Glens Falls FHA Loan Rates, Closing Costs & Stats

GLENS FALLS, 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.

    Glens Falls's 38 lenders originated 223 FHA loans during 2024. The total origination value was $47,805,000, with an average FHA loan value of $214,372.

    Glens Falls FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Glens Falls averaged 6.59% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Glens Falls's average FHA mortgage closing costs are $6,412.

    The average rate for the prior week (2025-03-28) was 6.49% and one month ago for the week of 2025-02-28, the average rate was 6.48%.

    The average rate one year ago was 6.9%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.54%.

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

    Glens Falls 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 Glens Falls level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    HOMESTEAD FUNDING CORP. 45 6.36% $6,209
    UNITED WHOLESALE MORTGAGE, LLC 36 6.65% $9,611
    QUICKEN LOANS, LLC 27 6.64% $9,634
    NEWREZ LLC 14 6.92% $9,371
    SEFCU SERVICES, LLC 8 5.92% $8,105
    HUNT MORTGAGE CORPORATION 7 6.95% $9,150
    GUARANTEED RATE, INC. 7 6.77% $10,973
    Evolve Bank & Trust 5 6.50% $7,914
    PENNYMAC LOAN SERVICES, LLC 5 6.40% $8,962
    M&T Bank 4 6.53% $8,421
    LOANDEPOT.COM, LLC 4 6.37% $9,138
    PLAZA HOME MORTGAGE, INC. 4 6.47% $10,880
    Glens Falls National Bank and Trust Company 4 5.63% $9,442
    Mr. Cooper ( Nationstar Mortgage ) 4 6.63% $12,760
    US MORTGAGE CORPORATION 3 6.83% $8,735
    Berkshire Bank 3 5.79% $8,486
    Equity Prime Mortgage LLC 3 6.58% $6,758
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.67% $10,144
    ABSOLUTE HOME MORTGAGE CORPORATION 3 6.92% $11,245
    Premium Mortgage Corporation 2 6.44% $8,205
    PLANET HOME LENDING, LLC 2 6.44% $6,510
    Citizens Bank 2 7.00% $10,153
    SUNMARK FEDERAL CREDIT UNION 2 6.31% $9,579
    NORWICH COMMERCIAL GROUP, INC. 1 6.75% $6,883
    FREEDOM MORTGAGE CORPORATION 1 7.25% $11,713
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $11,995
    BETTER MORTGAGE CORPORATION 1 7.00% $8,175
    RELIANCE FIRST CAPITAL, LLC 1 5.50% $18,449
    ROYAL UNITED MORTGAGE LLC 1 5.25% $12,269
    AMERICAN FINANCING CORPORATION 1 5.99% $13,382
    SUN WEST MORTGAGE COMPANY, INC. 1 7.50% $8,501
    UNITED MORTGAGE CORP 1 6.88% $19,419
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $12,125
    JPMorgan Chase Bank 1 6.75% $6,699
    MOVEMENT MORTGAGE, LLC 1 5.75% $16,427
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $14,434
    NBKC BANK 1 5.13% $23,709
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.25% $11,501

    The top Glens Falls FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 45 FHA loans originated. Their average total fees are $6,209, which is $3,403 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Glens Falls FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($6,209), NEWREZ LLC ($9,371), UNITED WHOLESALE MORTGAGE, LLC ($9,611), QUICKEN LOANS, LLC ($9,634) and .

    The lowest rate Glens Falls FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. (6.36%), QUICKEN LOANS, LLC (6.64%), UNITED WHOLESALE MORTGAGE, LLC (6.65%), NEWREZ LLC (6.92%) and .

