Gloversville FHA Loan Rates, Closing Costs & Stats

Gloversville, 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.

    Gloversville's 22 lenders originated 108 FHA loans during 2023. The total origination value was $17,970,000, with an average FHA loan value of $166,389.

    Gloversville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Gloversville averaged 6.95% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Gloversville's average FHA mortgage closing costs are $5,770.

    The average rate for the prior week (2024-04-05) was 6.47% and one month ago for the week of 2024-03-08, the average rate was 6.71%.

    The average rate one year ago was 6.24%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.74%.

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

    Gloversville 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 Gloversville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 21 6.65% $8,655
    HOMESTEAD FUNDING CORP. 20 6.70% $4,652
    SEFCU SERVICES, LLC 7 6.41% $6,243
    UNITED WHOLESALE MORTGAGE, LLC 6 6.68% $9,119
    NEWREZ LLC 6 6.92% $8,371
    KeyBank 5 6.30% $6,534
    PLAZA HOME MORTGAGE, INC. 5 6.45% $8,858
    Premium Mortgage Corporation 5 7.00% $7,844
    SUNMARK FEDERAL CREDIT UNION 5 6.58% $9,330
    Mr. Cooper ( Nationstar Mortgage ) 2 6.44% $9,410
    CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $12,739
    Carrington Mortgage Services, LLC 2 5.75% $9,485
    GUARANTEED RATE, INC. 2 7.25% $9,372
    CARDINAL FINANCIAL 1 7.25% $6,283
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $12,268
    RELIANCE FIRST CAPITAL, LLC 1 7.75% $14,044
    EMBRACE HOME LOANS, INC. 1 7.38% $10,400
    EMM LOANS LLC 1 7.63% $7,516
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $9,253
    1ST PRIORITY MORTGAGE, INC. 1 6.00% $5,803
    MOVEMENT MORTGAGE, LLC 1 6.25% $8,052
    Citizens Bank 1 5.63% $6,490

    The top Gloversville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 21 FHA loans originated. Their average total fees are $8,655, which is $4,003 higher than the next largest lender, HOMESTEAD FUNDING CORP..

    The lowest fee Gloversville FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($4,652), QUICKEN LOANS, LLC ($8,655), .

    The lowest rate Gloversville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.65%), HOMESTEAD FUNDING CORP. (6.70%), .

