Cortland FHA Loan Rates, Closing Costs & Stats

Cortland, 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.

    Cortland's 16 lenders originated 57 FHA loans during 2023. The total origination value was $8,815,000, with an average FHA loan value of $154,649.

    Cortland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cortland averaged 6.68% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Cortland's average FHA mortgage closing costs are $6,029.

    The average rate for the prior week (2024-04-05) was 6.31% and one month ago for the week of 2024-03-08, the average rate was 6.45%.

    The average rate one year ago was 5.98%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.64%.

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

    Cortland 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 Cortland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PARAGON HOME LOANS INC. 17 6.79% $9,275
    QUICKEN LOANS, LLC 12 6.75% $7,720
    1ST PRIORITY MORTGAGE, INC. 3 6.29% $7,322
    KeyBank 3 6.04% $6,462
    UNITED WHOLESALE MORTGAGE, LLC 3 6.84% $8,359
    JPMorgan Chase Bank 2 7.18% $7,427
    M&T Bank 2 6.44% $6,072
    CFCU Community Credit Union 2 6.69% $2,115
    CROSSCOUNTRY MORTGAGE, LLC 2 6.44% $9,971
    PLAZA HOME MORTGAGE, INC. 1 6.75% $11,901
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $8,925
    AMERICAN FINANCING CORPORATION 1 7.13% $8,537
    AMERICU Credit Union 1 6.13% $6,094
    TOTAL MORTGAGE SERVICES, LLC 1 7.25% $10,718
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $9,931
    Genesee Regional Bank 1 6.50% $10,782

    The top Cortland FHA lender as defined by loan originations is PARAGON HOME LOANS INC., with 17 FHA loans originated. Their average total fees are $9,275, which is $1,555 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Cortland FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,720), PARAGON HOME LOANS INC. ($9,275), .

    The lowest rate Cortland FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.75%), PARAGON HOME LOANS INC. (6.79%), .

