Watertown FHA Loan Rates, Closing Costs & Stats

WATERTOWN-FORT DRUM, 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.

    Watertown's 23 lenders originated 142 FHA loans during 2023. The total origination value was $23,640,000, with an average FHA loan value of $166,479.

    Watertown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Watertown averaged 6.6% for the week of 2024-05-03, compared to the national average (all FHA variants) of 6.894% for the same period.

    Watertown's average FHA mortgage closing costs are $6,213.

    The average rate for the prior week (2024-04-26) was 6.47% and one month ago for the week of 2024-03-29, the average rate was 6.16%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2024-05-03, the average rate was 6.89%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Watertown 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 Watertown level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 35 7.00% $9,519
    HOMESTEAD FUNDING CORP. 18 6.06% $4,874
    QUICKEN LOANS, LLC 17 6.44% $9,409
    NORTHERN CREDIT UNION 10 6.47% $10,184
    AMERICU Credit Union 7 6.04% $7,130
    PLAZA HOME MORTGAGE, INC. 7 6.46% $8,073
    CROSSCOUNTRY MORTGAGE, LLC 7 6.91% $7,494
    Genesee Regional Bank 6 6.90% $7,960
    LOANDEPOT.COM, LLC 5 6.47% $7,716
    GUARANTEED RATE, INC. 4 6.48% $8,346
    Wells Fargo Bank 3 7.42% $6,618
    FREEDOM MORTGAGE CORPORATION 2 7.25% $10,226
    NEWREZ LLC 2 6.50% $8,803
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 7.25% $14,354
    Barrington Bank & Trust Company, N.A. 1 6.75% $7,897
    HUNT MORTGAGE CORPORATION 1 6.88% $9,917
    KeyBank 1 6.50% $6,256
    1ST PRIORITY MORTGAGE, INC. 1 6.63% $8,632
    NJ LENDERS CORP. 1 5.75% $12,524
    PARAGON HOME LOANS INC. 1 6.75% $15,067
    SEFCU SERVICES, LLC 1 5.88% $6,745
    The Huntington National Bank 1 6.75% $6,006
    UNITED WHOLESALE MORTGAGE, LLC 1 6.77% $9,784

    The top Watertown FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 35 FHA loans originated. Their average total fees are $9,519, which is $4,645 higher than the next largest lender, HOMESTEAD FUNDING CORP..

    The lowest fee Watertown FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($4,874), QUICKEN LOANS, LLC ($9,409), MOVEMENT MORTGAGE, LLC ($9,519), NORTHERN CREDIT UNION ($10,184) and .

    The lowest rate Watertown FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. (6.06%), QUICKEN LOANS, LLC (6.44%), NORTHERN CREDIT UNION (6.47%), MOVEMENT MORTGAGE, LLC (7.00%) and .

