Rochester FHA Loan Rates, Closing Costs & Stats

ROCHESTER, NY

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.59% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.47% and one month ago for the week of 2024-10-04, the average rate was 5.89%.

    The average rate one year ago was 7.43%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.6%.

    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 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
    2024-04-01 $295,000 (11.4%) $361,150 (7.4%) 0.69 727
    2024-05-01 $309,869 (16.9%) $395,617 (18.6%) 0.70 888
    2024-06-01 $279,900 (2.0%) $389,892 (13.1%) 0.63 888
    2024-07-01 $277,450 (6.9%) $371,046 (4.3%) 0.63 966
    2024-08-01 $284,900 (14.0%) $373,919 (10.3%) 0.66 971
    2024-09-01 $282,500 (13.1%) $369,461 (5.6%) 0.66 1,033
    2024-10-01 $277,450 (11.0%) $385,422 (10.2%) 0.65 1,067
    Rochester's median listing price for 2024-10-01 was $277,450, a difference of $27,501 (11.0%) versus the prior year and $-5,050 versus the prior month.

    Rochester's median listing price comes in at 65% of the national average.

    Rochester's average listing price for 2024-10-01 was $385,422, a difference of $35,689 (10.2%) versus the prior year and $15,961 versus the prior month.

    For the 2024-10-01 period, Rochester had 1,067 MLS listings, a difference of 34 listings (3%) versus the prior month and 160 listings (18%) 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
    2024-04-01 16 days 1,716 sqft
    2024-05-01 17 days 1,746 sqft
    2024-06-01 17 days 1,736 sqft
    2024-07-01 36 days 1,723 sqft
    2024-08-01 39 days 1,728 sqft
    2024-09-01 38 days 1,731 sqft
    2024-10-01 38 days 1,730 sqft
    Rochester's median listing age (time on market) for 2024-10-01 was 38 days. This is 105% longer than the same period one year ago.

    Rochester's median square footage for active listings during the 2024-10-01 period was 1,730 sqft. One year prior, the average listing was 1,704 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).