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 51 lenders originated 233 FHA loans during 2022. The total origination value was $66,895,000, with an average FHA loan value of $287,103.

Kingston FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Kingston averaged 6.06% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

Kingston's average FHA mortgage closing costs are $8,558.

The average rate for the prior week (2023-05-19) was 5.54% and one month ago for the week of 2023-04-21, the average rate was 5.78%.

The average rate one year ago was 4.79%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.07%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 37 4.40% $10,384
PRIMELENDING, A PLAINSCAPITAL COMPANY 19 4.58% $12,596
HOMESTEAD FUNDING CORP. 17 4.38% $7,751
UNITED WHOLESALE MORTGAGE, LLC 13 4.69% $11,074
CROSSCOUNTRY MORTGAGE, LLC 11 4.97% $15,428
CALIBER HOME LOANS, INC. 10 4.40% $11,312
Ulster Savings Bank 10 4.95% $7,502
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 5.46% $12,518
HOME POINT FINANCIAL CORPORATION 6 4.25% $9,713
LOANDEPOT.COM, LLC 5 4.00% $12,758
Mr. Cooper ( Nationstar Mortgage ) 5 3.63% $14,777
FREEDOM MORTGAGE CORPORATION 4 4.46% $13,398
PLAZA HOME MORTGAGE, INC. 3 3.21% $11,054
TOTAL MORTGAGE SERVICES, LLC 3 5.50% $16,072
NATIONWIDE MORTGAGE BANKERS, INC. 3 4.83% $14,799
Flagstar Bank, FSB 3 5.39% $11,870
KeyBank 3 5.04% $10,548
CONTOUR MORTGAGE CORPORATION 3 4.13% $10,229
UNITED NORTHERN MORTGAGE BANKERS LIMITED 2 5.31% $18,084
ROYAL UNITED MORTGAGE LLC 2 3.31% $15,200
HUDSON VALLEY CREDIT UNION 2 5.19% $9,374
NEWREZ LLC 2 3.69% $5,950
Equity Prime Mortgage LLC 2 6.56% $10,356
Carrington Mortgage Services, LLC 2 4.69% $13,185
TD Bank 2 4.81% $10,011
UNITED MORTGAGE CORP. 1 3.75% $11,987
NETWORK CAPITAL FUNDING CORPORATION 1 3.00% $11,819
AMERICAN FINANCING CORPORATION 1 6.50% $13,882
CARDINAL FINANCIAL 1 7.25% $21,592
CCFCU FUNDING, LLC 1 3.25% $10,657
Citizens Bank 1 4.75% $10,031
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $5,895
First Home Bank 1 4.75% $16,918
GREENWAY MORTGAGE FUNDING CORP. 1 3.63% $9,779
GUARANTEED RATE AFFINITY, LLC 1 6.00% $12,227
GUARANTEED RATE, INC. 1 3.50% $19,564
INTERSTATE HOME LOAN CENTER, INC. 1 4.63% $15,721
JPMorgan Chase Bank 1 3.25% $9,697
Magnolia Bank 1 3.25% $17,102
MLB RESIDENTIAL LENDING, LLC 1 4.63% $14,696
MOVEMENT MORTGAGE, LLC 1 5.25% $15,856
M&T Bank 1 3.75% $5,764
AMERICAN FINANCIAL RESOURCES, INC. 1 4.63% $9,569
NJ LENDERS CORP. 1 4.25% $10,359
Northpointe Bank 1 3.13% $8,385
PENNYMAC LOAN SERVICES, LLC 1 6.00% $16,875
PHH Mortgage Corporation 1 4.50% $13,539
Plains Commerce Bank 1 6.25% $15,601
PLANET HOME LENDING, LLC 1 5.13% $15,880
RESIDENTIAL HOME FUNDING CORP. 1 5.00% $16,780
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.63% $9,957

The top Kingston FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 37 FHA loans originated. Their average total fees are $10,384, which is $2,212 lower than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

The lowest fee Kingston FHA lenders (with over 10 loans originated) are Ulster Savings Bank ($7,502), HOMESTEAD FUNDING CORP. ($7,751), QUICKEN LOANS, LLC ($10,384), UNITED WHOLESALE MORTGAGE, LLC ($11,074) and CALIBER HOME LOANS, INC. ($11,312).

The lowest rate Kingston FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. (4.38%), QUICKEN LOANS, LLC (4.40%), CALIBER HOME LOANS, INC. (4.40%), PRIMELENDING, A PLAINSCAPITAL COMPANY (4.58%) and UNITED WHOLESALE MORTGAGE, LLC (4.69%).

