Olean FHA Loan Rates, Closing Costs & Stats

Olean, 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.

    Olean's 24 lenders originated 97 FHA loans during 2023. The total origination value was $13,195,000, with an average FHA loan value of $136,031.

    Olean FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Olean averaged 7.17% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Olean's average FHA mortgage closing costs are $5,560.

    The average rate for the prior week (2024-04-12) was 6.86% and one month ago for the week of 2024-03-15, the average rate was 6.93%.

    The average rate one year ago was 6.26%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Olean 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 Olean level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 21 6.51% $7,574
    EVERETT FINANCIAL, INC. 10 6.83% $4,382
    PLAZA HOME MORTGAGE, INC. 9 6.72% $9,125
    UNITED WHOLESALE MORTGAGE, LLC 6 6.34% $12,165
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.95% $7,270
    M&T Bank 5 6.60% $6,374
    1ST PRIORITY MORTGAGE, INC. 4 6.69% $7,885
    Premium Mortgage Corporation 4 6.81% $4,350
    PARAGON HOME LOANS INC. 4 6.88% $6,149
    MOVEMENT MORTGAGE, LLC 3 7.42% $6,941
    Five Star Bank 3 6.63% $6,006
    HOMESTEAD FUNDING CORP. 3 6.67% $4,877
    HUNT MORTGAGE CORPORATION 2 6.81% $12,747
    KeyBank 2 6.00% $5,135
    JPMorgan Chase Bank 1 7.75% $2,526
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $6,205
    Bank of England 1 6.25% $9,331
    AMERICAN FINANCING CORPORATION 1 5.50% $6,948
    TOTAL MORTGAGE SERVICES, LLC 1 6.38% $11,013
    AMERICAN FINANCIAL NETWORK, INC. 1 5.75% $6,449
    U.S. Bank 1 6.25% $6,647
    LOANDEPOT.COM, LLC 1 6.75% $9,539
    Wells Fargo Bank 1 6.63% $7,037
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $7,969

    The top Olean FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 21 FHA loans originated. Their average total fees are $7,574, which is $3,192 higher than the next largest lender, EVERETT FINANCIAL, INC..

    The lowest fee Olean FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($4,382), QUICKEN LOANS, LLC ($7,574), .

    The lowest rate Olean FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.51%), EVERETT FINANCIAL, INC. (6.83%), .

