Corning FHA Loan Rates, Closing Costs & Stats

Corning, NY

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Corning's 29 lenders originated 126 FHA loans during 2023. The total origination value was $18,250,000, with an average FHA loan value of $144,841.

    Corning FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Corning averaged 6.53% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Corning's average FHA mortgage closing costs are $5,831.

    The average rate for the prior week (2024-04-05) was 6.75% and one month ago for the week of 2024-03-08, the average rate was 6.39%.

    The average rate one year ago was 6.12%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.54%.

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

    Corning 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 Corning level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 23 6.77% $7,507
    MOVEMENT MORTGAGE, LLC 16 6.77% $7,794
    PARAGON HOME LOANS INC. 16 6.75% $7,012
    Premium Mortgage Corporation 15 6.84% $4,674
    PRIMELENDING, A PLAINSCAPITAL COMPANY 10 7.03% $7,307
    1ST PRIORITY MORTGAGE, INC. 5 6.25% $6,999
    PENNYMAC LOAN SERVICES, LLC 5 6.58% $9,388
    NEWREZ LLC 4 6.84% $8,362
    AMERICAN FINANCIAL NETWORK, INC. 3 6.50% $8,373
    Wells Fargo Bank 2 6.63% $1,864
    HOME TOWN FUNDING, INC. 2 6.44% $4,936
    M&T Bank 2 6.13% $6,205
    UNITED WHOLESALE MORTGAGE, LLC 1 7.12% $9,505
    HUNT MORTGAGE CORPORATION 1 7.25% $5,873
    MLB RESIDENTIAL LENDING, LLC 1 6.75% $10,105
    First Federal Bank 1 5.63% $3,693
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $14,655
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $7,133
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.63% $22,776
    FirstBank 1 7.13% $8,901
    NORWICH COMMERCIAL GROUP, INC. 1 5.75% $11,742
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $7,374
    CONTOUR MORTGAGE CORPORATION 1 5.75% $13,171
    PLAZA HOME MORTGAGE, INC. 1 6.75% $7,392
    Community Bank 1 6.38% $3,307
    Carrington Mortgage Services, LLC 1 7.13% $11,663
    AMERICAN FINANCING CORPORATION 1 6.38% $7,944
    Flagstar Bank, FSB 1 7.25% $10,193
    HOMESTEAD FUNDING CORP. 1 6.63% $3,179

    The top Corning FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 23 FHA loans originated. Their average total fees are $7,507, which is $287 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Corning FHA lenders (with over 10 loans originated) are Premium Mortgage Corporation ($4,674), PARAGON HOME LOANS INC. ($7,012), PRIMELENDING, A PLAINSCAPITAL COMPANY ($7,307), QUICKEN LOANS, LLC ($7,507) and MOVEMENT MORTGAGE, LLC ($7,794).

    The lowest rate Corning FHA lenders (with over 10 loans originated) are PARAGON HOME LOANS INC. (6.75%), MOVEMENT MORTGAGE, LLC (6.77%), QUICKEN LOANS, LLC (6.77%), Premium Mortgage Corporation (6.84%) and PRIMELENDING, A PLAINSCAPITAL COMPANY (7.03%).

