Utica FHA Loan Rates, Closing Costs & Stats

UTICA-ROME, 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.

    Utica's 45 lenders originated 478 FHA loans during 2023. The total origination value was $77,580,000, with an average FHA loan value of $162,301.

    Utica FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Utica averaged 0.01% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Utica's average FHA mortgage closing costs are $6,342.

    The average rate for the prior week (2024-11-08) was 6.22% and one month ago for the week of 2024-10-11, the average rate was 6.12%.

    The average rate one year ago was 7.27%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.04%.

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

    Utica 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 Utica level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PLAZA HOME MORTGAGE, INC. 116 6.30% $9,470
    QUICKEN LOANS, LLC 74 6.55% $8,627
    HOMESTEAD FUNDING CORP. 59 6.46% $5,293
    Premium Mortgage Corporation 40 6.69% $4,816
    KeyBank 16 6.27% $7,178
    MOVEMENT MORTGAGE, LLC 16 6.88% $10,193
    AMERICU Credit Union 15 6.03% $6,590
    M&T Bank 14 6.47% $7,531
    HUNT MORTGAGE CORPORATION 11 6.86% $9,799
    SEFCU SERVICES, LLC 6 6.63% $7,050
    UNITED WHOLESALE MORTGAGE, LLC 5 6.71% $8,043
    Citizens Bank 4 6.50% $7,641
    LOANDEPOT.COM, LLC 4 7.09% $8,278
    Berkshire Bank 4 6.09% $7,775
    RELIANCE FIRST CAPITAL, LLC 4 6.59% $8,216
    Wells Fargo Bank 3 5.63% $3,630
    Genesee Regional Bank 3 6.96% $7,786
    NEWREZ LLC 3 7.25% $5,747
    1ST PRIORITY MORTGAGE, INC. 3 6.33% $6,708
    CROSSCOUNTRY MORTGAGE, LLC 2 7.25% $8,474
    US MORTGAGE CORPORATION 2 6.38% $10,718
    TOTAL MORTGAGE SERVICES, LLC 2 6.25% $11,627
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.69% $11,239
    PARAGON HOME LOANS INC. 2 7.06% $6,020
    FREEDOM MORTGAGE CORPORATION 2 7.00% $11,445
    NBT Bank 1 6.25% $4,979
    NORTHERN CREDIT UNION 1 6.25% $12,895
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $13,256
    PHH Mortgage Corporation 1 6.99% $7,776
    Plains Commerce Bank 1 6.75% $4,689
    Community Bank 1 6.00% $5,352
    Barrington Bank & Trust Company, N.A. 1 6.75% $5,158
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $19,379
    Bank of England 1 6.13% $8,643
    Bank of America 1 6.13% $7,725
    ROYAL UNITED MORTGAGE LLC 1 7.25% $6,786
    ALLIED MORTGAGE GROUP, INC. 1 6.00% $9,200
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.25% $7,012
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $9,936
    JPMorgan Chase Bank 1 5.99% $3,970
    Flagstar Bank, FSB 1 6.25% $9,432
    MID-ISLAND MORTGAGE CORP. 1 6.63% $4,525
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $9,752
    CONTOUR MORTGAGE CORPORATION 1 6.63% $16,300
    Nations Lending Corporation 1 7.25% $16,422

    The top Utica FHA lender as defined by loan originations is PLAZA HOME MORTGAGE, INC., with 116 FHA loans originated. Their average total fees are $9,470, which is $843 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Utica FHA lenders (with over 10 loans originated) are Premium Mortgage Corporation ($4,816), HOMESTEAD FUNDING CORP. ($5,293), AMERICU Credit Union ($6,590), KeyBank ($7,178) and M&T Bank ($7,531).

    The lowest rate Utica FHA lenders (with over 10 loans originated) are AMERICU Credit Union (6.03%), KeyBank (6.27%), PLAZA HOME MORTGAGE, INC. (6.30%), HOMESTEAD FUNDING CORP. (6.46%) and M&T Bank (6.47%).