    Gloversville FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Gloversville (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 $136,625 (12.6%) $184,983 (9.9%) 0.00 238
    2018-02-01 $138,375 (16.3%) $187,069 (13.3%) 0.00 222
    2018-03-01 $136,250 (18.5%) $190,347 (19.6%) 0.00 226
    2018-04-01 $138,100 (15.2%) $191,786 (14.9%) 0.00 231
    2018-05-01 $159,250 (25.2%) $205,310 (14.9%) 0.00 276
    2018-06-01 $159,900 (23.0%) $204,462 (14.5%) 0.00 299
    2018-07-01 $159,900 (16.7%) $201,919 (10.4%) 0.00 325
    2018-08-01 $167,400 (12.2%) $209,227 (7.6%) 0.00 314
    2018-09-01 $164,900 (10.3%) $199,833 (1.8%) 0.00 327
    2018-10-01 $163,100 (8.9%) $201,854 (3.5%) 0.00 314
    2018-11-01 $159,675 (7.1%) $198,375 (2.9%) 0.00 303
    2018-12-01 $149,900 (7.8%) $187,631 (1.8%) 0.00 278
    2019-01-01 $152,250 (11.4%) $186,194 (0.7%) 0.00 253
    2019-02-01 $144,700 (4.6%) $178,498 (-4.6%) 0.00 247
    2019-03-01 $149,514 (9.7%) $181,875 (-4.5%) 0.00 240
    2019-04-01 $158,450 (14.7%) $187,884 (-2.0%) 0.00 241
    2019-05-01 $168,950 (6.1%) $198,137 (-3.5%) 0.00 273
    2019-06-01 $174,000 (8.8%) $206,604 (1.1%) 0.00 296
    2019-07-01 $174,900 (9.4%) $207,829 (2.9%) 0.00 317
    2019-08-01 $168,845 (0.9%) $208,079 (-0.6%) 0.00 328
    2019-09-01 $158,189 (-4.1%) $204,426 (2.3%) 0.00 327
    2019-10-01 $149,450 (-8.4%) $199,229 (-1.3%) 0.00 319
    2019-11-01 $139,900 (-12.4%) $196,310 (-1.0%) 0.00 289
    2019-12-01 $143,325 (-4.4%) $198,512 (5.8%) 0.00 270
    2020-01-01 $141,550 (-7.0%) $197,959 (6.3%) 0.00 248
    2020-02-01 $139,000 (-3.9%) $195,750 (9.7%) 0.00 248
    2020-03-01 $156,200 (4.5%) $207,145 (13.9%) 0.00 222
    2020-04-01 $159,225 (0.5%) $210,429 (12.0%) 0.00 207
    2020-05-01 $169,000 (0.0%) $212,289 (7.1%) 0.00 193
    2020-06-01 $177,950 (2.3%) $214,069 (3.6%) 0.00 172
    2020-07-01 $159,950 (-8.6%) $214,676 (3.3%) 0.00 174
    2020-08-01 $187,000 (10.8%) $230,809 (10.9%) 0.00 168
    2020-09-01 $187,175 (18.3%) $225,060 (10.1%) 0.00 169
    2020-10-01 $167,450 (12.0%) $220,618 (10.7%) 0.00 146
    2020-11-01 $159,000 (13.7%) $221,718 (12.9%) 0.00 145
    2020-12-01 $161,150 (12.4%) $220,313 (11.0%) 0.00 126
    2021-01-01 $149,900 (5.9%) $210,071 (6.1%) 0.00 104
    2021-02-01 $159,900 (15.0%) $228,058 (16.5%) 0.00 94
    2021-03-01 $149,900 (-4.0%) $226,783 (9.5%) 0.00 86
    2021-04-01 $173,425 (8.9%) $250,927 (19.3%) 0.00 91
    2021-05-01 $199,000 (17.8%) $262,877 (23.8%) 0.00 96
    2021-06-01 $200,000 (12.4%) $285,696 (33.5%) 0.00 116
    2021-07-01 $215,000 (34.4%) $298,235 (38.9%) 0.00 137
    2021-08-01 $219,900 (17.6%) $313,865 (36.0%) 0.00 146
    2021-09-01 $216,950 (15.9%) $313,177 (39.2%) 0.00 149
    2021-10-01 $205,000 (22.4%) $293,464 (33.0%) 0.00 145
    2021-11-01 $194,450 (22.3%) $271,457 (22.4%) 0.00 133
    2021-12-01 $189,000 (17.3%) $246,086 (11.7%) 0.00 119
    2022-01-01 $197,000 (31.4%) $246,148 (17.2%) 0.00 103
    2022-02-01 $209,450 (31.0%) $245,947 (7.8%) 0.00 82
    2022-03-01 $218,500 (45.8%) $262,642 (15.8%) 0.00 62
    2022-04-01 $215,000 (24.0%) $268,780 (7.1%) 0.00 67
    2022-05-01 $204,900 (3.0%) $279,794 (6.4%) 0.00 82
    2022-06-01 $202,100 (1.1%) $300,908 (5.3%) 0.00 110
    2022-07-01 $219,900 (2.3%) $304,813 (2.2%) 0.00 128
    2022-08-01 $221,900 (0.9%) $305,623 (-2.6%) 0.00 133
    2022-09-01 $206,200 (-5.0%) $290,486 (-7.3%) 0.00 148
    2022-10-01 $215,000 (4.9%) $288,040 (-1.9%) 0.00 136
    2022-11-01 $211,950 (9.0%) $279,075 (2.8%) 0.00 133
    2022-12-01 $199,900 (5.8%) $263,518 (7.1%) 0.00 114
    2023-01-01 $209,975 (6.6%) $268,254 (9.0%) 0.00 109
    2023-02-01 $213,750 (2.1%) $262,345 (6.7%) 0.00 107
    2023-03-01 $210,000 (-3.9%) $267,789 (2.0%) 0.00 94
    2023-04-01 $209,900 (-2.4%) $265,422 (-1.3%) 0.00 93
    2023-05-01 $227,450 (11.0%) $291,804 (4.3%) 0.00 102
    2023-06-01 $226,000 (11.8%) $279,410 (-7.1%) 0.00 109
    2023-07-01 $224,950 (2.3%) $271,153 (-11.0%) 0.00 135
    2023-08-01 $212,450 (-4.3%) $262,616 (-14.1%) 0.00 135
    2023-09-01 $225,000 (9.1%) $258,782 (-10.9%) 0.00 136
    2023-10-01 $199,900 (-7.0%) $242,890 (-15.7%) 0.00 130
    2023-11-01 $214,575 (1.2%) $237,896 (-14.8%) 0.00 133
    2023-12-01 $225,000 (12.6%) $250,858 (-4.8%) 0.00 118
    2024-01-01 $217,400 (3.5%) $234,590 (-12.6%) 0.00 106
    2024-02-01 $199,900 (-6.5%) $236,406 (-9.9%) 0.00 96
    2024-03-01 $199,950 (-4.8%) $250,395 (-6.5%) 0.00 90
    Gloversville's median listing price for 2024-03-01 was $199,950, a difference of $-10,050 (-4.8%) versus the prior year and $50 versus the prior month.

