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 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).