    Cortland FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cortland (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 $120,825 (-6.3%) $144,858 (-9.7%) 0.00 186
    2018-02-01 $119,900 (-4.1%) $143,806 (-8.7%) 0.00 183
    2018-03-01 $119,450 (-7.7%) $144,479 (-8.2%) 0.00 167
    2018-04-01 $118,125 (-9.1%) $144,116 (-14.5%) 0.00 181
    2018-05-01 $124,925 (-3.5%) $145,157 (-13.1%) 0.00 172
    2018-06-01 $126,750 (-10.9%) $154,132 (-11.2%) 0.00 185
    2018-07-01 $129,925 (-7.1%) $152,929 (-10.3%) 0.00 217
    2018-08-01 $127,300 (-5.7%) $149,587 (-10.1%) 0.00 209
    2018-09-01 $124,150 (-8.0%) $145,108 (-10.5%) 0.00 213
    2018-10-01 $120,000 (-4.7%) $146,143 (-6.3%) 0.00 213
    2018-11-01 $115,000 (-5.7%) $142,234 (-8.2%) 0.00 197
    2018-12-01 $109,500 (-8.7%) $135,389 (-12.0%) 0.00 185
    2019-01-01 $112,000 (-7.3%) $140,350 (-3.1%) 0.00 165
    2019-02-01 $99,900 (-16.7%) $136,250 (-5.3%) 0.00 155
    2019-03-01 $99,900 (-16.4%) $141,035 (-2.4%) 0.00 157
    2019-04-01 $99,900 (-15.4%) $145,640 (1.1%) 0.00 150
    2019-05-01 $120,350 (-3.7%) $148,446 (2.3%) 0.00 162
    2019-06-01 $129,900 (2.5%) $154,252 (0.1%) 0.00 182
    2019-07-01 $136,950 (5.4%) $168,466 (10.2%) 0.00 187
    2019-08-01 $131,582 (3.4%) $162,845 (8.9%) 0.00 184
    2019-09-01 $130,130 (4.8%) $156,254 (7.7%) 0.00 184
    2019-10-01 $129,611 (8.0%) $155,920 (6.7%) 0.00 182
    2019-11-01 $127,200 (10.6%) $158,693 (11.6%) 0.00 175
    2019-12-01 $118,700 (8.4%) $156,026 (15.2%) 0.00 152
    2020-01-01 $117,450 (4.9%) $157,482 (12.2%) 0.00 140
    2020-02-01 $129,000 (29.1%) $169,355 (24.3%) 0.00 139
    2020-03-01 $131,150 (31.3%) $168,594 (19.5%) 0.00 135
    2020-04-01 $132,400 (32.5%) $172,337 (18.3%) 0.00 126
    2020-05-01 $134,900 (12.1%) $168,775 (13.7%) 0.00 124
    2020-06-01 $150,700 (16.0%) $175,389 (13.7%) 0.00 134
    2020-07-01 $149,225 (9.0%) $170,304 (1.1%) 0.00 131
    2020-08-01 $147,450 (12.1%) $180,436 (10.8%) 0.00 122
    2020-09-01 $134,950 (3.7%) $169,870 (8.7%) 0.00 119
    2020-10-01 $127,900 (-1.3%) $173,457 (11.3%) 0.00 114
    2020-11-01 $152,200 (19.7%) $186,143 (17.3%) 0.00 100
    2020-12-01 $169,450 (42.8%) $221,959 (42.3%) 0.00 81
    2021-01-01 $154,450 (31.5%) $228,398 (45.0%) 0.00 74
    2021-02-01 $149,900 (16.2%) $229,052 (35.3%) 0.00 71
    2021-03-01 $149,800 (14.2%) $233,183 (38.3%) 0.00 64
    2021-04-01 $162,125 (22.5%) $192,865 (11.9%) 0.00 62
    2021-05-01 $176,200 (30.6%) $195,955 (16.1%) 0.00 61
    2021-06-01 $175,525 (16.5%) $202,031 (15.2%) 0.00 62
    2021-07-01 $173,000 (15.9%) $197,174 (15.8%) 0.00 74
    2021-08-01 $153,675 (4.2%) $207,136 (14.8%) 0.00 78
    2021-09-01 $157,175 (16.5%) $226,382 (33.3%) 0.00 75
    2021-10-01 $160,000 (25.1%) $248,535 (43.3%) 0.00 67
    2021-11-01 $189,675 (24.6%) $250,122 (34.4%) 0.00 63
    2021-12-01 $195,725 (15.5%) $277,186 (24.9%) 0.00 57
    2022-01-01 $179,950 (16.5%) $255,915 (12.1%) 0.00 48
    2022-02-01 $179,975 (20.1%) $258,254 (12.8%) 0.00 48
    2022-03-01 $180,950 (20.8%) $247,195 (6.0%) 0.00 53
    2022-04-01 $174,950 (7.9%) $240,884 (24.9%) 0.00 53
    2022-05-01 $189,875 (7.8%) $238,548 (21.7%) 0.00 46
    2022-06-01 $200,000 (13.9%) $262,968 (30.2%) 0.00 44
    2022-07-01 $194,900 (12.7%) $258,940 (31.3%) 0.00 46
    2022-08-01 $182,175 (18.6%) $208,536 (0.7%) 0.00 58
    2022-09-01 $172,450 (9.7%) $210,755 (-6.9%) 0.00 56
    2022-10-01 $179,500 (12.2%) $213,308 (-14.2%) 0.00 62
    2022-11-01 $210,675 (11.1%) $224,234 (-10.4%) 0.00 59
    2022-12-01 $177,900 (-9.1%) $207,274 (-25.2%) 0.00 56
    2023-01-01 $144,450 (-19.7%) $193,796 (-24.3%) 0.00 45
    2023-02-01 $142,150 (-21.0%) $198,622 (-23.1%) 0.00 38
    2023-03-01 $132,225 (-26.9%) $187,584 (-24.1%) 0.00 43
    2023-04-01 $162,400 (-7.2%) $205,662 (-14.6%) 0.00 40
    2023-05-01 $159,250 (-16.1%) $198,248 (-16.9%) 0.00 46
    2023-06-01 $169,925 (-15.0%) $213,059 (-19.0%) 0.00 48
    2023-07-01 $189,450 (-2.8%) $238,524 (-7.9%) 0.00 52
    2023-08-01 $205,000 (12.5%) $255,905 (22.7%) 0.00 59
    2023-09-01 $239,000 (38.6%) $288,568 (36.9%) 0.00 57
    2023-10-01 $229,000 (27.6%) $285,754 (34.0%) 0.00 56
    2023-11-01 $180,000 (-14.6%) $251,728 (12.3%) 0.00 53
    2023-12-01 $179,900 (1.1%) $259,306 (25.1%) 0.00 47
    2024-01-01 $191,000 (32.2%) $224,265 (15.7%) 0.00 43
    2024-02-01 $171,225 (20.5%) $200,066 (0.7%) 0.00 38
    2024-03-01 $185,900 (40.6%) $201,832 (7.6%) 0.00 34
    Cortland's median listing price for 2024-03-01 was $185,900, a difference of $53,675 (40.6%) versus the prior year and $14,675 versus the prior month.

