Seneca Falls FHA Loan Rates, Closing Costs & Stats

Seneca Falls, 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.

    Seneca Falls's 15 lenders originated 47 FHA loans during 2023. The total origination value was $6,325,000, with an average FHA loan value of $134,574.

    Seneca Falls FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Seneca Falls averaged 6.79% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Seneca Falls's average FHA mortgage closing costs are $6,206.

    The average rate for the prior week (2024-04-05) was 6.52% and one month ago for the week of 2024-03-08, the average rate was 6.56%.

    The average rate one year ago was 6.49%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.74%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Seneca Falls 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 Seneca Falls level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 13 6.86% $7,514
    UNITED WHOLESALE MORTGAGE, LLC 5 5.94% $10,413
    PENNYMAC LOAN SERVICES, LLC 4 6.06% $7,979
    Premium Mortgage Corporation 4 6.69% $3,542
    PLAZA HOME MORTGAGE, INC. 3 5.92% $7,970
    Genesee Regional Bank 3 7.08% $6,809
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.08% $6,399
    1ST PRIORITY MORTGAGE, INC. 2 6.69% $5,543
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $7,766
    ROYAL UNITED MORTGAGE LLC 1 6.50% $12,210
    Flagstar Bank, FSB 1 5.25% $9,892
    Five Star Bank 1 6.13% $6,835
    M&T Bank 1 7.25% $8,961
    EMBRACE HOME LOANS, INC. 1 6.75% $7,888
    Evolve Bank & Trust 1 6.63% $6,025

    The top Seneca Falls FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 13 FHA loans originated. Their average total fees are $7,514, which is $2,900 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Seneca Falls FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,514), .

    The lowest rate Seneca Falls FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.86%), .

