New York FHA Loan Rates, Closing Costs & Stats

New York

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 6.58% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

New York's average FHA mortgage closing costs are $11,942.

The average rate for the prior week (2024-04-05) was 6.51% and one month ago for the week of 2024-03-08, the average rate was 6.54%.

The average rate one year ago was 6.28%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.92%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 2,133 6.37% $12,392
UNITED WHOLESALE MORTGAGE, LLC 1,660 6.30% $20,625
PLAZA HOME MORTGAGE, INC. 783 6.40% $16,510
HOMESTEAD FUNDING CORP. 736 6.60% $6,553
Premium Mortgage Corporation 646 6.71% $6,580
NATIONWIDE MORTGAGE BANKERS, INC. 493 6.64% $28,715
CROSSCOUNTRY MORTGAGE, LLC 491 6.71% $19,182
CARDINAL FINANCIAL 470 6.46% $27,448
CONTOUR MORTGAGE CORPORATION 397 6.51% $27,141
M&T Bank 377 6.38% $8,368
MOVEMENT MORTGAGE, LLC 373 6.89% $11,977
NEWREZ LLC 294 6.58% $15,662
PRIMELENDING, A PLAINSCAPITAL COMPANY 279 6.79% $10,921
PENNYMAC LOAN SERVICES, LLC 278 6.33% $17,523
The Federal Savings Bank 272 6.15% $28,117
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 262 6.70% $17,622
LOANDEPOT.COM, LLC 251 6.35% $15,620
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 201 6.59% $29,718
East Coast Capital Corp. 199 6.49% $26,690
Mr. Cooper ( Nationstar Mortgage ) 198 6.16% $17,951
UNITED NORTHERN MORTGAGE BANKERS LIMITED 184 6.60% $23,870
AMERICAN FINANCIAL NETWORK, INC. 167 6.59% $21,842
HUNT MORTGAGE CORPORATION 160 6.77% $10,289
KeyBank 157 6.48% $7,084
PARAGON HOME LOANS INC. 155 6.74% $8,376
HOMEBRIDGE FINANCIAL SERVICES, INC. 152 6.54% $21,618
SEFCU SERVICES, LLC 148 6.35% $7,874
1ST PRIORITY MORTGAGE, INC. 146 6.60% $8,027
Genesee Regional Bank 139 6.80% $7,963
Carrington Mortgage Services, LLC 125 6.48% $19,177
EMBRACE HOME LOANS, INC. 120 6.22% $19,176
GUARANTEED RATE, INC. 115 6.43% $16,909
RELIANCE FIRST CAPITAL, LLC 115 6.62% $15,929
Flagstar Bank, FSB 108 6.38% $25,216
CLIFFCO, INC. 105 6.40% $26,445
JET DIRECT FUNDING CORP 102 6.65% $28,530
FREEDOM MORTGAGE CORPORATION 102 6.81% $17,134
JPMorgan Chase Bank 97 6.48% $13,648
Citizens Bank 94 6.37% $11,032
US MORTGAGE CORPORATION 84 6.66% $23,083
EVERETT FINANCIAL, INC. 75 6.81% $8,209
SUNMARK FEDERAL CREDIT UNION 75 6.15% $8,488
Plains Commerce Bank 71 6.26% $24,789
CALIBER HOME LOANS, INC. 70 6.43% $19,135
NORWICH COMMERCIAL GROUP, INC. 63 6.42% $21,529
Wells Fargo Bank 61 6.53% $10,713
PLANET HOME LENDING, LLC 60 6.55% $25,240
ABSOLUTE HOME MORTGAGE CORPORATION 59 6.95% $15,779
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 53 6.89% $18,398
HARTFORD FUNDING, LTD. 49 6.57% $27,997
BLAIR SERVICES OF AMERICA INC. 46 6.36% $24,130
Quontic Bank 44 6.55% $30,791
SUN WEST MORTGAGE COMPANY, INC. 43 6.33% $21,761
MID-ISLAND MORTGAGE CORP. 42 6.50% $21,071
MLB RESIDENTIAL LENDING, LLC 40 6.88% $23,547
ESL Federal Credit Union 38 7.00% $6,450
INTERSTATE HOME LOAN CENTER, INC. 38 6.24% $26,121
CONTINENTAL MORTGAGE BANKERS, INC. 37 6.36% $26,366
AMERICU Credit Union 36 6.05% $6,890
AMERICAN FINANCIAL RESOURCES, INC. 35 6.63% $13,302
NJ LENDERS CORP. 34 6.43% $21,573
Equity Prime Mortgage LLC 34 6.78% $21,592
FM Home Loans, LLC 33 6.56% $21,514
CMG MORTGAGE, INC. 32 6.98% $18,004
Barrington Bank & Trust Company, N.A. 30 6.46% $12,367
TOTAL MORTGAGE SERVICES, LLC 30 6.77% $16,723
U.S. Bank 28 6.53% $11,602
Five Star Bank 28 6.38% $5,878
NORTHERN CREDIT UNION 27 6.73% $8,935
AMERICAN FINANCING CORPORATION 26 6.28% $12,798
ROYAL UNITED MORTGAGE LLC 25 6.77% $13,657
Bank of England 25 6.68% $18,030
ALLIED MORTGAGE GROUP, INC. 24 6.53% $24,960
NVR Mortgage Finance, Inc. 23 5.75% $17,367
Bethpage Federal Credit Union 23 6.65% $5,110
TD Bank 22 6.22% $13,097
ASSOCIATED MORTGAGE BANKERS, INC. 22 6.52% $23,814
