What is an FHA Loan? Requirements, How to Get One and Best Lenders
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FHA loans are insured by the Federal Housing Administration and must fall within annual loan limits. The 2024 FHA loan limits for single-family homes in New York range from $498,257 to $1,149,825.
Here’s what you need to know about getting an FHA loan in the Empire State, including how to qualify and what kinds of homes are eligible.
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| ALBANY | $498,257 | $637,950 | $771,125 | $958,350 | $378,000 |
| ALLEGANY | $498,257 | $637,950 | $771,125 | $958,350 | $79,000 |
| BRONX | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,034,000 |
| BROOME | $498,257 | $637,950 | $771,125 | $958,350 | $148,000 |
| CATTARAUGUS | $498,257 | $637,950 | $771,125 | $958,350 | $105,000 |
| CAYUGA | $498,257 | $637,950 | $771,125 | $958,350 | $180,000 |
| CHAUTAUQUA | $498,257 | $637,950 | $771,125 | $958,350 | $119,000 |
| CHEMUNG | $498,257 | $637,950 | $771,125 | $958,350 | $127,000 |
| CHENANGO | $498,257 | $637,950 | $771,125 | $958,350 | $100,000 |
| CLINTON | $498,257 | $637,950 | $771,125 | $958,350 | $155,000 |
| COLUMBIA | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| CORTLAND | $498,257 | $637,950 | $771,125 | $958,350 | $155,000 |
| DELAWARE | $498,257 | $637,950 | $771,125 | $958,350 | $145,000 |
| DUTCHESS | $498,257 | $637,950 | $771,125 | $958,350 | $390,000 |
| ERIE | $498,257 | $637,950 | $771,125 | $958,350 | $235,000 |
| ESSEX | $498,257 | $637,950 | $771,125 | $958,350 | $173,000 |
| FRANKLIN | $498,257 | $637,950 | $771,125 | $958,350 | $110,000 |
| FULTON | $498,257 | $637,950 | $771,125 | $958,350 | $135,000 |
| GENESEE | $498,257 | $637,950 | $771,125 | $958,350 | $160,000 |
| GREENE | $498,257 | $637,950 | $771,125 | $958,350 | $260,000 |
| HAMILTON | $498,257 | $637,950 | $771,125 | $958,350 | $190,000 |
| HERKIMER | $498,257 | $637,950 | $771,125 | $958,350 | $158,000 |
| JEFFERSON | $498,257 | $637,950 | $771,125 | $958,350 | $172,000 |
| KINGS | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,034,000 |
| LEWIS | $498,257 | $637,950 | $771,125 | $958,350 | $116,000 |
| LIVINGSTON | $498,257 | $637,950 | $771,125 | $958,350 | $230,000 |
| MADISON | $498,257 | $637,950 | $771,125 | $958,350 | $227,000 |
| MONROE | $498,257 | $637,950 | $771,125 | $958,350 | $230,000 |
| MONTGOMERY | $498,257 | $637,950 | $771,125 | $958,350 | $130,000 |
| NASSAU | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,034,000 |
| NEW YORK | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,034,000 |
| NIAGARA | $498,257 | $637,950 | $771,125 | $958,350 | $235,000 |
| ONEIDA | $498,257 | $637,950 | $771,125 | $958,350 | $158,000 |
| ONONDAGA | $498,257 | $637,950 | $771,125 | $958,350 | $227,000 |
| ONTARIO | $498,257 | $637,950 | $771,125 | $958,350 | $230,000 |
| ORANGE | $498,257 | $637,950 | $771,125 | $958,350 | $390,000 |
| ORLEANS | $498,257 | $637,950 | $771,125 | $958,350 | $230,000 |
| OSWEGO | $498,257 | $637,950 | $771,125 | $958,350 | $227,000 |
| OTSEGO | $498,257 | $637,950 | $771,125 | $958,350 | $154,000 |
| PUTNAM | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,034,000 |
| QUEENS | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,034,000 |
| RENSSELAER | $498,257 | $637,950 | $771,125 | $958,350 | $378,000 |
| RICHMOND | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,034,000 |
| ROCKLAND | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,034,000 |
| SARATOGA | $498,257 | $637,950 | $771,125 | $958,350 | $378,000 |
| SCHENECTADY | $498,257 | $637,950 | $771,125 | $958,350 | $378,000 |
| SCHOHARIE | $498,257 | $637,950 | $771,125 | $958,350 | $378,000 |
| SCHUYLER | $498,257 | $637,950 | $771,125 | $958,350 | $160,000 |
| SENECA | $498,257 | $637,950 | $771,125 | $958,350 | $150,000 |
| ST. LAWRENCE | $498,257 | $637,950 | $771,125 | $958,350 | $100,000 |
| STEUBEN | $498,257 | $637,950 | $771,125 | $958,350 | $116,000 |
| SUFFOLK | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,034,000 |
| SULLIVAN | $498,257 | $637,950 | $771,125 | $958,350 | $202,000 |
| TIOGA | $498,257 | $637,950 | $771,125 | $958,350 | $148,000 |
| TOMPKINS | $498,257 | $637,950 | $771,125 | $958,350 | $269,000 |
| ULSTER | $498,257 | $637,950 | $771,125 | $958,350 | $330,000 |
| WARREN | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| WASHINGTON | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| WAYNE | $498,257 | $637,950 | $771,125 | $958,350 | $230,000 |
| WESTCHESTER | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,034,000 |
| WYOMING | $498,257 | $637,950 | $771,125 | $958,350 | $139,000 |
| YATES | $498,257 | $637,950 | $771,125 | $958,350 | $230,000 |
How are FHA loan limits determined?
