Kingston FHA Loan Rates, Closing Costs & Stats

KINGSTON, 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.

    Kingston's 35 lenders originated 172 FHA loans during 2023. The total origination value was $48,870,000, with an average FHA loan value of $284,128.

    Kingston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kingston averaged 6.57% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Kingston's average FHA mortgage closing costs are $9,109.

    The average rate for the prior week (2024-11-01) was 6.34% and one month ago for the week of 2024-10-04, the average rate was 5.86%.

    The average rate one year ago was 7.5%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.57%.

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

    Kingston 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 Kingston level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 34 6.32% $14,145
    HOMESTEAD FUNDING CORP. 20 6.51% $8,927
    PRIMELENDING, A PLAINSCAPITAL COMPANY 13 6.84% $16,713
    UNITED WHOLESALE MORTGAGE, LLC 11 6.76% $13,970
    CROSSCOUNTRY MORTGAGE, LLC 8 6.69% $13,300
    PLAZA HOME MORTGAGE, INC. 6 6.58% $17,406
    Mr. Cooper ( Nationstar Mortgage ) 6 5.98% $20,033
    LOANDEPOT.COM, LLC 5 6.79% $9,817
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.56% $11,565
    PENNYMAC LOAN SERVICES, LLC 4 6.28% $11,943
    Carrington Mortgage Services, LLC 3 7.42% $12,409
    FREEDOM MORTGAGE CORPORATION 3 6.42% $18,868
    CALIBER HOME LOANS, INC. 3 6.92% $13,646
    NATIONWIDE MORTGAGE BANKERS, INC. 3 6.92% $17,045
    RELIANCE FIRST CAPITAL, LLC 3 6.79% $8,562
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.94% $8,986
    HUDSON VALLEY CREDIT UNION 2 6.75% $8,228
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 7.13% $16,989
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.25% $18,635
    Mortgage Research Center, LLC 1 6.99% $16,213
    East Coast Capital Corp. 1 6.50% $17,687
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 7.00% $14,350
    NEWREZ LLC 1 6.75% $8,440
    CONTOUR MORTGAGE CORPORATION 1 6.75% $15,404
    Citizens Bank 1 5.63% $9,245
    BOND STREET MORTGAGE, LLC 1 6.49% $23,164
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.63% $19,358
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $10,917
    SEFCU SERVICES, LLC 1 6.38% $6,690
    Flagstar Bank, FSB 1 6.75% $10,130
    FM Home Loans, LLC 1 7.25% $13,235
    GUARANTEED RATE, INC. 1 6.75% $14,015
    The Federal Savings Bank 1 6.63% $19,943
    Ulster Savings Bank 1 7.13% $6,923
    EMBRACE HOME LOANS, INC. 1 6.25% $16,426

    The top Kingston FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 34 FHA loans originated. Their average total fees are $14,145, which is $5,218 higher than the next largest lender, HOMESTEAD FUNDING CORP..

    The lowest fee Kingston FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($8,927), UNITED WHOLESALE MORTGAGE, LLC ($13,970), QUICKEN LOANS, LLC ($14,145), PRIMELENDING, A PLAINSCAPITAL COMPANY ($16,713) and .

    The lowest rate Kingston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.32%), HOMESTEAD FUNDING CORP. (6.51%), UNITED WHOLESALE MORTGAGE, LLC (6.76%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.84%) and .

