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%.

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

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.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 252 2.87% $6,098
PLAZA HOME MORTGAGE, INC. 183 2.99% $6,936
PARAGON HOME LOANS INC. 142 3.08% $5,751
MOVEMENT MORTGAGE, LLC 102 3.27% $6,168
HOMESTEAD FUNDING CORP. 90 3.18% $4,663
HUNT MORTGAGE CORPORATION 85 3.23% $6,370
Genesee Regional Bank 62 3.34% $6,186
COMMONFUND MORTGAGE CORP. 56 2.93% $6,337
Premium Mortgage Corporation 52 2.89% $4,629
PRIMELENDING, A PLAINSCAPITAL COMPANY 47 3.21% $6,676
Mr. Cooper ( Nationstar Mortgage ) 45 3.43% $3,007
Manufacturers and Traders Trust Company 39 3.06% $6,103
1ST PRIORITY MORTGAGE, INC. 24 3.24% $6,033
NEWREZ LLC 21 2.96% $5,617
UNITED WHOLESALE MORTGAGE, LLC 17 2.88% $8,131
SEFCU SERVICES, LLC 17 2.90% $4,537
FREEDOM MORTGAGE CORPORATION 16 3.07% $5,350
Equity Prime Mortgage LLC 13 3.80% $7,006
JPMorgan Chase Bank 12 3.17% $4,403
Bank of America 10 2.91% $5,300
CALIBER HOME LOANS, INC. 9 3.11% $6,032
NBT Bank 9 2.88% $4,896
Citizens Bank 9 2.61% $5,498
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 8 2.84% $6,082
Wells Fargo Bank 7 3.48% $5,732
Carrington Mortgage Services, LLC 6 3.63% $9,052
AMERICAN FINANCING CORPORATION 6 2.85% $6,900
KeyBank 5 2.95% $6,595
LOANDEPOT.COM, LLC 5 3.45% $7,744
HOME POINT FINANCIAL CORPORATION 5 2.85% $5,508
RELIANCE FIRST CAPITAL, LLC 4 3.06% $9,212
CROSSCOUNTRY MORTGAGE, LLC 4 3.00% $11,863
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.00% $7,730
NATIONWIDE MORTGAGE BANKERS, INC. 3 3.29% $8,319
GUARANTEED RATE, INC. 3 2.96% $6,717
ROYAL UNITED MORTGAGE LLC 3 3.38% $7,628
AMERICAN FINANCIAL NETWORK, INC. 3 3.00% $18,288
NORTHERN CREDIT UNION 3 2.79% $1,995
FINANCE OF AMERICA MORTGAGE LLC 2 2.94% $5,177
UNITED MORTGAGE CORP. 2 3.25% $8,031
CCFCU FUNDING, LLC 2 2.63% $6,403
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.63% $7,960
Berkshire Bank 2 3.06% $6,622
The Federal Savings Bank 2 3.50% $7,798
PLANET HOME LENDING, LLC 2 2.75% $4,672
Mortgage Research Center, LLC 2 3.06% $6,005
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.75% $7,083
The Huntington National Bank 1 3.25% $8,134
ALLIED MORTGAGE GROUP, INC. 1 3.25% $4,827
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $7,014
Advisors Mortgage Group, L.L.C. 1 3.00% $7,171
JET DIRECT FUNDING CORP 1 2.50% $12,333
Flagstar Bank, FSB 1 2.87% $6,096
KELLER MORTGAGE, LLC 1 2.88% $4,678
EMBRACE HOME LOANS, INC. 1 2.38% $10,956
East Coast Capital Corp. 1 2.63% $8,370
CONTOUR MORTGAGE CORPORATION 1 3.50% $6,227
NBKC BANK 1 2.75% $9,829
Colonial Savings, F.A. 1 3.50% $8,618
CFCU Community Credit Union 1 3.13% $4,902
Platinum Home Mortgage Corporation 1 2.99% $8,996
Barrington Bank & Trust Company, N.A. 1 2.50% $9,120
Bank of England 1 2.75% $11,553
Axos Bank 1 4.50% $8,783

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. Louis
Date 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 for 2022-04-01 was $199,900, a difference of $-25,100 (-11.2%) versus the prior year and $1,650 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 62 days. This is 17% longer than the same period one year ago.

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.

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).