Plattsburgh FHA Loan Rates, Closing Costs & Stats

Plattsburgh, 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.

    Plattsburgh's 26 lenders originated 92 FHA loans during 2023. The total origination value was $15,800,000, with an average FHA loan value of $171,739.

    Plattsburgh FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Plattsburgh averaged 6.85% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Plattsburgh's average FHA mortgage closing costs are $7,295.

    The average rate for the prior week (2024-04-05) was 6.77% and one month ago for the week of 2024-03-08, the average rate was 6.51%.

    The average rate one year ago was 6.14%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.84%.

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

    Plattsburgh 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 Plattsburgh level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ABSOLUTE HOME MORTGAGE CORPORATION 21 7.36% $10,240
    QUICKEN LOANS, LLC 13 6.29% $8,890
    AMERICAN FINANCIAL RESOURCES, INC. 6 6.75% $10,566
    UNITED WHOLESALE MORTGAGE, LLC 5 6.40% $9,665
    PARAGON HOME LOANS INC. 5 6.70% $8,783
    PLAZA HOME MORTGAGE, INC. 3 7.42% $11,220
    Bank of England 3 6.50% $10,334
    CROSSCOUNTRY MORTGAGE, LLC 3 6.88% $13,238
    RELIANCE FIRST CAPITAL, LLC 3 6.46% $11,130
    Glens Falls National Bank and Trust Company 2 6.31% $10,997
    PENNYMAC LOAN SERVICES, LLC 2 6.75% $10,187
    GUARANTEED RATE, INC. 2 7.01% $11,033
    NORTHERN CREDIT UNION 1 7.13% $7,792
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $7,934
    U.S. Bank 1 6.88% $7,775
    Byline Bank 1 7.13% $6,935
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $3,870
    FREEDOM MORTGAGE CORPORATION 1 7.00% $6,422
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $7,244
    KeyBank 1 6.38% $6,518
    MOVEMENT MORTGAGE, LLC 1 6.75% $6,421
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $8,902
    M&T Bank 1 6.25% $8,175
    NBKC BANK 1 7.13% $11,309
    NEWREZ LLC 1 6.63% $8,943
    North American Savings Bank, F.S.B. 1 5.50% $11,694

    The top Plattsburgh FHA lender as defined by loan originations is ABSOLUTE HOME MORTGAGE CORPORATION, with 21 FHA loans originated. Their average total fees are $10,240, which is $1,350 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Plattsburgh FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,890), ABSOLUTE HOME MORTGAGE CORPORATION ($10,240), .

    The lowest rate Plattsburgh FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.29%), ABSOLUTE HOME MORTGAGE CORPORATION (7.36%), .

