Jamestown FHA Loan Rates, Closing Costs & Stats

Jamestown-Dunkirk-Fredonia, 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.

    Jamestown's 31 lenders originated 184 FHA loans during 2023. The total origination value was $23,200,000, with an average FHA loan value of $126,087.

    Jamestown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jamestown averaged 7.13% for the week of 2024-05-03, compared to the national average (all FHA variants) of 6.894% for the same period.

    Jamestown's average FHA mortgage closing costs are $5,513.

    The average rate for the prior week (2024-04-26) was 7.11% and one month ago for the week of 2024-03-29, the average rate was 6.9%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2024-05-03, the average rate was 7.01%.

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

    Jamestown 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 Jamestown level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 48 6.57% $7,719
    M&T Bank 27 6.35% $5,535
    PRIMELENDING, A PLAINSCAPITAL COMPANY 10 6.71% $6,641
    HOMESTEAD FUNDING CORP. 9 6.58% $4,943
    Premium Mortgage Corporation 7 6.57% $3,854
    KeyBank 7 6.55% $5,924
    PLAZA HOME MORTGAGE, INC. 6 6.38% $8,229
    UNITED WHOLESALE MORTGAGE, LLC 6 6.95% $9,313
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.13% $6,491
    MOVEMENT MORTGAGE, LLC 4 7.66% $6,780
    RELIANCE FIRST CAPITAL, LLC 3 7.50% $7,269
    PENNYMAC LOAN SERVICES, LLC 3 6.79% $7,079
    U.S. Bank 3 6.25% $7,526
    JPMorgan Chase Bank 2 7.00% $2,485
    1ST PRIORITY MORTGAGE, INC. 2 6.50% $8,951
    Barrington Bank & Trust Company, N.A. 2 6.25% $7,105
    NEWREZ LLC 2 6.94% $9,496
    CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $8,168
    Wells Fargo Bank 1 6.63% $8,715
    ALLIED MORTGAGE GROUP, INC. 1 5.63% $10,875
    CARDINAL FINANCIAL 1 6.25% $12,567
    EVERETT FINANCIAL, INC. 1 6.38% $5,118
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.50% $11,663
    Five Star Bank 1 6.50% $4,319
    Flagstar Bank, FSB 1 7.25% $7,463
    FREEDOM MORTGAGE CORPORATION 1 7.25% $14,223
    HUNT MORTGAGE CORPORATION 1 6.25% $10,615
    LOANDEPOT.COM, LLC 1 6.99% $8,215
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $8,607
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.49% $11,510
    Northwest Bank 1 6.13% $6,209

    The top Jamestown FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 48 FHA loans originated. Their average total fees are $7,719, which is $2,184 higher than the next largest lender, M&T Bank.

    The lowest fee Jamestown FHA lenders (with over 10 loans originated) are M&T Bank ($5,535), PRIMELENDING, A PLAINSCAPITAL COMPANY ($6,641), QUICKEN LOANS, LLC ($7,719), .

    The lowest rate Jamestown FHA lenders (with over 10 loans originated) are M&T Bank (6.35%), QUICKEN LOANS, LLC (6.57%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.71%), .

