New York FHA Loan Rates, Closing Costs & Stats

New York-Newark-Jersey City, NY-NJ-PA

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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.

    New York's 257 lenders originated 22,722 FHA loans during 2022. The total origination value was $11,334,780,000, with an average FHA loan value of $498,846.

    New York FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New York averaged -0.87% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

    New York's average FHA mortgage closing costs are $13,886.

    The average rate for the prior week (2023-05-26) was 6.06% and one month ago for the week of 2023-04-28, the average rate was 5.81%.

    The average rate one year ago was 4.26%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.79%.

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

    New York 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 New York level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 1,634 4.72% $20,781
    QUICKEN LOANS, LLC 1,404 4.30% $15,913
    LOANDEPOT.COM, LLC 1,001 4.42% $17,136
    CROSSCOUNTRY MORTGAGE, LLC 989 4.97% $20,394
    NATIONWIDE MORTGAGE BANKERS, INC. 801 4.90% $24,342
    CARDINAL FINANCIAL 767 4.75% $23,308
    CALIBER HOME LOANS, INC. 613 4.39% $18,680
    Paramount Residential Mortgage Group, Inc. 467 4.89% $18,632
    HOMEBRIDGE FINANCIAL SERVICES, INC. 464 4.59% $20,311
    HOME POINT FINANCIAL CORPORATION 459 4.03% $19,789
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 427 4.84% $18,179
    CONTOUR MORTGAGE CORPORATION 410 4.94% $23,826
    Mr. Cooper ( Nationstar Mortgage ) 394 4.07% $15,682
    UNITED MORTGAGE CORP. 392 4.79% $22,359
    GUARANTEED RATE, INC. 382 4.85% $17,226
    ABSOLUTE HOME MORTGAGE CORPORATION 378 5.23% $18,228
    The Federal Savings Bank 377 4.59% $24,644
    Northpointe Bank 375 4.67% $18,586
    NJ LENDERS CORP. 367 4.44% $15,601
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 355 4.07% $18,278
    FREEDOM MORTGAGE CORPORATION 332 4.35% $14,545
    FINANCE OF AMERICA MORTGAGE LLC 321 4.23% $21,837
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 273 5.11% $26,210
    East Coast Capital Corp. 271 4.96% $25,013
    MLB RESIDENTIAL LENDING, LLC 259 5.10% $21,083
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 259 4.76% $18,424
    PENNYMAC LOAN SERVICES, LLC 249 4.24% $14,265
    Advisors Mortgage Group, L.L.C. 239 4.86% $13,656
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 226 4.88% $22,462
    Carrington Mortgage Services, LLC 224 4.77% $18,642
