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 6.11% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

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

    The average rate for the prior week (2024-10-18) was 6.1% and one month ago for the week of 2024-09-20, the average rate was 5.82%.

    The average rate one year ago was 7.36%.

    For refis of the same type during the week of 2024-10-25, the average rate was 7.08%.

    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

    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).