Syracuse FHA Loan Rates, Closing Costs & Stats

SYRACUSE, 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.

    Syracuse's 49 lenders originated 778 FHA loans during 2023. The total origination value was $131,980,000, with an average FHA loan value of $169,640.

    Syracuse FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Syracuse averaged -0.37% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Syracuse's average FHA mortgage closing costs are $6,236.

    The average rate for the prior week (2024-11-08) was 6.34% and one month ago for the week of 2024-10-11, the average rate was 5.84%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.54%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Syracuse level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 144 6.46% $8,798
    PLAZA HOME MORTGAGE, INC. 97 6.48% $9,155
    MOVEMENT MORTGAGE, LLC 60 6.94% $9,023
    PARAGON HOME LOANS INC. 55 6.84% $9,030
    HOMESTEAD FUNDING CORP. 38 6.59% $6,361
    Genesee Regional Bank 35 6.65% $8,250
    PRIMELENDING, A PLAINSCAPITAL COMPANY 28 6.78% $10,203
    HUNT MORTGAGE CORPORATION 22 6.94% $9,919
    UNITED WHOLESALE MORTGAGE, LLC 18 6.51% $10,156
    M&T Bank 16 6.52% $6,666
    KeyBank 15 6.60% $5,808
    Mr. Cooper ( Nationstar Mortgage ) 13 6.34% $11,699
    LOANDEPOT.COM, LLC 13 6.78% $8,407
    1ST PRIORITY MORTGAGE, INC. 12 6.75% $7,994
    Premium Mortgage Corporation 12 6.47% $8,286
    PENNYMAC LOAN SERVICES, LLC 10 6.49% $11,319
    AMERICU Credit Union 9 6.10% $7,495
    Wells Fargo Bank 8 6.73% $6,431
    SEFCU SERVICES, LLC 8 6.52% $7,048
    CARDINAL FINANCIAL 7 6.30% $9,790
    Carrington Mortgage Services, LLC 7 6.48% $13,404
    JPMorgan Chase Bank 7 6.57% $6,992
    CROSSCOUNTRY MORTGAGE, LLC 6 6.95% $10,448
    Plains Commerce Bank 5 6.63% $8,430
    FREEDOM MORTGAGE CORPORATION 5 6.98% $10,465
    AMERICAN FINANCING CORPORATION 5 6.25% $9,059
    NBT Bank 4 6.16% $7,310
    Citizens Bank 4 6.59% $6,661
    NEWREZ LLC 4 6.31% $12,640
    SUN WEST MORTGAGE COMPANY, INC. 3 7.00% $10,794
    Barrington Bank & Trust Company, N.A. 2 6.75% $7,636
    ABSOLUTE HOME MORTGAGE CORPORATION 2 6.63% $9,574
    Bank of England 2 7.19% $9,168
    Equity Prime Mortgage LLC 2 6.63% $6,650
    RELIANCE FIRST CAPITAL, LLC 2 6.63% $13,354
    TOTAL MORTGAGE SERVICES, LLC 2 6.69% $7,932
    U.S. Bank 2 6.44% $5,860
    MORTGAGE ACCESS CORP. 1 7.63% $14,051
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $22,857
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $8,881
    Berkshire Bank 1 5.75% $7,401
    ROYAL UNITED MORTGAGE LLC 1 5.63% $5,271
    CONTOUR MORTGAGE CORPORATION 1 6.38% $15,055
    Colonial Savings, F.A. 1 6.75% $14,727
    The Federal Savings Bank 1 5.75% $6,786
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $10,522
    NORTHERN CREDIT UNION 1 7.25% $13,119
    NJ LENDERS CORP. 1 6.63% $12,882
    Mortgage Research Center, LLC 1 7.63% $6,588

    The top Syracuse FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 144 FHA loans originated. Their average total fees are $8,798, which is $357 lower than the next largest lender, PLAZA HOME MORTGAGE, INC..

    The lowest fee Syracuse FHA lenders (with over 10 loans originated) are KeyBank ($5,808), HOMESTEAD FUNDING CORP. ($6,361), M&T Bank ($6,666), 1ST PRIORITY MORTGAGE, INC. ($7,994) and Genesee Regional Bank ($8,250).

    The lowest rate Syracuse FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) (6.34%), QUICKEN LOANS, LLC (6.46%), Premium Mortgage Corporation (6.47%), PLAZA HOME MORTGAGE, INC. (6.48%) and PENNYMAC LOAN SERVICES, LLC (6.49%).