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

    Gloversville's average listing price for 2024-03-01 was $250,395, a difference of $-17,394 (-6.5%) versus the prior year and $13,989 versus the prior month.

    For the 2024-03-01 period, Gloversville had 90 MLS listings, a difference of -6 listings (-6%) versus the prior month and -4 listings (-4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Gloversville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,625 sqft
    2018-02-01 0 days 1,646 sqft
    2018-03-01 0 days 1,621 sqft
    2018-04-01 0 days 1,621 sqft
    2018-05-01 0 days 1,591 sqft
    2018-06-01 0 days 1,598 sqft
    2018-07-01 0 days 1,616 sqft
    2018-08-01 0 days 1,638 sqft
    2018-09-01 0 days 1,620 sqft
    2018-10-01 0 days 1,615 sqft
    2018-11-01 0 days 1,620 sqft
    2018-12-01 0 days 1,623 sqft
    2019-01-01 0 days 1,624 sqft
    2019-02-01 0 days 1,622 sqft
    2019-03-01 0 days 1,628 sqft
    2019-04-01 0 days 1,629 sqft
    2019-05-01 0 days 1,640 sqft
    2019-06-01 0 days 1,623 sqft
    2019-07-01 0 days 1,625 sqft
    2019-08-01 0 days 1,608 sqft
    2019-09-01 0 days 1,583 sqft
    2019-10-01 0 days 1,567 sqft
    2019-11-01 0 days 1,564 sqft
    2019-12-01 0 days 1,567 sqft
    2020-01-01 0 days 1,562 sqft
    2020-02-01 0 days 1,568 sqft
    2020-03-01 0 days 1,608 sqft
    2020-04-01 0 days 1,580 sqft
    2020-05-01 0 days 1,592 sqft
    2020-06-01 0 days 1,611 sqft
    2020-07-01 0 days 1,549 sqft
    2020-08-01 0 days 1,647 sqft
    2020-09-01 0 days 1,707 sqft
    2020-10-01 0 days 1,708 sqft
    2020-11-01 0 days 1,708 sqft
    2020-12-01 0 days 1,674 sqft
    2021-01-01 0 days 1,687 sqft
    2021-02-01 0 days 1,705 sqft
    2021-03-01 0 days 1,614 sqft
    2021-04-01 0 days 1,672 sqft
    2021-05-01 0 days 1,648 sqft
    2021-06-01 0 days 1,580 sqft
    2021-07-01 0 days 1,694 sqft
    2021-08-01 0 days 1,622 sqft
    2021-09-01 0 days 1,608 sqft
    2021-10-01 0 days 1,700 sqft
    2021-11-01 0 days 1,665 sqft
    2021-12-01 0 days 1,669 sqft
    2022-01-01 0 days 1,780 sqft
    2022-02-01 0 days 1,760 sqft
    2022-03-01 0 days 1,706 sqft
    2022-04-01 0 days 1,689 sqft
    2022-05-01 0 days 1,525 sqft
    2022-06-01 0 days 1,534 sqft
    2022-07-01 0 days 1,578 sqft
    2022-08-01 0 days 1,554 sqft
    2022-09-01 0 days 1,511 sqft
    2022-10-01 0 days 1,520 sqft
    2022-11-01 0 days 1,532 sqft
    2022-12-01 0 days 1,520 sqft
    2023-01-01 0 days 1,520 sqft
    2023-02-01 0 days 1,528 sqft
    2023-03-01 0 days 1,557 sqft
    2023-04-01 0 days 1,642 sqft
    2023-05-01 0 days 1,592 sqft
    2023-06-01 0 days 1,595 sqft
    2023-07-01 0 days 1,585 sqft
    2023-08-01 0 days 1,552 sqft
    2023-09-01 0 days 1,520 sqft
    2023-10-01 0 days 1,539 sqft
    2023-11-01 0 days 1,500 sqft
    2023-12-01 0 days 1,484 sqft
    2024-01-01 0 days 1,506 sqft
    2024-02-01 0 days 1,509 sqft
    2024-03-01 0 days 1,500 sqft
    Gloversville's median listing age (time on market) for 2024-03-01 was 0 days.

    Gloversville's median square footage for active listings during the 2024-03-01 period was 1,500 sqft. One year prior, the average listing was 1,557 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).