Nassau County FHA Loans

NASSAU COUNTY-SUFFOLK COUNTY, 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.

Nassau County's 104 lenders originated 8,196 FHA loans during 2021. The total origination value was $3,526,090,000, with an average FHA loan value of $430,221.

Nassau County FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Nassau County averaged 4.69% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

The average rate for the prior week (2022-03-18) was 4.3% and one month ago for the week of 2022-02-18, the average rate was 4.13%.

The average rate one year ago was 3.17%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.19%.

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

Nassau County FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Nassau County level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FREEDOM MORTGAGE CORPORATION 574 2.91% $11,588
QUICKEN LOANS, LLC 533 2.71% $11,537
NATIONWIDE MORTGAGE BANKERS, INC. 451 3.10% $18,102
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 447 3.14% $18,660
UNITED WHOLESALE MORTGAGE, LLC 328 2.69% $16,119
Mr. Cooper ( Nationstar Mortgage ) 320 3.15% $7,610
CONTOUR MORTGAGE CORPORATION 260 3.00% $16,316
UNITED MORTGAGE CORP. 248 3.03% $16,810
NEWREZ LLC 248 2.74% $14,288
CROSSCOUNTRY MORTGAGE, LLC 242 3.06% $17,668
CALIBER HOME LOANS, INC. 208 2.79% $13,671
The Federal Savings Bank 207 2.86% $16,193
LOANDEPOT.COM, LLC 202 2.84% $16,667
East Coast Capital Corp. 200 3.01% $18,311
InterContinental Capital Group, Inc 178 3.16% $17,157
JET DIRECT FUNDING CORP 165 3.02% $18,811
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 160 3.09% $19,514
HOMEBRIDGE FINANCIAL SERVICES, INC. 157 2.91% $15,411
Carrington Mortgage Services, LLC 120 3.20% $15,574
CLIFFCO, INC. 108 3.10% $16,610
MID-ISLAND MORTGAGE CORP. 104 2.85% $11,395
UNITED NORTHERN MORTGAGE BANKERS LIMITED 99 2.95% $15,528
ROUNDPOINT MORTGAGE SERVICING CORPORATION 98 3.04% $13,964
HOME POINT FINANCIAL CORPORATION 97 2.75% $14,601
EMBRACE HOME LOANS, INC. 91 2.81% $12,738
FINANCE OF AMERICA MORTGAGE LLC 84 2.56% $17,826
SUN WEST MORTGAGE COMPANY, INC. 81 3.03% $20,131
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 81 2.94% $16,305
FAMILY FIRST FUNDING LLC 73 3.10% $16,439
Quontic Bank 70 3.19% $15,001
AMERICAN FINANCIAL NETWORK, INC. 64 3.07% $29,959
PLAZA HOME MORTGAGE, INC. 63 2.88% $17,075
ACADEMY MORTGAGE CORP. 61 2.67% $13,938
US MORTGAGE CORPORATION 58 3.11% $16,812
Bethpage Federal Credit Union 58 3.13% $3,986
HARTFORD FUNDING, LTD. 51 3.05% $16,297
Citizens Bank 47 2.52% $13,417
RELIANCE FIRST CAPITAL, LLC 45 2.82% $16,048
Flagstar Bank, FSB 42 2.87% $17,316
