New York FHA Loan Rates, Closing Costs & Stats

New York

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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.

    New York FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New York averaged -0.53% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    New York's average FHA mortgage closing costs are $11,368.

    The average rate for the prior week (2023-11-17) was 6.66% and one month ago for the week of 2023-10-20, the average rate was 6.77%.

    The average rate one year ago was 5.99%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.42%.

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

    New York 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 New York level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 2,557 4.52% $10,802
    UNITED WHOLESALE MORTGAGE, LLC 1,636 4.79% $18,091
    HOMESTEAD FUNDING CORP. 985 4.90% $6,084
    Premium Mortgage Corporation 932 5.05% $6,072
    PLAZA HOME MORTGAGE, INC. 638 4.72% $11,145
    NATIONWIDE MORTGAGE BANKERS, INC. 628 4.91% $24,808
    LOANDEPOT.COM, LLC 626 4.48% $18,233
    CALIBER HOME LOANS, INC. 563 4.45% $16,063
    M&T Bank 560 4.35% $7,866
    CROSSCOUNTRY MORTGAGE, LLC 560 5.10% $18,262
    CARDINAL FINANCIAL 555 4.79% $24,773
    HOME POINT FINANCIAL CORPORATION 471 4.20% $14,652
    MOVEMENT MORTGAGE, LLC 436 5.02% $8,550
    Mr. Cooper ( Nationstar Mortgage ) 426 4.34% $13,119
    CONTOUR MORTGAGE CORPORATION 392 4.91% $23,022
    FREEDOM MORTGAGE CORPORATION 386 4.41% $11,778
    PRIMELENDING, A PLAINSCAPITAL COMPANY 364 5.03% $9,733
    The Federal Savings Bank 321 4.61% $25,318
    UNITED MORTGAGE CORP 298 4.83% $23,435
    1ST PRIORITY MORTGAGE, INC. 261 4.99% $7,016
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 253 5.12% $26,176
    East Coast Capital Corp. 252 4.91% $25,070
    HOMEBRIDGE FINANCIAL SERVICES, INC. 248 4.61% $20,915
    HUNT MORTGAGE CORPORATION 243 4.95% $8,275
    PARAGON HOME LOANS INC. 238 4.89% $7,265
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 236 4.12% $19,040
    Genesee Regional Bank 230 5.19% $7,557
    SEFCU SERVICES, LLC 210 4.62% $6,589
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 207 4.94% $22,079
    Flagstar Bank, FSB 196 4.50% $21,314
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 194 5.10% $15,559
    Carrington Mortgage Services, LLC 185 4.74% $17,414
    FINANCE OF AMERICA MORTGAGE LLC 184 4.18% $24,333
    GUARANTEED RATE, INC. 180 4.92% $14,097
    KeyBank 172 4.44% $6,935
    JET DIRECT FUNDING CORP 157 4.88% $26,237
    JPMorgan Chase Bank 139 4.60% $12,029
    SUNMARK FEDERAL CREDIT UNION 136 4.52% $7,837
    EMBRACE HOME LOANS, INC. 126 4.84% $17,030
    RELIANCE FIRST CAPITAL, LLC 119 4.58% $15,562
    EVERETT FINANCIAL, INC. 111 5.25% $5,116
