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 59 lenders originated 871 FHA loans during 2021. The total origination value was $124,355,000, with an average FHA loan value of $142,773.

    Utica FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Utica averaged 6.23% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Utica's average FHA mortgage closing costs are $5,842.

    The average rate for the prior week (2022-11-25) was 6.55% and one month ago for the week of 2022-10-28, the average rate was 6.79%.

    The average rate one year ago was 3.22%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.51%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    PLAZA HOME MORTGAGE, INC. 185 2.80% $8,400
    QUICKEN LOANS, LLC 141 2.87% $6,236
    HOMESTEAD FUNDING CORP. 68 3.03% $4,412
    CCFCU FUNDING, LLC 64 2.79% $6,194
    Premium Mortgage Corporation 35 3.01% $4,407
    PARAGON HOME LOANS INC. 29 2.97% $5,527
    KeyBank 28 2.81% $5,818
    M&T Bank 26 3.09% $6,253
    COMMONFUND MORTGAGE CORP. 25 2.92% $6,415
    HUNT MORTGAGE CORPORATION 23 3.34% $6,389
    Mr. Cooper ( Nationstar Mortgage ) 19 3.43% $3,368
    PRIMELENDING, A PLAINSCAPITAL COMPANY 18 3.28% $7,305
    HOME POINT FINANCIAL CORPORATION 17 3.10% $5,811
    NBT Bank 12 2.96% $5,766
    GUARANTEED RATE, INC. 10 2.86% $6,149
    UNITED WHOLESALE MORTGAGE, LLC 9 2.86% $7,851
    MOVEMENT MORTGAGE, LLC 9 3.33% $5,792
    Genesee Regional Bank 8 3.56% $6,921
    Berkshire Bank 7 2.75% $6,461
    Carrington Mortgage Services, LLC 6 3.33% $8,452
    1ST PRIORITY MORTGAGE, INC. 6 3.10% $6,843
    SEFCU SERVICES, LLC 5 2.98% $3,979
    Bank of America 5 2.88% $3,961
    Barrington Bank & Trust Company, N.A. 5 3.20% $7,676
    ROYAL UNITED MORTGAGE LLC 3 3.08% $8,781
    FREEDOM MORTGAGE CORPORATION 3 3.38% $4,848
    LAND HOME FINANCIAL SERVICES, INC. 3 3.16% $4,968
    NEWREZ LLC 3 3.13% $3,224
    JPMorgan Chase Bank 2 3.56% $3,491
    PHH Mortgage Corporation 2 3.31% $2,856
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.44% $6,217
    CALIBER HOME LOANS, INC. 2 3.25% $4,552
    Wells Fargo Bank 2 3.31% $4,586
    TOTAL MORTGAGE SERVICES, LLC 2 3.56% $8,011
    UNITED MORTGAGE CORP. 2 3.94% $9,842
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.50% $8,928
    Equity Prime Mortgage LLC 2 3.19% $7,588
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.63% $7,426
    Colonial Savings, F.A. 1 3.38% $6,694
    NJ LENDERS CORP. 1 3.00% $8,293
    Citizens Bank 1 2.38% $4,888
    PLANET HOME LENDING, LLC 1 2.75% $5,357
    BRIDGEVIEW MORTGAGE CORP. 1 2.88% $11,505
    Bank of England 1 3.50% $8,590
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $7,780
    AMERICAN FINANCING CORPORATION 1 2.75% $6,904
    Santander Bank, N.A. 1 2.75% $7,812
    ALLIED MORTGAGE GROUP, INC. 1 3.25% $6,835
    Shamrock Home Loans, Inc. 1 3.00% $7,141
    Five Star Bank 1 2.88% $5,543
    Flagstar Bank, FSB 1 3.00% $6,094
    JET DIRECT FUNDING CORP 1 3.25% $9,556
    FirstBank 1 2.88% $7,145
    A&D Mortgage LLC 1 4.13% $9,013
    LOANDEPOT.COM, LLC 1 3.38% $8,313
    Luxury Mortgage Corp. 1 3.00% $10,649
    MLB RESIDENTIAL LENDING, LLC 1 3.50% $11,810
    Mortgage Research Center, LLC 1 3.13% $2,363
    FINANCE OF AMERICA MORTGAGE LLC 1 2.38% $9,506

    The top Utica FHA lender as defined by loan originations is PLAZA HOME MORTGAGE, INC., with 185 FHA loans originated. Their average total fees are $8,400, which is $2,165 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Utica FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,368), Premium Mortgage Corporation ($4,407), HOMESTEAD FUNDING CORP. ($4,412), PARAGON HOME LOANS INC. ($5,527) and NBT Bank ($5,766).

