Hudson FHA Loan Rates, Closing Costs & Stats

Hudson, 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.

    Hudson's 18 lenders originated 65 FHA loans during 2023. The total origination value was $17,595,000, with an average FHA loan value of $270,692.

    Hudson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hudson averaged 6.54% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Hudson's average FHA mortgage closing costs are $7,409.

    The average rate for the prior week (2024-04-05) was 6.36% and one month ago for the week of 2024-03-08, the average rate was 6.2%.

    The average rate one year ago was 6.13%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.64%.

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

    Hudson 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 Hudson level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 15 6.48% $10,980
    HOMESTEAD FUNDING CORP. 15 6.53% $7,474
    GUARANTEED RATE, INC. 9 6.65% $12,613
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.38% $18,989
    SEFCU SERVICES, LLC 2 6.50% $10,895
    NEWREZ LLC 2 5.50% $16,070
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $13,473
    PLAZA HOME MORTGAGE, INC. 1 7.38% $11,028
    Premium Mortgage Corporation 1 7.13% $7,350
    SUNMARK FEDERAL CREDIT UNION 1 5.75% $13,366
    TOTAL MORTGAGE SERVICES, LLC 1 7.63% $13,171
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $31,237
    UNITED WHOLESALE MORTGAGE, LLC 1 6.75% $15,831
    EMM LOANS LLC 1 6.13% $16,944
    Equity Prime Mortgage LLC 1 6.13% $18,389
    Fifth Third Bank 1 5.88% $10,131
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.25% $19,672
    Flagstar Bank, FSB 1 7.13% $12,826

    The top Hudson FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 15 FHA loans originated. Their average total fees are $10,980, which is $3,507 higher than the next largest lender, HOMESTEAD FUNDING CORP..

    The lowest fee Hudson FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($7,474), QUICKEN LOANS, LLC ($10,980), .

    The lowest rate Hudson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.48%), HOMESTEAD FUNDING CORP. (6.53%), .

