Buffalo FHA Loan Rates, Closing Costs & Stats

BUFFALO-CHEEKTOWAGA, NY

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 54 lenders originated 1,785 FHA loans during 2024. The total origination value was $379,265,000, with an average FHA loan value of $212,473.

    Buffalo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Buffalo averaged 6.55% for the week of 2025-05-09, compared to the national average (all FHA variants) of 6.477% for the same period.

    Buffalo's average FHA mortgage closing costs are $7,381.

    The average rate for the prior week (2025-05-02) was 6.6% and one month ago for the week of 2025-04-04, the average rate was 6.43%.

    The average rate one year ago was 7.05%.

    For refis of the same type during the week of 2025-05-09, the average rate was 7.07%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 291 6.53% $10,449
    UNITED WHOLESALE MORTGAGE, LLC 270 6.32% $11,937
    Premium Mortgage Corporation 178 6.40% $7,003
    M&T Bank 144 6.13% $7,946
    CROSSCOUNTRY MORTGAGE, LLC 99 6.75% $11,073
    KeyBank 71 6.13% $7,859
    1ST PRIORITY MORTGAGE, INC. 50 6.45% $8,700
    HUNT MORTGAGE CORPORATION 44 6.68% $9,675
    EVERETT FINANCIAL, INC. 43 6.88% $8,228
    Flagstar Bank, FSB 39 6.26% $10,220
    NVR Mortgage Finance, Inc. 32 6.09% $17,770
    Citizens Bank 30 6.23% $9,662
    PLAZA HOME MORTGAGE, INC. 29 6.54% $11,711
    AMERICAN FINANCIAL NETWORK, INC. 29 6.51% $12,297
    HOMESTEAD FUNDING CORP. 26 6.43% $8,398
    RELIANCE FIRST CAPITAL, LLC 24 6.66% $12,094
    FREEDOM MORTGAGE CORPORATION 22 6.95% $12,098
    Mr. Cooper ( Nationstar Mortgage ) 22 6.56% $13,904
    MOVEMENT MORTGAGE, LLC 20 6.92% $8,560
    LOANDEPOT.COM, LLC 19 6.48% $9,239
    NEWREZ LLC 18 6.63% $10,363
    Five Star Bank 14 6.38% $7,490
    PENNYMAC LOAN SERVICES, LLC 11 6.35% $12,046
    Carrington Mortgage Services, LLC 9 6.44% $12,404
    PLANET HOME LENDING, LLC 8 6.61% $7,030
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 6.84% $8,466
    Northwest Bank 7 6.05% $8,057
    CMG MORTGAGE, INC. 7 7.11% $9,311
    ROYAL UNITED MORTGAGE LLC 4 7.34% $10,054
    SEFCU SERVICES, LLC 4 5.84% $8,256
    JPMorgan Chase Bank 4 6.81% $4,207
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.00% $12,008
    Bank of America 3 6.79% $11,512
    NATIONWIDE MORTGAGE BANKERS, INC. 3 6.58% $12,369
    PHH Mortgage Corporation 3 6.87% $8,155
    U.S. Bank 3 6.50% $7,242
    Wells Fargo Bank 3 6.58% $7,317
    Equity Prime Mortgage LLC 3 6.58% $12,130
    GUARANTEED RATE, INC. 3 6.71% $9,236
    The Federal Savings Bank 2 5.94% $16,750
    Barrington Bank & Trust Company, N.A. 2 6.50% $8,827
    Magnolia Bank 2 6.75% $10,746
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 5.38% $15,622
    PNC Bank 1 6.25% $20,617
    Ixonia Bank 1 6.63% $10,357
    Fifth Third Bank 1 6.25% $14,819
    PENTAGON FEDERAL CREDIT UNION 1 6.63% $7,977
    Plains Commerce Bank 1 6.63% $7,525
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.25% $17,189
    EMBRACE HOME LOANS, INC. 1 6.25% $8,041
    East Coast Capital Corp. 1 7.00% $8,117
    BROKER SOLUTIONS, INC. 1 5.75% $15,167
    Quontic Bank 1 6.63% $16,093
    US MORTGAGE CORPORATION 1 7.25% $9,402

    The top Buffalo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 291 FHA loans originated. Their average total fees are $10,449, which is $1,487 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 ($7,003), Five Star Bank ($7,490), KeyBank ($7,859), M&T Bank ($7,946) and EVERETT FINANCIAL, INC. ($8,228).

    The lowest rate Buffalo FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (6.09%), KeyBank (6.13%), M&T Bank (6.13%), Citizens Bank (6.23%) and Flagstar Bank, FSB (6.26%).

    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).