    Corning FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Corning (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 $129,900 (4.4%) $194,981 (2.6%) 0.00 389
    2018-02-01 $137,725 (12.9%) $195,120 (3.4%) 0.00 381
    2018-03-01 $138,450 (7.1%) $197,486 (1.4%) 0.00 366
    2018-04-01 $129,900 (1.2%) $197,000 (-0.1%) 0.00 364
    2018-05-01 $129,450 (-5.8%) $197,931 (-12.8%) 0.00 396
    2018-06-01 $129,900 (-7.2%) $199,246 (-12.3%) 0.00 418
    2018-07-01 $138,450 (-1.0%) $199,893 (-11.1%) 0.00 449
    2018-08-01 $134,900 (-5.3%) $196,918 (-11.5%) 0.00 465
    2018-09-01 $133,400 (-1.1%) $198,011 (-11.4%) 0.00 462
    2018-10-01 $130,075 (-5.4%) $196,526 (-13.5%) 0.00 455
    2018-11-01 $134,900 (-6.9%) $199,527 (-11.4%) 0.00 435
    2018-12-01 $129,300 (-7.0%) $199,188 (-0.5%) 0.00 379
    2019-01-01 $129,100 (-0.6%) $188,873 (-3.1%) 0.00 343
    2019-02-01 $129,750 (-5.8%) $191,422 (-1.9%) 0.00 336
    2019-03-01 $138,386 (-0.1%) $207,107 (4.9%) 0.00 321
    2019-04-01 $148,286 (14.2%) $224,242 (13.8%) 0.00 303
    2019-05-01 $141,950 (9.7%) $219,504 (10.9%) 0.00 330
    2019-06-01 $151,000 (16.2%) $220,853 (10.8%) 0.00 341
    2019-07-01 $149,650 (8.1%) $210,653 (5.4%) 0.00 371
    2019-08-01 $142,173 (5.4%) $209,551 (6.4%) 0.00 371
    2019-09-01 $138,082 (3.5%) $208,941 (5.5%) 0.00 369
    2019-10-01 $135,355 (4.1%) $208,290 (6.0%) 0.00 362
    2019-11-01 $139,900 (3.7%) $217,629 (9.1%) 0.00 325
    2019-12-01 $139,900 (8.2%) $218,866 (9.9%) 0.00 329
    2020-01-01 $135,900 (5.3%) $213,731 (13.2%) 0.00 309
    2020-02-01 $135,900 (4.7%) $217,529 (13.6%) 0.00 279
    2020-03-01 $137,500 (-0.6%) $218,591 (5.5%) 0.00 263
    2020-04-01 $147,725 (-0.4%) $234,621 (4.6%) 0.00 246
    2020-05-01 $149,900 (5.6%) $245,291 (11.8%) 0.00 238
    2020-06-01 $153,975 (2.0%) $234,971 (6.4%) 0.00 252
    2020-07-01 $167,700 (12.1%) $238,356 (13.2%) 0.00 249
    2020-08-01 $164,900 (16.0%) $233,561 (11.5%) 0.00 249
    2020-09-01 $179,450 (30.0%) $247,846 (18.6%) 0.00 244
    2020-10-01 $174,900 (29.2%) $240,447 (15.4%) 0.00 226
    2020-11-01 $179,575 (28.4%) $256,571 (17.9%) 0.00 218
    2020-12-01 $177,175 (26.6%) $262,800 (20.1%) 0.00 196
    2021-01-01 $173,950 (28.0%) $264,578 (23.8%) 0.00 187
    2021-02-01 $185,000 (36.1%) $284,925 (31.0%) 0.00 160
    2021-03-01 $194,900 (41.8%) $292,731 (33.9%) 0.00 151
    2021-04-01 $174,950 (18.4%) $293,517 (25.1%) 0.00 129
    2021-05-01 $199,700 (33.2%) $291,852 (19.0%) 0.00 117
    2021-06-01 $182,400 (18.5%) $308,372 (31.2%) 0.00 127
    2021-07-01 $175,000 (4.4%) $294,485 (23.6%) 0.00 146
    2021-08-01 $177,450 (7.6%) $266,584 (14.1%) 0.00 158
    2021-09-01 $185,250 (3.2%) $270,911 (9.3%) 0.00 167
    2021-10-01 $179,900 (2.9%) $251,589 (4.6%) 0.00 174
    2021-11-01 $176,500 (-1.7%) $243,587 (-5.1%) 0.00 168
    2021-12-01 $168,450 (-4.9%) $240,511 (-8.5%) 0.00 152
    2022-01-01 $169,950 (-2.3%) $249,781 (-5.6%) 0.00 139
    2022-02-01 $159,950 (-13.5%) $243,590 (-14.5%) 0.00 127
    2022-03-01 $163,675 (-16.0%) $247,843 (-15.3%) 0.00 109
    2022-04-01 $174,900 (0.0%) $254,148 (-13.4%) 0.00 101
    2022-05-01 $179,225 (-10.3%) $260,506 (-10.7%) 0.00 115
    2022-06-01 $188,750 (3.5%) $275,437 (-10.7%) 0.00 149
    2022-07-01 $196,950 (12.5%) $283,650 (-3.7%) 0.00 166
    2022-08-01 $199,000 (12.1%) $284,659 (6.8%) 0.00 182
    2022-09-01 $202,175 (9.1%) $315,826 (16.6%) 0.00 175
    2022-10-01 $186,000 (3.4%) $307,757 (22.3%) 0.00 177
    2022-11-01 $187,000 (6.0%) $313,933 (28.9%) 0.00 165
    2022-12-01 $181,250 (7.6%) $303,304 (26.1%) 0.00 144
    2023-01-01 $174,950 (2.9%) $293,582 (17.5%) 0.00 124
    2023-02-01 $174,450 (9.1%) $286,240 (17.5%) 0.00 120
    2023-03-01 $172,375 (5.3%) $242,680 (-2.1%) 0.00 122
    2023-04-01 $179,000 (2.3%) $242,575 (-4.6%) 0.00 114
    2023-05-01 $189,900 (6.0%) $242,436 (-6.9%) 0.00 129
    2023-06-01 $179,700 (-4.8%) $280,263 (1.8%) 0.00 135
    2023-07-01 $182,450 (-7.4%) $294,897 (4.0%) 0.00 136
    2023-08-01 $186,225 (-6.4%) $292,725 (2.8%) 0.00 148
    2023-09-01 $199,000 (-1.6%) $301,620 (-4.5%) 0.00 163
    2023-10-01 $187,175 (0.6%) $282,877 (-8.1%) 0.00 183
    2023-11-01 $184,950 (-1.1%) $272,116 (-13.3%) 0.00 179
    2023-12-01 $173,000 (-4.6%) $255,847 (-15.7%) 0.00 161
    2024-01-01 $165,000 (-5.7%) $240,787 (-18.0%) 0.00 138
    2024-02-01 $184,975 (6.0%) $250,874 (-12.4%) 0.00 124
    2024-03-01 $196,950 (14.3%) $272,740 (12.4%) 0.00 119
    Corning's median listing price for 2024-03-01 was $196,950, a difference of $24,575 (14.3%) versus the prior year and $11,975 versus the prior month.

