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 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 6.68% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.4% and one month ago for the week of 2025-01-10, the average rate was 6.86%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.39%.

    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 (10.0%) $218,374 (8.8%) 0.59 2,009
    2018-02-01 $169,425 (13.0%) $222,962 (5.9%) 0.62 1,970
    2018-03-01 $179,900 (12.5%) $230,960 (6.8%) 0.63 2,015
    2018-04-01 $189,900 (11.8%) $238,634 (7.2%) 0.66 2,161
    2018-05-01 $193,875 (10.8%) $241,742 (4.5%) 0.66 2,358
    2018-06-01 $190,000 (7.7%) $245,902 (6.3%) 0.65 2,583
    2018-07-01 $189,450 (8.3%) $239,466 (2.5%) 0.63 2,722
    2018-08-01 $184,900 (8.8%) $234,887 (2.1%) 0.62 2,807
    2018-09-01 $180,000 (5.9%) $229,836 (0.7%) 0.62 2,772
    2018-10-01 $179,450 (7.7%) $227,792 (0.0%) 0.61 2,719
    2018-11-01 $174,700 (5.9%) $226,544 (-0.1%) 0.59 2,524
    2018-12-01 $179,450 (8.8%) $230,415 (1.8%) 0.62 2,178
    2019-01-01 $187,350 (17.2%) $237,367 (8.7%) 0.65 1,827
    2019-02-01 $194,744 (14.9%) $248,637 (11.5%) 0.66 1,751
    2019-03-01 $210,336 (16.9%) $265,827 (15.1%) 0.69 1,736
    2019-04-01 $227,675 (19.9%) $287,410 (20.4%) 0.73 1,744
    2019-05-01 $229,900 (18.6%) $290,420 (20.1%) 0.72 1,833
    2019-06-01 $229,600 (20.8%) $270,406 (10.0%) 0.72 1,988
    2019-07-01 $227,184 (19.9%) $269,170 (12.4%) 0.72 2,086
    2019-08-01 $218,082 (18.0%) $268,594 (14.4%) 0.69 2,131
    2019-09-01 $207,855 (15.5%) $265,780 (15.6%) 0.67 2,180
    2019-10-01 $199,900 (11.4%) $263,229 (15.6%) 0.65 2,199
    2019-11-01 $199,900 (14.4%) $262,480 (15.9%) 0.66 1,962
    2019-12-01 $199,900 (11.4%) $260,188 (12.9%) 0.67 1,702
    2020-01-01 $201,912 (7.8%) $260,490 (9.7%) 0.67 1,462
    2020-02-01 $224,900 (15.5%) $267,241 (7.5%) 0.74 1,342
    2020-03-01 $235,022 (11.7%) $277,509 (4.4%) 0.74 1,397
    2020-04-01 $249,923 (9.8%) $291,895 (1.6%) 0.78 1,306
    2020-05-01 $250,000 (8.7%) $299,273 (3.1%) 0.76 1,304
    2020-06-01 $240,000 (4.5%) $292,750 (8.3%) 0.72 1,419
    2020-07-01 $245,377 (8.0%) $298,294 (10.8%) 0.72 1,384
    2020-08-01 $239,900 (10.0%) $287,885 (7.2%) 0.69 1,343
    2020-09-01 $221,450 (6.5%) $273,895 (3.1%) 0.64 1,338
    2020-10-01 $221,225 (10.7%) $279,751 (6.3%) 0.64 1,273
    2020-11-01 $224,900 (12.5%) $289,613 (10.3%) 0.66 1,132
    2020-12-01 $229,950 (15.0%) $299,843 (15.2%) 0.69 901
    2021-01-01 $249,000 (23.3%) $309,830 (18.9%) 0.75 772
    2021-02-01 $264,900 (17.8%) $320,270 (19.8%) 0.80 709
    2021-03-01 $254,900 (8.5%) $311,913 (12.4%) 0.74 744
    2021-04-01 $236,450 (-5.4%) $301,778 (3.4%) 0.67 780
    2021-05-01 $235,000 (-6.0%) $298,342 (-0.3%) 0.65 831