    Glens Falls FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Glens Falls (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 $229,000 (14.7%) $406,240 (11.1%) 0.00 987
    2018-02-01 $233,950 (17.3%) $417,556 (11.8%) 0.00 974
    2018-03-01 $234,900 (12.4%) $415,955 (10.1%) 0.00 959
    2018-04-01 $238,925 (8.7%) $423,114 (9.8%) 0.00 979
    2018-05-01 $246,100 (7.1%) $422,523 (5.7%) 0.00 1,059
    2018-06-01 $247,900 (7.3%) $419,911 (1.4%) 0.00 1,147
    2018-07-01 $248,050 (7.9%) $420,522 (-0.1%) 0.00 1,129
    2018-08-01 $249,900 (8.7%) $424,509 (1.0%) 0.00 1,143
    2018-09-01 $249,900 (9.1%) $420,356 (2.3%) 0.00 1,131
    2018-10-01 $249,300 (8.7%) $419,158 (3.0%) 0.00 1,080
    2018-11-01 $241,200 (4.9%) $399,157 (-3.1%) 0.00 995
    2018-12-01 $234,900 (2.2%) $397,464 (-3.2%) 0.00 937
    2019-01-01 $235,000 (2.6%) $404,783 (-0.4%) 0.00 859
    2019-02-01 $238,625 (2.0%) $410,742 (-1.6%) 0.00 811
    2019-03-01 $243,243 (3.6%) $428,294 (3.0%) 0.00 840
    2019-04-01 $249,450 (4.4%) $453,835 (7.3%) 0.00 894
    2019-05-01 $252,450 (2.6%) $442,236 (4.7%) 0.00 884
    2019-06-01 $259,900 (4.8%) $457,560 (9.0%) 0.00 987
    2019-07-01 $259,447 (4.6%) $443,689 (5.5%) 0.00 1,032
    2019-08-01 $259,245 (3.7%) $445,866 (5.0%) 0.00 1,042
    2019-09-01 $259,614 (3.9%) $451,069 (7.3%) 0.00 1,040
    2019-10-01 $254,909 (2.3%) $450,131 (7.4%) 0.00 1,029
    2019-11-01 $257,450 (6.7%) $453,808 (13.7%) 0.00 889
    2019-12-01 $249,900 (6.4%) $432,070 (8.7%) 0.00 820
    2020-01-01 $249,900 (6.3%) $419,225 (3.6%) 0.00 746
    2020-02-01 $247,900 (3.9%) $427,645 (4.1%) 0.00 706
    2020-03-01 $249,800 (2.7%) $432,321 (0.9%) 0.00 692
    2020-04-01 $249,450 (0.0%) $450,203 (-0.8%) 0.00 662
    2020-05-01 $269,950 (6.9%) $481,595 (8.9%) 0.00 653
    2020-06-01 $274,800 (5.7%) $489,863 (7.1%) 0.00 644
    2020-07-01 $275,700 (6.3%) $495,334 (11.6%) 0.00 606
    2020-08-01 $269,000 (3.8%) $480,096 (7.7%) 0.00 566
    2020-09-01 $274,975 (5.9%) $486,302 (7.8%) 0.00 541
    2020-10-01 $279,000 (9.5%) $495,104 (10.0%) 0.00 515
    2020-11-01 $279,400 (8.5%) $531,156 (17.0%) 0.00 457
    2020-12-01 $279,381 (11.8%) $559,659 (29.5%) 0.00 409
    2021-01-01 $280,000 (12.0%) $574,280 (37.0%) 0.00 349
    2021-02-01 $269,450 (8.7%) $600,716 (40.5%) 0.00 298
    2021-03-01 $295,000 (18.1%) $618,094 (43.0%) 0.00 274
    2021-04-01 $290,750 (16.6%) $635,376 (41.1%) 0.00 252
    2021-05-01 $275,000 (1.9%) $591,361 (22.8%) 0.00 278
    2021-06-01 $293,950 (7.0%) $622,867 (27.2%) 0.00 283
    2021-07-01 $297,000 (7.7%) $552,146 (11.5%) 0.00 325
    2021-08-01 $299,900 (11.5%) $554,855 (15.6%) 0.00 312