    Utica FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    UTICA-ROME, NY HERKIMER 2022 $420,680 $538,650 $651,050 $809,150
    UTICA-ROME, NY ONEIDA 2022 $420,680 $538,650 $651,050 $809,150
    UTICA-ROME, NY HERKIMER 2023 $472,030 $604,400 $730,525 $907,900
    UTICA-ROME, NY ONEIDA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Utica (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 $124,425 (3.8%) $188,284 (7.1%) 0.46 903
    2018-02-01 $125,975 (0.9%) $193,025 (6.2%) 0.46 878
    2018-03-01 $129,250 (-0.2%) $196,765 (5.9%) 0.45 849
    2018-04-01 $139,250 (7.2%) $204,120 (7.6%) 0.47 846
    2018-05-01 $138,450 (2.6%) $203,655 (6.6%) 0.46 865
    2018-06-01 $149,000 (6.5%) $216,767 (13.6%) 0.50 979
    2018-07-01 $149,900 (2.0%) $218,719 (12.6%) 0.50 1,064
    2018-08-01 $146,475 (4.3%) $213,433 (5.3%) 0.49 1,106
    2018-09-01 $144,900 (3.6%) $210,792 (6.9%) 0.49 1,129
    2018-10-01 $135,375 (-0.8%) $197,863 (1.3%) 0.46 1,091
    2018-11-01 $133,200 (0.0%) $199,757 (2.3%) 0.45 1,008
    2018-12-01 $129,900 (0.7%) $197,690 (3.9%) 0.45 943
    2019-01-01 $129,900 (4.4%) $201,842 (7.2%) 0.45 859
    2019-02-01 $131,175 (4.1%) $208,257 (7.9%) 0.44 769
    2019-03-01 $139,929 (8.3%) $217,116 (10.3%) 0.46 744
    2019-04-01 $149,900 (7.7%) $223,671 (9.6%) 0.48 730
    2019-05-01 $154,900 (11.9%) $222,900 (9.5%) 0.48 749
    2019-06-01 $154,900 (4.0%) $225,761 (4.2%) 0.48 818
    2019-07-01 $159,900 (6.7%) $226,446 (3.5%) 0.50 886
    2019-08-01 $157,868 (7.8%) $223,864 (4.9%) 0.50 908
    2019-09-01 $154,820 (6.9%) $224,557 (6.5%) 0.50 915
    2019-10-01 $151,175 (11.7%) $225,019 (13.7%) 0.49 907
    2019-11-01 $145,900 (9.5%) $222,199 (11.2%) 0.48 855
    2019-12-01 $145,450 (12.0%) $221,943 (12.3%) 0.49 764
    2020-01-01 $144,950 (11.6%) $227,115 (12.5%) 0.48 671
    2020-02-01 $148,000 (12.8%) $229,566 (10.2%) 0.48 629
    2020-03-01 $154,900 (10.7%) $223,725 (3.0%) 0.49 590
    2020-04-01 $156,975 (4.7%) $235,692 (5.4%) 0.49 566
    2020-05-01 $169,900 (9.7%) $248,395 (11.4%) 0.52 566
    2020-06-01 $179,450 (15.9%) $249,119 (10.4%) 0.53 538
    2020-07-01 $169,900 (6.3%) $249,554 (10.2%) 0.49 532
    2020-08-01 $170,950 (8.3%) $242,580 (8.4%) 0.49 513
    2020-09-01 $172,450 (11.4%) $237,585 (5.8%) 0.49 513
    2020-10-01 $169,900 (12.4%) $233,247 (3.7%) 0.49 538
    2020-11-01 $169,800 (16.4%) $223,346 (0.5%) 0.50 513
    2020-12-01 $167,450 (15.1%) $222,431 (0.2%) 0.50 475
    2021-01-01 $164,700 (13.6%) $228,334 (0.5%) 0.49 402
    2021-02-01 $169,900 (14.8%) $233,409 (1.7%) 0.49 329
    2021-03-01 $176,400 (13.9%) $252,421 (12.8%) 0.50 288
