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 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).