    Plattsburgh FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Plattsburgh (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 $138,675 (-12.2%) $201,199 (-2.4%) 0.00 231
    2018-02-01 $139,900 (-8.1%) $206,617 (1.5%) 0.00 224
    2018-03-01 $154,900 (3.4%) $219,828 (9.4%) 0.00 221
    2018-04-01 $161,875 (8.6%) $233,205 (11.6%) 0.00 234
    2018-05-01 $169,925 (12.1%) $241,253 (7.7%) 0.00 250
    2018-06-01 $172,400 (6.1%) $242,173 (5.7%) 0.00 280
    2018-07-01 $179,900 (12.5%) $245,225 (9.4%) 0.00 288
    2018-08-01 $179,925 (12.5%) $245,997 (9.0%) 0.00 285
    2018-09-01 $175,000 (9.7%) $241,870 (11.1%) 0.00 269
    2018-10-01 $166,000 (4.2%) $238,755 (12.8%) 0.00 263
    2018-11-01 $172,325 (18.9%) $239,035 (16.7%) 0.00 237
    2018-12-01 $159,900 (14.3%) $219,647 (9.1%) 0.00 207
    2019-01-01 $158,000 (13.9%) $220,760 (9.7%) 0.00 180
    2019-02-01 $159,900 (14.3%) $222,477 (7.7%) 0.00 173
    2019-03-01 $160,371 (3.5%) $224,273 (2.0%) 0.00 169
    2019-04-01 $160,921 (-0.6%) $225,011 (-3.5%) 0.00 167
    2019-05-01 $169,950 (0.0%) $226,101 (-6.3%) 0.00 197
    2019-06-01 $169,900 (-1.5%) $229,341 (-5.3%) 0.00 237
    2019-07-01 $189,000 (5.1%) $240,684 (-1.9%) 0.00 268
    2019-08-01 $188,536 (4.8%) $235,525 (-4.3%) 0.00 277
    2019-09-01 $186,491 (6.6%) $234,251 (-3.2%) 0.00 272
    2019-10-01 $184,900 (11.4%) $233,252 (-2.3%) 0.00 260
    2019-11-01 $169,900 (-1.4%) $231,188 (-3.3%) 0.00 234
    2019-12-01 $167,450 (4.7%) $234,959 (7.0%) 0.00 194
    2020-01-01 $154,375 (-2.3%) $218,555 (-1.0%) 0.00 171
    2020-02-01 $159,450 (-0.3%) $226,183 (1.7%) 0.00 157
    2020-03-01 $189,675 (18.3%) $241,560 (7.7%) 0.00 169
    2020-04-01 $192,175 (19.4%) $242,578 (7.8%) 0.00 172
    2020-05-01 $189,000 (11.2%) $247,938 (9.7%) 0.00 152
    2020-06-01 $189,450 (11.5%) $244,837 (6.8%) 0.00 160
    2020-07-01 $200,000 (5.8%) $260,767 (8.3%) 0.00 166
    2020-08-01 $205,000 (8.7%) $263,833 (12.0%) 0.00 164
    2020-09-01 $201,200 (7.9%) $264,597 (13.0%) 0.00 171
    2020-10-01 $190,950 (3.3%) $262,285 (12.5%) 0.00 166
    2020-11-01 $192,175 (13.1%) $261,992 (13.3%) 0.00 163
    2020-12-01 $194,225 (16.0%) $260,107 (10.7%) 0.00 150
    2021-01-01 $189,000 (22.4%) $251,708 (15.2%) 0.00 133
    2021-02-01 $175,625 (10.1%) $238,784 (5.6%) 0.00 118
    2021-03-01 $201,375 (6.2%) $265,237 (9.8%) 0.00 94
    2021-04-01 $225,750 (17.5%) $285,342 (17.6%) 0.00 86
    2021-05-01 $239,000 (26.5%) $292,609 (18.0%) 0.00 86
    2021-06-01 $249,900 (31.9%) $292,594 (19.5%) 0.00 105
    2021-07-01 $230,000 (15.0%) $277,144 (6.3%) 0.00 110
    2021-08-01 $232,425 (13.4%) $263,006 (-0.3%) 0.00 106
    2021-09-01 $222,881 (10.8%) $244,483 (-7.6%) 0.00 102
    2021-10-01 $204,975 (7.3%) $260,171 (-0.8%) 0.00 102
    2021-11-01 $189,975 (-1.2%) $234,987 (-10.3%) 0.00 101
    2021-12-01 $189,925 (-2.2%) $224,896 (-13.5%) 0.00 89
    2022-01-01 $182,950 (-3.2%) $212,545 (-15.6%) 0.00 90
    2022-02-01 $191,700 (9.2%) $214,981 (-10.0%) 0.00 71
    2022-03-01 $188,450 (-6.4%) $209,525 (-21.0%) 0.00 67
    2022-04-01 $178,000 (-21.2%) $209,370 (-26.6%) 0.00 64
    2022-05-01 $197,200 (-17.5%) $247,650 (-15.4%) 0.00 81
    2022-06-01 $218,000 (-12.8%) $261,978 (-10.5%) 0.00 113
    2022-07-01 $219,363 (-4.6%) $267,004 (-3.7%) 0.00 128
    2022-08-01 $223,313 (-3.9%) $276,650 (5.2%) 0.00 121
    2022-09-01 $201,200 (-9.7%) $273,948 (12.1%) 0.00 111
    2022-10-01 $204,500 (-0.2%) $264,184 (1.5%) 0.00 111
    2022-11-01 $184,950 (-2.6%) $245,538 (4.5%) 0.00 101
    2022-12-01 $174,900 (-7.9%) $222,916 (-0.9%) 0.00 90
    2023-01-01 $182,498 (-0.3%) $225,298 (6.0%) 0.00 89
    2023-02-01 $182,425 (-4.8%) $230,622 (7.3%) 0.00 89
    2023-03-01 $219,306 (16.4%) $255,944 (22.2%) 0.00 83
    2023-04-01 $237,500 (33.4%) $271,604 (29.7%) 0.00 78
    2023-05-01 $238,900 (21.2%) $297,915 (20.3%) 0.00 91
    2023-06-01 $249,000 (14.2%) $299,077 (14.2%) 0.00 101
    2023-07-01 $235,000 (7.1%) $289,170 (8.3%) 0.00 120
    2023-08-01 $226,900 (1.6%) $289,084 (4.5%) 0.00 125
    2023-09-01 $225,000 (11.8%) $276,695 (1.0%) 0.00 120
    2023-10-01 $238,675 (16.7%) $284,636 (7.7%) 0.00 132
    2023-11-01 $239,925 (29.7%) $286,591 (16.7%) 0.00 116
    2023-12-01 $245,000 (40.1%) $302,758 (35.8%) 0.00 111
    2024-01-01 $239,950 (31.5%) $297,744 (32.2%) 0.00 100
    2024-02-01 $248,950 (36.5%) $302,437 (31.1%) 0.00 95
    2024-03-01 $269,950 (23.1%) $303,079 (18.4%) 0.00 88
    Plattsburgh's median listing price for 2024-03-01 was $269,950, a difference of $50,644 (23.1%) versus the prior year and $21,000 versus the prior month.