    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
    SYRACUSE, NY MADISON 2023 $472,030 $604,400 $730,525 $907,900
    SYRACUSE, NY ONONDAGA 2023 $472,030 $604,400 $730,525 $907,900
    SYRACUSE, NY OSWEGO 2023 $472,030 $604,400 $730,525 $907,900

    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 (5.5%) $200,081 (-0.9%) 0.55 1,810
    2018-02-01 $155,125 (6.4%) $207,401 (3.6%) 0.56 1,689
    2018-03-01 $163,400 (7.2%) $215,644 (3.4%) 0.57 1,672
    2018-04-01 $169,950 (3.0%) $225,201 (3.3%) 0.58 1,664
    2018-05-01 $174,900 (6.0%) $227,983 (3.8%) 0.58 1,740
    2018-06-01 $175,000 (5.1%) $237,118 (5.6%) 0.58 1,920
    2018-07-01 $179,700 (9.0%) $242,082 (10.8%) 0.60 2,033
    2018-08-01 $179,900 (9.1%) $240,878 (10.7%) 0.60 2,087
    2018-09-01 $175,000 (9.4%) $236,349 (12.1%) 0.59 2,061
    2018-10-01 $174,950 (9.7%) $235,491 (12.8%) 0.59 2,057
    2018-11-01 $169,950 (9.7%) $235,310 (13.3%) 0.58 1,923
    2018-12-01 $169,900 (13.3%) $238,105 (16.6%) 0.59 1,721
    2019-01-01 $167,450 (12.4%) $239,692 (19.8%) 0.58 1,493
    2019-02-01 $173,700 (12.0%) $235,187 (13.4%) 0.59 1,454
    2019-03-01 $185,614 (13.6%) $247,073 (14.6%) 0.61 1,445
    2019-04-01 $199,900 (17.6%) $264,669 (17.5%) 0.63 1,436
    2019-05-01 $199,900 (14.3%) $268,203 (17.6%) 0.62 1,479
    2019-06-01 $199,900 (14.2%) $269,571 (13.7%) 0.62 1,617
    2019-07-01 $199,900 (11.2%) $273,663 (13.1%) 0.63 1,726
    2019-08-01 $192,845 (7.2%) $262,388 (8.9%) 0.61 1,773
    2019-09-01 $185,564 (6.0%) $254,620 (7.7%) 0.59 1,798
    2019-10-01 $179,900 (2.8%) $248,245 (5.4%) 0.58 1,818
    2019-11-01 $176,900 (4.1%) $249,928 (6.2%) 0.58 1,687
    2019-12-01 $171,250 (0.8%) $252,807 (6.2%) 0.57 1,534
    2020-01-01 $166,880 (-0.3%) $251,098 (4.8%) 0.56 1,362
    2020-02-01 $176,900 (1.8%) $261,561 (11.2%) 0.58 1,267
    2020-03-01 $184,925 (-0.4%) $270,996 (9.7%) 0.58 1,167
    2020-04-01 $189,950 (-5.0%) $279,534 (5.6%) 0.60 1,091
    2020-05-01 $196,000 (-2.0%) $285,174 (6.3%) 0.60 1,020
    2020-06-01 $199,500 (-0.2%) $302,872 (12.4%) 0.59 1,073
    2020-07-01 $199,950 (0.0%) $316,797 (15.8%) 0.58 1,007
    2020-08-01 $199,900 (3.7%) $305,883 (16.6%) 0.57 1,008
    2020-09-01 $199,225 (7.4%) $308,869 (21.3%) 0.57 1,015
    2020-10-01 $189,900 (5.6%) $293,688 (18.3%) 0.54 1,019
    2020-11-01 $189,225 (7.0%) $296,132 (18.5%) 0.55 918
    2020-12-01 $186,450 (8.9%) $302,794 (19.8%) 0.55 852
    2021-01-01 $179,900 (7.8%) $304,095 (21.1%) 0.54 712
    2021-02-01 $196,450 (11.1%) $325,994 (24.6%) 0.57 595
    2021-03-01 $203,150 (9.9%) $335,491 (23.8%) 0.58 588
    2021-04-01 $219,450 (15.5%) $344,870 (23.4%) 0.59 619
    2021-05-01 $219,900 (12.2%) $353,925 (24.1%) 0.58 674