    Hudson FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Hudson (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 $352,250 (1.6%) $605,509 (5.8%) 0.00 587
    2018-02-01 $352,000 (2.4%) $623,289 (14.2%) 0.00 583
    2018-03-01 $359,900 (4.5%) $630,169 (16.3%) 0.00 577
    2018-04-01 $362,975 (6.0%) $644,180 (15.9%) 0.00 595
    2018-05-01 $376,250 (9.0%) $670,203 (19.4%) 0.00 639
    2018-06-01 $389,000 (8.5%) $671,451 (16.6%) 0.00 718
    2018-07-01 $395,000 (12.9%) $678,360 (13.8%) 0.00 777
    2018-08-01 $395,000 (12.9%) $674,875 (12.4%) 0.00 784
    2018-09-01 $395,000 (12.9%) $665,022 (11.6%) 0.00 761
    2018-10-01 $389,900 (10.7%) $651,156 (8.0%) 0.00 756
    2018-11-01 $379,800 (6.0%) $644,686 (6.5%) 0.00 740
    2018-12-01 $379,700 (7.0%) $647,148 (5.4%) 0.00 663
    2019-01-01 $389,225 (10.5%) $651,452 (7.6%) 0.00 611
    2019-02-01 $377,450 (7.2%) $640,309 (2.7%) 0.00 604
    2019-03-01 $369,543 (2.7%) $625,810 (-0.7%) 0.00 615
    2019-04-01 $369,000 (1.7%) $613,582 (-4.8%) 0.00 635
    2019-05-01 $374,425 (-0.5%) $608,987 (-9.1%) 0.00 689
    2019-06-01 $380,000 (-2.3%) $632,222 (-5.8%) 0.00 744
    2019-07-01 $392,000 (-0.8%) $633,840 (-6.6%) 0.00 773
    2019-08-01 $395,000 (0.0%) $636,164 (-5.7%) 0.00 771
    2019-09-01 $395,000 (0.0%) $641,848 (-3.5%) 0.00 751
    2019-10-01 $395,000 (1.3%) $644,574 (-1.0%) 0.00 734
    2019-11-01 $392,400 (3.3%) $638,316 (-1.0%) 0.00 678
    2019-12-01 $394,950 (4.0%) $661,974 (2.3%) 0.00 601
    2020-01-01 $389,450 (0.1%) $675,434 (3.7%) 0.00 538
    2020-02-01 $399,000 (5.7%) $691,037 (7.9%) 0.00 523
    2020-03-01 $425,000 (15.0%) $703,043 (12.3%) 0.00 526
    2020-04-01 $427,000 (15.7%) $696,890 (13.6%) 0.00 520
    2020-05-01 $449,000 (19.9%) $712,727 (17.0%) 0.00 497
    2020-06-01 $497,000 (30.8%) $792,093 (25.3%) 0.00 500
    2020-07-01 $499,200 (27.4%) $788,641 (24.4%) 0.00 505
    2020-08-01 $525,000 (32.9%) $845,828 (33.0%) 0.00 480
    2020-09-01 $499,000 (26.3%) $854,206 (33.1%) 0.00 503
    2020-10-01 $495,000 (25.3%) $849,866 (31.9%) 0.00 525
    2020-11-01 $499,000 (27.2%) $861,601 (35.0%) 0.00 488
    2020-12-01 $500,000 (26.6%) $920,707 (39.1%) 0.00 443
    2021-01-01 $525,000 (34.8%) $965,672 (43.0%) 0.00 396
    2021-02-01 $562,500 (41.0%) $980,101 (41.8%) 0.00 360
    2021-03-01 $559,991 (31.8%) $996,701 (41.8%) 0.00 334
    2021-04-01 $575,000 (34.7%) $1,019,567 (46.3%) 0.00 319
    2021-05-01 $560,000 (24.7%) $965,598 (35.5%) 0.00 327
    2021-06-01 $544,225 (9.5%) $889,658 (12.3%) 0.00 352
    2021-07-01 $499,450 (0.1%) $818,556 (3.8%) 0.00 320
    2021-08-01 $495,000 (-5.7%) $814,920 (-3.7%) 0.00 326
    2021-09-01 $495,000 (-0.8%) $809,490 (-5.2%) 0.00 310
    2021-10-01 $499,000 (0.8%) $836,418 (-1.6%) 0.00 304
    2021-11-01 $495,000 (-0.8%) $823,331 (-4.4%) 0.00 287
    2021-12-01 $489,000 (-2.2%) $807,895 (-12.3%) 0.00 266
    2022-01-01 $495,000 (-5.7%) $860,897 (-10.9%) 0.00 224
    2022-02-01 $538,475 (-4.3%) $995,809 (1.6%) 0.00 175
    2022-03-01 $562,000 (0.4%) $985,476 (-1.1%) 0.00 175
    2022-04-01 $549,000 (-4.5%) $982,841 (-3.6%) 0.00 166
    2022-05-01 $552,200 (-1.4%) $928,247 (-3.9%) 0.00 192
    2022-06-01 $593,150 (9.0%) $965,195 (8.5%) 0.00 238
    2022-07-01 $596,850 (19.5%) $1,020,308 (24.7%) 0.00 288
    2022-08-01 $599,500 (21.1%) $1,053,116 (29.2%) 0.00 274
    2022-09-01 $586,000 (18.4%) $1,028,018 (27.0%) 0.00 287
    2022-10-01 $599,900 (20.2%) $1,034,099 (23.6%) 0.00 288
    2022-11-01 $641,250 (29.6%) $1,079,672 (31.1%) 0.00 267
    2022-12-01 $599,900 (22.7%) $1,065,128 (31.8%) 0.00 235
    2023-01-01 $587,250 (18.6%) $998,062 (15.9%) 0.00 201
    2023-02-01 $639,950 (18.8%) $1,061,088 (6.6%) 0.00 191
    2023-03-01 $599,000 (6.6%) $1,038,697 (5.4%) 0.00 193
    2023-04-01 $665,000 (21.1%) $1,144,247 (16.4%) 0.00 199
    2023-05-01 $749,000 (35.6%) $1,155,104 (24.4%) 0.00 217
    2023-06-01 $795,000 (34.0%) $1,285,446 (33.2%) 0.00 236
    2023-07-01 $739,999 (24.0%) $1,274,717 (24.9%) 0.00 264
    2023-08-01 $670,750 (11.9%) $1,200,085 (14.0%) 0.00 301
    2023-09-01 $664,500 (13.4%) $1,137,010 (10.6%) 0.00 315
    2023-10-01 $675,000 (12.5%) $1,146,488 (10.9%) 0.00 325
    2023-11-01 $638,000 (-0.5%) $1,153,554 (6.8%) 0.00 322
    2023-12-01 $595,000 (-0.8%) $1,135,399 (6.6%) 0.00 286
    2024-01-01 $595,000 (1.3%) $1,122,171 (12.4%) 0.00 233
    2024-02-01 $588,500 (-8.0%) $1,151,360 (8.5%) 0.00 220
    2024-03-01 $575,000 (-4.0%) $1,122,916 (8.1%) 0.00 225
    Hudson's median listing price for 2024-03-01 was $575,000, a difference of $-24,000 (-4.0%) versus the prior year and $-13,500 versus the prior month.