    Citizens Bank 107 4.61% $9,772
    CLIFFCO, INC. 101 4.74% $24,648
    NEWREZ LLC 101 4.65% $12,944
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 97 4.43% $19,127
    Equity Prime Mortgage LLC 85 5.39% $17,986
    Quontic Bank 84 4.99% $24,340
    Bank of America 81 4.27% $8,686
    CCFCU FUNDING, LLC 70 4.33% $7,272
    ESL Federal Credit Union 70 4.78% $5,895
    US MORTGAGE CORPORATION 65 4.88% $21,828
    HARTFORD FUNDING, LTD. 60 4.87% $25,300
    MLB RESIDENTIAL LENDING, LLC 58 4.86% $21,078
    Wells Fargo Bank 57 4.84% $7,682
    ABSOLUTE HOME MORTGAGE CORPORATION 56 5.65% $20,730
    NORTHERN CREDIT UNION 55 4.96% $6,297
    PLANET HOME LENDING, LLC 53 5.23% $18,718
    TOTAL MORTGAGE SERVICES, LLC 52 5.13% $15,089
    FM Home Loans, LLC 50 4.46% $19,129
    BLAIR SERVICES OF AMERICA INC. 48 4.63% $24,370
    PENNYMAC LOAN SERVICES, LLC 48 5.95% $17,554
    MID-ISLAND MORTGAGE CORP. 47 4.94% $22,158
    SUN WEST MORTGAGE COMPANY, INC. 44 4.58% $26,191
    Five Star Bank 42 4.62% $5,875
    AMERICAN FINANCING CORPORATION 39 4.63% $10,158
    INTERSTATE HOME LOAN CENTER, INC. 38 4.99% $22,759
    Bethpage Federal Credit Union 38 4.50% $4,655
    AMERICAN FINANCIAL RESOURCES, INC. 38 4.94% $9,069
    NJ LENDERS CORP. 36 4.27% $18,764
    TD Bank 35 4.19% $14,580
    HOME TOWN FUNDING, INC. 34 4.75% $5,263
    ASSOCIATED MORTGAGE BANKERS, INC. 31 5.11% $21,150
    CONTINENTAL MORTGAGE BANKERS, INC. 30 4.82% $20,423
    ALLIED MORTGAGE GROUP, INC. 30 4.91% $20,713
    NETWORK CAPITAL FUNDING CORPORATION 29 4.85% $16,875
    Evolve Bank & Trust 28 4.79% $11,356
    Plains Commerce Bank 27 5.22% $17,649
    Barrington Bank & Trust Company, N.A. 27 5.06% $8,795
    RESIDENTIAL HOME FUNDING CORP. 27 4.50% $18,389
    ENVOY MORTGAGE, LTD 27 4.80% $20,403
    NBT Bank 25 4.69% $6,062
    CMG MORTGAGE, INC. 24 4.27% $19,976
    INLAND BANK & TRUST 23 4.88% $17,805
    LYNX MORTGAGE BANK LLC 23 4.28% $16,973
    PATRIOT ONE MORTGAGE BANKERS, LLC 22 4.68% $28,990
    Bank of England 22 5.28% $7,107
    First Guaranty Mortgage Corporation 19 3.68% $20,069
    NVR Mortgage Finance, Inc. 19 4.13% $13,260
    Northwest Bank 18 4.69% $8,664
    Community Bank 18 5.40% $4,912
    ROYAL UNITED MORTGAGE LLC 18 4.93% $18,274
    Advisors Mortgage Group, L.L.C. 17 4.90% $20,331
    EMM LOANS LLC 17 5.44% $19,376
    U.S. Bank 17 4.77% $14,863
    Valley National Bank 17 4.19% $13,149
    AMERICU Credit Union 16 5.53% $6,395
    Northpointe Bank 16 4.79% $21,795
    Elmira Savings Bank 15 3.54% $5,994
    NP, Inc. 15 5.44% $15,200
    WALL STREET MORTGAGE BANKERS, LTD. 15 4.72% $25,710
    Ulster Savings Bank 15 4.63% $7,571
    First Home Bank 12 4.76% $19,027
    Berkshire Bank 12 4.51% $6,587
    Magnolia Bank 11 5.07% $16,814
