Rochester FHA Loan Rates, Closing Costs & Stats

ROCHESTER, 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.

Rochester's 64 lenders originated 1,346 FHA loans during 2023. The total origination value was $236,070,000, with an average FHA loan value of $175,386.

Rochester FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Rochester averaged 6.91% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Rochester's average FHA mortgage closing costs are $6,182.

The average rate for the prior week (2024-04-05) was 6.83% and one month ago for the week of 2024-03-08, the average rate was 6.67%.

The average rate one year ago was 6.1%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.81%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Rochester 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 Rochester level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Premium Mortgage Corporation 250 6.84% $6,139
QUICKEN LOANS, LLC 239 6.45% $8,870
PRIMELENDING, A PLAINSCAPITAL COMPANY 118 6.82% $9,430
Genesee Regional Bank 77 6.84% $7,998
UNITED WHOLESALE MORTGAGE, LLC 57 6.84% $11,425
M&T Bank 57 6.45% $7,248
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 52 7.18% $9,219
ESL Federal Credit Union 37 7.02% $6,466
MOVEMENT MORTGAGE, LLC 28 6.87% $8,387
PLAZA HOME MORTGAGE, INC. 26 6.55% $10,262
Citizens Bank 24 6.35% $6,327
Mr. Cooper ( Nationstar Mortgage ) 19 6.49% $12,132
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 19 6.98% $11,996
PENNYMAC LOAN SERVICES, LLC 16 6.27% $10,662
1ST PRIORITY MORTGAGE, INC. 16 6.67% $7,829
HUNT MORTGAGE CORPORATION 15 6.78% $9,564
NEWREZ LLC 14 6.73% $10,154
Five Star Bank 13 6.21% $5,741
LOANDEPOT.COM, LLC 12 6.40% $10,882
KeyBank 12 6.79% $6,457
JPMorgan Chase Bank 11 6.75% $5,343
CMG MORTGAGE, INC. 9 7.24% $10,411
RELIANCE FIRST CAPITAL, LLC 9 6.67% $12,137
HOME TOWN FUNDING, INC. 9 6.49% $6,114
CROSSCOUNTRY MORTGAGE, LLC 9 6.51% $9,066
Wells Fargo Bank 6 6.29% $8,348
AMERICAN FINANCIAL NETWORK, INC. 6 6.71% $8,898
FREEDOM MORTGAGE CORPORATION 6 6.83% $15,625
NVR Mortgage Finance, Inc. 6 6.04% $19,509
KINECTA 5 6.45% $7,291
HOMESTEAD FUNDING CORP. 5 6.63% $9,778
ROYAL UNITED MORTGAGE LLC 5 6.88% $8,886
Bank of America 5 6.55% $2,398
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.50% $8,108
AMERICAN FINANCIAL RESOURCES, INC. 4 6.59% $5,909
Carrington Mortgage Services, LLC 4 6.25% $10,143
The Federal Savings Bank 4 6.25% $14,264
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 3 6.83% $14,689
AMERICAN FINANCING CORPORATION 3 6.71% $14,601
PHH Mortgage Corporation 2 6.06% $9,218
CONTOUR MORTGAGE CORPORATION 2 5.81% $12,110
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.50% $13,287
U.S. Bank 2 7.06% $7,139
MLB RESIDENTIAL LENDING, LLC 2 7.06% $15,330
Evans Bank 2 6.25% $7,361
Community First National Bank 1 5.00% $7,979
Old National Bank 1 5.13% $16,599
PARAGON HOME LOANS INC. 1 7.00% $7,765
EVERETT FINANCIAL, INC. 1 7.13% $4,121
PENTAGON FEDERAL CREDIT UNION 1 5.38% $12,224
Mortgage Research Center, LLC 1 7.25% $13,677
PLANET HOME LENDING, LLC 1 5.99% $6,608
BROKER SOLUTIONS, INC. 1 7.25% $13,670
Bethpage Federal Credit Union 1 6.00% $2,648
Barrington Bank & Trust Company, N.A. 1 5.75% $6,189
Bank of England 1 7.00% $7,884
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.88% $15,574
First Federal Bank 1 6.00% $4,918
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $8,568
Flagstar Bank, FSB 1 6.75% $7,956
Community Bank 1 6.63% $7,550
Truist 1 6.25% $10,864
Colonial Savings, F.A. 1 6.25% $9,249
North American Savings Bank, F.S.B. 1 6.13% $9,363

The top Rochester FHA lender as defined by loan originations is Premium Mortgage Corporation, with 250 FHA loans originated. Their average total fees are $6,139, which is $2,731 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Rochester FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($5,343), Five Star Bank ($5,741), Premium Mortgage Corporation ($6,139), Citizens Bank ($6,327) and KeyBank ($6,457).