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

    Cortland's average listing price for 2024-03-01 was $201,832, a difference of $14,248 (7.6%) versus the prior year and $1,766 versus the prior month.

    For the 2024-03-01 period, Cortland had 34 MLS listings, a difference of -4 listings (-11%) versus the prior month and -9 listings (-21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cortland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,493 sqft
    2018-02-01 0 days 1,476 sqft
    2018-03-01 0 days 1,470 sqft
    2018-04-01 0 days 1,476 sqft
    2018-05-01 0 days 1,471 sqft
    2018-06-01 0 days 1,518 sqft
    2018-07-01 0 days 1,557 sqft
    2018-08-01 0 days 1,520 sqft
    2018-09-01 0 days 1,460 sqft
    2018-10-01 0 days 1,456 sqft
    2018-11-01 0 days 1,420 sqft
    2018-12-01 0 days 1,320 sqft
    2019-01-01 0 days 1,335 sqft
    2019-02-01 0 days 1,354 sqft
    2019-03-01 0 days 1,375 sqft
    2019-04-01 0 days 1,360 sqft
    2019-05-01 0 days 1,426 sqft
    2019-06-01 0 days 1,489 sqft
    2019-07-01 0 days 1,488 sqft
    2019-08-01 0 days 1,485 sqft
    2019-09-01 0 days 1,518 sqft
    2019-10-01 0 days 1,538 sqft
    2019-11-01 0 days 1,534 sqft
    2019-12-01 0 days 1,429 sqft
    2020-01-01 0 days 1,443 sqft
    2020-02-01 0 days 1,512 sqft
    2020-03-01 0 days 1,495 sqft
    2020-04-01 0 days 1,414 sqft
    2020-05-01 0 days 1,440 sqft
    2020-06-01 0 days 1,537 sqft
    2020-07-01 0 days 1,600 sqft
    2020-08-01 0 days 1,579 sqft
    2020-09-01 0 days 1,574 sqft
    2020-10-01 0 days 1,520 sqft
    2020-11-01 0 days 1,627 sqft
    2020-12-01 0 days 1,697 sqft
    2021-01-01 0 days 1,761 sqft
    2021-02-01 0 days 1,733 sqft
    2021-03-01 0 days 1,671 sqft
    2021-04-01 0 days 1,690 sqft
    2021-05-01 0 days 1,680 sqft
    2021-06-01 0 days 1,579 sqft
    2021-07-01 0 days 1,645 sqft
    2021-08-01 0 days 1,663 sqft
    2021-09-01 0 days 1,656 sqft
    2021-10-01 0 days 1,730 sqft
    2021-11-01 0 days 1,632 sqft
    2021-12-01 0 days 1,730 sqft
    2022-01-01 0 days 1,730 sqft
    2022-02-01 0 days 1,737 sqft
    2022-03-01 0 days 1,692 sqft
    2022-04-01 0 days 1,717 sqft
    2022-05-01 0 days 1,705 sqft
    2022-06-01 0 days 1,667 sqft
    2022-07-01 0 days 1,728 sqft
    2022-08-01 0 days 1,649 sqft
    2022-09-01 0 days 1,652 sqft
    2022-10-01 0 days 1,657 sqft
    2022-11-01 0 days 1,696 sqft
    2022-12-01 0 days 1,666 sqft
    2023-01-01 0 days 1,636 sqft
    2023-02-01 0 days 1,366 sqft
    2023-03-01 0 days 1,533 sqft
    2023-04-01 0 days 1,626 sqft
    2023-05-01 0 days 1,424 sqft
    2023-06-01 0 days 1,476 sqft
    2023-07-01 0 days 1,565 sqft
    2023-08-01 0 days 1,539 sqft
    2023-09-01 0 days 1,716 sqft
    2023-10-01 0 days 1,705 sqft
    2023-11-01 0 days 1,676 sqft
    2023-12-01 0 days 1,687 sqft
    2024-01-01 0 days 1,677 sqft
    2024-02-01 0 days 1,602 sqft
    2024-03-01 0 days 1,572 sqft
    Cortland's median listing age (time on market) for 2024-03-01 was 0 days.

    Cortland's median square footage for active listings during the 2024-03-01 period was 1,572 sqft. One year prior, the average listing was 1,533 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).