    ARC HOME LLC 11 3.76% $29,664
    HUDSON VALLEY CREDIT UNION 11 5.60% $9,895
    Glens Falls National Bank and Trust Company 11 4.40% $6,935
    North American Savings Bank, F.S.B. 11 4.47% $9,260
    Luxury Mortgage Corp. 10 3.89% $18,373
    A&D Mortgage LLC 10 5.04% $24,547
    FIRST ALLIANCE HOME MORTGAGE, LLC 9 5.08% $18,404
    GUARANTEED RATE AFFINITY, LLC 9 5.11% $11,902
    Nations Lending Corporation 8 5.64% $14,305
    PHH Mortgage Corporation 8 4.91% $10,821
    First Savings Bank 7 4.52% $22,207
    Mortgage Research Center, LLC 6 5.14% $12,737
    BOND STREET MORTGAGE, LLC 6 5.54% $24,149
    PNC Bank 5 3.98% $15,752
    NORWICH COMMERCIAL GROUP, INC. 5 5.35% $24,711
    BRIDGEVIEW MORTGAGE CORP. 5 4.03% $26,609
    CFCU Community Credit Union 5 4.58% $2,121
    MORTGAGE ACCESS CORP. 5 4.65% $12,017
    Shamrock Home Loans, Inc. 4 4.03% $9,594
    DRAPER AND KRAMER MORTGAGE CORP. 4 5.09% $13,939
    Evans Bank 4 4.88% $7,975
    GREENWAY MORTGAGE FUNDING CORP. 4 5.69% $19,193
    KINECTA 4 4.91% $6,408
    MLD MORTGAGE INC. 4 5.06% $8,458
    Quik Fund, Inc 4 6.16% $28,002
    Willamette Valley Bank 4 4.75% $18,688
    First Internet Bank of Indiana 3 3.96% $9,749
    VAN DYK MORTGAGE CORPORATION 3 4.58% $15,987
    First Federal Bank 3 5.29% $13,172
    Axos Bank 3 5.25% $21,247
    PENTAGON FEDERAL CREDIT UNION 3 4.50% $9,232
    1ST 2ND MORTGAGE COMPANY OF N.J., INC. 3 4.16% $14,878
    MID AMERICA MORTGAGE, INC. 2 6.44% $3,561
    ARK MORTGAGE, INC. 2 3.19% $22,382
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.00% $20,528
    FirstBank 2 5.06% $11,761
    NATIONWIDE EQUITIES CORPORATION 2 4.25% $35,151
    EQUITY NOW INC. 2 4.44% $20,013
    Colonial Savings, F.A. 2 4.88% $11,074
    Kwik Mortgage Corporation 2 4.44% $13,263
    RESIDENTIAL HOME MORTGAGE CORPORATION 2 6.00% $15,691
    KELLER MORTGAGE, LLC 2 3.19% $6,316
    WILLIAM RAVEIS MORTGAGE, LLC 2 4.63% $20,325
    Unity Bank 1 3.75% $15,644
    AMERICAN FEDERAL MORTGAGE CORPORATION 1 5.13% $7,809
    Academy Bank 1 7.25% $9,661
    NBKC BANK 1 4.88% $9,593
    Paramount Bank 1 3.13% $13,166
    NASA Federal Credit Union 1 4.75% $14,269
    PREMIA MORTGAGE, LLC 1 7.25% $8,137
    MILLENIUM HOME MORTGAGE, LLC 1 5.13% $25,833
    Presidential Bank, FSB 1 3.88% $11,778
    Meridian Bank Corporation 1 6.13% $9,077
    LENOX FINANCIAL MORTGAGE CORPORATION 1 5.25% $16,290
    LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $10,289
    HORIZON Federal Credit Union 1 4.13% $6,383
    Home Loan Investment Bank, F.S.B. 1 5.25% $10,786
    The Union Bank Company 1 5.13% $18,231
    Truist 1 4.75% $5,888
    Civista Bank 1 4.75% $6,828
    Union Savings Bank 1 2.75% $23,873
    BOKF 1 5.13% $8,128
    BNC National Bank 1 3.13% $10,035
    Blue Ridge Bank 1 4.13% $6,383