The lowest rate Rochester FHA lenders (with over 10 loans originated) are Five Star Bank (6.21%), PENNYMAC LOAN SERVICES, LLC (6.27%), Citizens Bank (6.35%), LOANDEPOT.COM, LLC (6.40%) and M&T Bank (6.45%).

Rochester FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ROCHESTER, NY LIVINGSTON 2022 $420,680 $538,650 $651,050 $809,150
ROCHESTER, NY MONROE 2022 $420,680 $538,650 $651,050 $809,150
ROCHESTER, NY ONTARIO 2022 $420,680 $538,650 $651,050 $809,150
ROCHESTER, NY ORLEANS 2022 $420,680 $538,650 $651,050 $809,150
ROCHESTER, NY WAYNE 2022 $420,680 $538,650 $651,050 $809,150
ROCHESTER, NY YATES 2022 $420,680 $538,650 $651,050 $809,150
ROCHESTER, NY LIVINGSTON 2023 $472,030 $604,400 $730,525 $907,900
ROCHESTER, NY MONROE 2023 $472,030 $604,400 $730,525 $907,900
ROCHESTER, NY ONTARIO 2023 $472,030 $604,400 $730,525 $907,900
ROCHESTER, NY ORLEANS 2023 $472,030 $604,400 $730,525 $907,900
ROCHESTER, NY WAYNE 2023 $472,030 $604,400 $730,525 $907,900
ROCHESTER, NY YATES 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Rochester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $159,900 (7.2%) $222,730 (8.6%) 0.59 2,098
2018-02-01 $169,900 (11.5%) $227,348 (5.9%) 0.62 2,058
2018-03-01 $179,900 (10.8%) $235,666 (6.8%) 0.63 2,108
2018-04-01 $194,700 (14.5%) $243,964 (7.2%) 0.66 2,255
2018-05-01 $196,550 (9.3%) $247,206 (5.7%) 0.66 2,477
2018-06-01 $194,900 (8.6%) $249,512 (6.8%) 0.65 2,716
2018-07-01 $189,900 (5.9%) $245,604 (4.2%) 0.63 2,867
2018-08-01 $185,000 (6.2%) $241,703 (4.2%) 0.62 2,953
2018-09-01 $184,900 (8.8%) $236,971 (3.2%) 0.62 2,904
2018-10-01 $179,900 (6.7%) $233,256 (1.5%) 0.61 2,845
2018-11-01 $174,900 (5.1%) $231,912 (1.5%) 0.59 2,641
2018-12-01 $179,900 (9.0%) $236,774 (3.9%) 0.62 2,284
2019-01-01 $189,450 (18.5%) $243,764 (9.4%) 0.65 1,922
2019-02-01 $196,425 (15.6%) $254,429 (11.9%) 0.66 1,847
2019-03-01 $212,371 (18.1%) $271,313 (15.1%) 0.69 1,831
2019-04-01 $230,950 (18.6%) $291,986 (19.7%) 0.73 1,837
2019-05-01 $229,900 (17.0%) $293,741 (18.8%) 0.72 1,931
2019-06-01 $229,900 (18.0%) $274,637 (10.1%) 0.72 2,098
2019-07-01 $229,450 (20.8%) $276,310 (12.5%) 0.72 2,209
2019-08-01 $218,109 (17.9%) $275,383 (13.9%) 0.69 2,250
2019-09-01 $207,923 (12.5%) $271,950 (14.8%) 0.67 2,293
2019-10-01 $199,950 (11.2%) $269,100 (15.4%) 0.65 2,306
2019-11-01 $199,900 (14.3%) $266,591 (15.0%) 0.66 2,061
2019-12-01 $199,900 (11.1%) $264,053 (11.5%) 0.67 1,792
2020-01-01 $199,950 (5.5%) $264,322 (8.4%) 0.67 1,539
2020-02-01 $224,900 (14.5%) $272,929 (7.3%) 0.74 1,416
2020-03-01 $234,900 (10.6%) $283,623 (4.5%) 0.74 1,472
2020-04-01 $249,900 (8.2%) $299,214 (2.5%) 0.78 1,375
2020-05-01 $249,999 (8.7%) $306,059 (4.2%) 0.76 1,376
