Elmira FHA Loan Rates, Closing Costs & Stats

ELMIRA, 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.

    Elmira's 20 lenders originated 170 FHA loans during 2023. The total origination value was $24,710,000, with an average FHA loan value of $145,353.

    Elmira FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Elmira averaged 6.99% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Elmira's average FHA mortgage closing costs are $6,078.

    The average rate for the prior week (2024-04-12) was 6.59% and one month ago for the week of 2024-03-15, the average rate was 6.55%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Elmira 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 Elmira level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 64 6.83% $8,186
    QUICKEN LOANS, LLC 18 6.74% $7,338
    PENNYMAC LOAN SERVICES, LLC 13 6.35% $8,206
    AMERICAN FINANCIAL NETWORK, INC. 12 6.72% $8,101
    PARAGON HOME LOANS INC. 12 6.67% $7,289
    NEWREZ LLC 7 6.36% $8,748
    UNITED WHOLESALE MORTGAGE, LLC 6 6.40% $7,739
    M&T Bank 3 6.63% $7,361
    Mr. Cooper ( Nationstar Mortgage ) 3 7.21% $8,151
    1ST PRIORITY MORTGAGE, INC. 3 6.42% $7,379
    Premium Mortgage Corporation 3 6.71% $2,920
    NORWICH COMMERCIAL GROUP, INC. 2 6.75% $10,066
    MLB RESIDENTIAL LENDING, LLC 2 7.44% $11,730
    FREEDOM MORTGAGE CORPORATION 2 6.63% $14,152
    Ixonia Bank 2 7.25% $7,462
    JPMorgan Chase Bank 1 6.75% $5,488
    ROYAL UNITED MORTGAGE LLC 1 7.75% $5,589
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.13% $12,605
    CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $7,575
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $6,201

    The top Elmira FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 64 FHA loans originated. Their average total fees are $8,186, which is $848 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Elmira FHA lenders (with over 10 loans originated) are PARAGON HOME LOANS INC. ($7,289), QUICKEN LOANS, LLC ($7,338), AMERICAN FINANCIAL NETWORK, INC. ($8,101), MOVEMENT MORTGAGE, LLC ($8,186) and PENNYMAC LOAN SERVICES, LLC ($8,206).

    The lowest rate Elmira FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.35%), PARAGON HOME LOANS INC. (6.67%), AMERICAN FINANCIAL NETWORK, INC. (6.72%), QUICKEN LOANS, LLC (6.74%) and MOVEMENT MORTGAGE, LLC (6.83%).

