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 6.45% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    New York's average FHA mortgage closing costs are $12,393.

    The average rate for the prior week (2025-03-28) was 6.75% and one month ago for the week of 2025-02-28, the average rate was 6.64%.

    The average rate one year ago was 6.96%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.49%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 1,997 6.49% $13,105
    UNITED WHOLESALE MORTGAGE, LLC 1,645 6.22% $21,766
    HOMESTEAD FUNDING CORP. 616 6.40% $6,576
    Premium Mortgage Corporation 566 6.42% $6,406
    NATIONWIDE MORTGAGE BANKERS, INC. 480 6.58% $29,083
    CROSSCOUNTRY MORTGAGE, LLC 471 6.72% $17,618
    PLAZA HOME MORTGAGE, INC. 464 6.50% $15,992
    M&T Bank 406 6.27% $8,740
    CONTOUR MORTGAGE CORPORATION 379 6.49% $25,037
    PENNYMAC LOAN SERVICES, LLC 366 6.23% $21,132
    NEWREZ LLC 337 6.54% $15,095
    MOVEMENT MORTGAGE, LLC 262 6.88% $10,848
    The Federal Savings Bank 257 6.29% $27,381
    CARDINAL FINANCIAL 254 6.54% $25,694
    LOANDEPOT.COM, LLC 252 6.38% $14,601
    UNITED MORTGAGE CORP 243 6.59% $29,782
    FREEDOM MORTGAGE CORPORATION 198 6.81% $17,795
    East Coast Capital Corp. 194 6.42% $27,019
    PRIMELENDING, A PLAINSCAPITAL COMPANY 187 6.78% $10,715
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 180 6.55% $29,591
    RELIANCE FIRST CAPITAL, LLC 169 6.48% $18,279
    Genesee Regional Bank 160 6.65% $7,711
    KeyBank 158 6.18% $7,909
    SEFCU SERVICES, LLC 156 5.99% $7,708
    EVERETT FINANCIAL, INC. 150 6.81% $8,958
    Mr. Cooper ( Nationstar Mortgage ) 145 6.51% $17,691
    Flagstar Bank, FSB 143 6.31% $21,532
    AMERICAN FINANCIAL NETWORK, INC. 143 6.59% $16,460
    1ST PRIORITY MORTGAGE, INC. 140 6.44% $9,607
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 138 6.54% $21,506
    Carrington Mortgage Services, LLC 134 6.39% $20,692
    CLIFFCO, INC. 125 6.42% $24,854
    Equity Prime Mortgage LLC 120 6.34% $22,664
    HUNT MORTGAGE CORPORATION 119 6.78% $9,315
    CMG MORTGAGE, INC. 117 6.61% $19,893
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 109 6.73% $16,449
    GUARANTEED RATE, INC. 107 6.44% $15,461
    AMERICU Credit Union 105 5.96% $7,748
    HOMEBRIDGE FINANCIAL SERVICES, INC. 101 6.42% $23,685
    Citizens Bank 86 6.32% $13,883
    PLANET HOME LENDING, LLC 84 6.10% $11,581
    ABSOLUTE HOME MORTGAGE CORPORATION 76 6.92% $10,973
    BROKER SOLUTIONS, INC. 71 6.59% $27,479
    SUNMARK FEDERAL CREDIT UNION 70 6.15% $8,357
    NORWICH COMMERCIAL GROUP, INC. 69 6.17% $27,928
    JPMorgan Chase Bank 69 6.47% $11,790
    EMBRACE HOME LOANS, INC. 67 6.33% $18,156
    JET DIRECT FUNDING CORP 66 6.58% $29,163
    US MORTGAGE CORPORATION 59 6.76% $16,458
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 59 6.55% $18,223
    HARTFORD FUNDING, LTD. 59 6.50% $27,366
    INTERSTATE HOME LOAN CENTER, INC. 42 6.41% $26,365
    SUN WEST MORTGAGE COMPANY, INC. 41 6.55% $24,671
    Quontic Bank 40 6.26% $29,999
    MID-ISLAND MORTGAGE CORP. 39 6.32% $20,158
    NVR Mortgage Finance, Inc. 37 6.15% $18,124
    ESL Federal Credit Union 34 6.95% $6,826
    FIRST ALLIANCE HOME MORTGAGE, LLC 33 5.85% $23,019
    CONTINENTAL MORTGAGE BANKERS, INC. 32 6.06% $24,608
    Magnolia Bank 31 6.64% $16,707
    ROYAL UNITED MORTGAGE LLC 30 6.73% $14,323
    TOTAL MORTGAGE SERVICES, LLC 30 6.65% $18,125
    Wells Fargo Bank 29 6.29% $14,833
    EMM LOANS LLC 29 6.59% $17,852
    NJ LENDERS CORP. 28 6.46% $20,440
