11-01 period was 1,590 sqft. One year prior, the average listing was 1,583 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).