    Olean FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    OLEAN, NY CATTARAUGUS 2022 $420,680 $538,650 $651,050 $809,150
    OLEAN, NY CATTARAUGUS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Olean (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 $119,900 (1.2%) $195,321 (7.8%) 0.00 511
    2018-02-01 $124,950 (5.4%) $205,143 (14.4%) 0.00 496
    2018-03-01 $129,000 (7.6%) $208,260 (11.5%) 0.00 483
    2018-04-01 $126,475 (5.5%) $205,997 (9.5%) 0.00 476
    2018-05-01 $125,000 (4.2%) $202,300 (8.0%) 0.00 497
    2018-06-01 $124,450 (1.5%) $201,141 (7.6%) 0.00 537
    2018-07-01 $127,950 (2.8%) $200,751 (6.9%) 0.00 559
    2018-08-01 $126,100 (1.0%) $196,875 (2.8%) 0.00 571
    2018-09-01 $120,000 (-5.7%) $191,557 (-2.7%) 0.00 553
    2018-10-01 $121,225 (-3.0%) $189,629 (-4.9%) 0.00 539
    2018-11-01 $119,900 (-2.1%) $186,119 (-7.3%) 0.00 523
    2018-12-01 $119,900 (-1.6%) $187,835 (-8.4%) 0.00 478
    2019-01-01 $119,900 (0.0%) $191,506 (-2.0%) 0.00 444
    2019-02-01 $119,900 (-4.0%) $195,272 (-4.8%) 0.00 434
    2019-03-01 $131,686 (2.1%) $208,028 (-0.1%) 0.00 406
    2019-04-01 $148,650 (17.5%) $220,052 (6.8%) 0.00 377
    2019-05-01 $145,950 (16.8%) $214,825 (6.2%) 0.00 382
    2019-06-01 $144,900 (16.4%) $211,615 (5.2%) 0.00 408
    2019-07-01 $139,900 (9.3%) $206,967 (3.1%) 0.00 426
    2019-08-01 $143,445 (13.8%) $209,050 (6.2%) 0.00 423
    2019-09-01 $144,264 (20.2%) $211,533 (10.4%) 0.00 423
    2019-10-01 $141,859 (17.0%) $210,811 (11.2%) 0.00 424
    2019-11-01 $131,950 (10.1%) $206,454 (10.9%) 0.00 405
    2019-12-01 $135,475 (13.0%) $212,417 (13.1%) 0.00 386
    2020-01-01 $154,950 (29.2%) $229,290 (19.7%) 0.00 353
    2020-02-01 $157,500 (31.4%) $228,850 (17.2%) 0.00 345
    2020-03-01 $153,750 (16.8%) $225,375 (8.3%) 0.00 338
    2020-04-01 $158,250 (6.5%) $229,055 (4.1%) 0.00 318
    2020-05-01 $164,900 (13.0%) $229,797 (7.0%) 0.00 321
    2020-06-01 $169,500 (17.0%) $226,567 (7.1%) 0.00 303
    2020-07-01 $162,450 (16.1%) $225,541 (9.0%) 0.00 287
    2020-08-01 $168,900 (17.8%) $234,502 (12.2%) 0.00 276
    2020-09-01 $143,150 (-0.8%) $229,320 (8.4%) 0.00 264
    2020-10-01 $138,450 (-2.4%) $235,427 (11.7%) 0.00 246
    2020-11-01 $132,400 (0.3%) $230,408 (11.6%) 0.00 219
    2020-12-01 $127,075 (-6.2%) $229,241 (7.9%) 0.00 205
    2021-01-01 $135,000 (-12.9%) $239,274 (4.4%) 0.00 181
    2021-02-01 $121,500 (-22.9%) $239,160 (4.5%) 0.00 158
    2021-03-01 $125,950 (-18.1%) $243,992 (8.3%) 0.00 135
    2021-04-01 $137,500 (-13.1%) $239,839 (4.7%) 0.00 129
    2021-05-01 $127,000 (-23.0%) $226,245 (-1.6%) 0.00 126
    2021-06-01 $127,200 (-25.0%) $221,699 (-2.2%) 0.00 142
    2021-07-01 $137,000 (-15.7%) $213,869 (-5.2%) 0.00 161
    2021-08-01 $139,900 (-17.2%) $211,305 (-9.9%) 0.00 157
    2021-09-01 $131,450 (-8.2%) $206,635 (-9.9%) 0.00 158
    2021-10-01 $136,500 (-1.4%) $208,496 (-11.4%) 0.00 157
    2021-11-01 $128,000 (-3.3%) $214,882 (-6.7%) 0.00 146
    2021-12-01 $121,500 (-4.4%) $213,552 (-6.8%) 0.00 136
    2022-01-01 $115,000 (-14.8%) $215,998 (-9.7%) 0.00 119
    2022-02-01 $125,000 (2.9%) $202,644 (-15.3%) 0.00 96
    2022-03-01 $121,225 (-3.8%) $196,827 (-19.3%) 0.00 100
    2022-04-01 $124,900 (-9.2%) $220,417 (-8.1%) 0.00 105
    2022-05-01 $122,400 (-3.6%) $219,545 (-3.0%) 0.00 112
    2022-06-01 $129,900 (2.1%) $225,092 (1.5%) 0.00 125
    2022-07-01 $149,000 (8.8%) $207,062 (-3.2%) 0.00 143
    2022-08-01 $133,425 (-4.6%) $204,577 (-3.2%) 0.00 149
    2022-09-01 $124,975 (-4.9%) $190,658 (-7.7%) 0.00 146
    2022-10-01 $131,500 (-3.7%) $188,803 (-9.5%) 0.00 143
    2022-11-01 $121,475 (-5.1%) $176,853 (-17.7%) 0.00 143
    2022-12-01 $112,400 (-7.5%) $183,970 (-13.9%) 0.00 123
    2023-01-01 $113,650 (-1.2%) $193,397 (-10.5%) 0.00 112
    2023-02-01 $119,730 (-4.2%) $216,983 (7.1%) 0.00 116
    2023-03-01 $128,675 (6.2%) $237,584 (20.7%) 0.00 109
    2023-04-01 $125,000 (0.1%) $223,681 (1.5%) 0.00 96
    2023-05-01 $143,050 (16.9%) $223,541 (1.8%) 0.00 108
    2023-06-01 $139,900 (7.7%) $226,301 (0.5%) 0.00 131
    2023-07-01 $142,500 (-4.4%) $230,090 (11.1%) 0.00 145
    2023-08-01 $142,450 (6.8%) $292,085 (42.8%) 0.00 161
    2023-09-01 $140,000 (12.0%) $303,421 (59.1%) 0.00 164
    2023-10-01 $159,900 (21.6%) $325,519 (72.4%) 0.00 167
    2023-11-01 $156,575 (28.9%) $327,411 (85.1%) 0.00 154
    2023-12-01 $139,950 (24.5%) $333,835 (81.5%) 0.00 141
    2024-01-01 $164,087 (44.4%) $333,179 (72.3%) 0.00 126
    2024-02-01 $175,925 (46.9%) $351,002 (61.8%) 0.00 137
    2024-03-01 $199,000 (54.7%) $410,785 (72.9%) 0.00 134
    Olean's median listing price for 2024-03-01 was $199,000, a difference of $70,325 (54.7%) versus the prior year and $23,075 versus the prior month.