    Watertown FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WATERTOWN-FORT DRUM, NY JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    WATERTOWN-FORT DRUM, NY JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Watertown (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 $146,500 (1.1%) $217,726 (4.5%) 0.00 710
    2018-02-01 $147,850 (2.0%) $213,542 (2.5%) 0.00 693
    2018-03-01 $149,900 (2.7%) $219,895 (3.9%) 0.00 701
    2018-04-01 $152,400 (1.7%) $222,225 (0.5%) 0.00 718
    2018-05-01 $163,825 (3.0%) $225,516 (0.7%) 0.00 799
    2018-06-01 $168,235 (5.0%) $223,015 (-0.4%) 0.00 927
    2018-07-01 $169,800 (6.2%) $233,747 (2.7%) 0.00 987
    2018-08-01 $168,900 (8.3%) $235,883 (4.4%) 0.00 995
    2018-09-01 $169,900 (9.6%) $241,448 (6.0%) 0.00 985
    2018-10-01 $168,350 (8.7%) $242,016 (5.2%) 0.00 964
    2018-11-01 $165,000 (6.5%) $237,195 (-20.0%) 0.00 882
    2018-12-01 $164,640 (8.7%) $230,495 (2.4%) 0.00 787
    2019-01-01 $163,500 (11.6%) $228,073 (4.8%) 0.00 718
    2019-02-01 $162,900 (10.2%) $230,658 (8.0%) 0.00 689
    2019-03-01 $168,529 (12.4%) $247,723 (12.7%) 0.00 677
    2019-04-01 $179,950 (18.1%) $273,574 (23.1%) 0.00 676
    2019-05-01 $181,250 (10.6%) $267,567 (18.7%) 0.00 737
    2019-06-01 $183,000 (8.8%) $255,261 (14.5%) 0.00 813
    2019-07-01 $184,900 (8.9%) $259,331 (11.0%) 0.00 846
    2019-08-01 $180,336 (6.8%) $254,500 (7.9%) 0.00 825
    2019-09-01 $175,591 (3.4%) $249,794 (3.5%) 0.00 802
    2019-10-01 $172,427 (2.4%) $247,017 (2.1%) 0.00 775
    2019-11-01 $169,000 (2.4%) $239,711 (1.1%) 0.00 716
    2019-12-01 $162,875 (-1.1%) $225,119 (-2.3%) 0.00 662
    2020-01-01 $159,900 (-2.2%) $215,208 (-5.6%) 0.00 587
    2020-02-01 $164,000 (0.7%) $221,996 (-3.8%) 0.00 559
    2020-03-01 $167,450 (-0.6%) $226,513 (-8.6%) 0.00 547
    2020-04-01 $175,700 (-2.4%) $250,879 (-8.3%) 0.00 546
    2020-05-01 $179,000 (-1.2%) $263,821 (-1.4%) 0.00 540
    2020-06-01 $186,950 (2.2%) $271,657 (6.4%) 0.00 539
    2020-07-01 $192,450 (4.1%) $274,801 (6.0%) 0.00 559
    2020-08-01 $189,000 (4.8%) $277,807 (9.2%) 0.00 535
    2020-09-01 $173,500 (-1.2%) $277,271 (11.0%) 0.00 501
    2020-10-01 $169,900 (-1.5%) $278,761 (12.9%) 0.00 468
    2020-11-01 $169,900 (0.5%) $272,295 (13.6%) 0.00 413
    2020-12-01 $168,500 (3.5%) $268,140 (19.1%) 0.00 367
    2021-01-01 $160,000 (0.1%) $233,408 (8.5%) 0.00 297
    2021-02-01 $167,950 (2.4%) $234,778 (5.8%) 0.00 248
    2021-03-01 $172,000 (2.7%) $250,539 (10.6%) 0.00 212
    2021-04-01 $182,925 (4.1%) $268,210 (6.9%) 0.00 205
    2021-05-01 $199,000 (11.2%) $283,846 (7.6%) 0.00 233
    2021-06-01 $192,425 (2.9%) $274,267 (1.0%) 0.00 294
    2021-07-01 $189,900 (-1.3%) $264,882 (-3.6%) 0.00 347
    2021-08-01 $186,000 (-1.6%) $273,483 (-1.6%) 0.00 350
    2021-09-01 $188,975 (8.9%) $277,452 (0.1%) 0.00 344
    2021-10-01 $174,450 (2.7%) $256,188 (-8.1%) 0.00 304
    2021-11-01 $162,400 (-4.4%) $254,084 (-6.7%) 0.00 254
    2021-12-01 $166,875 (-1.0%) $255,280 (-4.8%) 0.00 222
    2022-01-01 $159,950 (0.0%) $241,237 (3.4%) 0.00 181
    2022-02-01 $165,925 (-1.2%) $232,632 (-0.9%) 0.00 149
    2022-03-01 $170,650 (-0.8%) $241,073 (-3.8%) 0.00 141
    2022-04-01 $171,000 (-6.5%) $265,943 (-0.9%) 0.00 131
    2022-05-01 $203,274 (2.2%) $275,835 (-2.8%) 0.00 177
    2022-06-01 $210,000 (9.1%) $308,300 (12.4%) 0.00 232
    2022-07-01 $199,000 (4.8%) $300,400 (13.4%) 0.00 271
    2022-08-01 $199,000 (7.0%) $306,442 (12.1%) 0.00 286
    2022-09-01 $193,625 (2.5%) $301,151 (8.5%) 0.00 310
    2022-10-01 $198,900 (14.0%) $303,450 (18.5%) 0.00 292
    2022-11-01 $194,830 (20.0%) $302,090 (18.9%) 0.00 274
    2022-12-01 $185,000 (10.9%) $291,566 (14.2%) 0.00 234
    2023-01-01 $177,000 (10.7%) $242,423 (0.5%) 0.00 184
    2023-02-01 $173,700 (4.7%) $249,481 (7.2%) 0.00 155
    2023-03-01 $179,800 (5.4%) $247,515 (2.7%) 0.00 139
    2023-04-01 $197,000 (15.2%) $314,598 (18.3%) 0.00 153
    2023-05-01 $217,450 (7.0%) $333,852 (21.0%) 0.00 167
    2023-06-01 $252,475 (20.2%) $362,904 (17.7%) 0.00 184
    2023-07-01 $249,450 (25.4%) $382,300 (27.3%) 0.00 187
    2023-08-01 $247,300 (24.3%) $385,042 (25.7%) 0.00 210
    2023-09-01 $245,000 (26.5%) $354,466 (17.7%) 0.00 231
    2023-10-01 $241,500 (21.4%) $351,910 (16.0%) 0.00 245
    2023-11-01 $224,475 (15.2%) $336,547 (11.4%) 0.00 243
    2023-12-01 $220,000 (18.9%) $331,943 (13.9%) 0.00 206
    2024-01-01 $229,500 (29.7%) $341,400 (40.8%) 0.00 188
    2024-02-01 $225,450 (29.8%) $343,015 (37.5%) 0.00 183
    2024-03-01 $235,000 (30.7%) $356,652 (44.1%) 0.00 190
    2024-04-01 $249,175 (26.5%) $367,536 (16.8%) 0.00 215
    Watertown's median listing price for 2024-04-01 was $249,175, a difference of $52,175 (26.5%) versus the prior year and $14,175 versus the prior month.

