Oneonta FHA Loan Rates, Closing Costs & Stats

Oneonta, 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.

    Oneonta's 24 lenders originated 66 FHA loans during 2023. The total origination value was $12,620,000, with an average FHA loan value of $191,212.

    Oneonta FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Oneonta averaged 6.98% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Oneonta's average FHA mortgage closing costs are $6,743.

    The average rate for the prior week (2024-04-12) was 6.97% and one month ago for the week of 2024-03-15, the average rate was 6.54%.

    The average rate one year ago was 6.67%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Oneonta 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 Oneonta level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 13 6.80% $7,127
    PLAZA HOME MORTGAGE, INC. 11 6.18% $10,770
    HOMESTEAD FUNDING CORP. 10 6.50% $5,658
    Barrington Bank & Trust Company, N.A. 2 7.00% $11,062
    FREEDOM MORTGAGE CORPORATION 2 6.75% $11,960
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.00% $22,497
    AMERICAN FINANCIAL NETWORK, INC. 2 6.44% $15,262
    NBT Bank 2 6.63% $7,030
    NP, Inc. 2 6.94% $13,227
    MOVEMENT MORTGAGE, LLC 1 7.25% $12,970
    M&T Bank 1 6.13% $14,779
    NEWREZ LLC 1 7.13% $15,010
    PENNYMAC LOAN SERVICES, LLC 1 6.75% $10,427
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $12,758
    1ST PRIORITY MORTGAGE, INC. 1 6.75% $8,968
    RELIANCE FIRST CAPITAL, LLC 1 6.50% $9,429
    AMERICAN FEDERAL MORTGAGE CORPORATION 1 6.13% $9,802
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $10,985
    CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $9,343
    EMBRACE HOME LOANS, INC. 1 5.75% $12,273
    Equity Prime Mortgage LLC 1 7.75% $8,137
    Fifth Third Bank 1 6.13% $9,769
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $9,776
    LOANDEPOT.COM, LLC 1 6.50% $9,954

    The top Oneonta FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 13 FHA loans originated. Their average total fees are $7,127, which is $3,643 lower than the next largest lender, PLAZA HOME MORTGAGE, INC..

    The lowest fee Oneonta FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($5,658), QUICKEN LOANS, LLC ($7,127), PLAZA HOME MORTGAGE, INC. ($10,770), .

    The lowest rate Oneonta FHA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. (6.18%), HOMESTEAD FUNDING CORP. (6.50%), QUICKEN LOANS, LLC (6.80%), .