    Seneca Falls FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SENECA FALLS, NY SENECA 2022 $420,680 $538,650 $651,050 $809,150
    SENECA FALLS, NY SENECA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Seneca Falls (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 $141,000 (-2.7%) $190,661 (-22.1%) 0.00 111
    2018-02-01 $127,400 (-20.1%) $182,792 (-26.8%) 0.00 104
    2018-03-01 $140,450 (-27.8%) $185,775 (-35.6%) 0.00 104
    2018-04-01 $166,975 (-16.3%) $220,602 (-14.0%) 0.00 105
    2018-05-01 $188,500 (-10.0%) $245,618 (-3.1%) 0.00 110
    2018-06-01 $194,450 (-2.5%) $245,373 (-1.7%) 0.00 108
    2018-07-01 $202,400 (7.1%) $259,274 (7.0%) 0.00 106
    2018-08-01 $190,950 (3.5%) $239,502 (0.9%) 0.00 118
    2018-09-01 $179,900 (-1.1%) $233,539 (-3.0%) 0.00 118
    2018-10-01 $183,825 (3.1%) $269,077 (16.4%) 0.00 108
    2018-11-01 $177,175 (10.8%) $265,506 (17.3%) 0.00 114
    2018-12-01 $144,993 (-3.3%) $251,255 (20.2%) 0.00 106
    2019-01-01 $139,350 (-1.2%) $252,936 (32.7%) 0.00 103
    2019-02-01 $150,475 (18.1%) $261,146 (42.9%) 0.00 92
    2019-03-01 $164,429 (17.1%) $262,359 (41.2%) 0.00 88
    2019-04-01 $177,179 (6.1%) $261,175 (18.4%) 0.00 87
    2019-05-01 $203,650 (8.0%) $272,652 (11.0%) 0.00 93
    2019-06-01 $199,900 (2.8%) $302,243 (23.2%) 0.00 91
    2019-07-01 $192,450 (-4.9%) $316,909 (22.2%) 0.00 96
    2019-08-01 $188,536 (-1.3%) $319,895 (33.6%) 0.00 93
    2019-09-01 $186,491 (3.7%) $328,719 (40.8%) 0.00 91
    2019-10-01 $185,127 (0.7%) $336,577 (25.1%) 0.00 87
    2019-11-01 $175,400 (-1.0%) $327,192 (23.2%) 0.00 79
    2019-12-01 $169,200 (16.7%) $294,311 (17.1%) 0.00 75
    2020-01-01 $159,900 (14.8%) $270,887 (7.1%) 0.00 66
    2020-02-01 $150,750 (0.2%) $261,954 (0.3%) 0.00 71
    2020-03-01 $171,200 (4.1%) $292,083 (11.3%) 0.00 77
    2020-04-01 $171,200 (-3.4%) $288,625 (10.5%) 0.00 73
    2020-05-01 $177,700 (-12.7%) $287,081 (5.3%) 0.00 72
    2020-06-01 $184,500 (-7.7%) $316,040 (4.6%) 0.00 57
    2020-07-01 $194,450 (1.0%) $331,721 (4.7%) 0.00 52
    2020-08-01 $175,000 (-7.2%) $317,628 (-0.7%) 0.00 49
    2020-09-01 $172,400 (-7.6%) $318,692 (-3.1%) 0.00 49
    2020-10-01 $137,068 (-26.0%) $256,342 (-23.8%) 0.00 51
    2020-11-01 $141,909 (-19.1%) $250,352 (-23.5%) 0.00 47
    2020-12-01 $134,900 (-20.3%) $242,870 (-17.5%) 0.00 46
    2021-01-01 $132,000 (-17.5%) $279,126 (3.0%) 0.00 39
    2021-02-01 $130,950 (-13.1%) $308,262 (17.7%) 0.00 29
    2021-03-01 $152,400 (-11.0%) $367,607 (25.9%) 0.00 28
    2021-04-01 $139,900 (-18.3%) $341,496 (18.3%) 0.00 24
    2021-05-01 $154,900 (-12.8%) $348,315 (21.3%) 0.00 24
    2021-06-01 $177,450 (-3.8%) $396,036 (25.3%) 0.00 36
    2021-07-01 $175,000 (-10.0%) $473,054 (42.6%) 0.00 45
    2021-08-01 $198,475 (13.4%) $347,538 (9.4%) 0.00 38
    2021-09-01 $214,900 (24.7%) $346,756 (8.8%) 0.00 34
    2021-10-01 $203,725 (48.6%) $370,401 (44.5%) 0.00 31
    2021-11-01 $205,725 (45.0%) $319,277 (27.5%) 0.00 32
    2021-12-01 $167,450 (24.1%) $260,685 (7.3%) 0.00 23
    2022-01-01 $124,900 (-5.4%) $189,996 (-31.9%) 0.00 21
    2022-02-01 $135,400 (3.4%) $209,335 (-32.1%) 0.00 19
    2022-03-01 $145,750 (-4.4%) $196,623 (-46.5%) 0.00 26
    2022-04-01 $179,400 (28.2%) $291,045 (-14.8%) 0.00 31
    2022-05-01 $219,675 (41.8%) $295,883 (-15.1%) 0.00 28
    2022-06-01 $255,950 (44.2%) $379,112 (-4.3%) 0.00 37
    2022-07-01 $219,900 (25.7%) $322,280 (-31.9%) 0.00 36
    2022-08-01 $157,475 (-20.7%) $303,882 (-12.6%) 0.00 41
    2022-09-01 $149,900 (-30.3%) $236,889 (-31.7%) 0.00 36
    2022-10-01 $155,900 (-23.5%) $282,258 (-23.8%) 0.00 35
    2022-11-01 $158,900 (-22.8%) $333,722 (4.5%) 0.00 37
    2022-12-01 $165,900 (-0.9%) $345,439 (32.5%) 0.00 32
    2023-01-01 $164,950 (32.1%) $300,018 (57.9%) 0.00 28
    2023-02-01 $171,700 (26.8%) $312,691 (49.4%) 0.00 25
    2023-03-01 $192,200 (31.9%) $356,878 (81.5%) 0.00 26
    2023-04-01 $239,900 (33.7%) $416,195 (43.0%) 0.00 31
    2023-05-01 $339,750 (54.7%) $488,846 (65.2%) 0.00 31
    2023-06-01 $385,250 (50.5%) $500,950 (32.1%) 0.00 33
    2023-07-01 $299,000 (36.0%) $471,683 (46.4%) 0.00 38
    2023-08-01 $284,950 (81.0%) $453,279 (49.2%) 0.00 44
    2023-09-01 $252,450 (68.4%) $422,675 (78.4%) 0.00 50
    2023-10-01 $244,950 (57.1%) $392,434 (39.0%) 0.00 54
    2023-11-01 $251,175 (58.1%) $410,087 (22.9%) 0.00 51
    2023-12-01 $188,700 (13.7%) $347,044 (0.5%) 0.00 37
    2024-01-01 $189,900 (15.1%) $392,155 (30.7%) 0.00 25
    2024-02-01 $204,450 (19.1%) $467,857 (49.6%) 0.00 18
    2024-03-01 $279,400 (45.4%) $472,361 (32.4%) 0.00 19
    Seneca Falls's median listing price for 2024-03-01 was $279,400, a difference of $87,200 (45.4%) versus the prior year and $74,950 versus the prior month.