    Equity Prime Mortgage LLC 201 5.12% $16,835
    Flagstar Bank, FSB 190 4.61% $24,274
    JET DIRECT FUNDING CORP 157 4.87% $26,419
    NEWREZ LLC 147 4.61% $13,628
    EMBRACE HOME LOANS, INC. 137 4.83% $17,678
    Nations Lending Corporation 136 4.82% $16,782
    JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 125 4.84% $22,081
    JPMorgan Chase Bank 123 4.58% $15,141
    FIRST ALLIANCE HOME MORTGAGE, LLC 115 5.03% $20,075
    M&T Bank 114 4.05% $15,297
    AMERISAVE MORTGAGE CORPORATION 111 4.33% $16,878
    MOVEMENT MORTGAGE, LLC 109 4.84% $15,218
    LAKEVIEW LOAN SERVICING, LLC 109 3.76% $9,797
    SUN WEST MORTGAGE COMPANY, INC. 101 4.44% $21,929
    CLIFFCO, INC. 98 4.75% $25,201
    BOND STREET MORTGAGE, LLC 93 4.80% $18,191
    PLAZA HOME MORTGAGE, INC. 91 4.59% $24,967
    ALLIED MORTGAGE GROUP, INC. 86 4.85% $16,440
    Quontic Bank 86 4.97% $24,288
    PLANET HOME LENDING, LLC 82 4.66% $16,403
    US MORTGAGE CORPORATION 82 4.90% $21,458
    BROKER SOLUTIONS, INC. 79 5.14% $14,365
    EMM LOANS LLC 77 5.19% $18,465
    RELIANCE FIRST CAPITAL, LLC 75 4.36% $19,438
    PANORAMA MORTGAGE GROUP, LLC 71 5.49% $22,157
    GUARANTEED RATE AFFINITY, LLC 71 4.92% $14,909
    Plains Commerce Bank 69 4.59% $16,506
    1ST 2ND MORTGAGE COMPANY OF N.J., INC. 68 4.85% $16,420
    FM Home Loans, LLC 66 4.32% $19,957
    Lakeview Community Capital, LLC 66 3.73% $8,811
    Gateway First Bank 65 4.76% $12,154
    HARTFORD FUNDING, LTD. 61 4.74% $25,991
    MORTGAGE ACCESS CORP. 61 4.95% $14,763
    Bank of America 55 3.91% $13,824
    Financial Freedom Mortgage, LLC 54 4.93% $15,081
    GREENTREE MORTGAGE COMPANY, L.P. 53 4.52% $10,807
    RESIDENTIAL HOME FUNDING CORP. 52 4.55% $17,875
    CMG MORTGAGE, INC. 51 4.50% $19,405
    MID-ISLAND MORTGAGE CORP. 50 4.89% $22,178
    MLD MORTGAGE INC. 49 4.67% $16,075
    TD Bank 48 4.20% $14,023
    BLAIR SERVICES OF AMERICA INC. 47 4.62% $24,586
    Citizens Bank 47 4.48% $16,363
    UNION HOME MORTGAGE CORP. 41 4.65% $15,648
    GREENWAY MORTGAGE FUNDING CORP. 38 4.94% $14,753
    ENVOY MORTGAGE, LTD 38 4.95% $20,046
    AMERICAN PACIFIC MORTGAGE CORPORATION 37 5.59% $20,175
    U.S. Bank 37 4.65% $14,411
    SUCCESS MORTGAGE PARTNERS, INC. 36 4.80% $17,621
    TOWNE MORTGAGE COMPANY 36 4.71% $18,037
    NFM, INC. 34 5.24% $17,018
    MILLENIUM HOME MORTGAGE, LLC 33 4.64% $18,112
    HOMESIDE FINANCIAL, LLC 33 4.83% $15,383
    INTERSTATE HOME LOAN CENTER, INC. 33 4.97% $24,315
    MUTUAL OF OMAHA MORTGAGE, INC. 33 4.79% $17,204
    Bethpage Federal Credit Union 33 4.57% $5,058
    CONTINENTAL MORTGAGE BANKERS, INC. 30 4.82% $20,423