    Oneonta FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Oneonta (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 $179,000 (16.2%) $304,360 (14.3%) 0.00 450
    2018-02-01 $176,500 (16.9%) $314,208 (20.6%) 0.00 436
    2018-03-01 $179,900 (18.4%) $307,510 (13.5%) 0.00 423
    2018-04-01 $179,900 (12.5%) $306,205 (11.0%) 0.00 417
    2018-05-01 $179,900 (12.5%) $307,151 (11.9%) 0.00 447
    2018-06-01 $189,000 (15.0%) $321,069 (11.3%) 0.00 495
    2018-07-01 $183,250 (8.1%) $329,878 (12.7%) 0.00 524
    2018-08-01 $188,750 (11.4%) $330,541 (11.8%) 0.00 529
    2018-09-01 $186,950 (6.8%) $332,396 (8.8%) 0.00 523
    2018-10-01 $186,225 (5.2%) $339,507 (12.9%) 0.00 506
    2018-11-01 $189,900 (4.8%) $346,933 (11.9%) 0.00 468
    2018-12-01 $189,900 (5.6%) $346,614 (12.3%) 0.00 437
    2019-01-01 $189,950 (6.1%) $351,462 (15.5%) 0.00 393
    2019-02-01 $199,450 (13.0%) $357,981 (13.9%) 0.00 394
    2019-03-01 $208,471 (15.9%) $358,604 (16.6%) 0.00 405
    2019-04-01 $221,175 (22.9%) $357,652 (16.8%) 0.00 425
    2019-05-01 $221,150 (22.9%) $349,279 (13.7%) 0.00 455
    2019-06-01 $225,000 (19.1%) $341,768 (6.5%) 0.00 489
    2019-07-01 $229,225 (25.1%) $351,747 (6.6%) 0.00 502
    2019-08-01 $214,100 (13.4%) $333,267 (0.8%) 0.00 522
    2019-09-01 $206,000 (10.2%) $317,520 (-4.5%) 0.00 514
    2019-10-01 $199,800 (7.3%) $306,425 (-9.7%) 0.00 505
    2019-11-01 $199,700 (5.2%) $316,839 (-8.7%) 0.00 437
    2019-12-01 $184,950 (-2.6%) $309,181 (-10.8%) 0.00 393
    2020-01-01 $182,000 (-4.2%) $301,711 (-14.2%) 0.00 365
    2020-02-01 $186,350 (-6.6%) $302,937 (-15.4%) 0.00 348
    2020-03-01 $189,000 (-9.3%) $312,045 (-13.0%) 0.00 338
    2020-04-01 $189,450 (-14.3%) $311,992 (-12.8%) 0.00 330
    2020-05-01 $189,900 (-14.1%) $313,549 (-10.2%) 0.00 327
    2020-06-01 $192,500 (-14.4%) $323,868 (-5.2%) 0.00 347
    2020-07-01 $194,725 (-15.1%) $333,622 (-5.2%) 0.00 346
    2020-08-01 $195,000 (-8.9%) $317,409 (-4.8%) 0.00 346
    2020-09-01 $202,975 (-1.5%) $320,604 (1.0%) 0.00 332
    2020-10-01 $219,000 (9.6%) $328,279 (7.1%) 0.00 321
    2020-11-01 $189,222 (-5.3%) $320,396 (1.1%) 0.00 303
    2020-12-01 $189,891 (2.7%) $318,352 (3.0%) 0.00 283
    2021-01-01 $183,750 (1.0%) $316,267 (4.8%) 0.00 233
    2021-02-01 $189,000 (1.4%) $334,875 (10.5%) 0.00 211
    2021-03-01 $202,500 (7.1%) $374,047 (19.9%) 0.00 192
    2021-04-01 $214,975 (13.5%) $374,897 (20.2%) 0.00 183
    2021-05-01 $249,000 (31.1%) $397,469 (26.8%) 0.00 187
    2021-06-01 $249,950 (29.8%) $380,588 (17.5%) 0.00 228
    2021-07-01 $262,400 (34.8%) $385,760 (15.6%) 0.00 254
    2021-08-01 $259,625 (33.1%) $392,090 (23.5%) 0.00 270
    2021-09-01 $249,925 (23.1%) $384,034 (19.8%) 0.00 263
    2021-10-01 $239,950 (9.6%) $367,968 (12.1%) 0.00 247
    2021-11-01 $249,250 (31.7%) $372,653 (16.3%) 0.00 220
    2021-12-01 $251,250 (32.3%) $366,530 (15.1%) 0.00 190
    2022-01-01 $245,000 (33.3%) $346,468 (9.6%) 0.00 158
    2022-02-01 $255,350 (35.1%) $395,652 (18.2%) 0.00 139
    2022-03-01 $259,900 (28.4%) $418,489 (11.9%) 0.00 133
    2022-04-01 $282,450 (31.4%) $427,781 (14.1%) 0.00 133
    2022-05-01 $288,725 (16.0%) $407,136 (2.4%) 0.00 167
    2022-06-01 $297,750 (19.1%) $412,261 (8.3%) 0.00 198
    2022-07-01 $268,500 (2.3%) $438,367 (13.6%) 0.00 227
    2022-08-01 $284,450 (9.6%) $457,214 (16.6%) 0.00 213
    2022-09-01 $279,950 (12.0%) $436,298 (13.6%) 0.00 203
    2022-10-01 $269,200 (12.2%) $435,543 (18.4%) 0.00 191
    2022-11-01 $266,000 (6.7%) $432,026 (15.9%) 0.00 171
    2022-12-01 $225,500 (-10.3%) $405,332 (10.6%) 0.00 163
    2023-01-01 $260,000 (6.1%) $436,842 (26.1%) 0.00 135
    2023-02-01 $254,500 (-0.3%) $418,096 (5.7%) 0.00 134
    2023-03-01 $249,000 (-4.2%) $407,539 (-2.6%) 0.00 146
    2023-04-01 $249,900 (-11.5%) $387,577 (-9.4%) 0.00 148
    2023-05-01 $294,475 (2.0%) $420,194 (3.2%) 0.00 149
    2023-06-01 $299,600 (0.6%) $424,545 (3.0%) 0.00 159
    2023-07-01 $299,000 (11.4%) $411,398 (-6.2%) 0.00 163
    2023-08-01 $279,900 (-1.6%) $380,462 (-16.8%) 0.00 174
    2023-09-01 $292,000 (4.3%) $405,316 (-7.1%) 0.00 188
    2023-10-01 $281,200 (4.5%) $396,103 (-9.1%) 0.00 185
    2023-11-01 $279,500 (5.1%) $387,854 (-10.2%) 0.00 173
    2023-12-01 $280,000 (24.2%) $396,903 (-2.1%) 0.00 151
    2024-01-01 $281,950 (8.4%) $402,874 (-7.8%) 0.00 141
    2024-02-01 $264,225 (3.8%) $384,926 (-7.9%) 0.00 135
    2024-03-01 $275,000 (10.4%) $393,013 (-3.6%) 0.00 138
    Oneonta's median listing price for 2024-03-01 was $275,000, a difference of $26,000 (10.4%) versus the prior year and $10,775 versus the prior month.