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

    Plattsburgh's average listing price for 2024-03-01 was $303,079, a difference of $47,135 (18.4%) versus the prior year and $642 versus the prior month.

    For the 2024-03-01 period, Plattsburgh had 88 MLS listings, a difference of -7 listings (-7%) versus the prior month and 5 listings (6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Plattsburgh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,620 sqft
    2018-02-01 0 days 1,625 sqft
    2018-03-01 0 days 1,639 sqft
    2018-04-01 0 days 1,690 sqft
    2018-05-01 0 days 1,704 sqft
    2018-06-01 0 days 1,732 sqft
    2018-07-01 0 days 1,755 sqft
    2018-08-01 0 days 1,747 sqft
    2018-09-01 0 days 1,745 sqft
    2018-10-01 0 days 1,742 sqft
    2018-11-01 0 days 1,780 sqft
    2018-12-01 0 days 1,739 sqft
    2019-01-01 0 days 1,740 sqft
    2019-02-01 0 days 1,705 sqft
    2019-03-01 0 days 1,724 sqft
    2019-04-01 0 days 1,724 sqft
    2019-05-01 0 days 1,711 sqft
    2019-06-01 0 days 1,659 sqft
    2019-07-01 0 days 1,713 sqft
    2019-08-01 0 days 1,717 sqft
    2019-09-01 0 days 1,711 sqft
    2019-10-01 0 days 1,707 sqft
    2019-11-01 0 days 1,700 sqft
    2019-12-01 0 days 1,701 sqft
    2020-01-01 0 days 1,644 sqft
    2020-02-01 0 days 1,652 sqft
    2020-03-01 0 days 1,800 sqft
    2020-04-01 0 days 1,821 sqft
    2020-05-01 0 days 1,782 sqft
    2020-06-01 0 days 1,736 sqft
    2020-07-01 0 days 1,740 sqft
    2020-08-01 0 days 1,750 sqft
    2020-09-01 0 days 1,747 sqft
    2020-10-01 0 days 1,712 sqft
    2020-11-01 0 days 1,746 sqft
    2020-12-01 0 days 1,742 sqft
    2021-01-01 0 days 1,669 sqft
    2021-02-01 0 days 1,690 sqft
    2021-03-01 0 days 1,728 sqft
    2021-04-01 0 days 1,818 sqft
    2021-05-01 0 days 1,886 sqft
    2021-06-01 0 days 1,801 sqft
    2021-07-01 0 days 1,815 sqft
    2021-08-01 0 days 1,779 sqft
    2021-09-01 0 days 1,798 sqft
    2021-10-01 0 days 1,728 sqft
    2021-11-01 0 days 1,670 sqft
    2021-12-01 0 days 1,670 sqft
    2022-01-01 0 days 1,666 sqft
    2022-02-01 0 days 1,672 sqft
    2022-03-01 0 days 1,615 sqft
    2022-04-01 0 days 1,536 sqft
    2022-05-01 0 days 1,581 sqft
    2022-06-01 0 days 1,637 sqft
    2022-07-01 0 days 1,699 sqft
    2022-08-01 0 days 1,715 sqft
    2022-09-01 0 days 1,659 sqft
    2022-10-01 0 days 1,614 sqft
    2022-11-01 0 days 1,633 sqft
    2022-12-01 0 days 1,554 sqft
    2023-01-01 0 days 1,563 sqft
    2023-02-01 0 days 1,577 sqft
    2023-03-01 0 days 1,713 sqft
    2023-04-01 0 days 1,708 sqft
    2023-05-01 0 days 1,780 sqft
    2023-06-01 0 days 1,835 sqft
    2023-07-01 0 days 1,835 sqft
    2023-08-01 0 days 1,676 sqft
    2023-09-01 0 days 1,609 sqft
    2023-10-01 0 days 1,715 sqft
    2023-11-01 0 days 1,748 sqft
    2023-12-01 0 days 1,800 sqft
    2024-01-01 0 days 1,790 sqft
    2024-02-01 0 days 1,637 sqft
    2024-03-01 0 days 1,684 sqft
    Plattsburgh's median listing age (time on market) for 2024-03-01 was 0 days.

    Plattsburgh's median square footage for active listings during the 2024-03-01 period was 1,684 sqft. One year prior, the average listing was 1,713 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).