Glens Falls FHA Loan Rates, Closing Costs & Stats

GLENS FALLS, NY

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 42 lenders originated 242 FHA loans during 2023. The total origination value was $48,780,000, with an average FHA loan value of $201,570.

Glens Falls FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Glens Falls averaged 6.58% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Glens Falls's average FHA mortgage closing costs are $6,160.

The average rate for the prior week (2024-03-15) was 6.6% and one month ago for the week of 2024-02-16, the average rate was 6.53%.

The average rate one year ago was 6.11%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.5%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
HOMESTEAD FUNDING CORP. 77 6.65% $5,743
QUICKEN LOANS, LLC 26 6.57% $9,562
UNITED WHOLESALE MORTGAGE, LLC 24 6.84% $8,376
GUARANTEED RATE, INC. 8 6.63% $10,503
Mr. Cooper ( Nationstar Mortgage ) 7 6.16% $11,723
SEFCU SERVICES, LLC 6 6.42% $7,566
NEWREZ LLC 6 6.73% $9,344
HUNT MORTGAGE CORPORATION 6 6.85% $11,644
Evolve Bank & Trust 6 6.46% $8,439
LOANDEPOT.COM, LLC 5 6.55% $10,168
ABSOLUTE HOME MORTGAGE CORPORATION 5 7.05% $13,087
PLAZA HOME MORTGAGE, INC. 3 7.25% $11,430
TD Bank 3 6.08% $7,016
Barrington Bank & Trust Company, N.A. 3 6.92% $12,160
FREEDOM MORTGAGE CORPORATION 3 7.42% $11,067
EMBRACE HOME LOANS, INC. 2 7.00% $14,047
Berkshire Bank 2 6.13% $8,657
Carrington Mortgage Services, LLC 2 6.13% $13,814
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.12% $7,026
PENNYMAC LOAN SERVICES, LLC 2 6.81% $8,940
US MORTGAGE CORPORATION 2 7.00% $11,828
Mortgage Research Center, LLC 1 6.50% $10,059
MOVEMENT MORTGAGE, LLC 1 6.75% $14,388
Fifth Third Bank 1 5.63% $6,193
M&T Bank 1 7.25% $5,834
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.63% $13,271
1ST PRIORITY MORTGAGE, INC. 1 6.13% $8,692
ALLIED MORTGAGE GROUP, INC. 1 6.50% $14,056
PLANET HOME LENDING, LLC 1 5.63% $10,632
CONTOUR MORTGAGE CORPORATION 1 6.75% $14,439
CARDINAL FINANCIAL 1 7.25% $11,515
RELIANCE FIRST CAPITAL, LLC 1 6.50% $8,975
RESIDENTIAL HOME FUNDING CORP. 1 5.75% $14,864
ROYAL UNITED MORTGAGE LLC 1 7.75% $21,936
AMERICAN FINANCIAL RESOURCES, INC. 1 8.75% $6,364
SUNMARK FEDERAL CREDIT UNION 1 6.25% $9,584
SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $11,144
AMERICAN FINANCIAL NETWORK, INC. 1 6.00% $19,615
The Federal Savings Bank 1 5.63% $12,705
TOTAL MORTGAGE SERVICES, LLC 1 6.75% $10,368
JPMorgan Chase Bank 1 7.25% $6,037
Flagstar Bank, FSB 1 6.75% $11,162

The top Glens Falls FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 77 FHA loans originated. Their average total fees are $5,743, which is $3,820 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Glens Falls FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($5,743), UNITED WHOLESALE MORTGAGE, LLC ($8,376), QUICKEN LOANS, LLC ($9,562), .

The lowest rate Glens Falls FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.57%), HOMESTEAD FUNDING CORP. (6.65%), UNITED WHOLESALE MORTGAGE, LLC (6.84%), .

