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 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 6.76% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

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

The average rate for the prior week (2025-07-11) was 6.56% and one month ago for the week of 2025-06-13, the average rate was 6.72%.

The average rate one year ago was 6.68%.

For refis of the same type during the week of 2025-07-18, the average rate was 6.8%.

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

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).