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 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).