    Kingston FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Kingston (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 $274,900 (15.0%) $450,702 (19.6%) 1.02 1,025
    2018-02-01 $267,225 (11.4%) $443,991 (19.3%) 0.97 986
    2018-03-01 $274,950 (14.7%) $465,097 (25.4%) 0.96 963
    2018-04-01 $299,000 (20.1%) $505,794 (33.2%) 1.01 824
    2018-05-01 $299,950 (15.4%) $511,973 (33.7%) 1.00 945
    2018-06-01 $306,950 (14.1%) $498,242 (27.8%) 1.02 1,095
    2018-07-01 $302,400 (12.0%) $481,629 (18.5%) 1.01 1,094
    2018-08-01 $307,200 (16.0%) $474,445 (16.1%) 1.03 1,074
    2018-09-01 $299,900 (11.8%) $461,776 (11.3%) 1.01 1,081
    2018-10-01 $299,900 (10.1%) $479,059 (12.9%) 1.02 1,071
    2018-11-01 $299,925 (9.1%) $489,432 (13.4%) 1.02 1,014
    2018-12-01 $299,000 (8.8%) $476,249 (7.7%) 1.03 942
    2019-01-01 $299,000 (8.8%) $472,999 (5.0%) 1.03 850
    2019-02-01 $299,450 (12.1%) $484,276 (9.1%) 1.01 817
    2019-03-01 $292,957 (6.6%) $466,576 (0.3%) 0.96 939
    2019-04-01 $285,957 (-4.4%) $437,524 (-13.5%) 0.91 1,136
    2019-05-01 $287,500 (-4.2%) $434,373 (-15.2%) 0.90 1,268
    2019-06-01 $349,000 (13.7%) $499,640 (0.3%) 1.09 1,010
    2019-07-01 $343,625 (13.6%) $489,647 (1.7%) 1.08 1,060
    2019-08-01 $338,636 (10.2%) $483,812 (2.0%) 1.07 1,077
    2019-09-01 $333,216 (11.1%) $474,368 (2.7%) 1.07 1,103
    2019-10-01 $329,000 (9.7%) $466,685 (-2.6%) 1.06 1,110
    2019-11-01 $324,999 (8.4%) $466,680 (-4.7%) 1.07 1,055
    2019-12-01 $324,950 (8.7%) $466,427 (-2.1%) 1.08 939
    2020-01-01 $327,000 (9.4%) $458,638 (-3.0%) 1.09 785
    2020-02-01 $327,000 (9.2%) $457,663 (-5.5%) 1.07 738
    2020-03-01 $344,900 (17.7%) $473,018 (1.4%) 1.08 791
    2020-04-01 $348,000 (21.7%) $487,616 (11.5%) 1.09 767
    2020-05-01 $349,900 (21.7%) $498,020 (14.7%) 1.06 707
    2020-06-01 $357,000 (2.3%) $503,588 (0.8%) 1.05 677
    2020-07-01 $362,500 (5.5%) $508,953 (3.9%) 1.05 743
    2020-08-01 $375,000 (10.7%) $535,986 (10.8%) 1.07 765
    2020-09-01 $384,683 (15.5%) $534,260 (12.6%) 1.10 818
    2020-10-01 $399,000 (21.3%) $562,579 (20.6%) 1.14 806
    2020-11-01 $400,000 (23.1%) $589,841 (26.4%) 1.17 707
    2020-12-01 $401,250 (23.5%) $592,406 (27.0%) 1.19 633
    2021-01-01 $409,000 (25.1%) $600,256 (30.9%) 1.22 542
    2021-02-01 $409,750 (25.3%) $609,254 (33.1%) 1.19 458
    2021-03-01 $405,000 (17.4%) $616,487 (30.3%) 1.15 429
    2021-04-01 $410,000 (17.8%) $623,694 (27.9%) 1.11 428
    2021-05-01 $399,950 (14.3%) $606,528 (21.8%) 1.06 469