    NETWORK CAPITAL FUNDING CORPORATION 29 4.54% $17,800
    ASSOCIATED MORTGAGE BANKERS, INC. 28 5.06% $21,523
    MY MORTGAGE, INC. 28 5.27% $20,371
    First Home Bank 28 4.56% $17,359
    PNC Bank 28 4.36% $12,006
    First Guaranty Mortgage Corporation 28 3.79% $18,352
    Wells Fargo Bank 28 4.86% $13,504
    AmRes Corporation 26 4.96% $15,407
    PRIMELENDING, A PLAINSCAPITAL COMPANY 24 5.26% $18,788
    ARC HOME LLC 24 3.92% $22,100
    Century Mortgage Company DBA Century Lending Company 24 5.23% $16,284
    LYNX MORTGAGE BANK LLC 23 4.28% $16,973
    NP, Inc. 23 4.75% $21,016
    TOTAL MORTGAGE SERVICES, LLC 23 4.40% $20,509
    DRAPER AND KRAMER MORTGAGE CORP. 22 4.82% $13,860
    Prosperity Home Mortgage, LLC 22 4.60% $16,091
    PATRIOT ONE MORTGAGE BANKERS, LLC 21 4.65% $29,503
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 21 4.92% $14,914
    CHERRY CREEK MORTGAGE, LLC 21 4.86% $7,630
    Valley National Bank 20 5.00% $17,006
    VAN DYK MORTGAGE CORPORATION 20 4.11% $14,081
    EVERETT FINANCIAL, INC. 20 5.30% $7,968
    Acre Mortgage and Financial Inc 20 5.14% $17,481
    VILLAGE CAPITAL MORTGAGE 19 3.76% $10,734
    INLAND BANK & TRUST 17 4.89% $22,215
    Summit Mortgage Corporation 17 5.38% $11,081
    GENNEXT FUNDING, LLC 17 5.26% $17,041
    Luxury Mortgage Corp. 16 4.13% $18,369
    CHURCHILL MORTGAGE CORPORATION 16 5.12% $17,011
    WALL STREET MORTGAGE BANKERS, LTD. 16 4.67% $25,700
    PHH Mortgage Corporation 14 5.01% $13,924
    BAYSHORE MORTGAGE FUNDING, LLC 14 4.48% $16,058
    PRIMARY RESIDENTIAL MORTGAGE, INC. 14 5.42% $16,965
    AMERICAN FINANCING CORPORATION 14 4.33% $12,307
    Kwik Mortgage Corporation 13 4.39% $16,175
    Lakeland Bank 13 4.50% $12,578
    Sierra Pacific Mortgage Company, Inc. 13 3.49% $14,158
    LOANLEADERS OF AMERICA, INC. 13 4.89% $17,670
    TIDEWATER MORTGAGE SERVICES, INC. 13 4.81% $12,251
    AmeriHome Mortgage Company, LLC 13 5.03% $14,250
    LIBERTY HOME MORTGAGE CORPORATION 13 5.39% $15,765
    LENDING CAPITAL GROUP Inc 13 4.46% $21,159
    DHI MORTGAGE COMPANY, LTD. 12 3.52% $14,082
    ROYAL UNITED MORTGAGE LLC 11 4.95% $22,034
    MDE Home Loans, LLC 11 4.00% $14,115
    NVR Mortgage Finance, Inc. 11 4.20% $21,690
    MORIA DEVELOPMENT, INC. 11 4.64% $13,284
    NATION ONE MORTGAGE CORPORATION 11 5.09% $22,892
    LADERA LENDING, INC. 10 4.39% $16,213
    Barrington Bank & Trust Company, N.A. 10 4.20% $15,091
    RESIDENTIAL HOME MORTGAGE CORPORATION 10 5.05% $17,689
    First Savings Bank 10 4.34% $22,227
    HOMESTEAD FUNDING CORP. 10 5.19% $14,695