    The top New York FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 2,557 FHA loans originated. Their average total fees are $10,802, which is $7,289 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee New York FHA lenders (with over 10 loans originated) are Bethpage Federal Credit Union ($4,655), Community Bank ($4,912), EVERETT FINANCIAL, INC. ($5,116), HOME TOWN FUNDING, INC. ($5,263) and Five Star Bank ($5,875).

    The lowest rate New York FHA lenders (with over 10 loans originated) are Elmira Savings Bank (3.54%), First Guaranty Mortgage Corporation (3.68%), ARC HOME LLC (3.76%), Luxury Mortgage Corp. (3.89%) and ROUNDPOINT MORTGAGE SERVICING CORPORATION (4.12%).

    New York FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ALBANY-SCHENECTADY-TROY, NY ALBANY 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ALLEGANY 2022 $420,680 $538,650 $651,050 $809,150
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA BRONX 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    BINGHAMTON, NY BROOME 2022 $420,680 $538,650 $651,050 $809,150
    OLEAN, NY CATTARAUGUS 2022 $420,680 $538,650 $651,050 $809,150
    AUBURN, NY CAYUGA 2022 $420,680 $538,650 $651,050 $809,150
    JAMESTOWN-DUNKIRK-FREDONIA, NY CHAUTAUQUA 2022 $420,680 $538,650 $651,050 $809,150
    ELMIRA, NY CHEMUNG 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CHENANGO 2022 $420,680 $538,650 $651,050 $809,150
    PLATTSBURGH, NY CLINTON 2022 $420,680 $538,650 $651,050 $809,150
    HUDSON, NY COLUMBIA 2022 $420,680 $538,650 $651,050 $809,150
    CORTLAND, NY CORTLAND 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO DELAWARE 2022 $420,680 $538,650 $651,050 $809,150
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY DUTCHESS 2022 $420,680 $538,650 $651,050 $809,150
    BUFFALO-CHEEKTOWAGA, NY ERIE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ESSEX 2022 $420,680 $538,650 $651,050 $809,150
    MALONE, NY FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
    GLOVERSVILLE, NY FULTON 2022 $420,680 $538,650 $651,050 $809,150
    BATAVIA, NY GENESEE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO GREENE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO HAMILTON 2022 $420,680 $538,650 $651,050 $809,150
    UTICA-ROME, NY HERKIMER 2022 $420,680 $538,650 $651,050 $809,150
    WATERTOWN-FORT DRUM, NY JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA KINGS 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NON-METRO LEWIS 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, NY LIVINGSTON 2022 $420,680 $538,650 $651,050 $809,150
    SYRACUSE, NY MADISON 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, NY MONROE 2022 $420,680 $538,650 $651,050 $809,150
    AMSTERDAM, NY MONTGOMERY 2022 $420,680 $538,650 $651,050 $809,150
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NASSAU 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NEW YORK 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    BUFFALO-CHEEKTOWAGA, NY NIAGARA 2022 $420,680 $538,650 $651,050 $809,150
    UTICA-ROME, NY ONEIDA 2022 $420,680 $538,650 $651,050 $809,150
    SYRACUSE, NY ONONDAGA 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, NY ONTARIO 2022 $420,680 $538,650 $651,050 $809,150
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY ORANGE 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, NY ORLEANS 2022 $420,680 $538,650 $651,050 $809,150
    SYRACUSE, NY OSWEGO 2022 $420,680 $538,650 $651,050 $809,150
    ONEONTA, NY OTSEGO 2022 $420,680 $538,650 $651,050 $809,150
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PUTNAM 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA QUEENS 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    ALBANY-SCHENECTADY-TROY, NY RENSSELAER 2022 $420,680 $538,650 $651,050 $809,150
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA RICHMOND 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA ROCKLAND 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    OGDENSBURG-MASSENA, NY ST. LAWRENCE 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY-SCHENECTADY-TROY, NY SARATOGA 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY-SCHENECTADY-TROY, NY SCHENECTADY 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY-SCHENECTADY-TROY, NY SCHOHARIE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO SCHUYLER 2022 $420,680 $538,650 $651,050 $809,150
    SENECA FALLS, NY SENECA 2022 $420,680 $538,650 $651,050 $809,150
    CORNING, NY STEUBEN 2022 $420,680 $538,650 $651,050 $809,150
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SUFFOLK 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NON-METRO SULLIVAN 2022 $420,680 $538,650 $651,050 $809,150
    BINGHAMTON, NY TIOGA 2022 $420,680 $538,650 $651,050 $809,150
    ITHACA, NY TOMPKINS 2022 $420,680 $538,650 $651,050 $809,150
    KINGSTON, NY ULSTER 2022 $420,680 $538,650 $651,050 $809,150
    GLENS FALLS, NY WARREN 2022 $420,680 $538,650 $651,050 $809,150