    2021-06-01 $417,238 (16.9%) $620,041 (23.1%) 1.10 503
    2021-07-01 $434,450 (19.9%) $654,179 (28.5%) 1.15 536
    2021-08-01 $438,500 (16.9%) $658,278 (22.8%) 1.17 581
    2021-09-01 $427,450 (11.1%) $664,361 (24.4%) 1.14 601
    2021-10-01 $409,900 (2.7%) $675,450 (20.1%) 1.09 598
    2021-11-01 $412,500 (3.1%) $670,424 (13.7%) 1.10 547
    2021-12-01 $425,000 (5.9%) $686,147 (15.8%) 1.15 454
    2022-01-01 $439,450 (7.4%) $715,344 (19.2%) 1.19 366
    2022-02-01 $452,250 (10.4%) $763,980 (25.4%) 1.18 287
    2022-03-01 $449,675 (11.0%) $713,973 (15.8%) 1.13 286
    2022-04-01 $449,900 (9.7%) $701,106 (12.4%) 1.07 308
    2022-05-01 $454,500 (13.6%) $687,421 (13.3%) 1.04 374
    2022-06-01 $499,000 (19.6%) $750,801 (21.1%) 1.11 518
    2022-07-01 $499,225 (14.9%) $743,820 (13.7%) 1.12 615
    2022-08-01 $499,450 (13.9%) $752,791 (14.4%) 1.15 632
    2022-09-01 $499,000 (16.7%) $744,961 (12.1%) 1.17 632
    2022-10-01 $490,000 (19.5%) $723,231 (7.1%) 1.15 633
    2022-11-01 $499,000 (21.0%) $726,178 (8.3%) 1.20 607
    2022-12-01 $489,900 (15.3%) $720,887 (5.1%) 1.21 535
    2023-01-01 $468,725 (6.7%) $676,348 (-5.5%) 1.16 454
    2023-02-01 $488,000 (7.9%) $678,094 (-11.2%) 1.18 391
    2023-03-01 $479,500 (6.6%) $671,698 (-5.9%) 1.13 374
    2023-04-01 $499,000 (10.9%) $751,826 (7.2%) 1.16 397
    2023-05-01 $528,000 (16.2%) $742,438 (8.0%) 1.20 453
    2023-06-01 $569,000 (14.0%) $782,814 (4.3%) 1.28 486
    2023-07-01 $572,400 (14.7%) $784,469 (5.5%) 1.30 534
    2023-08-01 $557,450 (11.6%) $779,435 (3.5%) 1.28 558
    2023-09-01 $574,900 (15.2%) $800,563 (7.5%) 1.34 613
    2023-10-01 $562,000 (14.7%) $801,021 (10.8%) 1.32 603
    2023-11-01 $549,900 (10.2%) $790,592 (8.9%) 1.31 611
    2023-12-01 $575,000 (17.4%) $824,805 (14.4%) 1.40 488
    2024-01-01 $558,225 (19.1%) $814,954 (20.5%) 1.36 402
    2024-02-01 $557,175 (14.2%) $813,681 (20.0%) 1.34 398
    2024-03-01 $547,000 (14.1%) $825,092 (22.8%) 1.29 390
    2024-04-01 $549,925 (10.2%) $813,079 (8.2%) 1.28 424
    2024-05-01 $589,500 (11.7%) $849,649 (14.4%) 1.33 471
    2024-06-01 $599,000 (5.3%) $883,871 (12.9%) 1.35 559
    2024-07-01 $599,000 (4.7%) $848,285 (8.1%) 1.37 605
    2024-08-01 $589,000 (5.7%) $808,293 (3.7%) 1.37 585
    2024-09-01 $599,900 (4.4%) $817,618 (2.1%) 1.41 625
    2024-10-01 $595,725 (6.0%) $828,717 (3.5%) 1.40 685
    Kingston's median listing price for 2024-10-01 was $595,725, a difference of $33,725 (6.0%) versus the prior year and $-4,175 versus the prior month.