FHA loan limits are determined each year based on two key factors: changes in local home prices and changes to conforming loan limits. The 2024 FHA loan limits increased compared to 2023 due to “strong home price appreciation,” according to HUD.
FHA loan limits are subject to a “floor” (the minimum max loan limit) and “ceiling” (maximum loan limit). These figures are based on the 2024 national conforming loan limits as set by the Federal Housing Finance Agency (FHFA). The floor amounts to 65% of the national conforming loan limit ($766,550), and applies to any areas where 115% of the median home price is less than the floor limit. And any areas with prices above the floor threshold are considered high-cost. It’s those high-cost areas that would be subject to the FHA loan “ceiling,” which is set at 150% of the national conforming loan limit.
So the FHA floor limit for 2024 is $498,257 for a one-unit property, and the ceiling is $1,149,825.
While there aren’t state-specific rules for qualifying for an FHA loan, and there is certainly room for those who may not have good credit, you’ll need to make sure the loan amount is within the limits of an FHA loan for that area.
After that, here are the minimum requirements to get an FHA loan:
→ 500+ credit score: Applicants have to have a credit score of at least 500 to qualify.
→ A minimum 3.5% down payment: Those with a score ranging from 500 to 579 will have to provide a 10% down payment. Only applicants with 580 or higher can qualify for 3.5% down payment.
→ Creditworthiness: Although the credit score requirements are flexible, you should note that things like foreclosures, liens or bankruptcies can prevent you from being approved for an FHA loan.
→ Live in the house for at least one year: You’ll have to start living in the house within 60 days of signing, and you must agree to live there for at least a year to qualify for an FHA loan.
→ Debt-to-income (DTI) ratio below 43%: Your total monthly debt payments must be 43% or less of your total monthly income. So, for example, if you earn $3,000 a month, your debt payments can be no more than $1,290.
→ Verifiable income: You’ll need to provide documentation showing that you earn money each month. That can include things like a tax return, bank statements or pay stubs.
→ Mortgage insurance: FHA loans require you to have two types of mortgage insurance, including one that’s paid as an upfront fee at the time of closing (1.75% of the loan amount), as well as annual insurance payments (ranging from 0.15% to 0.75%).
→ FHA appraisal: As soon as you get the home you’re looking to buy, it must be evaluated by an FHA-approved appraiser.
Buying a multifamily property with an FHA loan
In addition to single-family homes, you can also buy multifamily properties (which have two to four units) with an FHA loan with as little as 3.5% down if your credit score is at least 580. You can use rental income from the property to help you qualify for the higher loan limits of a multifamily FHA loan.
Here are the general requirements for an FHA multifamily loan:
- FHA appraisal
- Credit score of 500 or higher
- DTI ratio below 43%
- Live in one of the units
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in New York
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
| Lender | LendingTree rating | Minimum FHA credit score | |
|---|---|---|---|
 |  Read our review | 580 | Get offers |
 | Read our review | Not disclosed | Get offers |
 | Read our review | 580 | Get offers |
 | Read our review | 580 | Get offers |
 |  Read our review | 580 | Get offers |
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On this page
- New York FHA loan limits by county
- How are FHA loan limits determined?
- How to qualify for an FHA loan in New York
- FHA lenders in New York
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