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

    Oneonta's average listing price for 2024-03-01 was $393,013, a difference of $-14,526 (-3.6%) versus the prior year and $8,087 versus the prior month.

    For the 2024-03-01 period, Oneonta had 138 MLS listings, a difference of 3 listings (2%) versus the prior month and -8 listings (-5%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Oneonta (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,866 sqft
    2018-02-01 0 days 1,889 sqft
    2018-03-01 0 days 1,899 sqft
    2018-04-01 0 days 1,880 sqft
    2018-05-01 0 days 1,875 sqft
    2018-06-01 0 days 1,878 sqft
    2018-07-01 0 days 1,832 sqft
    2018-08-01 0 days 1,867 sqft
    2018-09-01 0 days 1,872 sqft
    2018-10-01 0 days 1,850 sqft
    2018-11-01 0 days 1,890 sqft
    2018-12-01 0 days 1,878 sqft
    2019-01-01 0 days 1,849 sqft
    2019-02-01 0 days 1,800 sqft
    2019-03-01 0 days 1,840 sqft
    2019-04-01 0 days 1,895 sqft
    2019-05-01 0 days 1,893 sqft
    2019-06-01 0 days 1,900 sqft
    2019-07-01 0 days 1,901 sqft
    2019-08-01 0 days 1,896 sqft
    2019-09-01 0 days 1,898 sqft
    2019-10-01 0 days 1,900 sqft
    2019-11-01 0 days 1,880 sqft
    2019-12-01 0 days 1,816 sqft
    2020-01-01 0 days 1,822 sqft
    2020-02-01 0 days 1,840 sqft
    2020-03-01 0 days 1,863 sqft
    2020-04-01 0 days 1,866 sqft
    2020-05-01 0 days 1,919 sqft
    2020-06-01 0 days 1,937 sqft
    2020-07-01 0 days 1,943 sqft
    2020-08-01 0 days 1,920 sqft
    2020-09-01 0 days 1,938 sqft
    2020-10-01 0 days 1,898 sqft
    2020-11-01 0 days 1,800 sqft
    2020-12-01 0 days 1,800 sqft
    2021-01-01 0 days 1,796 sqft
    2021-02-01 0 days 1,805 sqft
    2021-03-01 0 days 1,851 sqft
    2021-04-01 0 days 1,835 sqft
    2021-05-01 0 days 1,820 sqft
    2021-06-01 0 days 2,000 sqft
    2021-07-01 0 days 1,942 sqft
    2021-08-01 0 days 1,970 sqft
    2021-09-01 0 days 1,960 sqft
    2021-10-01 0 days 1,908 sqft
    2021-11-01 0 days 1,998 sqft
    2021-12-01 0 days 1,965 sqft
    2022-01-01 0 days 1,900 sqft
    2022-02-01 0 days 1,998 sqft
    2022-03-01 0 days 2,012 sqft
    2022-04-01 0 days 2,074 sqft
    2022-05-01 0 days 1,893 sqft
    2022-06-01 0 days 1,905 sqft
    2022-07-01 0 days 1,844 sqft
    2022-08-01 0 days 1,870 sqft
    2022-09-01 0 days 1,874 sqft
    2022-10-01 0 days 1,930 sqft
    2022-11-01 0 days 1,824 sqft
    2022-12-01 0 days 1,751 sqft
    2023-01-01 0 days 1,931 sqft
    2023-02-01 0 days 1,946 sqft
    2023-03-01 0 days 1,931 sqft
    2023-04-01 0 days 1,889 sqft
    2023-05-01 0 days 1,910 sqft
    2023-06-01 0 days 1,949 sqft
    2023-07-01 0 days 1,932 sqft
    2023-08-01 0 days 1,869 sqft
    2023-09-01 0 days 1,908 sqft
    2023-10-01 0 days 1,860 sqft
    2023-11-01 0 days 1,880 sqft
    2023-12-01 0 days 1,892 sqft
    2024-01-01 0 days 1,894 sqft
    2024-02-01 0 days 1,894 sqft
    2024-03-01 0 days 1,852 sqft
    Oneonta's median listing age (time on market) for 2024-03-01 was 0 days.

    Oneonta's median square footage for active listings during the 2024-03-01 period was 1,852 sqft. One year prior, the average listing was 1,931 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).