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 46 lenders originated 477 FHA loans during 2024. The total origination value was $85,115,000, with an average FHA loan value of $178,438.

    Utica FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Utica averaged 0.34% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Utica's average FHA mortgage closing costs are $6,539.

    The average rate for the prior week (2025-06-27) was 6.43% and one month ago for the week of 2025-05-30, the average rate was 6.5%.

    The average rate one year ago was 6.83%.

    For refis of the same type during the week of 2025-07-04, the average rate was 0.4%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    PLAZA HOME MORTGAGE, INC. 93 6.39% $9,901
    QUICKEN LOANS, LLC 64 6.71% $9,021
    HOMESTEAD FUNDING CORP. 45 6.43% $4,646
    AMERICU Credit Union 39 5.84% $8,034
    SEFCU SERVICES, LLC 24 5.89% $6,921
    Premium Mortgage Corporation 23 6.29% $5,867
    HUNT MORTGAGE CORPORATION 16 6.73% $8,752
    M&T Bank 15 6.23% $7,980
    KeyBank 13 6.14% $7,316
    MOVEMENT MORTGAGE, LLC 12 7.13% $9,696
    NEWREZ LLC 10 6.56% $9,188
    FREEDOM MORTGAGE CORPORATION 8 6.91% $10,363
    UNITED WHOLESALE MORTGAGE, LLC 7 6.37% $7,823
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.54% $9,354
    Berkshire Bank 6 5.94% $6,055
    PENNYMAC LOAN SERVICES, LLC 5 6.27% $11,251
    Mortgage Research Center, LLC 4 6.72% $7,610
    PLANET HOME LENDING, LLC 4 6.59% $6,571
    EVERETT FINANCIAL, INC. 4 6.84% $7,549
    Genesee Regional Bank 4 6.31% $8,539
    Carrington Mortgage Services, LLC 3 6.29% $9,756
    ROYAL UNITED MORTGAGE LLC 3 6.29% $8,919
    LOANDEPOT.COM, LLC 3 6.88% $6,554
    1ST PRIORITY MORTGAGE, INC. 3 6.75% $6,675
    Mr. Cooper ( Nationstar Mortgage ) 3 6.67% $10,338
    Magnolia Bank 2 6.94% $8,252
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.50% $17,247
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.13% $12,018
    TOTAL MORTGAGE SERVICES, LLC 2 6.69% $10,331
    NBT Bank 1 7.75% $5,221
    JPMorgan Chase Bank 1 5.88% $7,868
    NORTHERN CREDIT UNION 1 7.13% $7,483
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.63% $24,440
    Plains Commerce Bank 1 6.50% $7,884
    Equity Prime Mortgage LLC 1 6.75% $7,065
    EMM LOANS LLC 1 6.75% $12,630
    Citizens Bank 1 7.38% $5,784
    BROKER SOLUTIONS, INC. 1 6.63% $12,663
    Bank of England 1 7.00% $9,940
    AMERICAN FINANCING CORPORATION 1 5.00% $9,368
    ALLIED MORTGAGE GROUP, INC. 1 7.13% $5,822
    SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $9,956
    The Federal Savings Bank 1 6.38% $16,106
    Wells Fargo Bank 1 5.63% $6,619
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.13% $17,518
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.25% $12,065

    The top Utica FHA lender as defined by loan originations is PLAZA HOME MORTGAGE, INC., with 93 FHA loans originated. Their average total fees are $9,901, which is $880 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Utica FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($4,646), Premium Mortgage Corporation ($5,867), SEFCU SERVICES, LLC ($6,921), KeyBank ($7,316) and M&T Bank ($7,980).

    The lowest rate Utica FHA lenders (with over 10 loans originated) are AMERICU Credit Union (5.84%), SEFCU SERVICES, LLC (5.89%), KeyBank (6.14%), M&T Bank (6.23%) and Premium Mortgage Corporation (6.29%).

    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

    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).