    OCEANSIDE MORTGAGE COMPANY 10 4.09% $8,132
    Magnolia Bank 9 4.68% $25,632
    Hometown Lenders, Inc. 9 5.28% $12,909
    OCMBC, INC. 9 4.43% $12,287
    NATIONS DIRECT MORTGAGE, LLC 8 4.59% $15,746
    Evolve Bank & Trust 8 4.67% $16,990
    A&D Mortgage LLC 8 5.33% $33,541
    Waterstone Mortgage Corporation 8 6.06% $22,399
    PREMIER MORTGAGE RESOURCES, L.L.C. 8 6.28% $19,965
    Bank of England 8 4.89% $13,684
    AMERICAN FEDERAL MORTGAGE CORPORATION 8 4.66% $15,346
    Mortgage Research Center, LLC 7 5.37% $16,813
    Texana Bank 7 3.71% $10,444
    PENTAGON FEDERAL CREDIT UNION 7 4.16% $12,252
    GLENDENNING MORTGAGE CORPORATION 7 4.82% $11,632
    EAGLE HOME MORTGAGE, LLC 7 4.96% $16,188
    ATLANTIS MORTGAGE CO., INC. 7 5.34% $14,671
    GENEVA FINANCIAL, LLC 7 4.27% $19,309
    BRIDGEVIEW MORTGAGE CORP. 7 4.14% $24,853
    CITY FIRST MORTGAGE SERVICES, L.L.C. 7 5.29% $21,662
    Peoples Bank 6 5.52% $23,566
    Wyndham Capital Mortgage, Inc. 6 4.92% $17,979
    SOVEREIGN LENDING GROUP INCORPORATED 6 3.77% $13,552
    Republic Bank 6 5.31% $10,539
    Fulton Bank 6 4.96% $11,461
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 6 4.88% $17,932
    First Federal Bank 6 4.50% $20,677
    AMERICAN FINANCIAL RESOURCES, INC. 6 5.73% $22,107
    Huntingdon Valley Bank 6 4.54% $14,194
    The Huntington National Bank 6 3.60% $12,571
    T2 FINANCIAL LLC 6 5.52% $22,684
    NORWICH COMMERCIAL GROUP, INC. 5 4.75% $26,374
    Quik Fund, Inc 4 6.16% $28,002
    PINNACLE MORTGAGE, INC. 4 4.94% $19,724
    Univest Bank and Trust Co. 4 5.00% $11,069
    ARK MORTGAGE, INC. 4 3.25% $20,387
    Princeton Mortgage Corporation 4 3.84% $23,455
    AMERICAN BANCSHARES MORTGAGE, LLC 4 4.63% $13,948
    DEVELOPER'S MORTGAGE COMPANY 4 3.91% $15,651
    WILLIAM RAVEIS MORTGAGE, LLC 4 4.44% $16,508
    1st Colonial Community Bank 4 4.88% $14,235
    Unity Bank 4 4.88% $15,457
    Axos Bank 3 5.42% $23,214
    SWBC MORTGAGE CORPORATION 3 3.71% $4,431
    NEXERA HOLDING LLC 3 4.17% $9,074
    NBKC BANK 3 4.42% $11,068
    United Community Bank 3 3.63% $16,224
    North American Savings Bank, F.S.B. 3 4.13% $17,964
    BETTER MORTGAGE CORPORATION 3 3.62% $14,099
    AMCAP MORTGAGE, LTD. 3 3.83% $23,558
    HARBORONE MORTGAGE, LLC 3 5.25% $16,899
    BECKAM FUNDING CORP. 3 6.38% $29,950
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 4.96% $20,696
    Hometown Equity Mortgage, LLC 3 4.79% $12,650
    FIRST HERITAGE FINANCIAL, LLC 3 5.75% $14,248
    HOMESPIRE MORTGAGE CORPORATION 3 4.58% $19,046
    KeyBank 3 4.29% $14,532
    Semper Home Loans, Inc. 3 4.96% $16,626