    The lowest rate Utica FHA lenders (with over 10 loans originated) are CCFCU FUNDING, LLC (2.79%), PLAZA HOME MORTGAGE, INC. (2.80%), KeyBank (2.81%), GUARANTEED RATE, INC. (2.86%) and QUICKEN LOANS, LLC (2.87%).

    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

    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 $124,450 (3.8%) $188,625 (6.5%) 0.46 901
    2018-02-01 $125,975 (0.9%) $193,281 (5.6%) 0.46 879
    2018-03-01 $129,500 (0.0%) $197,630 (5.9%) 0.45 849
    2018-04-01 $139,250 (7.2%) $204,597 (7.3%) 0.47 844
    2018-05-01 $137,450 (0.8%) $203,962 (6.3%) 0.46 863
    2018-06-01 $148,450 (6.1%) $216,786 (13.0%) 0.50 974
    2018-07-01 $149,900 (0.6%) $218,698 (12.1%) 0.50 1,061
    2018-08-01 $145,450 (2.8%) $213,285 (4.8%) 0.49 1,104
    2018-09-01 $144,700 (3.4%) $210,519 (6.4%) 0.49 1,124
    2018-10-01 $135,000 (-1.2%) $197,666 (1.0%) 0.46 1,090
    2018-11-01 $131,975 (-1.4%) $199,358 (2.0%) 0.45 1,007
    2018-12-01 $129,900 (0.7%) $197,481 (3.6%) 0.45 941
    2019-01-01 $129,900 (4.4%) $201,832 (7.0%) 0.45 857
    2019-02-01 $130,950 (4.0%) $208,127 (7.7%) 0.44 768
    2019-03-01 $139,671 (7.9%) $217,085 (9.8%) 0.46 745
    2019-04-01 $149,900 (7.7%) $225,616 (10.3%) 0.48 735
    2019-05-01 $154,900 (12.7%) $223,031 (9.4%) 0.48 755
    2019-06-01 $154,900 (4.3%) $225,239 (3.9%) 0.48 826
    2019-07-01 $159,900 (6.7%) $226,086 (3.4%) 0.50 893
    2019-08-01 $158,536 (9.0%) $223,648 (4.9%) 0.50 915
    2019-09-01 $156,491 (8.2%) $224,287 (6.5%) 0.50 922
    2019-10-01 $152,400 (12.9%) $224,713 (13.7%) 0.49 914
    2019-11-01 $148,000 (12.1%) $223,625 (12.2%) 0.49 864
    2019-12-01 $148,050 (14.0%) $225,583 (14.2%) 0.49 772
    2020-01-01 $146,900 (13.1%) $228,602 (13.3%) 0.49 679
    2020-02-01 $149,000 (13.8%) $229,832 (10.4%) 0.49 637
    2020-03-01 $156,950 (12.4%) $224,047 (3.2%) 0.49 599
    2020-04-01 $158,450 (5.7%) $235,851 (4.5%) 0.50 575
    2020-05-01 $169,900 (9.7%) $248,324 (11.3%) 0.52 575
    2020-06-01 $178,000 (14.9%) $249,022 (10.6%) 0.52 547
    2020-07-01 $169,900 (6.3%) $249,073 (10.2%) 0.49 540
    2020-08-01 $169,900 (7.2%) $241,754 (8.1%) 0.49 522
    2020-09-01 $172,400 (10.2%) $236,855 (5.6%) 0.49 522
    2020-10-01 $169,900 (11.5%) $232,784 (3.6%) 0.49 547
    2020-11-01 $169,700 (14.7%) $222,897 (-0.3%) 0.50 522
    2020-12-01 $165,175 (11.6%) $221,999 (-1.6%) 0.49 483
    2021-01-01 $159,900 (8.9%) $227,408 (-0.5%) 0.48 409
    2021-02-01 $169,700 (13.9%) $232,319 (1.1%) 0.49 336
    2021-03-01 $174,900 (11.4%) $251,245 (12.1%) 0.50 296
    2021-04-01 $189,900 (19.9%) $262,386 (11.3%) 0.51 281
    2021-05-01 $193,450 (13.9%) $263,039 (5.9%) 0.51 323
    2021-06-01 $199,900 (12.3%) $282,850 (13.6%) 0.53 355
    2021-07-01 $199,900 (17.7%) $277,759 (11.5%) 0.53 400
    2021-08-01 $192,400 (13.2%) $267,458 (10.6%) 0.51 456
    2021-09-01 $197,750 (14.7%) $271,413 (14.6%) 0.53 475
    2021-10-01 $184,900 (8.8%) $264,954 (13.8%) 0.49 436
    2021-11-01 $176,925 (4.3%) $250,521 (12.4%) 0.47 402
    2021-12-01 $178,950 (8.3%) $253,253 (14.1%) 0.49 355
    2022-01-01 $176,950 (10.7%) $245,485 (8.0%) 0.48 322
    2022-02-01 $168,950 (-0.4%) $243,639 (4.9%) 0.44 272
    2022-03-01 $179,675 (2.7%) $260,413 (3.7%) 0.45 258
    2022-04-01 $179,900 (-5.3%) $261,451 (-0.4%) 0.43 265
    2022-05-01 $182,400 (-5.7%) $279,095 (6.1%) 0.42 310
    2022-06-01 $199,450 (-0.2%) $287,454 (1.6%) 0.44 372
    2022-07-01 $199,000 (-0.5%) $277,158 (-0.2%) 0.45 443
    2022-08-01 $189,900 (-1.3%) $262,573 (-1.8%) 0.44 462
    2022-09-01 $189,000 (-4.4%) $252,013 (-7.2%) 0.44 489
    2022-10-01 $189,000 (2.2%) $252,409 (-4.7%) 0.44 494
    2022-11-01 $179,450 (1.4%) $250,210 (-0.1%) 0.43 454
    Utica's median listing price for 2022-11-01 was $179,450, a difference of $2,525 (1.4%) versus the prior year and $-9,550 versus the prior month.

