Poughkeepsie FHA Loan Rates, Closing Costs & Stats

POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY

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 86 lenders originated 904 FHA loans during 2023. The total origination value was $303,630,000, with an average FHA loan value of $335,874.

Poughkeepsie FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Poughkeepsie averaged 6.92% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

Poughkeepsie's average FHA mortgage closing costs are $10,723.

The average rate for the prior week (2024-06-07) was 6.51% and one month ago for the week of 2024-05-10, the average rate was 6.99%.

The average rate one year ago was 6.75%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.88%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 152 6.19% $14,555
UNITED WHOLESALE MORTGAGE, LLC 117 6.51% $17,167
PRIMELENDING, A PLAINSCAPITAL COMPANY 43 6.69% $14,971
CROSSCOUNTRY MORTGAGE, LLC 39 6.73% $15,644
PLAZA HOME MORTGAGE, INC. 32 6.50% $16,466
HOMEBRIDGE FINANCIAL SERVICES, INC. 28 6.78% $15,288
LOANDEPOT.COM, LLC 28 6.11% $14,861
HOMESTEAD FUNDING CORP. 26 6.82% $10,430
NEWREZ LLC 24 6.66% $16,904
UNITED NORTHERN MORTGAGE BANKERS LIMITED 20 6.71% $17,038
CALIBER HOME LOANS, INC. 20 6.59% $16,458
NATIONWIDE MORTGAGE BANKERS, INC. 18 7.10% $19,373
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 6.32% $15,130
CARDINAL FINANCIAL 17 6.49% $17,747
PENNYMAC LOAN SERVICES, LLC 15 6.68% $15,528
Carrington Mortgage Services, LLC 14 6.70% $17,413
Mr. Cooper ( Nationstar Mortgage ) 13 6.30% $17,563
East Coast Capital Corp. 13 6.68% $20,562
GUARANTEED RATE, INC. 11 6.48% $17,347
Plains Commerce Bank 10 6.40% $20,950
MOVEMENT MORTGAGE, LLC 10 6.73% $16,176
FREEDOM MORTGAGE CORPORATION 9 6.99% $18,566
RELIANCE FIRST CAPITAL, LLC 9 6.49% $18,532
AMERICAN FINANCIAL NETWORK, INC. 9 6.79% $17,761
M&T Bank 9 6.47% $12,268
HUDSON VALLEY CREDIT UNION 8 6.78% $10,473
CONTOUR MORTGAGE CORPORATION 7 6.70% $19,487
The Federal Savings Bank 6 6.71% $22,224
MLB RESIDENTIAL LENDING, LLC 6 7.08% $21,100
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 6 6.67% $21,250
Flagstar Bank, FSB 6 6.81% $15,375
FM Home Loans, LLC 5 6.63% $15,740
CLIFFCO, INC. 5 6.83% $19,192
JPMorgan Chase Bank 5 5.95% $12,184
KeyBank 5 6.53% $9,501
MID-ISLAND MORTGAGE CORP. 5 6.70% $16,227
TOTAL MORTGAGE SERVICES, LLC 4 6.88% $18,120
US MORTGAGE CORPORATION 4 6.75% $15,890
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.59% $19,228
JET DIRECT FUNDING CORP 3 6.58% $24,253
NETWORK CAPITAL FUNDING CORPORATION 3 6.08% $14,614
NJ LENDERS CORP. 3 6.92% $14,196
PLANET HOME LENDING, LLC 3 6.50% $22,561
CMG MORTGAGE, INC. 3 6.92% $17,611
AMERICAN FINANCIAL RESOURCES, INC. 3 6.13% $10,401
Citizens Bank 3 6.58% $13,046
BLAIR SERVICES OF AMERICA INC. 3 6.62% $18,063
Barrington Bank & Trust Company, N.A. 2 5.75% $13,885
AMERICAN FINANCING CORPORATION 2 6.37% $14,459
ASSOCIATED MORTGAGE BANKERS, INC. 2 6.25% $16,826
EMBRACE HOME LOANS, INC. 2 6.87% $12,203
Equity Prime Mortgage LLC 2 6.81% $18,037
FIRST ALLIANCE HOME MORTGAGE, LLC 2 6.69% $18,569
First Savings Bank 2 7.19% $22,205
GUARANTEED RATE AFFINITY, LLC 2 6.75% $16,593
PNC Bank 2 6.13% $11,571
U.S. Bank 2 6.12% $17,238
Valley National Bank 2 6.12% $13,696
LYNX MORTGAGE BANK LLC 1 7.13% $12,319
Northpointe Bank 1 7.13% $13,300
PATRIOT ONE MORTGAGE BANKERS, LLC 1 5.75% $19,951
LENOX FINANCIAL MORTGAGE CORPORATION 1 6.75% $15,912
PENTAGON FEDERAL CREDIT UNION 1 6.13% $9,013
PHH Mortgage Corporation 1 7.13% $23,519
INTERSTATE HOME LOAN CENTER, INC. 1 5.63% $23,371
GREENWAY MORTGAGE FUNDING CORP. 1 6.75% $14,891
Fifth Third Bank 1 5.75% $9,777
WILLIAM RAVEIS MORTGAGE, LLC 1 7.50% $15,116
Evolve Bank & Trust 1 7.63% $8,936
ENVOY MORTGAGE, LTD 1 6.50% $14,577
Quontic Bank 1 7.25% $21,409
CIBM Bank 1 7.00% $12,041
SUNMARK FEDERAL CREDIT UNION 1 6.13% $7,937
SUN WEST MORTGAGE COMPANY, INC. 1 6.75% $10,729
TD Bank 1 7.13% $10,071
ABSOLUTE HOME MORTGAGE CORPORATION 1 7.50% $17,271
The Huntington National Bank 1 6.50% $14,113
Bank of America 1 5.88% $8,926
Ulster Savings Bank 1 7.25% $8,173
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $21,459
ARC HOME LLC 1 7.13% $19,225
Wells Fargo Bank 1 6.13% $14,824
AMERICAN FEDERAL MORTGAGE CORPORATION 1 6.88% $13,246
MORTGAGE ACCESS CORP. 1 6.50% $21,949
MLD MORTGAGE INC. 1 6.50% $20,554
Magnolia Bank 1 6.25% $24,375

The top Poughkeepsie FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 152 FHA loans originated. Their average total fees are $14,555, which is $2,612 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. ($10,430), QUICKEN LOANS, LLC ($14,555), LOANDEPOT.COM, LLC ($14,861), PRIMELENDING, A PLAINSCAPITAL COMPANY ($14,971) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($15,130).

The lowest rate Poughkeepsie FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.11%), QUICKEN LOANS, LLC (6.19%), Mr. Cooper ( Nationstar Mortgage ) (6.30%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.32%) and Plains Commerce Bank (6.40%).

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).