    Watertown's median listing price comes in at 0% of the national average.

    Watertown's average listing price for 2024-04-01 was $367,536, a difference of $52,938 (16.8%) versus the prior year and $10,884 versus the prior month.

    For the 2024-04-01 period, Watertown had 215 MLS listings, a difference of 25 listings (13%) versus the prior month and 62 listings (41%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Watertown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,680 sqft
    2018-02-01 0 days 1,680 sqft
    2018-03-01 0 days 1,680 sqft
    2018-04-01 0 days 1,661 sqft
    2018-05-01 0 days 1,660 sqft
    2018-06-01 0 days 1,629 sqft
    2018-07-01 0 days 1,626 sqft
    2018-08-01 0 days 1,633 sqft
    2018-09-01 0 days 1,636 sqft
    2018-10-01 0 days 1,603 sqft
    2018-11-01 0 days 1,598 sqft
    2018-12-01 0 days 1,607 sqft
    2019-01-01 0 days 1,620 sqft
    2019-02-01 0 days 1,634 sqft
    2019-03-01 0 days 1,684 sqft
    2019-04-01 0 days 1,724 sqft
    2019-05-01 0 days 1,687 sqft
    2019-06-01 0 days 1,680 sqft
    2019-07-01 0 days 1,701 sqft
    2019-08-01 0 days 1,689 sqft
    2019-09-01 0 days 1,674 sqft
    2019-10-01 0 days 1,665 sqft
    2019-11-01 0 days 1,663 sqft
    2019-12-01 0 days 1,649 sqft
    2020-01-01 0 days 1,646 sqft
    2020-02-01 0 days 1,653 sqft
    2020-03-01 0 days 1,656 sqft
    2020-04-01 0 days 1,684 sqft
    2020-05-01 0 days 1,689 sqft
    2020-06-01 0 days 1,673 sqft
    2020-07-01 0 days 1,698 sqft
    2020-08-01 0 days 1,700 sqft
    2020-09-01 0 days 1,695 sqft
    2020-10-01 0 days 1,666 sqft
    2020-11-01 0 days 1,695 sqft
    2020-12-01 0 days 1,687 sqft
    2021-01-01 0 days 1,678 sqft
    2021-02-01 0 days 1,744 sqft
    2021-03-01 0 days 1,699 sqft
    2021-04-01 0 days 1,674 sqft
    2021-05-01 0 days 1,676 sqft
    2021-06-01 0 days 1,658 sqft
    2021-07-01 0 days 1,684 sqft
    2021-08-01 0 days 1,683 sqft
    2021-09-01 0 days 1,686 sqft
    2021-10-01 0 days 1,672 sqft
    2021-11-01 0 days 1,648 sqft
    2021-12-01 0 days 1,648 sqft
    2022-01-01 0 days 1,669 sqft
    2022-02-01 0 days 1,671 sqft
    2022-03-01 0 days 1,687 sqft
    2022-04-01 0 days 1,680 sqft
    2022-05-01 0 days 1,668 sqft
    2022-06-01 0 days 1,680 sqft
    2022-07-01 0 days 1,680 sqft
    2022-08-01 0 days 1,730 sqft
    2022-09-01 0 days 1,717 sqft
    2022-10-01 0 days 1,734 sqft
    2022-11-01 0 days 1,681 sqft
    2022-12-01 0 days 1,652 sqft
    2023-01-01 0 days 1,666 sqft
    2023-02-01 0 days 1,739 sqft
    2023-03-01 0 days 1,675 sqft
    2023-04-01 0 days 1,759 sqft
    2023-05-01 0 days 1,685 sqft
    2023-06-01 0 days 1,795 sqft
    2023-07-01 0 days 1,766 sqft
    2023-08-01 0 days 1,744 sqft
    2023-09-01 0 days 1,702 sqft
    2023-10-01 0 days 1,780 sqft
    2023-11-01 0 days 1,708 sqft
    2023-12-01 0 days 1,694 sqft
    2024-01-01 0 days 1,756 sqft
    2024-02-01 0 days 1,699 sqft
    2024-03-01 0 days 1,700 sqft
    2024-04-01 0 days 1,736 sqft
    Watertown's median listing age (time on market) for 2024-04-01 was 0 days.

    Watertown's median square footage for active listings during the 2024-04-01 period was 1,736 sqft. One year prior, the average listing was 1,759 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).