LYNX MORTGAGE BANK LLC 20 6.80% $19,816
Evolve Bank & Trust 19 6.54% $10,817
EMM LOANS LLC 19 6.46% $19,816
Northpointe Bank 17 6.16% $27,410
Bank of America 16 6.55% $7,972
FIRST ALLIANCE HOME MORTGAGE, LLC 16 6.56% $18,618
Northwest Bank 16 6.17% $8,007
PHH Mortgage Corporation 16 6.41% $13,217
PATRIOT ONE MORTGAGE BANKERS, LLC 15 6.25% $31,426
First Savings Bank 14 6.38% $22,532
ENVOY MORTGAGE, LTD 13 6.37% $15,209
HUDSON VALLEY CREDIT UNION 13 6.80% $11,652
Berkshire Bank 13 6.19% $8,165
Valley National Bank 13 6.13% $17,885
MLD MORTGAGE INC. 13 6.39% $23,814
NP, Inc. 13 6.71% $14,582
HOME TOWN FUNDING, INC. 12 6.49% $5,647
NBT Bank 11 6.25% $6,794
WALL STREET MORTGAGE BANKERS, LTD. 11 5.87% $27,560
RESIDENTIAL HOME FUNDING CORP. 10 6.54% $24,588
NETWORK CAPITAL FUNDING CORPORATION 10 5.78% $22,252
Evans Bank 10 6.36% $7,761
PENTAGON FEDERAL CREDIT UNION 9 5.69% $13,850
Mortgage Research Center, LLC 8 6.78% $11,887
Prosperity Home Mortgage, LLC 8 6.33% $17,086
Advisors Mortgage Group, L.L.C. 7 6.38% $20,728
BOND STREET MORTGAGE, LLC 7 6.34% $20,530
NBKC BANK 7 6.41% $11,741
GUARANTEED RATE AFFINITY, LLC 6 6.27% $26,371
Fifth Third Bank 6 5.94% $8,741
Nations Lending Corporation 5 7.10% $28,453
Magnolia Bank 5 6.45% $24,280
KINECTA 5 6.45% $7,291
PNC Bank 5 6.68% $9,871
LENOX FINANCIAL MORTGAGE CORPORATION 4 6.63% $19,286
Truist 4 6.58% $10,757
Glens Falls National Bank and Trust Company 4 6.34% $10,278
BRIDGEVIEW MORTGAGE CORP. 4 6.13% $34,563
Citibank 4 6.19% $24,618
Community Bank 4 6.47% $5,624
BETTER MORTGAGE CORPORATION 4 6.44% $18,352
Shamrock Home Loans, Inc. 3 6.75% $17,550
A&D Mortgage LLC 3 6.75% $15,612
ARC HOME LLC 3 6.42% $33,496
First Federal Bank 3 6.04% $5,379
Ixonia Bank 3 7.33% $12,926
MORTGAGE ACCESS CORP. 3 6.96% $21,983
North American Savings Bank, F.S.B. 3 5.75% $11,342
RESIDENTIAL HOME MORTGAGE CORPORATION 3 6.79% $24,002
Ulster Savings Bank 3 7.00% $7,058
CIBM Bank 2 6.88% $11,807
DEVELOPER'S MORTGAGE COMPANY 2 6.44% $25,388
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 2 6.69% $23,520
CFCU Community Credit Union 2 6.69% $2,115
GREENWAY MORTGAGE FUNDING CORP. 2 6.50% $13,074
Byline Bank 2 6.81% $16,250
BROKER SOLUTIONS, INC. 2 7.25% $15,494
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.13% $14,807
AMERICAN FEDERAL MORTGAGE CORPORATION 2 6.50% $11,524
The Huntington National Bank 2 6.63% $10,060
Colonial Savings, F.A. 2 6.50% $11,988
DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $10,550
Community First National Bank 1 5.00% $7,979
The Freedom Bank of Virginia 1 6.13% $5,854
WILLIAM RAVEIS MORTGAGE, LLC 1 7.50% $15,116
Union Savings Bank 1 6.88% $3,688
Centennial Bank 1 7.63% $14,579
Old National Bank 1 5.13% $16,599
MILLENIUM HOME MORTGAGE, LLC 1 6.25% $25,763
NATIONWIDE EQUITIES CORPORATION 1 6.13% $39,871
MID AMERICA MORTGAGE, INC. 1 7.25% $5,488
Meridian Bank Corporation 1 5.63% $18,712
Lakeland Bank 1 6.63% $21,398
Kwik Mortgage Corporation 1 6.63% $18,122
Heritage Bank 1 8.50% $18,271
GuardHill Financial Corp. 1 6.25% $26,656
Allied First Bank,sb 1 5.75% $21,009
FirstBank 1 7.13% $8,901
SIRVA MORTGAGE, INC. 1 5.63% $5,993
EQUITY NOW INC. 1 6.25% $17,550

The top New York FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 2,133 FHA loans originated. Their average total fees are $12,392, which is $8,233 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 ($5,110), HOME TOWN FUNDING, INC. ($5,647), Five Star Bank ($5,878), ESL Federal Credit Union ($6,450) and HOMESTEAD FUNDING CORP. ($6,553).

The lowest rate New York FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.75%), NETWORK CAPITAL FUNDING CORPORATION (5.78%), WALL STREET MORTGAGE BANKERS, LTD. (5.87%), AMERICU Credit Union (6.05%) and Valley National Bank (6.13%).

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).