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 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 6.23% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.61% and one month ago for the week of 2024-10-04, the average rate was 6.13%.

    The average rate one year ago was 7.57%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.89%.

    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).