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

    Seneca Falls's average listing price for 2024-03-01 was $472,361, a difference of $115,483 (32.4%) versus the prior year and $4,504 versus the prior month.

    For the 2024-03-01 period, Seneca Falls had 19 MLS listings, a difference of 1 listings (6%) versus the prior month and -7 listings (-27%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Seneca Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,750 sqft
    2018-02-01 0 days 1,669 sqft
    2018-03-01 0 days 1,660 sqft
    2018-04-01 0 days 1,712 sqft
    2018-05-01 0 days 1,774 sqft
    2018-06-01 0 days 1,700 sqft
    2018-07-01 0 days 1,848 sqft
    2018-08-01 0 days 1,796 sqft
    2018-09-01 0 days 1,783 sqft
    2018-10-01 0 days 1,746 sqft
    2018-11-01 0 days 1,746 sqft
    2018-12-01 0 days 1,704 sqft
    2019-01-01 0 days 1,701 sqft
    2019-02-01 0 days 1,703 sqft
    2019-03-01 0 days 1,699 sqft
    2019-04-01 0 days 1,699 sqft
    2019-05-01 0 days 1,734 sqft
    2019-06-01 0 days 1,827 sqft
    2019-07-01 0 days 1,754 sqft
    2019-08-01 0 days 1,796 sqft
    2019-09-01 0 days 1,772 sqft
    2019-10-01 0 days 1,753 sqft
    2019-11-01 0 days 1,768 sqft
    2019-12-01 0 days 1,707 sqft
    2020-01-01 0 days 1,681 sqft
    2020-02-01 0 days 1,691 sqft
    2020-03-01 0 days 1,730 sqft
    2020-04-01 0 days 1,760 sqft
    2020-05-01 0 days 1,752 sqft
    2020-06-01 0 days 1,776 sqft
    2020-07-01 0 days 1,970 sqft
    2020-08-01 0 days 1,900 sqft
    2020-09-01 0 days 1,877 sqft
    2020-10-01 0 days 1,792 sqft
    2020-11-01 0 days 1,690 sqft
    2020-12-01 0 days 1,679 sqft
    2021-01-01 0 days 1,792 sqft
    2021-02-01 0 days 1,823 sqft
    2021-03-01 0 days 1,667 sqft
    2021-04-01 0 days 1,665 sqft
    2021-05-01 0 days 1,701 sqft
    2021-06-01 0 days 1,809 sqft
    2021-07-01 0 days 1,820 sqft
    2021-08-01 0 days 1,898 sqft
    2021-09-01 0 days 1,799 sqft
    2021-10-01 0 days 1,885 sqft
    2021-11-01 0 days 1,870 sqft
    2021-12-01 0 days 1,879 sqft
    2022-01-01 0 days 1,733 sqft
    2022-02-01 0 days 1,783 sqft
    2022-03-01 0 days 1,645 sqft
    2022-04-01 0 days 1,602 sqft
    2022-05-01 0 days 1,821 sqft
    2022-06-01 0 days 1,723 sqft
    2022-07-01 0 days 1,616 sqft
    2022-08-01 0 days 1,439 sqft
    2022-09-01 0 days 1,438 sqft
    2022-10-01 0 days 1,530 sqft
    2022-11-01 0 days 1,794 sqft
    2022-12-01 0 days 1,748 sqft
    2023-01-01 0 days 1,469 sqft
    2023-02-01 0 days 1,712 sqft
    2023-03-01 0 days 1,867 sqft
    2023-04-01 0 days 1,913 sqft
    2023-05-01 0 days 1,857 sqft
    2023-06-01 0 days 1,897 sqft
    2023-07-01 0 days 1,888 sqft
    2023-08-01 0 days 1,918 sqft
    2023-09-01 0 days 1,705 sqft
    2023-10-01 0 days 1,670 sqft
    2023-11-01 0 days 1,866 sqft
    2023-12-01 0 days 1,738 sqft
    2024-01-01 0 days 1,926 sqft
    2024-02-01 0 days 1,612 sqft
    2024-03-01 0 days 1,534 sqft
    Seneca Falls's median listing age (time on market) for 2024-03-01 was 0 days.

    Seneca Falls's median square footage for active listings during the 2024-03-01 period was 1,534 sqft. One year prior, the average listing was 1,867 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).