    2021-06-01 $236,944 (-1.3%) $298,956 (2.1%) 0.63 976
    2021-07-01 $229,900 (-6.3%) $294,310 (-1.3%) 0.63 1,047
    2021-08-01 $219,900 (-8.3%) $292,388 (1.6%) 0.61 1,039
    2021-09-01 $199,925 (-9.7%) $281,216 (2.7%) 0.57 1,036
    2021-10-01 $199,950 (-9.6%) $281,125 (0.5%) 0.56 933
    2021-11-01 $199,325 (-11.4%) $278,419 (-3.9%) 0.53 801
    2021-12-01 $193,150 (-16.0%) $284,405 (-5.2%) 0.53 654
    2022-01-01 $199,900 (-19.7%) $299,146 (-3.5%) 0.54 540
    2022-02-01 $222,000 (-16.2%) $301,494 (-5.9%) 0.59 537
    2022-03-01 $214,394 (-15.9%) $282,623 (-9.4%) 0.55 616
    2022-04-01 $199,900 (-15.5%) $270,237 (-10.5%) 0.48 722
    2022-05-01 $219,450 (-6.6%) $289,476 (-3.0%) 0.51 841
    2022-06-01 $226,625 (-4.4%) $301,655 (0.9%) 0.51 939
    2022-07-01 $229,900 (0.0%) $306,893 (4.3%) 0.53 982
    2022-08-01 $224,900 (2.3%) $297,521 (1.8%) 0.52 973
    2022-09-01 $220,650 (10.4%) $293,438 (4.4%) 0.52 960
    2022-10-01 $224,450 (12.3%) $300,070 (6.7%) 0.53 944
    2022-11-01 $221,200 (11.0%) $304,367 (9.3%) 0.55 883
    2022-12-01 $229,900 (19.0%) $316,399 (11.3%) 0.60 755
    2023-01-01 $226,000 (13.1%) $320,185 (7.0%) 0.58 667
    2023-02-01 $229,175 (3.2%) $321,695 (6.7%) 0.56 668
    2023-03-01 $252,500 (17.8%) $331,783 (17.4%) 0.61 670
    2023-04-01 $264,777 (32.5%) $329,514 (21.9%) 0.62 712
    2023-05-01 $263,600 (20.1%) $327,238 (13.1%) 0.60 737
    2023-06-01 $269,900 (19.1%) $337,505 (11.9%) 0.62 839
    2023-07-01 $250,000 (8.7%) $347,450 (13.2%) 0.59 856
    2023-08-01 $249,900 (11.1%) $333,073 (12.0%) 0.57 864
    2023-09-01 $249,900 (13.3%) $343,054 (16.9%) 0.58 860
    2023-10-01 $249,900 (11.3%) $342,300 (14.1%) 0.59 884
    2023-11-01 $234,900 (6.2%) $323,595 (6.3%) 0.57 831
    2023-12-01 $249,900 (8.7%) $330,879 (4.6%) 0.61 718
    2024-01-01 $244,900 (8.4%) $324,150 (1.2%) 0.60 616
    2024-02-01 $248,200 (8.3%) $326,724 (1.6%) 0.60 633
    2024-03-01 $279,000 (10.5%) $346,277 (4.4%) 0.66 642
    2024-04-01 $279,900 (5.7%) $352,559 (7.0%) 0.69 699
    2024-05-01 $294,675 (11.8%) $378,902 (15.8%) 0.70 848
    2024-06-01 $269,900 (0.0%) $363,219 (7.6%) 0.63 831
    2024-07-01 $272,400 (9.0%) $350,866 (1.0%) 0.63 886
    2024-08-01 $274,900 (10.0%) $359,471 (7.9%) 0.66 880
    2024-09-01 $277,400 (11.0%) $356,874 (4.0%) 0.66 924
    2024-10-01 $269,450 (7.8%) $371,360 (8.5%) 0.65 948
    2024-11-01 $250,000 (6.4%) $364,116 (12.5%) 0.64 844
    2024-12-01 $249,950 (0.0%) $361,529 (9.3%) 0.64 711
    2025-01-01 $258,450 (5.5%) $370,120 (14.2%) 0.00 657
    Rochester's median listing price for 2025-01-01 was $258,450, a difference of $13,550 (5.5%) versus the prior year and $8,500 versus the prior month.

    Rochester's median listing price comes in at 0% of the national average.

