Utica FHA Loans

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 5.33% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.26% and one month ago for the week of 2022-04-08, the average rate was 4.72%.

The average rate one year ago was 3.33%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.11%.

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 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. Total Fees
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
Manufacturers and Traders Trust Company 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
FINANCE OF AMERICA MORTGAGE LLC 1 2.38% $9,506
MLB RESIDENTIAL LENDING, LLC 1 3.50% $11,810
Mortgage Research Center, LLC 1 3.13% $2,363

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 $124,900 (4.2%) $189,159 (5.9%) 0.46 951
2018-02-01 $129,900 (5.7%) $197,293 (7.0%) 0.47 953
2018-03-01 $139,900 (8.5%) $201,493 (5.8%) 0.48 929
2018-04-01 $143,400 (10.4%) $207,902 (6.1%) 0.48 916
2018-05-01 $141,950 (2.9%) $207,105 (4.0%) 0.47 948
2018-06-01 $149,900 (5.6%) $218,996 (11.8%) 0.50 1,051
2018-07-01 $149,900 (0.6%) $219,995 (9.9%) 0.50 1,140
2018-08-01 $149,000 (6.5%) $214,056 (4.6%) 0.50 1,175
2018-09-01 $147,500 (5.4%) $212,146 (5.5%) 0.49 1,187
2018-10-01 $137,250 (1.7%) $197,747 (-0.3%) 0.46 1,130
2018-11-01 $130,000 (-2.0%) $200,438 (1.7%) 0.44 1,033
2018-12-01 $129,900 (0.7%) $198,288 (4.4%) 0.44 970
2019-01-01 $129,900 (4.0%) $201,699 (6.6%) 0.45 885
2019-02-01 $133,900 (3.1%) $209,217 (6.0%) 0.45 804
2019-03-01 $141,386 (1.1%) $220,473 (9.4%) 0.46 770
2019-04-01 $149,950 (4.6%) $228,776 (10.0%) 0.47 748
2019-05-01 $157,450 (10.9%) $230,386 (11.2%) 0.49 775
2019-06-01 $159,900 (6.7%) $232,374 (6.1%) 0.49 859
2019-07-01 $159,950 (6.7%) $232,230 (5.6%) 0.50 934
2019-08-01 $159,900 (7.3%) $224,931 (5.1%) 0.50 961
2019-09-01 $159,450 (8.1%) $219,330 (3.4%) 0.51 977
2019-10-01 $149,950 (9.3%) $242,927 (22.9%) 0.48 984
2019-11-01 $145,000 (11.5%) $240,025 (19.8%) 0.47 932
2019-12-01 $148,500 (14.3%) $239,487 (20.8%) 0.50 840
2020-01-01 $149,000 (14.7%) $249,126 (23.5%) 0.50 738
2020-02-01 $144,900 (8.2%) $248,889 (19.0%) 0.47 695
2020-03-01 $154,900 (9.6%) $224,533 (1.8%) 0.48 659
2020-04-01 $152,450 (1.7%) $235,929 (3.1%) 0.47 631
2020-05-01 $169,700 (7.8%) $250,717 (8.8%) 0.51 617
2020-06-01 $169,900 (6.3%) $249,995 (7.6%) 0.50 568
2020-07-01 $169,900 (6.2%) $253,262 (9.1%) 0.49 565
2020-08-01 $169,900 (6.3%) $247,577 (10.1%) 0.49 543
2020-09-01 $164,500 (3.2%) $238,113 (8.6%) 0.47 540
2020-10-01 $164,900 (10.0%) $234,069 (-3.7%) 0.47 572
2020-11-01 $162,400 (12.0%) $222,116 (-7.5%) 0.47 550
2020-12-01 $159,900 (7.7%) $221,582 (-7.5%) 0.47 505
2021-01-01 $154,900 (4.0%) $226,223 (-9.2%) 0.46 431
2021-02-01 $162,000 (11.8%) $231,651 (-6.9%) 0.47 350
2021-03-01 $170,750 (10.2%) $243,317 (8.4%) 0.48 294
2021-04-01 $184,700 (21.2%) $260,882 (10.6%) 0.50 280
2021-05-01 $189,900 (11.9%) $257,142 (2.6%) 0.50 320
2021-06-01 $199,900 (17.7%) $283,965 (13.6%) 0.52 356
2021-07-01 $199,900 (17.7%) $274,299 (8.3%) 0.52 402
2021-08-01 $192,400 (13.2%) $263,098 (6.3%) 0.51 470
2021-09-01 $197,000 (19.8%) $269,178 (13.1%) 0.52 488
2021-10-01 $184,900 (12.1%) $269,036 (14.9%) 0.49 455
2021-11-01 $177,400 (9.2%) $255,219 (14.9%) 0.47 427
2021-12-01 $179,450 (12.2%) $255,417 (15.3%) 0.48 374
2022-01-01 $179,000 (15.6%) $251,093 (11.0%) 0.48 337
2022-02-01 $169,450 (4.6%) $249,006 (7.5%) 0.43 284
2022-03-01 $183,950 (7.7%) $267,986 (10.1%) 0.45 270
2022-04-01 $185,000 (0.2%) $261,412 (0.2%) 0.44 272
Utica's median listing price for 2022-04-01 was $185,000, a difference of $300 (0.2%) versus the prior year and $1,050 versus the prior month.

