New York FHA Loan Rates, Closing Costs & Stats
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 249 lenders originated 16,811 FHA loans during 2023. The total origination value was $8,377,715,000, with an average FHA loan value of $498,347.
New York FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in New York
averaged
6.2%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
New York's average FHA mortgage closing costs are $14,669.
The average rate for the prior week (2024-10-18) was
6.19% and
one month ago for the week of 2024-09-20, the
average rate was 5.71%.
The average rate one year ago was 7.45%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.16%.
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.
The top New York FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
1,654 FHA loans originated. Their average total fees are
$24,412, which is $5,821
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 ($5,272), DRAPER AND KRAMER MORTGAGE CORP. ($11,913), PNC Bank ($12,688), AMERICAN FEDERAL MORTGAGE CORPORATION ($12,783) and NBKC BANK ($13,069).
The lowest rate New York FHA lenders (with over 10 loans originated) are
NETWORK CAPITAL FUNDING CORPORATION (5.75%), NVR Mortgage Finance, Inc. (5.87%), PENTAGON FEDERAL CREDIT UNION (5.93%), AMERICAN FINANCING CORPORATION (5.95%) and Mr. Cooper ( Nationstar Mortgage ) (5.96%).
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 |