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 (14.6%) $406,313 (11.1%) 0.00 987
2018-02-01 $234,200 (17.4%) $417,478 (11.7%) 0.00 975
2018-03-01 $234,900 (11.4%) $415,878 (10.0%) 0.00 960
2018-04-01 $239,450 (8.9%) $423,031 (9.7%) 0.00 980
2018-05-01 $246,700 (7.3%) $422,541 (5.6%) 0.00 1,060
2018-06-01 $249,000 (7.6%) $420,023 (1.4%) 0.00 1,147
2018-07-01 $248,475 (8.1%) $420,452 (-0.1%) 0.00 1,129
2018-08-01 $249,925 (8.7%) $424,436 (1.0%) 0.00 1,144
2018-09-01 $249,900 (9.1%) $420,483 (2.3%) 0.00 1,131
2018-10-01 $249,300 (8.7%) $419,158 (2.9%) 0.00 1,080
2018-11-01 $241,825 (5.2%) $399,486 (-3.0%) 0.00 996
2018-12-01 $234,950 (2.2%) $397,818 (-3.1%) 0.00 938
2019-01-01 $235,000 (2.6%) $405,155 (-0.3%) 0.00 860
2019-02-01 $239,000 (2.1%) $411,129 (-1.5%) 0.00 812
2019-03-01 $243,671 (3.7%) $428,517 (3.0%) 0.00 841
2019-04-01 $249,450 (4.2%) $453,835 (7.3%) 0.00 894
2019-05-01 $252,450 (2.3%) $442,236 (4.7%) 0.00 884
2019-06-01 $259,900 (4.4%) $457,560 (8.9%) 0.00 987
2019-07-01 $259,447 (4.4%) $443,689 (5.5%) 0.00 1,032
2019-08-01 $259,245 (3.7%) $445,866 (5.1%) 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 (6.5%) $453,808 (13.6%) 0.00 889
2019-12-01 $249,900 (6.4%) $432,070 (8.6%) 0.00 820
2020-01-01 $249,900 (6.3%) $419,152 (3.5%) 0.00 746
2020-02-01 $247,950 (3.7%) $427,479 (4.0%) 0.00 707
2020-03-01 $249,900 (2.6%) $432,151 (0.9%) 0.00 693
2020-04-01 $249,600 (0.1%) $450,413 (-0.8%) 0.00 661
2020-05-01 $270,900 (7.3%) $482,256 (9.1%) 0.00 651
2020-06-01 $274,900 (5.8%) $490,255 (7.2%) 0.00 643
2020-07-01 $276,950 (6.8%) $495,966 (11.8%) 0.00 605
2020-08-01 $269,450 (3.9%) $481,511 (8.0%) 0.00 564
2020-09-01 $275,000 (5.9%) $486,254 (7.8%) 0.00 541
2020-10-01 $279,900 (9.8%) $494,126 (9.8%) 0.00 518
2020-11-01 $279,625 (8.6%) $528,361 (16.4%) 0.00 464
2020-12-01 $280,000 (12.0%) $556,209 (28.7%) 0.00 415
2021-01-01 $289,900 (16.0%) $571,168 (36.3%) 0.00 355
2021-02-01 $283,750 (14.4%) $593,764 (38.9%) 0.00 309
2021-03-01 $299,250 (19.8%) $607,954 (40.7%) 0.00 285
2021-04-01 $297,225 (19.1%) $629,185 (39.7%) 0.00 259
2021-05-01 $275,000 (1.5%) $584,969 (21.3%) 0.00 280
2021-06-01 $298,000 (8.4%) $615,367 (25.5%) 0.00 285
2021-07-01 $299,000 (8.0%) $545,946 (10.1%) 0.00 327
2021-08-01 $299,900 (11.3%) $549,634 (14.2%) 0.00 312
2021-09-01 $289,000 (5.1%) $524,574 (7.9%) 0.00 315
2021-10-01 $275,000 (-1.8%) $512,321 (3.7%) 0.00 310
2021-11-01 $275,000 (-1.7%) $495,920 (-6.1%) 0.00 285
2021-12-01 $269,200 (-3.9%) $489,109 (-12.1%) 0.00 239
2022-01-01 $259,000 (-10.7%) $508,738 (-10.9%) 0.00 211
2022-02-01 $264,500 (-6.8%) $541,679 (-8.8%) 0.00 205
2022-03-01 $295,000 (-1.4%) $559,162 (-8.0%) 0.00 186
2022-04-01 $299,450 (0.8%) $539,240 (-14.3%) 0.00 201
2022-05-01 $298,000 (8.4%) $551,723 (-5.7%) 0.00 257
2022-06-01 $294,450 (-1.2%) $537,852 (-12.6%) 0.00 293
2022-07-01 $295,000 (-1.3%) $506,465 (-7.2%) 0.00 355
2022-08-01 $299,675 (-0.1%) $547,939 (-0.3%) 0.00 354
2022-09-01 $299,900 (3.8%) $578,256 (10.2%) 0.00 353
2022-10-01 $299,900 (9.1%) $613,149 (19.7%) 0.00 347
2022-11-01 $299,900 (9.1%) $654,793 (32.0%) 0.00 338
2022-12-01 $299,900 (11.4%) $633,962 (29.6%) 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
Glens Falls's median listing price for 2024-02-01 was $334,950, a difference of $32,450 (10.7%) versus the prior year and $-3,975 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 2024-02-01 was $684,447, a difference of $5,843 (0.9%) versus the prior year and $61,999 versus the prior month.

For the 2024-02-01 period, Glens Falls had 217 MLS listings, a difference of -8 listings (-4%) versus the prior month and -14 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 1,762 sqft
2018-02-01 0 days 1,742 sqft
2018-03-01 0 days 1,749 sqft
2018-04-01 0 days 1,767 sqft
2018-05-01 0 days 1,776 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 1,792 sqft
2018-12-01 0 days 1,731 sqft
2019-01-01 0 days 1,730 sqft
2019-02-01 0 days 1,749 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 1,715 sqft
2020-03-01 0 days 1,700 sqft
2020-04-01 0 days 1,736 sqft
2020-05-01 0 days 1,760 sqft
2020-06-01 0 days 1,758 sqft
2020-07-01 0 days 1,769 sqft
2020-08-01 0 days 1,755 sqft
2020-09-01 0 days 1,768 sqft
2020-10-01 0 days 1,800 sqft
2020-11-01 0 days 1,847 sqft
2020-12-01 0 days 1,843 sqft
2021-01-01 0 days 1,888 sqft
2021-02-01 0 days 1,829 sqft
2021-03-01 0 days 1,831 sqft
2021-04-01 0 days 1,889 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 1,748 sqft
2021-09-01 0 days 1,671 sqft
2021-10-01 0 days 1,728 sqft
2021-11-01 0 days 1,728 sqft
2021-12-01 0 days 1,755 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 1,657 sqft
2024-02-01 0 days 1,674 sqft
Glens Falls's median listing age (time on market) for 2024-02-01 was 0 days.

Glens Falls's median square footage for active listings during the 2024-02-01 period was 1,674 sqft. One year prior, the average listing was 1,662 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).