    Elmira FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Elmira (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 $99,900 (-10.6%) $145,904 (1.9%) 0.00 314
    2018-02-01 $97,175 (-16.3%) $144,018 (-1.6%) 0.00 311
    2018-03-01 $89,900 (-24.4%) $144,621 (-4.0%) 0.00 302
    2018-04-01 $92,450 (-25.9%) $147,569 (-6.3%) 0.00 304
    2018-05-01 $102,475 (-19.1%) $155,190 (-4.2%) 0.00 336
    2018-06-01 $110,000 (-14.7%) $160,012 (-2.2%) 0.00 386
    2018-07-01 $109,900 (-12.1%) $156,527 (-5.7%) 0.00 386
    2018-08-01 $109,925 (-8.4%) $161,158 (-0.5%) 0.00 377
    2018-09-01 $109,900 (-6.8%) $159,345 (0.6%) 0.00 362
    2018-10-01 $109,900 (-7.6%) $159,556 (0.0%) 0.00 339
    2018-11-01 $103,700 (-9.0%) $152,491 (-1.4%) 0.00 326
    2018-12-01 $99,700 (-0.2%) $143,275 (-1.2%) 0.00 306
    2019-01-01 $96,475 (-3.4%) $137,186 (-6.0%) 0.00 290
    2019-02-01 $99,950 (2.9%) $140,243 (-2.6%) 0.00 284
    2019-03-01 $109,500 (21.8%) $147,351 (1.9%) 0.00 274
    2019-04-01 $119,900 (29.7%) $161,914 (9.7%) 0.00 256
    2019-05-01 $115,450 (12.7%) $174,418 (12.4%) 0.00 265
    2019-06-01 $118,500 (7.7%) $166,162 (3.8%) 0.00 276
    2019-07-01 $127,400 (15.9%) $172,814 (10.4%) 0.00 279
    2019-08-01 $131,845 (19.9%) $171,691 (6.5%) 0.00 297
    2019-09-01 $127,264 (15.8%) $165,446 (3.8%) 0.00 307
    2019-10-01 $121,800 (10.8%) $158,808 (-0.5%) 0.00 318
    2019-11-01 $109,000 (5.1%) $153,013 (0.3%) 0.00 294
    2019-12-01 $105,725 (6.0%) $153,324 (7.0%) 0.00 270
    2020-01-01 $109,000 (13.0%) $150,133 (9.4%) 0.00 252
    2020-02-01 $115,000 (15.1%) $153,465 (9.4%) 0.00 258
    2020-03-01 $106,000 (-3.2%) $152,391 (3.4%) 0.00 258
    2020-04-01 $121,900 (1.7%) $160,515 (-0.9%) 0.00 245
    2020-05-01 $124,900 (8.2%) $166,798 (-4.4%) 0.00 232
    2020-06-01 $139,950 (18.1%) $183,734 (10.6%) 0.00 242
    2020-07-01 $146,500 (15.0%) $193,462 (12.0%) 0.00 211
    2020-08-01 $146,250 (10.9%) $196,578 (14.5%) 0.00 184
    2020-09-01 $139,900 (9.9%) $193,867 (17.2%) 0.00 169
    2020-10-01 $131,000 (7.6%) $190,204 (19.8%) 0.00 172
    2020-11-01 $132,000 (21.1%) $192,106 (25.6%) 0.00 166
    2020-12-01 $129,900 (22.9%) $182,540 (19.1%) 0.00 172
    2021-01-01 $129,900 (19.2%) $181,476 (20.9%) 0.00 163
    2021-02-01 $130,550 (13.5%) $195,776 (27.6%) 0.00 133
    2021-03-01 $137,975 (30.2%) $196,777 (29.1%) 0.00 128
    2021-04-01 $146,175 (19.9%) $206,975 (28.9%) 0.00 115
    2021-05-01 $154,000 (23.3%) $228,911 (37.2%) 0.00 133
    2021-06-01 $169,950 (21.4%) $232,472 (26.5%) 0.00 150
    2021-07-01 $165,000 (12.6%) $211,066 (9.1%) 0.00 158
    2021-08-01 $158,725 (8.5%) $191,418 (-2.6%) 0.00 180
    2021-09-01 $149,900 (7.2%) $189,238 (-2.4%) 0.00 163
    2021-10-01 $148,950 (13.7%) $190,689 (0.3%) 0.00 148
    2021-11-01 $139,450 (5.6%) $182,643 (-4.9%) 0.00 146
    2021-12-01 $124,825 (-3.9%) $173,708 (-4.8%) 0.00 141
    2022-01-01 $122,000 (-6.1%) $178,456 (-1.7%) 0.00 116
    2022-02-01 $115,950 (-11.2%) $178,714 (-8.7%) 0.00 104
    2022-03-01 $96,975 (-29.7%) $164,518 (-16.4%) 0.00 114
    2022-04-01 $99,900 (-31.7%) $176,075 (-14.9%) 0.00 115
    2022-05-01 $121,200 (-21.3%) $194,653 (-15.0%) 0.00 130
    2022-06-01 $131,250 (-22.8%) $203,955 (-12.3%) 0.00 137
    2022-07-01 $134,900 (-18.2%) $212,471 (0.7%) 0.00 152
    2022-08-01 $132,975 (-16.2%) $207,495 (8.4%) 0.00 148
    2022-09-01 $143,725 (-4.1%) $211,342 (11.7%) 0.00 161
    2022-10-01 $149,950 (0.7%) $211,089 (10.7%) 0.00 162
    2022-11-01 $167,975 (20.5%) $222,340 (21.7%) 0.00 172
    2022-12-01 $175,000 (40.2%) $232,049 (33.6%) 0.00 143
    2023-01-01 $166,600 (36.6%) $211,885 (18.7%) 0.00 119
    2023-02-01 $154,675 (33.4%) $199,728 (11.8%) 0.00 104
    2023-03-01 $149,600 (54.3%) $204,856 (24.5%) 0.00 99
    2023-04-01 $159,900 (60.1%) $228,102 (29.6%) 0.00 102
    2023-05-01 $149,950 (23.7%) $226,895 (16.6%) 0.00 114
    2023-06-01 $155,000 (18.1%) $232,338 (13.9%) 0.00 103
    2023-07-01 $168,500 (24.9%) $236,443 (11.3%) 0.00 112
    2023-08-01 $152,950 (15.0%) $220,264 (6.2%) 0.00 133
    2023-09-01 $164,900 (14.7%) $236,035 (11.7%) 0.00 136
    2023-10-01 $169,675 (13.2%) $240,584 (14.0%) 0.00 143
    2023-11-01 $152,750 (-9.1%) $226,138 (1.7%) 0.00 144
    2023-12-01 $152,450 (-12.9%) $226,011 (-2.6%) 0.00 132
    2024-01-01 $146,400 (-12.1%) $215,515 (1.7%) 0.00 120
    2024-02-01 $147,675 (-4.5%) $217,307 (8.8%) 0.00 112
    2024-03-01 $175,000 (17.0%) $230,479 (12.5%) 0.00 103
    Elmira's median listing price for 2024-03-01 was $175,000, a difference of $25,400 (17.0%) versus the prior year and $27,325 versus the prior month.

