FHA Loan Requirements, Limits and Approval Tips
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2022 FHA Loan Limits in New York

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For homebuyers who can’t put down a large sum of money and don’t have a high credit score, loans backed by the Federal Housing Administration (FHA) may be a good option — but there are lending limits that vary by county and property type.

In 2022, most New York counties have an FHA loan limit of $420,680 for a single-family home. However, among counties in the New York City metro area, the loan limit for a single-family home goes up to $970,800.

New York FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ALBANY$420,680$538,650$651,050$809,150$312,000
ALLEGANY$420,680$538,650$651,050$809,150$75,000
BRONX$970,800$1,243,050$1,502,475$1,867,275$995,000
BROOME$420,680$538,650$651,050$809,150$138,000
CATTARAUGUS$420,680$538,650$651,050$809,150$90,000
CAYUGA$420,680$538,650$651,050$809,150$143,000
CHAUTAUQUA$420,680$538,650$651,050$809,150$102,000
CHEMUNG$420,680$538,650$651,050$809,150$120,000
CHENANGO$420,680$538,650$651,050$809,150$100,000
CLINTON$420,680$538,650$651,050$809,150$150,000
COLUMBIA$420,680$538,650$651,050$809,150$285,000
CORTLAND$420,680$538,650$651,050$809,150$135,000
DELAWARE$420,680$538,650$651,050$809,150$140,000
DUTCHESS$420,680$538,650$651,050$809,150$345,000
ERIE$420,680$538,650$651,050$809,150$195,000
ESSEX$420,680$538,650$651,050$809,150$183,000
FRANKLIN$420,680$538,650$651,050$809,150$120,000
FULTON$420,680$538,650$651,050$809,150$133,000
GENESEE$420,680$538,650$651,050$809,150$140,000
GREENE$420,680$538,650$651,050$809,150$218,000
HAMILTON$420,680$538,650$651,050$809,150$166,000
HERKIMER$420,680$538,650$651,050$809,150$147,000
JEFFERSON$420,680$538,650$651,050$809,150$159,000
KINGS$970,800$1,243,050$1,502,475$1,867,275$995,000
LEWIS$420,680$538,650$651,050$809,150$109,000
LIVINGSTON$420,680$538,650$651,050$809,150$198,000
MADISON$420,680$538,650$651,050$809,150$165,000
MONROE$420,680$538,650$651,050$809,150$198,000
MONTGOMERY$420,680$538,650$651,050$809,150$130,000
NASSAU$970,800$1,243,050$1,502,475$1,867,275$995,000
NEW YORK$970,800$1,243,050$1,502,475$1,867,275$995,000
NIAGARA$420,680$538,650$651,050$809,150$195,000
ONEIDA$420,680$538,650$651,050$809,150$147,000
ONONDAGA$420,680$538,650$651,050$809,150$165,000
ONTARIO$420,680$538,650$651,050$809,150$198,000
ORANGE$420,680$538,650$651,050$809,150$345,000
ORLEANS$420,680$538,650$651,050$809,150$198,000
OSWEGO$420,680$538,650$651,050$809,150$165,000
OTSEGO$420,680$538,650$651,050$809,150$143,000
PUTNAM$970,800$1,243,050$1,502,475$1,867,275$995,000
QUEENS$970,800$1,243,050$1,502,475$1,867,275$995,000
RENSSELAER$420,680$538,650$651,050$809,150$312,000
RICHMOND$970,800$1,243,050$1,502,475$1,867,275$995,000
ROCKLAND$970,800$1,243,050$1,502,475$1,867,275$995,000
SARATOGA$420,680$538,650$651,050$809,150$312,000
SCHENECTADY$420,680$538,650$651,050$809,150$312,000
SCHOHARIE$420,680$538,650$651,050$809,150$312,000
SCHUYLER$420,680$538,650$651,050$809,150$145,000
SENECA$420,680$538,650$651,050$809,150$135,000
ST. LAWRENCE$420,680$538,650$651,050$809,150$87,000
STEUBEN$420,680$538,650$651,050$809,150$114,000
SUFFOLK$970,800$1,243,050$1,502,475$1,867,275$995,000
SULLIVAN$420,680$538,650$651,050$809,150$170,000
TIOGA$420,680$538,650$651,050$809,150$138,000
TOMPKINS$420,680$538,650$651,050$809,150$237,000
ULSTER$420,680$538,650$651,050$809,150$279,000
WARREN$420,680$538,650$651,050$809,150$229,000
WASHINGTON$420,680$538,650$651,050$809,150$229,000
WAYNE$420,680$538,650$651,050$809,150$198,000
WESTCHESTER$970,800$1,243,050$1,502,475$1,867,275$995,000
WYOMING$420,680$538,650$651,050$809,150$129,000
YATES$420,680$538,650$651,050$809,150$198,000

How are FHA loan limits determined?

The FHA loan limits change from year-to-year, and are based on the average home sales price from the previous year. The average national price of home sales was up last year, therefore, the current limit has also increased by 18% in 2022.

The U.S. Department of Housing and Urban Development (HUD) looks at the limits set for conventional mortgages — also known as conforming loan limits — when calculating the loan limits for FHA loans; in 2022, the conforming loan limit is $647,200.

For FHA loans, limits can be anywhere between 65% to 150% of the conforming loan limit. The lowest FHA loan limit is known as the “floor” and pertains to most parts of the U.S., while the highest FHA loan limit, called the “ceiling,” applies to areas that have a higher cost of living — including the counties in and around New York City. In 2022, the FHA floor and ceiling are $420,680 and $970,800, respectively.

Keep in mind that the type of property also plays a role in determining loan limits, as a single-family home will likely have lower lending limits than the limits for a multifamily home.

How to qualify for an FHA loan in New York

New York homebuyers without high credit scores and larger reserves for a down payment may find FHA loans worth considering. First-time buyers in the Empire State may also qualify for New York’s first-time homebuyer programs, offering resources like down payment assistance, fixed low mortgage rates and homebuying education.

In order for homebuyers to qualify for an FHA loan, they’ll need to meet the specific FHA loan requirements listed below:

  • A minimum 500 credit score. A credit score between 500 to 579 may qualify you for an FHA loan, but will need to pay a 10% down payment.
  • A minimum 3.5% down payment. A credit score that is 580 or higher can qualify you for a down payment as low as 3.5%. Check your credit score here.
  • Employment history. You’ll need to provide proof of employment for two years or more.
  • Credit health. You cannot have filed for bankruptcy in the past two years or reported any foreclosures in the past three years.
  • Debt-to-income (DTI) ratio of 43% or less. Your DTI ratio is the amount of your monthly income devoted to debt repayment. To qualify for a home loan, your DTI should generally be no higher than 43% of your gross income; .
  • Home appraisal. You will need an approved FHA appraisal for the property you want to purchase.
  • Mortgage insurance. Two kinds of FHA mortgage insurances are required. You will need to pay upfront mortgage insurance — 1.75% of the loan — and annual mortgage insurance —  this ranges from 0.45% to 1.05% and is included in your monthly payment.
  • Home residence. You must live in the home for at least one year.

Buying a multifamily property with an FHA loan

If you’re looking to purchase a multifamily home, an FHA loan might help. You will need to live in one of the units for a year, but you can receive the same 3.5% down payment with a credit score of 580 or higher.

FHA lenders in New York

Check out five high-rated lenders licensed in New York below.

Lender name LT rating Minimum FHA credit score 
Rocket Mortgage 9.5/10580
PennyMac9/10620
Wells Fargo8/10Not disclosed
Bank of America8/10Not disclosed
Caliber Home Loans8/10620

 

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