Utica's median listing price comes in at 44% of the national average.

Utica's average listing price for 2022-04-01 was $261,412, a difference of $530 (0.2%) versus the prior year and $-6,574 versus the prior month.

For the 2022-04-01 period, Utica had 272 MLS listings, a difference of 2 listings (1%) versus the prior month and -8 listings (-3%) 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
2018-01-01 104 days 1,592 sqft
2018-02-01 103 days 1,607 sqft
2018-03-01 99 days 1,620 sqft
2018-04-01 87 days 1,668 sqft
2018-05-01 59 days 1,678 sqft
2018-06-01 53 days 1,700 sqft
2018-07-01 58 days 1,691 sqft
2018-08-01 61 days 1,692 sqft
2018-09-01 69 days 1,680 sqft
2018-10-01 76 days 1,635 sqft
2018-11-01 88 days 1,651 sqft
2018-12-01 99 days 1,596 sqft
2019-01-01 104 days 1,578 sqft
2019-02-01 107 days 1,580 sqft
2019-03-01 102 days 1,615 sqft
2019-04-01 80 days 1,646 sqft
2019-05-01 62 days 1,656 sqft
2019-06-01 53 days 1,648 sqft
2019-07-01 55 days 1,640 sqft
2019-08-01 65 days 1,642 sqft
2019-09-01 71 days 1,658 sqft
2019-10-01 73 days 1,665 sqft
2019-11-01 75 days 1,655 sqft
2019-12-01 97 days 1,649 sqft
2020-01-01 109 days 1,648 sqft
2020-02-01 111 days 1,640 sqft
2020-03-01 112 days 1,677 sqft
2020-04-01 116 days 1,677 sqft
2020-05-01 115 days 1,700 sqft
2020-06-01 114 days 1,671 sqft
2020-07-01 78 days 1,672 sqft
2020-08-01 70 days 1,680 sqft
2020-09-01 70 days 1,703 sqft
2020-10-01 17 days 1,680 sqft
2020-11-01 49 days 1,671 sqft
2020-12-01 75 days 1,671 sqft
2021-01-01 103 days 1,640 sqft
2021-02-01 116 days 1,620 sqft
2021-03-01 107 days 1,654 sqft
2021-04-01 83 days 1,708 sqft
2021-05-01 52 days 1,680 sqft
2021-06-01 41 days 1,716 sqft
2021-07-01 49 days 1,688 sqft
2021-08-01 46 days 1,660 sqft
2021-09-01 50 days 1,658 sqft
2021-10-01 59 days 1,652 sqft
2021-11-01 64 days 1,652 sqft
2021-12-01 74 days 1,659 sqft
2022-01-01 81 days 1,655 sqft
2022-02-01 83 days 1,592 sqft
2022-03-01 79 days 1,582 sqft
2022-04-01 66 days 1,604 sqft
Utica's median listing age (time on market) for 2022-04-01 was 66 days. This is -20% shorter than the same period one year ago.

Utica's median square footage for active listings during the 2022-04-01 period was 1,604 sqft. One year prior, the average listing was 1,708 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).