    Olean's median listing price comes in at 0% of the national average.

    Olean's average listing price for 2024-03-01 was $410,785, a difference of $173,201 (72.9%) versus the prior year and $59,783 versus the prior month.

    For the 2024-03-01 period, Olean had 134 MLS listings, a difference of -3 listings (-2%) versus the prior month and 25 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Olean (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,594 sqft
    2018-02-01 0 days 1,586 sqft
    2018-03-01 0 days 1,602 sqft
    2018-04-01 0 days 1,641 sqft
    2018-05-01 0 days 1,617 sqft
    2018-06-01 0 days 1,622 sqft
    2018-07-01 0 days 1,648 sqft
    2018-08-01 0 days 1,622 sqft
    2018-09-01 0 days 1,620 sqft
    2018-10-01 0 days 1,617 sqft
    2018-11-01 0 days 1,619 sqft
    2018-12-01 0 days 1,621 sqft
    2019-01-01 0 days 1,600 sqft
    2019-02-01 0 days 1,598 sqft
    2019-03-01 0 days 1,665 sqft
    2019-04-01 0 days 1,670 sqft
    2019-05-01 0 days 1,673 sqft
    2019-06-01 0 days 1,626 sqft
    2019-07-01 0 days 1,633 sqft
    2019-08-01 0 days 1,660 sqft
    2019-09-01 0 days 1,672 sqft
    2019-10-01 0 days 1,680 sqft
    2019-11-01 0 days 1,680 sqft
    2019-12-01 0 days 1,680 sqft
    2020-01-01 0 days 1,708 sqft
    2020-02-01 0 days 1,714 sqft
    2020-03-01 0 days 1,706 sqft
    2020-04-01 0 days 1,706 sqft
    2020-05-01 0 days 1,677 sqft
    2020-06-01 0 days 1,679 sqft
    2020-07-01 0 days 1,677 sqft
    2020-08-01 0 days 1,680 sqft
    2020-09-01 0 days 1,611 sqft
    2020-10-01 0 days 1,624 sqft
    2020-11-01 0 days 1,607 sqft
    2020-12-01 0 days 1,575 sqft
    2021-01-01 0 days 1,624 sqft
    2021-02-01 0 days 1,548 sqft
    2021-03-01 0 days 1,546 sqft
    2021-04-01 0 days 1,548 sqft
    2021-05-01 0 days 1,483 sqft
    2021-06-01 0 days 1,523 sqft
    2021-07-01 0 days 1,584 sqft
    2021-08-01 0 days 1,653 sqft
    2021-09-01 0 days 1,692 sqft
    2021-10-01 0 days 1,688 sqft
    2021-11-01 0 days 1,551 sqft
    2021-12-01 0 days 1,544 sqft
    2022-01-01 0 days 1,470 sqft
    2022-02-01 0 days 1,373 sqft
    2022-03-01 0 days 1,466 sqft
    2022-04-01 0 days 1,454 sqft
    2022-05-01 0 days 1,450 sqft
    2022-06-01 0 days 1,527 sqft
    2022-07-01 0 days 1,573 sqft
    2022-08-01 0 days 1,617 sqft
    2022-09-01 0 days 1,566 sqft
    2022-10-01 0 days 1,536 sqft
    2022-11-01 0 days 1,437 sqft
    2022-12-01 0 days 1,440 sqft
    2023-01-01 0 days 1,428 sqft
    2023-02-01 0 days 1,454 sqft
    2023-03-01 0 days 1,499 sqft
    2023-04-01 0 days 1,438 sqft
    2023-05-01 0 days 1,483 sqft
    2023-06-01 0 days 1,465 sqft
    2023-07-01 0 days 1,440 sqft
    2023-08-01 0 days 1,460 sqft
    2023-09-01 0 days 1,559 sqft
    2023-10-01 0 days 1,516 sqft
    2023-11-01 0 days 1,536 sqft
    2023-12-01 0 days 1,512 sqft
    2024-01-01 0 days 1,512 sqft
    2024-02-01 0 days 1,574 sqft
    2024-03-01 0 days 1,568 sqft
    Olean's median listing age (time on market) for 2024-03-01 was 0 days.

    Olean's median square footage for active listings during the 2024-03-01 period was 1,568 sqft. One year prior, the average listing was 1,499 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).