    Jamestown FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Jamestown (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 $119,150 (13.6%) $189,209 (8.2%) 0.00 573
    2018-02-01 $115,475 (5.9%) $196,736 (10.1%) 0.00 588
    2018-03-01 $125,000 (9.8%) $211,385 (15.7%) 0.00 563
    2018-04-01 $129,900 (13.0%) $216,001 (13.4%) 0.00 574
    2018-05-01 $140,562 (20.9%) $222,293 (17.0%) 0.00 595
    2018-06-01 $145,000 (21.4%) $224,265 (18.2%) 0.00 673
    2018-07-01 $149,900 (25.0%) $232,291 (23.9%) 0.00 691
    2018-08-01 $149,900 (20.9%) $227,471 (22.2%) 0.00 697
    2018-09-01 $139,900 (16.7%) $222,146 (22.8%) 0.00 726
    2018-10-01 $142,400 (18.7%) $220,608 (21.1%) 0.00 689
    2018-11-01 $139,800 (16.5%) $220,507 (17.3%) 0.00 634
    2018-12-01 $139,900 (16.6%) $223,071 (17.7%) 0.00 562
    2019-01-01 $139,900 (17.4%) $218,583 (15.5%) 0.00 517
    2019-02-01 $142,400 (23.3%) $218,528 (11.1%) 0.00 501
    2019-03-01 $153,643 (22.9%) $230,454 (9.0%) 0.00 512
    2019-04-01 $159,900 (23.1%) $240,594 (11.4%) 0.00 508
    2019-05-01 $159,450 (13.4%) $241,265 (8.5%) 0.00 535
    2019-06-01 $164,900 (13.7%) $236,885 (5.6%) 0.00 572
    2019-07-01 $159,900 (6.7%) $238,475 (2.7%) 0.00 632
    2019-08-01 $154,882 (3.3%) $232,265 (2.1%) 0.00 619
    2019-09-01 $152,080 (8.7%) $230,109 (3.6%) 0.00 597
    2019-10-01 $149,700 (5.1%) $226,977 (2.9%) 0.00 581
    2019-11-01 $139,900 (0.1%) $220,916 (0.2%) 0.00 557
    2019-12-01 $148,125 (5.9%) $225,336 (1.0%) 0.00 520
    2020-01-01 $149,675 (7.0%) $228,378 (4.5%) 0.00 464
    2020-02-01 $148,750 (4.5%) $229,838 (5.2%) 0.00 442
    2020-03-01 $148,388 (-3.4%) $233,340 (1.3%) 0.00 437
    2020-04-01 $154,413 (-3.4%) $242,180 (0.7%) 0.00 413
    2020-05-01 $169,900 (6.6%) $262,353 (8.7%) 0.00 382
    2020-06-01 $173,975 (5.5%) $260,424 (9.9%) 0.00 392
    2020-07-01 $179,000 (11.9%) $263,777 (10.6%) 0.00 358
    2020-08-01 $179,900 (16.2%) $260,609 (12.2%) 0.00 280
    2020-09-01 $169,900 (11.7%) $241,298 (4.9%) 0.00 271
    2020-10-01 $159,750 (6.7%) $235,252 (3.7%) 0.00 290
    2020-11-01 $149,900 (7.2%) $224,008 (1.4%) 0.00 272
    2020-12-01 $149,900 (1.2%) $222,723 (-1.2%) 0.00 255
    2021-01-01 $149,901 (0.2%) $227,710 (-0.3%) 0.00 242
    2021-02-01 $159,675 (7.3%) $235,077 (2.3%) 0.00 206
    2021-03-01 $157,925 (6.4%) $223,028 (-4.4%) 0.00 192
    2021-04-01 $178,850 (15.8%) $237,758 (-1.8%) 0.00 179
    2021-05-01 $175,950 (3.6%) $240,553 (-8.3%) 0.00 184
    2021-06-01 $169,075 (-2.8%) $247,930 (-4.8%) 0.00 220
    2021-07-01 $179,000 (0.0%) $260,965 (-1.1%) 0.00 221
    2021-08-01 $198,600 (10.4%) $275,551 (5.7%) 0.00 226
    2021-09-01 $171,975 (1.2%) $236,481 (-2.0%) 0.00 213
    2021-10-01 $150,000 (-6.1%) $214,676 (-8.8%) 0.00 214
    2021-11-01 $159,450 (6.4%) $209,856 (-6.3%) 0.00 204
    2021-12-01 $149,700 (-0.1%) $196,506 (-11.8%) 0.00 183
    2022-01-01 $157,450 (5.0%) $218,237 (-4.2%) 0.00 136
    2022-02-01 $158,675 (-0.6%) $245,827 (4.6%) 0.00 111
    2022-03-01 $149,925 (-5.1%) $249,929 (12.1%) 0.00 106
    2022-04-01 $150,000 (-16.1%) $262,730 (10.5%) 0.00 113
    2022-05-01 $153,450 (-12.8%) $274,458 (14.1%) 0.00 145
    2022-06-01 $167,950 (-0.7%) $287,040 (15.8%) 0.00 179
    2022-07-01 $168,900 (-5.6%) $325,455 (24.7%) 0.00 207
    2022-08-01 $159,900 (-19.5%) $290,141 (5.3%) 0.00 249
    2022-09-01 $149,950 (-12.8%) $274,547 (16.1%) 0.00 244
    2022-10-01 $159,900 (6.6%) $279,583 (30.2%) 0.00 220
    2022-11-01 $149,950 (-6.0%) $261,807 (24.8%) 0.00 203
    2022-12-01 $149,900 (0.1%) $300,500 (52.9%) 0.00 181
    2023-01-01 $132,450 (-15.9%) $232,325 (6.5%) 0.00 171
    2023-02-01 $149,900 (-5.5%) $245,671 (-0.1%) 0.00 157
    2023-03-01 $161,150 (7.5%) $256,056 (2.5%) 0.00 154
    2023-04-01 $175,000 (16.7%) $249,325 (-5.1%) 0.00 149
    2023-05-01 $185,675 (21.0%) $301,277 (9.8%) 0.00 166
    2023-06-01 $189,000 (12.5%) $325,772 (13.5%) 0.00 178
    2023-07-01 $199,900 (18.4%) $342,748 (5.3%) 0.00 189
    2023-08-01 $179,250 (12.1%) $311,348 (7.3%) 0.00 207
    2023-09-01 $170,000 (13.4%) $357,833 (30.3%) 0.00 191
    2023-10-01 $169,500 (6.0%) $345,496 (23.6%) 0.00 193
    2023-11-01 $166,950 (11.3%) $345,857 (32.1%) 0.00 190
    2023-12-01 $168,675 (12.5%) $333,592 (11.0%) 0.00 171
    2024-01-01 $179,225 (35.3%) $325,760 (40.2%) 0.00 164
    2024-02-01 $169,900 (13.3%) $321,025 (30.7%) 0.00 173
    2024-03-01 $177,400 (10.1%) $336,250 (31.3%) 0.00 151
    2024-04-01 $205,000 (17.1%) $368,139 (47.7%) 0.00 156
    Jamestown's median listing price for 2024-04-01 was $205,000, a difference of $30,000 (17.1%) versus the prior year and $27,600 versus the prior month.