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

    Elmira's average listing price for 2024-03-01 was $230,479, a difference of $25,623 (12.5%) versus the prior year and $13,172 versus the prior month.

    For the 2024-03-01 period, Elmira had 103 MLS listings, a difference of -9 listings (-8%) versus the prior month and 4 listings (4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Elmira (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,632 sqft
    2018-02-01 0 days 1,618 sqft
    2018-03-01 0 days 1,600 sqft
    2018-04-01 0 days 1,578 sqft
    2018-05-01 0 days 1,589 sqft
    2018-06-01 0 days 1,636 sqft
    2018-07-01 0 days 1,660 sqft
    2018-08-01 0 days 1,670 sqft
    2018-09-01 0 days 1,643 sqft
    2018-10-01 0 days 1,690 sqft
    2018-11-01 0 days 1,680 sqft
    2018-12-01 0 days 1,637 sqft
    2019-01-01 0 days 1,625 sqft
    2019-02-01 0 days 1,621 sqft
    2019-03-01 0 days 1,639 sqft
    2019-04-01 0 days 1,687 sqft
    2019-05-01 0 days 1,715 sqft
    2019-06-01 0 days 1,810 sqft
    2019-07-01 0 days 1,854 sqft
    2019-08-01 0 days 1,809 sqft
    2019-09-01 0 days 1,785 sqft
    2019-10-01 0 days 1,754 sqft
    2019-11-01 0 days 1,680 sqft
    2019-12-01 0 days 1,740 sqft
    2020-01-01 0 days 1,645 sqft
    2020-02-01 0 days 1,721 sqft
    2020-03-01 0 days 1,735 sqft
    2020-04-01 0 days 1,724 sqft
    2020-05-01 0 days 1,720 sqft
    2020-06-01 0 days 1,797 sqft
    2020-07-01 0 days 1,859 sqft
    2020-08-01 0 days 1,910 sqft
    2020-09-01 0 days 1,880 sqft
    2020-10-01 0 days 1,861 sqft
    2020-11-01 0 days 1,813 sqft
    2020-12-01 0 days 1,821 sqft
    2021-01-01 0 days 1,734 sqft
    2021-02-01 0 days 1,716 sqft
    2021-03-01 0 days 1,739 sqft
    2021-04-01 0 days 1,810 sqft
    2021-05-01 0 days 1,862 sqft
    2021-06-01 0 days 1,896 sqft
    2021-07-01 0 days 1,836 sqft
    2021-08-01 0 days 1,760 sqft
    2021-09-01 0 days 1,804 sqft
    2021-10-01 0 days 1,757 sqft
    2021-11-01 0 days 1,705 sqft
    2021-12-01 0 days 1,610 sqft
    2022-01-01 0 days 1,583 sqft
    2022-02-01 0 days 1,603 sqft
    2022-03-01 0 days 1,591 sqft
    2022-04-01 0 days 1,631 sqft
    2022-05-01 0 days 1,698 sqft
    2022-06-01 0 days 1,760 sqft
    2022-07-01 0 days 1,703 sqft
    2022-08-01 0 days 1,693 sqft
    2022-09-01 0 days 1,680 sqft
    2022-10-01 0 days 1,724 sqft
    2022-11-01 0 days 1,703 sqft
    2022-12-01 0 days 1,732 sqft
    2023-01-01 0 days 1,693 sqft
    2023-02-01 0 days 1,593 sqft
    2023-03-01 0 days 1,650 sqft
    2023-04-01 0 days 1,715 sqft
    2023-05-01 0 days 1,590 sqft
    2023-06-01 0 days 1,736 sqft
    2023-07-01 0 days 1,815 sqft
    2023-08-01 0 days 1,792 sqft
    2023-09-01 0 days 1,820 sqft
    2023-10-01 0 days 1,804 sqft
    2023-11-01 0 days 1,762 sqft
    2023-12-01 0 days 1,760 sqft
    2024-01-01 0 days 1,697 sqft
    2024-02-01 0 days 1,655 sqft
    2024-03-01 0 days 1,772 sqft
    Elmira's median listing age (time on market) for 2024-03-01 was 0 days.

    Elmira's median square footage for active listings during the 2024-03-01 period was 1,772 sqft. One year prior, the average listing was 1,650 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).