NJ LENDERS CORP. 36 2.99% $13,964
LYNX MORTGAGE BANK LLC 32 2.91% $14,631
ALLIED MORTGAGE GROUP, INC. 32 3.14% $17,377
GUARANTEED RATE, INC. 31 2.87% $14,984
First Guaranty Mortgage Corporation 30 3.11% $16,663
JPMorgan Chase Bank 27 2.99% $11,023
INTERSTATE HOME LOAN CENTER, INC. 27 3.14% $15,353
ASSOCIATED MORTGAGE BANKERS, INC. 23 2.86% $15,706
Equity Prime Mortgage LLC 21 3.23% $17,999
FM Home Loans, LLC 21 2.73% $14,763
MLB RESIDENTIAL LENDING, LLC 19 3.17% $21,287
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 17 2.79% $16,476
RESIDENTIAL HOME FUNDING CORP. 16 3.01% $16,335
Bank of America 16 2.87% $13,017
Manufacturers and Traders Trust Company 15 2.79% $11,873
CMG MORTGAGE, INC. 15 2.66% $15,374
Evolve Bank & Trust 14 3.21% $12,696
ARC HOME LLC 14 3.05% $17,669
MOVEMENT MORTGAGE, LLC 13 3.24% $15,581
ENVOY MORTGAGE, LTD 12 3.10% $15,149
Advisors Mortgage Group, L.L.C. 12 2.90% $16,045
PATRIOT ONE MORTGAGE BANKERS, LLC 11 2.98% $20,392
BLAIR SERVICES OF AMERICA INC. 11 3.09% $20,963
TD Bank 10 2.89% $12,754
TOTAL MORTGAGE SERVICES, LLC 7 3.23% $17,383
Valley National Bank 7 3.30% $13,116
U.S. Bank 7 2.68% $11,580
GUARANTEED RATE AFFINITY, LLC 6 2.90% $14,460
BRIDGEVIEW MORTGAGE CORP. 6 3.10% $20,974
PLANET HOME LENDING, LLC 5 2.75% $8,785
Sierra Pacific Mortgage Company, Inc. 5 2.65% $16,714
Wells Fargo Bank 4 3.28% $10,761
A&D Mortgage LLC 4 3.22% $19,562
First Home Bank 4 3.47% $17,673
First Savings Bank 4 2.69% $17,001
WALL STREET MORTGAGE BANKERS, LTD. 4 3.00% $16,568
LENOX FINANCIAL MORTGAGE CORPORATION 3 2.71% $11,294
Mortgage World Bankers, Inc. 3 3.13% $25,880
INLAND BANK & TRUST 3 2.83% $16,356
HOMESTEAD FUNDING CORP. 3 3.04% $10,752
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.00% $15,370
PNC Bank 3 2.83% $11,930
Bank of England 3 2.92% $14,922
Barrington Bank & Trust Company, N.A. 2 3.13% $9,116
RESIDENTIAL MORTGAGE SERVICES, INC. 2 3.94% $21,763
Luxury Mortgage Corp. 2 3.13% $15,963
North American Savings Bank, F.S.B. 2 2.50% $10,480
FIRST ALLIANCE HOME MORTGAGE, LLC 1 3.25% $13,095
EQUITY NOW INC. 1 2.88% $17,129
Citibank 1 3.25% $16,336
Axos Bank 1 2.88% $14,063
AMERICAN ADVISORS GROUP 1 2.63% $11,452
1st Constitution Bank 1 2.75% $8,920
NP, Inc. 1 3.38% $13,452
Northpointe Bank 1 3.00% $13,952
PHH Mortgage Corporation 1 2.50% $13,573
Plains Commerce Bank 1 3.00% $20,645
NATIONWIDE EQUITIES CORPORATION 1 2.75% $14,175
Nations Lending Corporation 1 3.25% $3,942
Mortgage Research Center, LLC 1 2.99% $20,630
MLD MORTGAGE INC. 1 2.25% $9,154
Magnolia Bank 1 3.13% $12,117
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 3.50% $22,467
The Union Bank Company 1 2.63% $10,761
TIAA, FSB 1 2.75% $11,147

