Malone FHA Loan Rates, Closing Costs & Stats

Malone, 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.

    Malone's 11 lenders originated 35 FHA loans during 2023. The total origination value was $5,205,000, with an average FHA loan value of $148,714.

    Malone FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Malone averaged 0.09% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Malone's average FHA mortgage closing costs are $5,916.

    The average rate for the prior week (2024-11-08) was 6.2% and one month ago for the week of 2024-10-11, the average rate was 5.9%.

    The average rate one year ago was 7.44%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

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

    Malone 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 Malone level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HOMESTEAD FUNDING CORP. 12 6.67% $3,717
    QUICKEN LOANS, LLC 5 6.17% $10,803
    NORTHERN CREDIT UNION 3 6.83% $8,866
    ABSOLUTE HOME MORTGAGE CORPORATION 2 7.12% $8,505
    CROSSCOUNTRY MORTGAGE, LLC 2 7.19% $10,145
    MOVEMENT MORTGAGE, LLC 1 7.25% $8,694
    PARAGON HOME LOANS INC. 1 6.25% $6,918
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $10,736
    PLAZA HOME MORTGAGE, INC. 1 6.75% $6,193
    Barrington Bank & Trust Company, N.A. 1 7.25% $10,779
    U.S. Bank 1 6.75% $9,276

    The top Malone FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 12 FHA loans originated. Their average total fees are $3,717, which is $7,086 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Malone FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($3,717), .

    The lowest rate Malone FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. (6.67%), .