    2021-09-01 $289,225 (5.2%) $528,851 (8.8%) 0.00 317
    2021-10-01 $275,000 (-1.4%) $515,798 (4.2%) 0.00 312
    2021-11-01 $277,000 (-0.9%) $500,414 (-5.8%) 0.00 288
    2021-12-01 $269,000 (-3.7%) $493,300 (-11.9%) 0.00 241
    2022-01-01 $259,000 (-7.5%) $508,738 (-11.4%) 0.00 211
    2022-02-01 $264,500 (-1.8%) $541,679 (-9.8%) 0.00 205
    2022-03-01 $295,000 (0.0%) $559,162 (-9.5%) 0.00 186
    2022-04-01 $299,450 (3.0%) $539,240 (-15.1%) 0.00 201
    2022-05-01 $298,000 (8.4%) $551,723 (-6.7%) 0.00 257
    2022-06-01 $294,450 (0.2%) $537,852 (-13.7%) 0.00 293
    2022-07-01 $295,000 (-0.7%) $506,465 (-8.3%) 0.00 355
    2022-08-01 $299,675 (-0.1%) $547,939 (-1.3%) 0.00 354
    2022-09-01 $299,900 (3.7%) $578,256 (9.3%) 0.00 353
    2022-10-01 $299,900 (9.1%) $613,149 (18.9%) 0.00 347
    2022-11-01 $299,900 (8.3%) $654,793 (30.9%) 0.00 338
    2022-12-01 $299,900 (11.5%) $633,962 (28.5%) 0.00 310
    2023-01-01 $289,450 (11.8%) $671,363 (32.0%) 0.00 256
    2023-02-01 $302,500 (14.4%) $678,604 (25.3%) 0.00 231
    2023-03-01 $302,750 (2.6%) $690,229 (23.4%) 0.00 201
    2023-04-01 $299,950 (0.2%) $725,328 (34.5%) 0.00 180
    2023-05-01 $335,725 (12.7%) $753,538 (36.6%) 0.00 186
    2023-06-01 $314,450 (6.8%) $711,551 (32.3%) 0.00 226
    2023-07-01 $336,900 (14.2%) $726,081 (43.4%) 0.00 238
    2023-08-01 $349,900 (16.8%) $627,192 (14.5%) 0.00 269
    2023-09-01 $349,900 (16.7%) $616,603 (6.6%) 0.00 274
    2023-10-01 $349,975 (16.7%) $606,057 (-1.2%) 0.00 281
    2023-11-01 $349,450 (16.5%) $630,001 (-3.8%) 0.00 272
    2023-12-01 $345,000 (15.0%) $612,156 (-3.4%) 0.00 253
    2024-01-01 $338,925 (17.1%) $622,448 (-7.3%) 0.00 225
    2024-02-01 $334,950 (10.7%) $684,447 (0.9%) 0.00 217
    2024-03-01 $349,900 (15.6%) $710,366 (2.9%) 0.00 218
    2024-04-01 $363,950 (21.3%) $727,879 (0.4%) 0.00 232
    2024-05-01 $377,000 (12.3%) $713,780 (-5.3%) 0.00 260
    2024-06-01 $339,900 (8.1%) $684,250 (-3.8%) 0.00 297
    2024-07-01 $354,450 (5.2%) $675,835 (-6.9%) 0.00 341
    2024-08-01 $352,450 (0.7%) $657,440 (4.8%) 0.00 386
    2024-09-01 $354,950 (1.4%) $639,424 (3.7%) 0.00 403
    2024-10-01 $359,925 (2.8%) $670,942 (10.7%) 0.00 397
    2024-11-01 $349,950 (0.1%) $658,477 (4.5%) 0.00 358
    2024-12-01 $343,000 (-0.6%) $635,424 (3.8%) 0.00 306
    2025-01-01 $368,000 (8.6%) $623,990 (0.3%) 0.00 257
    2025-02-01 $363,675 (8.6%) $624,414 (-8.8%) 0.00 234
    2025-03-01 $394,500 (12.8%) $645,381 (-9.2%) 0.00 230
    Glens Falls's median listing price for 2025-03-01 was $394,500, a difference of $44,600 (12.8%) versus the prior year and $30,825 versus the prior month.

