FHA Loan Specialists in Binghamton, NY
Compare fha loan specialists in Binghamton. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of New York before hiring.
Showing 13 fha loan specialists in Binghamton, NY
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FHA loan specialists in Binghamton New York help homebuyers and homeowners navigate FHA insured mortgages. These loans are popular in the Southern Tier for first time buyers and those with lower credit scores. New York State law requires all mortgage loan originators to be licensed through the Department of Financial Services, so local specialists must meet these standards.
What Does a FHA Loan Specialist in Binghamton Cost?
Typical costs for an FHA loan specialist in New York include an origination fee of 1 percent of the loan amount and an upfront mortgage insurance premium of 1.75 percent of the loan. Annual mortgage insurance premiums range from 0.55 to 0.85 percent of the loan balance. For a $200,000 loan, total upfront costs might be $3,500 to $5,500 plus the annual premium. Costs vary by lender and borrower profile. This is general information, not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the FHA loan limits for Binghamton New York in 2025?
For Broome County, the 2025 FHA loan limit for a single family home is $524,225. This limit applies to standard FHA loans and is set by the Department of Housing and Urban Development based on median area home prices.
What credit score do I need for an FHA loan in New York?
FHA loans typically require a minimum credit score of 580 for a 3.5 percent down payment. With a score between 500 and 579, you may still qualify but must put down at least 10 percent. New York law does not add extra credit score requirements beyond federal FHA rules.
Are there any New York specific programs that work with FHA loans in Binghamton?
Yes, the State of New York Mortgage Agency offers the FHA Plus program which combines an FHA loan with down payment assistance. This program is available for first time homebuyers in Binghamton and can provide up to 3 percent of the purchase price for closing costs.