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 $269,975 (13.0%) $450,544 (20.2%) 1.00 1,024
2018-02-01 $266,500 (11.1%) $443,838 (20.0%) 0.97 985
2018-03-01 $274,900 (14.8%) $464,945 (26.2%) 0.96 962
2018-04-01 $299,000 (20.1%) $505,368 (33.9%) 1.01 822
2018-05-01 $299,947 (15.4%) $511,307 (34.2%) 1.00 941
2018-06-01 $304,900 (13.6%) $496,689 (27.9%) 1.02 1,092
2018-07-01 $299,925 (11.1%) $479,890 (18.5%) 1.00 1,092
2018-08-01 $304,500 (15.2%) $472,871 (16.2%) 1.02 1,071
2018-09-01 $299,900 (13.2%) $460,615 (11.5%) 1.01 1,076
2018-10-01 $299,900 (11.2%) $477,546 (12.8%) 1.02 1,066
2018-11-01 $299,900 (9.7%) $487,345 (13.0%) 1.02 1,010
2018-12-01 $299,000 (9.9%) $473,870 (7.3%) 1.03 938
2019-01-01 $299,000 (10.8%) $470,729 (4.5%) 1.03 844
2019-02-01 $299,000 (12.2%) $482,164 (8.6%) 1.01 809
2019-03-01 $279,000 (1.5%) $432,842 (-0.1%) 0.93 1,043
2019-04-01 $284,900 (-4.7%) $433,105 (-13.6%) 0.90 1,131
2019-05-01 $286,200 (-4.6%) $434,288 (-15.1%) 0.89 1,261
2019-06-01 $347,500 (14.0%) $499,787 (0.6%) 1.09 1,006
2019-07-01 $342,450 (14.2%) $489,698 (2.0%) 1.07 1,053
2019-08-01 $339,000 (11.3%) $492,703 (2.3%) 1.06 1,082
2019-09-01 $339,450 (13.2%) $491,888 (3.0%) 1.07 1,052
2019-10-01 $327,500 (9.2%) $466,654 (-2.3%) 1.06 1,097
2019-11-01 $319,950 (6.7%) $466,593 (-4.3%) 1.05 1,053
2019-12-01 $321,050 (7.4%) $467,330 (-1.4%) 1.07 936
2020-01-01 $327,000 (9.4%) $459,832 (-2.3%) 1.09 782
2020-02-01 $325,000 (8.7%) $458,756 (-4.9%) 1.06 735
2020-03-01 $339,675 (21.8%) $474,108 (2.1%) 1.06 787
2020-04-01 $345,700 (21.3%) $488,458 (11.9%) 1.08 763
2020-05-01 $349,900 (22.3%) $499,659 (15.1%) 1.06 702
2020-06-01 $356,950 (2.7%) $505,525 (1.2%) 1.05 670
2020-07-01 $359,900 (5.1%) $510,421 (4.2%) 1.04 735
2020-08-01 $374,999 (10.6%) $537,585 (11.1%) 1.07 760
2020-09-01 $384,683 (13.3%) $534,944 (12.8%) 1.10 813
2020-10-01 $399,000 (21.8%) $563,427 (20.7%) 1.14 801
2020-11-01 $400,000 (25.0%) $590,818 (26.6%) 1.17 702
2020-12-01 $399,975 (24.6%) $593,123 (26.9%) 1.19 629
2021-01-01 $407,000 (24.5%) $601,007 (30.7%) 1.21 540
2021-02-01 $408,500 (25.7%) $609,636 (32.9%) 1.19 455
2021-03-01 $404,974 (19.2%) $617,301 (30.2%) 1.15 427
2021-04-01 $410,000 (18.6%) $623,805 (27.7%) 1.11 427
2021-05-01 $399,900 (14.3%) $606,528 (21.4%) 1.06 468
2021-06-01 $417,238 (16.9%) $620,041 (22.7%) 1.10 502
2021-07-01 $429,000 (19.2%) $654,567 (28.2%) 1.13 534
2021-08-01 $436,000 (16.3%) $658,731 (22.5%) 1.16 578
2021-09-01 $424,500 (10.4%) $664,272 (24.2%) 1.13 597
2021-10-01 $402,450 (0.9%) $674,504 (19.7%) 1.07 595
2021-11-01 $412,500 (3.1%) $669,524 (13.3%) 1.10 544
2021-12-01 $425,000 (6.3%) $684,945 (15.5%) 1.15 451
2022-01-01 $438,500 (7.7%) $714,045 (18.8%) 1.19 364
2022-02-01 $456,750 (11.8%) $763,532 (25.2%) 1.19 288
2022-03-01 $449,700 (11.0%) $713,810 (15.6%) 1.13 287
2022-04-01 $449,999 (9.8%) $700,991 (12.4%) 1.07 309
2022-05-01 $457,000 (14.3%) $686,723 (13.2%) 1.04 376
2022-06-01 $499,000 (19.6%) $754,850 (21.7%) 1.11 521
2022-07-01 $499,700 (16.5%) $747,581 (14.2%) 1.13 618
2022-08-01 $499,900 (14.7%) $757,514 (15.0%) 1.15 636
2022-09-01 $499,000 (17.6%) $747,164 (12.5%) 1.17 635
2022-10-01 $495,167 (23.0%) $726,616 (7.7%) 1.17 635
2022-11-01 $499,000 (21.0%) $729,740 (9.0%) 1.20 609
2022-12-01 $489,900 (15.3%) $721,884 (5.4%) 1.21 536
2023-01-01 $474,475 (8.2%) $677,799 (-5.1%) 1.17 455
2023-02-01 $489,000 (7.1%) $679,979 (-10.9%) 1.18 390
2023-03-01 $479,500 (6.6%) $671,698 (-5.9%) 1.13 373
2023-04-01 $499,000 (10.9%) $751,826 (0.0%) 1.16 396
Kingston's median listing price for 2023-04-01 was $499,000, a difference of $49,001 (10.9%) versus the prior year and $19,500 versus the prior month.

