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 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 6.14% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

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

The average rate for the prior week (2024-02-23) was 6.33% and one month ago for the week of 2024-01-26, the average rate was 6.22%.

The average rate one year ago was 5.85%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.58%.

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).