New York FHA Loans
New York-Newark-Jersey City, NY-NJ-PA
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 271 lenders originated 41,631 FHA loans during 2021. The total origination value was $17,350,005,000, with an average FHA loan value of $416,757.
New York FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in New York
averaged
5.34%
for the week of 2022-08-05, compared to the national average (all FHA variants) of
5.305% for the same period.
The average rate for the prior week (2022-07-29) was
5.18% and
one month ago for the week of 2022-07-01, the
average rate was 5.27%.
The average rate one year ago was 3.07%.
For refis of the same type during the week of 2022-08-05, the average rate
was 4.84%.
New York 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 New York level.
The top New York FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
2,795 FHA loans originated. Their average total fees are
$10,137, which is $836
lower than the next largest lender,
FREEDOM MORTGAGE CORPORATION.
The lowest fee New York FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($4,068), Bethpage Federal Credit Union ($4,087), OCEANSIDE MORTGAGE COMPANY ($5,267), Lakeview Community Capital, LLC ($6,500) and AmeriHome Mortgage Company, LLC ($6,997).
The lowest rate New York FHA lenders (with over 10 loans originated) are
OCEANSIDE MORTGAGE COMPANY (2.52%), Strong Home Mortgage, LLC (2.53%), Citizens Bank (2.60%), CHURCHILL MORTGAGE CORPORATION (2.64%) and HOME POINT FINANCIAL CORPORATION (2.66%).
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 |
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 | $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 |
| 2022-02-01 | $697,000 (7.4%) | $1,699,961 (24.1%) | 1.78 | 40,529 |
| 2022-03-01 | $699,000 (7.8%) | $1,700,187 (24.9%) | 1.73 | 42,816 |
| 2022-04-01 | $715,000 (10.1%) | $1,684,560 (22.5%) | 1.68 | 45,562 |
| 2022-05-01 | $720,000 (10.9%) | $1,667,529 (22.9%) | 1.61 | 51,069 |
| 2022-06-01 | $700,208 (9.4%) | $1,599,569 (21.2%) | 1.56 | 54,860 |
New York's median listing price comes in at 156% of the national average.
New York's average listing price for 2022-06-01 was $1,599,569, a difference of $279,210 (21.2%) versus the prior year and $-67,960 versus the prior month.
For the 2022-06-01 period, New York had 54,860 MLS listings, a difference of 3,791 listings (7%) versus the prior month and 165 listings (0%) 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 | 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 |
| 2022-02-01 | 64 days | 1,400 sqft |
| 2022-03-01 | 47 days | 1,402 sqft |
| 2022-04-01 | 44 days | 1,424 sqft |
| 2022-05-01 | 43 days | 1,494 sqft |
| 2022-06-01 | 45 days | 1,536 sqft |
New York's median square footage for active listings during the 2022-06-01 period was 1,536 sqft. One year prior, the average listing was 1,550 sqft.
