Syracuse FHA Loans
SYRACUSE, 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.
Syracuse's 64 lenders originated 1,543 FHA loans during 2021. The total origination value was $225,945,000, with an average FHA loan value of $146,432.
Syracuse FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Syracuse
averaged
5.32%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.25% and
one month ago for the week of 2022-04-08, the
average rate was 4.92%.
The average rate one year ago was 2.92%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.13%.
Syracuse FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Syracuse level.
The top Syracuse FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
252 FHA loans originated. Their average total fees are
$6,098, which is $838
lower than the next largest lender,
PLAZA HOME MORTGAGE, INC..
The lowest fee Syracuse FHA lenders (with over 10 loans originated) are
Mr. Cooper ( Nationstar Mortgage ) ($3,007), JPMorgan Chase Bank ($4,403), SEFCU SERVICES, LLC ($4,537), Premium Mortgage Corporation ($4,629) and HOMESTEAD FUNDING CORP. ($4,663).
The lowest rate Syracuse FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (2.87%), UNITED WHOLESALE MORTGAGE, LLC (2.88%), Premium Mortgage Corporation (2.89%), SEFCU SERVICES, LLC (2.90%) and Bank of America (2.91%).
Syracuse FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
SYRACUSE, NY | MADISON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SYRACUSE, NY | ONONDAGA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SYRACUSE, NY | OSWEGO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Syracuse (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $148,950 (4.4%) | $199,945 (-2.1%) | 0.55 | 1,862 |
2018-02-01 | $154,750 (4.8%) | $209,091 (2.5%) | 0.56 | 1,748 |
2018-03-01 | $160,000 (3.2%) | $216,520 (1.7%) | 0.55 | 1,751 |
2018-04-01 | $173,700 (2.8%) | $227,390 (1.8%) | 0.58 | 1,729 |
2018-05-01 | $174,900 (3.6%) | $228,098 (2.6%) | 0.58 | 1,801 |
2018-06-01 | $179,000 (5.9%) | $237,778 (4.9%) | 0.60 | 2,000 |
2018-07-01 | $179,900 (9.1%) | $243,202 (10.2%) | 0.60 | 2,112 |
2018-08-01 | $179,900 (9.1%) | $241,455 (10.0%) | 0.60 | 2,164 |
2018-09-01 | $179,000 (11.9%) | $236,872 (11.9%) | 0.60 | 2,141 |
2018-10-01 | $175,700 (10.2%) | $235,393 (12.6%) | 0.59 | 2,141 |
2018-11-01 | $172,700 (11.5%) | $236,287 (13.3%) | 0.58 | 1,998 |
2018-12-01 | $169,900 (13.3%) | $241,173 (18.1%) | 0.58 | 1,779 |
2019-01-01 | $169,950 (14.1%) | $242,698 (21.4%) | 0.59 | 1,550 |
2019-02-01 | $174,950 (13.1%) | $237,702 (13.7%) | 0.59 | 1,511 |
2019-03-01 | $185,671 (16.0%) | $250,228 (15.6%) | 0.61 | 1,499 |
2019-04-01 | $204,900 (18.0%) | $268,457 (18.1%) | 0.65 | 1,483 |
2019-05-01 | $207,900 (18.9%) | $271,163 (18.9%) | 0.64 | 1,535 |
2019-06-01 | $204,900 (14.5%) | $273,699 (15.1%) | 0.63 | 1,662 |
2019-07-01 | $202,400 (12.5%) | $276,724 (13.8%) | 0.63 | 1,781 |
2019-08-01 | $199,086 (10.7%) | $269,331 (11.5%) | 0.63 | 1,795 |
2019-09-01 | $196,450 (9.8%) | $265,535 (12.1%) | 0.62 | 1,797 |
2019-10-01 | $186,950 (6.4%) | $256,966 (9.2%) | 0.60 | 1,890 |
2019-11-01 | $179,900 (4.2%) | $255,104 (8.0%) | 0.58 | 1,764 |
2019-12-01 | $174,900 (2.9%) | $259,814 (7.7%) | 0.58 | 1,614 |
2020-01-01 | $172,700 (1.6%) | $265,059 (9.2%) | 0.58 | 1,414 |
2020-02-01 | $184,900 (5.7%) | $275,102 (15.7%) | 0.60 | 1,317 |
2020-03-01 | $194,200 (4.6%) | $285,467 (14.1%) | 0.61 | 1,205 |
2020-04-01 | $199,950 (-2.4%) | $295,117 (9.9%) | 0.62 | 1,143 |
2020-05-01 | $205,900 (-1.0%) | $302,100 (11.4%) | 0.62 | 1,058 |
2020-06-01 | $207,900 (1.5%) | $311,944 (14.0%) | 0.61 | 1,095 |
2020-07-01 | $217,450 (7.4%) | $333,057 (20.4%) | 0.62 | 1,039 |
2020-08-01 | $220,000 (10.5%) | $331,466 (23.1%) | 0.63 | 1,031 |
