Syracuse FHA Loans

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 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).