Hudson FHA Loan Rates, Closing Costs & Stats

Hudson, 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.

Hudson's 20 lenders originated 77 FHA loans during 2022. The total origination value was $20,025,000, with an average FHA loan value of $260,065.

Hudson FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hudson averaged 5.81% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

Hudson's average FHA mortgage closing costs are $6,961.

The average rate for the prior week (2023-05-19) was 5.88% and one month ago for the week of 2023-04-21, the average rate was 5.63%.

The average rate one year ago was 4.54%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.34%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
HOMESTEAD FUNDING CORP. 17 4.51% $6,491
GUARANTEED RATE, INC. 14 5.07% $11,140
QUICKEN LOANS, LLC 11 4.48% $14,553
MOVEMENT MORTGAGE, LLC 4 4.69% $9,801
CALIBER HOME LOANS, INC. 4 4.44% $7,871
SEFCU SERVICES, LLC 3 5.92% $7,743
CROSSCOUNTRY MORTGAGE, LLC 2 5.28% $14,808
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.63% $11,044
SUNMARK FEDERAL CREDIT UNION 2 3.19% $7,981
TOTAL MORTGAGE SERVICES, LLC 2 6.56% $14,399
NATIONWIDE MORTGAGE BANKERS, INC. 2 4.25% $10,643
UNITED WHOLESALE MORTGAGE, LLC 1 4.63% $14,650
Genesee Regional Bank 1 4.25% $9,833
HOME POINT FINANCIAL CORPORATION 1 4.63% $8,297
LOANDEPOT.COM, LLC 1 5.63% $19,206
Magnolia Bank 1 5.75% $19,092
Mr. Cooper ( Nationstar Mortgage ) 1 4.75% $13,921
NEWREZ LLC 1 3.25% $12,546
RELIANCE FIRST CAPITAL, LLC 1 2.63% $14,214
Academy Bank 1 7.25% $9,661

The top Hudson FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 17 FHA loans originated. Their average total fees are $6,491, which is $4,649 lower than the next largest lender, GUARANTEED RATE, INC..

The lowest fee Hudson FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($6,491), GUARANTEED RATE, INC. ($11,140), QUICKEN LOANS, LLC ($14,553), .

The lowest rate Hudson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.48%), HOMESTEAD FUNDING CORP. (4.51%), GUARANTEED RATE, INC. (5.07%), .

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 (1.5%) $602,202 (4.9%) 0.00 594
2018-02-01 $351,000 (2.1%) $619,464 (13.1%) 0.00 590
2018-03-01 $357,450 (3.8%) $628,042 (15.4%) 0.00 579
2018-04-01 $362,725 (5.9%) $643,058 (15.2%) 0.00 597
2018-05-01 $376,625 (9.2%) $671,589 (19.5%) 0.00 640
2018-06-01 $389,000 (8.6%) $673,859 (17.1%) 0.00 719
2018-07-01 $395,000 (12.9%) $680,764 (14.3%) 0.00 778
2018-08-01 $396,000 (13.2%) $677,247 (12.9%) 0.00 786
2018-09-01 $395,000 (12.9%) $666,585 (11.9%) 0.00 764
2018-10-01 $393,225 (12.4%) $652,765 (8.6%) 0.00 762
2018-11-01 $379,900 (6.7%) $645,089 (7.1%) 0.00 748
2018-12-01 $379,900 (7.2%) $646,580 (5.9%) 0.00 672
2019-01-01 $389,000 (10.4%) $650,766 (8.1%) 0.00 620
2019-02-01 $377,450 (7.5%) $640,579 (3.4%) 0.00 613
2019-03-01 $369,950 (3.5%) $637,069 (1.4%) 0.00 631
2019-04-01 $369,000 (1.7%) $616,441 (-4.1%) 0.00 641
2019-05-01 $374,425 (-0.6%) $608,173 (-9.4%) 0.00 695
2019-06-01 $379,500 (-2.4%) $630,368 (-6.5%) 0.00 750
2019-07-01 $392,000 (-0.8%) $633,257 (-7.0%) 0.00 778
2019-08-01 $395,000 (-0.3%) $633,839 (-6.4%) 0.00 792
2019-09-01 $395,000 (0.0%) $631,738 (-5.2%) 0.00 768
2019-10-01 $395,250 (0.5%) $646,316 (-1.0%) 0.00 739
2019-11-01 $395,000 (4.0%) $641,229 (-0.6%) 0.00 685
2019-12-01 $395,000 (4.0%) $664,085 (2.7%) 0.00 608
2020-01-01 $390,925 (0.5%) $677,540 (4.1%) 0.00 543
2020-02-01 $399,000 (5.7%) $689,806 (7.7%) 0.00 527
2020-03-01 $427,000 (15.4%) $703,212 (10.4%) 0.00 528
2020-04-01 $429,000 (16.3%) $696,769 (13.0%) 0.00 522
2020-05-01 $449,000 (19.9%) $712,149 (17.1%) 0.00 500
2020-06-01 $497,000 (31.0%) $789,728 (25.3%) 0.00 503
2020-07-01 $499,200 (27.4%) $786,110 (24.1%) 0.00 508
2020-08-01 $527,000 (33.4%) $847,715 (33.7%) 0.00 487
2020-09-01 $499,300 (26.4%) $853,375 (35.1%) 0.00 510
2020-10-01 $497,000 (25.7%) $848,798 (31.3%) 0.00 531
2020-11-01 $499,000 (26.3%) $858,885 (33.9%) 0.00 493
2020-12-01 $500,950 (26.8%) $918,825 (38.4%) 0.00 447
2021-01-01 $537,000 (37.4%) $965,350 (42.5%) 0.00 398
2021-02-01 $562,500 (41.0%) $976,848 (41.6%) 0.00 362
2021-03-01 $557,472 (30.6%) $992,348 (41.1%) 0.00 336
2021-04-01 $574,975 (34.0%) $1,013,698 (45.5%) 0.00 321
2021-05-01 $559,988 (24.7%) $961,274 (35.0%) 0.00 329
2021-06-01 $536,500 (8.0%) $882,085 (11.7%) 0.00 356
2021-07-01 $499,000 (0.0%) $815,701 (3.8%) 0.00 323
2021-08-01 $492,000 (-6.6%) $812,095 (-4.2%) 0.00 328
2021-09-01 $493,613 (-1.1%) $807,931 (-5.3%) 0.00 312
2021-10-01 $499,000 (0.4%) $837,144 (-1.4%) 0.00 305
2021-11-01 $495,000 (-0.8%) $824,465 (-4.0%) 0.00 288
2021-12-01 $489,000 (-2.4%) $807,971 (-12.1%) 0.00 269
2022-01-01 $495,000 (-7.8%) $862,338 (-10.7%) 0.00 225
2022-02-01 $539,500 (-4.1%) $996,739 (2.0%) 0.00 177
2022-03-01 $562,250 (0.9%) $984,754 (-0.8%) 0.00 177
2022-04-01 $549,000 (-4.5%) $983,469 (-3.0%) 0.00 167
2022-05-01 $554,475 (-1.0%) $931,027 (-3.2%) 0.00 193
2022-06-01 $597,000 (11.3%) $967,443 (9.7%) 0.00 239
2022-07-01 $598,700 (20.0%) $1,021,654 (25.3%) 0.00 289
2022-08-01 $599,500 (21.9%) $1,053,116 (29.7%) 0.00 274
2022-09-01 $586,000 (18.7%) $1,028,018 (27.2%) 0.00 287
2022-10-01 $599,900 (20.2%) $1,034,099 (23.5%) 0.00 288
2022-11-01 $641,250 (29.6%) $1,079,672 (31.0%) 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 (15.7%) 0.00 201
2023-02-01 $639,950 (18.6%) $1,061,088 (6.5%) 0.00 191
2023-03-01 $599,000 (6.5%) $1,038,697 (5.5%) 0.00 193
2023-04-01 $665,000 (21.1%) $1,144,247 (16.4%) 0.00 199
Hudson's median listing price for 2023-04-01 was $665,000, a difference of $116,000 (21.1%) versus the prior year and $66,000 versus the prior month.