2020-09-01 | $210,250 (7.0%) | $326,482 (23.0%) | 0.60 | 1,044 |
2020-10-01 | $209,000 (11.8%) | $312,276 (21.5%) | 0.60 | 1,043 |
2020-11-01 | $197,750 (9.9%) | $301,575 (18.2%) | 0.57 | 955 |
2020-12-01 | $189,450 (8.3%) | $305,478 (17.6%) | 0.56 | 874 |
2021-01-01 | $185,000 (7.1%) | $309,398 (16.7%) | 0.54 | 728 |
2021-02-01 | $205,200 (11.0%) | $330,905 (20.3%) | 0.59 | 612 |
2021-03-01 | $212,700 (9.5%) | $338,746 (18.7%) | 0.60 | 608 |
2021-04-01 | $225,000 (12.5%) | $351,507 (19.1%) | 0.60 | 633 |
2021-05-01 | $224,900 (9.2%) | $356,600 (18.0%) | 0.59 | 689 |
2021-06-01 | $224,900 (8.2%) | $360,803 (15.7%) | 0.58 | 792 |
2021-07-01 | $219,750 (1.1%) | $355,159 (6.6%) | 0.57 | 864 |
2021-08-01 | $199,450 (-9.3%) | $324,679 (-2.1%) | 0.52 | 954 |
2021-09-01 | $192,450 (-8.5%) | $326,681 (0.1%) | 0.51 | 927 |
2021-10-01 | $194,000 (-7.2%) | $315,046 (0.9%) | 0.51 | 923 |
2021-11-01 | $182,400 (-7.8%) | $311,999 (3.5%) | 0.48 | 788 |
2021-12-01 | $180,000 (-5.0%) | $319,388 (4.6%) | 0.48 | 658 |
2022-01-01 | $189,900 (2.7%) | $319,798 (3.4%) | 0.51 | 568 |
2022-02-01 | $189,450 (-7.7%) | $344,655 (4.2%) | 0.48 | 525 |
2022-03-01 | $198,250 (-6.8%) | $352,388 (4.0%) | 0.49 | 519 |
2022-04-01 | $199,900 (-11.2%) | $347,037 (-1.3%) | 0.47 | 522 |
Syracuse's median listing price comes in at 47% of the national average.
Syracuse's average listing price for 2022-04-01 was $347,037, a difference of $-4,470 (-1.3%) versus the prior year and $-5,351 versus the prior month.
For the 2022-04-01 period, Syracuse had 522 MLS listings, a difference of 3 listings (1%) versus the prior month and -111 listings (-18%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Syracuse (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 94 days | 1,676 sqft |
2018-02-01 | 100 days | 1,684 sqft |
2018-03-01 | 86 days | 1,710 sqft |
2018-04-01 | 65 days | 1,735 sqft |
2018-05-01 | 56 days | 1,760 sqft |
2018-06-01 | 51 days | 1,779 sqft |
2018-07-01 | 52 days | 1,782 sqft |
2018-08-01 | 60 days | 1,778 sqft |
2018-09-01 | 66 days | 1,764 sqft |
2018-10-01 | 72 days | 1,771 sqft |
2018-11-01 | 77 days | 1,768 sqft |
2018-12-01 | 90 days | 1,756 sqft |
2019-01-01 | 97 days | 1,763 sqft |
2019-02-01 | 92 days | 1,759 sqft |
2019-03-01 | 67 days | 1,787 sqft |
2019-04-01 | 59 days | 1,825 sqft |
2019-05-01 | 57 days | 1,808 sqft |
2019-06-01 | 52 days | 1,805 sqft |
2019-07-01 | 53 days | 1,803 sqft |
2019-08-01 | 57 days | 1,790 sqft |
2019-09-01 | 65 days | 1,788 sqft |
2019-10-01 | 63 days | 1,778 sqft |
2019-11-01 | 72 days | 1,764 sqft |
2019-12-01 | 86 days | 1,754 sqft |
2020-01-01 | 98 days | 1,746 sqft |
2020-02-01 | 102 days | 1,770 sqft |
2020-03-01 | 91 days | 1,787 sqft |
2020-04-01 | 87 days | 1,800 sqft |
2020-05-01 | 95 days | 1,802 sqft |
2020-06-01 | 86 days | 1,820 sqft |
2020-07-01 | 58 days | 1,823 sqft |
2020-08-01 | 58 days | 1,824 sqft |
2020-09-01 | 57 days | 1,807 sqft |
2020-10-01 | 51 days | 1,800 sqft |
2020-11-01 | 67 days | 1,764 sqft |
2020-12-01 | 78 days | 1,760 sqft |
2021-01-01 | 88 days | 1,717 sqft |
2021-02-01 | 89 days | 1,767 sqft |
2021-03-01 | 70 days | 1,760 sqft |
2021-04-01 | 53 days | 1,764 sqft |
2021-05-01 | 50 days | 1,778 sqft |
2021-06-01 | 49 days | 1,789 sqft |
2021-07-01 | 47 days | 1,744 sqft |
2021-08-01 | 54 days | 1,705 sqft |
2021-09-01 | 55 days | 1,687 sqft |
2021-10-01 | 61 days | 1,688 sqft |
2021-11-01 | 71 days | 1,651 sqft |
2021-12-01 | 77 days | 1,640 sqft |
2022-01-01 | 80 days | 1,651 sqft |
2022-02-01 | 81 days | 1,650 sqft |
2022-03-01 | 70 days | 1,655 sqft |
2022-04-01 | 62 days | 1,655 sqft |
Syracuse's median square footage for active listings during the 2022-04-01 period was 1,655 sqft. One year prior, the average listing was 1,764 sqft.