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 0.04% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.25% and one month ago for the week of 2024-10-11, the average rate was 5.75%.

    The average rate one year ago was 7.3%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.08%.

    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).