    NATIONWIDE EQUITIES CORPORATION 2 4.25% $35,151
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 4.38% $14,391
    INTELLILOAN, INC. 2 4.12% $13,745
    First Internet Bank of Indiana 2 3.56% $10,893
    LENOX FINANCIAL MORTGAGE CORPORATION 2 5.06% $15,680
    LOANPAL, LLC 2 4.44% $15,728
    Meridian Bank Corporation 2 4.75% $11,656
    MICHIGAN MUTUAL, INC. 2 5.31% $26,993
    EQUITY NOW INC. 2 4.94% $26,127
    Mutual Federal Bank 2 5.25% $9,541
    NORTHPOINT MORTGAGE, INC. 2 6.44% $13,502
    OAKTREE FUNDING CORP. 2 5.38% $18,710
    BEST CAPITAL FUNDING 2 3.38% $12,499
    Quaint Oak Mortgage, LLC 2 4.69% $16,027
    RESIDENTIAL BANCORP. 2 6.12% $15,280
    Santander Bank, N.A. 2 2.88% $9,813
    Shamrock Home Loans, Inc. 2 4.75% $18,472
    Strong Home Mortgage, LLC 2 3.13% $7,621
    APEX HOME LOANS, INC. 2 2.94% $24,677
    The Central Trust Bank 2 3.38% $8,946
    AMERICA'S CHOICE HOME LOANS LP 2 6.44% $12,965
    TOP FLITE FINANCIAL, INC. 2 5.31% $14,871
    Willamette Valley Bank 2 5.00% $26,551
    Florida Capital Bank 1 4.63% $22,978
    JMAC LENDING, INC. 1 5.50% $13,425
    PULTE MORTGAGE LLC 1 5.25% $35,076
    Sunflower Bank 1 6.13% $17,055
    ANGEL OAK HOME LOANS LLC 1 6.25% $9,736
    Prime Choice Funding Inc. 1 3.50% $13,497
    POLARIS HOME FUNDING CORP. 1 5.25% $11,210
    BAY EQUITY LLC 1 5.75% $21,749
    PIKE CREEK MORTGAGE SERVICES, INC. 1 4.99% $18,906
    HUDSON VALLEY CREDIT UNION 1 3.63% $7,080
    GSF Mortgage Corporation 1 5.50% $11,488
    Paramount Bank 1 3.13% $13,166
    The Union Bank Company 1 5.13% $18,231
    PARAGON HOME LOANS INC. 1 4.75% $22,881
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 4.88% $11,347
    BNC National Bank 1 5.63% $19,118
    NEW DAY FINANCIAL, LLC 1 3.88% $38,566
    Citibank 1 4.63% $9,875
    Union Savings Bank 1 2.75% $23,873
    GUILD MORTGAGE COMPANY 1 5.13% $16,839
    CLEARPATH LENDING 1 2.99% $11,761
    AMERICAN ADVISORS GROUP 1 5.63% $9,268
    Columbia Bank 1 5.00% $12,299
    Cornerstone First Mortgage, Inc 1 3.63% $12,473
    Credence Funding Corporation 1 4.75% $17,477
    MK LENDING CORP. 1 4.25% $21,032
    Midwest Community Bank 1 3.63% $9,836
    FirstBank 1 2.63% $6,409
    Residential Mortgage Solutions, Inc. 1 4.75% $16,306
    MID AMERICA MORTGAGE, INC. 1 4.88% $2,119
    Armed Forces Bank 1 4.75% $8,757
    First Federal Bank of Kansas City 1 2.88% $12,010
    Arvest Bank 1 6.25% $10,978
    SOUTHWEST STAGE FUNDING, LLC 1 2.88% $13,918
    Assurance Financial Group, L.L.C. 1 5.62% $8,731
    Specialized Loan Servicing LLC 1 2.75% $12,505