    2021-06-01 $222,400 (11.5%) $353,994 (16.9%) 0.59 786
    2021-07-01 $219,900 (10.0%) $350,205 (10.6%) 0.58 881
    2021-08-01 $194,900 (-2.5%) $316,297 (3.4%) 0.52 946
    2021-09-01 $188,950 (-5.2%) $315,999 (2.3%) 0.50 911
    2021-10-01 $189,900 (0.0%) $310,386 (5.7%) 0.51 908
    2021-11-01 $181,450 (-4.1%) $307,639 (3.9%) 0.49 778
    2021-12-01 $179,900 (-3.5%) $317,800 (5.0%) 0.49 647
    2022-01-01 $189,200 (5.2%) $320,760 (5.5%) 0.51 561
    2022-02-01 $185,425 (-5.6%) $339,731 (4.2%) 0.48 515
    2022-03-01 $195,850 (-3.6%) $342,021 (2.0%) 0.49 516
    2022-04-01 $199,900 (-8.9%) $337,195 (-2.2%) 0.48 524
    2022-05-01 $217,450 (-1.1%) $332,369 (-6.1%) 0.50 601
    2022-06-01 $229,950 (3.4%) $352,645 (-0.4%) 0.51 695
    2022-07-01 $234,900 (6.8%) $362,740 (3.6%) 0.53 774
    2022-08-01 $224,500 (15.2%) $353,837 (11.9%) 0.52 780
    2022-09-01 $219,900 (16.4%) $343,943 (8.8%) 0.51 783
    2022-10-01 $215,000 (13.2%) $338,092 (8.9%) 0.51 796
    2022-11-01 $211,225 (16.4%) $345,242 (12.2%) 0.51 737
    2022-12-01 $209,250 (16.3%) $360,076 (13.3%) 0.52 637
    2023-01-01 $205,000 (8.4%) $361,588 (12.7%) 0.51 537
    2023-02-01 $226,610 (22.2%) $366,748 (8.0%) 0.55 513
    2023-03-01 $234,900 (19.9%) $359,347 (5.1%) 0.55 516
    2023-04-01 $242,900 (21.5%) $369,479 (9.6%) 0.56 531
    2023-05-01 $229,400 (5.5%) $366,545 (10.3%) 0.52 543
    2023-06-01 $267,400 (16.3%) $390,796 (10.8%) 0.60 576
    2023-07-01 $260,000 (10.7%) $395,590 (9.1%) 0.59 602
    2023-08-01 $262,400 (16.9%) $387,396 (9.5%) 0.60 651
    2023-09-01 $256,250 (16.5%) $379,921 (10.5%) 0.60 680
    2023-10-01 $259,450 (20.7%) $377,457 (11.6%) 0.61 696
    2023-11-01 $242,900 (15.0%) $366,953 (6.3%) 0.58 687
    2023-12-01 $249,900 (19.4%) $366,179 (1.7%) 0.61 628
    2024-01-01 $256,950 (25.3%) $382,461 (5.8%) 0.63 576
    2024-02-01 $252,450 (11.4%) $382,569 (4.3%) 0.61 519
    2024-03-01 $274,900 (17.0%) $397,432 (10.6%) 0.65 516
    2024-04-01 $272,500 (12.2%) $381,724 (3.3%) 0.63 514
    2024-05-01 $317,450 (38.4%) $421,633 (15.0%) 0.72 558
    2024-06-01 $344,500 (28.8%) $443,770 (13.6%) 0.77 574
    2024-07-01 $344,900 (32.7%) $779,696 (97.1%) 0.79 682
    2024-08-01 $325,000 (23.9%) $721,798 (86.3%) 0.76 746
    2024-09-01 $299,675 (17.0%) $645,032 (69.8%) 0.71 877
    2024-10-01 $297,000 (14.5%) $624,560 (65.5%) 0.70 872
    Syracuse's median listing price for 2024-10-01 was $297,000, a difference of $37,550 (14.5%) versus the prior year and $-2,675 versus the prior month.

    Syracuse's median listing price comes in at 70% of the national average.

    Syracuse's average listing price for 2024-10-01 was $624,560, a difference of $247,103 (65.5%) versus the prior year and $-20,472 versus the prior month.

