Nassau County FHA Loans

NASSAU COUNTY-SUFFOLK COUNTY, 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.

    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).