Rochester FHA Loans

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 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).