    Rochester's average listing price for 2025-01-01 was $370,120, a difference of $45,970 (14.2%) versus the prior year and $8,591 versus the prior month.

    For the 2025-01-01 period, Rochester had 657 MLS listings, a difference of -54 listings (-8%) versus the prior month and 41 listings (7%) 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 1,763 sqft
    2018-03-01 42 days 1,763 sqft
    2018-04-01 35 days 1,769 sqft
    2018-05-01 33 days 1,767 sqft
    2018-06-01 34 days 1,782 sqft
    2018-07-01 38 days 1,768 sqft
    2018-08-01 43 days 1,756 sqft
    2018-09-01 46 days 1,752 sqft
    2018-10-01 47 days 1,745 sqft
    2018-11-01 52 days 1,727 sqft
    2018-12-01 64 days 1,741 sqft
    2019-01-01 66 days 1,732 sqft
    2019-02-01 50 days 1,744 sqft
    2019-03-01 40 days 1,769 sqft
    2019-04-01 32 days 1,800 sqft
    2019-05-01 30 days 1,811 sqft
    2019-06-01 30 days 1,820 sqft
    2019-07-01 33 days 1,816 sqft
    2019-08-01 37 days 1,803 sqft
    2019-09-01 38 days 1,789 sqft
    2019-10-01 41 days 1,778 sqft
    2019-11-01 47 days 1,772 sqft
    2019-12-01 58 days 1,757 sqft
    2020-01-01 59 days 1,743 sqft
    2020-02-01 36 days 1,746 sqft
    2020-03-01 31 days 1,765 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 1,785 sqft
    2020-08-01 25 days 1,752 sqft
    2020-09-01 25 days 1,731 sqft
    2020-10-01 26 days 1,728 sqft
    2020-11-01 32 days 1,708 sqft
    2020-12-01 44 days 1,717 sqft
    2021-01-01 46 days 1,730 sqft
    2021-02-01 29 days 1,749 sqft
    2021-03-01 16 days 1,718 sqft
    2021-04-01 11 days 1,717 sqft
    2021-05-01 10 days 1,708 sqft
    2021-06-01 11 days 1,766 sqft
    2021-07-01 15 days 1,748 sqft
    2021-08-01 16 days 1,737 sqft
    2021-09-01 19 days 1,700 sqft
    2021-10-01 22 days 1,690 sqft
    2021-11-01 23 days 1,682 sqft
    2021-12-01 35 days 1,668 sqft
    2022-01-01 37 days 1,696 sqft
    2022-02-01 18 days 1,710 sqft
    2022-03-01 10 days 1,676 sqft
    2022-04-01 10 days 1,662 sqft
    2022-05-01 10 days 1,703 sqft
    2022-06-01 11 days 1,737 sqft
    2022-07-01 16 days 1,728 sqft
    2022-08-01 22 days 1,699 sqft
    2022-09-01 23 days 1,688 sqft
    2022-10-01 24 days 1,689 sqft
    2022-11-01 30 days 1,702 sqft
    2022-12-01 39 days 1,720 sqft
    2023-01-01 44 days 1,698 sqft
    2023-02-01 28 days 1,708 sqft
    2023-03-01 24 days 1,711 sqft
    2023-04-01 16 days 1,728 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 1,731 sqft
    2023-09-01 17 days 1,706 sqft
    2023-10-01 19 days 1,707 sqft
    2023-11-01 25 days 1,670 sqft
    2023-12-01 35 days 1,661 sqft
    2024-01-01 33 days 1,669 sqft
    2024-02-01 24 days 1,677 sqft
    2024-03-01 22 days 1,744 sqft
    2024-04-01 16 days 1,718 sqft
    2024-05-01 17 days 1,728 sqft
    2024-06-01 17 days 1,704 sqft
    2024-07-01 36 days 1,715 sqft
    2024-08-01 39 days 1,728 sqft
    2024-09-01 38 days 1,725 sqft
    2024-10-01 38 days 1,722 sqft
    2024-11-01 49 days 1,692 sqft
    2024-12-01 56 days 1,679 sqft
    2025-01-01 0 days 1,659 sqft
    Rochester's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Rochester's median square footage for active listings during the 2025-01-01 period was 1,659 sqft. One year prior, the average listing was 1,669 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).