    Corning's median listing price comes in at 0% of the national average.

    Corning's average listing price for 2024-03-01 was $272,740, a difference of $30,060 (12.4%) versus the prior year and $21,866 versus the prior month.

    For the 2024-03-01 period, Corning had 119 MLS listings, a difference of -5 listings (-4%) versus the prior month and -3 listings (-2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Corning (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,724 sqft
    2018-02-01 0 days 1,757 sqft
    2018-03-01 0 days 1,800 sqft
    2018-04-01 0 days 1,793 sqft
    2018-05-01 0 days 1,685 sqft
    2018-06-01 0 days 1,680 sqft
    2018-07-01 0 days 1,768 sqft
    2018-08-01 0 days 1,739 sqft
    2018-09-01 0 days 1,712 sqft
    2018-10-01 0 days 1,670 sqft
    2018-11-01 0 days 1,734 sqft
    2018-12-01 0 days 1,704 sqft
    2019-01-01 0 days 1,756 sqft
    2019-02-01 0 days 1,750 sqft
    2019-03-01 0 days 1,802 sqft
    2019-04-01 0 days 1,837 sqft
    2019-05-01 0 days 1,755 sqft
    2019-06-01 0 days 1,804 sqft
    2019-07-01 0 days 1,810 sqft
    2019-08-01 0 days 1,824 sqft
    2019-09-01 0 days 1,806 sqft
    2019-10-01 0 days 1,794 sqft
    2019-11-01 0 days 1,784 sqft
    2019-12-01 0 days 1,782 sqft
    2020-01-01 0 days 1,728 sqft
    2020-02-01 0 days 1,770 sqft
    2020-03-01 0 days 1,811 sqft
    2020-04-01 0 days 1,892 sqft
    2020-05-01 0 days 1,892 sqft
    2020-06-01 0 days 1,858 sqft
    2020-07-01 0 days 1,877 sqft
    2020-08-01 0 days 1,898 sqft
    2020-09-01 0 days 1,963 sqft
    2020-10-01 0 days 1,914 sqft
    2020-11-01 0 days 1,988 sqft
    2020-12-01 0 days 1,992 sqft
    2021-01-01 0 days 1,914 sqft
    2021-02-01 0 days 1,976 sqft
    2021-03-01 0 days 2,016 sqft
    2021-04-01 0 days 2,042 sqft
    2021-05-01 0 days 1,992 sqft
    2021-06-01 0 days 1,882 sqft
    2021-07-01 0 days 1,790 sqft
    2021-08-01 0 days 1,754 sqft
    2021-09-01 0 days 1,782 sqft
    2021-10-01 0 days 1,787 sqft
    2021-11-01 0 days 1,803 sqft
    2021-12-01 0 days 1,804 sqft
    2022-01-01 0 days 1,744 sqft
    2022-02-01 0 days 1,766 sqft
    2022-03-01 0 days 1,736 sqft
    2022-04-01 0 days 1,793 sqft
    2022-05-01 0 days 1,909 sqft
    2022-06-01 0 days 1,969 sqft
    2022-07-01 0 days 1,976 sqft
    2022-08-01 0 days 1,884 sqft
    2022-09-01 0 days 1,889 sqft
    2022-10-01 0 days 1,869 sqft
    2022-11-01 0 days 1,929 sqft
    2022-12-01 0 days 1,939 sqft
    2023-01-01 0 days 1,848 sqft
    2023-02-01 0 days 1,846 sqft
    2023-03-01 0 days 1,768 sqft
    2023-04-01 0 days 1,821 sqft
    2023-05-01 0 days 1,838 sqft
    2023-06-01 0 days 1,821 sqft
    2023-07-01 0 days 1,852 sqft
    2023-08-01 0 days 1,760 sqft
    2023-09-01 0 days 1,814 sqft
    2023-10-01 0 days 1,786 sqft
    2023-11-01 0 days 1,748 sqft
    2023-12-01 0 days 1,726 sqft
    2024-01-01 0 days 1,728 sqft
    2024-02-01 0 days 1,747 sqft
    2024-03-01 0 days 1,837 sqft
    Corning's median listing age (time on market) for 2024-03-01 was 0 days.

    Corning's median square footage for active listings during the 2024-03-01 period was 1,837 sqft. One year prior, the average listing was 1,768 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).