    Kingston's median listing price comes in at 140% of the national average.

    Kingston's average listing price for 2024-10-01 was $828,717, a difference of $27,696 (3.5%) versus the prior year and $11,099 versus the prior month.

    For the 2024-10-01 period, Kingston had 685 MLS listings, a difference of 60 listings (10%) versus the prior month and 82 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Kingston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 121 days 1,917 sqft
    2018-02-01 122 days 1,902 sqft
    2018-03-01 116 days 1,920 sqft
    2018-04-01 86 days 2,026 sqft
    2018-05-01 68 days 2,044 sqft
    2018-06-01 58 days 2,036 sqft
    2018-07-01 66 days 1,996 sqft
    2018-08-01 74 days 1,992 sqft
    2018-09-01 86 days 1,957 sqft
    2018-10-01 87 days 1,955 sqft
    2018-11-01 90 days 2,000 sqft
    2018-12-01 99 days 1,977 sqft
    2019-01-01 107 days 1,999 sqft
    2019-02-01 113 days 1,981 sqft
    2019-03-01 96 days 1,906 sqft
    2019-04-01 73 days 1,849 sqft
    2019-05-01 60 days 1,851 sqft
    2019-06-01 58 days 2,036 sqft
    2019-07-01 63 days 2,014 sqft
    2019-08-01 73 days 1,990 sqft
    2019-09-01 80 days 1,968 sqft
    2019-10-01 86 days 1,950 sqft
    2019-11-01 95 days 1,956 sqft
    2019-12-01 104 days 1,960 sqft
    2020-01-01 116 days 1,980 sqft
    2020-02-01 115 days 2,044 sqft
    2020-03-01 107 days 2,051 sqft
    2020-04-01 91 days 2,052 sqft
    2020-05-01 94 days 2,052 sqft
    2020-06-01 66 days 2,045 sqft
    2020-07-01 38 days 2,023 sqft
    2020-08-01 44 days 2,044 sqft
    2020-09-01 46 days 2,023 sqft
    2020-10-01 52 days 2,028 sqft
    2020-11-01 66 days 2,069 sqft
    2020-12-01 86 days 2,048 sqft
    2021-01-01 100 days 2,061 sqft
    2021-02-01 103 days 2,055 sqft
    2021-03-01 86 days 1,993 sqft
    2021-04-01 64 days 2,020 sqft
    2021-05-01 43 days 1,985 sqft
    2021-06-01 43 days 1,990 sqft
    2021-07-01 51 days 2,045 sqft
    2021-08-01 57 days 2,007 sqft
    2021-09-01 58 days 1,969 sqft
    2021-10-01 66 days 1,854 sqft
    2021-11-01 69 days 1,859 sqft
    2021-12-01 79 days 1,824 sqft
    2022-01-01 101 days 1,854 sqft
    2022-02-01 108 days 1,995 sqft
    2022-03-01 78 days 1,924 sqft
    2022-04-01 40 days 1,900 sqft
    2022-05-01 38 days 1,892 sqft
    2022-06-01 35 days 1,906 sqft
    2022-07-01 43 days 1,980 sqft
    2022-08-01 57 days 2,019 sqft
    2022-09-01 66 days 2,020 sqft
    2022-10-01 67 days 2,000 sqft
    2022-11-01 77 days 2,054 sqft
    2022-12-01 87 days 2,027 sqft
    2023-01-01 99 days 1,965 sqft
    2023-02-01 106 days 2,014 sqft
    2023-03-01 108 days 2,020 sqft
    2023-04-01 59 days 2,024 sqft
    2023-05-01 46 days 2,005 sqft
    2023-06-01 45 days 2,057 sqft
    2023-07-01 51 days 2,059 sqft
    2023-08-01 59 days 2,047 sqft
    2023-09-01 66 days 2,051 sqft
    2023-10-01 65 days 2,013 sqft
    2023-11-01 69 days 1,998 sqft
    2023-12-01 79 days 2,028 sqft
    2024-01-01 92 days 2,044 sqft
    2024-02-01 95 days 2,008 sqft
    2024-03-01 72 days 1,962 sqft
    2024-04-01 57 days 1,982 sqft
    2024-05-01 47 days 1,996 sqft
    2024-06-01 40 days 2,042 sqft
    2024-07-01 49 days 2,075 sqft
    2024-08-01 60 days 2,040 sqft
    2024-09-01 58 days 2,066 sqft
    2024-10-01 52 days 2,045 sqft
    Kingston's median listing age (time on market) for 2024-10-01 was 52 days. This is -19% shorter than the same period one year ago.

    Kingston's median square footage for active listings during the 2024-10-01 period was 2,045 sqft. One year prior, the average listing was 2,013 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).