The top Nassau County FHA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with 574 FHA loans originated. Their average total fees are $11,588, which is $52 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Nassau County FHA lenders (with over 10 loans originated) are Bethpage Federal Credit Union ($3,986), Mr. Cooper ( Nationstar Mortgage ) ($7,610), JPMorgan Chase Bank ($11,023), MID-ISLAND MORTGAGE CORP. ($11,395) and QUICKEN LOANS, LLC ($11,537).

The lowest rate Nassau County FHA lenders (with over 10 loans originated) are Citizens Bank (2.52%), FINANCE OF AMERICA MORTGAGE LLC (2.56%), CMG MORTGAGE, INC. (2.66%), ACADEMY MORTGAGE CORP. (2.67%) and UNITED WHOLESALE MORTGAGE, LLC (2.69%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Nassau County (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 $479,990 (11.9%) $1,120,433 (11.2%) 1.77 57,187
2018-02-01 $499,950 (11.9%) $1,143,135 (8.6%) 1.80 60,843
2018-03-01 $520,000 (13.3%) $1,127,161 (6.0%) 1.80 64,252
2018-04-01 $534,450 (12.5%) $1,117,910 (-0.1%) 1.79 69,662
2018-05-01 $549,000 (11.1%) $1,125,466 (1.1%) 1.83 76,071
2018-06-01 $549,000 (10.9%) $1,100,381 (0.9%) 1.83 79,722
2018-07-01 $549,000 (12.3%) $1,089,758 (2.1%) 1.83 80,369
2018-08-01 $532,450 (11.0%) $1,037,144 (-2.0%) 1.78 79,480
2018-09-01 $535,000 (10.3%) $1,040,837 (-2.6%) 1.79 80,337
2018-10-01 $538,312 (10.2%) $1,047,397 (-1.4%) 1.80 80,917
2018-11-01 $535,000 (10.3%) $1,059,739 (0.1%) 1.79 78,103
2018-12-01 $525,000 (9.4%) $1,060,260 (-0.8%) 1.80 70,729
2019-01-01 $520,000 (8.3%) $1,060,952 (-5.3%) 1.79 65,203
2019-02-01 $528,500 (5.7%) $1,068,687 (-6.5%) 1.77 67,311
2019-03-01 $540,714 (4.0%) $1,081,156 (-4.1%) 1.76 71,501
2019-04-01 $556,500 (4.1%) $1,091,209 (-2.4%) 1.75 76,385
2019-05-01 $569,500 (3.7%) $1,091,152 (-3.1%) 1.76 82,849
2019-06-01 $569,000 (3.6%) $1,083,706 (-1.5%) 1.75 85,761
2019-07-01 $559,500 (1.9%) $1,066,914 (-2.1%) 1.74 84,579
2019-08-01 $553,989 (4.1%) $1,045,028 (0.8%) 1.74 82,599
2019-09-01 $550,461 (2.9%) $1,041,042 (0.0%) 1.75 80,488
2019-10-01 $558,028 (3.7%) $1,070,885 (2.2%) 1.78 80,248
2019-11-01 $550,000 (2.8%) $1,081,547 (2.1%) 1.77 75,510
2019-12-01 $553,528 (5.4%) $1,114,237 (5.1%) 1.85 65,625
2020-01-01 $549,000 (5.6%) $1,113,984 (5.0%) 1.83 59,940
2020-02-01 $559,900 (5.9%) $1,115,474 (4.4%) 1.81 61,312
2020-03-01 $569,450 (5.3%) $1,116,442 (3.3%) 1.78 63,346
2020-04-01 $580,000 (4.2%) $1,187,911 (8.9%) 1.81 61,178
2020-05-01 $579,000 (1.7%) $1,135,762 (4.1%) 1.75 58,452
2020-06-01 $589,500 (3.6%) $1,136,559 (4.9%) 1.72 61,210
2020-07-01 $599,500 (7.2%) $1,149,009 (7.7%) 1.72 64,394
2020-08-01 $635,000 (14.6%) $1,227,096 (17.4%) 1.81 66,679
2020-09-01 $644,450 (17.1%) $1,236,828 (18.8%) 1.84 67,133
2020-10-01 $655,360 (17.4%) $1,300,695 (21.5%) 1.87 68,637
2020-11-01 $649,000 (18.0%) $1,284,039 (18.7%) 1.86 65,676
2020-12-01 $649,450 (17.3%) $1,317,463 (18.2%) 1.90 57,196
2021-01-01 $649,000 (18.2%) $1,356,030 (21.7%) 1.91 49,631
2021-02-01 $649,108 (15.9%) $1,370,351 (22.9%) 1.87 46,629
2021-03-01 $648,500 (13.9%) $1,361,646 (22.0%) 1.82 46,573
2021-04-01 $649,694 (12.0%) $1,374,697 (15.7%) 1.75 48,615
2021-05-01 $649,000 (12.1%) $1,356,538 (19.4%) 1.71 51,469
2021-06-01 $640,060 (8.6%) $1,320,359 (16.2%) 1.66 54,695
2021-07-01 $622,500 (3.8%) $1,276,979 (11.1%) 1.62 55,033
2021-08-01 $627,000 (-1.3%) $1,376,032 (12.1%) 1.65 57,049
2021-09-01 $631,868 (-2.0%) $1,410,300 (14.0%) 1.66 56,921
2021-10-01 $639,000 (-2.5%) $1,439,479 (10.7%) 1.68 57,262
2021-11-01 $655,000 (0.9%) $1,557,436 (21.3%) 1.73 54,263
2021-12-01 $664,000 (2.2%) $1,631,077 (23.8%) 1.77 46,763
2022-01-01 $675,000 (4.0%) $1,713,536 (26.4%) 1.80 40,031
Nassau County's median listing price for 2022-01-01 was $675,000, a difference of $26,000 (4.0%) versus the prior year and $11,000 versus the prior month.