2020-06-01 $243,544 (5.9%) $298,593 (8.7%) 0.72 1,491
2020-07-01 $249,125 (8.6%) $303,932 (10.0%) 0.72 1,445
2020-08-01 $239,900 (10.0%) $292,701 (6.3%) 0.69 1,402
2020-09-01 $222,400 (7.0%) $278,434 (2.4%) 0.64 1,399
2020-10-01 $224,900 (12.5%) $284,662 (5.8%) 0.64 1,324
2020-11-01 $225,000 (12.6%) $297,271 (11.5%) 0.66 1,181
2020-12-01 $232,125 (16.1%) $310,034 (17.4%) 0.69 940
2021-01-01 $250,000 (25.0%) $322,584 (22.0%) 0.75 813
2021-02-01 $274,675 (22.1%) $334,347 (22.5%) 0.80 748
2021-03-01 $262,194 (11.6%) $323,955 (14.2%) 0.74 782
2021-04-01 $246,950 (-1.2%) $314,150 (5.0%) 0.67 815
2021-05-01 $242,900 (-2.8%) $310,050 (1.3%) 0.65 871
2021-06-01 $239,900 (-1.5%) $314,934 (5.5%) 0.63 1,033
2021-07-01 $238,500 (-4.3%) $315,198 (3.7%) 0.63 1,098
2021-08-01 $227,400 (-5.2%) $313,129 (7.0%) 0.61 1,093
2021-09-01 $212,400 (-4.5%) $300,260 (7.8%) 0.57 1,086
2021-10-01 $210,000 (-6.6%) $294,758 (3.6%) 0.56 964
2021-11-01 $199,900 (-11.2%) $290,055 (-2.4%) 0.53 828
2021-12-01 $197,400 (-15.0%) $288,289 (-7.0%) 0.53 676
2022-01-01 $199,999 (-20.0%) $299,942 (-7.0%) 0.54 557
2022-02-01 $224,950 (-18.1%) $306,469 (-8.3%) 0.59 554
2022-03-01 $219,900 (-16.1%) $289,147 (-10.7%) 0.55 641
2022-04-01 $199,900 (-19.1%) $278,479 (-11.4%) 0.48 745
2022-05-01 $222,400 (-8.4%) $304,422 (-1.8%) 0.51 874
2022-06-01 $229,450 (-4.4%) $312,467 (-0.8%) 0.51 977
2022-07-01 $234,900 (-1.5%) $318,018 (0.9%) 0.53 1,021
2022-08-01 $225,000 (-1.1%) $309,191 (-1.3%) 0.52 1,011
2022-09-01 $223,900 (5.4%) $304,896 (1.5%) 0.52 1,002
2022-10-01 $225,000 (7.1%) $315,266 (7.0%) 0.53 979
2022-11-01 $226,950 (13.5%) $317,738 (9.5%) 0.55 916
2022-12-01 $242,400 (22.8%) $333,546 (15.7%) 0.60 785
2023-01-01 $233,450 (16.7%) $329,746 (9.9%) 0.58 692
2023-02-01 $232,450 (3.3%) $328,826 (7.3%) 0.56 692
2023-03-01 $257,400 (17.1%) $338,577 (17.1%) 0.61 694
2023-04-01 $264,900 (32.5%) $336,160 (20.7%) 0.62 735
2023-05-01 $264,975 (19.1%) $333,533 (9.6%) 0.60 761
2023-06-01 $274,338 (19.6%) $344,660 (10.3%) 0.62 866
2023-07-01 $259,450 (10.5%) $355,785 (11.9%) 0.59 892
2023-08-01 $249,900 (11.1%) $339,043 (9.7%) 0.57 894
2023-09-01 $249,900 (11.6%) $349,858 (14.8%) 0.58 886
2023-10-01 $249,949 (11.1%) $349,733 (10.9%) 0.59 907
2023-11-01 $239,450 (5.5%) $334,173 (5.2%) 0.57 851
2023-12-01 $249,900 (3.1%) $338,578 (1.5%) 0.61 734
2024-01-01 $247,400 (6.0%) $331,206 (0.4%) 0.60 636
2024-02-01 $249,950 (7.5%) $335,172 (1.9%) 0.60 654
2024-03-01 $279,900 (8.7%) $355,064 (4.9%) 0.66 666
Rochester's median listing price for 2024-03-01 was $279,900, a difference of $22,500 (8.7%) versus the prior year and $29,950 versus the prior month.

