Ithaca FHA Loan Rates, Closing Costs & Stats

ITHACA, 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.

    Ithaca's 15 lenders originated 31 FHA loans during 2023. The total origination value was $6,405,000, with an average FHA loan value of $206,613.

    Ithaca FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ithaca averaged 6.47% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Ithaca's average FHA mortgage closing costs are $7,383.

    The average rate for the prior week (2024-04-12) was 6.46% and one month ago for the week of 2024-03-15, the average rate was 6.23%.

    The average rate one year ago was 6.06%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Ithaca 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 Ithaca level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 9 6.57% $12,874
    LOANDEPOT.COM, LLC 3 6.71% $10,153
    PARAGON HOME LOANS INC. 2 6.69% $6,518
    M&T Bank 2 6.13% $7,879
    1ST PRIORITY MORTGAGE, INC. 2 6.94% $7,790
    Flagstar Bank, FSB 1 6.63% $10,080
    MOVEMENT MORTGAGE, LLC 1 6.75% $12,120
    NBKC BANK 1 6.63% $10,448
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $8,416
    RELIANCE FIRST CAPITAL, LLC 1 5.88% $11,041
    UNITED WHOLESALE MORTGAGE, LLC 1 7.00% $14,566
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $15,471
    Centennial Bank 1 7.63% $14,579
    CONTOUR MORTGAGE CORPORATION 1 6.75% $17,063
    CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $18,018

    The top Ithaca FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 9 FHA loans originated. Their average total fees are $12,874, which is $2,721 higher than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Ithaca FHA lenders (with over 10 loans originated) are .

    The lowest rate Ithaca FHA lenders (with over 10 loans originated) are .