    GLENS FALLS, NY WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, NY WAYNE 2022 $420,680 $538,650 $651,050 $809,150
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA WESTCHESTER 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    NON-METRO WYOMING 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, NY YATES 2022 $420,680 $538,650 $651,050 $809,150
    KINGSTON, NY ULSTER 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY-SCHENECTADY-TROY, NY ALBANY 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO ALLEGANY 2023 $472,030 $604,400 $730,525 $907,900
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA BRONX 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    BINGHAMTON, NY BROOME 2023 $472,030 $604,400 $730,525 $907,900
    OLEAN, NY CATTARAUGUS 2023 $472,030 $604,400 $730,525 $907,900
    AUBURN, NY CAYUGA 2023 $472,030 $604,400 $730,525 $907,900
    JAMESTOWN-DUNKIRK-FREDONIA, NY CHAUTAUQUA 2023 $472,030 $604,400 $730,525 $907,900
    ELMIRA, NY CHEMUNG 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CHENANGO 2023 $472,030 $604,400 $730,525 $907,900
    PLATTSBURGH, NY CLINTON 2023 $472,030 $604,400 $730,525 $907,900
    HUDSON, NY COLUMBIA 2023 $472,030 $604,400 $730,525 $907,900
    CORTLAND, NY CORTLAND 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO DELAWARE 2023 $472,030 $604,400 $730,525 $907,900
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY DUTCHESS 2023 $472,030 $604,400 $730,525 $907,900
    BUFFALO-CHEEKTOWAGA, NY ERIE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO ESSEX 2023 $472,030 $604,400 $730,525 $907,900
    MALONE, NY FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
    GLOVERSVILLE, NY FULTON 2023 $472,030 $604,400 $730,525 $907,900
    BATAVIA, NY GENESEE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO GREENE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO HAMILTON 2023 $472,030 $604,400 $730,525 $907,900
    UTICA-ROME, NY HERKIMER 2023 $472,030 $604,400 $730,525 $907,900
    WATERTOWN-FORT DRUM, NY JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA KINGS 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NON-METRO LEWIS 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, NY LIVINGSTON 2023 $472,030 $604,400 $730,525 $907,900
    SYRACUSE, NY MADISON 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, NY MONROE 2023 $472,030 $604,400 $730,525 $907,900
    AMSTERDAM, NY MONTGOMERY 2023 $472,030 $604,400 $730,525 $907,900
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NASSAU 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NEW YORK 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    BUFFALO-CHEEKTOWAGA, NY NIAGARA 2023 $472,030 $604,400 $730,525 $907,900
    UTICA-ROME, NY ONEIDA 2023 $472,030 $604,400 $730,525 $907,900
    SYRACUSE, NY ONONDAGA 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, NY ONTARIO 2023 $472,030 $604,400 $730,525 $907,900
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY ORANGE 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, NY ORLEANS 2023 $472,030 $604,400 $730,525 $907,900
    SYRACUSE, NY OSWEGO 2023 $472,030 $604,400 $730,525 $907,900
    ONEONTA, NY OTSEGO 2023 $472,030 $604,400 $730,525 $907,900
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PUTNAM 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA QUEENS 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    ALBANY-SCHENECTADY-TROY, NY RENSSELAER 2023 $472,030 $604,400 $730,525 $907,900
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA RICHMOND 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA ROCKLAND 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    OGDENSBURG-MASSENA, NY ST. LAWRENCE 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY-SCHENECTADY-TROY, NY SARATOGA 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY-SCHENECTADY-TROY, NY SCHENECTADY 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY-SCHENECTADY-TROY, NY SCHOHARIE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO SCHUYLER 2023 $472,030 $604,400 $730,525 $907,900
    SENECA FALLS, NY SENECA 2023 $472,030 $604,400 $730,525 $907,900
    CORNING, NY STEUBEN 2023 $472,030 $604,400 $730,525 $907,900
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SUFFOLK 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NON-METRO SULLIVAN 2023 $472,030 $604,400 $730,525 $907,900
    BINGHAMTON, NY TIOGA 2023 $472,030 $604,400 $730,525 $907,900
    ITHACA, NY TOMPKINS 2023 $472,030 $604,400 $730,525 $907,900
    GLENS FALLS, NY WARREN 2023 $472,030 $604,400 $730,525 $907,900
    GLENS FALLS, NY WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, NY WAYNE 2023 $472,030 $604,400 $730,525 $907,900
    NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA WESTCHESTER 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    NON-METRO WYOMING 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, NY YATES 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).