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

    Glens Falls's average listing price for 2025-03-01 was $645,381, a difference of $-64,985 (-9.2%) versus the prior year and $20,967 versus the prior month.

    For the 2025-03-01 period, Glens Falls had 230 MLS listings, a difference of -4 listings (-2%) versus the prior month and 12 listings (6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Glens Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,760 sqft
    2018-02-01 0 days 1,742 sqft
    2018-03-01 0 days 1,748 sqft
    2018-04-01 0 days 1,767 sqft
    2018-05-01 0 days 1,773 sqft
    2018-06-01 0 days 1,776 sqft
    2018-07-01 0 days 1,772 sqft
    2018-08-01 0 days 1,776 sqft
    2018-09-01 0 days 1,776 sqft
    2018-10-01 0 days 1,800 sqft
    2018-11-01 0 days 1,789 sqft
    2018-12-01 0 days 1,730 sqft
    2019-01-01 0 days 1,730 sqft
    2019-02-01 0 days 1,747 sqft
    2019-03-01 0 days 1,755 sqft
    2019-04-01 0 days 1,768 sqft
    2019-05-01 0 days 1,656 sqft
    2019-06-01 0 days 1,701 sqft
    2019-07-01 0 days 1,706 sqft
    2019-08-01 0 days 1,717 sqft
    2019-09-01 0 days 1,728 sqft
    2019-10-01 0 days 1,717 sqft
    2019-11-01 0 days 1,738 sqft
    2019-12-01 0 days 1,723 sqft
    2020-01-01 0 days 1,736 sqft
    2020-02-01 0 days 1,716 sqft
    2020-03-01 0 days 1,700 sqft
    2020-04-01 0 days 1,736 sqft
    2020-05-01 0 days 1,759 sqft
    2020-06-01 0 days 1,758 sqft
    2020-07-01 0 days 1,764 sqft
    2020-08-01 0 days 1,754 sqft
    2020-09-01 0 days 1,764 sqft
    2020-10-01 0 days 1,800 sqft
    2020-11-01 0 days 1,836 sqft
    2020-12-01 0 days 1,833 sqft
    2021-01-01 0 days 1,879 sqft
    2021-02-01 0 days 1,822 sqft
    2021-03-01 0 days 1,838 sqft
    2021-04-01 0 days 1,895 sqft
    2021-05-01 0 days 1,800 sqft
    2021-06-01 0 days 1,831 sqft
    2021-07-01 0 days 1,761 sqft
    2021-08-01 0 days 1,760 sqft
    2021-09-01 0 days 1,681 sqft
    2021-10-01 0 days 1,736 sqft
    2021-11-01 0 days 1,731 sqft
    2021-12-01 0 days 1,760 sqft
    2022-01-01 0 days 1,888 sqft
    2022-02-01 0 days 1,720 sqft
    2022-03-01 0 days 1,742 sqft
    2022-04-01 0 days 1,708 sqft
    2022-05-01 0 days 1,592 sqft
    2022-06-01 0 days 1,604 sqft
    2022-07-01 0 days 1,574 sqft
    2022-08-01 0 days 1,589 sqft
    2022-09-01 0 days 1,619 sqft
    2022-10-01 0 days 1,636 sqft
    2022-11-01 0 days 1,642 sqft
    2022-12-01 0 days 1,668 sqft
    2023-01-01 0 days 1,638 sqft
    2023-02-01 0 days 1,662 sqft
    2023-03-01 0 days 1,678 sqft
    2023-04-01 0 days 1,731 sqft
    2023-05-01 0 days 1,741 sqft
    2023-06-01 0 days 1,669 sqft
    2023-07-01 0 days 1,680 sqft
    2023-08-01 0 days 1,674 sqft
    2023-09-01 0 days 1,683 sqft
    2023-10-01 0 days 1,653 sqft
    2023-11-01 0 days 1,658 sqft
    2023-12-01 0 days 1,658 sqft
    2024-01-01 0 days 1,655 sqft
    2024-02-01 0 days 1,674 sqft
    2024-03-01 0 days 1,650 sqft
    2024-04-01 0 days 1,690 sqft
    2024-05-01 0 days 1,737 sqft
    2024-06-01 0 days 1,645 sqft
    2024-07-01 0 days 1,719 sqft
    2024-08-01 0 days 1,739 sqft
    2024-09-01 0 days 1,730 sqft
    2024-10-01 0 days 1,699 sqft
    2024-11-01 0 days 1,673 sqft
    2024-12-01 0 days 1,651 sqft
    2025-01-01 0 days 1,689 sqft
    2025-02-01 0 days 1,669 sqft
    2025-03-01 0 days 1,666 sqft
    Glens Falls's median listing age (time on market) for 2025-03-01 was 0 days.

    Glens Falls's median square footage for active listings during the 2025-03-01 period was 1,666 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).