Nassau County's median listing price comes in at 180% of the national average.

Nassau County's average listing price for 2022-01-01 was $1,713,536, a difference of $357,506 (26.4%) versus the prior year and $82,459 versus the prior month.

For the 2022-01-01 period, Nassau County had 40,031 MLS listings, a difference of -6,732 listings (-14%) versus the prior month and -9,600 listings (-19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Nassau County (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 90 days 1,926 sqft
2018-02-01 82 days 1,910 sqft
2018-03-01 58 days 1,900 sqft
2018-04-01 56 days 1,918 sqft
2018-05-01 52 days 1,923 sqft
2018-06-01 53 days 1,944 sqft
2018-07-01 63 days 1,959 sqft
2018-08-01 67 days 1,950 sqft
2018-09-01 71 days 1,932 sqft
2018-10-01 69 days 1,912 sqft
2018-11-01 70 days 1,888 sqft
2018-12-01 82 days 1,872 sqft
2019-01-01 88 days 1,847 sqft
2019-02-01 82 days 1,850 sqft
2019-03-01 57 days 1,887 sqft
2019-04-01 52 days 1,931 sqft
2019-05-01 52 days 1,935 sqft
2019-06-01 57 days 1,964 sqft
2019-07-01 64 days 1,960 sqft
2019-08-01 72 days 1,952 sqft
2019-09-01 71 days 1,932 sqft
2019-10-01 67 days 1,924 sqft
2019-11-01 66 days 1,872 sqft
2019-12-01 84 days 1,854 sqft
2020-01-01 92 days 1,845 sqft
2020-02-01 77 days 1,860 sqft
2020-03-01 56 days 1,881 sqft
2020-04-01 56 days 1,872 sqft
2020-05-01 74 days 1,860 sqft
2020-06-01 77 days 1,888 sqft
2020-07-01 49 days 1,812 sqft
2020-08-01 45 days 1,734 sqft
2020-09-01 50 days 1,690 sqft
2020-10-01 49 days 1,645 sqft
2020-11-01 63 days 1,635 sqft
2020-12-01 75 days 1,588 sqft
2021-01-01 85 days 1,536 sqft
2021-02-01 84 days 1,515 sqft
2021-03-01 60 days 1,510 sqft
2021-04-01 49 days 1,514 sqft
2021-05-01 44 days 1,532 sqft
2021-06-01 45 days 1,550 sqft
2021-07-01 50 days 1,568 sqft
2021-08-01 49 days 1,547 sqft
2021-09-01 49 days 1,528 sqft
2021-10-01 53 days 1,504 sqft
2021-11-01 57 days 1,494 sqft
2021-12-01 68 days 1,449 sqft
2022-01-01 79 days 1,410 sqft
Nassau County's median listing age (time on market) for 2022-01-01 was 79 days. This is -7% shorter than the same period one year ago.

Nassau County's median square footage for active listings during the 2022-01-01 period was 1,410 sqft. One year prior, the average listing was 1,536 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).