    Malone FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Malone (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 $129,800 (3.8%) $265,022 (9.1%) 0.00 335
    2018-02-01 $129,250 (1.0%) $284,957 (14.8%) 0.00 334
    2018-03-01 $134,900 (2.6%) $282,329 (8.9%) 0.00 331
    2018-04-01 $135,000 (3.1%) $288,533 (10.1%) 0.00 337
    2018-05-01 $159,250 (18.5%) $300,161 (13.1%) 0.00 348
    2018-06-01 $165,000 (18.7%) $305,298 (13.7%) 0.00 369
    2018-07-01 $167,000 (18.2%) $326,180 (19.7%) 0.00 402
    2018-08-01 $163,500 (16.8%) $319,257 (18.7%) 0.00 400
    2018-09-01 $165,000 (22.2%) $328,774 (18.8%) 0.00 376
    2018-10-01 $149,000 (10.4%) $316,988 (20.3%) 0.00 351
    2018-11-01 $142,313 (5.4%) $322,411 (24.9%) 0.00 315
    2018-12-01 $140,000 (5.7%) $319,215 (22.9%) 0.00 297
    2019-01-01 $140,000 (7.9%) $308,728 (16.5%) 0.00 267
    2019-02-01 $140,000 (8.3%) $318,459 (11.8%) 0.00 263
    2019-03-01 $149,857 (11.1%) $330,767 (17.2%) 0.00 266
    2019-04-01 $161,225 (19.4%) $333,609 (15.6%) 0.00 272
    2019-05-01 $154,225 (-3.2%) $344,066 (14.6%) 0.00 297
    2019-06-01 $165,000 (0.0%) $359,622 (17.8%) 0.00 319
    2019-07-01 $175,000 (4.8%) $396,139 (21.5%) 0.00 329
    2019-08-01 $172,245 (5.4%) $409,935 (28.4%) 0.00 329
    2019-09-01 $168,114 (1.9%) $400,460 (21.8%) 0.00 325
    2019-10-01 $164,950 (10.7%) $392,039 (23.7%) 0.00 322
    2019-11-01 $159,900 (12.4%) $379,111 (17.6%) 0.00 288
    2019-12-01 $150,250 (7.3%) $387,586 (21.4%) 0.00 264
    2020-01-01 $147,000 (5.0%) $372,468 (20.7%) 0.00 250
    2020-02-01 $158,250 (13.0%) $358,091 (12.4%) 0.00 245
    2020-03-01 $162,200 (8.2%) $355,976 (7.6%) 0.00 243
    2020-04-01 $174,950 (8.5%) $382,466 (14.6%) 0.00 225
    2020-05-01 $184,450 (19.6%) $403,011 (17.1%) 0.00 214
    2020-06-01 $189,300 (14.7%) $444,672 (23.7%) 0.00 216
    2020-07-01 $190,425 (8.8%) $436,483 (10.2%) 0.00 229
    2020-08-01 $189,900 (10.3%) $421,869 (2.9%) 0.00 215
    2020-09-01 $189,900 (13.0%) $414,205 (3.4%) 0.00 213
    2020-10-01 $179,000 (8.5%) $366,006 (-6.6%) 0.00 204
    2020-11-01 $165,375 (3.4%) $331,332 (-12.6%) 0.00 191
    2020-12-01 $165,500 (10.2%) $356,234 (-8.1%) 0.00 172
    2021-01-01 $156,000 (6.1%) $343,531 (-7.8%) 0.00 154
    2021-02-01 $149,950 (-5.2%) $353,921 (-1.2%) 0.00 135
    2021-03-01 $165,500 (2.0%) $373,021 (4.8%) 0.00 124
    2021-04-01 $145,000 (-17.1%) $399,663 (4.5%) 0.00 112
    2021-05-01 $179,900 (-2.5%) $442,279 (9.7%) 0.00 114
    2021-06-01 $189,450 (0.1%) $432,891 (-2.7%) 0.00 123
    2021-07-01 $187,250 (-1.7%) $472,018 (8.1%) 0.00 132
    2021-08-01 $199,000 (4.8%) $445,085 (5.5%) 0.00 144
    2021-09-01 $207,500 (9.3%) $411,977 (-0.5%) 0.00 147
    2021-10-01 $185,000 (3.4%) $390,100 (6.6%) 0.00 141
    2021-11-01 $159,000 (-3.9%) $362,508 (9.4%) 0.00 134
    2021-12-01 $159,000 (-3.9%) $370,366 (4.0%) 0.00 120
    2022-01-01 $165,500 (6.1%) $366,148 (6.6%) 0.00 105
    2022-02-01 $156,725 (4.5%) $295,486 (-16.5%) 0.00 105
    2022-03-01 $159,975 (-3.3%) $282,080 (-24.4%) 0.00 100
    2022-04-01 $165,500 (14.1%) $295,352 (-26.1%) 0.00 104
    2022-05-01 $203,750 (13.3%) $332,151 (-24.9%) 0.00 112
    2022-06-01 $199,500 (5.3%) $400,394 (-7.5%) 0.00 140
    2022-07-01 $210,000 (12.2%) $495,021 (4.9%) 0.00 159
    2022-08-01 $231,000 (16.1%) $491,250 (10.4%) 0.00 159
    2022-09-01 $227,000 (9.4%) $476,877 (15.8%) 0.00 154
    2022-10-01 $215,000 (16.2%) $450,477 (15.5%) 0.00 143
    2022-11-01 $202,250 (27.2%) $449,298 (23.9%) 0.00 139
    2022-12-01 $215,000 (35.2%) $434,842 (17.4%) 0.00 125
    2023-01-01 $185,725 (12.2%) $415,004 (13.3%) 0.00 116
    2023-02-01 $189,000 (20.6%) $416,549 (41.0%) 0.00 113
    2023-03-01 $218,500 (36.6%) $419,133 (48.6%) 0.00 110
    2023-04-01 $212,500 (28.4%) $445,304 (50.8%) 0.00 101
    2023-05-01 $235,250 (15.5%) $472,295 (42.2%) 0.00 114
    2023-06-01 $229,750 (15.2%) $478,859 (19.6%) 0.00 131
    2023-07-01 $249,500 (18.8%) $475,524 (-3.9%) 0.00 158
    2023-08-01 $249,000 (7.8%) $487,141 (-0.8%) 0.00 161
    2023-09-01 $249,900 (10.1%) $603,926 (26.6%) 0.00 156
    2023-10-01 $249,450 (16.0%) $574,978 (27.6%) 0.00 145
    2023-11-01 $249,000 (23.1%) $608,433 (35.4%) 0.00 132
    2023-12-01 $249,450 (16.0%) $613,042 (41.0%) 0.00 125
    2024-01-01 $249,238 (34.2%) $624,549 (50.5%) 0.00 109
    2024-02-01 $263,250 (39.3%) $706,094 (69.5%) 0.00 98
    2024-03-01 $265,000 (21.3%) $684,831 (63.4%) 0.00 101
    2024-04-01 $267,750 (26.0%) $664,480 (49.2%) 0.00 105
    2024-05-01 $268,500 (14.1%) $629,167 (33.2%) 0.00 132
    2024-06-01 $249,000 (8.4%) $619,377 (29.3%) 0.00 144
    2024-07-01 $234,500 (-6.0%) $583,722 (22.8%) 0.00 155
    2024-08-01 $239,000 (-4.0%) $572,201 (17.5%) 0.00 171
    2024-09-01 $238,250 (-4.7%) $566,980 (-6.1%) 0.00 176
    2024-10-01 $233,750 (-6.3%) $605,997 (5.4%) 0.00 167
    Malone's median listing price for 2024-10-01 was $233,750, a difference of $-15,700 (-6.3%) versus the prior year and $-4,500 versus the prior month.

