Rochester FHA Loans

ROCHESTER, 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.

    Rochester's 67 lenders originated 2,543 FHA loans during 2021. The total origination value was $408,555,000, with an average FHA loan value of $160,659.

    Rochester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rochester averaged 5.47% 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 5.3% and one month ago for the week of 2022-04-08, the average rate was 4.87%.

    The average rate one year ago was 3.17%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.18%.

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

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Premium Mortgage Corporation 470 3.00% $5,013
    QUICKEN LOANS, LLC 354 2.85% $5,774
    Genesee Regional Bank 199 3.39% $6,031
    PRIMELENDING, A PLAINSCAPITAL COMPANY 185 3.27% $6,597
    MOVEMENT MORTGAGE, LLC 125 3.25% $6,295
    ESL Federal Credit Union 85 2.91% $5,429
    1ST PRIORITY MORTGAGE, INC. 72 3.26% $6,042
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 71 3.34% $7,016
    Mr. Cooper ( Nationstar Mortgage ) 70 3.28% $3,775
    UNITED WHOLESALE MORTGAGE, LLC 64 2.77% $8,918
    Manufacturers and Traders Trust Company 62 2.99% $5,866
    HOME TOWN FUNDING, INC. 54 2.72% $4,636
    FREEDOM MORTGAGE CORPORATION 46 2.95% $6,745
    AMERICAN FINANCIAL NETWORK, INC. 45 3.03% $11,277
    CALIBER HOME LOANS, INC. 40 2.86% $6,783
    HUNT MORTGAGE CORPORATION 38 3.26% $5,815
    PLAZA HOME MORTGAGE, INC. 34 3.01% $8,242
    RESIDENTIAL MORTGAGE SERVICES, INC. 33 3.23% $5,697
    HOMESTEAD FUNDING CORP. 27 3.20% $5,751
    NEWREZ LLC 21 3.14% $4,935
    Five Star Bank 18 2.83% $5,357
    Citizens Bank 18 2.78% $5,505
    NVR Mortgage Finance, Inc. 14 2.99% $10,896
    FINANCE OF AMERICA MORTGAGE LLC 13 2.93% $6,571
    Bank of America 12 2.99% $4,080
    LOANDEPOT.COM, LLC 12 3.38% $8,047
    PARAGON HOME LOANS INC. 12 2.95% $5,116
    JPMorgan Chase Bank 11 3.24% $4,446
    KeyBank 10 2.93% $5,520
    RELIANCE FIRST CAPITAL, LLC 10 3.01% $7,966
    Carrington Mortgage Services, LLC 8 3.59% $6,191
    HOME POINT FINANCIAL CORPORATION 8 2.97% $10,165
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 3.07% $9,521
    GUARANTEED RATE, INC. 6 2.98% $7,544
    CROSSCOUNTRY MORTGAGE, LLC 4 2.88% $10,020
    Equity Prime Mortgage LLC 4 3.56% $8,859
    AMERICAN FINANCIAL RESOURCES, INC. 3 3.13% $5,861
    ALLIED MORTGAGE GROUP, INC. 3 3.33% $6,176
    PHH Mortgage Corporation 3 3.33% $4,025
    Flagstar Bank, FSB 2 2.97% $8,684
    BETTER MORTGAGE CORPORATION 2 3.38% $5,585
    Wells Fargo Bank 2 3.44% $1,752
    PARKSIDE LENDING, LLC 2 3.00% $5,101
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.13% $12,118
    ROYAL UNITED MORTGAGE LLC 2 3.19% $8,629
    SUN WEST MORTGAGE COMPANY, INC. 2 3.88% $6,901
    The Federal Savings Bank 2 3.00% $6,570
    UNITED MORTGAGE CORP. 2 3.50% $9,217
    EVERETT FINANCIAL, INC. 1 4.25% $4,647
    KINECTA 1 3.38% $9,992
    PLANET HOME LENDING, LLC 1 2.75% $3,782
    ARC HOME LLC 1 2.75% $9,505
    PNC Bank 1 2.75% $9,948
    First Federal Bank 1 2.88% $5,470
    AMERICAN FINANCING CORPORATION 1 3.38% $7,430
    InterContinental Capital Group, Inc 1 3.25% $8,666
    CMG MORTGAGE, INC. 1 2.75% $9,666
    RESIDENTIAL HOME FUNDING CORP. 1 3.25% $8,716
    EMBRACE HOME LOANS, INC. 1 3.25% $6,882
    A&D Mortgage LLC 1 3.88% $7,295
    CCFCU FUNDING, LLC 1 3.00% $6,684
    Mortgage Research Center, LLC 1 2.75% $6,837
    LAND HOME FINANCIAL SERVICES, INC. 1 2.75% $5,831
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.88% $9,533
    TIAA, FSB 1 2.88% $5,411
    Bank of England 1 3.13% $7,703
    SEFCU SERVICES, LLC 1 3.00% $3,929

    The top Rochester FHA lender as defined by loan originations is Premium Mortgage Corporation, with 470 FHA loans originated. Their average total fees are $5,013, which is $762 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Rochester FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,775), Bank of America ($4,080), JPMorgan Chase Bank ($4,446), HOME TOWN FUNDING, INC. ($4,636) and NEWREZ LLC ($4,935).

