Poughkeepsie FHA Loan Rates, Closing Costs & Stats

POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, 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.

    Poughkeepsie's 78 lenders originated 838 FHA loans during 2024. The total origination value was $301,800,000, with an average FHA loan value of $360,143.

    Poughkeepsie FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Poughkeepsie averaged 6.83% for the week of 2025-04-11, compared to the national average (all FHA variants) of 6.429% for the same period.

    Poughkeepsie's average FHA mortgage closing costs are $11,197.

    The average rate for the prior week (2025-04-04) was 6.55% and one month ago for the week of 2025-03-07, the average rate was 6.62%.

    The average rate one year ago was 6.87%.

    For refis of the same type during the week of 2025-04-11, the average rate was 6.99%.

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

    Poughkeepsie 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 Poughkeepsie level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 135 6.42% $14,694
    UNITED WHOLESALE MORTGAGE, LLC 93 6.37% $17,284
    CROSSCOUNTRY MORTGAGE, LLC 58 6.79% $15,206
    NEWREZ LLC 31 6.43% $15,132
    LOANDEPOT.COM, LLC 29 6.45% $15,438
    HOMESTEAD FUNDING CORP. 27 6.31% $11,541
    PENNYMAC LOAN SERVICES, LLC 26 6.46% $15,136
    PRIMELENDING, A PLAINSCAPITAL COMPANY 25 6.73% $14,543
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 25 6.69% $16,607
    NATIONWIDE MORTGAGE BANKERS, INC. 20 6.86% $17,843
    FREEDOM MORTGAGE CORPORATION 17 6.62% $20,579
    PLAZA HOME MORTGAGE, INC. 17 6.56% $19,453
    Mr. Cooper ( Nationstar Mortgage ) 16 6.34% $19,252
    CARDINAL FINANCIAL 14 6.45% $20,197
    RELIANCE FIRST CAPITAL, LLC 14 6.46% $17,384
    HOMEBRIDGE FINANCIAL SERVICES, INC. 13 6.70% $19,168
    GUARANTEED RATE, INC. 11 6.53% $15,216
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 11 7.05% $21,763
    HUDSON VALLEY CREDIT UNION 9 6.97% $10,465
    CONTOUR MORTGAGE CORPORATION 9 6.53% $19,174
    Equity Prime Mortgage LLC 9 6.63% $20,541
    M&T Bank 9 6.36% $12,674
    MOVEMENT MORTGAGE, LLC 8 6.86% $17,874
    JPMorgan Chase Bank 7 6.61% $10,937
    MID-ISLAND MORTGAGE CORP. 7 6.71% $16,286
    Carrington Mortgage Services, LLC 6 6.42% $21,358
    SUN WEST MORTGAGE COMPANY, INC. 6 6.71% $18,671
    EMM LOANS LLC 6 6.75% $18,052
    The Federal Savings Bank 6 6.48% $13,093
    Flagstar Bank, FSB 6 6.20% $15,355
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.90% $14,994
    CLIFFCO, INC. 5 6.58% $17,440
    East Coast Capital Corp. 5 6.53% $17,728
    1ST PRIORITY MORTGAGE, INC. 5 6.30% $14,313
    KeyBank 5 6.60% $9,964
    AMERICAN FINANCIAL NETWORK, INC. 4 7.16% $20,803
    FIRST ALLIANCE HOME MORTGAGE, LLC 4 6.12% $20,784
    Citizens Bank 4 6.31% $16,082
    US MORTGAGE CORPORATION 4 7.03% $19,159
    NJ LENDERS CORP. 4 6.97% $16,240
    BOND STREET MORTGAGE, LLC 3 6.75% $17,561
    1ST 2ND MORTGAGE COMPANY OF N.J., INC. 3 6.13% $24,067
    BROKER SOLUTIONS, INC. 3 6.41% $24,198
    CMG MORTGAGE, INC. 3 6.96% $19,753
    FM Home Loans, LLC 3 6.33% $15,672
    PATRIOT ONE MORTGAGE BANKERS, LLC 3 6.50% $22,684
    Prosperity Home Mortgage, LLC 3 5.95% $12,000
    TOTAL MORTGAGE SERVICES, LLC 3 7.00% $19,807
    UNITED MORTGAGE CORP 3 6.62% $17,226
    PENTAGON FEDERAL CREDIT UNION 2 5.88% $15,372
    ROYAL UNITED MORTGAGE LLC 2 7.19% $13,117
    NORWICH COMMERCIAL GROUP, INC. 2 6.25% $12,799
    Bank of America 2 6.31% $14,810
    TD Bank 2 7.00% $6,913
    INTERSTATE HOME LOAN CENTER, INC. 2 6.69% $15,461
    Valley National Bank 2 6.19% $13,039
    Wells Fargo Bank 2 6.06% $15,695
    AMERICAN FINANCING CORPORATION 2 6.19% $13,121
    PLANET HOME LENDING, LLC 2 4.56% $9,447
    JET DIRECT FUNDING CORP 2 6.75% $17,799
    Mortgage Research Center, LLC 2 6.69% $12,590
    EMBRACE HOME LOANS, INC. 2 6.75% $14,770
    ABSOLUTE HOME MORTGAGE CORPORATION 2 7.19% $11,509
    CONTINENTAL MORTGAGE BANKERS, INC. 2 6.19% $24,561
    Magnolia Bank 1 5.75% $11,047
    HARTFORD FUNDING, LTD. 1 6.25% $18,230
    U.S. Bank 1 6.13% $11,743
    GREENWAY MORTGAGE FUNDING CORP. 1 6.63% $13,328
    PHH Mortgage Corporation 1 6.63% $11,479
    Plains Commerce Bank 1 6.88% $11,449
    ENCORE BANK 1 6.25% $15,389
    Bethpage Federal Credit Union 1 7.38% $4,695
    SUNMARK FEDERAL CREDIT UNION 1 6.25% $10,119
    ASSOCIATED MORTGAGE BANKERS, INC. 1 6.75% $18,199
    ALLIED MORTGAGE GROUP, INC. 1 6.75% $11,668
    MORTGAGE ACCESS CORP. 1 5.75% $15,173
    Meridian Bank Corporation 1 6.63% $13,482
    LYNX MORTGAGE BANK LLC 1 6.99% $18,857

    The top Poughkeepsie FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 135 FHA loans originated. Their average total fees are $14,694, which is $2,591 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Poughkeepsie FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($11,541), PRIMELENDING, A PLAINSCAPITAL COMPANY ($14,543), QUICKEN LOANS, LLC ($14,694), NEWREZ LLC ($15,132) and PENNYMAC LOAN SERVICES, LLC ($15,136).

    The lowest rate Poughkeepsie FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. (6.31%), Mr. Cooper ( Nationstar Mortgage ) (6.34%), UNITED WHOLESALE MORTGAGE, LLC (6.37%), QUICKEN LOANS, LLC (6.42%) and NEWREZ LLC (6.43%).

    Poughkeepsie FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY DUTCHESS 2022 $420,680 $538,650 $651,050 $809,150
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY ORANGE 2022 $420,680 $538,650 $651,050 $809,150
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY DUTCHESS 2023 $472,030 $604,400 $730,525 $907,900
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY ORANGE 2023 $472,030 $604,400 $730,525 $907,900

    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).