    AMERICAN FINANCING CORPORATION 27 6.02% $11,282
    MLB RESIDENTIAL LENDING, LLC 26 6.91% $25,923
    Five Star Bank 25 6.42% $7,573
    Bethpage Federal Credit Union 23 6.88% $4,376
    FM Home Loans, LLC 23 6.53% $22,021
    U.S. Bank 22 6.47% $11,647
    NORTHERN CREDIT UNION 21 6.82% $7,375
    HOME TOWN FUNDING, INC. 21 6.35% $5,719
    Bank of America 21 6.44% $13,945
    Evolve Bank & Trust 20 6.49% $13,138
    Plains Commerce Bank 19 6.61% $19,989
    PARAGON HOME LOANS INC. 18 6.94% $7,938
    ALLIED MORTGAGE GROUP, INC. 18 6.35% $16,636
    PHH Mortgage Corporation 17 6.31% $12,989
    LYNX MORTGAGE BANK LLC 16 6.44% $20,182
    Ixonia Bank 15 6.65% $11,012
    Mortgage Research Center, LLC 14 6.62% $8,372
    Berkshire Bank 13 5.94% $7,501
    1ST 2ND MORTGAGE COMPANY OF N.J., INC. 13 6.41% $27,921
    ASSOCIATED MORTGAGE BANKERS, INC. 11 6.81% $22,180
    PATRIOT ONE MORTGAGE BANKERS, LLC 11 6.47% $31,368
    TD Bank 11 6.80% $16,253
    HUDSON VALLEY CREDIT UNION 10 6.94% $10,731
    Valley National Bank 10 6.36% $15,458
    Barrington Bank & Trust Company, N.A. 9 6.67% $9,812
    A&D Mortgage LLC 9 6.61% $28,724
    Prosperity Home Mortgage, LLC 8 6.19% $13,949
    MLD MORTGAGE INC. 7 6.50% $15,154
    NBT Bank 7 6.25% $6,716
    Northwest Bank 7 6.05% $8,057
    PENTAGON FEDERAL CREDIT UNION 7 6.36% $11,305
    Glens Falls National Bank and Trust Company 6 5.83% $10,486
    BOND STREET MORTGAGE, LLC 6 6.77% $16,745
    GUARANTEED RATE AFFINITY, LLC 5 6.79% $12,600
    Citibank 5 6.08% $16,374
    DEVELOPER'S MORTGAGE COMPANY 5 6.45% $25,445
    WALL STREET MORTGAGE BANKERS, LTD. 5 5.95% $28,933
    NBKC BANK 4 5.97% $15,044
    BETTER MORTGAGE CORPORATION 4 6.31% $19,537
    First Federal Bank 4 6.28% $17,741
    Bank of England 3 6.83% $21,302
    CFCU Community Credit Union 3 6.29% $0
    PNC Bank 3 6.33% $13,765
    NETWORK CAPITAL FUNDING CORPORATION 3 6.50% $18,079
    Meridian Bank Corporation 3 6.50% $9,525
    Capital Bank 2 6.62% $9,263
    MID AMERICA MORTGAGE, INC. 2 6.19% $7,170
    Texana Bank 2 6.37% $17,002
    Armed Forces Bank 2 6.63% $17,992
    Truist 2 6.50% $7,417
    Ulster Savings Bank 2 6.63% $7,790
    GREENWAY MORTGAGE FUNDING CORP. 2 6.56% $19,662
    Fifth Third Bank 2 6.31% $20,244
    Nations Lending Corporation 2 6.69% $21,497
    MILLENIUM HOME MORTGAGE, LLC 1 6.50% $6,536
    MORTGAGE ACCESS CORP. 1 5.75% $15,173
    Access Bank 1 6.63% $8,956
    Blue Ridge Bank 1 5.75% $33,018
    AMERICAN BANCSHARES MORTGAGE 1 5.25% $29,599
    KINECTA 1 7.13% $6,494
    Webster Bank 1 6.25% $21,355
    First Horizon Bank 1 6.63% $12,302
    Shore United Bank 1 6.63% $15,887
    South State Bank 1 7.00% $10,985
    Axos Bank 1 6.25% $15,735
    First Federal Bank, A FSB 1 6.63% $13,390
    ENCORE BANK 1 6.25% $15,389
    Univest Bank and Trust Co. 1 6.13% $8,216

    The top New York FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,997 FHA loans originated. Their average total fees are $13,105, which is $8,661 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 ($4,376), HOME TOWN FUNDING, INC. ($5,719), Premium Mortgage Corporation ($6,406), HOMESTEAD FUNDING CORP. ($6,576) and ESL Federal Credit Union ($6,826).

    The lowest rate New York FHA lenders (with over 10 loans originated) are FIRST ALLIANCE HOME MORTGAGE, LLC (5.85%), Berkshire Bank (5.94%), AMERICU Credit Union (5.96%), SEFCU SERVICES, LLC (5.99%) and AMERICAN FINANCING CORPORATION (6.02%).

    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).