Kingston FHA Loan Rates, Closing Costs & Stats

KINGSTON, 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.

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 6.58% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.81% and one month ago for the week of 2024-03-08, the average rate was 6.64%.

The average rate one year ago was 6.08%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.28%.

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
Kingston's median listing price for 2024-03-01 was $547,000, a difference of $67,500 (14.1%) versus the prior year and $-10,175 versus the prior month.

Kingston's median listing price comes in at 129% of the national average.

Kingston's average listing price for 2024-03-01 was $825,092, a difference of $153,394 (22.8%) versus the prior year and $11,411 versus the prior month.

For the 2024-03-01 period, Kingston had 390 MLS listings, a difference of -8 listings (-2%) versus the prior month and 16 listings (4%) 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 1,960 sqft
Kingston's median listing age (time on market) for 2024-03-01 was 72 days. This is -33% shorter than the same period one year ago.

Kingston's median square footage for active listings during the 2024-03-01 period was 1,960 sqft. One year prior, the average listing was 2,020 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).