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

Hudson's average listing price for 2023-04-01 was $1,144,247, a difference of $160,778 (16.4%) versus the prior year and $105,550 versus the prior month.

For the 2023-04-01 period, Hudson had 199 MLS listings, a difference of 6 listings (3%) versus the prior month and 32 listings (19%) 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 2,075 sqft
2018-03-01 0 days 2,049 sqft
2018-04-01 0 days 2,075 sqft
2018-05-01 0 days 2,191 sqft
2018-06-01 0 days 2,209 sqft
2018-07-01 0 days 2,219 sqft
2018-08-01 0 days 2,206 sqft
2018-09-01 0 days 2,252 sqft
2018-10-01 0 days 2,255 sqft
2018-11-01 0 days 2,237 sqft
2018-12-01 0 days 2,210 sqft
2019-01-01 0 days 2,249 sqft
2019-02-01 0 days 2,210 sqft
2019-03-01 0 days 2,200 sqft
2019-04-01 0 days 2,132 sqft
2019-05-01 0 days 2,143 sqft
2019-06-01 0 days 2,148 sqft
2019-07-01 0 days 2,110 sqft
2019-08-01 0 days 2,129 sqft
2019-09-01 0 days 2,114 sqft
2019-10-01 0 days 2,138 sqft
2019-11-01 0 days 2,124 sqft
2019-12-01 0 days 2,148 sqft
2020-01-01 0 days 2,142 sqft
2020-02-01 0 days 2,168 sqft
2020-03-01 0 days 2,209 sqft
2020-04-01 0 days 2,219 sqft
2020-05-01 0 days 2,300 sqft
2020-06-01 0 days 2,354 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 2,309 sqft
2020-11-01 0 days 2,278 sqft
2020-12-01 0 days 2,350 sqft
2021-01-01 0 days 2,377 sqft
2021-02-01 0 days 2,365 sqft
2021-03-01 0 days 2,340 sqft
2021-04-01 0 days 2,340 sqft
2021-05-01 0 days 2,268 sqft
2021-06-01 0 days 2,229 sqft
2021-07-01 0 days 2,100 sqft
2021-08-01 0 days 2,072 sqft
2021-09-01 0 days 2,017 sqft
2021-10-01 0 days 2,088 sqft
2021-11-01 0 days 2,106 sqft
2021-12-01 0 days 2,109 sqft
2022-01-01 0 days 2,187 sqft
2022-02-01 0 days 2,159 sqft
2022-03-01 0 days 2,194 sqft
2022-04-01 0 days 2,228 sqft
2022-05-01 0 days 2,060 sqft
2022-06-01 0 days 2,074 sqft
2022-07-01 0 days 2,160 sqft
2022-08-01 0 days 2,131 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
Hudson's median listing age (time on market) for 2023-04-01 was 0 days.

Hudson's median square footage for active listings during the 2023-04-01 period was 2,100 sqft. One year prior, the average listing was 2,228 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).