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

    Hudson's average listing price for 2024-03-01 was $1,122,916, a difference of $84,219 (8.1%) versus the prior year and $-28,444 versus the prior month.

    For the 2024-03-01 period, Hudson had 225 MLS listings, a difference of 5 listings (2%) versus the prior month and 32 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Hudson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,100 sqft
    2018-02-01 0 days 2,073 sqft
    2018-03-01 0 days 2,040 sqft
    2018-04-01 0 days 2,076 sqft
    2018-05-01 0 days 2,198 sqft
    2018-06-01 0 days 2,214 sqft
    2018-07-01 0 days 2,219 sqft
    2018-08-01 0 days 2,203 sqft
    2018-09-01 0 days 2,244 sqft
    2018-10-01 0 days 2,243 sqft
    2018-11-01 0 days 2,217 sqft
    2018-12-01 0 days 2,202 sqft
    2019-01-01 0 days 2,237 sqft
    2019-02-01 0 days 2,205 sqft
    2019-03-01 0 days 2,165 sqft
    2019-04-01 0 days 2,125 sqft
    2019-05-01 0 days 2,143 sqft
    2019-06-01 0 days 2,145 sqft
    2019-07-01 0 days 2,118 sqft
    2019-08-01 0 days 2,123 sqft
    2019-09-01 0 days 2,130 sqft
    2019-10-01 0 days 2,143 sqft
    2019-11-01 0 days 2,126 sqft
    2019-12-01 0 days 2,145 sqft
    2020-01-01 0 days 2,134 sqft
    2020-02-01 0 days 2,164 sqft
    2020-03-01 0 days 2,210 sqft
    2020-04-01 0 days 2,227 sqft
    2020-05-01 0 days 2,300 sqft
    2020-06-01 0 days 2,349 sqft
    2020-07-01 0 days 2,361 sqft
    2020-08-01 0 days 2,400 sqft
    2020-09-01 0 days 2,400 sqft
    2020-10-01 0 days 2,300 sqft
    2020-11-01 0 days 2,274 sqft
    2020-12-01 0 days 2,345 sqft
    2021-01-01 0 days 2,376 sqft
    2021-02-01 0 days 2,365 sqft
    2021-03-01 0 days 2,340 sqft
    2021-04-01 0 days 2,345 sqft
    2021-05-01 0 days 2,273 sqft
    2021-06-01 0 days 2,240 sqft
    2021-07-01 0 days 2,100 sqft
    2021-08-01 0 days 2,082 sqft
    2021-09-01 0 days 2,017 sqft
    2021-10-01 0 days 2,080 sqft
    2021-11-01 0 days 2,094 sqft
    2021-12-01 0 days 2,114 sqft
    2022-01-01 0 days 2,173 sqft
    2022-02-01 0 days 2,181 sqft
    2022-03-01 0 days 2,231 sqft
    2022-04-01 0 days 2,240 sqft
    2022-05-01 0 days 2,068 sqft
    2022-06-01 0 days 2,076 sqft
    2022-07-01 0 days 2,160 sqft
    2022-08-01 0 days 2,133 sqft
    2022-09-01 0 days 2,106 sqft
    2022-10-01 0 days 2,112 sqft
    2022-11-01 0 days 2,190 sqft
    2022-12-01 0 days 2,150 sqft
    2023-01-01 0 days 2,101 sqft
    2023-02-01 0 days 2,147 sqft
    2023-03-01 0 days 2,030 sqft
    2023-04-01 0 days 2,100 sqft
    2023-05-01 0 days 2,271 sqft
    2023-06-01 0 days 2,315 sqft
    2023-07-01 0 days 2,220 sqft
    2023-08-01 0 days 2,209 sqft
    2023-09-01 0 days 2,200 sqft
    2023-10-01 0 days 2,229 sqft
    2023-11-01 0 days 2,121 sqft
    2023-12-01 0 days 2,135 sqft
    2024-01-01 0 days 2,117 sqft
    2024-02-01 0 days 2,118 sqft
    2024-03-01 0 days 1,960 sqft
    Hudson's median listing age (time on market) for 2024-03-01 was 0 days.

    Hudson's median square footage for active listings during the 2024-03-01 period was 1,960 sqft. One year prior, the average listing was 2,030 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).