Rochester's median listing price comes in at 66% of the national average.

Rochester's average listing price for 2024-03-01 was $355,064, a difference of $16,487 (4.9%) versus the prior year and $19,892 versus the prior month.

For the 2024-03-01 period, Rochester had 666 MLS listings, a difference of 12 listings (2%) versus the prior month and -28 listings (-4%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Rochester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 65 days 1,716 sqft
2018-02-01 57 days 1,759 sqft
2018-03-01 42 days 1,766 sqft
2018-04-01 35 days 1,770 sqft
2018-05-01 33 days 1,770 sqft
2018-06-01 34 days 1,780 sqft
2018-07-01 38 days 1,766 sqft
2018-08-01 43 days 1,755 sqft
2018-09-01 46 days 1,752 sqft
2018-10-01 47 days 1,743 sqft
2018-11-01 52 days 1,724 sqft
2018-12-01 64 days 1,730 sqft
2019-01-01 66 days 1,726 sqft
2019-02-01 50 days 1,730 sqft
2019-03-01 40 days 1,763 sqft
2019-04-01 32 days 1,797 sqft
2019-05-01 30 days 1,807 sqft
2019-06-01 30 days 1,813 sqft
2019-07-01 33 days 1,812 sqft
2019-08-01 37 days 1,801 sqft
2019-09-01 38 days 1,788 sqft
2019-10-01 41 days 1,778 sqft
2019-11-01 47 days 1,768 sqft
2019-12-01 58 days 1,751 sqft
2020-01-01 59 days 1,739 sqft
2020-02-01 36 days 1,747 sqft
2020-03-01 31 days 1,766 sqft
2020-04-01 45 days 1,760 sqft
2020-05-01 46 days 1,812 sqft
2020-06-01 24 days 1,788 sqft
2020-07-01 25 days 1,791 sqft
2020-08-01 25 days 1,752 sqft
2020-09-01 25 days 1,730 sqft
2020-10-01 26 days 1,728 sqft
2020-11-01 32 days 1,713 sqft
2020-12-01 44 days 1,719 sqft
2021-01-01 46 days 1,729 sqft
2021-02-01 29 days 1,742 sqft
2021-03-01 16 days 1,715 sqft
2021-04-01 11 days 1,713 sqft
2021-05-01 10 days 1,700 sqft
2021-06-01 11 days 1,757 sqft
2021-07-01 15 days 1,744 sqft
2021-08-01 16 days 1,736 sqft
2021-09-01 19 days 1,701 sqft
2021-10-01 22 days 1,699 sqft
2021-11-01 23 days 1,687 sqft
2021-12-01 35 days 1,671 sqft
2022-01-01 37 days 1,695 sqft
2022-02-01 18 days 1,718 sqft
2022-03-01 10 days 1,678 sqft
2022-04-01 10 days 1,664 sqft
2022-05-01 10 days 1,709 sqft
2022-06-01 11 days 1,733 sqft
2022-07-01 16 days 1,727 sqft
2022-08-01 22 days 1,696 sqft
2022-09-01 23 days 1,683 sqft
2022-10-01 24 days 1,689 sqft
2022-11-01 30 days 1,705 sqft
2022-12-01 39 days 1,721 sqft
2023-01-01 44 days 1,699 sqft
2023-02-01 28 days 1,711 sqft
2023-03-01 24 days 1,711 sqft
2023-04-01 16 days 1,727 sqft
2023-05-01 13 days 1,708 sqft
2023-06-01 12 days 1,741 sqft
2023-07-01 15 days 1,748 sqft
2023-08-01 16 days 1,727 sqft
2023-09-01 17 days 1,700 sqft
2023-10-01 19 days 1,704 sqft
2023-11-01 25 days 1,675 sqft
2023-12-01 35 days 1,674 sqft
2024-01-01 33 days 1,666 sqft
2024-02-01 24 days 1,675 sqft
2024-03-01 22 days 1,733 sqft
Rochester's median listing age (time on market) for 2024-03-01 was 22 days. This is -8% shorter than the same period one year ago.

Rochester's median square footage for active listings during the 2024-03-01 period was 1,733 sqft. One year prior, the average listing was 1,711 sqft.

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).