Kingston's median listing price comes in at 116% of the national average.

Kingston's average listing price for 2023-04-01 was $751,826, a difference of $50,835 (0.0%) versus the prior year and $80,128 versus the prior month.

For the 2023-04-01 period, Kingston had 396 MLS listings, a difference of 23 listings (6%) versus the prior month and 87 listings (28%) 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
2018-01-01 128 days 1,918 sqft
2018-02-01 130 days 1,898 sqft
2018-03-01 126 days 1,920 sqft
2018-04-01 94 days 2,024 sqft
2018-05-01 73 days 2,039 sqft
2018-06-01 62 days 2,030 sqft
2018-07-01 70 days 1,985 sqft
2018-08-01 79 days 1,988 sqft
2018-09-01 91 days 1,957 sqft
2018-10-01 94 days 1,954 sqft
2018-11-01 97 days 2,000 sqft
2018-12-01 107 days 1,968 sqft
2019-01-01 115 days 1,980 sqft
2019-02-01 120 days 1,977 sqft
2019-03-01 108 days 1,847 sqft
2019-04-01 79 days 1,849 sqft
2019-05-01 65 days 1,851 sqft
2019-06-01 63 days 2,035 sqft
2019-07-01 67 days 2,009 sqft
2019-08-01 80 days 2,039 sqft
2019-09-01 89 days 2,027 sqft
2019-10-01 90 days 1,949 sqft
2019-11-01 99 days 1,958 sqft
2019-12-01 107 days 1,963 sqft
2020-01-01 120 days 1,983 sqft
2020-02-01 117 days 2,046 sqft
2020-03-01 112 days 2,056 sqft
2020-04-01 98 days 2,051 sqft
2020-05-01 100 days 2,052 sqft
2020-06-01 79 days 2,043 sqft
2020-07-01 40 days 2,016 sqft
2020-08-01 46 days 2,035 sqft
2020-09-01 49 days 2,022 sqft
2020-10-01 54 days 2,026 sqft
2020-11-01 67 days 2,066 sqft
2020-12-01 88 days 2,041 sqft
2021-01-01 102 days 2,057 sqft
2021-02-01 106 days 2,048 sqft
2021-03-01 92 days 1,990 sqft
2021-04-01 66 days 2,028 sqft
2021-05-01 45 days 1,984 sqft
2021-06-01 45 days 1,990 sqft
2021-07-01 52 days 2,038 sqft
2021-08-01 58 days 2,002 sqft
2021-09-01 60 days 1,964 sqft
2021-10-01 70 days 1,840 sqft
2021-11-01 72 days 1,858 sqft
2021-12-01 81 days 1,821 sqft
2022-01-01 102 days 1,844 sqft
2022-02-01 109 days 2,004 sqft
2022-03-01 79 days 1,930 sqft
2022-04-01 41 days 1,912 sqft
2022-05-01 39 days 1,899 sqft
2022-06-01 37 days 1,912 sqft
2022-07-01 44 days 1,993 sqft
2022-08-01 58 days 2,028 sqft
2022-09-01 68 days 2,047 sqft
2022-10-01 68 days 2,016 sqft
2022-11-01 79 days 2,069 sqft
2022-12-01 89 days 2,033 sqft
2023-01-01 101 days 1,992 sqft
2023-02-01 110 days 2,024 sqft
2023-03-01 113 days 2,025 sqft
2023-04-01 61 days 2,027 sqft
Kingston's median listing age (time on market) for 2023-04-01 was 61 days. This is 49% longer than the same period one year ago.

Kingston's median square footage for active listings during the 2023-04-01 period was 2,027 sqft. One year prior, the average listing was 1,912 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).