    The lowest rate Rochester FHA lenders (with over 10 loans originated) are HOME TOWN FUNDING, INC. (2.72%), UNITED WHOLESALE MORTGAGE, LLC (2.77%), Citizens Bank (2.78%), Five Star Bank (2.83%) and QUICKEN LOANS, LLC (2.85%).

    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

    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 $161,498 (7.7%) $224,175 (6.7%) 0.59 2,161
    2018-02-01 $172,400 (11.3%) $229,444 (5.2%) 0.62 2,112
    2018-03-01 $179,900 (9.1%) $236,472 (5.8%) 0.62 2,174
    2018-04-01 $195,000 (11.5%) $245,194 (5.9%) 0.65 2,324
    2018-05-01 $198,800 (10.5%) $248,460 (4.6%) 0.66 2,561
    2018-06-01 $197,500 (9.8%) $250,187 (5.7%) 0.66 2,792
    2018-07-01 $189,900 (5.6%) $247,082 (2.8%) 0.63 2,947
    2018-08-01 $189,450 (8.3%) $243,592 (3.6%) 0.63 3,053
    2018-09-01 $189,900 (10.5%) $240,685 (3.6%) 0.64 3,006
    2018-10-01 $182,400 (7.6%) $235,728 (1.7%) 0.61 2,930
    2018-11-01 $179,900 (5.9%) $234,744 (1.8%) 0.60 2,718
    2018-12-01 $184,900 (8.8%) $241,503 (4.9%) 0.63 2,338
    2019-01-01 $189,900 (17.6%) $249,750 (11.4%) 0.65 1,982
    2019-02-01 $199,900 (16.0%) $259,596 (13.1%) 0.67 1,906
    2019-03-01 $212,814 (18.3%) $274,288 (16.0%) 0.69 1,882
    2019-04-01 $232,450 (19.2%) $297,303 (21.3%) 0.73 1,885
    2019-05-01 $231,250 (16.3%) $300,100 (20.8%) 0.71 1,979
    2019-06-01 $229,900 (16.4%) $279,315 (11.6%) 0.71 2,158
    2019-07-01 $229,900 (21.1%) $278,928 (12.9%) 0.71 2,271
    2019-08-01 $220,280 (16.3%) $275,209 (13.0%) 0.69 2,285
    2019-09-01 $209,950 (10.6%) $269,168 (11.8%) 0.67 2,292
    2019-10-01 $202,500 (11.0%) $271,710 (15.3%) 0.65 2,334
    2019-11-01 $202,900 (12.8%) $268,768 (14.5%) 0.65 2,102
    2019-12-01 $199,900 (8.1%) $266,326 (10.3%) 0.67 1,827
    2020-01-01 $206,400 (8.7%) $268,033 (7.3%) 0.69 1,566
    2020-02-01 $226,500 (13.3%) $276,773 (6.6%) 0.73 1,428
    2020-03-01 $237,300 (11.5%) $286,743 (4.5%) 0.74 1,466
    2020-04-01 $250,900 (7.9%) $300,970 (1.2%) 0.78 1,392
    2020-05-01 $254,900 (10.2%) $307,009 (2.3%) 0.77 1,383
    2020-06-01 $249,200 (8.4%) $299,610 (7.3%) 0.73 1,483
    2020-07-01 $249,900 (8.7%) $306,985 (10.1%) 0.72 1,445
    2020-08-01 $246,100 (11.7%) $297,592 (8.1%) 0.70 1,389
    2020-09-01 $226,950 (8.1%) $283,134 (5.2%) 0.65 1,394
    2020-10-01 $229,000 (13.1%) $288,642 (6.2%) 0.65 1,322
    2020-11-01 $229,450 (13.1%) $299,943 (11.6%) 0.66 1,190
    2020-12-01 $232,595 (16.4%) $311,073 (16.8%) 0.68 949
    2021-01-01 $259,900 (25.9%) $325,097 (21.3%) 0.76 826
    2021-02-01 $274,900 (21.4%) $337,330 (21.9%) 0.79 748
    2021-03-01 $264,900 (11.6%) $328,963 (14.7%) 0.74 773
    2021-04-01 $249,581 (-0.5%) $317,821 (5.6%) 0.67 810
    2021-05-01 $249,000 (-2.3%) $312,003 (1.6%) 0.66 860
    2021-06-01 $244,450 (-1.9%) $317,702 (6.0%) 0.63 1,022
    2021-07-01 $242,400 (-3.0%) $321,569 (4.8%) 0.63 1,097
    2021-08-01 $229,250 (-6.9%) $316,301 (6.3%) 0.60 1,071
    2021-09-01 $216,950 (-4.4%) $302,913 (7.0%) 0.57 1,077
    2021-10-01 $211,000 (-7.9%) $297,290 (3.0%) 0.56 944
    2021-11-01 $199,900 (-12.9%) $290,643 (-3.1%) 0.53 831
    2021-12-01 $199,000 (-14.4%) $288,038 (-7.4%) 0.53 675
    2022-01-01 $200,000 (-23.1%) $299,481 (-7.9%) 0.53 554
    2022-02-01 $225,000 (-18.2%) $308,629 (-8.5%) 0.57 551
    2022-03-01 $219,950 (-17.0%) $291,484 (-11.4%) 0.54 629
    2022-04-01 $199,999 (-19.9%) $281,224 (-11.5%) 0.47 730
    Rochester's median listing price for 2022-04-01 was $199,999, a difference of $-49,582 (-19.9%) versus the prior year and $-19,951 versus the prior month.