    For the 2024-10-01 period, Syracuse had 872 MLS listings, a difference of -5 listings (-1%) versus the prior month and 176 listings (25%) 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 89 days 1,678 sqft
    2018-02-01 94 days 1,693 sqft
    2018-03-01 73 days 1,719 sqft
    2018-04-01 58 days 1,735 sqft
    2018-05-01 50 days 1,767 sqft
    2018-06-01 46 days 1,776 sqft
    2018-07-01 49 days 1,787 sqft
    2018-08-01 57 days 1,784 sqft
    2018-09-01 64 days 1,764 sqft
    2018-10-01 69 days 1,769 sqft
    2018-11-01 73 days 1,766 sqft
    2018-12-01 85 days 1,753 sqft
    2019-01-01 91 days 1,754 sqft
    2019-02-01 79 days 1,757 sqft
    2019-03-01 63 days 1,784 sqft
    2019-04-01 52 days 1,816 sqft
    2019-05-01 51 days 1,800 sqft
    2019-06-01 45 days 1,800 sqft
    2019-07-01 48 days 1,799 sqft
    2019-08-01 53 days 1,780 sqft
    2019-09-01 61 days 1,773 sqft
    2019-10-01 67 days 1,766 sqft
    2019-11-01 71 days 1,758 sqft
    2019-12-01 83 days 1,748 sqft
    2020-01-01 97 days 1,727 sqft
    2020-02-01 100 days 1,749 sqft
    2020-03-01 87 days 1,773 sqft
    2020-04-01 88 days 1,786 sqft
    2020-05-01 96 days 1,799 sqft
    2020-06-01 68 days 1,810 sqft
    2020-07-01 54 days 1,805 sqft
    2020-08-01 59 days 1,795 sqft
    2020-09-01 59 days 1,790 sqft
    2020-10-01 55 days 1,780 sqft
    2020-11-01 66 days 1,768 sqft
    2020-12-01 76 days 1,758 sqft
    2021-01-01 80 days 1,717 sqft
    2021-02-01 79 days 1,761 sqft
    2021-03-01 58 days 1,758 sqft
    2021-04-01 42 days 1,752 sqft
    2021-05-01 42 days 1,776 sqft
    2021-06-01 40 days 1,789 sqft
    2021-07-01 43 days 1,738 sqft
    2021-08-01 48 days 1,701 sqft
    2021-09-01 51 days 1,679 sqft
    2021-10-01 57 days 1,680 sqft
    2021-11-01 67 days 1,639 sqft
    2021-12-01 74 days 1,633 sqft
    2022-01-01 77 days 1,645 sqft
    2022-02-01 75 days 1,640 sqft
    2022-03-01 63 days 1,643 sqft
    2022-04-01 51 days 1,651 sqft
    2022-05-01 38 days 1,686 sqft
    2022-06-01 35 days 1,719 sqft
    2022-07-01 43 days 1,729 sqft
    2022-08-01 49 days 1,731 sqft
    2022-09-01 56 days 1,705 sqft
    2022-10-01 58 days 1,664 sqft
    2022-11-01 61 days 1,645 sqft
    2022-12-01 72 days 1,630 sqft
    2023-01-01 84 days 1,616 sqft
    2023-02-01 83 days 1,652 sqft
    2023-03-01 64 days 1,655 sqft
    2023-04-01 54 days 1,667 sqft
    2023-05-01 54 days 1,613 sqft
    2023-06-01 49 days 1,700 sqft
    2023-07-01 50 days 1,715 sqft
    2023-08-01 52 days 1,693 sqft
    2023-09-01 54 days 1,700 sqft
    2023-10-01 57 days 1,700 sqft
    2023-11-01 54 days 1,663 sqft
    2023-12-01 61 days 1,619 sqft
    2024-01-01 73 days 1,623 sqft
    2024-02-01 79 days 1,604 sqft
    2024-03-01 61 days 1,631 sqft
    2024-04-01 55 days 1,639 sqft
    2024-05-01 37 days 1,657 sqft
    2024-06-01 30 days 1,732 sqft
    2024-07-01 36 days 1,709 sqft
    2024-08-01 46 days 1,692 sqft
    2024-09-01 47 days 1,683 sqft
    2024-10-01 54 days 1,657 sqft
    Syracuse's median listing age (time on market) for 2024-10-01 was 54 days. This is -5% shorter than the same period one year ago.

    Syracuse's median square footage for active listings during the 2024-10-01 period was 1,657 sqft. One year prior, the average listing was 1,700 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).