Poughkeepsie FHA Loans

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 100 lenders originated 1,832 FHA loans during 2021. The total origination value was $535,780,000, with an average FHA loan value of $292,456.

Poughkeepsie FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Poughkeepsie averaged 5.46% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.2% and one month ago for the week of 2022-04-08, the average rate was 4.96%.

The average rate one year ago was 2.97%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.38%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Poughkeepsie level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 317 2.79% $8,217
FREEDOM MORTGAGE CORPORATION 109 2.88% $8,625
NEWREZ LLC 100 2.89% $9,265
HOMESTEAD FUNDING CORP. 77 3.10% $8,278
UNITED WHOLESALE MORTGAGE, LLC 76 2.74% $11,118
LOANDEPOT.COM, LLC 72 2.99% $10,050
PRIMELENDING, A PLAINSCAPITAL COMPANY 70 3.22% $10,227
Mr. Cooper ( Nationstar Mortgage ) 68 3.24% $5,594
CALIBER HOME LOANS, INC. 63 2.95% $11,079
CROSSCOUNTRY MORTGAGE, LLC 62 3.09% $10,995
HOMEBRIDGE FINANCIAL SERVICES, INC. 59 2.98% $9,770
PLAZA HOME MORTGAGE, INC. 48 3.00% $10,812
Carrington Mortgage Services, LLC 40 3.17% $10,106
NATIONWIDE MORTGAGE BANKERS, INC. 32 3.11% $12,459
UNITED NORTHERN MORTGAGE BANKERS LIMITED 27 3.10% $11,653
Manufacturers and Traders Trust Company 21 3.01% $9,769
GUARANTEED RATE, INC. 19 2.76% $9,894
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 19 3.22% $11,557
FAMILY FIRST FUNDING LLC 17 3.13% $11,506
TOTAL MORTGAGE SERVICES, LLC 15 3.21% $11,199
Equity Prime Mortgage LLC 14 3.32% $9,668
HUDSON VALLEY CREDIT UNION 14 3.25% $6,660
AMERICAN FINANCIAL NETWORK, INC. 14 3.17% $24,740
InterContinental Capital Group, Inc 14 3.20% $12,250
Valley National Bank 14 3.17% $10,122
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 3.07% $11,600
HOME POINT FINANCIAL CORPORATION 12 2.72% $9,434
FINANCE OF AMERICA MORTGAGE LLC 12 2.82% $12,621
UNITED MORTGAGE CORP. 11 3.20% $11,421
JPMorgan Chase Bank 10 2.96% $7,772
TD Bank 9 2.83% $7,972
Plains Commerce Bank 8 3.06% $10,540
MOVEMENT MORTGAGE, LLC 8 3.14% $8,782
KeyBank 8 2.86% $9,806
RESIDENTIAL HOME FUNDING CORP. 7 3.13% $11,445
FM Home Loans, LLC 7 2.68% $10,900
MLB RESIDENTIAL LENDING, LLC 7 3.29% $12,265
Flagstar Bank, FSB 6 2.92% $11,428
Barrington Bank & Trust Company, N.A. 6 2.94% $9,052
ROUNDPOINT MORTGAGE SERVICING CORPORATION 6 3.25% $10,314
Bank of America 6 2.81% $8,853
CONTOUR MORTGAGE CORPORATION 6 3.15% $10,886
RELIANCE FIRST CAPITAL, LLC 6 2.67% $13,140
MID-ISLAND MORTGAGE CORP. 5 2.72% $9,909
JET DIRECT FUNDING CORP 5 3.08% $15,585
The Federal Savings Bank 5 2.73% $8,450
PARKSIDE LENDING, LLC 5 2.60% $10,381
Wells Fargo Bank 4 3.28% $8,908
Ulster Savings Bank 4 3.50% $6,824
GREENWAY MORTGAGE FUNDING CORP. 4 3.12% $9,823
