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 -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).