Utica FHA Loan Rates, Closing Costs & Stats

UTICA-ROME, 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.

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 6.55% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.67% and one month ago for the week of 2024-03-08, the average rate was 6.61%.

The average rate one year ago was 6.15%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.88%.

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
Utica's median listing price for 2024-03-01 was $239,900, a difference of $51,450 (27.3%) versus the prior year and $1,650 versus the prior month.

Utica's median listing price comes in at 56% of the national average.

Utica's average listing price for 2024-03-01 was $332,473, a difference of $65,705 (24.6%) versus the prior year and $8,555 versus the prior month.

For the 2024-03-01 period, Utica had 322 MLS listings, a difference of -6 listings (-2%) versus the prior month and 43 listings (15%) 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
Utica's median listing age (time on market) for 2024-03-01 was 68 days. This is -14% shorter than the same period one year ago.

Utica's median square footage for active listings during the 2024-03-01 period was 1,628 sqft. One year prior, the average listing was 1,601 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).