    The top New York FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 1,634 FHA loans originated. Their average total fees are $20,781, which is $4,868 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee New York FHA lenders (with over 10 loans originated) are Bethpage Federal Credit Union ($5,058), CHERRY CREEK MORTGAGE, LLC ($7,630), EVERETT FINANCIAL, INC. ($7,968), OCEANSIDE MORTGAGE COMPANY ($8,132) and Lakeview Community Capital, LLC ($8,811).

    The lowest rate New York FHA lenders (with over 10 loans originated) are Sierra Pacific Mortgage Company, Inc. (3.49%), DHI MORTGAGE COMPANY, LTD. (3.52%), Lakeview Community Capital, LLC (3.73%), LAKEVIEW LOAN SERVICING, LLC (3.76%) and VILLAGE CAPITAL MORTGAGE (3.76%).

    New York FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA BERGEN 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA ESSEX 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA HUDSON 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA HUNTERDON 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MIDDLESEX 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MONMOUTH 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MORRIS 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA OCEAN 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PASSAIC 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SOMERSET 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SUSSEX 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA UNION 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA BRONX 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA KINGS 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NASSAU 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NEW YORK 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PUTNAM 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA QUEENS 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA RICHMOND 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA ROCKLAND 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SUFFOLK 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA WESTCHESTER 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PIKE 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA BERGEN 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA ESSEX 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA HUDSON 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA HUNTERDON 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MIDDLESEX 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MONMOUTH 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MORRIS 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA OCEAN 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PASSAIC 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SOMERSET 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SUSSEX 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA UNION 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA BRONX 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA KINGS 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NASSAU 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NEW YORK 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PUTNAM 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA QUEENS 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA RICHMOND 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA ROCKLAND 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SUFFOLK 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA WESTCHESTER 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PIKE 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - New York (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 $499,000 (13.2%) $1,183,848 (11.5%) 1.85 48,078
    2018-02-01 $519,000 (14.2%) $1,187,290 (7.0%) 1.89 50,519
    2018-03-01 $529,990 (11.6%) $1,165,830 (4.1%) 1.86 54,044
    2018-04-01 $549,288 (12.1%) $1,162,468 (1.3%) 1.86 57,192