    Rochester's median listing price comes in at 47% of the national average.

    Rochester's average listing price for 2022-04-01 was $281,224, a difference of $-36,597 (-11.5%) versus the prior year and $-10,260 versus the prior month.

    For the 2022-04-01 period, Rochester had 730 MLS listings, a difference of 101 listings (16%) versus the prior month and -80 listings (-10%) 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 67 days 1,715 sqft
    2018-02-01 63 days 1,755 sqft
    2018-03-01 46 days 1,766 sqft
    2018-04-01 37 days 1,773 sqft
    2018-05-01 37 days 1,774 sqft
    2018-06-01 37 days 1,781 sqft
    2018-07-01 40 days 1,773 sqft
    2018-08-01 45 days 1,765 sqft
    2018-09-01 48 days 1,757 sqft
    2018-10-01 52 days 1,746 sqft
    2018-11-01 58 days 1,728 sqft
    2018-12-01 70 days 1,740 sqft
    2019-01-01 72 days 1,729 sqft
    2019-02-01 60 days 1,745 sqft
    2019-03-01 46 days 1,769 sqft
    2019-04-01 36 days 1,803 sqft
    2019-05-01 32 days 1,816 sqft
    2019-06-01 32 days 1,820 sqft
    2019-07-01 36 days 1,818 sqft
    2019-08-01 43 days 1,807 sqft
    2019-09-01 43 days 1,793 sqft
    2019-10-01 44 days 1,787 sqft
    2019-11-01 50 days 1,772 sqft
    2019-12-01 62 days 1,754 sqft
    2020-01-01 64 days 1,741 sqft
    2020-02-01 44 days 1,754 sqft
    2020-03-01 36 days 1,772 sqft
    2020-04-01 47 days 1,766 sqft
    2020-05-01 56 days 1,823 sqft
    2020-06-01 29 days 1,800 sqft
    2020-07-01 29 days 1,802 sqft
    2020-08-01 28 days 1,760 sqft
    2020-09-01 28 days 1,736 sqft
    2020-10-01 30 days 1,732 sqft
    2020-11-01 35 days 1,721 sqft
    2020-12-01 49 days 1,725 sqft
    2021-01-01 55 days 1,733 sqft
    2021-02-01 35 days 1,745 sqft
    2021-03-01 22 days 1,719 sqft
    2021-04-01 15 days 1,718 sqft
    2021-05-01 11 days 1,702 sqft
    2021-06-01 12 days 1,756 sqft
    2021-07-01 17 days 1,739 sqft
    2021-08-01 18 days 1,735 sqft
    2021-09-01 21 days 1,704 sqft
    2021-10-01 23 days 1,697 sqft
    2021-11-01 26 days 1,682 sqft
    2021-12-01 39 days 1,670 sqft
    2022-01-01 41 days 1,696 sqft
    2022-02-01 23 days 1,725 sqft
    2022-03-01 12 days 1,677 sqft
    2022-04-01 10 days 1,662 sqft
    Rochester's median listing age (time on market) for 2022-04-01 was 10 days. This is -33% shorter than the same period one year ago.

    Rochester's median square footage for active listings during the 2022-04-01 period was 1,662 sqft. One year prior, the average listing was 1,718 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).