Rochester FHA Loan Rates, Closing Costs & Stats

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 59 lenders originated 1,195 FHA loans during 2024. The total origination value was $225,625,000, with an average FHA loan value of $188,808.

    Rochester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rochester averaged 0.22% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Rochester's average FHA mortgage closing costs are $6,403.

    The average rate for the prior week (2025-06-13) was 7% and one month ago for the week of 2025-05-16, the average rate was 6.76%.

    The average rate one year ago was 7.12%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.6%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 227 6.53% $9,851
    Premium Mortgage Corporation 208 6.45% $6,228
    Genesee Regional Bank 93 6.67% $7,520
    PRIMELENDING, A PLAINSCAPITAL COMPANY 68 6.80% $9,115
    M&T Bank 46 6.32% $7,852
    UNITED WHOLESALE MORTGAGE, LLC 36 6.58% $11,664
    ESL Federal Credit Union 30 6.95% $6,969
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 6.79% $10,237
    RELIANCE FIRST CAPITAL, LLC 23 6.58% $12,479
    Mr. Cooper ( Nationstar Mortgage ) 22 6.53% $12,766
    LOANDEPOT.COM, LLC 22 6.40% $10,480
    NEWREZ LLC 20 6.69% $8,295
    CMG MORTGAGE, INC. 19 7.30% $10,396
    PENNYMAC LOAN SERVICES, LLC 18 6.23% $10,407
    HOME TOWN FUNDING, INC. 18 6.29% $5,754
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 17 6.82% $11,074
    MOVEMENT MORTGAGE, LLC 16 7.09% $9,402
    Carrington Mortgage Services, LLC 14 6.28% $11,648
    PLAZA HOME MORTGAGE, INC. 13 6.80% $9,999
    1ST PRIORITY MORTGAGE, INC. 12 6.45% $8,223
    HUNT MORTGAGE CORPORATION 12 6.94% $8,507
    KeyBank 11 6.30% $6,801
    FREEDOM MORTGAGE CORPORATION 11 6.99% $10,521
    CROSSCOUNTRY MORTGAGE, LLC 8 6.65% $11,188
    Citizens Bank 8 6.58% $8,515
    Five Star Bank 6 6.48% $7,838
    HOMESTEAD FUNDING CORP. 6 6.17% $10,884
    AMERICAN FINANCING CORPORATION 6 6.00% $11,104
    NVR Mortgage Finance, Inc. 5 6.52% $20,395
    AMERICAN FINANCIAL NETWORK, INC. 4 6.22% $8,694
    JPMorgan Chase Bank 4 6.65% $4,680
    ALLIED MORTGAGE GROUP, INC. 4 6.44% $7,351
    ROYAL UNITED MORTGAGE LLC 4 6.59% $13,022
    Magnolia Bank 3 6.54% $11,962
    Bank of America 3 6.21% $3,481
    FIRST ALLIANCE HOME MORTGAGE, LLC 3 5.92% $16,680
    U.S. Bank 3 6.88% $6,132
    PHH Mortgage Corporation 2 6.13% $8,429
    Equity Prime Mortgage LLC 2 6.44% $10,220
    CARDINAL FINANCIAL 2 6.25% $9,551
    BROKER SOLUTIONS, INC. 2 6.94% $15,341
    PLANET HOME LENDING, LLC 2 5.88% $8,894
    NETWORK CAPITAL FUNDING CORPORATION 1 6.38% $10,754
    Valley National Bank 1 5.75% $8,809
    Bethpage Federal Credit Union 1 7.00% $2,773
    PNC Bank 1 6.13% $11,140
    Barrington Bank & Trust Company, N.A. 1 5.25% $16,790
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $13,708
    Mortgage Research Center, LLC 1 6.25% $3,767
    MILLENIUM HOME MORTGAGE, LLC 1 6.50% $6,536
    First Federal Bank 1 6.88% $11,596
    SEFCU SERVICES, LLC 1 6.13% $6,509
    Shore United Bank 1 6.63% $15,887
    The Federal Savings Bank 1 5.75% $15,406
    Truist 1 6.25% $7,592
    UNITED MORTGAGE CORP 1 7.63% $7,875
    KINECTA 1 7.13% $6,494
    Capital Bank 1 6.99% $6,354
    Flagstar Bank, FSB 1 6.00% $11,239

    The top Rochester FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 227 FHA loans originated. Their average total fees are $9,851, which is $3,623 higher than the next largest lender, Premium Mortgage Corporation.

    The lowest fee Rochester FHA lenders (with over 10 loans originated) are HOME TOWN FUNDING, INC. ($5,754), Premium Mortgage Corporation ($6,228), KeyBank ($6,801), ESL Federal Credit Union ($6,969) and Genesee Regional Bank ($7,520).

    The lowest rate Rochester FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.23%), Carrington Mortgage Services, LLC (6.28%), HOME TOWN FUNDING, INC. (6.29%), KeyBank (6.30%) and M&T Bank (6.32%).

    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

    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).