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 86 lenders originated 1,194 FHA loans during 2022. The total origination value was $366,110,000, with an average FHA loan value of $306,625.

    Poughkeepsie FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Poughkeepsie averaged 6.06% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Poughkeepsie's average FHA mortgage closing costs are $10,104.

    The average rate for the prior week (2023-05-19) was 5.84% and one month ago for the week of 2023-04-21, the average rate was 6.18%.

    The average rate one year ago was 4.7%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.6%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 158 4.31% $12,454
    UNITED WHOLESALE MORTGAGE, LLC 97 4.93% $13,782
    CALIBER HOME LOANS, INC. 71 4.93% $13,905
    CROSSCOUNTRY MORTGAGE, LLC 66 4.99% $13,274
    LOANDEPOT.COM, LLC 64 4.56% $12,181
    PRIMELENDING, A PLAINSCAPITAL COMPANY 59 4.96% $14,482
    FREEDOM MORTGAGE CORPORATION 44 4.50% $11,412
    HOMEBRIDGE FINANCIAL SERVICES, INC. 43 4.89% $13,158
    HOMESTEAD FUNDING CORP. 41 4.89% $11,474
    Mr. Cooper ( Nationstar Mortgage ) 37 4.69% $13,602
    PLAZA HOME MORTGAGE, INC. 27 4.67% $14,031
    NATIONWIDE MORTGAGE BANKERS, INC. 23 5.41% $14,897
    M&T Bank 22 3.86% $10,287
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 19 5.49% $16,778
    TOTAL MORTGAGE SERVICES, LLC 19 5.15% $13,520
    HOME POINT FINANCIAL CORPORATION 18 3.91% $12,722
    Carrington Mortgage Services, LLC 16 4.70% $15,185
    RELIANCE FIRST CAPITAL, LLC 16 4.65% $13,732
    NEWREZ LLC 13 4.58% $12,651
    CARDINAL FINANCIAL 13 5.00% $19,886
    CONTOUR MORTGAGE CORPORATION 12 4.97% $14,098
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 5.51% $15,748
    MOVEMENT MORTGAGE, LLC 12 4.65% $13,060
    JPMorgan Chase Bank 11 4.25% $7,243
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 10 4.55% $13,891
    Valley National Bank 10 3.88% $10,466
    Plains Commerce Bank 10 4.59% $13,141
    Flagstar Bank, FSB 9 4.88% $11,353
    UNITED MORTGAGE CORP. 8 5.11% $18,672
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 8 4.02% $10,777
    HUDSON VALLEY CREDIT UNION 8 5.66% $10,333
    AMERICAN FINANCING CORPORATION 7 4.82% $13,163
    RESIDENTIAL HOME FUNDING CORP. 7 4.95% $13,533
    GUARANTEED RATE, INC. 6 4.68% $14,094
    KeyBank 6 4.58% $9,697
    CLIFFCO, INC. 5 4.35% $15,299
    ABSOLUTE HOME MORTGAGE CORPORATION 5 4.90% $14,839
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 5 4.68% $16,233
    Equity Prime Mortgage LLC 5 5.70% $15,887
    East Coast Capital Corp. 4 4.66% $18,837
    CMG MORTGAGE, INC. 4 3.88% $10,508
    EMM LOANS LLC 4 5.19% $12,631
    FINANCE OF AMERICA MORTGAGE LLC 4 4.66% $14,721
    SUN WEST MORTGAGE COMPANY, INC. 4 4.88% $14,107
    FM Home Loans, LLC 4 5.47% $11,029
    INTERSTATE HOME LOAN CENTER, INC. 4 4.72% $17,727
    MLB RESIDENTIAL LENDING, LLC 4 5.22% $18,135
    JET DIRECT FUNDING CORP 3 5.42% $18,185
    ARC HOME LLC 3 4.08% $18,943
    The Federal Savings Bank 3 3.88% $15,709
    Nations Lending Corporation 3 5.58% $18,756
    NJ LENDERS CORP. 3 4.17% $12,384
    EMBRACE HOME LOANS, INC. 3 5.29% $10,863
    Ulster Savings Bank 3 4.29% $7,991
    NETWORK CAPITAL FUNDING CORPORATION 3 5.46% $16,290
    Bank of America 3 3.33% $11,714
    US MORTGAGE CORPORATION 3 4.71% $17,438
    Wells Fargo Bank 2 5.00% $15,786
    A&D Mortgage LLC 2 6.25% $19,478
    Advisors Mortgage Group, L.L.C. 2 4.25% $11,386
    ASSOCIATED MORTGAGE BANKERS, INC. 2 5.56% $18,274
    Evolve Bank & Trust 2 4.31% $10,785
    Kwik Mortgage Corporation 2 4.44% $13,263
    North American Savings Bank, F.S.B. 2 3.56% $11,371
    Northpointe Bank 2 4.69% $13,508
    PENNYMAC LOAN SERVICES, LLC 2 5.81% $19,156
    PLANET HOME LENDING, LLC 2 4.69% $14,782
    1ST 2ND MORTGAGE COMPANY OF N.J., INC. 1 3.75% $9,141
    NORWICH COMMERCIAL GROUP, INC. 1 5.75% $15,349
    MORTGAGE ACCESS CORP. 1 3.75% $8,749
    MLD MORTGAGE INC. 1 3.25% $12,527
    MID-ISLAND MORTGAGE CORP. 1 4.88% $20,137
    KELLER MORTGAGE, LLC 1 2.63% $6,450
    First Home Bank 1 5.25% $19,572
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.63% $14,458
    EQUITY NOW INC. 1 4.13% $12,170
    ENVOY MORTGAGE, LTD 1 4.00% $8,537
    Citizens Bank 1 5.00% $10,720
    BOND STREET MORTGAGE, LLC 1 5.12% $13,401
    BLAIR SERVICES OF AMERICA INC. 1 4.99% $14,220
    Axos Bank 1 4.50% $9,629
    U.S. Bank 1 2.99% $8,806
    AMERICAN FEDERAL MORTGAGE CORPORATION 1 5.13% $7,809
    ALLIED MORTGAGE GROUP, INC. 1 4.88% $18,232
    WALL STREET MORTGAGE BANKERS, LTD. 1 4.88% $13,929
    PATRIOT ONE MORTGAGE BANKERS, LLC 1 5.25% $18,218

    The top Poughkeepsie FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 158 FHA loans originated. Their average total fees are $12,454, which is $1,328 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Poughkeepsie FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($7,243), M&T Bank ($10,287), Valley National Bank ($10,466), FREEDOM MORTGAGE CORPORATION ($11,412) and HOMESTEAD FUNDING CORP. ($11,474).

    The lowest rate Poughkeepsie FHA lenders (with over 10 loans originated) are M&T Bank (3.86%), Valley National Bank (3.88%), HOME POINT FINANCIAL CORPORATION (3.91%), JPMorgan Chase Bank (4.25%) and QUICKEN LOANS, LLC (4.31%).

    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).