Seneca Falls FHA Loan Rates, Closing Costs & Stats
Seneca Falls, 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.
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
6.31%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Seneca Falls's average FHA mortgage closing costs are $6,206.
The average rate for the prior week (2024-10-18) was
6.2% and
one month ago for the week of 2024-09-20, the
average rate was 5.92%.
The average rate one year ago was 7.46%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.05%.
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 |