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

    Malone's average listing price for 2024-10-01 was $605,997, a difference of $31,019 (5.4%) versus the prior year and $39,017 versus the prior month.

    For the 2024-10-01 period, Malone had 167 MLS listings, a difference of -9 listings (-5%) versus the prior month and 22 listings (15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Malone (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,556 sqft
    2018-02-01 0 days 1,551 sqft
    2018-03-01 0 days 1,550 sqft
    2018-04-01 0 days 1,559 sqft
    2018-05-01 0 days 1,563 sqft
    2018-06-01 0 days 1,556 sqft
    2018-07-01 0 days 1,565 sqft
    2018-08-01 0 days 1,565 sqft
    2018-09-01 0 days 1,586 sqft
    2018-10-01 0 days 1,577 sqft
    2018-11-01 0 days 1,593 sqft
    2018-12-01 0 days 1,600 sqft
    2019-01-01 0 days 1,620 sqft
    2019-02-01 0 days 1,631 sqft
    2019-03-01 0 days 1,657 sqft
    2019-04-01 0 days 1,672 sqft
    2019-05-01 0 days 1,627 sqft
    2019-06-01 0 days 1,630 sqft
    2019-07-01 0 days 1,624 sqft
    2019-08-01 0 days 1,624 sqft
    2019-09-01 0 days 1,624 sqft
    2019-10-01 0 days 1,626 sqft
    2019-11-01 0 days 1,621 sqft
    2019-12-01 0 days 1,625 sqft
    2020-01-01 0 days 1,620 sqft
    2020-02-01 0 days 1,616 sqft
    2020-03-01 0 days 1,651 sqft
    2020-04-01 0 days 1,673 sqft
    2020-05-01 0 days 1,680 sqft
    2020-06-01 0 days 1,717 sqft
    2020-07-01 0 days 1,776 sqft
    2020-08-01 0 days 1,742 sqft
    2020-09-01 0 days 1,754 sqft
    2020-10-01 0 days 1,728 sqft
    2020-11-01 0 days 1,711 sqft
    2020-12-01 0 days 1,650 sqft
    2021-01-01 0 days 1,633 sqft
    2021-02-01 0 days 1,590 sqft
    2021-03-01 0 days 1,637 sqft
    2021-04-01 0 days 1,577 sqft
    2021-05-01 0 days 1,669 sqft
    2021-06-01 0 days 1,676 sqft
    2021-07-01 0 days 1,785 sqft
    2021-08-01 0 days 1,666 sqft
    2021-09-01 0 days 1,675 sqft
    2021-10-01 0 days 1,674 sqft
    2021-11-01 0 days 1,625 sqft
    2021-12-01 0 days 1,650 sqft
    2022-01-01 0 days 1,738 sqft
    2022-02-01 0 days 1,506 sqft
    2022-03-01 0 days 1,454 sqft
    2022-04-01 0 days 1,563 sqft
    2022-05-01 0 days 1,555 sqft
    2022-06-01 0 days 1,518 sqft
    2022-07-01 0 days 1,588 sqft
    2022-08-01 0 days 1,705 sqft
    2022-09-01 0 days 1,664 sqft
    2022-10-01 0 days 1,649 sqft
    2022-11-01 0 days 1,662 sqft
    2022-12-01 0 days 1,608 sqft
    2023-01-01 0 days 1,544 sqft
    2023-02-01 0 days 1,584 sqft
    2023-03-01 0 days 1,625 sqft
    2023-04-01 0 days 1,718 sqft
    2023-05-01 0 days 1,713 sqft
    2023-06-01 0 days 1,650 sqft
    2023-07-01 0 days 1,649 sqft
    2023-08-01 0 days 1,610 sqft
    2023-09-01 0 days 1,666 sqft
    2023-10-01 0 days 1,629 sqft
    2023-11-01 0 days 1,666 sqft
    2023-12-01 0 days 1,715 sqft
    2024-01-01 0 days 1,699 sqft
    2024-02-01 0 days 1,695 sqft
    2024-03-01 0 days 1,657 sqft
    2024-04-01 0 days 1,646 sqft
    2024-05-01 0 days 1,636 sqft
    2024-06-01 0 days 1,600 sqft
    2024-07-01 0 days 1,604 sqft
    2024-08-01 0 days 1,611 sqft
    2024-09-01 0 days 1,584 sqft
    2024-10-01 0 days 1,593 sqft
    Malone's median listing age (time on market) for 2024-10-01 was 0 days.

    Malone's median square footage for active listings during the 2024-10-01 period was 1,593 sqft. One year prior, the average listing was 1,629 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).