    Ithaca FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ithaca (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 $240,000 (-1.5%) $329,192 (6.6%) 0.00 181
    2018-02-01 $254,725 (-1.3%) $331,638 (1.0%) 0.00 175
    2018-03-01 $270,700 (-2.4%) $334,600 (-1.6%) 0.00 193
    2018-04-01 $264,167 (-5.6%) $328,622 (-3.9%) 0.00 213
    2018-05-01 $284,800 (1.4%) $336,749 (-4.2%) 0.00 239
    2018-06-01 $269,000 (-3.9%) $331,197 (-7.6%) 0.00 267
    2018-07-01 $259,425 (-7.3%) $316,365 (-9.5%) 0.00 271
    2018-08-01 $251,150 (-6.7%) $308,292 (-10.4%) 0.00 274
    2018-09-01 $250,000 (-5.6%) $313,434 (-7.5%) 0.00 267
    2018-10-01 $253,250 (-8.0%) $309,273 (-9.7%) 0.00 247
    2018-11-01 $250,875 (-6.4%) $322,854 (-4.4%) 0.00 218
    2018-12-01 $239,000 (-8.0%) $332,772 (-1.8%) 0.00 190
    2019-01-01 $235,500 (-1.9%) $330,393 (0.4%) 0.00 169
    2019-02-01 $239,450 (-6.0%) $341,703 (3.0%) 0.00 186
    2019-03-01 $261,286 (-3.5%) $366,936 (9.7%) 0.00 216
    2019-04-01 $272,911 (3.3%) $373,016 (13.5%) 0.00 239
    2019-05-01 $271,500 (-4.7%) $375,032 (11.4%) 0.00 254
    2019-06-01 $275,000 (2.2%) $350,098 (5.7%) 0.00 277
    2019-07-01 $274,475 (5.8%) $348,780 (10.3%) 0.00 265
    2019-08-01 $275,182 (9.6%) $347,562 (12.7%) 0.00 261
    2019-09-01 $269,455 (7.8%) $342,292 (9.2%) 0.00 257
    2019-10-01 $262,500 (3.7%) $334,772 (8.2%) 0.00 248
    2019-11-01 $249,250 (-0.7%) $315,415 (-2.3%) 0.00 221
    2019-12-01 $249,900 (4.6%) $325,364 (-2.2%) 0.00 178
    2020-01-01 $249,375 (5.9%) $329,766 (-0.2%) 0.00 148
    2020-02-01 $270,000 (12.8%) $351,654 (2.9%) 0.00 149
    2020-03-01 $276,200 (5.7%) $354,569 (-3.4%) 0.00 170
    2020-04-01 $275,000 (0.8%) $353,236 (-5.3%) 0.00 160
    2020-05-01 $299,000 (10.1%) $373,749 (-0.3%) 0.00 168
    2020-06-01 $293,475 (6.7%) $355,986 (1.7%) 0.00 175
    2020-07-01 $286,200 (4.3%) $344,784 (-1.2%) 0.00 191
    2020-08-01 $282,500 (2.7%) $343,855 (-1.1%) 0.00 170
    2020-09-01 $282,450 (4.8%) $363,948 (6.3%) 0.00 145
    2020-10-01 $285,000 (8.6%) $367,264 (9.7%) 0.00 131
    2020-11-01 $270,450 (8.5%) $389,566 (23.5%) 0.00 127
    2020-12-01 $271,000 (8.4%) $398,293 (22.4%) 0.00 117
    2021-01-01 $297,000 (19.1%) $452,900 (37.3%) 0.00 90
    2021-02-01 $301,500 (11.7%) $441,716 (25.6%) 0.00 81
    2021-03-01 $305,500 (10.6%) $424,078 (19.6%) 0.00 66
    2021-04-01 $299,000 (8.7%) $421,961 (19.5%) 0.00 66
    2021-05-01 $300,000 (0.3%) $437,055 (16.9%) 0.00 81
    2021-06-01 $295,000 (0.5%) $403,562 (13.4%) 0.00 76
    2021-07-01 $262,450 (-8.3%) $369,222 (7.1%) 0.00 86
    2021-08-01 $290,000 (2.7%) $401,295 (16.7%) 0.00 87
    2021-09-01 $274,000 (-3.0%) $394,802 (8.5%) 0.00 73
    2021-10-01 $275,000 (-3.5%) $384,559 (4.7%) 0.00 57
    2021-11-01 $288,000 (6.5%) $387,499 (-0.5%) 0.00 61
    2021-12-01 $291,500 (7.6%) $383,974 (-3.6%) 0.00 41
    2022-01-01 $327,000 (10.1%) $437,976 (-3.3%) 0.00 37
    2022-02-01 $355,000 (17.7%) $429,471 (-2.8%) 0.00 41
    2022-03-01 $394,250 (29.1%) $477,373 (12.6%) 0.00 58
    2022-04-01 $375,000 (25.4%) $468,457 (11.0%) 0.00 64
    2022-05-01 $383,725 (27.9%) $492,394 (12.7%) 0.00 81
    2022-06-01 $352,450 (19.5%) $472,688 (17.1%) 0.00 91
    2022-07-01 $345,000 (31.5%) $440,729 (19.4%) 0.00 108
    2022-08-01 $333,725 (15.1%) $450,200 (12.2%) 0.00 105
    2022-09-01 $319,950 (16.8%) $439,609 (11.4%) 0.00 106
    2022-10-01 $317,450 (15.4%) $453,546 (17.9%) 0.00 95
    2022-11-01 $327,450 (13.7%) $488,629 (26.1%) 0.00 72
    2022-12-01 $325,000 (11.5%) $492,158 (28.2%) 0.00 67
    2023-01-01 $368,750 (12.8%) $523,850 (19.6%) 0.00 42
    2023-02-01 $384,000 (8.2%) $540,074 (25.8%) 0.00 50
    2023-03-01 $396,500 (0.6%) $550,366 (15.3%) 0.00 60
    2023-04-01 $449,000 (19.7%) $604,560 (29.1%) 0.00 69
    2023-05-01 $416,225 (8.5%) $571,614 (16.1%) 0.00 71
    2023-06-01 $421,250 (19.5%) $553,022 (17.0%) 0.00 72
    2023-07-01 $349,900 (1.4%) $477,372 (8.3%) 0.00 74
    2023-08-01 $332,500 (-0.4%) $459,879 (2.2%) 0.00 85
    2023-09-01 $337,500 (5.5%) $466,053 (6.0%) 0.00 69
    2023-10-01 $334,999 (5.5%) $494,068 (8.9%) 0.00 68
    2023-11-01 $360,700 (10.2%) $506,185 (3.6%) 0.00 67
    2023-12-01 $349,000 (7.4%) $445,168 (-9.6%) 0.00 77
    2024-01-01 $345,277 (-6.4%) $481,381 (-8.1%) 0.00 49
    2024-02-01 $380,000 (-1.0%) $521,391 (-3.5%) 0.00 52
    2024-03-01 $385,000 (-2.9%) $530,094 (-3.7%) 0.00 53
    Ithaca's median listing price for 2024-03-01 was $385,000, a difference of $-11,500 (-2.9%) versus the prior year and $5,000 versus the prior month.