    2021-04-01 $192,400 (22.6%) $264,519 (12.2%) 0.52 273
    2021-05-01 $199,000 (17.1%) $264,599 (6.5%) 0.53 315
    2021-06-01 $199,900 (11.4%) $284,558 (14.2%) 0.53 347
    2021-07-01 $199,900 (17.7%) $279,271 (11.9%) 0.53 394
    2021-08-01 $192,500 (12.6%) $268,763 (10.8%) 0.51 451
    2021-09-01 $198,000 (14.8%) $272,729 (14.8%) 0.53 470
    2021-10-01 $184,950 (8.9%) $266,709 (14.4%) 0.49 430
    2021-11-01 $177,400 (4.5%) $252,234 (12.9%) 0.47 396
    2021-12-01 $179,450 (7.2%) $254,238 (14.3%) 0.49 347
    2022-01-01 $179,000 (8.7%) $246,613 (8.0%) 0.48 315
    2022-02-01 $169,450 (-0.3%) $244,820 (4.9%) 0.44 265
    2022-03-01 $179,900 (2.0%) $262,173 (3.9%) 0.45 251
    2022-04-01 $185,000 (-3.9%) $263,132 (-0.5%) 0.44 258
    2022-05-01 $184,900 (-7.1%) $282,365 (6.7%) 0.42 304
    2022-06-01 $199,900 (0.0%) $290,195 (2.0%) 0.45 366
    2022-07-01 $199,000 (-0.5%) $279,080 (-0.1%) 0.45 437
    2022-08-01 $190,738 (-0.9%) $263,571 (-1.9%) 0.44 455
    2022-09-01 $189,000 (-4.6%) $252,839 (-7.3%) 0.44 482
    2022-10-01 $189,900 (2.7%) $253,235 (-5.1%) 0.45 487
    2022-11-01 $179,450 (1.2%) $251,089 (-0.5%) 0.43 448
    2022-12-01 $175,000 (-2.5%) $246,419 (-3.1%) 0.43 394
    2023-01-01 $174,900 (-2.3%) $250,158 (1.4%) 0.43 337
    2023-02-01 $176,975 (4.4%) $253,481 (3.5%) 0.43 293
    2023-03-01 $188,450 (4.8%) $266,768 (1.8%) 0.44 279
    2023-04-01 $197,500 (6.8%) $272,878 (3.7%) 0.46 269
    2023-05-01 $206,175 (11.5%) $276,952 (-1.9%) 0.47 290
    2023-06-01 $209,950 (5.0%) $287,098 (-1.1%) 0.47 297
    2023-07-01 $228,250 (14.7%) $315,641 (13.1%) 0.52 335
    2023-08-01 $229,125 (20.1%) $313,034 (18.8%) 0.53 385
    2023-09-01 $229,000 (21.2%) $322,159 (27.4%) 0.53 416
    2023-10-01 $224,725 (18.3%) $315,161 (24.5%) 0.53 410
    2023-11-01 $229,450 (27.9%) $313,641 (24.9%) 0.55 416
    2023-12-01 $229,000 (30.9%) $315,949 (28.2%) 0.56 392
    2024-01-01 $234,500 (34.1%) $317,640 (27.0%) 0.57 356
    2024-02-01 $238,250 (34.6%) $323,918 (27.8%) 0.57 328
    2024-03-01 $239,900 (27.3%) $332,473 (24.6%) 0.56 322
    2024-04-01 $249,900 (26.5%) $342,753 (25.6%) 0.58 333
    2024-05-01 $259,675 (26.0%) $347,925 (25.6%) 0.59 373
    2024-06-01 $262,400 (25.0%) $361,647 (26.0%) 0.59 403
    2024-07-01 $267,000 (17.0%) $354,684 (12.4%) 0.61 431
    2024-08-01 $269,900 (17.8%) $355,066 (13.4%) 0.63 474
    2024-09-01 $259,900 (13.5%) $349,892 (8.6%) 0.61 475
    2024-10-01 $254,450 (13.2%) $336,595 (6.8%) 0.60 487
    Utica's median listing price for 2024-10-01 was $254,450, a difference of $29,725 (13.2%) versus the prior year and $-5,450 versus the prior month.