SUN WEST MORTGAGE COMPANY, INC. 4 3.19% $12,732
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 4 3.06% $13,888
NJ LENDERS CORP. 4 2.81% $9,243
Advisors Mortgage Group, L.L.C. 3 2.88% $10,783
FIRST ALLIANCE HOME MORTGAGE, LLC 3 3.08% $10,700
ENVOY MORTGAGE, LTD 3 3.25% $10,068
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 2.92% $11,081
EMM LOANS LLC 3 3.21% $14,457
EMBRACE HOME LOANS, INC. 3 3.25% $10,492
Bank of England 3 3.08% $12,231
East Coast Capital Corp. 3 3.42% $15,466
CLIFFCO, INC. 3 3.17% $10,029
A&D Mortgage LLC 3 4.13% $10,045
MORTGAGE ACCESS CORP. 3 3.08% $13,382
Mortgage Research Center, LLC 3 3.16% $5,231
Citizens Bank 3 2.71% $7,428
CCFCU FUNDING, LLC 3 2.71% $7,685
ARC HOME LLC 3 2.75% $14,402
INTERSTATE HOME LOAN CENTER, INC. 3 3.04% $10,423
US MORTGAGE CORPORATION 3 3.08% $14,118
MLD MORTGAGE INC. 2 2.94% $9,032
AMERICAN FINANCIAL RESOURCES, INC. 2 3.00% $16,728
AMERICAN FINANCING CORPORATION 2 2.44% $8,307
ASSOCIATED MORTGAGE BANKERS, INC. 2 3.19% $15,735
Atlantic Home Loans, Inc. 2 3.31% $10,479
BLAIR SERVICES OF AMERICA INC. 2 2.99% $10,323
Magnolia Bank 2 3.38% $11,604
ABSOLUTE HOME MORTGAGE CORPORATION 2 3.25% $9,642
Northpointe Bank 2 3.38% $9,571
Premium Mortgage Corporation 2 2.50% $5,263
PLANET HOME LENDING, LLC 1 2.75% $4,437
PHH Mortgage Corporation 1 3.75% $3,677
PATRIOT ONE MORTGAGE BANKERS, LLC 1 2.75% $16,393
Nations Lending Corporation 1 3.25% $22,667
Mortgage World Bankers, Inc. 1 3.13% $13,275
Sierra Pacific Mortgage Company, Inc. 1 2.75% $6,763
LYNX MORTGAGE BANK LLC 1 2.50% $12,505
INLAND BANK & TRUST 1 3.00% $14,727
First Home Bank 1 2.88% $11,569
The Huntington National Bank 1 3.00% $11,099
First Guaranty Mortgage Corporation 1 3.25% $18,331
Evolve Bank & Trust 1 3.00% $15,331
Citibank 1 3.25% $6,328
BOKF 1 2.88% $8,865
Blue Ridge Bank 1 2.38% $16,027
U.S. Bank 1 2.99% $9,500
ARK MORTGAGE, INC. 1 3.00% $7,795
AMERICAN FEDERAL MORTGAGE CORPORATION 1 2.50% $7,235
WALL STREET MORTGAGE BANKERS, LTD. 1 2.88% $16,562
ACADEMY MORTGAGE CORP. 1 2.38% $8,502

The top Poughkeepsie FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 317 FHA loans originated. Their average total fees are $8,217, which is $407 lower than the next largest lender, FREEDOM MORTGAGE CORPORATION.

The lowest fee Poughkeepsie FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($5,594), HUDSON VALLEY CREDIT UNION ($6,660), JPMorgan Chase Bank ($7,772), QUICKEN LOANS, LLC ($8,217) and HOMESTEAD FUNDING CORP. ($8,278).

The lowest rate Poughkeepsie FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.72%), UNITED WHOLESALE MORTGAGE, LLC (2.74%), GUARANTEED RATE, INC. (2.76%), QUICKEN LOANS, LLC (2.79%) and FINANCE OF AMERICA MORTGAGE LLC (2.82%).

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

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).