    2018-05-01 $559,000 (11.9%) $1,155,699 (1.3%) 1.87 62,369
    2018-06-01 $559,900 (12.0%) $1,137,634 (0.1%) 1.87 65,396
    2018-07-01 $552,746 (10.6%) $1,118,190 (-0.6%) 1.85 66,072
    2018-08-01 $549,000 (10.2%) $1,084,990 (-1.6%) 1.84 65,244
    2018-09-01 $549,900 (10.2%) $1,092,591 (-2.4%) 1.85 65,824
    2018-10-01 $549,999 (8.9%) $1,103,774 (-3.8%) 1.86 66,124
    2018-11-01 $549,900 (10.0%) $1,115,330 (-3.2%) 1.86 63,702
    2018-12-01 $540,000 (8.0%) $1,115,419 (-4.1%) 1.86 57,619
    2019-01-01 $535,000 (7.2%) $1,114,648 (-5.9%) 1.85 53,021
    2019-02-01 $547,000 (5.4%) $1,128,535 (-5.0%) 1.85 55,004
    2019-03-01 $560,143 (5.7%) $1,129,832 (-3.1%) 1.83 58,573
    2019-04-01 $575,000 (4.7%) $1,125,884 (-3.2%) 1.83 62,600
    2019-05-01 $589,000 (5.4%) $1,130,654 (-2.2%) 1.84 68,044
    2019-06-01 $585,000 (4.5%) $1,121,808 (-1.4%) 1.83 69,943
    2019-07-01 $575,000 (4.0%) $1,107,799 (-0.9%) 1.80 68,901
    2019-08-01 $575,818 (4.9%) $1,102,068 (1.6%) 1.82 68,034
    2019-09-01 $577,045 (4.9%) $1,114,874 (2.0%) 1.85 67,168
    2019-10-01 $577,864 (5.1%) $1,125,163 (1.9%) 1.86 66,028
    2019-11-01 $575,000 (4.6%) $1,138,453 (2.1%) 1.89 62,137
    2019-12-01 $574,250 (6.3%) $1,164,229 (4.4%) 1.91 54,253
    2020-01-01 $565,000 (5.6%) $1,173,259 (5.3%) 1.89 49,998
    2020-02-01 $575,000 (5.1%) $1,176,774 (4.3%) 1.89 51,377
    2020-03-01 $589,950 (5.3%) $1,181,586 (4.6%) 1.85 52,873
    2020-04-01 $598,919 (4.2%) $1,221,279 (8.5%) 1.88 48,982
    2020-05-01 $599,000 (1.7%) $1,197,451 (5.9%) 1.82 48,643
    2020-06-01 $599,944 (2.6%) $1,191,407 (6.2%) 1.77 51,190
    2020-07-01 $627,000 (9.0%) $1,207,722 (9.0%) 1.82 54,357
    2020-08-01 $640,000 (11.2%) $1,250,249 (13.5%) 1.83 54,382
    2020-09-01 $649,000 (12.5%) $1,264,201 (13.4%) 1.86 54,573
    2020-10-01 $649,999 (12.5%) $1,292,958 (14.9%) 1.86 55,665
    2020-11-01 $649,000 (12.9%) $1,308,060 (14.9%) 1.90 52,177
    2020-12-01 $649,000 (13.0%) $1,328,971 (14.2%) 1.93 46,933
    2021-01-01 $649,000 (14.9%) $1,375,909 (17.3%) 1.94 40,460
    2021-02-01 $649,950 (13.0%) $1,399,963 (19.0%) 1.89 38,708
    2021-03-01 $649,000 (10.0%) $1,384,176 (17.2%) 1.84 38,462
    2021-04-01 $649,948 (8.5%) $1,392,774 (14.0%) 1.76 40,119
    2021-05-01 $649,995 (8.5%) $1,380,641 (15.3%) 1.73 42,340
    2021-06-01 $645,371 (7.6%) $1,341,064 (12.6%) 1.70 44,884
    2021-07-01 $625,000 (-0.3%) $1,297,611 (7.4%) 1.65 45,176
    2021-08-01 $617,000 (-3.6%) $1,281,947 (2.5%) 1.65 44,670
    2021-09-01 $605,000 (-6.8%) $1,285,038 (1.7%) 1.61 43,618
    2021-10-01 $619,000 (-4.8%) $1,303,291 (0.8%) 1.65 43,541
    2021-11-01 $621,950 (-4.2%) $1,352,541 (3.4%) 1.66 39,094
    2021-12-01 $619,250 (-4.6%) $1,385,108 (4.2%) 1.68 32,924
    2022-01-01 $625,000 (-3.7%) $1,494,589 (8.6%) 1.69 28,166
    2022-02-01 $637,125 (-2.0%) $1,442,437 (3.0%) 1.66 28,501
    2022-03-01 $649,444 (0.1%) $1,450,488 (4.8%) 1.63 30,422
    2022-04-01 $660,000 (1.6%) $1,448,165 (4.0%) 1.57 32,093
    2022-05-01 $675,000 (3.9%) $1,431,685 (3.7%) 1.54 36,017
    2022-06-01 $675,000 (4.6%) $1,377,868 (2.7%) 1.50 38,792
    2022-07-01 $659,000 (5.4%) $1,336,147 (3.0%) 1.48 41,019
    2022-08-01 $650,000 (5.4%) $1,318,876 (2.9%) 1.50 40,186
    2022-09-01 $660,000 (9.1%) $1,365,893 (6.3%) 1.54 39,688
    2022-10-01 $674,495 (9.0%) $1,454,790 (11.6%) 1.59 40,051
    2022-11-01 $669,500 (7.7%) $1,496,955 (10.7%) 1.61 38,651
    2022-12-01 $660,000 (6.6%) $1,519,408 (9.7%) 1.63 33,980
    2023-01-01 $662,500 (6.0%) $1,547,386 (3.5%) 1.64 30,695
    2023-02-01 $679,950 (6.7%) $1,577,426 (9.4%) 1.64 30,175
    2023-03-01 $698,500 (7.6%) $1,590,348 (9.6%) 1.65 30,145
    2023-04-01 $699,999 (6.1%) $1,611,768 (11.3%) 1.63 31,315
    2023-05-01 $734,889 (8.9%) $1,673,035 (16.9%) 1.66 32,420
    New York's median listing price for 2023-05-01 was $734,889, a difference of $59,889 (8.9%) versus the prior year and $34,890 versus the prior month.

