Syracuse FHA Loan Rates, Closing Costs & Stats

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 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 6.77% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.4% and one month ago for the week of 2024-03-08, the average rate was 6.33%.

The average rate one year ago was 6.17%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.5%.

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
Syracuse's median listing price for 2024-03-01 was $274,900, a difference of $40,000 (17.0%) versus the prior year and $22,450 versus the prior month.

Syracuse's median listing price comes in at 65% of the national average.

Syracuse's average listing price for 2024-03-01 was $397,432, a difference of $38,085 (10.6%) versus the prior year and $14,863 versus the prior month.

For the 2024-03-01 period, Syracuse had 516 MLS listings, a difference of -3 listings (-1%) versus the prior month and 0 listings (0%) 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 1,621 sqft
2024-02-01 79 days 1,603 sqft
2024-03-01 61 days 1,630 sqft
Syracuse's median listing age (time on market) for 2024-03-01 was 61 days. This is -5% shorter than the same period one year ago.

Syracuse's median square footage for active listings during the 2024-03-01 period was 1,630 sqft. One year prior, the average listing was 1,655 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).