    Utica's median listing price comes in at 60% of the national average.

    Utica's average listing price for 2024-10-01 was $336,595, a difference of $21,434 (6.8%) versus the prior year and $-13,297 versus the prior month.

    For the 2024-10-01 period, Utica had 487 MLS listings, a difference of 12 listings (3%) versus the prior month and 77 listings (19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Utica (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 106 days 1,522 sqft
    2018-02-01 105 days 1,554 sqft
    2018-03-01 103 days 1,568 sqft
    2018-04-01 86 days 1,624 sqft
    2018-05-01 53 days 1,648 sqft
    2018-06-01 50 days 1,678 sqft
    2018-07-01 56 days 1,667 sqft
    2018-08-01 59 days 1,676 sqft
    2018-09-01 67 days 1,662 sqft
    2018-10-01 74 days 1,625 sqft
    2018-11-01 83 days 1,633 sqft
    2018-12-01 92 days 1,594 sqft
    2019-01-01 94 days 1,580 sqft
    2019-02-01 98 days 1,579 sqft
    2019-03-01 88 days 1,625 sqft
    2019-04-01 70 days 1,660 sqft
    2019-05-01 55 days 1,668 sqft
    2019-06-01 47 days 1,665 sqft
    2019-07-01 51 days 1,660 sqft
    2019-08-01 56 days 1,655 sqft
    2019-09-01 63 days 1,664 sqft
    2019-10-01 68 days 1,667 sqft
    2019-11-01 71 days 1,650 sqft
    2019-12-01 92 days 1,640 sqft
    2020-01-01 107 days 1,645 sqft
    2020-02-01 106 days 1,632 sqft
    2020-03-01 106 days 1,668 sqft
    2020-04-01 104 days 1,680 sqft
    2020-05-01 113 days 1,700 sqft
    2020-06-01 95 days 1,664 sqft
    2020-07-01 53 days 1,658 sqft
    2020-08-01 60 days 1,664 sqft
    2020-09-01 57 days 1,703 sqft
    2020-10-01 54 days 1,680 sqft
    2020-11-01 63 days 1,677 sqft
    2020-12-01 78 days 1,679 sqft
    2021-01-01 93 days 1,641 sqft
    2021-02-01 103 days 1,632 sqft
    2021-03-01 85 days 1,642 sqft
    2021-04-01 62 days 1,708 sqft
    2021-05-01 38 days 1,680 sqft
    2021-06-01 35 days 1,684 sqft
    2021-07-01 42 days 1,688 sqft
    2021-08-01 41 days 1,655 sqft
    2021-09-01 45 days 1,663 sqft
    2021-10-01 56 days 1,656 sqft
    2021-11-01 62 days 1,651 sqft
    2021-12-01 76 days 1,663 sqft
    2022-01-01 81 days 1,623 sqft
    2022-02-01 75 days 1,585 sqft
    2022-03-01 63 days 1,584 sqft
    2022-04-01 54 days 1,626 sqft
    2022-05-01 42 days 1,603 sqft
    2022-06-01 35 days 1,654 sqft
    2022-07-01 43 days 1,632 sqft
    2022-08-01 50 days 1,630 sqft
    2022-09-01 53 days 1,600 sqft
    2022-10-01 58 days 1,585 sqft
    2022-11-01 62 days 1,591 sqft
    2022-12-01 76 days 1,584 sqft
    2023-01-01 82 days 1,584 sqft
    2023-02-01 90 days 1,588 sqft
    2023-03-01 79 days 1,601 sqft
    2023-04-01 68 days 1,600 sqft
    2023-05-01 49 days 1,593 sqft
    2023-06-01 48 days 1,585 sqft
    2023-07-01 44 days 1,644 sqft
    2023-08-01 44 days 1,632 sqft
    2023-09-01 52 days 1,628 sqft
    2023-10-01 60 days 1,617 sqft
    2023-11-01 60 days 1,668 sqft
    2023-12-01 70 days 1,653 sqft
    2024-01-01 76 days 1,656 sqft
    2024-02-01 79 days 1,631 sqft
    2024-03-01 68 days 1,628 sqft
    2024-04-01 59 days 1,637 sqft
    2024-05-01 48 days 1,633 sqft
    2024-06-01 44 days 1,700 sqft
    2024-07-01 50 days 1,703 sqft
    2024-08-01 50 days 1,677 sqft
    2024-09-01 60 days 1,660 sqft
    2024-10-01 66 days 1,648 sqft
    Utica's median listing age (time on market) for 2024-10-01 was 66 days. This is 9% longer than the same period one year ago.

    Utica's median square footage for active listings during the 2024-10-01 period was 1,648 sqft. One year prior, the average listing was 1,617 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).