Skip to content
Purchase Mortgage Loan
Get Pre-Approved

FHA loans in Franklin Square, NY

Quick answer

The 2026 FHA loan limit in Franklin Square, NY (Nassau County) is $1,249,125 for a single-family home, enough for a purchase price up to about $1,294,000 with 3.5% down. On the $640,300 median home value, that down payment is about $22,411 and the estimated payment is $5,546/month at 7.18%, which needs roughly $238,000 a year in income.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $140,051; value-to-income ratio 4.57. Franklin Square ranks 40 by home value and 45 by population among 202 places in our NY dataset.

What does an FHA loan cost on a typical Franklin Square home?

ItemFranklin Square
Median home value (Census ACS)$640,300
New York median home value$403,000
Down payment (3.5%)$22,411
Loan incl. 1.75% upfront MIP$628,703
Estimated monthly payment (PITI + MI)$5,546
Income needed (28% / 36%)$238,000 / $185,000
Nassau County 2026 FHA limit (1 unit)$1,249,125
Max purchase price at the limit$1,294,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes New York's 1.60% effective property tax rate (Census ACS), $1,801/yr homeowners insurance (NAIC state average) and 0.55% annual FHA MIP.

What is the 2026 FHA loan limit in Franklin Square?

Franklin Square is in Nassau County, a designated high-cost area, where HUD's 2026 one-unit FHA limit is $1,249,125. With the minimum 3.5% down, that caps the purchase price at about $1,294,000; above that you'd need a bigger down payment or a conventional loan (conforming limit $1,209,750).

The Franklin Square median home value of $640,300 is 59% above the New York median, and within what the county limit supports.

Which down payment assistance programs can Franklin Square buyers use?

FHA loans in nearby cities

West HempsteadElmontNorth Valley StreamFloral ParkNew Hyde ParkGarden City

FHA loan FAQs for Franklin Square

Franklin Square is in Nassau County, where HUD's 2026 FHA limit for a one-unit home is $1,249,125. With 3.5% down, that supports a purchase price up to about $1,294,000.

3.5% of $640,300 is about $22,411 with a 580+ credit score (10%, or $64,030, with a 500–579 score), plus closing costs.

At the $640,300 median value (above the New York median of $403,000), the estimated payment of $5,546/month at 7.18% needs about $238,000 a year under the 28% housing guideline, or $185,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 1 statewide programs are verified for this city (1 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

Get matched with FHA lenders in Franklin Square

Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.

Get My Matches

Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.