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

    Ithaca's average listing price for 2024-03-01 was $530,094, a difference of $-20,272 (-3.7%) versus the prior year and $8,703 versus the prior month.

    For the 2024-03-01 period, Ithaca had 53 MLS listings, a difference of 1 listings (2%) versus the prior month and -7 listings (-12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ithaca (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,990 sqft
    2018-02-01 0 days 1,980 sqft
    2018-03-01 0 days 2,056 sqft
    2018-04-01 0 days 2,013 sqft
    2018-05-01 0 days 2,041 sqft
    2018-06-01 0 days 2,027 sqft
    2018-07-01 0 days 1,978 sqft
    2018-08-01 0 days 1,959 sqft
    2018-09-01 0 days 1,968 sqft
    2018-10-01 0 days 1,996 sqft
    2018-11-01 0 days 1,912 sqft
    2018-12-01 0 days 1,828 sqft
    2019-01-01 0 days 1,798 sqft
    2019-02-01 0 days 1,793 sqft
    2019-03-01 0 days 1,957 sqft
    2019-04-01 0 days 2,028 sqft
    2019-05-01 0 days 1,963 sqft
    2019-06-01 0 days 1,940 sqft
    2019-07-01 0 days 2,016 sqft
    2019-08-01 0 days 2,070 sqft
    2019-09-01 0 days 2,103 sqft
    2019-10-01 0 days 2,120 sqft
    2019-11-01 0 days 2,046 sqft
    2019-12-01 0 days 2,005 sqft
    2020-01-01 0 days 2,045 sqft
    2020-02-01 0 days 2,012 sqft
    2020-03-01 0 days 1,927 sqft
    2020-04-01 0 days 1,890 sqft
    2020-05-01 0 days 1,946 sqft
    2020-06-01 0 days 1,977 sqft
    2020-07-01 0 days 1,970 sqft
    2020-08-01 0 days 2,030 sqft
    2020-09-01 0 days 2,040 sqft
    2020-10-01 0 days 2,072 sqft
    2020-11-01 0 days 2,066 sqft
    2020-12-01 0 days 2,084 sqft
    2021-01-01 0 days 2,214 sqft
    2021-02-01 0 days 2,071 sqft
    2021-03-01 0 days 1,954 sqft
    2021-04-01 0 days 1,784 sqft
    2021-05-01 0 days 1,893 sqft
    2021-06-01 0 days 1,848 sqft
    2021-07-01 0 days 1,797 sqft
    2021-08-01 0 days 1,930 sqft
    2021-09-01 0 days 1,832 sqft
    2021-10-01 0 days 1,804 sqft
    2021-11-01 0 days 1,867 sqft
    2021-12-01 0 days 1,922 sqft
    2022-01-01 0 days 2,106 sqft
    2022-02-01 0 days 2,256 sqft
    2022-03-01 0 days 2,084 sqft
    2022-04-01 0 days 2,054 sqft
    2022-05-01 0 days 2,093 sqft
    2022-06-01 0 days 2,070 sqft
    2022-07-01 0 days 2,088 sqft
    2022-08-01 0 days 2,039 sqft
    2022-09-01 0 days 1,940 sqft
    2022-10-01 0 days 1,883 sqft
    2022-11-01 0 days 2,161 sqft
    2022-12-01 0 days 2,129 sqft
    2023-01-01 0 days 2,390 sqft
    2023-02-01 0 days 2,535 sqft
    2023-03-01 0 days 2,493 sqft
    2023-04-01 0 days 2,624 sqft
    2023-05-01 0 days 2,451 sqft
    2023-06-01 0 days 2,468 sqft
    2023-07-01 0 days 2,178 sqft
    2023-08-01 0 days 1,909 sqft
    2023-09-01 0 days 1,854 sqft
    2023-10-01 0 days 2,120 sqft
    2023-11-01 0 days 2,211 sqft
    2023-12-01 0 days 2,018 sqft
    2024-01-01 0 days 2,052 sqft
    2024-02-01 0 days 2,030 sqft
    2024-03-01 0 days 1,992 sqft
    Ithaca's median listing age (time on market) for 2024-03-01 was 0 days.

    Ithaca's median square footage for active listings during the 2024-03-01 period was 1,992 sqft. One year prior, the average listing was 2,493 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).