    New York's median listing price comes in at 166% of the national average.

    New York's average listing price for 2023-05-01 was $1,673,035, a difference of $241,350 (16.9%) versus the prior year and $61,267 versus the prior month.

    For the 2023-05-01 period, New York had 32,420 MLS listings, a difference of 1,105 listings (4%) versus the prior month and -3,597 listings (-10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - New York (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 84 days 1,839 sqft
    2018-02-01 72 days 1,856 sqft
    2018-03-01 52 days 1,882 sqft
    2018-04-01 51 days 1,895 sqft
    2018-05-01 46 days 1,909 sqft
    2018-06-01 50 days 1,917 sqft
    2018-07-01 59 days 1,918 sqft
    2018-08-01 65 days 1,912 sqft
    2018-09-01 66 days 1,900 sqft
    2018-10-01 64 days 1,886 sqft
    2018-11-01 65 days 1,862 sqft
    2018-12-01 78 days 1,840 sqft
    2019-01-01 82 days 1,822 sqft
    2019-02-01 73 days 1,833 sqft
    2019-03-01 59 days 1,867 sqft
    2019-04-01 50 days 1,909 sqft
    2019-05-01 50 days 1,927 sqft
    2019-06-01 55 days 1,936 sqft
    2019-07-01 64 days 1,928 sqft
    2019-08-01 67 days 1,923 sqft
    2019-09-01 69 days 1,914 sqft
    2019-10-01 70 days 1,908 sqft
    2019-11-01 71 days 1,860 sqft
    2019-12-01 85 days 1,840 sqft
    2020-01-01 90 days 1,826 sqft
    2020-02-01 75 days 1,842 sqft
    2020-03-01 54 days 1,854 sqft
    2020-04-01 71 days 1,861 sqft
    2020-05-01 85 days 1,872 sqft
    2020-06-01 86 days 1,869 sqft
    2020-07-01 47 days 1,806 sqft
    2020-08-01 47 days 1,758 sqft
    2020-09-01 51 days 1,702 sqft
    2020-10-01 51 days 1,686 sqft
    2020-11-01 60 days 1,648 sqft
    2020-12-01 74 days 1,607 sqft
    2021-01-01 84 days 1,568 sqft
    2021-02-01 78 days 1,533 sqft
    2021-03-01 55 days 1,531 sqft
    2021-04-01 44 days 1,542 sqft
    2021-05-01 41 days 1,564 sqft
    2021-06-01 44 days 1,577 sqft
    2021-07-01 47 days 1,590 sqft
    2021-08-01 53 days 1,581 sqft
    2021-09-01 57 days 1,561 sqft
    2021-10-01 57 days 1,534 sqft
    2021-11-01 59 days 1,506 sqft
    2021-12-01 70 days 1,458 sqft
    2022-01-01 79 days 1,427 sqft
    2022-02-01 60 days 1,406 sqft
    2022-03-01 40 days 1,429 sqft
    2022-04-01 39 days 1,450 sqft
    2022-05-01 38 days 1,504 sqft
    2022-06-01 39 days 1,551 sqft
    2022-07-01 44 days 1,566 sqft
    2022-08-01 54 days 1,553 sqft
    2022-09-01 59 days 1,548 sqft
    2022-10-01 59 days 1,536 sqft
    2022-11-01 62 days 1,528 sqft
    2022-12-01 75 days 1,502 sqft
    2023-01-01 82 days 1,490 sqft
    2023-02-01 75 days 1,485 sqft
    2023-03-01 55 days 1,489 sqft
    2023-04-01 50 days 1,498 sqft
    2023-05-01 48 days 1,506 sqft
    New York's median listing age (time on market) for 2023-05-01 was 48 days. This is 26% longer than the same period one year ago.

    New York's median square footage for active listings during the 2023-05-01 period was 1,506 sqft. One year prior, the average listing was 1,504 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).