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

    Jamestown's average listing price for 2024-04-01 was $368,139, a difference of $118,814 (47.7%) versus the prior year and $31,889 versus the prior month.

    For the 2024-04-01 period, Jamestown had 156 MLS listings, a difference of 5 listings (3%) versus the prior month and 7 listings (5%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Jamestown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,535 sqft
    2018-02-01 0 days 1,566 sqft
    2018-03-01 0 days 1,576 sqft
    2018-04-01 0 days 1,576 sqft
    2018-05-01 0 days 1,595 sqft
    2018-06-01 0 days 1,600 sqft
    2018-07-01 0 days 1,602 sqft
    2018-08-01 0 days 1,608 sqft
    2018-09-01 0 days 1,612 sqft
    2018-10-01 0 days 1,604 sqft
    2018-11-01 0 days 1,590 sqft
    2018-12-01 0 days 1,612 sqft
    2019-01-01 0 days 1,623 sqft
    2019-02-01 0 days 1,612 sqft
    2019-03-01 0 days 1,640 sqft
    2019-04-01 0 days 1,653 sqft
    2019-05-01 0 days 1,637 sqft
    2019-06-01 0 days 1,600 sqft
    2019-07-01 0 days 1,625 sqft
    2019-08-01 0 days 1,631 sqft
    2019-09-01 0 days 1,647 sqft
    2019-10-01 0 days 1,667 sqft
    2019-11-01 0 days 1,685 sqft
    2019-12-01 0 days 1,704 sqft
    2020-01-01 0 days 1,704 sqft
    2020-02-01 0 days 1,692 sqft
    2020-03-01 0 days 1,680 sqft
    2020-04-01 0 days 1,664 sqft
    2020-05-01 0 days 1,715 sqft
    2020-06-01 0 days 1,715 sqft
    2020-07-01 0 days 1,726 sqft
    2020-08-01 0 days 1,658 sqft
    2020-09-01 0 days 1,656 sqft
    2020-10-01 0 days 1,653 sqft
    2020-11-01 0 days 1,619 sqft
    2020-12-01 0 days 1,588 sqft
    2021-01-01 0 days 1,588 sqft
    2021-02-01 0 days 1,582 sqft
    2021-03-01 0 days 1,562 sqft
    2021-04-01 0 days 1,521 sqft
    2021-05-01 0 days 1,482 sqft
    2021-06-01 0 days 1,491 sqft
    2021-07-01 0 days 1,588 sqft
    2021-08-01 0 days 1,639 sqft
    2021-09-01 0 days 1,588 sqft
    2021-10-01 0 days 1,588 sqft
    2021-11-01 0 days 1,534 sqft
    2021-12-01 0 days 1,558 sqft
    2022-01-01 0 days 1,588 sqft
    2022-02-01 0 days 1,641 sqft
    2022-03-01 0 days 1,597 sqft
    2022-04-01 0 days 1,568 sqft
    2022-05-01 0 days 1,562 sqft
    2022-06-01 0 days 1,574 sqft
    2022-07-01 0 days 1,588 sqft
    2022-08-01 0 days 1,526 sqft
    2022-09-01 0 days 1,518 sqft
    2022-10-01 0 days 1,588 sqft
    2022-11-01 0 days 1,548 sqft
    2022-12-01 0 days 1,551 sqft
    2023-01-01 0 days 1,535 sqft
    2023-02-01 0 days 1,572 sqft
    2023-03-01 0 days 1,632 sqft
    2023-04-01 0 days 1,644 sqft
    2023-05-01 0 days 1,613 sqft
    2023-06-01 0 days 1,699 sqft
    2023-07-01 0 days 1,731 sqft
    2023-08-01 0 days 1,685 sqft
    2023-09-01 0 days 1,650 sqft
    2023-10-01 0 days 1,655 sqft
    2023-11-01 0 days 1,635 sqft
    2023-12-01 0 days 1,618 sqft
    2024-01-01 0 days 1,585 sqft
    2024-02-01 0 days 1,580 sqft
    2024-03-01 0 days 1,617 sqft
    2024-04-01 0 days 1,666 sqft
    Jamestown's median listing age (time on market) for 2024-04-01 was 0 days.

    Jamestown's median square footage for active listings during the 2024-04-01 period was 1,666 sqft. One year prior, the average listing was 1,644 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).