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 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 6.7% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.52% and one month ago for the week of 2024-03-08, the average rate was 6.76%.

The average rate one year ago was 6.19%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.37%.

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
Buffalo's median listing price for 2024-03-01 was $269,980, a difference of $23,805 (9.7%) versus the prior year and $18,855 versus the prior month.

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

Buffalo's average listing price for 2024-03-01 was $377,876, a difference of $39,418 (11.7%) versus the prior year and $4,750 versus the prior month.

For the 2024-03-01 period, Buffalo had 761 MLS listings, a difference of 46 listings (6%) versus the prior month and 31 listings (4%) 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
Buffalo's median listing age (time on market) for 2024-03-01 was 38 days. This is -15% shorter than the same period one year ago.

Buffalo's median square footage for active listings during the 2024-03-01 period was 1,603 sqft. One year prior, the average listing was 1,574 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).