    Utica's median listing price comes in at 43% of the national average.

    Utica's average listing price for 2022-11-01 was $250,210, a difference of $-311 (-0.1%) versus the prior year and $-2,199 versus the prior month.

    For the 2022-11-01 period, Utica had 454 MLS listings, a difference of -40 listings (-8%) versus the prior month and 52 listings (13%) 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
    2018-01-01 114 days 1,535 sqft
    2018-02-01 115 days 1,563 sqft
    2018-03-01 116 days 1,568 sqft
    2018-04-01 96 days 1,624 sqft
    2018-05-01 62 days 1,648 sqft
    2018-06-01 56 days 1,678 sqft
    2018-07-01 61 days 1,667 sqft
    2018-08-01 64 days 1,674 sqft
    2018-09-01 74 days 1,660 sqft
    2018-10-01 80 days 1,625 sqft
    2018-11-01 90 days 1,633 sqft
    2018-12-01 100 days 1,596 sqft
    2019-01-01 103 days 1,580 sqft
    2019-02-01 107 days 1,580 sqft
    2019-03-01 98 days 1,627 sqft
    2019-04-01 82 days 1,663 sqft
    2019-05-01 62 days 1,669 sqft
    2019-06-01 54 days 1,664 sqft
    2019-07-01 55 days 1,659 sqft
    2019-08-01 61 days 1,654 sqft
    2019-09-01 68 days 1,664 sqft
    2019-10-01 74 days 1,666 sqft
    2019-11-01 79 days 1,650 sqft
    2019-12-01 97 days 1,640 sqft
    2020-01-01 116 days 1,645 sqft
    2020-02-01 119 days 1,632 sqft
    2020-03-01 122 days 1,667 sqft
    2020-04-01 127 days 1,680 sqft
    2020-05-01 127 days 1,700 sqft
    2020-06-01 107 days 1,661 sqft
    2020-07-01 72 days 1,650 sqft
    2020-08-01 71 days 1,661 sqft
    2020-09-01 68 days 1,700 sqft
    2020-10-01 68 days 1,680 sqft
    2020-11-01 70 days 1,676 sqft
    2020-12-01 85 days 1,679 sqft
    2021-01-01 102 days 1,640 sqft
    2021-02-01 113 days 1,629 sqft
    2021-03-01 102 days 1,638 sqft
    2021-04-01 79 days 1,702 sqft
    2021-05-01 48 days 1,660 sqft
    2021-06-01 40 days 1,684 sqft
    2021-07-01 45 days 1,688 sqft
    2021-08-01 47 days 1,652 sqft
    2021-09-01 49 days 1,660 sqft
    2021-10-01 59 days 1,655 sqft
    2021-11-01 67 days 1,650 sqft
    2021-12-01 83 days 1,659 sqft
    2022-01-01 88 days 1,622 sqft
    2022-02-01 86 days 1,582 sqft
    2022-03-01 75 days 1,582 sqft
    2022-04-01 65 days 1,617 sqft
    2022-05-01 48 days 1,586 sqft
    2022-06-01 38 days 1,644 sqft
    2022-07-01 43 days 1,630 sqft
    2022-08-01 52 days 1,628 sqft
    2022-09-01 57 days 1,598 sqft
    2022-10-01 61 days 1,585 sqft
    2022-11-01 66 days 1,591 sqft
    Utica's median listing age (time on market) for 2022-11-01 was 66 days. This is -1% shorter than the same period one year ago.

    Utica's median square footage for active listings during the 2022-11-01 period was 1,591 sqft. One year prior, the average listing was 1,650 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).